Document:

Exhibit 4.5

 

EXECUTION VERSION 

	 

 

GS MORTGAGE SECURITIES CORPORATION II

as Depositor

 

KEYBANK NATIONAL ASSOCIATION

as Servicer

 

AEGON USA REALTY ADVISORS, LLC

 

as Special Servicer

 

WELLS FARGO BANK, NATIONAL ASSOCIATION

 

as Certificate Administrator, Custodian
and Trustee

 

and

 

PENTALPHA SURVEILLANCE LLC,

 

as Operating Advisor 

 

 

 

TRUST AND SERVICING AGREEMENT

Dated as of December 29, 2017 

 

 

 

GS Mortgage Securities Corporation Trust
2017-FARM

Commercial Mortgage Pass-Through Certificates, Series 2017-FARM

 

	 

 

     

    

    

 

TABLE OF CONTENTS

 

Article
1

 

DEFINITIONS

 

	Section 1.1	Definitions	5
	Section 1.2	Interpretation	59
	Section 1.3	Certain Calculations in Respect of the Trust Loan or the Whole Loan	60
	 	 	 
	Article 2
	 	 	 
	DECLARATION OF TRUST; ORIGINAL ISSUANCE OF CERTIFICATES	 
	 	 
	Section 2.1	Creation and Declaration of Trust; Conveyance of the Trust Loan	62
	Section 2.2	Acceptance by the Trustee, the Custodian and the Certificate Administrator	66
	Section 2.3	Representations and Warranties of the Trustee	67
	Section 2.4	Representations and Warranties of the Servicer	68
	Section 2.5	Representations and Warranties of the Special Servicer	70
	Section 2.6	Representations and Warranties of the Depositor	71
	Section 2.7	Representations and Warranties of the Certificate Administrator	72
	Section 2.8	Representations and Warranties of the Operating Advisor	73
	Section 2.9	Representations and Warranties Contained in the Loan Purchase Agreement	75
	Section 2.10	Execution and Delivery of Certificates; Issuance of Uncertificated Lower-Tier Interests	77
	Section 2.11	Miscellaneous REMIC Provisions	78
	Section 2.12	Resignation Upon Prohibited Risk Retention Affiliation	78
	Section 2.13	Creation of the Grantor Trust	79
	 	 	 
	Article 3
	 	 	 
	ADMINISTRATION AND SERVICING OF THE WHOLE LOAN
	 	 
	Section 3.1	Servicer to Act as the Servicer; Special Servicer to Act as the Special Servicer	79
	Section 3.2	Sub-Servicing Agreements	80
	Section 3.3	Cash Management Account	82
	Section 3.4	Collection Account	82
	Section 3.5	Distribution Account	87
	Section 3.6	Foreclosed Property Account	88
	Section 3.7	Appraisal Reductions	88
	Section 3.8	Investment of Funds in the Collection Account and Any Foreclosed Property Account	91
	Section 3.9	Payment of Taxes, Assessments, etc	93
	Section 3.10	Appointment of Special Servicer	93

 

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	Section 3.11	Maintenance of Insurance and Errors and Omissions and Fidelity Coverage	99
	Section 3.12	Procedures with Respect to the Trust Loan; Realization upon the Property	101
	Section 3.13	Custodian to Cooperate; Release of Items in the Mortgage File	104
	Section 3.14	Title and Management of Foreclosed Property	104
	Section 3.15	Sale of Foreclosed Property	107
	Section 3.16	Sale of Whole Loan and the Trust Loan	109
	Section 3.17	Servicing Compensation	111
	Section 3.18	Reports to the Certificate Administrator; Account Statements	115
	Section 3.19	[Reserved]	116
	Section 3.20	Access to Certain Documentation Regarding the Whole Loan and Other Information	116
	Section 3.21	Inspections; Collection of Financial Statements	117
	Section 3.22	Advances	118
	Section 3.23	Modifications of Loan Documents	121
	Section 3.24	Servicer and Special Servicer May Own Certificates	123
	Section 3.25	Rating Agency Confirmations	123
	Section 3.26	The Operating Advisor	125
	Section 3.27	[Reserved]	131
	Section 3.28	Credit Risk Retention	131
	Section 3.29	Miscellaneous Provisions	132
	Section 3.30	Companion Loan Intercreditor Matters	132
	 	 	 
	Article 4
	 	 	 
	PAYMENTS AND STATEMENTS TO CERTIFICATEHOLDERS
	 
	Section 4.1	Distributions	135
	Section 4.2	Withholding Tax	138
	Section 4.3	Allocation and Distribution of Yield Maintenance Premiums and Excess Interest	139
	Section 4.4	Statements to Certificateholders	139
	Section 4.5	Investor Q&A Forum and Investor Registry	143
	Section 4.6	Grantor Trust Reporting	145
	 	 	 
	Article 5
	 	 	 
	THE CERTIFICATES
	 
	Section 5.1	The Certificates	146
	Section 5.2	Form and Registration	148
	Section 5.3	Registration of Transfer and Exchange of Certificates	150
	Section 5.4	Mutilated, Destroyed, Lost or Stolen Certificates	159
	Section 5.5	Persons Deemed Owners	159
	Section 5.6	Access to List of Certificateholders’ Names and Addresses; Special Notices	160

 

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	Section 5.7	Maintenance of Office or Agency	160
	 	 	 
	Article 6
	 	 	 
	THE DEPOSITOR, THE SERVICER, THE SPECIAL SERVICER, THE OPERATING

ADVISOR AND THE CONTROLLING CLASS REPRESENTATIVE
	 
	Section 6.1	Respective Liabilities of the Depositor, the Operating Advisor, the Servicer and the Special Servicer	161
	Section 6.2	Merger or Consolidation of the Servicer, the Special Servicer or the Operating Advisor	161
	Section 6.3	Limitation on Liability of the Depositor, the Servicer, the Special Servicer, the Operating Advisor and Others	161
	Section 6.4	Termination of the Special Servicer	162
	Section 6.5	The Controlling Class Representative	165
	Section 6.6	Servicer and Special Servicer Not to Resign	170
	Section 6.7	Indemnification by the Servicer, the Special Servicer, the Operating Advisor and the Depositor	172
	 	 	 
	Article 7
	 	 	 
	SERVICER TERMINATION EVENTS; SPECIAL
	SERVICER TERMINATION EVENTS;
	TERMINATION OF SPECIAL SERVICER WITHOUT CAUSE
	 
	Section 7.1	Servicer Termination Events; Special Servicer Termination Events	172
	Section 7.2	Trustee to Act; Appointment of Successor	177
	Section 7.3	Notification to Certificateholders, the Depositor and the Rating Agencies	179
	Section 7.4	Other Remedies of Trustee	179
	Section 7.5	Waiver of Past Servicer Termination Events and Special Servicer Termination Events	180
	Section 7.6	Trustee as Maker of Advances	180
	 	 	 
	Article 8
	 	 	 
	THE TRUSTEE, THE CUSTODIAN AND CERTIFICATE ADMINISTRATOR
	 
	Section 8.1	Duties of the Trustee, the Custodian and the Certificate Administrator	181
	Section 8.2	Certain Matters Affecting the Trustee and the Certificate Administrator	184
	Section 8.3	None of the Trustee, the Custodian or the Certificate Administrator is Liable for Certificates or the Trust Loan	186
	Section 8.4	Trustee and Certificate Administrator May Own Certificates	188
	Section 8.5	Trustee’s and Certificate Administrator’s Fees and Expenses	188
	Section 8.6	Eligibility Requirements for the Trustee, the Custodian and the Certificate Administrator; Errors and Omissions Insurance	189

 

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	Section 8.7	Resignation and Removal of the Trustee, the Custodian or the Certificate Administrator	190
	Section 8.8	Successor Trustee or Successor Certificate Administrator	192
	Section 8.9	Merger or Consolidation of the Trustee, the Custodian or the Certificate Administrator	192
	Section 8.10	Appointment of Co-Trustee or Separate Trustee	192
	Section 8.11	Appointment of Authenticating Agent	194
	Section 8.12	Indemnification by the Trustee, the Custodian and the Certificate Administrator	195
	Section 8.13	Certificate Administrator and Servicer Not Responsible for Inconsistent Payment Information	195
	Section 8.14	Access to Certain Information	196
	 	 	 
	Article 9
	 	 	 
	TERMINATION
	 
	Section 9.1	Termination	202
	Section 9.2	Additional Termination Requirements	202
	Section 9.3	Trusts Irrevocable	203
	 	 	 
	Article 10
	 	 	 
	MISCELLANEOUS PROVISIONS
	 
	Section 10.1	Amendment	203
	Section 10.2	Recordation of Agreement; Counterparts	207
	Section 10.3	Governing Law; Submission to Jurisdiction; Waiver of Jury Trial	207
	Section 10.4	Notices	208
	Section 10.5	Notices to the Rating Agencies	211
	Section 10.6	Severability of Provisions	212
	Section 10.7	Limitation on Rights of Certificateholders	212
	Section 10.8	Certificates Nonassessable and Fully Paid	213
	Section 10.9	Reproduction of Documents	213
	Section 10.10	No Partnership	213
	Section 10.11	Actions of Certificateholders	213
	Section 10.12	Successors and Assigns	214
	Section 10.13	Acceptance by Authenticating Agent, Certificate Registrar	214
	Section 10.14	Streit Act	214
	Section 10.15	Assumption by Trust of Duties and Obligations of the Sponsor Under the Loan Documents	215
	Section 10.16	Notice to Each Rating Agency	215
	Section 10.17	Exchange Act Rule 17g-5 Procedures	217
	Section 10.18	Cooperation with the Sponsor with Respect to Rights Under the Loan Agreement	220

 

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	Article 11
	 	 	 
	EXCHANGE ACT REPORTING AND REGULATION AB COMPLIANCE
	 
	Section 11.1	Intent of the Parties; Reasonableness	220
	Section 11.2	Succession; Sub-Servicers; Subcontractors	221
	Section 11.3	Other Securitization Trust’s Filing Obligations	222
	Section 11.4	Form 10-D Disclosure	223
	Section 11.5	Form 10-K Disclosure	223
	Section 11.6	Form 8-K Disclosure	224
	Section 11.7	Annual Compliance Statements	224
	Section 11.8	Annual Reports on Assessment of Compliance with Servicing Criteria	225
	Section 11.9	Annual Independent Public Accountants’ Servicing Report	227
	Section 11.10	Significant Obligor	228
	Section 11.11	Sarbanes-Oxley Backup Certification	229
	Section 11.12	Indemnification	229
	Section 11.13	Amendments	230
	Section 11.14	Termination of the Certificate Administrator	230
	Section 11.15	Termination of Sub-Servicing Agreements	230
	Section 11.16	Notification Requirements and Deliveries in Connection with Securitization of a Companion Loan	231
	 	 	 
	Article 12
	 	 	 
	REMIC ADMINISTRATION
	 
	Section 12.1	REMIC Administration	232
	Section 12.2	Foreclosed Property	236
	Section 12.3	Prohibited Transactions and Activities	238
	Section 12.4	Indemnification with Respect to Certain Taxes and Loss of REMIC Status	238

 

EXHIBITS

 

	Exhibit A-1	Form of Class A Certificates
	 	 
	Exhibit A-2	Form of Class B Certificates
	 	 
	Exhibit A-3	Form of Class HRR Certificates
	 	 
	Exhibit A-4	Form of Class YM Certificates
	 	 
	Exhibit A-5	Form of Class R Certificates
	 	 
	Exhibit B	Form of Request for Release
	 	 
	Exhibit C	Form of Transfer Certificate for Rule 144A Global Certificate to Temporary Regulation S Global Certificate
	 	 
	Exhibit D	Form of Transfer Certificate for Rule 144A Global Certificate to Regulation S Global Certificate

 

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	Exhibit E	Form of Transfer Certificate for Temporary Regulation S Global Certificate to Rule 144A Global Certificate during Restricted Period
	 	 
	Exhibit F	Form of Certification to be given by Beneficial Owner of Temporary Regulation S Global Certificate
	 	 
	Exhibit G	Form of Transfer Certificate of Non-Book Entry Certificate to Temporary Regulation S Global Certificate
	 	 
	Exhibit H	Form of Transfer Certificate of Non-Book Entry Certificate to Regulation S Global Certificate
	 	 
	Exhibit I	Form of Transfer Certificate of Non-Book Entry Certificate to Rule 144A Global Certificate
	 	 
	Exhibit J-1	Form of Investment Representation Letter
	 	 
	Exhibit J-2	Form of Affidavit Pursuant to Sections 860D(a)(6)(A) and 860E(e)(4) of the Internal Revenue Code of 1986, as Amended
	 	 
	Exhibit J-3	Form of Transferor Letter
	 	 
	Exhibit J-4	Form of Transferee Certificate for Transfers of the Class HRR Certificates
	 	 
	Exhibit J-5	Form of Transferor Certificate for Transfers of the Class HRR Certificates
	 	 
	Exhibit J-6	Form of Request of Sponsor Consent for Release of the Class HRR Certificates
	 	 
	Exhibit K-1	Form of Investor Certification for Non-Borrower Related Parties
	 	 
	Exhibit K-2	Form of Investor Certification for Borrower Related Parties
	 	 
	Exhibit K-3	Form of Investor Certification for Exercising Voting Rights
	 	 
	Exhibit K-4	Form of Certification of the Controlling Class Representative
	 	 
	Exhibit L	Applicable Servicing Criteria
	 	 
	Exhibit M	Form of NRSRO Certification
	 	 
	Exhibit N	Form of Power of Attorney
	 	 
	Exhibit O	Form of ERISA Representation Letter
	 	 
	Exhibit P	Form of Notice to Parties of a Control Termination Event / Consultation Termination Event
	 	 
	Exhibit Q	Form of Online Vendor Certification
	 	 
	Exhibit R	[Reserved]
	 	 
	Exhibit S	[Reserved]
	 	 
	Exhibit T	Form of Operating Advisor Annual Report

 

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	Exhibit U	Form of Notice from Operating Advisor Recommending Replacement of Special Servicer
	 	 
	Exhibit V-1	Form of Certificate Administrator Receipt of the Class HRR Certificates
	 	 
	Exhibit V-2	Form of Certificate Administrator Receipt of the Class HRR Certificates Upon Transfer
	 	 
	Exhibit W	Form of Custodial Certification / Exception Report
	 	 
	Exhibit X-1	Form of Transferor Certificate for Transfer of the Excess Servicing Fee Rights
	 	 
	Exhibit X-2	Form of Transferee Certificate for Transfer of the Excess Servicing Fee Rights
	 	 
	Exhibit Y-1	Additional Form 10-D Disclosure
	 	 
	Exhibit Y-2	Additional Form 10-K Disclosure
	 	 
	Exhibit Y-3	Form 8-K Disclosure Information
	 	 
	Exhibit Y-4	Additional Disclosure Notification
	 	 
	Exhibit Z	Form of Backup Certification
	 	 
	Exhibit AA	Initial Sub-Servicers

 

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THIS TRUST AND SERVICING
AGREEMENT (“Agreement”) is dated as of December 29, 2017, among GS Mortgage Securities Corporation II,
as Depositor, KeyBank National Association, as Servicer, AEGON USA Realty Advisors, LLC, as Special Servicer, Pentalpha Surveillance
LLC, as Operating Advisor, and Wells Fargo Bank, National Association, as Certificate Administrator, as Custodian, and as Trustee.

 

INTRODUCTORY STATEMENT

 

Terms not defined in
this Introductory Statement shall have the meanings specified in Article 1 hereof.

 

Reference is made to
that certain 10-year mortgage loan (the “Whole Loan”), evidenced by eight senior promissory notes and two junior
promissory notes (the “Notes”).

 

The Whole Loan was originated
by Goldman Sachs Mortgage Company (“GSMC” and, in such capacity, the “Originator”), pursuant
to that certain Loan Agreement, dated as of December 7, 2017 (as amended from time to time, the “Loan Agreement”),
by and between the Originator and Corporate Properties Tempe SPE, L.L.C., a Delaware limited liability company (the “Borrower”).
As of the Closing Date, the aggregate outstanding principal balance of the Whole Loan was $560,000,000. The Whole Loan consists
of (a) a portion that has an unpaid principal balance as of the Cut-off Date of $264,000,000 (the “Trust Loan”),
and is evidenced by Note A-1-S (as the same may hereafter be amended, restated, replaced, extended, renewed, supplemented, consolidated,
severed, split or otherwise modified, “Note A-1-S” or the “Trust Note”), and (b) a portion
that has an unpaid principal balance as of the Cut-off Date of $296,000,000, and is evidenced by Note A-1-C1, Note A-1-C2, Note A-2-C1,
Note A-2-C2, Note A-2-C3, Note A-2-C4 and Note A-2-C5 (as the same may hereafter be amended, restated, replaced, extended, renewed,
supplemented, consolidated, severed, split or otherwise modified, the “Companion Loan Notes”). The Trust Note
and the Companion Loan Notes are collectively referred to herein as the “Notes” and, each, as a “Note”.

 

On or prior to the Closing
Date, GSMC (in such capacity, the “Sponsor”) sold the Trust Loan to the Depositor pursuant to a Trust Loan Purchase
and Sale Agreement, dated as of the date hereof, by and between the Sponsor and the Depositor (the “Loan Purchase Agreement”).

 

As of the Closing Date,
Note A-1-C1 and Note A-1-C2 were held by GSMC, and Note A-2-C1, Note A-2-C2, Note A-2-C3, Note A-2-C4 and Note A-2-C5 were held
by Deutsche Bank AG, acting through its New York Branch. The relative rights of the respective lenders in respect of the Whole
Loan are set forth in a co-lender agreement dated as of December 29, 2017 (as amended, restated, supplemented or otherwise
modified from time to time, the “Co-Lender Agreement”), between the holder of the Trust Note and the holders
of the Companion Loan Notes. From and after the Closing Date, the entire Whole Loan is to be serviced and administered in accordance
with this Agreement.

 

As provided for herein,
the Certificate Administrator shall elect or shall cause elections to be made to treat designated portions of the Trust Fund (exclusive
of the Excess Interest and the proceeds thereof in the Excess Interest Distribution Account) for federal income

 

     

     

    

 

tax purposes as
two separate real estate mortgage investment conduits (the “Upper-Tier REMIC” and the “Lower-Tier REMIC”
and, each, a “Trust REMIC”). Each Class of Regular Certificates (excluding the right to receive Excess Interest)
will represent a single Class of “regular interests” in the Upper-Tier REMIC, as further described herein. Each Class
of Uncertificated Lower-Tier Interests will represent a single class of “regular interests” in the Lower-Tier REMIC
as further described herein. The Class R Certificates will evidence the sole Class of “residual interests” in
each of the Upper-Tier REMIC and Lower-Tier REMIC for purposes of the REMIC Provisions under federal income tax law.

 

In addition, the portion
of the Trust Fund consisting of the Excess Interest with respect to the Trust Loan and related proceeds will be treated as a grantor
trust (the “Grantor Trust”) for federal income tax purposes, and the Regular Certificates will represent undivided
beneficial interests in such Class’s entitlements to the Grantor Trust. As provided herein, the Certificate Administrator
shall take all actions expressly required hereunder to ensure that the portion of the Trust Fund consisting of the Grantor Trust
maintains its status as a grantor trust under federal income tax law and not be treated as part of the Trust REMICs.

 

In exchange for the Trust
Loan and the Uncertificated Lower-Tier Interests, the Trust will issue to the Depositor the Class A, Class B, Class HRR, Class
YM and Class R Certificates (collectively, the “Certificates”), which Certificates in the aggregate will evidence
the entire ownership interest in the Trust. The Trust Fund consists principally of the Trust Loan, the Loan Documents and all payments
under, and proceeds of, the Trust Loan following the Cut-off Date.

 

The Depositor intends
to sell the Certificates to the Initial Purchaser in an offering exempt from the registration requirements of the federal securities
laws.

 

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UPPER-TIER REMIC

 

As further described
in Section 2.11, the Class A, Class B, Class HRR and Class YM Certificates (excluding the right to receive Excess Interest)
will evidence “regular interests” in the Upper-Tier REMIC created hereunder. The Class UT-R Interest will constitute
the sole Class of “residual interests” in the Upper-Tier REMIC created hereunder, and will be evidenced by the Class R
Certificates. The following table sets forth the class designation, the Pass-Through Rate and the aggregate initial Certificate
Balance (the “Original Certificate Balance”) for each Class of Certificates and the Class UT-R Interest comprising
the interests in the Upper-Tier REMIC created hereunder:

 

	
        Class

Designation 
	 	
        Approximate Initial Pass-Through
Rate 

        (per annum) 
	 	
        Original Certificate Balance 

	Class A	 	3.5406%(1)	 	$146,793,000
	Class B	 	3.5406%(1)	 	$99,207,000
	Class HRR	 	3.5406%(1)	 	$18,000,000
	Class YM	 	None(2)	 	$100
	Class UT-R	 	None(3)	 	None(3)

 

 

 

		(1)	For
                                         any Distribution Date, the Pass-Through Rates of the Class A, Class B and Class
                                         HRR Certificates will be a per annum rate equal to the Net Loan Rate.

 

		(2)	The
                                         Class YM Certificates will not have a Pass-Through Rate, rating or Rated Final Distribution
                                         Date. The Class YM Certificates will have an Original Certificate Balance of $100, which
                                         will be paid on the first Distribution Date. The Class YM Certificates will be entitled
                                         to receive, on any Distribution Date, a portion of Yield Maintenance Default Premiums
                                         collected on the Trust Loan.

 

		(3)	The
                                         Class UT-R Interest (evidenced by the Class R Certificates) will not have a Certificate
                                         Balance, will not bear interest and will not be entitled to distributions of Yield Maintenance
                                         Premiums. Any Available Funds remaining in the Upper-Tier Distribution Account, after
                                         all required distributions under this Agreement have been made to each other Class of
                                         Certificates and the Class LT-R Interest, will be distributed to the Holders of
                                         the Class R Certificates in respect of the UT-R Interest.

 

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LOWER-TIER REMIC

 

As further described
in Section 2.12, the Class LA, Class LB and Class LHRR Uncertificated Interests will evidence “regular interests”
in the Lower-Tier REMIC created hereunder. The Class LT-R Interest will constitute the sole Class of “residual interests”
in the Lower-Tier REMIC created hereunder and will be evidenced by the Class R Certificates. The following table sets forth
the initial Lower-Tier Principal Amounts and Pass-Through Rates for the Uncertificated Lower-Tier Interests and the Class LT-R
Interest comprising the interests in the Lower-Tier REMIC created hereunder:

 

	
        Class

Designation 
	 	
        Pass-Through Rate 
	 	
        Original Lower-Tier

Principal Amount 

	Class LA	 	(1)	 	$146,793,000
	Class LB	 	(1)	 	$99,207,000
	Class LHRR	 	(1)	 	$18,000,000
	Class LT-R	 	None(2)	 	None(1)

 

 

 

		(1)	For
                                         any Distribution Date, the Pass-Through Rate for each of the Class LA, Class LB and Class
                                         LHRR Uncertificated Interests shall be the Net Loan Rate for such distribution Date.

 

		(2)	The
                                         Class LT-R Interest (evidenced by the Class R Certificates) will not have a Certificate
                                         Balance, will not bear interest and will not be entitled to distributions of Yield Maintenance
                                         Premiums. Any Available Funds constituting assets remaining in the Lower-Tier Distribution
                                         Account after distributing the Lower-Tier Distribution Amount shall be distributed to
                                         the Holders of the Class R Certificates in respect of the Class LT-R Interest (but
                                         only to the extent of the Available Funds for such Distribution Date, if any, remaining
                                         in the Lower-Tier Distribution Account).

 

THE GRANTOR TRUST

 

The Class A, Class B and
Class HRR Certificates shall each represent undivided beneficial interests in their portion of the Grantor Trust, in each case
as described herein. As provided herein, the Certificate Administrator shall not take any actions that would cause the portions
of the Trust Fund consisting of the Grantor Trust (i) to fail to maintain its status as a “grantor trust” under federal
income tax law or (ii) to be treated as part of any Trust REMIC.

 

The Depositor, the Servicer,
the Special Servicer, the Certificate Administrator, the Custodian, the Operating Advisor and the Trustee are entering into this
Agreement, and the Trustee is accepting the trusts created hereby, for good and valuable consideration, the receipt and sufficiency
of which are hereby acknowledged.

 

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W I T N E S E T H T H A T:

 

In consideration of the
mutual agreements herein contained, the parties hereto agree as follows:

 

Article 1

DEFINITIONS

 

Section 1.1.     Definitions. Whenever
used in this Agreement, the following words and phrases, unless the context otherwise requires, shall have the following meanings
and such meanings shall be equally applicable to the singular and plural forms of such terms, as the context may require.

 

“15Ga-1 Notice”:
As defined in Section 2.9(a).

 

“15Ga-1 Notice
Provider”: As defined in Section 2.9(a).

 

“17g-5 Information
Provider”: The Certificate Administrator.

 

“17g-5 Information
Provider’s Website”: The 17g-5 Information Provider’s Internet website, which shall initially be located
within the Certificate Administrator’s Website (www.ctslink.com), under the “NRSRO” tab on the page relating
to this transaction, access to which is limited to the Depositor and NRSROs who have provided an NRSRO Certification to the 17g-5
Information Provider.

 

“Acceptable
Insurance Default”: Any modification or waiver of any material provision in the Loan Documents governing the type, nature
or amount of insurance coverage required to be obtained and maintained by the Borrower that is approved or consented to by the
Special Servicer pursuant to this Agreement.

 

“Accepted Servicing
Practices”: As defined in Section 3.1.

 

“Acquisition
Date”: The date upon which, under the Code (and in particular the REMIC Provisions and Section 856(e) of the Code),
the Trust Fund is deemed to have acquired the Property.

 

“Additional
Servicer”: Each Affiliate of the Servicer or the Special Servicer that Services the Whole Loan and each Person who is
not an Affiliate of the Servicer, other than the Special Servicer, who Services the Whole Loan as of any date of determination.

 

“Administrative
Advances”: As defined in Section 3.4(c).

 

“Administrative
Fee Rate”: The sum of the Servicing Fee Rate, the Certificate Administrator Fee Rate, the Operating Advisor Fee Rate
and the CREFC® Intellectual Property Royalty License Fee Rate.

 

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“Advance”:
Any Administrative Advance, Monthly Payment Advance or any Property Protection Advance.

 

“Advance Rate”:
As defined in Section 3.22(d).

 

“Adverse REMIC
Event”: As defined in Section 12.1(j).

 

“Advisers Act”:
As defined in Section 5.3(o).

 

“Affiliate”:
With respect to any specified Person, any other Person, directly or indirectly, controlling or controlled by or under common control
with such specified Person. For the purposes of this definition, “control” when used with respect to any specified
Person means the power to direct the management and policies of such Person, directly or indirectly, whether through the ownership
of voting securities, by contract, relation to individuals or otherwise, and the terms “controlling” and “controlled”
have meanings correlative to the foregoing. For purposes of this definition and the Borrower, any Person that is a Restricted Holder
shall be deemed to be an Affiliate of the Borrower. The Trustee and the Certificate Administrator may request and rely upon an
Officer’s Certificate of the Servicer, the Special Servicer, the Trustee, the Certificate Administrator, the Borrower or
the Depositor, as applicable, to determine whether any Person is an Affiliate of the Servicer, the Special Servicer, the Trustee,
the Certificate Administrator, the Borrower or the Depositor.

 

“Affiliate Ethical
Wall”: Reasonable policies and procedures to be maintained by an Affiliate of the Depositor, the Servicer, the Special
Servicer, the Certificate Administrator or the Trustee, as applicable, taking into account the nature of its business, to ensure
(1) that such Affiliate will not obtain Confidential Information from the Depositor, the Servicer, the Special Servicer, the
Certificate Administrator or the Trustee, as applicable, and (2) that the Depositor, the Servicer, the Special Servicer, the
Certificate Administrator or the Trustee, as applicable, will not obtain information regarding Investments in the Certificates
from such Affiliate. Under such policies and procedures maintained by such Affiliate, (i) policies and procedures restricting
the flow of information exist, and shall be maintained by such Affiliate, between such Affiliate, on the one hand and the Depositor,
the Servicer, the Special Servicer, the Certificate Administrator or the Trustee, as applicable, on the other; (ii) such policies
and procedures restricting the flow of information operate in both directions so as to include (a) policies and procedures
against the disclosure of Confidential Information from the Depositor, the Servicer, the Special Servicer, the Certificate Administrator
or the Trustee, as applicable, to such Affiliate and (b) policies and procedures against the disclosure of information regarding
Investments in Certificates from such Affiliate to the Depositor, the Servicer, the Special Servicer, the Certificate Administrator
or the Trustee, as applicable; (iii) the senior management personnel of such Affiliate who have obtained Confidential Information
in the course of their exercise of general managerial responsibilities may not participate in or use that information to influence
Investment Decisions with respect to the Certificates, nor may they pass that information to others for use in such activities;
and (iv) such senior management personnel who have obtained information regarding Investments in the course of their exercise
of general managerial responsibilities may not use that information to influence servicing recommendations.

 

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“Agreement”:
This Trust and Servicing Agreement (including all exhibits hereto) and all amendments and supplements hereto.

 

“Allocated Loan
Amount”: As defined in the Loan Agreement.

 

“Anticipated
Repayment Date”: As defined in the Loan Agreement.

 

“Applicable
Laws”: As defined in Section 8.2(d).

 

“Applicable
Servicing Criteria”: With respect to the Servicer, the Special Servicer or any Servicing Function Participant, the Servicing
Criteria applicable to it, as set forth on Exhibit L attached hereto. For clarification purposes, multiple parties
can have responsibility for the same Applicable Servicing Criteria and with respect to a Servicing Function Participant engaged
by the Servicer or the Special Servicer, the term “Applicable Servicing Criteria” may refer to a portion of
the Applicable Servicing Criteria applicable to the Servicer or the Special Servicer, as the case may be.

 

“Applied Realized
Loss Amount”: All amounts applied to reduce the Certificate Balance of a Class of Certificates in respect of Realized
Losses pursuant to Section 4.1(g).

 

“Appraisal”:
With respect to the Property or any Foreclosed Property, an appraisal of the Property or Foreclosed Property, conducted by an Independent
Appraiser in accordance with the standards of the Appraisal Institute and certified by such Independent Appraiser as having been
prepared in accordance with the requirements of the Standards of Professional Practice of the Appraisal Institute with an “MAI”
designation and the Uniform Standards of Professional Appraisal Practice of the Appraisal Foundation, as well as the Financial
Institutions Reform, Recovery and Enforcement Act of 1989, as amended; provided that after an initial “Appraisal”
has been obtained pursuant to the terms of this Agreement, an update of such initial Appraisal shall be considered an “Appraisal”
hereunder for all purposes. All Appraisals (and updates thereof) obtained pursuant to the terms of this Agreement shall include
a valuation using the “income capitalization – discounted cash flow approach” and set forth the discount
rate and terminal capitalization rate utilized by the Appraiser. All calculations under this Agreement requiring that a “value”
or “appraised value” be used with respect to the Property or any Foreclosed Property shall use the most recently determined
appraised value set forth in an Appraisal (or update thereof) unless a different valuation is specifically required (such as the
appraised value of the Property at origination). With respect to any Appraisal Reduction Amount calculated for purposes of determining
an Appraisal Reduction Event, the appraised value (as determined by updated Appraisals) of the Property securing the Whole Loan
will be determined on an “as-is” basis, based upon the current physical condition, use and zoning of the Property as
of the date of the Appraisal.

 

“Appraisal Reduction
Amount”: As to the Whole Loan and as of any date of determination, an amount equal to the excess of (i) the outstanding
principal balance of the Whole Loan on such date plus the sum of (A) all accrued and unpaid interest on the Whole Loan at
the Whole Loan Rate, (B) all unreimbursed Administrative Advances, Property Protection Advances and interest on all Advances
(including advances with respect to a Companion Loan made under an Other Pooling and Servicing Agreement) at the Advance Rate in
respect of the

 

    -7-

    

    

 

Whole Loan or the Property, (C) the amount of any Advances (including advances with respect to a Companion
Loan made under an Other Pooling and Servicing Agreement) and interest on such Advances previously reimbursed from principal collections
on the Whole Loan that have not otherwise been recovered from the Borrower, (D) all currently due and unpaid real estate taxes
and assessments and insurance premiums and all other amounts due and unpaid in respect of the Property (which taxes, premiums and
other amounts have not been the subject of an Advance) and (E) to the extent not duplicative of amounts in clauses (B), (C) or
(D), all unpaid Trust Fund Expenses then due under the Loan Agreement over (ii) the sum of (A)(x) 90% of the appraised
value (as determined by an updated appraisal of the Property that was performed within 9 months prior to the Appraisal Reduction
Event if the Special Servicer is not aware of any material change in the market or condition or value of such Property since the
date of such appraisal, in which case such appraisal may be used) of the Property or (y) if the events described in clauses
(i) through (iii) in Section 3.7(e) occur with respect to the Property, the Assumed Appraised Value of the Property,
in each case, less the amount of any liens (exclusive of Permitted Encumbrances) on the Property senior to the lien of the Loan
Documents plus (B) any escrows or reserve amounts with respect to the Whole Loan, including for taxes and insurance premiums.

 

The Whole Loan shall
be treated as a single loan for purposes of calculating the Appraisal Reduction Amount. Appraisal Reduction Amounts with respect
to the Whole Loan shall be allocated to the Trust Note and the Companion Loan Notes on a pro rata and pari passu
basis (based on their relative outstanding principal balances).

 

“Appraisal Reduction
Event”: With respect to the Whole Loan, the earliest of (i) 60 days after an uncured payment delinquency (other
than a delinquency in respect of the Balloon Payment) occurs in respect of the Whole Loan, (ii) 90 days after an uncured
delinquency occurs in respect of the Balloon Payment for the Whole Loan unless a refinancing is anticipated within 120 days
after the Stated Maturity Date of the Whole Loan (as evidenced by a written refinancing commitment from an acceptable lender and
reasonably satisfactory in form and substance to the Servicer and, so long as no Control Termination Event is continuing, the Controlling
Class Representative, that provides that such refinancing shall occur within 120 days after the Stated Maturity Date), in
which case 120 days after such uncured delinquency, (iii) 60 days after a reduction in Monthly Payments, (iv) 60 days
after an extension of the Stated Maturity Date of the Whole Loan (except for an extension within the time periods described in
clause (ii) above), (v) immediately after a receiver has been appointed in respect of the Property on behalf of the Trust
or any other creditor, (vi) immediately after the Borrower declares, or becomes the subject of, bankruptcy, insolvency or
similar proceedings, admits in writing the inability to pay its debts as they come due or makes an assignment for the benefit of
creditors, or (vii) immediately after the Property becomes a Foreclosed Property.

 

“Asset Status
Report”: As defined in Section 3.10(h).

 

“Assignment
of Mortgage”: An assignment of the Mortgage without recourse, notice of transfer or equivalent instrument, in recordable
form, which is sufficient under the laws of the jurisdiction in which the Property is located to reflect of record the assignment
of the Mortgage to the Trustee on behalf of the Trust Fund; provided, however, that the Trustee, the

 

    -8-

    

    

 

Certificate
Administrator, the Servicer and the Special Servicer shall not be responsible for determining whether any such assignment is legally
sufficient or in recordable form.

 

“Assumed Appraised
Value”: As defined in Section 3.7(e).

 

“Assumed Loan
Payment Date”: With respect to the Trust Loan for any calendar month following a delinquency in the payment of the Balloon
Payment or the foreclosure of the Whole Loan or acceptance by the Special Servicer on behalf of the Trust Fund and the Companion
Loan Holders of a deed-in-lieu of foreclosure or comparable conversion of the Whole Loan, the date that would have been the Loan
Payment Date in such calendar month if the Stated Maturity Date or the foreclosure of the Whole Loan or acceptance by the Special
Servicer on behalf of the Trust Fund and the Companion Loan Holders of a deed-in-lieu of foreclosure or comparable conversion of
the Whole Loan had not occurred.

 

“Assumed Monthly
Payment”: With respect to any Distribution Date (following the Stated Maturity Date or the foreclosure of the Whole Loan
or acceptance by the Special Servicer on behalf of the Trust Fund and the Companion Loan Holders of a deed-in-lieu of foreclosure),
the scheduled monthly payment of interest that would have been due in respect of the Trust Loan on its Stated Maturity Date and
each subsequent Loan Payment Date (or Assumed Loan Payment Date) if the Trust Loan had been required to continue to accrue interest
in accordance with its terms in effect immediately prior to, and without regard to the occurrence of the Stated Maturity Date (or
after the occurrence of a foreclosure, in whole or in part, of the Whole Loan or acceptance by the Special Servicer on behalf of
the Trust Fund and the Companion Loan of a deed-in-lieu of foreclosure or comparable conversion of the Whole Loan or a portion
of the Whole Loan, in respect of the Whole Loan on the last Loan Payment Date (or Assumed Loan Payment Date) prior to its foreclosure
or acceptance of a deed-in-lieu of foreclosure), in each case as such terms and amortization schedule may have been modified, and
such Stated Maturity Date may have been extended, in connection with a bankruptcy or similar proceeding involving the parties under
the Whole Loan or a modification, waiver or amendment granted or agreed to by the Servicer or Special Servicer.

 

“Authenticating
Agent”: As defined in Section 8.11(a).

 

“Available Funds”:
On each Distribution Date shall be equal to (i)(x) all amounts (other than Yield Maintenance Premiums and Excess Interest) received
in respect of principal and interest on the Trust Loan during the related Collection Period or advanced in respect of interest
with respect to such Distribution Date (including, without limitation, any Repurchase Price, Net Liquidation Proceeds, Condemnation
Proceeds (to the extent not needed for repair or restoration of the affected portion of the Property) and Insurance Proceeds received
by the Trust) excluding payments received that are due on a subsequent Loan Payment Date and reduced by (y) the Available
Funds Reduction Amount (other than amounts payable to the Companion Loan Holders), plus (ii) (x) if such Distribution Date is the
Distribution Date occurring in March of each year (or February, if such Distribution Date is the final Distribution Date), Withheld
Amounts to be withdrawn from the Interest Reserve Account for such Distribution Date, and reduced by (y) an amount equal to the
applicable Withheld Amount in the case of the February Distribution Date and any January Distribution Date occurring in a year
that is not a leap year (unless, in either case, such Distribution Date is the final Distribution Date), plus (iii) with

 

    -9-

    

    

 

respect
to the initial Distribution Date, the Interest Deposit Amount. Available Funds will not include any amounts allocable to the Companion
Loans under the Co-Lender Agreement.

 

“Available Funds
Reduction Amount”: As of each Distribution Date, all amounts withdrawn on the related Remittance Date or during the related
Collection Period from the Collection Account pursuant to Section 3.4(c).

 

“Balloon Payment”:
The payment of the outstanding principal balance of the Whole Loan, Trust Loan or a Companion Loan, as applicable, together with
all unpaid interest, due and payable on the Stated Maturity Date.

 

“Base Interest
Fraction”:  With respect to any principal prepayment of the Trust Loan and any Class of Sequential Pay Certificates,
a fraction (A) whose numerator is the greater of (x) zero and (y) the excess of (i) the Pass-Through Rate on such Class of Sequential
Pay Certificates over (ii) the Treasury Constant Yield as provided by the Servicer used in calculating the Yield Maintenance Premiums,
as applicable, with respect to such principal prepayment and (B) whose denominator is the excess of (i) the Loan Rate over (ii)
the Treasury Constant Yield used in calculating the Yield Maintenance Premium, as applicable, with respect to such principal prepayment;
provided, however, that under no circumstances shall the Base Interest Fraction be greater than one.  If the Treasury Constant
Yield is greater than the Loan Rate, then the Base Interest Fraction shall equal zero.

 

“Beneficial
Owner”: With respect to a Global Certificate, the Person who is the beneficial owner of such Certificate as reflected
on the books of the Depository or on the books of a Person maintaining an account with such Depository (directly as a Depository
Participant or indirectly through a Depository Participant, in accordance with the rules of such Depository). Each of the Depositor,
the Trustee, the Certificate Administrator, the Special Servicer and the Servicer, as applicable, shall have the right to require,
as a condition to acknowledging the status of any Person as a Beneficial Owner under this Agreement, that such Person provide an
Investor Certification, and each of Depositor, the Trustee, the Certificate Administrator, the Special Servicer and the Servicer
shall be entitled to rely on such Investor Certification.

 

“Benefit Plan”:
As defined in Section 5.3(m).

 

“Borrower”:
As defined in the Introductory Statement.

 

“Borrower Related
Party”: Any of (a) the Borrower, any Borrower Sponsor, the Property Manager, or a Restricted Holder, (b) any other Person
controlling or controlled by or under common control with the Borrower, either Borrower Sponsor, the Property Manager, or a Restricted
Holder, as applicable, or (c) any other Person owning, directly or indirectly, twenty-five percent (25%) or more of the beneficial
interests in the Borrower, any Borrower Sponsor, the Property Manager, or a Restricted Holder, as applicable. 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.

 

    -10-

    

    

 

“Borrower Sponsors”:
Transwestern Investment Group and Corporate Properties Trust III, L.P.

 

“Borrower’s
Reimbursable Trust Fund Expenses”: Amounts payable or reimburseable by the Borrower under Section 9.17(f) of the Loan
Agreement.

 

“Breach”:
As defined in Section 2.9(a).

 

“Business Day”:
Any day other than a Saturday, Sunday or any other day on which the following are not open for business: (a) national banks in
New York, New York, Charlotte, North Carolina, Oakland, California, Overland Park, Kansas, Cleveland, Ohio or Tempe, Arizona or
(b) the office of the Trustee, the Certificate Administrator, the Servicer, the Special Servicer, the Operating Advisor or the
financial institution that maintains the Collection Account.

 

“Cash Management
Account”: As defined in the Loan Agreement.

 

“Cash Management
Agreement”: As defined in the Loan Agreement.

 

“CERCLA”:
The Comprehensive Environmental Response, Compensation and Liability Act of 1980, as amended.

 

“Certificate”:
Any Class A, Class B, Class HRR, Class YM or Class R Certificate.

 

“Certificate
Administrator”: Wells Fargo Bank, National Association, in its capacity as certificate administrator, or if any successor
certificate administrator is appointed as herein provided, such certificate administrator.

 

“Certificate
Administrator Fee”: With respect to the Trust Loan and for any Distribution Date, an amount accrued during the related
Interest Accrual Period for the Certificates at the Certificate Administrator Fee Rate on the outstanding principal balance of
the Trust Loan as of the close of business on the Distribution Date in such Interest Accrual Period; provided that such
amounts shall be computed for the same period and on the same interest accrual basis respecting which any related principal and
interest payment due or deemed due on the Trust Loan is computed and shall be prorated for partial periods. A portion of the Certificate
Administrator Fee, shall be payable to the Trustee as the Trustee Fee. For the avoidance of doubt, the Certificate Administrator
Fee shall be deemed to be payable from the Lower-Tier REMIC.

 

“Certificate
Administrator Fee Rate”: 0.0106% per annum.

 

“Certificate
Administrator Personnel”: The divisions and individuals of the Certificate Administrator who are involved in the performance
of the duties of the Certificate Administrator under this Agreement.

 

“Certificate
Administrator’s Website”: The internet website of the Certificate Administrator, initially located at www.ctslink.com.

 

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“Certificate
Balance”: With respect to any outstanding Class of Sequential Pay Certificates and the Class YM Certificates at
any date, an amount equal to the aggregate Certificate Balance of such Class as set forth in Section 5.1(a) less the
sum of (a) all amounts distributed to Holders of Certificates of such Class on all previous Distribution Dates and treated
under this Agreement as allocable to principal and (b) the aggregate amount of Realized Losses allocated to such Class of
Certificates, if any, pursuant to Section 4.1(g) on all previous Distribution Dates. With respect to any individual
Certificate in any such Class, the product of (x) the Percentage Interest represented by such Certificate multiplied by (y) the
Certificate Balance of such Class.

 

“Certificate
Register” and “Certificate Registrar”: The register maintained and the registrar appointed pursuant
to Section 5.3(a).

 

“Certificateholder”
or “Holder”: With respect to any Certificate, the Person in whose name a Certificate is registered in the Certificate
Register; provided, however, that solely for the purposes of providing, distributing or otherwise making available
any reports, statements or other information required or permitted to be provided or distributed or made available to a Certificateholder
under this Agreement, a Certificateholder shall include any Beneficial Owner to the extent that the Person providing, distributing
or making available such reports, statements or other information has received from such Beneficial Owner information and a written
certification reasonably acceptable to such Person regarding its name, and address and beneficial ownership of a Certificate; and
provided further that, solely for the purposes of giving any consent or taking of any action pursuant to this Agreement
(except as set forth in the following sentence), any Certificate beneficially owned by the Servicer, the Special Servicer, the
Certificate Administrator, the Trustee, any Borrower Related Party, or any of their subservicers or respective Affiliates shall
be deemed not to be outstanding and the Voting Rights to which it is entitled shall not be taken into account in determining whether
the requisite percentage of Voting Rights necessary to effect any such consent or take any such action has been obtained. For purposes
of obtaining the consent of Certificateholders to an amendment of this Agreement, any Certificate beneficially owned by the Certificate
Administrator, the Trustee, the Servicer, the Special Servicer or any Affiliates thereof shall be deemed to be outstanding, provided
that if such amendment relates to the termination, increase in compensation or material reduction of obligations of the Certificate
Administrator, the Trustee, the Servicer or the Special Servicer, as applicable, or benefit the Certificate Administrator, the
Trustee, the Servicer or the Special Servicer, as applicable in its capacity as such or any of its affiliates (other than solely
in its capacity as a Certificateholder) in any material respect, then such Certificate will be deemed not to be outstanding; provided,
however, that if an Affiliate of the Certificate Administrator, the Trustee, the Servicer or the Special Servicer has provided
an Investor Certification in which it has certified as to the existence of an Affiliate Ethical Wall between it and the Trustee,
the Certificate Administrator, the Servicer or the Special Servicer (other than any replacement of the Special Servicer by the
Controlling Class Representative under this Agreement), as applicable, then any Certificates beneficially owned by such Affiliate
will be deemed to be outstanding. The Certificate Administrator and the Certificate Registrar may obtain and conclusively rely
upon an Officer’s Certificate of the Trustee, the Servicer, the Special Servicer, any Borrower Related Party or any sub-servicer
to determine whether a Certificate is beneficially owned by an Affiliate of any of them. Notwithstanding the foregoing, the restrictions
above shall not apply (i) to the exercise of the rights of the Servicer, the Special Servicer or an Affiliate of the Servicer or
the

 

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Special Servicer, if any, as a member of the Controlling Class (but not if it is a Borrower Related Party) or (ii) to any Affiliate
of the Depositor, the Servicer, the Special Servicer, the Trustee or the Certificate Administrator that has provided an Investor
Certification in which it has certified as to the existence of certain policies and procedures restricting the flow of information
between it and the Depositor, the Servicer, the Special Servicer, the Trustee or the Certificate Administrator, as applicable.

 

“Certificateholder
Quorum”: In connection with any solicitation of votes in connection with the replacement of the Special Servicer (other
than at the recommendation of the Operating Advisor), the holders of Sequential Pay Certificates evidencing at least 66 2/3% of
the aggregate Voting Rights (taking into account application of any Appraisal Reduction Amounts to notionally reduce the Certificate
Balance of the Certificates) of all Sequential Pay Certificates on an aggregate basis.

 

“Class”:
With respect to the Certificates, all of the Certificates bearing the same alphabetical designation, and each Uncertificated Lower-Tier
Interest.

 

“Class A
Certificate”: A Certificate executed and authenticated by the Certificate Administrator in substantially the form set
forth in Exhibit A-1 hereto and designated as a Class A Certificate.

 

“Class A
Pass-Through Rate”: As set forth in the Upper-Tier REMIC section of the Introductory Statement of this Agreement.

 

“Class B
Certificate”: A Certificate executed and authenticated by the Certificate Administrator in substantially the form set
forth in Exhibit A-2 hereto and designated as a Class B Certificate.

 

“Class B
Pass-Through Rate”: As set forth in the Upper-Tier REMIC section of the Introductory Statement of this Agreement.

 

“Class HRR Certificate”:
A Certificate executed and authenticated by the Certificate Administrator in substantially the form set forth in Exhibit A-3
hereto and designated as a Class HRR Certificate.

 

“Class HRR Pass-Through
Rate”: As set forth in the Upper-Tier REMIC section of the Introductory Statement of this Agreement.

 

“Class LA
Uncertificated Interest”: A regular interest in the Lower-Tier REMIC, which is held as an asset of the Upper-Tier REMIC
and has the Original Lower-Tier Principal Amount and per annum rate of interest set forth in the Lower-Tier section of the
Introductory Statement.

 

“Class LB
Uncertificated Interest”: A regular interest in the Lower-Tier REMIC, which is held as an asset of the Upper-Tier REMIC
and has the Original Lower-Tier Principal Amount and per annum rate of interest set forth in the Lower-Tier section of the
Introductory Statement.

 

    -13-

    

    

 

“Class LHRR
Uncertificated Interest”: A regular interest in the Lower-Tier REMIC, which is held as an asset of the Upper-Tier REMIC
and has the Original Lower-Tier Principal Amount and per annum rate of interest set forth in the Lower-Tier section of the
Introductory Statement.

 

“Class LT-R
Interest”: The residual interest in the Lower-Tier REMIC. The Class LT-R Interest will be represented by the Class R
Certificates.

 

“Class R
Certificate”: A Certificate executed and authenticated by the Certificate Administrator, in substantially the form set
forth in Exhibit A-5 hereto and designated as a Class R Certificate, which shall only be issued as Definitive Certificates.
The Class R Certificates will not have a Certificate Balance or a Pass-Through Rate. The Class R Certificates will evidence
the Class LT-R and Class UT-R Interests.

 

“Class UT-R
Interest”: The residual interest in the Upper-Tier REMIC. The Class UT-R Interest will be represented by the Class R
Certificates.

 

“Class YM Certificate”:
A Certificate executed and authenticated by the Certificate Administrator in substantially the form set forth in Exhibit A-4
hereto and designated as a Class YM Certificate, which shall only be issued as Definitive Certificates. The Class YM Certificates
will not have a Pass-Through Rate.

 

“Clearing Agency”:
An organization registered as a “clearing agency” pursuant to Section 17A of the Exchange Act. The initial Clearing
Agency shall be The Depository Trust Company.

 

“Clearstream”:
As defined in Section 5.2(a).

 

“Closing Date”:
December 29, 2017.

 

“Code”:
The Internal Revenue Code of 1986, as amended, and as it may be further amended from time to time, any successor statutes thereto,
and applicable U.S. Department of the Treasury regulations issued pursuant thereto in temporary or final form and any proposed
regulations thereunder, to the extent that, by reason of their proposed effective date, such proposed regulations would apply to
the Trust Fund.

 

“Collateral”:
The Property securing the Whole Loan, the Reserve Accounts (and all sums held, deposited or invested therein and all proceeds thereof)
with respect to the Whole Loan and all other collateral which is subject to security interests and liens granted to secure the
Whole Loan.

 

“Collateral
Security Documents”: Any document or instrument given to secure or guaranty the Whole Loan, including without limitation,
the Mortgage, each as amended, supplemented, assigned, extended or otherwise modified from time to time.

 

“Collection
Account”: As defined in Section 3.4(a).

 

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“Collection
Period”: With respect to any Distribution Date, the period commencing immediately following the Determination Date in
the calendar month preceding the calendar month in which such Distribution Date occurs and ending on and including the Determination
Date in the calendar month in which such Distribution Date occurs; provided, that the first Collection Period will commence
immediately following the Cut-off Date and end on and include the Determination Date in January 2018.

 

“Commission”:
The Securities and Exchange Commission.

 

“Companion Loan”:
Each portion of the Whole Loan evidenced by a Companion Loan Note.

 

“Companion Loan
Notes”:  As defined in the Introductory Statement.

 

“Companion Loan
Advance”: With respect to a Companion Loan that is part of an Other Securitization Trust, any advance of delinquent scheduled
payments with respect to such Companion Loan made by the master servicer or trustee with respect to such Other Securitization Trust.

 

“Companion Loan
Holder”: The holder of a Companion Loan.

 

“Companion Loan
Rating Agency”: With respect to a Companion Loan, any rating agency that was engaged by a participant in the securitization
of such Companion Loan to assign a rating to the related Companion Loan Securities.

 

“Companion Loan
Rating Agency Confirmation”: With respect to any matter involving the servicing and administration of a Companion Loan
as to which any Companion Loan Securities exist, confirmation in writing (which may be in electronic form) by each applicable Companion
Loan Rating Agency that a proposed action, failure to act or other event so specified will not, in and of itself, result in the
downgrade, withdrawal or qualification of the then current rating assigned to any class of such Companion Loan Securities (if then
rated by such Companion Loan Rating Agency); provided that upon receipt of a written waiver or other acknowledgment from a Companion
Loan Rating Agency indicating its decision not to review or declining to review the matter for which the Companion Loan Rating
Agency Confirmation is sought (such written notice, a “Companion Loan Rating Agency Declination”), or as otherwise
provided in Section 3.26 of this Agreement, the requirement for the Companion Loan Rating Agency Confirmation from the Companion
Loan Rating Agency with respect to such matter shall not apply.

 

“Companion Loan
Securities”: Any commercial mortgage-backed securities that evidence an interest in or are secured by the assets of an
Other Securitization Trust, which assets include a Companion Loan (or a portion thereof or interest therein).

 

“Condemnation”:
As defined in the Loan Agreement.

 

“Condemnation
Proceeds”: The portion of the Loss Proceeds relating to a Condemnation other than amounts to be applied to the restoration,
preservation or repair of the Property or to be released to the Borrower each in accordance with the terms of the Loan

 

    -15-

    

    

 

Agreement,
or if not required to be so applied or so released under the terms of the Loan Agreement, Accepted Servicing Practices.

 

“Confidential
Information”: With respect to the Servicer, the Special Servicer, the Certificate Administrator and the Trustee, all
material non-public information obtained in the course of and as a result of such Person’s performance of its duties under
this Agreement as the Servicer, the Special Servicer, the Certificate Administrator or the Trustee, as applicable, with respect
to the Whole Loan, the Borrower and the Property, unless such information (i) was already in the possession of such Person
prior to being disclosed to such Person, (ii) is or becomes available to such Person from a source other than its activities
as the Servicer or the Special Servicer, as applicable, or (iii) is or becomes generally available to the public other than
as a result of a disclosure by Servicer Servicing Personnel, Special Servicer Servicing Personnel or Trustee Personnel, as applicable.

 

“Consultation
Termination Event”: The event that will exist at any time that (i) the Class HRR Certificates have an outstanding
Certificate Balance (without regard to the application of any Appraisal Reduction Amounts allocable to such Class in accordance
with Section 3.7(a)) that is 25% or less of the Original Certificate Balance of such Class of Certificates, (ii) a Consultation
Termination Event is deemed to occur pursuant to Section 6.5(c) of this Agreement or (iii) the Controlling Class Representative
or a majority of the Controlling Class Certificateholders (by Certificate Balance) is a Borrower Related Party.

 

“Control Termination
Event”: The event that will exist at any time that (i) the Class HRR Certificates have an outstanding Certificate Balance
(as notionally reduced by any Appraisal Reduction Amounts allocable to such Class in accordance with Section 3.7(a)
of this Agreement) that is 25% or less of the Original Certificate Balance of such Class of Certificates, (ii) a Control Termination
Event is deemed to occur pursuant to Section 6.5(c) of this Agreement or (iii) the Controlling Class Representative
or a majority of the Controlling Class Certificateholders (by Certificate Balance) is a Borrower Related Party.

 

“Controlling
Class”: The Class HRR Certificates. No other Class of Certificates will be eligible to act as the Controlling Class or
appoint a Controlling Class Representative.

 

“Controlling
Persons”: As defined in Section 6.3(a).

 

“Controlling
Class Certificateholder”: Each Holder (or Beneficial Owner, if applicable) of a Certificate of the Controlling Class
as determined by the Certificate Administrator from time to time.

 

“Controlling
Class Representative”: The Controlling Class Certificateholder (or other representative) selected by more than 50% of
the Controlling Class Certificateholders by Certificate Balance, as identified by notice to the Certificate Registrar by the applicable
Controlling Class Certificateholders from time to time, with notice of such selection delivered to the Special Servicer, the Servicer,
the Operating Advisor, the Trustee and the Certificate Administrator; provided that (i) absent such selection, or (ii) until
a Controlling Class Representative is so selected, or (iii) upon receipt of notice from a majority of the Controlling Class Certificateholders,
by Certificate Balance, that a Controlling Class Representative is no

 

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longer so designated, the Controlling Class Representative
shall be the Controlling Class Certificateholder that owns Certificates representing the largest aggregate Certificate Balance
of the Controlling Class as identified to the Certificate Administrator pursuant to the procedures set forth in this Agreement.

 

The initial Controlling
Class Representative on the Closing Date shall be Prima Capital Advisors LLC, as agent for its managed account, and the Certificate
Registrar and the other parties to this Agreement shall be entitled to assume that entity (or any successor Controlling Class Representative
selected by PCSD PR Cap IV NR Reten Private Limited) is the Controlling Class Representative, as appointed by PCSD PR Cap IV NR
Reten Private Limited, the Holder (or Beneficial Owner) of a majority of the Class HRR Certificates, until the Certificate
Registrar receives (a) written notice of a replacement Controlling Class Representative substantially in the form of Exhibit
K-4, (b) written notice that PCSD PR Cap IV NR Reten Private Limited is no longer the Holder (or Beneficial Owner) of a majority
of the Class HRR Certificates due to a transfer of those Certificates (or beneficial ownership interest in those Certificates)
or (c) written notice that such Person is a Borrower Related Party.

 

“Cooperation
Agreement”: As defined in the Loan Agreement.

 

“Corporate Trust
Office”: The corporate trust office of the Trustee or the Certificate Administrator, as applicable, at which at
any particular time its corporate trust business shall be administered, which office at the date of the execution of this Agreement
is located at (i) 9062 Old Annapolis Road, Columbia, Maryland 21045, Attention: Corporate Trust Services (CMBS) GSMS 2017-FARM,
(ii) 9062 Old Annapolis Road, Columbia, Maryland 21045, Attention: Corporate Trust Services, or for certificate transfer services,
600 South 4th Street, 7th Floor, MAC N9300-010, Minneapolis, Minnesota 55479, Attention: Certificate Transfer Services: GSMS 2017-FARM,
or (iii) at such other address as the Trustee or the Certificate Administrator may designate from time to time by notice to
the Certificateholders, the Depositor, the Servicer and the Special Servicer.

 

“Credit Risk
Retention Compliance Agreement”: As defined in Section 3.29(a).

 

“Credit Risk
Retention Rules”: The Credit Risk Retention regulations, 79 Fed. Reg. 77601, pages 77740-77766 (Dec. 24, 2014), jointly
promulgated 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 Securities and Exchange Commission, and the Department of
Housing and Urban Development (the “Agencies”) to implement the credit risk retention requirements under Section
15G of the Securities Exchange Act of 1934 (as added by Section 941 of the Dodd-Frank Wall Street Reform and Consumer Protection
Act), as such regulations may be amended from time to time by such Agencies, and subject to such clarification and interpretation
as have been provided by such Agencies, whether in the adopting release, 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.

 

“CREFC®”:
CRE Finance Council, formerly known as Commercial Mortgage Securities Association, or any successor thereto.

 

    -17-

    

    

 

“CREFC®
Advance Recovery Report”: The monthly report substantially in the form of, and containing the information called for
in, the downloadable form of the “Advance Recovery Report” available as of the Closing Date on the CREFC®
Website, or such other form for the presentation of such information and containing such additional information as may from time
to time be approved by the CREFC® for commercial mortgage securities transactions generally and, insofar as it requires
the presentation of information in addition to that called for by the form of the “Advance Recovery Report” available
as of the Closing Date on the CREFC® Website, is reasonably acceptable to the Servicer.

 

“CREFC®
Appraisal Reduction Template”: A report substantially in the form of, and containing the information called for in, the
downloadable form of the “Appraisal Reduction Template” available and effective from time to time on the CREFC®
Website or such other form for the presentation of such information and containing such additional information as may from time
to time be approved by the CREFC® for commercial mortgage securities transactions generally.

 

“CREFC®
Bond Level File”: The monthly report substantially in the form of, and containing the information called for in, the
downloadable form of the “Bond Level File” available as of the Closing Date on the CREFC® Website, or
such other form for the presentation of such information and containing such additional information as may from time to time be
recommended by the CREFC® for commercial mortgage securities transactions generally and is reasonably acceptable
to the Certificate Administrator.

 

“CREFC®
Collateral Summary File”: The report substantially in the form of, and containing the information called for in, the
downloadable form of the “Collateral Summary File” available as of the Closing Date on the CREFC® Website,
or such other form for the presentation of such information and containing such additional information as may from time to time
be recommended by the CREFC® for commercial mortgage securities transactions generally and is reasonably acceptable
to the Certificate Administrator.

 

“CREFC®
Comparative Financial Status Report”: A report substantially in the form of, and containing the information called for
in, the downloadable form of the “Comparative Financial Status Report” available as of the Closing Date on the CREFC®
Website, or such other form for the presentation of such information as may from time to time be recommended by the CREFC®
for commercial mortgage securities transactions generally and is reasonably acceptable to the Servicer and the Special Servicer.

 

“CREFC®
Delinquent Loan Status Report”: A report substantially in the form of, and containing the information called for in,
the downloadable form of the “Delinquent Loan Status Report” available as of the Closing Date on the CREFC®
Website, or such other form for the presentation of such information and containing such additional information as may from time
to time be recommended by the CREFC® for commercial mortgage securities transactions generally and is reasonably
acceptable to the Servicer and the Special Servicer.

 

“CREFC®
Financial File”: A report substantially in the form of, and containing the information called for in, the downloadable
form of the “Financial File” available as of the Closing Date on the CREFC® Website, or such other form
for the presentation of such

 

    -18-

    

    

 

information and containing such additional information as may from time to time be recommended by
the CREFC® for commercial mortgage securities transactions generally and is reasonably acceptable to the Servicer.

 

“CREFC®
Historical Bond/Collateral Realized Loss Reconciliation Template”: A report substantially in the form of, and containing
the information called for in, the downloadable form of the “Historical Bond/Collateral Realized Loss Reconciliation Template”
available and effective from time to time on the CREFC® Website or such other form for the presentation of such
information and containing such additional information as may from time to time be recommended by the CREFC® for
commercial mortgage securities transactions generally and is reasonably acceptable to the Servicer.

 

“CREFC®
Historical Liquidation Loss Template”: A report substantially in the form of, and containing the information called for
in, the downloadable form of the “Historical Liquidation Loss Template” available and effective from time to time on
the CREFC® Website or such other form for the presentation of such information and containing such additional information
as may from time to time be recommended by the CREFC® for commercial mortgage securities transactions generally
and is reasonably acceptable to the Servicer.

 

“CREFC®
Historical Loan Modification, Forbearance and Corrected Loan Report”: A report substantially in the form of, and containing
the information called for in, the downloadable form of the “Historical Loan Modification, Forbearance and Corrected Loan
Report” available as of the Closing Date on the CREFC® Website, or such other form for the presentation of
such information and containing such additional information as may from time to time be recommended by the CREFC®
for commercial mortgage securities transactions generally and is reasonably acceptable to the Servicer and the Special Servicer.

 

“CREFC®
Intellectual Property Royalty License Fee”: A fee payable monthly to the CREFC® pursuant to Section 3.4(c)
which will accrue at the CREFC® Intellectual Property Royalty License Fee Rate, computed on the basis of the same
principal amount, in the same manner, and for the same Interest Accrual Period respecting which any related interest payment on
the Trust Loan is computed, and will be prorated for partial periods.

 

“CREFC®
Intellectual Property Royalty License Fee Rate”: With respect to the Trust Loan, 0.0005% per annum.

 

“CREFC®
Interest Shortfall Reconciliation Template”: A report substantially in the form of, and containing the information called
for in, the downloadable form of the “Interest Shortfall Reconciliation Template” available and effective from time
to time on the CREFC® Website or such other form for the presentation of such information and containing such additional
information as may from time to time be recommended by the CREFC® for commercial mortgage securities transactions
generally and is reasonably acceptable to the Servicer.

 

“CREFC®
Loan Level Reserve LOC Report”: The monthly report substantially in the form of, and containing the information called
for in, the downloadable form of the “Loan Level Reserve LOC Report” available as of the Closing Date on the CREFC®
Website, or such

 

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other form for the presentation of such information and containing such additional information as may from time
to time be recommended by the CREFC® for commercial mortgage securities transactions generally and is reasonably
acceptable to the Servicer.

 

“CREFC®
Loan Modification Report”: A report substantially in the form of, and containing the information called for in, the downloadable
form of the “Loan Modification Report” available and effective from time to time on the CREFC® Website,
or such other form for the presentation of such information and containing such additional information as may from time to time
be recommended by the CREFC® for commercial mortgage securities transactions generally and is reasonably acceptable
to the Servicer and the Special Servicer.

 

“CREFC®
Loan Periodic Update File”: The monthly report substantially in the form of, and containing the information called for
in, the downloadable form of the “Loan Periodic Update File” available as of the Closing Date on the CREFC®
Website, or such other form for the presentation of such information and containing such additional information as may from time
to time be recommended by the CREFC® for commercial mortgage securities transactions generally and is reasonably
acceptable to the Servicer, the Special Servicer and the Certificate Administrator.

 

“CREFC®
Loan Setup File”: The report substantially in the form of, and containing the information called for in, the downloadable
form of the “Loan Setup File” available as of the Closing Date on the CREFC® Website, or such other
form for the presentation of such information and containing such additional information as may from time to time be recommended
by the CREFC® for commercial mortgage securities transactions generally and is reasonably acceptable to the Servicer,
the Special Servicer and the Certificate Administrator.

 

“CREFC®
NOI Adjustment Worksheet”: A report substantially in the form of, and containing the information called for in, the downloadable
form of the “NOI Adjustment Worksheet” available as of the Closing Date on the CREFC® Website, or such
other form for the presentation of such information and containing such additional information as may from time to time be recommended
by the CREFC® for commercial mortgage securities transactions generally and is acceptable to the Servicer or the
Special Servicer, as applicable, and in any event, shall present the computations made in accordance with the methodology described
in such form to “normalize” the full year net operating income and debt service coverage numbers used in the other
reports required by this Agreement.

 

“CREFC®
Operating Statement Analysis Report”: A report prepared with respect to the Property substantially in the form of, and
containing the information called for in, the downloadable form of the “Operating Statement Analysis Report” available
as of the Closing Date on the CREFC® Website or in such other form for the presentation of such information and
containing such additional information as may from time to time be recommended by the CREFC® for commercial mortgage
securities transactions generally and is reasonably acceptable to the Servicer.

 

“CREFC®
Property File”: A report substantially in the form of, and containing the information called for in, the downloadable
form of the “Property File” available as of the Closing Date on the CREFC® Website, or such other form
for the presentation of such

 

    -20-

    

    

 

information and containing such additional information as may from time to time be recommended by
the CREFC® for commercial mortgage securities transactions generally and is reasonably acceptable to the Servicer
and the Special Servicer.

 

“CREFC®
Reconciliation of Funds Template”: A report substantially in the form of, and containing the information called for in,
the downloadable form of the “Reconciliation of Funds Template” available and effective from time to time on the CREFC®
Website, or such other form for the presentation of such information and containing such additional information as may from time
to time be recommended by the CREFC® for commercial mortgage securities transactions generally.

 

“CREFC®
Reports”: Collectively refers to the following files and reports as may be amended, updated or supplemented from time
to time as part of the CREFC® Investor Reporting Package (IRP):

 

(i)       the
following 7 electronic files (and any other files as may become adopted and promulgated by CREFC® as part of the
CREFC® Investor Reporting Package (IRP) from time to time): (i) CREFC® Bond Level File, (ii) CREFC®
Collateral Summary File, (iii) CREFC® Property File, (iv) CREFC® Loan Periodic Update File,
(v) CREFC® Loan Setup File, (vi) CREFC® Financial File, and (vii) CREFC®
Special Servicer Loan File; and

 

(ii)      the
following 18 supplemental reports (and any other reports as may become adopted and promulgated by CREFC® as part
of the CREFC® Investor Reporting Package (IRP) from time to time): (i) CREFC® Comparative Financial
Status Report, (ii) CREFC® Delinquent Loan Status Report, (iii) CREFC® Historical Loan
Modification and Corrected Loan Report, (iv) CREFC® Operating Statement Analysis Report, (v) CREFC®
NOI Adjustment Worksheet, (vi) CREFC® REO Status Report, (vii) CREFC® Servicer Watch List,
(viii) CREFC® Loan Level Reserve – LOC Report, (ix) CREFC® Advance Recovery Report, (x) CREFC®
Total Loan Report, (xi) CREFC® Appraisal Reduction Template, (xii) CREFC® Servicer Realized Loss
Template, (xiii) CREFC® Reconciliation of Funds Template, (xiv) CREFC® Historical Bond/Collateral
Realized Loss Reconciliation Template, (xv) CREFC® Historical Liquidation Loss Template, (xvi) CREFC®
Interest Shortfall Reconciliation Template, (xvii) CREFC® Loan Liquidation Report, and (xviii) CREFC®
Loan Modification Report, as such reports may be amended, updated or supplemented from time to time.

 

“CREFC®
REO Status Report”: A report substantially in the form of, and containing the information called for in, the downloadable
form of the “REO Status Report” available as of the Closing Date on the CREFC® Website, or in such other
form for the presentation of such information and containing such additional information as may from time to time be recommended
by the CREFC® for commercial mortgage securities transactions generally and is reasonably acceptable to the Servicer.

 

“CREFC®
Servicer Realized Loss Template”: A report substantially in the form of, and containing the information called for in,
the downloadable form of the “Servicer Realized Loss Template” available and effective from time to time on the CREFC®
Website.

 

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“CREFC®
Servicer Watch List”: For any Determination Date, a report substantially in the form of, and containing the information
called for in, the downloadable form of the “Servicer Watch List” available as of the Closing Date on the CREFC®
Website, or in such other final form for the presentation of such information and containing such additional information as may
from time to time be promulgated as recommended by the CREFC® for commercial mortgage securities transactions generally
and, insofar as it requires the presentation of information in addition to that called for by the form of the “Servicer Watch
List” available as of the Closing Date on the CREFC® Website, is reasonably acceptable to the Servicer.

 

“CREFC®
Special Servicer Loan File”: The monthly report substantially in the form of, and containing the information called for
in, the downloadable form of the “Special Servicer Loan File” available as of the Closing Date on the CREFC®
Website, or such other form for the presentation of such information and containing such additional information as may from time
to time be recommended by the CREFC® for commercial mortgage securities transactions generally and is reasonably
acceptable to the Servicer and the Special Servicer.

 

“CREFC®
Total Loan Report”: A monthly report substantially in the form of, and containing the information called for in, the
downloadable form of the “Total Loan Report” available as of the Closing Date on the CREFC® Website,
or in such other form for the presentation of such information and containing such additional information as may from time to time
be adopted by the CREFC® for commercial mortgage backed securities transactions and is reasonably acceptable to
the Servicer.

 

“CREFC®
Website”: The CREFC®’s Website located at “www.crefc.org” or such other primary website
as the CREFC® may establish for dissemination of its report forms.

 

“Current Interest
Distribution Amount”: With respect to any Distribution Date, (x) for any Class of Certificates (other than any Class
YM and Class R Certificates), the interest accruing during the related applicable Interest Accrual Period at the applicable Pass-Through
Rate for such Distribution Date on the outstanding Certificate Balance of such Class as of the prior Distribution Date (after giving
effect to distributions of principal and allocations of Realized Losses on such prior Distribution Date) and (y) any Uncertificated
Lower-Tier Interest, interest accruing during the applicable Interest Accrual Period at the applicable Pass-Through Rate for such
Interest Accrual Period on the then outstanding Lower-Tier Principal Amount of such Class as of the prior Distribution Date (after
giving effect to distributions of principal and allocations of Realized Losses on such prior Distribution Date).

 

“Custodian”:
Wells Fargo Bank, National Association, in its capacity as custodian, or if any successor custodian is appointed as herein provided,
such custodian. The Custodian will perform its duties through its Document Custody Group.

 

“Cut-off Date”:
December 6, 2017.

 

“DBRS”:
DBRS, Inc. or its successors in interest. If neither DBRS nor any successor remains in existence, “DBRS” shall be deemed
to refer to such other nationally recognized statistical rating agency or other comparable Person designated by the Depositor,
notice of which designation shall be given to the Certificate Administrator, the Trustee, the

 

    -22-

    

    

 

Servicer, and the Special Servicer,
and specific ratings of DBRS herein referenced shall be deemed to refer to the equivalent ratings of the party so designated.

 

“Default Interest”:
During the continuance of a Loan Event of Default, the amount by which interest accrued on the Notes at their Default Rate exceeds
the amount of interest that would have accrued on the Notes at their Note Rate.

 

“Default Rate”:
As defined in the Loan Agreement.

 

“Defaulted Loan”:
The Whole Loan (i) if it is delinquent at least 60 days in respect of its scheduled monthly payments or delinquent in respect of
its Balloon Payment, if any, in either case such delinquency to be determined without giving effect to any grace period permitted
by the related Loan Documents and without regard to any acceleration of payments under the Loan Documents or (ii) as to which the
Servicer or Special Servicer has, by written notice to the Borrower, accelerated the maturity of the indebtedness evidenced by
the Notes.

 

“Defect”:
As defined in Section 2.9(a).

 

“Definitive
Certificate”: Any Certificate in fully registered, physical certificated form without interest coupons.

 

“Delivery Date”:
As defined in Section 2.1(b).

 

“Depositor”:
GS Mortgage Securities Corporation II, a Delaware corporation, and its successors in interest.

 

“Depository”:
The Depository Trust Company or a successor appointed by the Certificate Registrar (which appointment shall be at the direction
of the Depositor if the Depositor is legally able to do so).

 

“Depository
Participant”: A Person for whom, from time to time, the Depository effects book-entry transfers and pledges of securities
deposited with the Depository.

 

“Determination
Date”: The sixth (6th) day of each calendar month in which each Distribution Date occurs, commencing in January
2018 or, if such 6th day is not a Business Day, the immediately succeeding Business Day.

 

“Directly Operate”:
With respect to any Foreclosed Property, the furnishing or rendering of services to the tenants thereof, that are not customarily
provided to tenants in connection with the rental of space “for occupancy only” within the meaning of Treasury Regulations
Section 1.512(b)-1(c)(5), the management or operation of such Foreclosed Property, the holding of such Foreclosed Property
primarily for sale to customers, the use of such Foreclosed Property in a trade or business conducted by the Trust Fund or the
performance of any construction work on the Foreclosed Property, other than through an Independent Contractor; provided,
however, that Foreclosed Property shall not be considered to be Directly Operated solely because the Trustee (or the Special
Servicer on behalf of the Trustee) establishes rental terms, chooses tenants, enters into or renews leases, deals with taxes and
insurance or

 

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makes decisions as to repairs or capital expenditures with respect to such Foreclosed Property or takes other actions
consistent with Treasury Regulations Section 1.856-4(b)(5)(ii).

 

“Disclosable
Special Servicer Fees”: With respect to the Whole Loan or the Foreclosed Property, any (A) compensation and other
remuneration (including, without limitation, in the form of commissions, brokerage fees, rebates, and as a result of any other
fee-sharing arrangement received or retained by the Special Servicer or any of its Affiliates that is paid by any person (including,
without limitation, the Trust, the Borrower, any manager of the Property, any guarantor or indemnitor in respect of the Whole Loan
or any Foreclosed Property and any purchaser of the Trust Loan, a Companion Loan or any Foreclosed Property)) in connection with
the disposition, workout or foreclosure of the Whole Loan, the management or disposition of any Foreclosed Property, and the performance
by the Special Servicer or any such Affiliate of any other special servicing duties under this Agreement other than (i) Permitted
Special Servicer/Affiliate Fees and (ii) any special servicing compensation to which the Special Servicer is entitled under
this Agreement in the form of late payment charges, Default Interest, assumption fees, Modification Fees, consent fees, loan service
transaction fees, beneficiary statement fees, assumption application fees or other income earned on deposits in the Foreclosed
Property Account to the extent not reported in the CREFC® Reports and (B) any fee-sharing arrangement with
any Certificateholder or other controlling interest with respect to any special servicing duties under this Agreement; provided
that any compensation and other remuneration that the Servicer or Certificate Administrator is specifically permitted to receive
pursuant to the terms of this Agreement in connection with its respective capacity as a Servicer or Certificate Administrator shall
not be Disclosable Special Servicer Fees.

 

“Disqualified
Non-U.S. Person”: With respect to a Class R Certificate, any Non-U.S. Person or agent thereof other than (i) a
Non-U.S. Person that holds such Class R Certificate in connection with the conduct of a trade or business within the United
States and has furnished the transferor and the Certificate Administrator with an effective IRS Form W-8ECI or other prescribed
form or (ii) a Non-U.S. Person that has delivered to both the transferor and the Certificate Administrator an Opinion of Counsel
of a nationally recognized tax counsel to the effect that the transfer of such Class R Certificate to it is in accordance
with the requirements of the Code and the regulations promulgated thereunder and that such transfer of such Class R Certificate
will not be disregarded for federal income tax purposes under Treasury Regulations Section 1.860G-3.

 

“Disqualified
Organization”: Any of (a) the United States, a State, or any agency or instrumentality of any of the foregoing (other
than an instrumentality that is a corporation if all of its activities are subject to tax and, except for the FHLMC, a majority
of its board of directors is not selected by any such governmental unit), (b) a foreign government, International Organization
or agency or instrumentality of either of the foregoing, (c) an organization that is exempt from tax imposed by chapter 1
of the Code (including the tax imposed by Section 511 of the Code on unrelated business taxable income) on any excess inclusions
(as defined in Section 860E(c)(1)) of the Code with respect to the Class R Certificates (except certain farmers’
cooperatives described in Section 521 of the Code), (d) rural electric and telephone cooperatives described in Section 1381(a)(2)
of the Code or (e) any other Person so designated by the Certificate Administrator based upon an Opinion of Counsel to the
effect that any transfer of a Class R Certificate to such Person may cause either Trust REMIC to fail to qualify as a REMIC

 

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at any time that the Certificates are outstanding. The terms “United States,” “State” and “International
Organization” have the meanings set forth in Section 7701 of the Code or successor provisions.

 

“Distribution
Account”: The account established and maintained by the Certificate Administrator pursuant to Section 3.5.

 

“Distribution
Date”: The 4th Business Day after each Determination Date, commencing in January 2018.

 

“Distribution
Date Statement”: As defined in Section 4.4(a).

 

“Due Diligence
Service Provider”: As defined in Section 3.21(b).

 

“Eligible Account”:
A separate and identifiable account from all other funds held by the holding institution that is either (a) an account or
accounts maintained with a federal or state-chartered depository institution or trust company which complies with the definition
of Eligible Institution, (b) a segregated trust account or accounts maintained with a federal or state chartered depository
institution or trust company acting in its fiduciary capacity the long-term unsecured debt obligations of which are rated at least
“BBB” by S&P, which, in the case of a state chartered depository institution or trust company, is subject to regulations
substantially similar to 12 C.F.R. §9.10(b), having in either case a combined capital and surplus of at least $50,000,000.00
and subject to supervision or examination by federal or state authority, as applicable, or (c) such other account or accounts not
listed in clauses (a) and (b) above with respect to which a Rating Agency Confirmation has been obtained from each Rating Agency.
Eligible Accounts may bear interest. An Eligible Account will not be evidenced by a certificate of deposit, passbook or other instrument.

 

“Eligible Institution”:
(a) A depository institution or trust company insured by the Federal Deposit Insurance Corporation, the (x) short term unsecured
debt obligations, commercial paper or other short term deposits of which are rated at least “A-2” by S&P and “R-1 (middle)”
by DBRS (if rated by DBRS or, if not rated by DBRS, an equivalent (or higher) rating such as that listed above by at least two
NRSROs (which may include S&P) and (y) the long-term unsecured debt obligations or deposits of which are rated at least “BBB”
by S&P and “A” by DBRS (if rated by DBRS or, if not rated by DBRS, an equivalent (or higher) rating such as that
listed above by at least two NRSROs (which may include S&P) or (b) KeyBank National Association, provided that the short-term
unsecured debt obligations, deposits or commercial paper of which are rated at least “R-1 (low)” by DBRS and the long
term unsecured debt obligations or deposits of which are rated at least “BBB+” by S&P and “BBB (high)”
by DBRS.

 

“Eligible Operating
Advisor”: An institution (a) that is a special servicer or operating advisor on a commercial mortgage-backed securities
transaction rated by the Rating Agencies (including, in the case of the Operating Advisor, this transaction) but has not been special
servicer or operating advisor on a transaction for which any Rating Agency has qualified, downgraded or withdrawn its rating or
ratings of, one or more classes of certificates for such transaction citing servicing concerns with the special servicer or operating
advisor, as applicable, as the sole or a material factor in such rating action; (b) that can and will make the

 

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representations
and warranties of the Operating Advisor set forth in Section 2.8, including to the effect that it possesses sufficient financial
strength to fulfill its duties and responsibilities pursuant to this Agreement over the life of the Trust; (c) that is not (and
is not Risk Retention Affiliated with) the Depositor, the Trustee, the Certificate Administrator, the Servicer, the Special Servicer,
the Sponsor, any Borrower Related Party, the Third Party Purchaser, the Controlling Class Representative, or any of their respective
Risk Retention Affiliates; (d) that has not been paid by the Special Servicer or successor special servicer any fees, compensation
or other remuneration (x) in respect of its obligations hereunder or (y) for the appointment or recommendation for replacement
of a successor special servicer to become a special servicer under this Agreement; (e) that (x) has been regularly engaged in the
business of analyzing and advising clients in commercial mortgage-backed securities matters and has at least five (5) years of
experience in collateral analysis and loss projections and (y) has at least five (5) years of experience in commercial real estate
asset management and experience in the workout and management of distressed commercial real estate assets; and (f) that does not
directly or indirectly, through one or more Affiliates or otherwise, own or have derivative exposure in any interest in any Certificates,
the Trust Loan or otherwise have any financial interest in the securitization transaction to which this Agreement relates, other
than in fees from its role as Operating Advisor.

 

“Environmental
Indemnity”: As defined in the Loan Agreement.

 

“ERISA”:
The Employee Retirement Income Security Act of 1974, as amended from time to time, and the regulations promulgated thereunder.

 

“ERISA Plan”:
As defined in Section 5.3(o).

 

“Euroclear”:
As defined in Section 5.2(a).

 

“Excess Interest”:
As the term “Deferred Interest” is defined in the Loan Agreement.

 

“Excess Interest
Distribution Account”: As defined in Section 3.4(e).

 

“Excess Servicing
Fee Rate”: With respect to the Whole Loan (and any Foreclosed Property, if applicable), a rate per annum equal to 0.00125%;
provided that such rate shall be subject to reduction at any time following any resignation of a Servicer pursuant to Section
6.6 of this Agreement (if no successor is appointed in accordance with Section 6.6 of this Agreement) or any termination
of the Servicer pursuant to Section 7.1 of this Agreement, to the extent reasonably necessary (in the sole discretion of
the Trustee) for the Trustee to appoint a qualified successor Servicer (which successor may include the Trustee) that meets the
requirements of Section 7.2 of this Agreement.

 

“Excess Servicing
Fee Right”: With respect to the Whole Loan (and any successor Foreclosed Property, if applicable), the right to receive
Excess Servicing Fees. In the absence of any transfer of the Excess Servicing Fee Right, the Servicer shall be the owner of such
Excess Servicing Fee Right.

 

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“Excess Servicing
Fees”: With respect to the Whole Loan (and any successor Foreclosed Property, if applicable), that portion of the Servicing
Fee that accrues at a per annum rate equal to the Excess Servicing Fee Rate.

 

“Exchange Act”:
The Securities Exchange Act of 1934, as amended from time to time.

 

“Federal Funds
Rate”: For any day, the rate per annum equal to the weighted average of the rates on overnight federal funds transactions
with members of the Federal Reserve System arranged by federal funds brokers on such day, as published by the Federal Reserve Bank
of New York on the Business Day next succeeding such day; provided that (a) if such day is not a Business Day, the Federal
Funds Rate for such day shall be such rate on such transactions on the next preceding Business Day as so published on the next
succeeding Business Day, and (b) if no such rate is so published on such next succeeding Business Day, the Federal Funds Rate for
such day shall be the average rate (rounded upward, if necessary, to a whole multiple of 1/1000 of 1%) charged to the Lender on
such day on such transactions as determined by the Lender.

 

“FHLMC”:
The Federal Home Loan Mortgage Corporation and its successors in interest.

 

“Final Asset
Status Report”: An Asset Status Report that is labeled or otherwise communicated as being a “Final Asset Status
Report” and that is in the process of being implemented by the Special Servicer in accordance with the terms of this Agreement
(as determined by the Special Servicer), together with such other data or supporting information provided by the Special Servicer
to the Controlling Class Representative which does not include any communication (other than the related Asset Status Report) between
the Special Servicer and Controlling Class Representative; provided that, so long as a Control Termination Event has not
occurred and is not continuing, no Asset Status Report will be considered to be a Final Asset Status Report unless the Controlling
Class Representative has either finally approved of and consented to the actions proposed to be taken in connection therewith,
or has exhausted all of its rights of approval or consent or has been deemed to have approved or consented to such action or the
Asset Status Report is otherwise in the process of being implemented by the Special Servicer in accordance with the terms of this
Agreement. With respect to the determination of whether an Asset Status Report is a Final Asset Status Report, the Operating Advisor
is entitled to rely solely on the determination of the Special Servicer.

 

“Financial Market
Publisher”: As defined in Section 3.21(b).

 

“Fitch”:
Fitch Ratings, Inc. and its successors in interest. If neither Fitch nor any successor remains in existence, “Fitch”
shall be deemed to refer to such other nationally recognized statistical rating agency or other comparable Person designated by
the Depositor, notice of which designation shall be given to the Certificate Administrator, the Trustee, the Servicer and the Special
Servicer, and specific ratings of Fitch herein referenced shall be deemed to refer to the equivalent ratings of the party so designated.

 

“FNMA”:
The Federal National Mortgage Association and its successors in interest.

 

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“Foreclosed
Property”: Any portion of the Property, title to which has been acquired by the Special Servicer or an Affiliate in its
own name or in the name of the Trustee on behalf of the Trust or if required by the Co-Lender Agreement, the Trust and the Companion
Loan Holders through foreclosure or otherwise.

 

“Foreclosed
Property Account”: As defined in Section 3.6.

 

“Foreclosure”:
Any foreclosure, the taking of a deed-in-lieu of foreclosure, or the completion of any judicial or non-judicial foreclosure or
termination, cancellation or rescission of any such foreclosure of the Mortgage.

 

“Foreclosure
Proceeds”: Proceeds, net of any related expenses of the Servicer, Special Servicer, the Certificate Administrator and/or
the Trustee, received in respect of any Foreclosed Property (including, without limitation, proceeds from the operation or rental
of such Foreclosed Property) prior to the final liquidation of such Foreclosed Property.

 

“Form ABS Due
Diligence-15E”: The form certification of a Due Diligence Service Provider prescribed by Section 15E(s)(4)(B) of the
Exchange Act and Rule 17g-10 thereunder.

 

“Global Certificates”:
As defined in Section 5.2(b).

 

“Grantor Trust”:
A segregated asset pool within the Trust Fund treated as a “grantor trust” under subpart E, part I of subchapter J
of the Code, consisting of the assets described in the Preliminary Statement hereto.

 

“HRR Transfer
Restriction Period”: The period from the Closing Date to the earlier of:

 

(a)       the
latest of (i) the date on which the total unpaid principal balance of the Trust Loan has been reduced to 33.0% of the total unpaid
principal balance of the Trust Loan as of the Cut-off Date; (ii) the date on which the total outstanding Certificate Balance of
the Certificates has been reduced to 33.0% of the total outstanding Certificate Balance of the Certificates as of the Closing Date;
or (iii) two years after the Closing Date,

 

(b)       the
date on which the Mortgage Loan has been defeased in accordance with the risk retention requirements set forth in §244.7(b)(8)(i)
of the Credit Risk Retention Rules; or

 

(c)       the
date on which the Credit Risk Retention Rules have been officially repealed or abolished in its entirety or officially determined
by the applicable regulatory agencies to be no longer applicable to this securitization transaction or Class HRR Certificates;

 

provided that
the termination of the HRR Transfer Restriction Period shall not be effective without the written consent of the Sponsor.

 

    -28-

    

    

 

“Impermissible
Operating Advisor Affiliate” : As defined in Section 2.11.

 

“Impermissible
Risk Retention Affiliate”: As defined in Section 2.11.

 

“Impermissible
TPP Affiliate”: As defined in Section 2.11.

 

“Independent”:
When used with respect to any specified Person, such a Person who (i) does not have any direct financial interest or any material
indirect financial interest in the Depositor, the Borrower, the Companion Loan Holders, the Certificate Administrator, the Trustee,
the Controlling Class Representative, the Servicer, the Special Servicer or the Operating Advisor or in any of their respective
Affiliates and (ii) is not connected with the Depositor, the Borrower, the Companion Loan Holders, the Certificate Administrator,
the Trustee, the Servicer, the Special Servicer or the Operating Advisor or any of their respective Affiliates as an officer, employee,
promoter, underwriter, trustee, partner, director or person performing similar functions.

 

“Independent
Appraiser”: An Independent professional real estate appraiser who (i) is a member in good standing of the Appraisal
Institute, (ii) if the state in which the Property or Foreclosed Property is located certifies or licenses appraisers, is
certified or licensed in such state, and (iii) has a minimum of five (5) years’ experience in the appraisal of
comparable properties in the geographic area in which the Property is located.

 

“Independent
Contractor”: Either (i) any Person (other than the Special Servicer or Servicer) that would be an “independent
contractor” with respect to the Lower-Tier REMIC or the Upper-Tier REMIC within the meaning of Section 856(d)(3) of
the Code if such Trust REMIC were a real estate investment trust (except that the ownership test set forth in that Section of the
Code shall be considered to be met by any Person that owns, directly or indirectly, 35% or more of any Class of Certificates or
35% or more of the aggregate value of all Classes of Certificates or such other interest in the Certificates as is set forth in
an Opinion of Counsel, which shall, at no expense to the Trustee, the Certificate Administrator, the Special Servicer, the Servicer,
or the Trust Fund, be delivered to the Trustee, the Certificate Administrator, the Special Servicer or the Servicer on behalf of
the Trustee); provided that neither the Lower-Tier REMIC nor the Upper-Tier REMIC receives or derives any income from such
Person and the relationship between such Person and such Trust REMIC is at arm’s length, all within the meaning of Treasury
Regulations Section 1.856-4(b)(5), or (ii) any other Person (including the Special Servicer or the Servicer) if the Trustee,
the Certificate Administrator and Operating Advisor (or the Servicer or the Special Servicer on behalf of the Trustee) has received
an Opinion of Counsel which shall, at no expense to the Trustee, the Certificate Administrator, the Special Servicer, the Servicer
(unless the Special Servicer or the Servicer is providing the Opinion of Counsel with respect to itself), the Operating Advisor
or the Trust Fund, be to the effect that the taking of any action in respect of any Foreclosed Property by such Person, subject
to any conditions therein specified, that is otherwise herein contemplated to be taken by an Independent Contractor will not cause
such Foreclosed Property to cease to qualify as “foreclosure property” within the meaning of Section 860G(a)(8)
of the Code (determined without regard to the exception applicable for purposes of Section 860D(a) of the Code), or cause
any income realized in respect of such Foreclosed Property to fail to qualify as Rents from Real Property.

 

    -29-

    

    

 

“Initial Purchasers”:
Goldman Sachs & Co. LLC and Deutsche Bank Securities Inc., and their respective successors in interest.

 

“Inquiries”:
As defined in Section 4.5.

 

“Institutional
Accredited Investor”: An institution that is an “accredited investor” within the meaning of Rule 501(a) (1),
(2), (3) or (7) of Regulation D under the Securities Act and any entity in which all of the equity owners are “accredited
investors” within the meaning of Rule 501(a) (1), (2), (3) or (7) of Regulation D under the Securities Act.

 

“Insurance Proceeds”:
(a) The portion of Loss Proceeds paid as a result of a Casualty (as defined in the Loan Agreement) other than amounts to be
applied to the restoration, preservation or repair of the Property or to be released to the Borrower each in accordance with the
terms of the Loan Agreement, or if not required to be so applied or so released under the terms of the Loan Agreement, Accepted
Servicing Practices and (b) amounts paid by any insurer pursuant to any insurance policy required to be maintained by the
Servicer pursuant to Section 3.11, to the extent related to this Agreement only.

 

“Interest Accrual
Period”: (a) With respect to the Whole Loan for any Loan Payment Date, the period from and including the 6th day of the
calendar month preceding the month in which such Loan Payment Date occurs through and including the 5th day of the calendar month
in which such Loan Payment Date occurs and (b) with respect to the Certificates for any Distribution Date, the calendar month preceding
the calendar month in which such Distribution Date occurs.

 

“Interest Deposit
Amount”: An amount equal to $808,624.67.

 

“Interest Distribution
Amount”: With respect to any Distribution Date for any Class of Certificates (other than the Class YM and Class R Certificates)
or Uncertificated Lower-Tier Interests, the sum of the Current Interest Distribution Amount for such Distribution Date and such
Class of Certificates or Uncertificated Lower-Tier Interests plus the aggregate unpaid Interest Shortfalls in respect of prior
Distribution Dates for such Class of Certificates or Uncertificated Lower-Tier Interests.

 

“Interest Reserve
Account”: As defined in Section 3.4(d).

 

“Interest Shortfall”:
With respect to any Distribution Date for any Class of Certificates (other than the Class YM and Class R Certificates) or Uncertificated
Lower-Tier Interests, the amount by which the Current Interest Distribution Amount for such Class of Certificates and Distribution
Date exceeds the portion actually paid in respect of such Class on such Distribution Date.

 

“Interested
Person”: The Depositor, the Servicer, the Special Servicer, the Operating Advisor, the Certificate Administrator, a holder
of 50% or more of the Controlling Class, the Controlling Class Representative, the Borrower, the Borrower Sponsors, the Companion
Loan Holders, an Other Depositor, any trustee for an Other Securitization Trust, any manager or operator of the Property, the Property
Manager, any Independent Contractor engaged by the Special Servicer, or any of their respective Affiliates.

 

    -30-

    

    

 

“Investment”:
Any direct or indirect ownership interest in any security, note or other financial instrument issued or executed by the Borrower
or any Affiliate of the Borrower, a loan directly or indirectly secured by any of the foregoing or a hedging transaction (however
structured) that references or relates to any of the foregoing.

 

“Investment
Account”: As defined in Section 3.8(a).

 

“Investment
Decisions”: Investment, trading, lending or other financial decisions, strategies or recommendations with respect to
Investments, whether on behalf of the Servicer, the Special Servicer or any of their respective Affiliates, as applicable, or any
Person on whose behalf the Servicer, the Special Servicer or any of their respective Affiliates has discretion in connection with
Investments.

 

“Investor Certification”:
A certification representing that such Person executing the certificate is a repurchasing Sponsor, a Certificateholder, Companion
Loan Holder, the Controlling Class Representative to the extent the Controlling Class Representative is not a Certificateholder
(and no Consultation Termination Event or Control Termination Event is in effect), a Beneficial Owner or a prospective purchaser
of a Certificate (or any investment advisor or manager of the foregoing) and that (i) for purposes of obtaining certain information
and notices pursuant to this Agreement (including access to information and notices on the Certificate Administrator’s Website),
(A) (1) such Person is not a Borrower Related Party (in which case such Person shall have access to all the reports and information
made available to Privileged Persons pursuant to this Agreement) or (2) such Person is a Borrower Related Party (in which case
such Person shall only be entitled to receive access to the Distribution Date Statements posted on the Certificate Administrator’s
Website) and (B) except in the case of a prospective purchaser of a Certificate, such Person has received a copy of the final Offering
Circular, in the form of Exhibit K-1 or Exhibit K-2, as applicable, to this Agreement or in the form of an electronic
certification contained on the Certificate Administrator’s Website, and/or (ii) for purposes of exercising Voting Rights
(which shall not apply to a repurchasing Sponsor or a prospective purchaser of a Certificate), (A) such Person is not a Borrower
Related Party, (B) such Person is or is not the Depositor, the Servicer, the Special Servicer, the Certificate Administrator, the
Trustee or an Affiliate of any of the foregoing, (C) such Person has received a copy of the final Offering Circular and (D) such
Person agrees to keep any Privileged Information confidential and will not violate any securities laws, substantially in the form
of Exhibit K-3 to this Agreement; provided that if such Person is an Affiliate of the Depositor, the Servicer, the
Special Servicer, the Trustee or the Certificate Administrator, such Person certifies to the existence or non-existence of appropriate
policies and procedures restricting the flow of information between it and the Depositor, the Servicer, the Special Servicer, the
Trustee or the Certificate Administrator, as applicable; provided, further, that a repurchasing Sponsor shall be
entitled to receive any and all reports and have access to any and all information that a Certificateholder would otherwise have
under the terms of this Agreement. The Certificate Administrator may conclusively rely on any duly submitted Investor Certification
and may require that Investor Certifications be resubmitted from time to time in accordance with its policies and procedures.

 

“Investor Registry”:
As defined in Section 4.5(b).

 

    -31-

    

    

 

“IRS”:
The Internal Revenue Service.

 

“Lender”:
As defined in the Loan Agreement.

 

“Liquidated
Property”: The Property, if it has been liquidated and the Special Servicer has determined that all amounts which it
expects to recover from or on account of the Property have been recovered.

 

“Liquidation
Expenses”: Reasonable and customary expenses (other than expenses covered by any insurance policy) incurred by the Servicer,
the Special Servicer, the Certificate Administrator or the Trustee in connection with the liquidation of the Whole Loan or Property
(or portions thereof), such expenses including, without limitation, legal fees and expenses, appraisal fees, brokerage fees and
commissions, conveyance taxes and trustee and co-trustee fees, if any. Liquidation Expenses shall not include any previously incurred
expenses which have been previously reimbursed to the party incurring the same or which were netted against income from any Foreclosed
Property and were considered in the calculation of the amount of Foreclosure Proceeds pursuant to the definition thereof.

 

“Liquidation
Fee”: A fee payable to the Special Servicer with respect to the Liquidated Property, or any full, partial or discounted
payoff of the Whole Loan, Trust Loan or Companion Loan or the liquidation of the Whole Loan, Trust Loan, Companion Loan or the
Notes as to which the Special Servicer receives any Liquidation Proceeds, equal to the product of the Liquidation Fee Rate and
the Net Liquidation Proceeds related to such Liquidated Property, Whole Loan, Trust Loan, Companion Loan or Notes. The Special
Servicer shall not be entitled to receive a Liquidation Fee in connection with (i) a repurchase of the Trust Loan by the Sponsor
pursuant to the Loan Purchase Agreement, (ii) a sale of the Whole Loan or any portion thereof by the Special Servicer to an
Interested Person in accordance with Section 3.16, or (iii) a purchase of the Trust Loan or a Foreclosed Property by
the Controlling Class Representative or any Affiliate thereof, if such purchase occurs within 90 days after the date on which the
Special Servicer first delivers to the Controlling Class Representative notice of a Loan Event of Default. For the avoidance of
doubt, the intent of Section 9.17 of the Loan Agreement requires the Borrower to be responsible for the payment of Liquidation
Fees and the Special Servicer will be entitled to, and may collect, any Liquidation Fees payable to it from the Borrower pursuant
to such Section 9.17 of the Loan Agreement as would be calculated hereunder. The Liquidation Fee with respect to the Specially
Serviced Loan or Foreclosed Property shall be reduced by the amount of any Modification Fees paid by or on behalf of the Borrower
with respect to the Specially Serviced Loan or Foreclosed Property and received by the Special Servicer as compensation, but only
to the extent those fees have not previously been deducted from a Workout Fee or Liquidation Fee. Notwithstanding the foregoing,
if the Whole Loan or Trust Loan becomes a Specially Serviced Loan solely due to an event described in clause (iii) of
the definition of “Special Servicing Loan Event” and the related Liquidation Proceeds are received within 90 days following
the Stated Maturity Date as a result of the Whole Loan or Trust Loan being refinanced or receipt of other final payment (other
than a discounted pay-off), the Special Servicer shall not be entitled to deduct a Liquidation Fee from amounts due to the Certificateholders
but may collect and retain appropriate fees from the Borrower in connection with such liquidation.

 

    -32-

    

    

 

“Liquidation
Fee Rate”: A rate equal to 0.50%.

 

“Liquidation
Proceeds”: Amounts (other than Insurance Proceeds and Condemnation Proceeds) received by the Special Servicer and/or
Certificate Administrator in connection with the liquidation of the Whole Loan, the Trust Loan, any Companion Loan or the Property,
whether through judicial foreclosure, sale or otherwise, or in connection with the sale, discounted payoff or other liquidation
of the Whole Loan, the Trust Loan, any Companion Loan (other than amounts required to be paid to the Borrower pursuant to law or
the terms of the Loan Agreement) including the proceeds of any full, partial or discounted payoff of the Whole Loan, the Trust
Loan, any Companion Loan (exclusive of any portion of such payoff or proceeds that represents Default Interest or late payment
charges).

 

“Loan Agreement”:
As defined in the Introductory Statement.

 

“Loan Documents”:
All documents executed or delivered by the Borrower or any other party evidencing or securing the Whole Loan and any amendment
thereof or thereafter or subsequently added to the Mortgage File, including without limitation the Loan Agreement.

 

“Loan Event
of Default”: An “Event of Default” as defined under the Loan Documents.

 

“Loan Payment
Date”: The 6th day of each calendar month in which the related Interest Accrual Period ends (or if such sixth day is
not a Business Day (as such term is defined the Loan Agreement), the immediately preceding Business Day).

 

“Loan Rate”:
With respect to any Interest Accrual Period and the Whole Loan, the per annum rate at which interest (but not Default Interest)
accrues on the Whole Loan for such Interest Accrual Period as specified in the Loan Agreement.

 

“Loan Purchase
Agreement”: The Trust Loan Purchase and Sale Agreement, dated as of December 29, 2017, by and between the Sponsor
and the Depositor.

 

“Lockbox Account”:
As defined in the Loan Agreement.

 

“Lockbox Agreement”:
The Deposit Account Control Agreement entered into on the Origination Date between the Borrower and GSMC.

 

“Lower-Tier
Distribution Account”: A subaccount of the Distribution Account, which shall be an asset of the Trust Fund and the Lower-Tier
REMIC.

 

“Lower-Tier
Distribution Amount”: As defined in Section 4.1(b).

 

“Lower-Tier
Principal Amount”: With respect to any Class of Uncertificated Lower-Tier Interests, (i) on or prior to the first
Distribution Date, an amount equal to the Original Lower-Tier Principal Amount of such Class as specified in the Introductory Statement
to this Agreement, and (ii) as of any date of determination after the first Distribution Date an amount equal to the
Certificate Balance of the Class of Related Certificates on the preceding Distribution Date (after giving effect to distribution
of principal and allocation of Realized Losses).

 

    -33-

    

    

 

“Lower-Tier
REMIC”: One of two separate REMICs comprising the Trust Fund, the assets of which consist of all of the assets of the
Trust Fund other than the assets of the Upper-Tier REMIC and the Grantor Trust.

 

“MAI Standards”:
Standards of Professional Appraisal Practice established for Members of the Appraisal Institute.

 

“Major Decision”:
Any of the following:

 

(i)       any
proposed or actual foreclosure upon or comparable conversion (which may include acquisitions of Foreclosed Property) of the ownership
of the Property if the Whole Loan comes into and continues in default;

 

(ii)      any
modification, consent to a modification or waiver of any monetary term (other than penalty charges) or material non-monetary term
(including, without limitation, the timing of payments and the acceptance of discounted payoffs, but excluding waiver of penalty
charges) of the Whole Loan or any extension of the Stated Maturity Date of the Whole Loan;

 

(iii)     any
sale of the Trust Loan (other than in connection with the termination of the Trust Fund) if it becomes a Defaulted Loan for less
than the applicable Repurchase Price (excluding the amount described in clause (vi) of the definition of “Repurchase Price);

 

(iv)     any
determination to bring the Property or the Foreclosed Property into compliance with applicable environmental laws or to otherwise
address hazardous materials located at the Property or the Foreclosed Property;

 

(v)      any
release of collateral or any acceptance of substitute or additional collateral for the Whole Loan, or any consent to either of
the foregoing, other than immaterial condemnation actions and other similar takings or if otherwise required pursuant to the specific
terms of the Whole Loan and for which there is no lender discretion;

 

(vi)     any
waiver of a “due-on-sale” or “due-on-encumbrance” clause with respect to the Whole Loan or, if lender consent
is required, any consent to such waiver or consent to a transfer of the Property or interests in the Borrower or consent to the
incurrence of additional debt, other than any such transfer or incurrence of debt as may be effected without the consent of the
lender under the Loan Agreement or related to an immaterial easement, right of way or similar agreement;

 

(vii)    any
property management company changes (to the extent the lender is required to consent or approve under the Loan Documents);

 

(viii)   releases
of any escrow accounts, reserve accounts or letters of credit held as performance or “earn-out” escrows or reserves,
other than those

 

    -34-

    

    

 

required pursuant to the specific terms of the Whole Loan and for which there is no lender discretion;

 

(ix)       any
acceptance of an assumption agreement or any other agreement permitting transfers of interests in the Borrower or releasing the
Borrower from liability under the Whole Loan, other than pursuant to the specific terms of the Whole Loan and for which there is
no lender discretion;

 

(x)        following
a default with respect to the Whole Loan or a Loan Event of Default, any acceleration of the Whole Loan or initiation of judicial,
bankruptcy or similar proceedings under the Loan Documents or with respect to the Borrower or the Property;

 

(xi)       any
proposed modification or waiver of any material provision in the Loan Documents governing the type, nature or amount of insurance
coverage required to be obtained and maintained by the Borrower;

 

(xii)      any
approval of any casualty insurance settlements or condemnation settlements, and any determination to apply casualty proceeds or
condemnation awards to the reduction of the debt rather than to the restoration of the Property;

 

(xiii)     the
determination of the Servicer pursuant to clause (vii) and clause (viii) of the definition of “Special Servicing Loan Event”;

 

(xiv)     any
adoption or implementation of the annual budget for which lender consent is required under the Loan Documents;

 

(xv)      the
voting on any plan of reorganization, restructuring or similar plan in the bankruptcy of the Borrower;

 

(xvi)     any
modification, waiver or amendment of the Co-Lender Agreement or an action to enforce rights with respect to the Co-Lender Agreement,
in each case in a manner that materially and adversely affects the majority holder of the Class HRR Certificates; and

 

(xvii)    the
execution, termination or renewal of the Ground Lease or any other lease, in each case, to the extent lender approval is required
under the Loan Documents and to the extent such lease is the Ground Lease or constitutes a “Major Lease” (as defined
in the Loan Documents), including entering into any subordination, non-disturbance and attornment agreement.

 

“Major
Decision Reporting Package”: As defined in Section 6.5(a).

 

“Material
Breach”: As defined in Section 2.9(a).

 

“Material Document
Defect”: As defined in Section 2.9(a).

 

    -35-

    

    

 

“Membership
Interests”: As defined in the Loan Agreement.

 

“Modification
Fees”: With respect to the Whole Loan, any and all fees collected from the Borrower with respect to a modification, extension,
waiver or amendment that modifies, extends, amends or waives any term of the Loan Documents agreed to by the Servicer or the Special
Servicer, other than (a) any assumption fees, defeasance fees, consent fees or assumption application fees and (b) Special
Servicing Fees, Workout Fees and Liquidation Fees.

 

“Monthly Payment”:
With respect to the Whole Loan or Trust Loan and any Distribution Date, the scheduled payment of principal (if any) and interest
on the Whole Loan or Trust Loan pursuant to the Loan Agreement, including the Balloon Payment, as applicable, in each case which
is due and payable on the immediately preceding Loan Payment Date and (ii) with respect to any Note and any Distribution Date,
the scheduled payment of principal (if any) and interest on such Note pursuant to the Loan Agreement and the related Balloon Payment,
in each case which is due and payable on the immediately preceding Loan Payment Date.

 

“Monthly Payment
Advance”: Any advance in respect of a delinquent Monthly Payment (or Assumed Monthly Payment, as applicable) on the Trust
Loan made by the Servicer or the Trustee pursuant to Section 3.22(a) or (c) as applicable. Each reference to
the reimbursement or payment of a Monthly Payment Advance shall be deemed to include, whether or not specifically referred to,
payment or reimbursement of interest thereon at the Advance Rate through the date of payment or reimbursement.

 

“Moody’s”:
Moody’s Investors Service, Inc. or its successors-in-interest. If neither Moody’s nor any successor remains in existence,
“Moody’s” shall be deemed to refer to such other nationally recognized statistical rating agency or other comparable
Person designated by the Depositor, notice of which designation shall be given to the Trustee, the Certificate Administrator, the
Servicer and the Special Servicer and specific ratings of Moody’s herein referenced shall be deemed to refer to the equivalent
ratings of the party so designated.

 

“Mortgage”:
As defined in the Loan Agreement.

 

“Mortgage File”:
As defined in Section 2.1(b), and any additional documents required to be added to the Mortgage File pursuant to this
Agreement.

 

“Net Foreclosure
Proceeds”: With respect to any Foreclosed Property, the Foreclosure Proceeds with respect to such Foreclosed Property
net of any insurance premiums, taxes, assessments, ground rents and other costs permitted to be paid therefrom pursuant to Section 3.14.

 

“Net Liquidation
Proceeds”: The excess of Liquidation Proceeds received with respect to the Property or the Whole Loan, as the case may
be, over the amount of Liquidation Expenses incurred with respect thereto.

 

“Net Loan Rate”:
With respect to any Distribution Date and the Trust Loan, the annualized rate at which interest would have to accrue in respect
of the Trust Loan on the basis of a 360-day year consisting of twelve 30-day months in the Interest Accrual Period preceding the
Loan Payment Date that precedes such Distribution Date in order to produce the aggregate

 

    -36-

    

    

 

amount of interest (net of interest at
the Servicing Fee Rate, the CREFC® Intellectual Property Royalty License Fee Rate, the Operating Advisor Fee Rate
and the Certificate Administrator Fee Rate and exclusive of Default Interest) that actually accrues on the Trust Loan during such
Interest Accrual Period; provided that any modification that changes the Loan Rate shall be disregarded for purposes of
calculating the Pass-Through Rates for the Certificates; provided, further, that (i) the Net Loan Rate for the Interest
Accrual Period preceding the Loan Payment Dates in (a) January and February in each year that is not a leap year or (b) in February
only in each year that is a leap year (unless in the case of either (a) or (b) the related Distribution Date is the final Distribution
Date), shall be the annualized rate at which interest would have to accrue on the basis of a 360-day year consisting of twelve
30-day months in order to produce the aggregate amount of interest (net of interest at the Servicing Fee Rate, the CREFC®
Intellectual Property Royalty License Fee Rate, the Operating Advisor Fee Rate and the Certificate Administrator Fee Rate and exclusive
of Default Interest) actually accrued on the Trust Loan during such Interest Accrual Period, minus the applicable Withheld Amount
and (ii) the Net Loan Rate for the Interest Accrual Period preceding the Loan Payment Date in March (or February, if the related
Distribution Date is the final Distribution Date), shall be the annualized rate at which interest would have to accrue on the basis
of a 360-day year consisting of twelve 30-day months in order to produce the aggregate amount of interest (net of interest at the
Servicing Fee Rate, the CREFC® Intellectual Property Royalty License Fee Rate, the Operating Advisor Fee Rate and
the Certificate Administrator Fee Rate and exclusive of Default Interest) actually accrued on the Trust Loan during such Interest
Accrual Period, plus the applicable Withheld Amounts; provided, further, that, for purposes of calculating Pass-Through
Rates, the Interest Deposit Amount shall be included in determining the Net Loan Rate for the Interest Accrual Period preceding
the Loan Payment Date in January 2018.

 

“New Lease”:
Any lease with respect to any Foreclosed Property entered into at the direction of the Special Servicer on behalf of the Trust,
including any lease renewed, modified or extended on behalf of the Trust, if the Trust has the right to renegotiate the terms of
such lease.

 

“Nondisqualification
Opinion”: An Opinion of Counsel, prepared at the Trust Fund’s expense and payable from the Collection Account,
to the effect that a contemplated action will not result in an Adverse REMIC Event.

 

“Nonrecoverable
Advance”: Any Advance or portion of an Advance previously made and not previously reimbursed, or proposed to be made,
including interest on such Advance, which, the Servicer, the Special Servicer or the Trustee determines in accordance with Accepted
Servicing Practices (in the case of the Servicer or the Special Servicer) or reasonable business judgment (in the case of the Trustee),
would not be ultimately recoverable from subsequent payments or collections (including Foreclosure Proceeds, Liquidation Proceeds,
Condemnation Proceeds (to the extent not needed for repair or restoration of the Property) and Insurance Proceeds) in respect of
the Whole Loan or Trust Loan, as applicable, or the Property or from funds on deposit in the Collection Account pursuant to Section 3.4(c).
The Trustee will be entitled to rely conclusively on the Servicer’s determination that an Advance is a Nonrecoverable Advance,
and the Servicer will be entitled to rely conclusively on the Special Servicer’s determination that an Advance is a Nonrecoverable
Advance.

 

    -37-

    

    

 

“Non-Book Entry
Certificates”: As defined in Section 5.2(c).

 

“Non-Reduced
Certificates”: As of any date of determination, any Class of Sequential Pay Certificates then outstanding for which (a)
(1) the Original Certificate Balance of such Class of Certificates minus (2) the sum (without duplication) of (x) any payments
of principal (whether as principal prepayments or otherwise) previously distributed to the Certificateholders of such Class of
Certificates, (y) any Appraisal Reduction Amounts allocated to such Class of Certificates as of the date of determination and (z)
any Realized Losses previously allocated to such Class of Certificates, is equal to or greater than (b) 25% of the remainder of
(i) the Original Certificate Balance of such Class of Certificates less (ii) any payments of principal (whether as principal prepayments
or otherwise) previously distributed to the Certificateholders of such Class of Certificates.

 

“Non-U.S. Beneficial
Ownership Certification”: As defined in Section 5.3(f).

 

“Non-U.S. Person”:
A Person other than a U.S. Person.

 

“Note”:
As defined in the Introductory Statement.

 

“Notes”:
As defined in the Introductory Statement.

 

“NRSRO”:
Any nationally recognized statistical rating organization within the meaning of Section 3(a)(62) of the Exchange Act, including
the Rating Agencies.

 

“NRSRO Certification”:
A certification (a) executed by a NRSRO in favor of the 17g-5 Information Provider substantially in the form attached hereto as
Exhibit M or (b) provided electronically and executed by such NRSRO by means of a “click through” confirmation
on the 17g-5 Information Provider’s Website, in either case in favor of the 17g-5 Information Provider that states that such
NRSRO is a Rating Agency under this Agreement, or that such NRSRO has been engaged to rate any securities backed, in whole or in
part, by a Companion Loan, or that such NRSRO has provided the Depositor with the appropriate certifications pursuant to paragraph
(e) of Rule 17g-5 of the Exchange Act, such NRSRO has access to the 17g-5 Information Provider’s Website and such NRSRO will
keep such information confidential, except to the extent such information has been made available to the general public.

 

“Offering Circular”:
That certain Confidential Offering Circular, dated as of December 18, 2017, relating to the offering of the Certificates.

 

“Officer’s
Certificate”: A certificate signed by the Chairman of the Board, the Vice Chairman of the Board, the President or a Vice
President (however denominated), the Treasurer, the Secretary, one of the Assistant Treasurers or Assistant Secretaries, any Servicing
Officer, Responsible Officer or other officer of the Servicer, the Special Servicer, the Depositor, the Sponsor or any other entity
referred to herein, as the case may be, customarily performing functions similar to those performed by any of the above designated
officers and also with respect to a particular matter, any other officer to whom such matter is referred because of such officer’s
knowledge of and familiarity with the particular subject.

 

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“Operating Advisor”:
Pentalpha Surveillance LLC, a Delaware limited liability company, and its successors in interest and assigns, or any successor
operating advisor appointed as herein provided.

 

“Operating Advisor
Annual Report”: As defined in Section 3.27(c).

 

“Operating Advisor
Consultation Event”: The event that occurs when either (i) the Class HRR Certificates has a Certificate Balance
(as notionally reduced by any Appraisal Reduction Amounts allocable to such Class in accordance with Section 3.7(a)
of this Agreement) equal to or less than 25% of the Original Certificate Balance of such Class or (ii) a Control Termination Event
has occurred and is continuing.

 

“Operating Advisor
Consulting Fee”: A fee for each Asset Status Report and Major Decision on which the Operating Advisor has consultation
obligations and performed its duties with respect to such Asset Status Report or Major Decision equal to $10,000 (or such lesser
amount as the Borrower agrees to pay), payable pursuant to Section 3.4 of this Agreement; provided, however,
that the Operating Advisor may in its sole discretion reduce the Operating Advisor Consulting Fee with respect to any Asset Status
Report or Major Decision; provided, further, that the Servicer or Special Servicer, as applicable, may waive or reduce
the amount of any Operating Advisor Consulting Fee payable by the Borrower if it determines that such full or partial waiver is
in accordance with Accepted Servicing Practices, but may in no event take any enforcement action with respect to the collection
of such Operating Advisor Consulting Fee other than requests for collection (provided that the Servicer or the Special Servicer,
as applicable, shall consult, on a non-binding basis, with the Operating Advisor prior to any such waiver or reduction).

 

“Operating Advisor
Expenses”: With respect to any Distribution Date, an amount equal to any unreimbursed indemnification amounts or additional
Trust Fund Expenses payable to the Operating Advisor pursuant to this Agreement (other than the Operating Advisor Fee and the Operating
Advisor Consulting Fee).

 

“Operating Advisor
Fee”: With respect to the Trust Loan, the fee payable to the Operating Advisor pursuant to Section 3.26(h).

 

“Operating Advisor
Fee Rate”: With respect to each Interest Accrual Period related to any applicable Distribution Date, a per annum
rate of 0.0053%.

 

“Operating Advisor
Standard”: The requirement that the Operating Advisor must act solely on behalf of the Trust and in the best interest
of, and for the benefit of, the Certificateholders (as a collective whole as if such Certificateholders constituted a single lender),
and not to any particular class of Certificateholders (as determined by the Operating Advisor in the exercise of its good faith
and reasonable judgment), but without regard to any conflict of interest arising from any relationship that the Operating Advisor
or any of its Affiliates may have with any Borrower Related Party, the Sponsor, the Depositor, the Servicer, the Special Servicer,
the Controlling Class Representative or any of their respective Affiliates.

 

“Operating Advisor
Termination Event”: Any of the following events, whether any such event is voluntary or involuntary or is effected by
operation of law or pursuant to any

 

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judgment, decree or order of any court or any order, rule or regulation of any administrative
or governmental body:

 

(a)       any
failure by the Operating Advisor to observe or perform in any material respect any of its covenants or agreements or the material
breach of any of its representations or warranties under this Agreement, which failure continues unremedied for a period of thirty
(30) days after the date on which written notice of such failure, requiring the same to be remedied, is given to the Operating
Advisor by any party to this Agreement or to the Operating Advisor, the Certificate Administrator and the Trustee by the holders
of Certificates having greater than 25% of the aggregate Voting Rights, provided that with respect to any such failure which
is not curable within such thirty (30) day period, the Operating Advisor will have an additional cure period of thirty (30) days
to effect such cure so long as it has commenced to cure such failure within the initial thirty (30) day period and has provided
the Trustee and the Certificate Administrator with an officer’s certificate certifying that it has diligently pursued, and
is continuing to pursue, such cure;

 

(b)       any
failure by the Operating Advisor to perform in accordance with the Operating Advisor Standard which failure continues unremedied
for a period of thirty (30) days after the date on which written notice of such failure, requiring the same to be remedied, is
given in writing to the Operating Advisor by any party to this Agreement;

 

(c)       any
failure by the Operating Advisor to be an Eligible Operating Advisor, which failure continues unremedied for a period of thirty
(30) days after the date on which written notice of such failure, requiring the same to be remedied, is given in writing to the
Operating Advisor by any party to this Agreement;

 

(d)       a
decree or order of a court or agency or supervisory authority having jurisdiction in the premises in an involuntary case under
any present or future federal or state bankruptcy, insolvency or similar law for the appointment of a conservator or receiver or
liquidator in any insolvency, readjustment of debt, marshaling of assets and liabilities or similar proceedings, or for the winding
up or liquidation of its affairs, shall have been entered against the Operating Advisor, and such decree or order shall have remained
in force undischarged or unstayed for a period of sixty (60) days;

 

(e)       the
Operating Advisor consents to the appointment of a conservator or receiver or liquidator or liquidation committee in any insolvency,
readjustment of debt, marshaling of assets and liabilities, voluntary liquidation, or similar proceedings of or relating to the
Operating Advisor or of or relating to all or substantially all of its property; or

 

(f)       the
Operating Advisor admits in writing its inability to pay its debts generally as they become due, files a petition to take advantage
of any applicable insolvency or reorganization statute, makes an assignment for the benefit of its creditors, or voluntarily suspends
payment of its obligations.

 

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“Opinion of
Counsel”: A written opinion of counsel (which counsel, in the case of any such opinion of counsel relating to the taxation
of the Trust Fund or any portion thereof or the status of each Trust REMIC as a REMIC or the Grantor Trust as a “grantor
trust” for taxation purposes, shall be Independent of the Depositor, the Servicer, the Special Servicer, the Operating Advisor,
the Certificate Administrator and the Trustee), who may, without limitation, be counsel for the Depositor, the Servicer, the Special
Servicer, the Operating Advisor or the Trustee, reasonably acceptable to the Certificate Administrator or the Trustee, as applicable.

 

“Original Lower-Tier
Principal Amount”: With respect to any Class of Uncertificated Lower-Tier Interests, the initial Lower-Tier Principal
Amount thereof as of the Closing Date, in each case as specified in the Introductory Statement to this Agreement.

 

“Origination
Date”: means December 7, 2017.

 

“Originator”:
As defined in the Introductory Statement.

 

“Other Depositor”:
With respect to any Other Securitization Trust, the related “depositor” (within the meaning of Item 1101(e) of Regulation
AB).

 

“Other Exchange
Act Reporting Party”: With respect to any Other Securitization Trust that is subject to the reporting requirements of
the Exchange Act, the trustee, operating advisor, asset representations reviewer, certificate administrator, master servicer, special
servicer or depositor under the related Other Pooling and Servicing Agreement that is responsible for the preparation and/or filing
of Form 8-K, Form 10-D and Form 10-K with respect to such Other Securitization Trust, as identified in writing to the parties to
this Agreement; and, with respect to any Other Securitization Trust that is not subject to the reporting requirements of the Exchange
Act and for the purposes of Sections 11.7, 11.8, 11.9 and 11.16 only, the trustee, certificate administrator,
master servicer, special servicer or depositor under the related Other Pooling and Servicing Agreement that is responsible for
the preparation and/or dissemination of periodic distribution date statements or similar reports, as identified in writing to the
parties to this Agreement.

 

“Other Pooling
and Servicing Agreement”: The pooling and servicing agreement or other comparable agreement governing the creation of
any Other Securitization Trust and the issuance of securities backed by the assets of such Other Securitization Trust.

 

“Other Securitization
Trust”: Any “issuing entity” (within the meaning of Item 1101(f) of Regulation AB) that holds a Companion
Loan (or any portion thereof or interest therein), as identified in writing to the parties to this Agreement.

 

“Par Price”:
An amount (without duplication) generally equal to the sum of (i) the unpaid principal balance of the Whole Loan, (ii) accrued
and unpaid interest on the Whole Loan at the applicable Loan Rate (exclusive of the Default Interest) to and including the last
day of the related Interest Accrual Period in which the repurchase is to occur, (iii) unreimbursed Property Protection Advances
and Administrative Advances together with interest on all Advances (including advances made with respect to any Companion Loan
under any Other Pooling and Servicing Agreement) and (iv) any unpaid Trust Fund Expenses.

 

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“Pass-Through
Rate”: With respect to each Class of Certificates (other than the Class YM and Class R Certificates), the per annum
rate at which interest accrues on the Certificate Balance of such Class as set forth in Section 5.1(a), and for each
Uncertificated Lower-Tier Interest, the Net Loan Rate, being, in each case, the rate at which interest accrues on the Certificate
Balance or Lower-Tier Principal Amount, as applicable, of such Class as set forth in the Introductory Statement to this Agreement.

 

“Percentage
Interest”: As to any Certificate, the percentage interest evidenced thereby in distributions required to be made with
respect to the related Class. With respect to any Certificate (other than the Class YM and Class R Certificates), such “percentage
interest” is equal to the Original Certificate Balance of such Certificate divided by the Original Certificate Balance of
all of the Certificates of the related Class. With respect to the Class YM and Class R Certificates, the “percentage
interest” is equal to the percentage specified on the Certificate held by the Holder of such Certificate.

 

“Permitted Encumbrances”:
As defined in the Loan Agreement.

 

“Permitted Investments”:
Any one or more of the following obligations or securities acquired at a purchase price of not greater than par, payable on demand
or having a maturity date not later than the Business Day immediately prior to the first Loan Payment Date following the date of
acquiring such investment and meeting one of the appropriate standards set forth below:

 

(i)        direct
obligations of, and obligations fully guaranteed as to timely payment of principal and interest by, the United States of America,
Fannie Mae, Freddie Mac or any agency or instrumentality of the United States of America, the obligations of which are backed by
the full faith and credit of the United States of America that mature in one (1) year or less from the date of acquisition; provided
that any obligation of, or guarantee by, any agency or instrumentality of the United States of America shall be a Permitted Investment
only if such investment would not result in the downgrading, withdrawal or qualification of the then-current rating assigned by
each Rating Agency to any Certificate as evidenced in writing, other than (a) unsecured senior debt obligations of the U.S. Treasury
(direct or fully funded obligations), U.S. Department of Housing and Urban Development public housing agency bonds, Federal Housing
Administration debentures, Government National Mortgage Association guaranteed mortgage-backed securities or participation certificates,
RefCorp debt obligations and SBA-guaranteed participation certificates and guaranteed pool certificates and (b) Farm Credit System
consolidated systemwide bonds and notes, Federal Home Loan Banks’ consolidated debt obligations, Freddie Mac debt obligations,
and Fannie Mae debt obligations rated at least “A-1” by S&P, if such obligations mature in 60 days or less, or
rated at least “AA-”, “A-1+” or “AAAm” by S&P, if such obligations mature in 365 days or
less;

 

(ii)       time
deposits, demand unsecured certificates of deposit, or bankers’ acceptances with maturities of not more than 365 days that
are issued or held by any depository institution or trust company (including the Certificate

 

    -42-

    

    

 

Administrator) incorporated or organized
under the laws of the United States of America or any State thereof and subject to supervision and examination by federal or state
banking authorities which (A) in the case of such investments with maturities of 30 days or less, the short term obligations of
which are rated “A-1” by S&P and “R-1(high)” by DBRS and the long term obligations of which are rated
at least “AA-” by S&P and “AAA” by DBRS or, if not rated by DBRS, an equivalent (or higher) rating
by two other nationally recognized statistical rating agencies (which may include S&P), (B) in the case of such investments
with maturities of three months or less, but more than 30 days, the short term obligations of which are rated “A-1”
by S&P and “R-1(high)” by DBRS or the long term obligations of which are rated at least “AA-” by S&P
and “AAA” by DBRS or, if not rated by DBRS, an equivalent (or higher) rating by two other nationally recognized statistical
rating agencies (which may include S&P), (C) in the case of such investments with maturities of six months or less, but more
than three months, the short term obligations of which are rated “A-1” by S&P and “R-1(high)” by DBRS
and the long term obligations of which are rated at least “AA-” by S&P and “AAA” by DBRS or, if not
rated by DBRS, an equivalent (or higher) rating by two other nationally recognized statistical rating agencies (which may include
S&P), and (D) in the case of such investments with maturities of more than six months, the short term obligations of which
are rated “A-1” by S&P and “R-1(high)” by DBRS and the long term obligations of which are rated at
least “AA-” by S&P and “AAA” by DBRS or, if not rated by DBRS, an equivalent (or higher) rating by
two other nationally recognized statistical rating agencies (which may include S&P) (or, in each case, if permitted by the
Whole Loan, if not rated by S&P or DBRS, otherwise acceptable to S&P or DBRS, as applicable, as confirmed in writing that
such investment would not, in and of itself, result in a downgrade, qualification or withdrawal of the then current ratings assigned
to the Certificates);

 

(iii)      repurchase
agreements or obligations with respect to any security described in clause (i) above where such security has a remaining maturity
of one year or less and where such repurchase obligation has been entered into with a depository institution or trust company (acting
as principal) described in clause (ii) above;

 

(iv)      debt
obligations bearing interest or sold at a discount issued by any corporation incorporated under the laws of the United States of
America or any state thereof which mature in one (1) year or less from the date of acquisition, which (A) in the case of such
investments with maturities of 30 days or less, the short term obligations of which are rated in the highest short term rating
category by S&P and “R-1(high)” by DBRS or the long term obligations of which are rated at least “AA-”
by S&P and “AAA” by DBRS or, if not rated by DBRS, an equivalent (or higher) rating by two other nationally recognized
statistical rating agencies (which may include S&P), (B) in the case of such investments with maturities of three months
or less, but more than 30 days, the short term obligations of which are rated in the highest short term rating category by
S&P and “R-1(high)” by DBRS and the long term obligations of which are rated at

 

    -43-

    

    

 

least “AA-” by S&P
and “AAA” by DBRS or, if not rated by DBRS, an equivalent (or higher) rating by two other nationally recognized statistical
rating agencies (which may include S&P), (C) in the case of such investments with maturities of six months or less, but
more than three months, the short term obligations of which are rated “R-1(high)” DBRS and the long term obligations
of which are rated at least “AA-” by S&P and “AAA” by DBRS or, if not rated by DBRS, an equivalent
(or higher) rating by two other nationally recognized statistical rating agencies (which may include S&P), and (D) in
the case of such investments with maturities of more than six months, the short term obligations of which are rated “R-1(high)”
by DBRS and the long term obligations of which are rated “AA-” by S&P and “AAA” by DBRS or, if not
rated by DBRS, an equivalent (or higher) rating by two other nationally recognized statistical rating agencies (which may include
S&P) (or, in each case, if permitted by the Whole Loan, if not rated by S&P or DBRS, otherwise acceptable to S&P or
DBRS, as applicable, as confirmed in writing that such investment would not, in and of itself, result in a downgrade, qualification
or withdrawal of the then current ratings assigned to the Certificates); provided, however, that securities issued
by any particular corporation will not be Permitted Investments to the extent that investment therein will cause the then outstanding
principal amount of securities issued by such corporation and held in the accounts established hereunder to exceed 10% of the sum
of the aggregate principal balance and the aggregate principal amount of all Permitted Investments in such accounts;

 

(v)       commercial
paper (including both non-interest-bearing discount obligations and interest-bearing obligations) payable on demand or on a specified
date maturing in one year or less after the date of issuance thereof and which (i) is (A) if it has a term of one month or less,
rated in the highest applicable rating category of S&P and DBRS; (B) if it has a term of more than one month and not in excess
of three months, rated in the highest applicable rating category of S&P and DBRS, (C) if it has a term of more than three months
and not in excess of six months, rated in the highest applicable rating category of S&P and DBRS; and (D) if it has a term
of more than six months, rated in the highest applicable rating category of S&P and DBRS or (ii) have such other ratings as
confirmed in a Rating Agency Confirmation;

 

(vi)      any
money market fund that (a) has substantially all of its assets invested continuously in the types of investments referred to in
clause (i) above, (b) has net assets of not less than $5,000,000,000, (c) maintains a constant net asset value, and (d) has a rating
of “AAAm” from S&P and the highest ratings category by DBRS (if then rated by DBRS);

 

(vii)     units
of money market funds (including those managed or advised by the Trustee or its Affiliates) which maintain a constant net asset
value, such as the Wells Fargo Money Market Funds; provided that such units of money market funds are rated “AAAm”
by S&P and the highest ratings category by DBRS (or, if not rated by DBRS, an equivalent (or higher) rating by two other nationally
recognized statistical rating agencies (which may include S&P)); and

 

    -44-

    

    

 

(viii)    any
other demand, money market or time deposit, obligation, security or investment with respect to which Rating Agency Confirmation
has been obtained from each Rating Agency.

 

Notwithstanding the foregoing,
“Permitted Investments” (i) shall be limited to investments that have an unqualified rating (i.e., one with no
qualifying suffix), with the exception of ratings with regulatory indicators, such as the (sf) subscript, and unsolicited ratings;
(ii) shall be limited to those instruments that have a predetermined fixed dollar of principal due at maturity that cannot
vary or change; and (iii) shall exclude any investment where the right to receive principal and interest derived from the
underlying investment provides a yield to maturity in excess of 120% of the yield to maturity at par of such underlying investment.
Interest may either be fixed or variable, and any variable interest must be tied to a single interest rate index plus a single
fixed spread (if any), and move proportionately with that index; and provided, that each Permitted Investment qualifies
as a “cashflow investment” pursuant to Section 860G(a)(6) of the Code and no amount beneficially owned by the Upper-Tier
REMIC or the Lower-Tier REMIC (even if not yet deposited in the Trust) may be invested in investments (other than money market
funds) treated as equity interests for federal income tax purposes, unless the Servicer receives an Opinion of Counsel, at its
own expense, to the effect that such investment will not adversely affect the status of the Upper-Tier REMIC or the Lower-Tier
REMIC. No investment shall be made that requires a payment above par for an obligation if the obligation may be prepaid at the
option of the issuer thereof prior to its maturity. All investments shall mature or be redeemable upon the option of the holder
thereof on or prior to the earlier of (x) three months from the date of their purchase and (y) the Business Day preceding
the day before the date such amounts are required to be applied hereunder.

 

“Permitted Special
Servicer/Affiliate Fees”: Any commercially reasonable treasury management fees, banking fees, title agency fees or insurance
commissions or fees received or retained by the Special Servicer or any of its Affiliates in connection with any services performed
by such party with respect to the Whole Loan, subject to Section 3.17 of this Agreement.

 

“Permitted Transferee”:
Any Person or agent of such Person other than (a) a Disqualified Organization, (b) any other Person so designated by
the Certificate Registrar who is unable to provide an Opinion of Counsel (provided at the expense of such Person or the Person
requesting the transfer) to the effect that the transfer of an ownership interest in any Class R Certificate to such Person
would not cause either Trust REMIC to fail to qualify as one or more REMICs at any time that the Certificates are outstanding,
(c) a Disqualified Non-U.S. Person, (d) any partnership if any of its interests are (or under the partnership agreement
are permitted to be) owned, directly or indirectly (other than through a U.S. corporation), by a Disqualified Non-U.S. Person or
(e) a U.S. Person with respect to whom income from the Class R Certificate is attributable to a foreign permanent establishment
or fixed base, within the meaning of an applicable income tax treaty, of the transferee or any other U.S. Person.

 

“Person”:
Any individual, corporation, limited liability company, partnership, joint venture, estate, trust, unincorporated association,
any federal, state, county or municipal government or any bureau, department or agency thereof and any fiduciary acting in such
capacity on behalf of any of the foregoing.

 

    -45-

    

    

 

“Plan Fiduciary”:
As defined in Section 5.3(o).

 

“Pledged Loans”:
As defined in the Loan Agreement.

 

“Pre-Closing
17g-5 Information”: As defined in Section 8.14(b).

 

“Prime Rate”:
The “prime rate” published in The Wall Street Journal. If The Wall Street Journal ceases to publish the
“prime rate”, then the Servicer shall select an equivalent publication that publishes such “prime rate”,
and if such “prime rate” is no longer generally published or is limited, regulated or administered by a governmental
or quasi-governmental body, then the Servicer shall reasonably select a comparable interest rate index.

 

“Principal Distribution
Amount”: For each Distribution Date and any Class of Sequential Pay Certificates, the sum of (i) the Regular Principal
Distribution Amount for such Distribution Date and such Class of Certificates and (ii) the aggregate Principal Shortfalls
in respect of prior Distribution Dates for such Class of Certificates.

 

“Principal Shortfall”:
For each Distribution Date and any Class of Sequential Pay Certificates, the amount by which the Regular Principal Distribution
Amount for such Class exceeds the amount actually distributed to such Class in respect of principal on such Distribution Date.

 

“Privileged
Information”: Any (i) correspondence or other communications between the Controlling Class Representative and the
Special Servicer related to the Whole Loan if it is subject to a Special Servicing Loan Event or the exercise of the consent or
consultation rights of the Controlling Class Representative under this Agreement, (ii) strategically sensitive information
that the Special Servicer has reasonably determined could compromise the Trust’s position in any ongoing or future negotiations
with the Borrower or other interested party, and (iii) information subject to attorney-client privilege. The Servicer, the Special
Servicer and the Operating Advisor shall be entitled to rely on any identification of materials as “attorney-client privileged”
without liability for any such reliance hereunder.

 

“Privileged
Information Exception”: With respect to any Privileged Information, at any time (a) such Privileged Information becomes
generally available and known to the public other than as a result of a disclosure directly or indirectly by the party restricted
from disclosing such Privileged Information (the “Restricted Party”), (b) it is reasonable and necessary for
the Restricted Party to disclose such Privileged Information in working with legal counsel, auditors, arbitration parties, taxing
authorities or other governmental agencies, (c) such Privileged Information was already known to such Restricted Party and not
otherwise subject to a confidentiality obligation and/or (d) the Restricted Party is (in the case of the Servicer, the Special
Servicer, the Operating Advisor, the Certificate Administrator and the Trustee, as evidenced by an written advice counsel (which
will be an additional expense of the Trust) delivered to each of the Servicer, the Special Servicer, the Controlling Class Representative,
the Operating Advisor, the Certificate Administrator and the Trustee), required by law, rule, regulation, order, judgment or decree
to disclose such Privileged Information.

 

“Privileged
Person”: The Depositor and its designees, the Initial Purchasers, the Servicer, the Special Servicer, the Trustee, the
Certificate Administrator, the Operating Advisor,

 

    -46-

    

    

 

any Person who provides the Certificate Administrator with an Investor Certification
in the form of Exhibit K-1, and any NRSRO (including any Rating Agency) that provides the Certificate Administrator
with an NRSRO Certification in the form of Exhibit M, which Investor Certification and NRSRO Certification may be submitted
electronically via the Certificate Administrator’s Website or the 17g-5 Information Provider’s Website, as applicable;
provided that in no event shall a Borrower Related Party be considered a Privileged Person. However, such Borrower Related
Party shall be entitled to receive access to the Distribution Date Statements posted on the Certificate Administrator’s Website.
The provisions herein shall not limit the Servicer’s or the Special Servicer’s ability to make accessible certain information
regarding the Trust Loan at a website maintained by the Servicer or the Special Servicer. None of the Servicer, the Special Servicer
or the Certificate Administrator shall be liable for any communication to the Controlling Class Representative or Controlling Class
Certificateholder or disclosure of information if the Servicer, the Special Servicer or the Certificate Administrator, as applicable,
did not receive prior written notice that the Controlling Class Representative or Controlling Class Certificateholder is a Borrower
Related Party. Each of the Servicer, the Special Servicer and the Certificate Administrator shall be entitled to conclusively rely
on any written notice from the Controlling Class Representative or Controlling Class Certificateholder that it is or is no longer
a Borrower Related Party.

 

“Property”:
As defined in the Loan Agreement.

 

“Property Manager”:
Transwestern Commercial Services Arizona, L.L.C., d/b/a Transwestern, a Delaware limited liability company.

 

“Property Protection
Advances”: As defined in Section 3.22(b).

 

“QIB”:
A “qualified institutional buyer” within the meaning of Rule 144A.

 

“Qualified Bidder”:
As defined in Section 7.2(b).

 

“Qualified Insurer
Ratings”: With respect to an insurer, a rating that is no lower than (i) “A-” by S&P, (ii) “A3”
by Moody’s, (iii) “A(low)” by DBRS or (iv) “A-:VIII” by A.M. Best (or such other rating as to which
a Rating Agency Confirmation has been obtained).

 

“Qualified Mortgage”:
A “qualified mortgage” within the meaning of Section 860G(a)(3) of the Code (but without regard to the rule in
Treasury Regulations Section 1.860G-2(f)(2) that treats a defective obligation as a qualified mortgage, or any substantially
similar successor provision.

 

“Qualified Replacement
Special Servicer”: A replacement special servicer that (i) satisfies all of the eligibility requirements applicable to
the Special Servicer contained in this Agreement, (ii) is not the Operating Advisor or an affiliate of the Operating Advisor, (iii)
is not obligated to pay the Operating Advisor (x) any fees or otherwise compensate the Operating Advisor in respect of its obligations
under this Agreement, or (y) for the appointment of the successor Special Servicer or the recommendation by the Operating Advisor
for the replacement Special Servicer to become the Special Servicer, (iv) is not entitled to receive any compensation from the
Operating Advisor other than compensation that is not material and is unrelated to the Operating Advisor’s recommendation
that such party be appointed as the replacement Special

 

    -47-

    

    

 

Servicer, (v) is not entitled to receive any fee from the Operating Advisor
for its appointment as successor Special Servicer, in each case, unless expressly approved by 100% of the Certificateholders, (vi)
is listed on S&P’s Select Servicer List as a U.S. Commercial Mortgage Special Servicer, (vii) is currently acting as
a special servicer in a transaction rated by DBRS and has not been publicly cited by DBRS as having servicing concerns as the sole
or a 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 the applicable servicer prior to
the time of determination, and (viii) in the case of Moody’s (a) has been appointed and currently serves as a special servicer
on a “transaction level” basis on a CMBS transaction currently rated by Moody’s that currently has securities
outstanding that are currently rated by Moody’s and (b) is not a special servicer that has been publicly cited by Moody’s
as having servicing concerns 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 rated by Moody’s in a
CMBS transaction serviced by the applicable replacement special servicer prior to the time of determination.

 

“Qualified Servicer”:
With respect to the applicable replacement Servicer or Special Servicer and the applicable non-responding Rating Agency pursuant
to Section 3.25 hereof, the applicable replacement (i) with respect to S&P, is listed on S&P’s Select
Servicer List as a U.S. Commercial Mortgage Master Servicer or U.S. Commercial Mortgage Special Servicer, as applicable, (ii) with
respect to DBRS, the replacement servicer or special servicer, as applicable, has been appointed and currently serves as a servicer
or special servicer, as applicable, on a transaction-level basis on a transaction currently rated by DBRS that currently has securities
outstanding and for which DBRS has not cited servicing concerns of the replacement servicer or special servicer, as applicable,
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 rated by DBRS in a commercial mortgage-backed securitization
transaction rated by DBRS and serviced by the applicable replacement servicer or special servicer, as applicable, prior to the
time of determination, and (iii) with respect to Moody’s, (a) has been appointed and currently serves as a master servicer
or special servicer, as applicable, on a “transaction level” basis on a CMBS transaction currently rated by Moody’s
that currently has securities outstanding and (b) is not a master servicer or special servicer, as applicable, that has been publicly
cited by Moody’s as having servicing concerns 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 CMBS transaction rated by Moody’s and serviced by the applicable replacement servicer or special servicer, as applicable,
prior to the time of determination.

 

“Rated Final
Distribution Date”: The Distribution Date occurring in January 2043.

 

“Rating Agencies”:
Any of S&P and DBRS. If no such rating agency nor any successor thereof remains in existence, “Rating Agency”
shall be deemed to refer to such other nationally recognized statistical rating agency or other comparable Person designated by
the Depositor, notice of which designation shall be given to the Certificate Administrator, the

 

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Trustee, the Servicer and the Special
Servicer, and specific ratings of S&P and DBRS herein referenced shall be deemed to refer to the equivalent ratings of the
party so designated.

 

“Rating Agency
Confirmation”: With respect to any matter, confirmation in writing (which may be in the form of electronic mail, facsimile,
press release, posting to its internet website or such other means then considered industry standard as determined by such Rating
Agency) by a Rating Agency that a proposed action, failure to act or other event so specified will not, in and of itself, result
in the downgrade, withdrawal or qualification of the then-current rating assigned to any Class of Certificates (if then rated by
the Rating Agency); provided, that if a written waiver or other acknowledgment from the Rating Agency indicating its decision
not to review or to decline to review the matter for which the Rating Agency Confirmation is sought is received (such written notice,
a “Rating Agency Declination”), the requirement to receive a Rating Agency Confirmation from the Rating Agency
with respect to such matter will not apply; provided, further that any Rating Agency Confirmation is subject to the
terms set forth in Section 3.25.

 

“Realized Loss”:
With respect to any Distribution Date, the amount, if any, by which (i) the aggregate of the Certificate Balances of the Sequential
Pay Certificates after giving effect to distributions made on such Distribution Date exceeds (ii) the outstanding principal
balance of the Trust Loan after giving effect to (a) any payments of principal received with respect to the Loan Payment Date
occurring immediately prior to such Distribution Date and (b) the aggregate reductions of the principal balance of the Trust
Loan that have been permanently made as a result of a bankruptcy proceeding, modification or otherwise.

 

“Record Date”:
With respect to any Distribution Date, the close of business on the last day of the calendar month preceding the calendar month
in which such Distribution Date occurs, or if such last day is not a Business Day, the preceding Business Day.

 

“Regular Certificates”:
The Class A, Class B, Class HRR and Class YM Certificates.

 

“Regular Principal
Distribution Amount”: For each Distribution Date and any Class of Sequential Pay Certificates, (i) all amounts collected
in respect of principal during the related Collection Period with respect to the Trust Loan and (ii) the principal portion
of any Repurchase Price, Liquidation Proceeds, Insurance Proceeds and Condemnation Proceeds allocated to the Trust Loan, in each
case received during the related Collection Period, in the case of either (i) or (ii), that would be allocated to such Class
of Certificates if distributed to the holders of the Certificates to reduce the outstanding Certificate Balance of each Class of
Sequential Pay Certificates to zero pursuant to this Agreement.

 

“Regulation
AB”: 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. Each of the parties hereto acknowledge that the Regulation
AB provisions herein shall be construed as if the Certificates were publicly registered and reporting were required at all times.

 

    -49-

    

    

 

“Regulation S”:
Regulation S under the Securities Act.

 

“Regulation S
Global Certificate”: As defined in Section 5.2(a).

 

“Related Certificates”,
“Related Uncertificated Lower-Tier Interests”: For the following Classes of Certificates and Classes of Uncertificated
Lower Tier Interests, the related Class of Certificates or Class of Uncertificated Lower Tier Interest, as applicable, set forth
below:

 

	
        Related Uncertificated Lower-Tier

Interests 
	 	
        Related Certificates 

	Class LA Uncertificated Interest	 	Class A
	Class LB Uncertificated Interest	 	Class B
	Class LHRR Uncertificated Interest	 	Class HRR

 

“REMIC”:
A “real estate mortgage investment conduit” within the meaning of Section 860D of the Code.

 

“REMIC Provisions”:
Provisions of the Code relating to “real estate mortgage investment conduits,” including Sections 860A through 860G
of the Code and any related regulations or announcements promulgated thereunder by the U.S. Department of the Treasury.

 

“Relevant Action”:
As defined in Section 5.2(a).

 

“Remittance
Date”: With respect to each Distribution Date, the Business Day immediately preceding such Distribution Date.

 

“Rents from
Real Property”: With respect to any Foreclosed Property, gross income of the character described in Section 856(c)(3)(A)
of the Code.

 

“REO Management
Fee”: As to the Property when it is Foreclosed Property, a fee payable out of the Foreclosed Property Account to the
Successor Manager for managing such Property while it is owned by the Trust Fund, which shall be reasonable and customary in the
market in which such Property is located.

 

“Reportable
Event”: As defined in Section 5.2(a).

 

“Reporting Servicer”:
The Servicer, the Special Servicer or a Servicing Function Participant engaged by any such party, as the case may be.

 

“Repurchase
Communication”: For purposes of Section 2.9(a) only, any communication, whether oral or written, which need not
be in any specific form.

 

“Repurchase
Mortgage File”: With respect to any repurchase of the Trust Loan, the Mortgage File.

 

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“Repurchase
Price”: An amount (without duplication) equal to the sum of (i) the unpaid principal balance of the Trust Loan,
(ii) accrued and unpaid interest on the Trust Loan at the Loan Rate (exclusive of the Default Interest) to and including the
last day of the related Interest Accrual Period in which the repurchase is to occur, (iii) unreimbursed Property Protection
Advances and Administrative Advances together with interest on such Advances, (iv) an amount equal to all interest on outstanding
Monthly Payment Advances, (v) any unpaid Trust Fund Expenses and (vi) any other out-of-pocket expenses reasonably incurred
or expected to be incurred by the Servicer, the Special Servicer, the Certificate Administrator or the Trustee arising out of the
enforcement of the repurchase obligation. No Liquidation Fee shall be paid by the Sponsor in connection with a repurchase of the
Trust Loan pursuant to the Loan Purchase Agreement if such repurchase occurs due to a Material Breach or a Material Document Defect
pursuant to the Loan Purchase Agreement.

 

“Repurchase
Request”: As defined in Section 2.9(a).

 

“Repurchase
Request Withdrawal”: As defined in Section 2.9(a).

 

“Requesting
Party”: As defined in Section 3.25(a).

 

“Required Advance
Amount”: With respect to any Distribution Date, an amount equal to (a) the amount of the Monthly Payment Advance
(taking into account any Appraisal Reduction Amount with respect to the Trust Loan as of such Distribution Date) that would be
required to be made on the related Remittance Date by the Servicer pursuant to this Agreement had the Borrower not made any portion
of the Monthly Payment of principal (if any) and interest (or an Assumed Monthly Payment) for the related Loan Payment Date or
Assumed Loan Payment Date less (b) the aggregate compensation payable on such Remittance Date to the Certificate Administrator
in respect of the Certificate Administrator Fee (including the portion that constitutes the Trustee Fee), to the Operating Advisor
in respect of the Operating Advisor Fee and to CREFC® in respect of the CREFC® Intellectual Property
Royalty License Fees.

 

“Required Third
Party Purchaser Retention Amount”: $18,000,000 of the Certificate Balance of the Class HRR Certificates.

 

“Reserve Account”:
Any reserve account required to be maintained under the Loan Agreement.

 

“Residual Ownership
Interest”: Any record or beneficial interest in the Class R Certificates.

 

“Responsible
Officer”: With respect to (i) the Trustee, any officer in the Corporate Trust department of the Trustee having direct
responsibility for the administration of this Agreement and (ii) the Certificate Administrator, any officer assigned to the
Corporate Trust Services group, with direct responsibility for the administration of this Agreement and also, with respect to a
particular matter, any other officer to whom a particular matter is referred by the Certificate Administrator. With respect to
the Depositor, any director, vice president, assistant vice president, assistant secretary, treasurer, assistant treasurer, trust
officer or any other officer of the Depositor, customarily performing functions similar to those performed by any of the above-designated
officers with direct responsibility for the administration of this Agreement and

 

    -51-

    

    

 

also, with respect to a particular matter, to
whom such matter is referred because of such officer’s knowledge of and familiarity with the particular subject, and, in
the case of any certification or other document required to be signed by a Responsible Officer, an authorized signatory whose name
and specimen signature appears on a list furnished to the Servicer or the Special Servicer, as applicable, by the Depositor, as
such list may from time to time be amended.

 

“Restricted
Holder”: Any Certificateholder, Beneficial Owner of a Certificate or prospective purchaser of a Certificate (whether
legally, beneficially or otherwise) or any other Person that is also a holder of a related mezzanine loan (or any Affiliate or
agent thereof) or an owner in any interest in any related mezzanine loan (whether legally, beneficially or otherwise, including
as a holder of a note evidencing a related mezzanine loan, a holder of a participation interest in a related mezzanine loan or
a Beneficial Owner of any securities collateralized by a related mezzanine loan) (a) as to which an event of default has occurred
under such mezzanine loan giving rise to an automatic acceleration of such mezzanine loan or the right of the lender thereunder
to accelerate such mezzanine loan or (b) as to which foreclosure proceedings against the related collateral have been initiated
(and in respect of which, the Special Servicer has received notice thereof).

 

“Restricted
Period”: As defined in Section 5.2(a).

 

“Risk Retention
Affiliate” or “Risk Retention Affiliated”: As “affiliate” or “affiliated”
are defined in Section 244.2 of the Credit Risk Retention Rules.

 

“Rule 144A”:
As defined in Section 5.2(b).

 

“Rule 144A
Global Certificate”: As defined in Section 5.2(b).

 

“S&P”:
S&P Global Ratings, acting through Standard & Poor’s Financial Services LLC, and its successors in interest. If neither
S&P nor any successor remains in existence, “S&P” shall be deemed to refer to such other nationally recognized
statistical rating agency or other comparable Person designated by the Depositor, notice of which designation shall be given to
the Certificate Administrator, the Trustee, the Servicer and the Special Servicer, and specific ratings of S&P herein referenced
shall be deemed to refer to the equivalent ratings of the party so designated.

 

“Securities
Act”: The Securities Act of 1933, as it may be amended from time to time.

 

“Sequential
Order”: With respect to payments in respect of principal and interest on the Sequential Pay Certificates on any Distribution
Date, the Class A, Class B and Class HRR Certificates, in that order, in each case until the principal or interest, as applicable,
payable to each such Class is paid in full.

 

“Sequential
Pay Certificates”: The Class A, Class B and Class HRR Certificates.

 

“Servicer”:
KeyBank National Association, a national banking association, in its capacity as servicer, and its successors in interest, or if
any successor servicer is appointed as herein provided, such successor servicer.

 

    -52-

    

    

 

“Servicer Customary
Expenses”: As defined in Section 3.17.

 

“Servicer Servicing
Personnel”: The divisions and individuals of the Servicer who are involved in the performance of the duties of the Servicer
under this Agreement.

 

“Servicer Termination
Event”: As defined in Section 7.1(a).

 

“Service(s)”
or “Servicing”: In accordance with Regulation AB, the act of servicing and administering the Whole Loan or any
other assets of the Trust by an entity that meets the definition of “servicer” set forth in Item 1101 of Regulation
AB and is subject to the disclosure requirements set forth in Item 1108 of Regulation AB. For clarification purposes, any uncapitalized
occurrence of this term shall have the meaning commonly understood by participants in the commercial mortgage-backed securities
industry.

 

“Servicing Criteria”:
The criteria set forth in paragraph (d) of Item 1122 of Regulation AB as such may be amended from time to time
and which as of the Closing Date are listed on Exhibit L hereto.

 

“Servicing Fee”:
With respect to the Trust Loan and the Companion Loan (including any Foreclosed Property), a fee payable monthly to the Servicer
pursuant to Section 3.17 (which includes the Excess Servicing Fee) which will accrue at the Servicing Fee Rate, computed
on the basis of the same principal amount, in the same manner, and for the same Interest Accrual Period respecting which any related
interest payment on the Note is computed. For the avoidance of doubt, the Servicing Fee shall be deemed payable from the Lower-Tier
REMIC.

 

“Servicing Fee
Rate”: With respect to the Trust Loan, 0.0025% per annum; and with respect to the Companion Loan, a primary servicing
fee rate of 0.00125% per annum.

 

“Servicing Function
Participant”: Any Additional Servicer, Sub-Servicer, Subcontractor or any other Person, other than the Certificate Administrator,
the Trustee, the Operating Advisor, the Servicer and the Special Servicer, that is performing activities that address the Applicable
Servicing Criteria as of any date of determination.

 

“Servicing Officer”:
Any officer of the Servicer or the Special Servicer involved in, or responsible for, the administration and servicing of the Whole
Loan whose name and specimen signature appear on a list of servicing officers furnished to the Trustee and the Certificate Administrator
on the Closing Date by the Servicer or the Special Servicer, as applicable, in the form of an Officer’s Certificate, as such
list may from time to time be amended.

 

“Servicing Party”:
As defined in Section 7.2(b).

 

“Servicing-Released
Bid”: As defined in Section 7.2(b).

 

“Servicing-Retained
Bid”: As defined in Section 7.2(b).

 

    -53-

    

    

 

“Significant
Obligor NOI Quarterly Filing Deadline”: With respect to each calendar quarter (other than the fourth calendar quarter
of any calendar year), the date that is fifteen (15) days after the distribution date under the Other Pooling and Servicing Agreement
occurring on or immediately following the 45th day after the end of such calendar quarter.

 

“Significant
Obligor NOI Yearly Filing Deadline”: With respect to each calendar year, the date that is the 120th day after the end
of such calendar year.

 

“Special Notice”:
As defined in Section 5.6.

 

“Special Servicer”:
AEGON USA Realty Advisors, LLC, an Iowa limited liability company, in its capacity as special servicer, and its successors in interest,
or if any successor special servicer is appointed as herein provided, such successor special servicer.

 

“Special Servicer
Customary Expenses”: As defined in Section 3.17.

 

“Special Servicer
Servicing Personnel”: The divisions and individuals of the Special Servicer who are involved in the performance of the
duties of the Special Servicer under this Agreement.

 

“Special Servicer
Termination Event”: As defined in Section 7.1(a).

 

“Special Servicing
Fee”: With respect to the Specially Serviced Loan, a fee payable monthly to the Special Servicer equal to an amount computed
on the basis of the same principal amount and for the same period respecting which any related interest payment on the Whole Loan
is computed, at a rate of 0.25% per annum until the Special Servicing Loan Event with respect to such Specially Serviced
Loan no longer exists. Such fee shall be in addition to, and not in lieu of, any other fee or other sum payable to the Special
Servicer under this Agreement. For the avoidance of doubt, the Special Servicing Fee shall be deemed payable from the Lower-Tier
REMIC.

 

“Special Servicing
Loan Event”: With respect to the Whole Loan, (i) the Borrower has not made two (2) consecutive Monthly Payments
(and have not cured at least one such delinquency by the next Loan Payment Date under the Loan Documents) in respect of the Whole
Loan; (ii) the Servicer and/or the Trustee have made three (3) consecutive Monthly Payment Advances with respect to the Trust
Loan (regardless of whether such Monthly Payment Advances have been reimbursed); (iii) the Borrower fails to make the Balloon
Payment when due, and the Borrower has not delivered to the Servicer, on or before the Loan Payment Date of such Balloon Payment,
a fully executed term sheet or binding commitment from an acceptable lender and reasonably satisfactory in form and substance to
the Servicer that provides that such refinancing will occur within one hundred twenty (120) days after the date on which such Balloon
Payment will become due (provided that a Special Servicing Loan Event will occur if either (x) such refinancing does
not occur before the expiration of the time period for refinancing specified in such fully executed term sheet or binding commitment
or (y) the Servicer is required to make a Monthly Payment Advance at any time prior to such refinancing); (iv) the Servicer
has received notice that the Borrower has become the subject as debtor of any bankruptcy, insolvency or similar proceeding, admitted
in writing the inability to pay its debts as they come due or made an assignment for the benefit of creditors; (v) the Servicer
has received notice of a

 

    -54-

    

    

 

foreclosure or threatened foreclosure of a lien on the Property; (vi) the Borrower has expressed in writing
to the Servicer an inability to pay the amounts owed under the Whole Loan in a timely manner, (vii) in the judgment of the
Servicer (consistent with Accepted Servicing Practices), a default in the payment of principal or interest under the Whole Loan
is reasonably foreseeable unless (a) such reasonably foreseeable default is solely related to a reasonably foreseeable default
in the payment of the Balloon Payment on the Stated Maturity Date, (b) the Borrower requests the extension of the Stated Maturity
Date, (c) the Servicer (with the consent of the Special Servicer), grants an extension of the Stated Maturity Date pursuant
to Section 3.4 hereof and (d) such extension occurs prior to the Stated Maturity Date; or (viii) a default
under the Whole Loan of which the Servicer has notice (other than a failure by the Borrower to pay principal or interest) and that
materially and adversely affects the interests of the Certificateholders or the Companion Loan Holders has occurred and remains
unremedied for the applicable grace period specified in the Loan Documents (or, if no grace period is specified, sixty (60) days);
provided, that a Special Servicing Loan Event will cease (a) with respect to the circumstances described in any of
clauses (i), (ii) and (iii) above, when the Borrower has brought the Whole Loan current (including pursuant to the workout
of the Whole Loan) and with respect to clauses (i) and (ii) above, after the occurrence of such event when the Borrower makes
three (3) consecutive full and timely Monthly Payments on the Whole Loan, or (b) with respect to the circumstances described
in clauses (iv), (v), (vi), (vii) and (viii) above, when such circumstances cease to exist in the judgment of the Special
Servicer (consistent with Accepted Servicing Practices); provided, in any case, that at that time no other circumstance
exists (as described above) that would constitute a Special Servicing Loan Event.

 

“Specially Serviced
Loan”: The Whole Loan after the occurrence and during the continuance of a Special Servicing Loan Event.

 

“Sponsor”:
As defined in the Introductory Statement.

 

“Startup Day”:
As defined in Section 11.1(c).

 

“Spread Maintenance
Premium”: The “Spread Maintenance Payment” as defined in the Loan Agreement.

 

“Stated Maturity
Date”: The Loan Payment Date in January 2033, or such earlier date as may result from acceleration of the Whole Loan
in accordance with the terms of the Loan Agreement.

 

“Subcontractor”:
Any vendor, subcontractor or other Person that is not responsible for the overall servicing (as “servicing” is commonly
understood by participants in the mortgage-backed securities industry) of the Whole Loan but performs one or more discrete functions
identified in Item 1122(d) of Regulation AB with respect to the Whole Loan under the direction or authority of the Servicer
(or a Sub-Servicer of the Servicer), the Special Servicer (or a Sub-Servicer of the Special Servicer) or an Additional Servicer
(or a Sub-Servicer of an Additional Servicer).

 

“Sub-Servicer”:
Any Person that (i) Services the Whole Loan on behalf of the Servicer, Special Servicer or any Sub-Servicer and (ii) is
responsible for the performance

 

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(whether directly or through Sub-Servicers or Subcontractors) of a substantial portion of the servicing
functions required to be performed by the Servicer, Special Servicer, Servicing Function Participant or an Additional Servicer,
under this Agreement, with respect to the Whole Loan, that are identified in Item 1122(d) of Regulation AB.

 

“Successful
Bidder”: As defined in Section 7.2(b).

 

“Successor Manager”:
Any independent contractor as selected or retained by the Special Servicer, on behalf of the Trust, to serve as manager of a Foreclosed
Property, which designation, as evidenced by a Rating Agency Confirmation from each Rating Agency, will not result in the downgrade,
withdrawal or qualification of the ratings assigned to the Certificates by such Rating Agency.

 

“Tax Matters
Person”: The Person designated as the “tax matters person” of the Upper-Tier REMIC and the Lower-Tier REMIC,
pursuant to Treasury Regulations Section 1.860F-4(d).

 

“Temporary Regulation S
Global Certificate”: As defined in Section 5.2(a).

 

“Terminated
Party”: As defined in Section 7.1(d).

 

“Terminating
Party”: As defined in Section 7.1(d).

 

“Third Party
Purchaser”: PCSD PR Cap IV NR Reten Private Limited, a Singapore private limited company, or any Person that purchases
the Certificates comprising the Required Third Party Purchaser Retention Amount in accordance with this Agreement and applicable
laws and regulations.

 

“Third Party
Purchaser Safekeeping Account”: An account maintained by the Certificate Administrator, which account shall be established
at the direction of the Sponsor for the benefit of the Holders of the Class HRR Certificates.

 

“Transaction
Parties”: As defined in Section 5.3(o).

 

“Treasury”:
The United States Department of the Treasury.

 

“Treasury Constant
Yield”: As defined in the Loan Agreement.

 

“Transferee
Affidavit”: As defined in Section 5.3(n)(ii).

 

“Transferor
Letter”: As defined in Section 5.3(n)(ii).

 

“Trust”:
The trust formed pursuant to this Agreement.

 

“Trust Fund”:
The corpus of the Trust created by this Agreement, consisting of (i) the Trust Loan, including the related Notes, together
with the Mortgage File relating thereto; (ii) all scheduled and unscheduled payments on or collections in respect of the
Trust Loan (including all interest that accrues on the Trust Loan on or after the Cut-off Date and all

 

    -56-

    

    

 

scheduled principal received
on or with respect to the Trust Loan on the Cut-off Date); (iii) the Foreclosed Property (but only to the extent of the Trust’s
interest in such Foreclosed Property) and Foreclosed Property Account; (iv) all revenues received in respect of the Foreclosed
Property (but only to the extent of the Trust’s interest in such Foreclosed Property); (v) the Servicer’s, Special
Servicer’s, the Certificate Administrator’s and the Trustee’s rights under the insurance policies with respect
to the Property required to be maintained pursuant to this Agreement and any proceeds thereof (but only to the extent of the Trust’s
interest therein); (vi) any Collateral Security Documents; (vii) any indemnities or guaranties given as additional security
for the Notes (including the Environmental Indemnity relating to the Property); (viii) all funds deposited in the Collection
Account, the Interest Reserve Account, the Excess Interest Distribution Account and the Distribution Account, including reinvestment
income thereon (except as otherwise provided herein); (ix) the rights and remedies of the Depositor under the Loan Purchase Agreement;
(x) the security interest in the Reserve Accounts granted pursuant to Section 2.1 (but only to the extent of the
Trust’s interest therein); (xi) all other assets included or to be included in the Lower-Tier REMIC for the benefit
of the Upper-Tier REMIC; (xii) the Uncertificated Lower-Tier Interests; (xiii) an initial amount of $100 to be deposited by
the Depositor into the Upper-Tier Distribution Account on the Closing Date in respect of the Certificate Balance of the Class YM
Certificates; (xiv) the Interest Deposit Amount; and (xv) the proceeds of any of the foregoing.

 

“Trust Fund
Expenses”: Any unanticipated and certain other default related expenses incurred by the Trust Fund (including, without
limitation, all interest on Advances and all Borrower’s Reimbursable Trust Fund Expenses, to the extent not reimbursed by
the Borrower) and all other amounts (such as indemnification payments to any party to this Agreement) permitted to be retained,
reimbursed or withdrawn and remitted by the Servicer, the Special Servicer, the Operating Advisor, the Certificate Administrator
or the Trustee, as applicable, from the Collection Account or the Distribution Account pursuant to this Agreement.

 

“Trust Loan”:
As defined in the Introductory Statement.

 

“Trust Loan
Rate”: With respect to any Interest Accrual Period and the Trust Loan, the per annum rate at which interest (but not
Default Interest) accrues thereon for such Interest Accrual Period as specified in the Loan Agreement.

 

“Trust Note”:
As defined in the Introductory Statement.

 

“Trust REMIC”:
The Upper-Tier REMIC or the Lower-Tier REMIC, individually or collectively, as the context may require.

 

“Trustee”:
Wells Fargo Bank, National Association, in its capacity as trustee, and its successors in interest, or any successor trustee appointed
as herein provided.

 

“Trustee Fee”:
The portion of the Certificate Administrator Fee payable monthly by the Certificate Administrator to the Trustee pursuant to Section 8.5.

 

“Trustee Personnel”:
The divisions and individuals of the Trustee who are involved in the performance of the duties of the Trustee under this Agreement.

 

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“Uncertificated
Lower-Tier Interests”: Any of the Class LA, Class LB and Class LHRR Uncertificated Interests.

 

“Uninsured Cause”:
Any cause of damage to property of the Borrower subject to the Mortgage such that the complete restoration of such property is
not fully reimbursable (but without regard to any applicable deductible provisions) by any insurance policy required to be maintained
with respect thereto pursuant to the terms of the Loan Documents or this Agreement.

 

“Unscheduled
Payments”: With respect to any Distribution Date, all payments and collections received by the Servicer, the Special
Servicer, the Certificate Administrator or the Trustee, as applicable, with respect to the Whole Loan or upon foreclosure or liquidation
of the Property (net of related foreclosure expenses and Liquidation Expenses) during the related Collection Period including,
but not limited to, prepayments due to acceleration of the Whole Loan, Net Liquidation Proceeds, Insurance Proceeds, Condemnation
Proceeds, Net Foreclosure Proceeds, voluntary prepayments and other payments and collections on the Whole Loan not scheduled to
be received, other than Monthly Payments or the Balloon Payment.

 

“Upper-Tier
Distribution Account”: A subaccount of the Distribution Account, which shall be an asset of the Trust Fund and the Upper-Tier
REMIC.

 

“Upper-Tier
REMIC”: One of the two separate REMICs comprising the Trust Fund, the assets of which consist of the Uncertificated Lower-Tier
Interests, $100 to be deposited by the Depositor into the Upper-Tier Distribution Account on the Closing Date with respect to the
Class YM Certificates and such amounts as shall from time to time be held in the Upper-Tier Distribution Account.

 

“U.S. Person”:
(a) A Person that is a citizen or resident of the United States, (b) a corporation or partnership (except as provided in applicable
Treasury regulations) created or organized in or under the laws of the United States, any State or the District of Columbia, including
any entity treated as a corporation or partnership for federal income tax purposes, (c) an estate whose income is subject to United
States federal income tax regardless of its source, or (d) 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 as applicable Treasury regulations, certain trusts in existence on August 20,
1996 that have elected to be treated as a U.S. Person) or (e) any other person that is disregarded as separate from its ownership
for United States federal income tax purposes and whose owner is described in (a) through (d) above.

 

“Voting Rights”:
The portion of the voting rights of all of the Certificates that is allocated to any Certificate or Class of Certificates. At any
time that any Certificates are outstanding, the Voting Rights shall be allocated to each Class of Certificateholders as follows:
in the case of any Class of Sequential Pay Certificates, a percentage equal to the product of (x) 100% and (y) a percentage
equal to the aggregate Certificate Balance (and in connection with certain votes under this Agreement, taking into

 

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account any
notional reduction in the Certificate Balance for Appraisal Reduction Amounts allocated to the Sequential Pay Certificates) of
the Class, in each case, determined as of the prior Distribution Date, divided by the aggregate Certificate Balance (and in connection
with certain votes under this Agreement, taking into account any notional reduction in the Certificate Balance, for Appraisal Reduction
Amounts allocated to the Sequential Pay Certificates) of all Classes of Certificates, each determined as of the prior Distribution
Date. The Class YM and Class R Certificates shall not be entitled to any Voting Rights.

 

“WHFIT”:
A “Widely Held Fixed Investment Trust” as that term is defined in Treasury Regulations Section 1.671-5(b)(22) or successor
provisions.

 

“WHFIT Regulations”:
Treasury Regulations Section 1.671-5, as amended or successor provisions.

 

“WHMT”:
A “Widely Held Mortgage Trust” as that term is defined in Treasury Regulations Section 1.671-5(b)(23) or successor
provisions.

 

“Whole Loan”:
As defined in the Introductory Statement hereto.

 

“Whole Loan
Rate”: As the term “Interest Rate” is defined in the Loan Agreement.

 

“Withheld Amounts”:
As defined in Section 3.4(d).

 

“Workout Fee”:
A fee payable to the Special Servicer pursuant to Section 3.17 equal to 0.50% of each payment of principal and interest
(other than Default Interest and Excess Interest) made on the Whole Loan following resolution of a Special Servicing Loan Event
by a written agreement with the Borrower negotiated by the Special Servicer for so long as another Special Servicing Loan Event
does not occur. For the avoidance of doubt, the intent of Section 9.17 of the Loan Agreement requires the Borrower to be responsible
for the payment of Workout Fees and the Special Servicer will be entitled to, and may collect, any Workout Fees payable to it from
the Borrower pursuant to such Section 9.17 of the Loan Agreement as would be calculated hereunder. Notwithstanding the foregoing,
the Workout Fee with respect to the Specially Serviced Loan shall be reduced by any Modification Fees paid by or on behalf of the
Borrower and received by the Special Servicer as compensation, but only to the extent those fees have not previously been
deducted from a Workout Fee or Liquidation Fee.

 

“Yield Maintenance
Premium”: As defined in the Loan Agreement.

 

Section 1.2.      Interpretation. (a)  Whenever this Agreement refers to a Distribution Date and a “related”
Collection Period, Interest Accrual Period or Loan Payment Date, such reference shall be to the Collection Period, Interest Accrual
Period or Loan Payment Date, as applicable, immediately preceding such Distribution Date.

 

(b)        
Whenever this Agreement refers to a Distribution Date and an “applicable” Pass-Through Rate, such reference
shall be to the Pass-Through Rate for the applicable Class for the related Interest Accrual Period.

 

(c)         
The words “hereof”, “herein”, and “hereunder” and words of similar import when used
in this Agreement shall refer to this Agreement as a whole and not to any particular provision of this Agreement, and Section and
Exhibit references contained in this

 

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Agreement are references to Sections and Exhibits in or to this Agreement unless otherwise
specified.

 

(d)         
Interest on the Certificates shall be computed (including interest at any Pass-Through Rate) on the basis of a 360 day year
consisting of twelve 30-day months.

 

Section 1.3.       Certain Calculations in Respect of the Trust Loan or the Whole Loan. (a)  All amounts collected by or on
behalf of the Trust in respect of the Trust Loan or the Whole Loan, as applicable, in the form of payments from the Borrower, Liquidation
Proceeds, Condemnation Proceeds and Insurance Proceeds shall be applied to amounts due and owing under the Loan Documents (including
for principal and accrued and unpaid interest) in accordance with the express provisions of the Loan Documents and the Co-Lender
Agreement; provided, however, in the absence of such express provisions in the Loan Documents or if and to the extent
that such terms authorize the Lender to use its discretion and in any event for purposes of calculating distributions hereunder
after a Loan Event of Default, all such amounts collected will be applied in the following order of priority: first, as
a recovery of any related and unreimbursed Advances plus interest accrued thereon and, without duplication, unreimbursed Borrower’s
Reimbursable Trust Fund Expenses; second, as a recovery of Nonrecoverable Advances or interest on Nonrecoverable Advances
to the extent previously reimbursed from principal collections with respect to the Whole Loan or Trust Loan, as applicable (which
amount allocated to the Trust Loan is required to be treated as a collection on the Trust Loan in respect of principal in calculating
the Regular Principal Distribution Amount); third, less any amounts reimbursed as Monthly Payment Advances in clause
(i) above, as a recovery of accrued and unpaid interest on the Note to the extent of the excess of (i) accrued and unpaid
interest on the Note at the Loan Rate (without giving effect to any increase in the Loan Rate required under the Loan Agreement
as a result of a default under the Trust Loan) through and including the end of the related Interest Accrual Period in which such
collections are received by or on behalf of the Trust (or, in the case of a full Monthly Payment from the Borrower, through the
related Distribution Date), over (ii) the cumulative amount of the reductions (if any) in the amount of the interest portion
of the related Monthly Payment Advances for the Note that have occurred in connection with Appraisal Reduction Amounts (to the
extent that collections have not been applied as a recovery of accrued and unpaid interest pursuant to clause fifth
below on earlier dates) (such accrued and unpaid interest to be applied pursuant to the Co-Lender Agreement); fourth, as
a recovery of principal of the Whole Loan or the Trust Loan, as applicable, then due and owing, including by reason of acceleration
of the Whole Loan following a Loan Event of Default (or, if the Whole Loan has been liquidated, as a recovery of principal to the
extent of its entire remaining unpaid principal balance) (such principal to be applied pursuant to the Co-Lender Agreement); fifth,
as a recovery of accrued and unpaid interest on the Trust Loan to the extent of the cumulative amounts of reductions (if any) in
the amount of the interest portion of the related Monthly Payment Advances for the Trust Loan that have occurred in connection
with related Appraisal Reduction Amounts (to the extent collections have not been applied as recovery of accrued and unpaid interest
pursuant to this clause fifth on earlier dates); sixth, as a recovery of amounts to be currently applied to
the payment of, or escrowed for the future payment of, real estate taxes, assessments and insurance premiums and similar items
relating to the Whole Loan or the Trust Loan, as applicable; seventh, as a recovery of any other reserves to the extent
then required to be held in escrow; eighth, as a recovery of any Yield Maintenance Premium then due and owing under the
Whole Loan or the Trust Loan, as applicable, (such

 

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Yield Maintenance Premium to be applied according to the Co-Lender Agreement);
ninth, as a recovery of any Default Interest or late charges then due and owing under the Whole Loan or the Trust Loan,
as applicable (such Default Interest and late charges to be applied pursuant to the Co-Lender Agreement, which generally will be
applied to the Notes, pro rata and pari passu); tenth, as a recovery of any assumption fees, assumption application fees,
defeasance fees, consent fees, release fees, substitution fees, Modification Fees and similar fees then due and owing under the
Whole Loan or Trust Loan, as applicable; and eleventh, as a recovery of any other amounts then due and owing under the Whole
Loan or Trust Loan, as applicable (if both consent fees and Operating Advisor Consulting Fees are due and owing, first, allocated
to consent fees and then, allocated to Operating Advisor Consulting Fees), provided that, to the extent required under the
REMIC Provisions, payments or proceeds received with respect to the release of any portion of the Property (including following
a condemnation) from the lien of the Mortgage and Loan Documents must be allocated to reduce the principal balance of the Trust
Loan in the manner permitted by such REMIC Provisions if, immediately following such release, the loan-to value ratio of the Whole
Loan exceeds 125% (based solely on real property and excluding any personal property and going concern value).

 

(b)         
Collections by or on behalf of the Trust in respect of the Foreclosed Property (exclusive of amounts to be applied to the
payment of the costs of operating, managing, leasing, maintaining and disposing of such Foreclosed Property) shall be applied in
the following order of priority: first, as a recovery of any related and unreimbursed Advances plus interest accrued on
such advances with respect to the Whole Loan or the Trust Loan, as applicable, and, without duplication, unreimbursed Borrower’s
Reimbursable Trust Fund Expenses; second, as a recovery of Nonrecoverable Advances or interest on Nonrecoverable Advances
to the extent previously reimbursed from principal collections with respect to the Whole Loan or the Trust Loan, as applicable,
(which amount allocated to the Trust Loan is required to be treated as a collection on the Trust Loan in respect of principal in
calculating the Regular Principal Distribution Amount); third, less any amounts reimbursed as Monthly Payment Advances in
clause (i) above as a recovery of accrued and unpaid interest on each Note, to the extent of the excess of (i) accrued
and unpaid interest on such Note at the Note Rate of such Note (without giving effect to any increase in such Note Rate of such
Note required under the Loan Agreement as a result of a default under the Whole Loan) through and including the end of the related
Interest Accrual Period in which such collections are received by or on behalf of the Trust, over (ii) the cumulative amount
of the reductions (if any) in the amount of the interest portion of the related Monthly Payment Advances for such Trust Loan that
have occurred in connection with Appraisal Reduction Amounts (to the extent that collections have not been applied as a recovery
of accrued and unpaid interest pursuant to clause fifth below on earlier dates) (such accrued and unpaid interest to
be applied pursuant to the Co-Lender Agreement); fourth, as a recovery of principal of the Whole Loan or Trust Loan, as
applicable, to the extent of its entire unpaid principal balance (such principal to be applied pursuant to the Co-Lender Agreement);
fifth, as a recovery of accrued and unpaid interest on the Trust Loan to the extent of the cumulative amount of the reductions
(if any) in the amount of the interest portion of the related Monthly Payment Advances for the Trust Loan that have occurred in
connection with related Appraisal Reduction Amounts (to the extent that collections have not been applied as a recovery of accrued
and unpaid interest pursuant to this clause fifth on earlier dates); sixth, as a recovery of any Yield Maintenance
Premium then due and owing under the Whole Loan or Trust Loan, as applicable (such Yield Maintenance

 

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Premium to be applied pursuant
to the Co-Lender Agreement); seventh, as a recovery of any Default Interest or late charges then deemed to be due and owing
under the Trust Loan or Whole Loan, as applicable (such Default Interest and late charges to be applied pursuant to the Co-Lender
Agreement, which generally will be applied to the Notes, pro rata and pari passu); eighth, as a recovery of any assumption
fees, assumption application fees, defeasance fees, consent fees, release fees, substitution fees, Modification Fees and similar
fees then due and owing under the Whole Loan or the Trust Loan, as applicable; and ninth, as a recovery of any other amounts
deemed to be due and owing in respect of the Whole Loan or Trust Loan, as applicable (if both consent fees and Operating Advisor
Consulting Fees are due and owing, first, allocated to consent fees and then, allocated to Operating Advisor Consulting Fees).

 

(c)         
Notwithstanding anything to the contrary in the Co-Lender Agreement, but without changing any allocations under the Co-Lender
Agreement between the Trust Loan and the Companion Loan, upon liquidation of the Trust Loan, a Note related to the Trust Loan or
any Foreclosed Property, all Net Liquidation Proceeds received with respect to the Trust Loan or such Note will be applied so that
amounts allocated as a recovery of accrued and unpaid interest on the Trust Loan will not, for purposes of making distributions
on the Certificates, include accrued and unpaid interest on the Trust Loan that has not been advanced by the Servicer as a result
of Appraisal Reductions Amounts with respect to the Trust Loan or such Note, as applicable (“Appraisal Reduced Interest”).
After the adjusted interest amount is so allocated, any remaining Net Liquidation Proceeds received with respect to the Trust Loan
or such Note, as applicable will be allocated to pay principal on the Trust Loan or such Note, as applicable until the unpaid principal
amount thereof has been reduced to zero. Any remaining Net Liquidation Proceeds received with respect to the Trust Loan or such
Note, as applicable would then be allocated to pay Appraisal Reduced Interest.

 

(d)         
All net present value calculations and determinations made under this Agreement with respect to the Whole Loan, the Trust
Loan, the Companion Loan or the Property or any Foreclosed Property (including for purposes of the definition of “Accepted
Servicing Practices”) shall be made using a discount rate appropriate for the type of cash flows being discounted; namely
(i) for principal and interest payments on the Whole Loan, the Trust Loan or such Companion Loan or sale of the Whole Loan,
the Trust Loan or such Companion Loan if it is a defaulted loan, the highest of (1) the rate determined by the Servicer or Special
Servicer, as applicable, that approximates the market rate that would be obtainable by the Borrower on similar debt of the Borrower
as of such date of determination, (2) the Loan Rate and (3) the yield on the most recently issued 10-year U.S. treasuries
and (ii) for all other cash flows, including property cash flow, the “discount rate” set forth in the most recent
Appraisal (or update of such Appraisal).

 

Article 2

DECLARATION OF TRUST; ORIGINAL ISSUANCE OF CERTIFICATES

 

Section 2.1.      Creation and Declaration of Trust; Conveyance of the Trust Loan. (a) The Depositor, concurrently with the execution
and delivery hereof, hereby sells, transfers, assigns, delivers, sets over, and otherwise conveys or causes to be conveyed in trust
to the Trustee for the benefit of Certificateholders, without recourse (except to the extent otherwise

 

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provided herein and in the
Loan Documents), the Depositor’s right, title and interest, whether now owned or hereafter acquired, now existing or hereafter
arising, wherever located, in and to all of the items referred to in the definition of “Trust Fund”, including without
limitation (i) all rights and remedies of the Depositor under the Loan Purchase Agreement, (ii) all right, title and
interest of the Depositor in, to and under the Reserve Accounts, (iii) all right, title and interest of the Depositor in and
to the Trust Loan as of the Closing Date and (iv) all other assets included or to be included in the Lower-Tier REMIC for
the benefit of the Upper-Tier REMIC. Such sale, transfer and assignment include any related escrow accounts and any security interest
under the Trust Loan (whether in real or personal property and whether tangible or intangible) and all related rights to payments
made or required to be made to the Depositor by the Borrower or any other party under the Loan Documents relating to the Trust
Loan. Such sale, transfer and assignment further include all Loan Documents relating to the Trust Loan.

 

(b)          In connection with such sale, transfer and assignment, the Depositor does hereby deliver to, and deposit with the Custodian
(with copies to the Servicer) (i) the original Note A-1-S (or if such Note has been lost, a lost note affidavit), endorsed
without recourse to the order of the Trustee in the following form: “Pay to the order of Wells Fargo Bank, National Association,
solely in its capacity as Trustee for the benefit of the Holders of the GS Mortgage Securities Corporation Trust 2017-FARM, Commercial
Mortgage Pass-Through Certificates, Series 2017-FARM, without recourse or warranty except as set forth in the Trust and Servicing
Agreement dated as of December 29, 2017, among GS Mortgage Securities Corporation II, as Depositor, KeyBank National
Association, as Servicer, AEGON USA Realty Advisors, LLC, as Special Servicer, Pentalpha Surveillance LLC, as Operating Advisor,
and Wells Fargo Bank, National Association, as Certificate Administrator, as Custodian, and as Trustee”, which Notes and
all endorsements thereon shall show a complete chain of endorsement from the original payee(s) to the Trustee and (ii) on
or before the date occurring fifteen (15) days after the Closing Date (the “Delivery Date”), the following documents
or instruments with respect to the Trust Loan (collectively with the original Notes required under clause (i) above, the “Mortgage
File”), in each case executed by the parties thereto:

 

(A)      the original Loan Agreement, including all amendments thereto;

 

(B)      each original recorded counterpart of the Mortgage or certified copies of the recorded counterparts of the Mortgage;

 

(C)      the original recorded Assignment of Mortgage, in favor of the Trustee, and in a form that is complete and suitable for recording
in the applicable jurisdiction in which the Property is located to “Wells Fargo Bank, National Association, solely in its
capacity as Trustee for the benefit of the Holders of the GS Mortgage Securities Corporation Trust 2017-FARM, Commercial Mortgage
Pass-Through Certificates, Series 2017-FARM”, without recourse;

 

(D)      an original of the Environmental Indemnity;

 

(E)       an original of the Lockbox Agreement;

 

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(F)       an original of the Cash Management Agreement;

 

(G)       where applicable, a copy of each UCC-1 financing statement (and an original thereof shall have been sent for filing), together
with a fully executed UCC-3 financing statement, in a form that is complete and suitable for filing, disclosing the assignment
from the secured party named in such UCC-1 financing statement to the Trustee of the security interest in the personal property
and other UCC collateral constituting security for repayment of the Whole Loan;

 

(H)      the lender’s title insurance policies obtained in connection with the origination of the Whole Loan (or marked, signed
commitments to insure or pro forma title insurance policies), together with any endorsements thereto (which may be in the
form of an electronically issued policy);

 

(I)        a copy of the Co-Lender Agreement;

 

(J)      
any other material written agreements related to the Whole Loan or any other documents and/or certifications executed and/or
delivered by the Lender, the Borrower or any other person or entity in connection with the closing of the Whole Loan or any amendment
thereof and any legal opinions delivered in connection with the closing of the Whole Loan;

 

(K)     
a copy of the Property Management Agreement;

 

(L)      
all other instruments, if any, constituting additional security for the repayment of the Whole Loan;

 

(M)    
a copy of any consent and subordination of management agreement;

 

(N)     
a copy of the Cooperation Agreement;

 

(O)     
the original or a copy of the ground lease relating to such Property, together with any estoppels from the related ground
lessors and a notice to the related ground lessor of the transfer of the Trust Loan to the Trust or the Trustee on its behalf;
and

 

(P)       any and all amendments, modifications and supplements to, and waivers related to, any of the foregoing.

 

If the Depositor cannot
deliver, or cause to be delivered, any of the documents and/or instruments referred to in clauses (ii)(B), (C)
and (G) of this Section 2.1(b) with evidence of filing or recording thereon (if intended to be recorded or filed),
solely because of a delay caused by the public filing or recording office where such document or instrument has been delivered
for filing or recordation, the delivery requirements of Section 2.1 shall be deemed to have been satisfied on a provisional
basis as of the Delivery Date as to such non-delivered document or instrument, and such non-delivered document or instrument shall
be deemed to have been included in the Mortgage File, if a duplicate original or a photocopy of such non-

 

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delivered document or
instrument (certified by the applicable public filing or recording office, the applicable title insurance company or the Sponsor
to be a true and complete copy of the original thereof submitted for filing or recording) is delivered to the Custodian on or before
the Delivery Date, and either the original of such non-delivered document or instrument, or a photocopy thereof (certified by the
appropriate county recorder’s office, in the case of the documents and/or instruments referred to in clause (ii)(B),
(C) and (G) of this Section 2.1 (b) to be a true and complete copy of the original thereof submitted for
recording), with evidence of filing or recording thereon, is delivered to the Custodian within 180 days of the Closing Date
(or within such longer period, not to exceed eighteen (18) months, after the Closing Date as the Custodian shall consent to, so
long as the Depositor is, as certified in writing to the Custodian no less often than every ninety (90) days, attempting in good
faith to obtain from the appropriate public filing office or county recorder’s office such original or photocopy).

 

The Depositor shall cause
the Sponsor to provide the Servicer a copy of the Mortgage File on or prior to the Closing Date and promptly following the Closing
Date, at its own expense, with copies of all such other documents in its possession constituting part of the Mortgage File.

 

In addition, the Depositor
shall deliver or cause to be delivered to the Servicer for its review, all required insurance policies or certificates issued by
the insurers showing such insurance to be in effect on the Closing Date, together with proof of payment of premiums relating thereto
(which may consist of such policies or certificates).

 

Each Assignment of the
Mortgage, assignment of a Collateral Security Document (to the extent such documents are required to be recorded or filed) and
UCC-3 financing statements to be filed in the appropriate public recording office for real property records or UCC financing statements
shall be filed or recorded, as applicable, by the Sponsor or its designee, with instructions to return all such recorded documents,
or other evidences of filing issued by the applicable governmental offices, to the Custodian at 1055 10th Avenue Southeast,
Minneapolis, Minnesota 55414, with a copy to the Servicer. In the event that any such document is determined to be defective or
not to be in compliance with the requirements of the applicable filing office or recording depository, or if any such document
is lost or returned unrecorded because of a defect therein, the Sponsor or its designee shall, upon receipt of the Custodian’s
exception report, prepare a substitute document. The Sponsor or its designee shall file or record (or cause to be filed or recorded)
such substitute document upon its receipt thereof in the appropriate filing offices or record depositories. Notwithstanding anything
to the contrary contained in this Section 2.1(b), in those instances where the public recording office retains the
original Mortgage, Assignment of Mortgage or assignment of a Collateral Security Document, if applicable, after any has been recorded,
the obligations of the Depositor hereunder and the obligations of the Sponsor under the Loan Purchase Agreement shall be deemed
to have been satisfied upon delivery to the Custodian of a copy of such Mortgage, Assignment of Mortgage or assignment of a Collateral
Security Document, if applicable, certified by the public recording office to be a true and complete copy of the recorded original
thereof.

 

The ownership of the
Notes, the Mortgage, the Collateral Security Documents and all other contents of the Mortgage File shall be vested in the Trust
or the Trustee in trust for the benefit of the Certificateholders, other than the Notes related to the Companion Loans, the

 

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Companion
Loan Holders. The Depositor, the Certificate Administrator, the Servicer and the Special Servicer agree to take no action inconsistent
with the Trustee’s ownership of the Trust Loan and to promptly indicate to all inquiring parties that the Trust Loan has
been sold and to claim no ownership interest in the Whole Loan. All original documents relating to the Trust Loan that are not
delivered to the Custodian are and shall be held by the Depositor, the Servicer or the Special Servicer, as the case may be, in
trust for the benefit of the Certificateholders. In the event that any such original document is required pursuant to the terms
of this Section 2.1(b) to be a part of a Mortgage File, such document shall be delivered promptly to the Custodian.

 

The conveyance of the
Trust Loan and the related rights and property accomplished hereby is absolute and is intended by the Depositor to constitute an
absolute sale and transfer of the Trust Loan and such other related rights and property by the Depositor to the Trustee in trust
for the benefit of the Certificateholders (and as set forth herein, the Companion Loan Holders), in exchange for the Certificates
being sold by the Depositor. Furthermore, it is not intended that such conveyance be a pledge of security for the Trust Loan. If
such conveyance is determined to be a pledge of security for the Trust Loan, however, the Depositor and the Trustee intend that
the rights and obligations of the parties to the Trust Loan shall be established pursuant to the terms of this Agreement. The Depositor
and the Trustee also intend and agree that, in such event, (i) this Agreement shall constitute a security agreement under
applicable law, (ii) the Depositor shall be deemed to have granted to the Trustee (in such capacity) a first priority security
interest in all of the Depositor’s right, title and interest in and to the assets constituting the Trust Fund, including
the Trust Loan subject hereto from time to time, all amounts received on or with respect to the Trust Loan after the Closing Date,
all amounts held from time to time in the Collection Account, the Distribution Account, and, if established, the Foreclosed Property
Account, and all of the Depositor’s right, title and interest under the Loan Purchase Agreement, (iii) the possession
by the Custodian or its agent of the Notes with respect to the Trust Loan subject hereto from time to time and such other items
of property as constitute instruments, money, negotiable documents or chattel paper shall be deemed to be “possession by
the secured party” or possession by a purchaser or person designated by such secured party for the purpose of perfecting
such security interest under applicable law, and (iv) notifications to, and acknowledgments, receipts or confirmations from,
Persons holding such property, shall be deemed to be notifications to, or acknowledgments, receipts or confirmations from, securities
intermediaries, bailees or agents (as applicable) of the Trustee for the purpose of perfecting such security interest under applicable
law.

 

Section 2.2.      
Acceptance by the Trustee, the Custodian and the Certificate Administrator. (a) By its execution and delivery of
this Agreement, the Trustee acknowledges the assignment to it of the Trust Loan in good faith without notice of adverse claims
and the Custodian declares that, in its capacity as Custodian, it holds and will hold or will cause to be held such documents as
are delivered to it constituting the Mortgage File (to the extent the documents constituting the Mortgage File are actually delivered
to it) in trust, upon the conditions herein set forth, for the use and benefit of all present and future Certificateholders and
the Companion Loan Holders.

 

(b)          The execution and delivery of this Agreement by the Custodian shall constitute certification by the Custodian, that (i) the
original Note A-1-S, as specified in clause (b)(i) of the definition of “Mortgage File” and all allonges
thereto, if any, has been

 

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received by the Custodian; and (ii) such original Notes have been reviewed by the Custodian and
(A) appear regular on their face (handwritten additions, changes or corrections shall not constitute irregularities if initialed
by the Borrower), (B) appear to have been executed and (C) purport to relate to the Trust Loan. The Custodian agrees
to review or cause to be reviewed the Mortgage File within 30 days after the Closing Date, and to deliver to the Depositor,
the Sponsor, the Trustee, the Servicer and the Special Servicer a report (substantially in the form of Exhibit W) certifying, subject
to any exceptions found by it in such review, that (A) all documents referred to in Section 2.1(b) have been received,
and (B) all documents have been executed, appear on their face to be what they purport to be, purport to be recorded or filed
(as applicable) and have not been torn, mutilated or otherwise defaced, and appear on their faces to relate to the Trust Loan.
The Custodian shall have no responsibility for reviewing the Mortgage File except as expressly set forth in this Section 2.2(b).
The Custodian shall be under no duty or obligation to inspect, review, or examine any such documents, instruments or certificates
to independently determine that they are valid, genuine, enforceable, legally sufficient, duly authorized, or appropriate for the
represented purpose, whether the text of any assignment or endorsement is in proper or recordable form (except to determine if
the endorsement conforms to the requirements of Section 2.1(b)), whether any document has been recorded in accordance
with the requirements of any applicable jurisdiction, to independently determine that any document has actually been filed or recorded
in the appropriate office, that any document is other than what it purports to be on its face, or whether the title insurance policies
relate to the Property.

 

(c)          Upon the first anniversary of the Closing Date, the Custodian shall (i) deliver to the Depositor, the Trustee, the
Sponsor, the Borrower, the Servicer and the Special Servicer a final exception report as to any remaining documents that are not
in the Mortgage File and (ii) request that the Sponsor cause such document deficiency to be cured.

 

Section 2.3.       
Representations and Warranties of the Trustee. (a)  The Trustee hereby represents and warrants to the other
parties hereto that as of the Closing Date:

 

(i)           the Trustee is a national banking association, duly organized, validly existing, and is in good standing under the laws
of the United States of America; the Trustee possesses and shall continue to possess all requisite authority, power, licenses,
permits, franchise and approvals to conduct its business and to execute, deliver and comply with its obligations under this Agreement;

 

(ii)         
the execution and delivery of this Agreement by the Trustee and its performance and compliance with the terms of this Agreement
will not violate the Trustee’s articles of association or constitute a default (or an event which, with notice or lapse of
time, or both, would constitute a default) under, or result in the breach of, any material contract, agreement or other instrument
to which the Trustee is a party or which may be applicable to the Trustee or any of its assets, which default or breach of such
material contract, agreement or other instrument would have a material adverse effect on the Trustee’s performance of its
obligations hereunder;

 

(iii)        
except to the extent that the laws of any jurisdiction in which a part of the Trust Fund may be located require that a co-trustee
or separate trustee be appointed to act

 

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with respect to such property as contemplated by Section 8.10, the Trustee
has the full power and authority to enter into and consummate the transactions contemplated by this Agreement, has duly authorized
the execution, delivery and performance of this Agreement, and has duly executed and delivered this Agreement;

 

(iv)       
this Agreement, assuming due authorization, execution and delivery by the other parties hereto, constitutes a valid and
binding obligation of the Trustee, enforceable against it in accordance with the terms of this Agreement, except as such enforcement
may be limited by bankruptcy, insolvency, conservatorship, reorganization, receivership, moratorium or other laws relating to or
affecting the rights of creditors generally and by general principles of equity (regardless of whether such enforcement is considered
in a proceeding in equity or at law);

 

(v)          the Trustee, to its actual knowledge, is not in violation of, and the execution and delivery of this Agreement by the Trustee
and its performance and compliance with the terms of this Agreement will not constitute a violation with respect to, any order
or decree of any court or any order, law or regulation of any federal, state, municipal or governmental agency of or in the United
States of America having jurisdiction, which violation would have consequences that would materially and adversely affect the condition
(financial or other) or operations of the Trustee or that would materially affect the performance of its duties hereunder or thereunder;

 

(vi)         no consent, approval, authorization or order of, or registration of filing with, or notice to any court, governmental or
regulatory agency or body, is required for the execution, delivery and performance by the Trustee of this Agreement or if required,
such approval has been obtained prior to the Closing Date;

 

(vii)      
to the best of the Trustee’s knowledge, no litigation is pending or threatened against the Trustee which would prohibit
its entering into or materially and adversely affect its ability to perform its obligations under this Agreement;

 

(viii)      
the Trustee is covered by errors and omissions insurance coverage which is in full force and effect or otherwise complies
with the requirements of Section 8.6(b); and

 

(ix)         
to the actual knowledge of the Trustee, the Trustee is not Risk Retention Affiliated with the Third Party Purchaser.

 

(b)           
The respective representations and warranties of the Trustee set forth in this Section 2.3 shall survive until
the termination of this Agreement, and shall inure to the benefit of the other parties hereto.

 

Section 2.4.       
Representations and Warranties of the Servicer. 

 

(a)           
KeyBank National Association, as the Servicer, hereby represents and warrants to the other parties hereto that as of the
Closing Date:

 

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(i)          
it is a national banking association, duly organized, validly existing, and in good standing under the laws of the United
States of America; it is, and throughout the term of this Agreement shall remain, duly authorized and qualified to transact business
in the jurisdiction where the Property is located to the extent required by applicable law and necessary to ensure the enforceability
of the Trust Loan and the Companion Loan in accordance with the terms thereof and hereof; it possesses and shall continue to possess
all requisite authority, power, licenses, permits, franchise, and approvals to conduct its business and to execute, deliver, and
comply with its obligations under this Agreement;

 

(ii)         
the execution and delivery of this Agreement and its performance of and compliance with the terms hereof in the manner contemplated
by this Agreement will not violate its articles of association or by-laws, or any other material instrument governing its operations,
or any laws, regulations, orders or decrees of any governmental authority applicable to it and will not constitute a default (or
any event which, with notice or lapse of time or both, would constitute a default) under any material contract, agreement, or other
instrument to which it is a party or which may be applicable to any of its assets, which violation or default would have consequences
that would materially and adversely affect its financial condition or its ability to perform its obligations hereunder;

 

(iii)        
this Agreement constitutes its valid, legal, and binding obligation enforceable against it in accordance with its terms,
subject to bankruptcy laws and other similar laws of general application affecting rights of creditors and subject to the application
of the rules of equity, including those respecting the availability of specific performance;

 

(iv)        
it has the full power and authority to enter into and consummate the transactions contemplated by this Agreement; this Agreement
has been duly executed and delivered by it;

 

(v)        
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 it have been obtained or made;

 

(vi)        
there is no pending action, suit or proceeding, arbitration or governmental investigation against it, the outcome of which,
in its reasonable judgment, could reasonably be expected to prohibit it from entering into this Agreement or materially and adversely
affect its ability to perform its obligations under this Agreement;

 

(vii)       
it has errors and omissions insurance and fidelity bond coverage which is in full force and effect and complies with the
requirements of Section 3.11(d); and

 

(viii)      
to the actual knowledge of the Servicer, the Servicer is not Risk Retention Affiliated with the Third Party Purchaser.

 

(b)            The representations and warranties of the Servicer set forth in this Section 2.4 shall survive until termination
of this Agreement, and shall inure to the benefit of the parties hereto.

 

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Section 2.5.       
Representations and Warranties of the Special Servicer. (a) AEGON USA Realty Advisors, LLC, as the Special Servicer,
hereby represents and warrants to the other parties hereto that as of the Closing Date:

 

(i)          
it is an Iowa limited liability company, duly organized, validly existing, and in good standing under the laws of the State
of Iowa; it is, and throughout the term of this Agreement shall remain, duly authorized and qualified to transact business in the
jurisdiction where the Property is located to the extent required by applicable law and necessary to ensure the enforceability
of the Trust Loan and the Companion Loans in accordance with the terms thereof and hereof; it possesses and shall continue to possess
all requisite authority, power, licenses, permits, franchise, and approvals to conduct its business and to execute, deliver, and
comply with its obligations under this Agreement;

 

(ii)         
the execution and delivery of this Agreement and its performance of and compliance with the terms hereof in the manner contemplated
by this Agreement will not violate its articles of association or by-laws, or any other material instrument governing its operations,
or any laws, regulations, orders or decrees of any governmental authority applicable to it and will not constitute a default (or
any event which, with notice or lapse of time or both, would constitute a default) under any material contract, agreement, or other
instrument to which it is a party or which may be applicable to any of its assets, which violation or default would have consequences
that would materially and adversely affect its financial condition or its ability to perform its obligations hereunder;

 

(iii)        
this Agreement constitutes its valid, legal, and binding obligation enforceable against it in accordance with its terms,
subject to bankruptcy laws and other similar laws of general application affecting rights of creditors and subject to the application
of the rules of equity, including those respecting the availability of specific performance;

 

(iv)         it has the full power and authority to enter into and consummate the transactions contemplated by this Agreement; this Agreement
has been duly executed and delivered by it;

 

(v)         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 it have been obtained or made;

 

(vi)         there is no pending action, suit or proceeding, arbitration or governmental investigation against it, the outcome of which,
in its reasonable judgment, could reasonably be expected to prohibit it from entering into this Agreement or materially and adversely
affect its ability to perform its obligations under this Agreement; and

 

(vii)        it has errors and omissions insurance and fidelity bond coverage which is in full force and effect and complies with the
requirements of Section 3.11(d).

 

(b)            The representations and warranties of the Special Servicer set forth in this Section 2.5 shall survive until
termination of this Agreement, and shall inure to the benefit of the parties hereto.

 

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Section 2.6.      
Representations and Warranties of the Depositor. (a)  The Depositor hereby represents and warrants to the
other parties hereto that as of the Closing Date:

 

(i)           the Depositor is a corporation, duly organized, validly existing and in good standing under the laws of the State of Delaware,
with full power and authority to own its property, to carry on its business as presently conducted, to enter into and perform its
obligations under this Agreement, and to create the trust pursuant hereto;

 

(ii)         
the execution, delivery and performance of this Agreement by the Depositor have been duly authorized by all necessary corporate
action on the part of the Depositor; neither the execution, delivery and performance of this Agreement, nor the consummation of
the transactions herein contemplated, nor the compliance with the provisions hereof, will conflict with or result in a breach of,
or constitute a default under (A) any of the provisions of any law, rule, regulation, judgment, decree or order binding on
the Depositor, (B) the organizational documents of the Depositor, or (C) the terms of any indenture or other agreement
or instrument to which the Depositor is a party or by which it is bound or any statute, order or regulation of any court, regulatory
body, administrative agency or governmental body having jurisdiction over it;

 

(iii)        
the execution, delivery and performance by the Depositor of this Agreement and the consummation of the transactions contemplated
hereby and thereby do not require the consent or approval of, the giving of notice to, the registration with, or the taking of
any other action in respect of, any state, federal or other governmental authority or agency, except such as has been obtained,
given, effected or taken prior to the date hereof;

 

(iv)        
this Agreement has been duly executed and delivered by the Depositor and, assuming due authorization, execution and delivery
by the other parties hereto, constitutes a valid and binding obligation of the Depositor enforceable against it in accordance with
its terms, except as such enforcement may be limited by bankruptcy, insolvency, reorganization, receivership, moratorium or other
similar laws relating to or affecting the rights of creditors generally, and by general equity principles (regardless of whether
such enforcement is considered in a proceeding in equity or at law);

 

(v)          there are no actions, suits or proceedings pending or, to the best of the Depositor’s knowledge, threatened or likely
to be asserted against or affecting the Depositor, before or by any court, administrative agency, arbitrator or governmental body
(A) with respect to any of the transactions contemplated by this Agreement or (B) with respect to any other matter which
in the judgment of the Depositor will be determined adversely to the Depositor and will, if determined adversely to the Depositor,
materially and adversely affect its ability to perform its obligations under this Agreement;

 

(vi)        the Depositor is not in default with respect to any order or decree of any court or any order, regulation or demand of any
federal, state, municipal or governmental agency, which default would materially and adversely affect the ability of the Depositor
to perform its obligations hereunder;

 

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(vii)       other than the actions taken pursuant to this Agreement, the Depositor has taken no action to impair or encumber the title
to the Trust Loan or to subject it to any offsets, defenses or counterclaims during the Depositor’s ownership thereof;

 

(viii)      
the Depositor is accounting for the transfer of the Trust Loan as a sale under generally accepted accounting principles
and, for federal income tax purposes;

 

(ix)         
the Depositor is not, and, after giving effect to the transfers contemplated under this Agreement, will not be, insolvent;
and

 

(x)          
the Depositor has not transferred the Trust Loan with an intent to hinder, delay or defraud its creditors.

 

(b)           
The representations and warranties of the Depositor set forth in Section 2.6 shall survive until termination
of this Agreement, and shall inure to the benefit of the Certificateholders, the Certificate Administrator, the Trustee, the Servicer
and the Special Servicer.

 

(c)          
Neither the Depositor nor any of its Affiliates shall insure or guarantee distributions on the Certificates. Subject to
Section 2.6(a) and (b), neither the Certificateholders nor the Trustee or the Certificate Administrator on their
behalf shall have any rights or remedies against the Depositor for any losses or other claims in connection with the Certificates
or the Trust Loan except as expressly set forth herein.

 

Section 2.7.      
Representations and Warranties of the Certificate Administrator. (a)  The Certificate Administrator hereby
represents and warrants to the other parties hereto that as of the Closing Date:

 

(i)           it is a national banking association duly organized, validly existing, and in good standing under the laws of the United
States of America; the Certificate Administrator possesses and shall continue to possess all requisite authority, power, licenses,
permits, franchise and approvals to conduct its business and to execute, deliver and comply with its obligations under this Agreement;

 

(ii)         
the execution and delivery of this Agreement by the Certificate Administrator and its performance and compliance with the
terms of this Agreement will not violate the Certificate Administrator’s articles of association or constitute a default
(or an event which, with notice or lapse of time, or both, would constitute a default) under, or result in the breach of, any material
contract, agreement or other instrument to which it is a party or which may be applicable to the Certificate Administrator or any
of its assets, which default or breach of such material contract, agreement or other instrument would have a material adverse effect
on the Certificate Administrator’s performance of its obligations hereunder;

 

(iii)         the Certificate Administrator has the full power and authority to enter into and consummate the transactions contemplated
by this Agreement, has duly authorized the execution, delivery and performance of this Agreement, and has duly executed and delivered
this Agreement;

 

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(iv)         this Agreement, assuming due authorization, execution and delivery by the other parties hereto, constitutes a valid and
binding obligation of the Certificate Administrator, enforceable against it in accordance with the terms of this Agreement, except
as such enforcement may be limited by bankruptcy, insolvency, conservatorship, reorganization, receivership, moratorium or other
laws relating to or affecting the rights of creditors generally and by general principles of equity (regardless of whether such
enforcement is considered in a proceeding in equity or at law);

 

(v)          the Certificate Administrator, to its actual knowledge, is not in violation of, and the execution and delivery of this Agreement
by the Certificate Administrator and its performance and compliance with the terms of this Agreement will not constitute a violation
with respect to, any order or decree of any court or any order, law or regulation of any federal, state, municipal or governmental
agency of or in the United States of America having jurisdiction, which violation would have consequences that would materially
and adversely affect the condition (financial or other) or operations of the Certificate Administrator or that would materially
affect the performance of its duties hereunder or thereunder;

 

(vi)         no consent, approval, authorization or order of, or registration of filing with, or notice to any court, governmental or
regulatory agency or body, is required for the execution, delivery and performance by the Certificate Administrator of this Agreement
or if required, such approval has been obtained prior to the Closing Date;

 

(vii)        to the best of the Certificate Administrator’s knowledge, no litigation is pending or threatened against the Certificate
Administrator which would prohibit its entering into or materially and adversely affect its ability to perform its obligations
under this Agreement;

 

(viii)       the Certificate Administrator is covered by errors and omissions insurance coverage which is in full force and effect or
otherwise complies with the requirements of Section 8.6(b); and

 

(ix)          to the actual knowledge of the Certificate Administrator, the Certificate Administrator is not Risk Retention Affiliated
with the Third Party Purchaser.

 

(b)            The respective representations and warranties of the Certificate Administrator set forth in this Section 2.7
shall survive until the termination of this Agreement, and shall inure to the benefit of the other parties hereto.

 

Section 2.8.       
Representations and Warranties of the Operating Advisor.

 

(a)  The Operating
Advisor hereby represents and warrants to the other parties hereto that as of the Closing Date:

 

(i)           it is a limited liability company, duly organized, validly existing and in good standing under the laws of the State of
Delaware, and the Operating Advisor is in compliance with the laws of the State in which the Property is located to the extent
necessary to perform its obligations under this Agreement;

 

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(ii)          the execution and delivery of this Agreement by the Operating Advisor, and the performance and compliance with the terms
of this Agreement by the Operating Advisor, do not (A) violate the Operating Advisor’s organizational documents, (B) constitute
a default (or an event which, with notice or lapse of time, or both, would constitute a default) under, or result in the breach
of, any material agreement or other material instrument to which it is a party or which is applicable to it or any of its assets,
or (C) violate any law, rule, regulation, order, judgment or decree to which the Operating Advisor or its property is subject,
which, in the case of either (B) or (C), is likely to materially and adversely affect either the ability of the Operating
Advisor to perform its obligations under this Agreement or its financial condition;

 

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

 

(iv)         the Operating Advisor possesses sufficient financial strength to fulfill its duties and responsibilities pursuant to this
Agreement over the life of the Trust Fund;

 

(v)          this Agreement, assuming due authorization, execution and delivery by the other parties hereto, constitutes a valid, legal
and binding obligation of the Operating Advisor, enforceable against the Operating Advisor in accordance with the terms hereof,
subject to (A) applicable bankruptcy, insolvency, reorganization, receivership, moratorium and other laws affecting the enforcement
of creditors’ rights generally, and (B) general principles of equity, regardless of whether such enforcement is considered
in a proceeding in equity or at law;

 

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

 

(vii)        the Operating Advisor has errors and omissions insurance coverage that is in full force and effect or is self-insuring with
respect to such risks, which in either case complies with the requirements of Section 3.11 hereof;

 

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

 

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(ix)         no consent, approval, authorization or order of any court or governmental agency or body is required under federal or state
law for the execution, delivery and performance by the Operating Advisor of, or compliance by the Operating Advisor with, this
Agreement or the consummation of the transactions of the Operating Advisor contemplated by this Agreement, except for any consent,
approval, authorization or order which has been obtained or can be obtained prior to the actual performance by the Operating Advisor
of its obligations under this Agreement, or which, if not obtained would not have a materially adverse effect on the ability of
the Operating Advisor to perform its obligations hereunder; and

 

(x)           the Operating Advisor is an Eligible Operating Advisor.

 

Section 2.9.       
Representations and Warranties Contained in the Loan Purchase Agreement.

 

(a)           If (i) any party hereto (A) discovers or receives notice alleging that any document required to be delivered to
the Certificate Administrator pursuant to Section 2.1 is not delivered as and when required, is not properly executed
or is defective (each, a “Defect”) or (B) discovers or receives notice alleging a breach of any representation
or warranty made by the Sponsor relating to the Trust Loan as set forth in Exhibit A to the Loan Purchase Agreement
(a “Breach”) or (ii) the Special Servicer or the Depositor receives a Repurchase Communication of a request
or demand for repurchase of the Trust Loan alleging a Defect or Breach (any such request or demand, a “Repurchase Request”),
then such party shall give prompt written notice of such Defect, Breach or Repurchase Request to the Sponsor, the Controlling Class
Representative (prior to the occurrence and continuance of a Consultation Termination Event), the Companion Loan Holders, the other
parties hereto and, subject to Section 10.17, each of the Rating Agencies (to the extent notice has not previously
been delivered to such Persons pursuant to this sentence). The Special Servicer shall determine if any such Defect or Breach materially
and adversely affects the value of the Trust Loan or the interests of the Certificateholders therein or causes the Trust Loan to
fail to be a Qualified Mortgage (any such Defect or Breach, a “Material Document Defect” and a “Material
Breach,” respectively). If such Defect or Breach has been determined to be a Material Document Defect or Material Breach,
then the Special Servicer shall give prompt written notice thereof to the Sponsor, the other parties hereto and subject to Section 10.17,
to the Rating Agencies. If such determination is that the Defect or the Breach is a Material Document Defect or a Material Breach,
the Special Servicer shall (A) request that the Sponsor (i) repurchase the Trust Loan at an amount equal to the Repurchase
Price if the Material Breach or Material Document Defect cannot be cured, (ii) promptly cure such Material Document Defect
or Material Breach, as the case may be, in each case in accordance with the terms of the Loan Purchase Agreement or (iii) indemnify
the Trust for the losses directly related to such Material Breach or Material Document Defect, subject to receipt of a Rating Agency
Confirmation from each Rating Agency with respect to such action and (B) give prompt written notice thereof to the Controlling
Class Representative (prior to the occurrence and continuance of a Consultation Termination Event); provided that with respect
to any Material Breach or Material Document Defect that would cause the Trust Loan not to be a Qualified Mortgage, the Sponsor
will be required to cure such Material Document Defect or Material Breach or to repurchase the Trust Loan at a price equal to the
Repurchase Price within ninety (90) days of the date of discovery

 

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of such Material Document Defect or Material Breach. If a Responsible
Officer of the Certificate Administrator or a Servicing Officer of the Servicer or the Special Servicer, has actual knowledge that
the Sponsor has defaulted on its obligation to repurchase the Trust Loan under the Loan Purchase Agreement, such entity shall promptly
notify the Trustee, the Certificate Administrator, the Servicer and the Special Servicer, as applicable, and the Certificate Administrator
shall notify the Certificateholders of such default. The Special Servicer shall enforce the obligations of the Sponsor under Section 8
of the Loan Purchase Agreement. Such enforcement, including, without limitation, the legal prosecution of claims, shall be carried
out in such form, to such extent and at such time as if it were, in its individual capacity, the owner of the Trust Loan. The Special
Servicer shall be reimbursed for the reasonable costs of such enforcement (it being understood that a Liquidation Fee shall be
payable to the Special Servicer as and only to the extent provided herein): first, from a specific recovery of costs,
expenses or attorneys’ fees against the Sponsor; second, out of the Repurchase Price, to the extent that such expenses
are a specific component thereof; and third, if at the conclusion of such enforcement action it is determined that the amounts
described in clauses first and second are insufficient, then pursuant to clause (xii) of Section 3.4(c)
out of collections on the Trust Loan on deposit in the Collection Account.

 

If the Special Servicer
or the Depositor receives a Repurchase Communication of a withdrawal of a Repurchase Request of which notice has been previously
received or given and which withdrawal is by the Person making such Repurchase Request (a “Repurchase Request Withdrawal”),
such party shall give written notice of such Repurchase Request Withdrawal to the Sponsor, the Controlling Class Representative
(prior to the occurrence and continuance of a Consultation Termination Event), the other parties hereto and, subject to Section 10.17
of this Agreement, each of the Rating Agencies (to the extent notice has not previously been delivered to such Persons pursuant
to this sentence).

 

Each notice of a Repurchase
Request or Repurchase Request Withdrawal required to be given by a party pursuant to this Section 2.9(a) (each, a “15Ga-1
Notice”) shall be given no later than the tenth (10th) Business Day after receipt of a Repurchase Communication of such
Repurchase Request or receipt of a Repurchase Communication of such Repurchase Request Withdrawal, and shall include (i) the
identity of the portion of the Trust Loan, (ii) the date such Repurchase Request was received or the date such Repurchase
Request Withdrawal was received, as applicable, (iii) if known, the basis for the Repurchase Request (as asserted in the Repurchase
Request) and (iv) in the case of 15Ga-1 Notices provided by the Special Servicer, a statement as to whether the Special Servicer
currently plans to pursue such Repurchase Request.

 

In the event that the
Certificate Administrator, the Trustee or the Servicer receives a Repurchase Communication of a Repurchase Request or Repurchase
Request Withdrawal, such party shall promptly forward such Repurchase Request or Repurchase Request Withdrawal to the Special Servicer
and, prior to the occurrence and continuance of a Consultation Termination Event, the Controlling Class Representative, and include
the following statement in the related correspondence: “This is a “Repurchase Request” or a “Repurchase
Request Withdrawal” under Section 2.9(a) of the Trust and Servicing Agreement relating to the GS Mortgage Securities
Corporation Trust 2017-FARM, Commercial Mortgage Pass-Through Certificates, Series 2017-FARM, requiring action by you as the recipient
of such Repurchase Request or Repurchase Request Withdrawal thereunder”. Upon receipt of such Repurchase Request or Repurchase

 

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Request Withdrawal by the Special Servicer, the Special Servicer shall be deemed to be the recipient of such Repurchase Request
or Repurchase Request Withdrawal, and the Special Servicer shall comply with the notice procedures set forth in this Section
2.9(a) with respect to such Repurchase Request or Repurchase Request Withdrawal.

 

No Person that is required
to provide a 15Ga-1 Notice pursuant to this Section 2.9(a) (a “15Ga-1 Notice Provider”) shall be required
to provide any information in a 15Ga-1 Notice that is protected by the attorney-client privilege or the attorney work product doctrine.
The Loan Purchase Agreement will provide that (i) any 15Ga-1 Notice provided pursuant to this Section 2.9(a) is so
provided only to assist the Sponsor, the Depositor and their respective Affiliates to comply with Rule 15Ga-1 under the Exchange
Act, Items 1104 and 1121 of Regulation AB and any other requirement of law or regulation and (ii)(A) no action taken by, or
inaction of, a 15Ga-1 Notice Provider and (B) no information provided pursuant to this Section 2.9(a) by a 15Ga-1 Notice
Provider in a 15Ga-1 Notice shall be deemed to constitute a waiver or defense to the exercise of any legal right that such 15Ga-1
Notice Provider may have with respect to the Loan Purchase Agreement, including with respect to any Repurchase Request that is
the subject of a 15Ga-1 Notice.

 

(b)          Upon receipt by the Servicer from the Sponsor of the Repurchase Price for the Trust Loan, the Servicer, shall deposit such
amount in the Collection Account, and the Certificate Administrator shall, upon receipt of a certificate of a Servicing Officer
certifying as to the receipt by the Servicer of the Repurchase Price and the deposit of the Repurchase Price into the Collection
Account pursuant to this Section 2.9(b), (i) release or cause to be released to the designee of the Sponsor the Repurchase
Mortgage File and the Trustee and the Certificate Administrator shall execute and deliver such instruments of transfer or assignment,
in each case without recourse, representation or warranty (except that the Trust Loan is owned by the Trust and is being sold free
and clear of liens and encumbrances), as shall be prepared by such designee to vest in such designee the Trust Loan released pursuant
hereto and the Certificate Administrator, the Custodian, the Trustee, the Servicer and the Special Servicer shall have no further
responsibility with regard such Repurchase Mortgage File and (ii) release or cause to be released to the Sponsor any escrow
payments and reserve funds held by the Trustee, or on the Trustee’s behalf, in respect of the Trust Loan.

 

(c)          Notwithstanding anything to the contrary herein, no Defect (except for a Defect with respect to the document described in
clause (i) of Section 2.1(b) and the documents described in clauses (ii)(B), (C)
and (H) of Section 2.1(b)) shall be considered to be a Material Document Defect unless the document with respect
to which a Defect exists is required in connection with (A) an imminent enforcement of the Lender’s rights or remedies
under the Trust Loan; (B) defending any claim asserted by the Borrower or third party with respect to the Trust Loan; (C) establishing
the validity or priority of any lien on any collateral securing the Trust Loan; or (D) any immediate significant servicing
obligations, including without limitation, making a claim under a title policy. The Trust’s sole remedy against the Sponsor
in connection with a Material Document Defect shall be to enforce the repurchase claim in accordance with the provisions of the
Loan Purchase Agreement.

 

Section 2.10.    
Execution and Delivery of Certificates; Issuance of Uncertificated Lower-Tier Interests. The Trustee acknowledges
the assignment in trust by the Depositor to the

 

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Trust of the Notes and other assets comprising the Trust Fund. Concurrently with
such assignment and delivery and in exchange therefor, (i) the Certificate Administrator acknowledges the issuance of (x) the
Uncertificated Lower-Tier Interests to the Depositor and (y) the Class LT-R Interest, in exchange for the Trust Loan (other
than Excess Interest), receipt of which is hereby acknowledged, (ii) immediately thereafter, the Certificate Administrator acknowledges
(x) the assignment by the Depositor to the Trust of the Uncertificated Lower-Tier Interests and the $100 deposit by the Depositor
in respect of the Class YM Certificates, and in exchange therefor that it (y) has executed and has authenticated and delivered
to or upon the order of the Depositor, the Regular Certificates and has issued the Class UT-R Interest, and (z) has executed
and has authenticated and delivered to or upon the order of the Depositor, the Class R Certificates, representing the Class LT-R
and Class UT-R Interests, and (iii) the Depositor hereby acknowledges the receipt by it or its designees, of the Regular Certificates
in authorized denominations and the Class UT-R Interest evidencing the entire beneficial ownership of the Upper-Tier REMIC.

 

Section 2.11.     
Miscellaneous REMIC Provisions. (a)  The Class A, Class B, Class HRR and Class YM Certificates
(excluding the right to any Excess Interest) are hereby designated as the “regular interests” in the Upper-Tier REMIC
within the meaning of Section 860G(a)(1) of the Code. The Class UT-R Interest, represented by the Class R Certificates, is hereby
designated as the sole class of “residual interests” in the Upper-Tier REMIC within the meaning of Section 860G(a)(2)
of the Code.

 

(b)          The Class LA, Class LB and Class LHRR Uncertificated Interests are hereby designated as the “regular interests”
in the Lower-Tier REMIC within the meaning of Section 860G(a)(1) of the Code, and the Class LT-R Interest, represented by the Class
R Certificates, is hereby designated as the sole class of “residual interests” in the Lower-Tier REMIC within the meaning
of Section 860G(a)(2) of the Code.

 

Section 2.12.    
Resignation Upon Prohibited Risk Retention Affiliation. Upon the occurrence of (i) a Servicing Officer of the
Servicer or a Responsible Officer of the Certificate Administrator or the Trustee, as applicable, obtaining actual knowledge that
the Servicer, the Certificate Administrator or the Trustee, as applicable, is or has become a Risk Retention Affiliate of the Third
Party Purchaser (an “Impermissible TPP Affiliate”), (ii) the Servicer, the Certificate Administrator, or the
Trustee receiving written notice by any other party to this Agreement, the Third Party Purchaser, the Sponsor or any Initial Purchaser
that the Servicer, the Certificate Administrator or the Trustee, as applicable, is or has become an Impermissible TPP Affiliate,
or (iii) the Operating Advisor obtaining actual knowledge that it is or has become a Risk Retention Affiliate of the Third Party
Purchaser or any other party to this Agreement (an “Impermissible Operating Advisor Affiliate”; and either of
an Impermissible TPP Affiliate and an Impermissible Operating Advisor Affiliate being an “Impermissible Risk Retention
Affiliate”), then in each such case the Impermissible Risk Retention Affiliate shall be required to promptly notify the
Sponsor and the other parties to this Agreement and resign in accordance with Section 3.26(m), Section 6.6 or
Section 8.7. The resigning Impermissible Risk Retention Affiliate shall be required to bear all reasonable out-of-pocket
costs and expenses of each other party to this Agreement, the Trust and each Rating Agency in connection with such resignation
as and to the extent required under this Agreement; provided, however, if the affiliation causing an Impermissible
Risk Retention Affiliate is the result of the Third Party Purchaser acquiring an

 

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interest in such Impermissible Risk Retention
Affiliate or an affiliate of such Impermissible Risk Retention Affiliate, then such costs and expenses shall be an expense of the
Trust.

 

Section 2.13.     
Creation of the Grantor Trust. The portion of the Trust Fund consisting of the Excess Interest with respect to the
Trust Loan and related proceeds will be treated as a grantor trust (the “Grantor Trust”) for federal income
tax purposes, and the Sequential Pay Certificates will represent undivided beneficial interests in such Class’s entitlements
to the Grantor Trust. As provided herein, the Certificate Administrator shall take all actions expressly required hereunder to
ensure that the portion of the Trust Fund consisting of the Grantor Trust maintains its status as a grantor trust under federal
income tax law and not be treated as part of the Trust REMICs.

 

Article 3

ADMINISTRATION AND SERVICING OF THE WHOLE LOAN

 

Section 3.1.      
Servicer to Act as the Servicer; Special Servicer to Act as the Special Servicer. The Servicer (other than during
the continuance of a Special Servicing Loan Event) and the Special Servicer (during the continuance of a Special Servicing Loan
Event), each as an independent contractor, shall service and administer the Whole Loan and administer Foreclosed Property solely
on behalf of the Trust Fund, in the best interest of, and for the benefit of, the Certificateholders and the Companion Loan Holders
as a collective whole as if such Certificateholders and Companion Loan Holders constituted one lender (as determined by the Servicer
or the Special Servicer, as applicable, in the exercise of its good faith and reasonable judgment), in accordance with applicable
law (including the REMIC Provisions), the terms of this Agreement and the Loan Documents and, to the extent consistent with the
foregoing, the following standards: (i) the higher of (a) the same manner in which and with the same care, skill, prudence
and diligence with which the Servicer or the Special Servicer, as applicable, services and administers similar loans and administers
foreclosed properties for other third-party portfolios, giving due consideration to customary and usual standards of practice of
prudent institutional commercial mortgage lenders in servicing their own loans and administering their own foreclosed properties,
or (b) with the care, skill, prudence and diligence the Servicer or the Special Servicer, as applicable, uses for loans that
it owns or for foreclosed properties it owns and administers; (ii) with a view to the timely collection of (a) all scheduled
payments of principal and interest under the Whole Loan or, with respect to the Special Servicer, if the Whole Loan comes into
and continues in default and if no satisfactory arrangements can be made for the collection of the delinquent payments, the maximization
of the recovery on the Whole Loan to the Certificateholders and the Companion Loan Holders (as a collective whole as if such Certificateholders
and Companion Loan Holders constituted a single lender) on a net present value basis and (b) the Borrower’s Reimbursable
Trust Fund Expenses and other amounts due under the Whole Loan and (iii) without regard to:

 

(A)      any relationship that the Servicer or the Special Servicer or any Affiliate thereof may have with the Borrower, the Sponsor,
the Depositor, the Companion Loan Holders or any of their respective Affiliates;

 

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(B)      the ownership of any Certificate (or Companion Loan) or mezzanine loan or any interest in any Companion Loan or any mezzanine
loan related to the Trust Loan by the Servicer or Special Servicer or by any Affiliate of the Servicer or the Special Servicer;

 

(C)       in the case of the Servicer, its obligation to make Advances;

 

(D)      the right of the Servicer or the Special Servicer or any Affiliate thereof to receive reimbursement of costs, compensation
or other fees (other than Advances), or the sufficiency of any compensation payable to it under this Agreement or with respect
to any particular transaction; or

 

(E)       the ownership, servicing or management for others of any other loans or property by the Servicer or the Special Servicer.

 

Subject to the above-described
servicing standards (hereinafter referred to as “Accepted Servicing Practices”) and the terms of this Agreement
and of the Loan Documents, the Servicer and the Special Servicer each shall have full power and authority, acting alone or, in
the case of the Servicer, through one or more sub-servicers as provided in Section 3.2, to do or cause to be done any
and all things in connection with such servicing and administration which it may deem necessary or desirable. The Servicer and
the Special Servicer shall service and administer the Trust Loan and Companion Loans in accordance with applicable state and federal
law. At the written request of the Servicer or the Special Servicer, as applicable, accompanied by the form of power of attorney
or other documents being requested, the Trustee shall furnish to the Servicer or the Special Servicer any powers of attorney (substantially
in the form of Exhibit N hereto) and other documents necessary or appropriate to enable such Servicer or the Special
Servicer to carry out its servicing and administrative duties hereunder, and the Trustee shall not be held responsible (and shall
be indemnified by the Servicer or the Special Servicer) for any negligence or misuse by the Servicer or the Special Servicer in
its uses of any such powers of attorney or other document. Notwithstanding anything contained herein to the contrary, the Servicer
and the Special Servicer shall not without the Trustee’s prior written consent: (i) initiate any action, suit or proceeding
solely under the Trustee’s name without indicating the representative capacity of the Servicer or the Special Servicer, as
applicable, or (ii) take any action with the intent to, and which actually does cause, the Trustee to be registered to do
business in any state.

 

The liability of each
of the Servicer and the Special Servicer, as applicable, for actions and omissions in its capacity as Servicer and the Special
Servicer, respectively, hereunder is limited as provided herein (including, without limitation, pursuant to Section 6.3).
Nothing contained in this Agreement shall be construed as an express or implied guarantee by the Servicer or the Special Servicer
of the collectibility of the Whole Loan.

 

Section 3.2.      
Sub-Servicing Agreements. (a)  The Special Servicer shall not engage any sub-servicer or enter into any
sub-servicing agreement. The Servicer, at its own expense without a right of reimbursement under this Agreement or otherwise, may
enter into sub-servicing agreements with sub-servicers for the servicing and administration of the Trust Loan and Companion Loans,
provided that (i) any such sub-servicing agreement shall be upon

 

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such terms and conditions as are not inconsistent
with this Agreement and as the Servicer and the sub-servicer have agreed, and (ii) no sub-servicer retained by the Servicer
shall grant any modification, waiver, or amendment to the Loan Documents without the approval of the Servicer. References in this
Agreement to actions taken or to be taken, and limitations on actions permitted to be taken, by the Servicer in servicing the Whole
Loan include actions taken or to be taken by a sub-servicer on behalf of the Servicer. Each sub-servicer shall be (i) authorized
to transact business and licensed in the applicable state(s), if, and to the extent, required by applicable law to enable the sub-servicer
to perform its obligations under the applicable sub-servicing agreement, and (ii) qualified to perform its obligations under
the applicable sub-servicing agreement. For purposes of this Agreement, the Servicer shall be deemed to have received any amount
when the sub-servicer receives such amount, irrespective of whether such amount is remitted to the Servicer for deposit in the
Collection Account, any Cash Management Account, any Reserve Account or the Distribution Account, and actions taken by the sub-servicer
shall be deemed to be actions of the Servicer. The Servicer shall notify the Operating Advisor, the Certificate Administrator,
the Trustee, the Borrower and the Depositor in writing promptly upon the appointment of any sub-servicer and promptly furnish the
Trustee and the Certificate Administrator, upon its request, with a copy of the sub-servicing agreement. No sub-servicer shall
be permitted to enter into any sub-servicing agreement with other sub-servicers without the prior written consent of the Servicer.

 

(b)         Notwithstanding any sub-servicing agreement, the Servicer shall remain obligated and liable to the Trustee and the Certificateholders
for the servicing and administering of the Trust Loan and Companion Loans in accordance with the provisions of Section 3.1
without diminution of such obligation or liability by virtue of such sub-servicing agreement, or by virtue of indemnification from
a sub-servicer, and to the same extent and under the same terms and conditions as if the Servicer alone were servicing and administering
the Whole Loan.

 

(c)         
Any sub-servicing agreement entered into by the Servicer shall provide that it may be assumed or terminated by (i) the
Trustee if the Trustee has assumed the duties of the Servicer or if the Servicer is otherwise terminated pursuant to the terms
of this Agreement, or (ii) a successor Servicer if such successor Servicer has assumed the duties of the Servicer, without
cost or obligation to the Trustee, the Certificate Administrator, the successor Servicer, the Trust or the Trust Fund.

 

(d)          Any sub-servicing agreement, and any other transactions or services relating to the Whole Loan involving a sub-servicer,
shall be deemed to be between the Servicer and such sub-servicer alone, and the Certificate Administrator, the Trustee, the Depositor,
the Trust and the Certificateholders shall not be deemed parties thereto and shall have no claims, rights, obligations, duties
or liabilities with respect to the sub-servicer, and no provision herein shall be construed so as to require the Trust, the Trustee,
the Certificate Administrator or the Depositor to indemnify any such sub-servicer. The Servicer is permitted, at its own expense,
or to the extent that a particular expense is provided herein to be an Advance or an expense of the Trust, at the expense of the
Trust, to utilize other agents or attorneys typically used by servicers of mortgage loans underlying commercial mortgage backed
securities in performing its obligations under this Agreement.

 

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(e)          Notwithstanding anything herein, each of the initial Servicer and the initial Special Servicer may delegate certain of its
duties and obligations hereunder to an Affiliate of the Servicer or Special Servicer, as applicable. Such delegation shall not
be considered a sub-servicing agreement hereunder, and the requirements and obligations set forth herein applicable to sub-servicing
agreements, sub-servicers or Servicing Function Participants shall not be applicable to such arrangement. Notwithstanding any such
delegation, the Servicer and the Special Servicer shall remain obligated and liable for the performance of their respective obligations
and duties under this Agreement in accordance with the provisions hereof to the same extent and under the same terms and conditions
as if each alone were servicing and administering the Whole Loan as required hereby.

 

Section 3.3.        Cash Management Account. A Lockbox Account and a Cash Management Account have been or shall be established pursuant
to the terms of the Loan Agreement, the Cash Management Agreement and the Lockbox Account Agreement. The Servicer shall exercise
and enforce the rights of the Trust Fund with respect to the Cash Management Account and the Lockbox Account under the Loan Agreement,
the Cash Management Agreement and the Lockbox Account Agreement in accordance with Accepted Servicing Practices and the other terms
of this Agreement and the other Loan Documents.

 

Section 3.4.      
Collection Account. (a) The Servicer shall establish and maintain (i) one or more accounts for the benefit of the
Certificateholders in the name of “KeyBank National Association, as Servicer on behalf of Wells Fargo Bank, National Association,
as Trustee for the benefit of the Certificateholders of GS Mortgage Securities Corporation Trust 2017-FARM, Commercial Mortgage
Pass-Through Certificates, Series 2017-FARM” and (ii) one or more deposit accounts in the name of “KeyBank National
Association, as Servicer on behalf of Wells Fargo Bank, National Association, as Trustee for the benefit of the holders of the
Companion Loans with respect to GS Mortgage Securities Corporation Trust 2017-FARM, Commercial Mortgage Pass-Through Certificates,
Series 2017-FARM” (collectively, the “Collection Account”). The Collection Account must be an Eligible
Account. The Servicer shall deposit into the Collection Account within two Business Days of receipt of properly identified and
available funds the following amounts representing payments and collections received or made during each Collection Period on or
with respect to the Whole Loan:

 

(i)           all payments on account of principal on the Whole Loan;

 

(ii)         
all payments on account of interest on the Whole Loan, including Excess Interest, Yield Maintenance Premiums and Default
Interest;

 

(iii)        
any amount representing reimbursements by the Borrower of Advances, interest thereon, and any other expenses of the Depositor,
the Certificate Administrator, the 17g-5 Information Provider, the Trustee, the Servicer or the Special Servicer, as applicable,
as required by the Loan Documents or hereunder;

 

(iv)        any other amounts payable for the benefit of the Servicer, the Special Servicer, the Certificate Administrator, the 17g-5
Information Provider, the Trustee or the Certificateholders under the Trust Loan or Whole Loan, as applicable;

 

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(v)         any amounts required to be deposited pursuant to Section 3.8(b) in connection with net losses realized on Permitted
Investments with respect to funds held in the Collection Account;

 

(vi)       
all Net Foreclosure Proceeds received from the Special Servicer pursuant to Section 3.14 and all Net Liquidation
Proceeds, Insurance Proceeds and Condemnation Proceeds (to the extent not needed for the repair or restoration of the affected
Property); and

 

(vii)       
any other amounts required by the provisions of this Agreement to be deposited into the Collection Account by the Servicer,
including, without limitation, any (1) proceeds of any repurchase of the Trust Loan pursuant to Section 2.9(b)
and the Loan Purchase Agreement, (2) proceeds of the sale of the Whole Loan by the Special Servicer pursuant to Section 3.16,
or (3) amounts payable under the Loan Documents by any Person to the extent not specifically excluded.

 

The foregoing requirements
for deposits in the Collection Account by the Servicer shall be exclusive, it being understood and agreed that, without limiting
the generality of the foregoing, payments (if any) in the nature of additional compensation (other than Default Interest and late
payment charges) to which the Servicer or Special Servicer, as applicable are entitled pursuant to Section 3.17 and
any reimbursement made by the Borrower of expenses of the Servicer or the Special Servicer need not be deposited in the Collection
Account by the Servicer or Special Servicer and, to the extent permitted by applicable law, the Servicer or the Special Servicer,
as applicable, shall be entitled to retain any such fees and expense reimbursements received with respect to the Whole Loan.

 

(b)          Funds in the Collection Account may be invested in Permitted Investments in accordance with the provisions of Section 3.8.
The Servicer shall on the Closing Date give written notice to the Certificate Administrator of the location and account number
of the Collection Account and shall notify the Certificate Administrator in writing prior to any subsequent change thereof.

 

(c)         
On or prior to each Remittance Date, (or following the securitization of any Companion Loan, in the case of clause (vii)
below, on or prior to the day which is the earlier of (A) the Remittance Date and (B) the Business Day following the “determination
date” (or any term substantially similar thereto), as such term is defined in the related Other Pooling and Servicing Agreement
as long as such determination date is no earlier than the 6th day of the calendar month) prior to the remittance of funds to the
Certificate Administrator for deposit in the Distribution Account pursuant to Section 3.5, the Servicer shall make
withdrawals from the Collection Account (which withdrawals shall be the only permitted withdrawals from the Collection Account
by the Servicer) as described below (the order set forth below not constituting an order of priority for such withdrawals):

 

(i)          
to withdraw funds deposited in the Collection Account in error;

 

(ii)         
concurrently, to pay the Servicing Fee to the Servicer (or with respect to any Excess Servicing Fee Rights, to pay any Excess
Servicing Fees to the holder of such

 

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Excess Servicing Fee Rights), the Certificate Administrator Fee (including the portion that
is the Trustee Fee) to the Certificate Administrator, the Operating Advisor Fee to the Operating Advisor and the CREFC®
Intellectual Property Royalty License Fees to CREFC®, as applicable;

 

(iii)        
to pay to the Operating Advisor the Operating Advisor Consulting Fee (but only to the extent actually received from the
Borrower);

 

(iv)        
to pay (a) to the Servicer, as additional compensation, any income earned (net of losses (subject to Section 3.8(b))
on the investment of funds deposited in the Collection Account and any Reserve Account (to the extent not payable to the Borrower);
and (b) the Special Servicing Fee, if any, the Workout Fee, if any, and the Liquidation Fee, if any, to the Special Servicer
(with respect to clauses (a) and (b), in that order);

 

(v)         
to reimburse the Trustee and the Servicer, in that order, for (a) Advances made by each and not previously reimbursed
from late payments received during the applicable period on the Whole Loan, Liquidation Proceeds, Condemnation Proceeds, Insurance
Proceeds (to the extent not needed for the repair or restoration of the Property) and other collections on the Whole Loan; provided
that any Advance that has been determined to be a Nonrecoverable Advance shall be reimbursed pursuant to clause (ix) below
and (b) unpaid interest on such Advances at the Advance Rate; provided, however, that prior to (x) final
liquidation of the Property or (y) the final payment and release of the Mortgage, interest on Advances shall be paid first
out of Default Interest or late payment charges collected in the related Collection Period before such interest on Advances is
paid out of other amounts on deposit in the Collection Account;

 

(vi)        
if any Companion Loan (or any successor REO Companion Loan with respect thereto) is part of an Other Securitization Trust,
to the extent required by the Co-Lender Agreement, to pay the applicable party to the related Other Pooling and Servicing Agreement
for any interest accrued on Companion Loan Advances made thereby;

 

(vii)       
to make any other required payments (other than payments under clause (v) above and normal monthly remittances
and reimbursements pursuant to clause (vii) below) due under the Co-Lender Agreement to the holder of the Companion
Loan;

 

(viii)      
to remit to the Companion Loan Holders all remaining amounts on deposit in the Collection Account payable to the Companion
Loan Holders pursuant to the Co-Lender Agreement with respect to the Companion Loan (or any successor REO Companion Loans), exclusive
of any amounts reimbursable to the Servicer, the Special Servicer, the Trustee or the Trust in accordance with the Co-Lender Agreement;

 

(ix)          to reimburse the Trustee and the Servicer, in that order, for any Nonrecoverable Advances made by each and not previously
reimbursed that are not covered by clause (v)(a) above together with unpaid interest thereon at the Advance Rate;

 

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(x)          
to reimburse the Trustee, the Certificate Administrator, the Servicer and the Special Servicer, in that order, for expenses
incurred by them in connection with the liquidation of the Whole Loan or the Property and not otherwise covered and paid by an
insurance policy or deducted from the proceeds of liquidation;

 

(xi)        
to pay to the Servicer or the Special Servicer, as applicable, as additional compensation, to the extent actually received
from the Borrower (and permitted by, or not prohibited by, and allocated as such pursuant to the terms of the Loan Documents and
this Agreement) and deposited into the Collection Account by the Servicer, any payments in the nature of late payment fees and
Default Interest (to the extent remaining after payments pursuant to clause (v) above), assumption fees, assumption application
fees, substitution fees, release fees, Modification Fees, defeasance fees, loan service transaction fees, consent fees and similar
fees and expenses;

 

(xii)        
to pay or reimburse the Trustee, the Certificate Administrator, the Depositor, the Servicer, the Special Servicer and the
Operating Advisor, in that order, for any other amounts (including any Trust Fund Expenses) then due and payable or reimbursable
to each pursuant to the terms of this Agreement and not previously paid or reimbursed pursuant to the preceding clauses;

 

(xiii)       
to the extent not previously paid or advanced, to pay to the Certificate Administrator (or set aside for eventual payment)
any and all taxes imposed on the Trust or the Trust Fund by federal or state governmental authorities; provided, that, if
such taxes are the result of the Depositor’s, Servicer’s, Special Servicer’s, the Operating Advisor’s,
the Certificate Administrator’s or Trustee’s, as applicable, negligence, bad faith or willful misconduct in performing
its obligations hereunder, such amounts may not be withdrawn from the Collection Account, but will be paid by such party that was
negligent, acted in bad faith or engaged in willful misconduct pursuant to Sections 6.7 and 8.12, as applicable;
and

 

(xiv)      
to remit to the Certificate Administrator for deposit in the Excess Interest Distribution Account an amount equal to the
Excess Interest for the benefit of the Holders of the Sequential Pay Certificates collected on the Trust Loan during the related
Collection Period;

 

The remittance set forth
in clauses (vi) and (vii) above shall be made by the Servicer as a single remittance.

 

Notwithstanding the foregoing,
with respect to any Remittance Date, in no event will the Servicer be permitted to make a withdrawal pursuant to clauses (ii),
(iv)(b), (v), (x) or (xii) to the extent that, as a result of such withdrawal, the amount on deposit in
the Collection Account after giving effect to the withdrawal would be less than the amount of the Required Advance Amount; provided
that the Servicer shall be permitted to make withdrawals in the order of priority specified above up to the amount on deposit in
the Collection Account up to an amount that would result in funds equaling or exceeding the Required Advance Amount remaining in
the Collection Account. Notwithstanding the foregoing, such withdrawal limitations shall not apply (and accrued amounts previously
eligible for withdrawal pursuant to clauses (ii),

 

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(iv)(b), (v), (x) or (xii) but which
remain unpaid due to the operation of this paragraph may then be withdrawn and paid) upon (1) the final liquidation of the
Trust Loan or the Property, (2) the final payment of the Trust Loan and release of the Mortgage or (3) the determination
that any Advance that would increase the currently unreimbursed Advances in the aggregate would be a Nonrecoverable Advance. The
Servicer shall advance, to the extent it determines that such amounts are recoverable, all amounts owed to itself (other than Servicing
Fees), CREFC®, the Special Servicer, the Operating Advisor, the Certificate Administrator and Trustee pursuant to
such clauses (ii), (iv)(b), (v) (to the extent reimbursements of such amounts are owed to the Trustee
or the Certificate Administrator), (x) or (xii) (other than unreimbursed Property Protection Advances and Monthly
Payment Advances made by the Servicer, which shall continue to remain outstanding) (such advances, “Administrative Advances”).
All Administrative Advances shall accrue interest in accordance with Section 3.22. Notwithstanding any provision herein,
the Servicer shall not be obligated to make any Administrative Advance that it determines, together with interest thereon, will
constitute a Nonrecoverable Advance if made.

 

The Servicer shall pay
to the Certificate Administrator (on behalf of itself and the Trustee) and advance or pay to the Special Servicer, if applicable,
from the Collection Account as provided above amounts permitted to be paid to the Special Servicer, the Certificate Administrator
and the Trustee, as applicable, therefrom, promptly upon receipt of certificates of a Servicing Officer of the Special Servicer
and a Responsible Officer of the Certificate Administrator and the Trustee, as applicable, describing the item and amount to which
the Special Servicer and the Trustee, respectively, are entitled; provided, however, the Servicer shall pay the Certificate
Administrator Fee to the Certificate Administrator without requiring the delivery of such certificate. The Servicer may rely conclusively
on any such certificate, shall have no duty to recalculate the amounts stated therein and shall have no liability if the amount
paid in reliance thereon is an amount to which the Special Servicer, the Certificate Administrator or the Trustee, as applicable,
is not entitled.

 

(d)         
The Certificate Administrator shall establish and maintain on behalf of the Trust and for the benefit of the Certificateholders,
a segregated non-interest bearing reserve account (which may be a subaccount of the Distribution Account) (the “Interest
Reserve Account”). The Interest Reserve Account must be an Eligible Account or a subaccount of an Eligible Account. Funds
on deposit in the Interest Reserve Account shall be uninvested. On each Distribution Date occurring in any February and on any
Distribution Date occurring in any January that occurs in a year that is not a leap year (unless, in either case, such Distribution
Date is the final Distribution Date), the Certificate Administrator shall deposit into the Interest Reserve Account an amount equal
to one day’s net interest collected on the principal balance of each Note related to the Trust Loan as of the Loan Payment
Date occurring in the calendar month preceding the calendar month in which such Distribution Date occurs at the applicable Net
Loan Rate (net of the Servicing Fee, the CREFC® Intellectual Property Royalty License Fee Rate, the Operating Advisor
Fee and the Certificate Administrator Fee payable therefrom and exclusive of Default Interest) to the extent a full Monthly Payment
or Monthly Payment Advance is made in respect thereof (all amounts so deposited in any consecutive January and February, “Withheld
Amounts”). On each Remittance Date occurring in March (or February, if the related Distribution Date is the final
Distribution Date), the Certificate Administrator shall withdraw from the Interest Reserve Account an amount equal to the Withheld
Amounts

 

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from the preceding January and February, if any, and transfer such amounts into the Distribution Account.

 

On the Closing Date,
the Depositor shall remit to the Certificate Administrator for deposit into the Interest Reserve Account an amount equal to the
Interest Deposit Amount. On or prior to the Remittance Date in January 2018, the Certificate Administrator shall transfer
to the Upper-Tier Distribution Account the Interest Deposit Amount on deposit in the Interest Reserve Account.

 

(e)          The Certificate Administrator shall establish and maintain on behalf of the Trust and for the benefit of the Holders of
the Sequential Pay Certificates, a segregated non-interest bearing reserve account (the “Excess Interest Distribution
Account”). The Interest Reserve Account must be an Eligible Account or a subaccount of an Eligible Account. The Excess
Interest Distribution Account shall be an asset of the Grantor Trust and beneficially owned by the Holders of the Sequential Pay
Certificates and shall not be an asset of any Trust REMIC. Funds on deposit in the Excess Interest Distribution Account shall be
uninvested. Upon receipt from the Master Servicer of such amounts held in the Collection Account, the Certificate Administrator
shall deposit in the Excess Interest Distribution Account any Excess Interest to be distributed to the Holders of the Sequential
Pay Certificates.

 

Section 3.5.       
Distribution Account. (a)  The Certificate Administrator shall establish and maintain on behalf of the
Trust and for the benefit of the Certificateholders a segregated non-interest bearing trust account (the “Distribution
Account”), which shall be deemed to include the Lower-Tier Distribution Account and the Upper-Tier Distribution Account,
which shall be subaccounts of the Distribution Account for the benefit of the Certificateholders and the Trustee, as holder of
the Uncertificated Lower-Tier Interests. The Distribution Account must be an Eligible Account The Distribution Account must be
an Eligible Account. On each Remittance Date, the Servicer shall transfer from the Collection Account to the Certificate Administrator
for deposit into the Distribution Account all Available Funds remaining on deposit therein, after giving effect to the withdrawals
made pursuant to Section 3.4(c). The Certificate Administrator shall credit the funds remitted by the Servicer from
the Collection Account to the Distribution Account. Amounts held in the Distribution Account shall be uninvested.

 

The Certificate Administrator
shall make withdrawals from the Distribution Account to make distributions to the Holders of the Certificates pursuant to Section 4.1.

 

(b)          The Certificate Administrator shall make or be deemed to have made withdrawals from the Lower-Tier Distribution Account
in the following order of priority and only for the following purposes:

 

(i)          
to make deposits of the Lower-Tier Distribution Amount pursuant to Section 4.1(b) and Section 4.3(b)
into the Upper-Tier Distribution Account and to make distributions to the Holder of the Class R Certificates (in respect of
the Class LT-R Interest) pursuant to Section 4.1(b);

 

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(ii)          to withdraw amounts deposited into the Lower-Tier Distribution Account in error and pay such amounts to the Persons entitled
thereto; and

 

(iii)        
to clear and terminate the Lower-Tier Distribution Account pursuant to Section 10.1.

 

(c)         
The Certificate Administrator shall make withdrawals from the Upper-Tier Distribution Account in the following order of
priority and only for the following purposes:

 

(i)          
to withdraw amounts deposited in error and to withdraw amounts due to it under Section 3.4(c), to the extent
such amounts were not withdrawn and paid to it by the Servicer under Section 3.4(c);

 

(ii)         
to make distributions to Holders of the Regular Certificates and the Class R Certificates (in respect of the Class UT-R
Interest) on each Distribution Date pursuant to Section 4.1 or Section 9.1 as applicable; and

 

(iii)        
to clear and terminate the Upper-Tier Distribution Account at the termination of this Agreement pursuant to Section 9.1.

 

Section 3.6.       
Foreclosed Property Account. The Special Servicer shall establish and maintain one or more deposit accounts (the
“Foreclosed Property Account”) in the name of either (a) “AEGON USA Realty Advisors, LLC, as Special Servicer
on behalf of Wells Fargo Bank, National Association, as Trustee for the benefit of the Certificateholders of GS Mortgage Securities
Corporation Trust 2017-FARM, Commercial Mortgage Pass-Through Certificates, Series 2017-FARM” related to any Foreclosed
Property held in the name of the Special Servicer for the benefit of the Trust on behalf of the Certificateholders and the Companion
Loan Holders or (b) in the name of the limited liability company formed under Section 3.14. The Foreclosed Property Account
must be an Eligible Account. The Special Servicer shall deposit into the Foreclosed Property Account within two Business Days of
receipt all funds collected and received in connection with the operation or ownership of such Foreclosed Property. On or before
the last day of each Collection Period, the Special Servicer shall withdraw the funds in the Foreclosed Property Account, net of
certain expenses and/or reserves as determined in the Special Servicer’s reasonable discretion in accordance with Accepted
Servicing Practices, and deposit them into the Collection Account in accordance with Section 3.4(a). The Special Servicer
shall notify the Trustee and the Certificate Administrator in writing of the location and account number of the Foreclosed Property
Account and shall notify the Trustee and the Certificate Administrator in writing prior to any subsequent change thereof.

 

Section 3.7.       
Appraisal Reductions. (a)  Promptly upon the occurrence of an Appraisal Reduction Event, the Special Servicer
shall (i) notify the Servicer, the Operating Advisor, the Certificate Administrator and the Trustee (and so long as no Control
Termination Event is continuing, the Controlling Class Representative) of the occurrence of an Appraisal Reduction Event, (ii)
(A) order and (B) use efforts consistent with Accepted Servicing Practices to obtain an Appraisal of the Property (unless any such
Appraisal was performed within nine (9) months prior to the Appraisal Reduction Event and the Special Servicer is not aware of
any material change in the market or condition or value of the Property since the date of such

 

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Appraisal (in which case, such Appraisal
shall be used by the Special Servicer)) and (iii) determine (no later than the first Distribution Date on or following the receipt
of such appraisals (in final form) or determination to use any existing Appraisals) (so long as such appraisals were received at
least five (5) Business Days prior to such Distribution Date (in which case it shall determine no later than the second Distribution
Date following the receipt of such Appraisals)) on the basis of the applicable Appraisals, and receipt of information reasonably
requested by the Special Servicer from the Servicer in the Servicer’s possession necessary to calculate the Appraisal Reduction
Amount (which information shall be delivered within two (2) Business Days after receipt of any such request) whether there exists
any Appraisal Reduction Amount and, if so, give reasonably prompt notice thereof to the Servicer, the Trustee, the Companion Loan
Holders (or, in the case of a Companion Loan that is part of an Other Securitization Trust, the master servicer, special servicer
and trustee with respect to such Other Securitization Trust) and the Certificate Administrator. The cost of obtaining such Appraisals
shall be paid by the Servicer as a Property Protection Advance or an Administrative Advance unless it would constitute a Nonrecoverable
Advance and in such case, as an expense of the Trust. Appraisals and updates of Appraisals shall be obtained by the Special Servicer
and paid for by the Servicer as a Property Protection Advance (or paid for by the Trust if the Servicer determines that such Advance
would constitute a Nonrecoverable Advance) every nine (9) months for so long as an Appraisal Reduction Event exists, and the Appraisal
Reduction Amount shall be adjusted accordingly, and, if required in accordance with any such adjustment, each Class of Certificates
that has been notionally reduced as a result of Appraisal Reduction Amounts shall have its related Certificate Balance notionally
restored (or reduced if applicable) to the extent required by such adjustment of the Appraisal Reduction Amount, and there shall
be a redetermination of whether a Control Termination Event or a Consultation Termination Event is then in effect. Any such Appraisals
obtained shall be delivered by the Special Servicer to the Certificate Administrator, the Trustee, the Operating Advisor, the Servicer
and, so long as no Control Termination Event is continuing, the Controlling Class Representative, in electronic format (which format
is reasonably acceptable to the Certificate Administrator), and the Certificate Administrator shall make such appraisals available
to Privileged Persons pursuant to Section 8.14(b).

 

The Holders of Certificates
representing the majority of the Certificate Balance of the Class HRR Certificates whose aggregate Certificate Balance is notionally
reduced to 25% or less of the Original Certificate Balance of that Class of Certificates (such Class, an “Appraised Out
Class”) as a result of an allocation of an Appraisal Reduction Amount in respect of such Class shall have the right to
challenge the Special Servicer’s Appraisal Reduction Amount determination and, at their sole expense, obtain a second Appraisal
of the Property if an Appraisal Reduction Event has occurred (such Holders, the “Requesting Holders”). The Requesting
Holders shall cause any such Appraisal to be prepared on an “as is” basis by an Appraiser in accordance with MAI standards,
and the Appraisal shall be reasonably acceptable to the Special Servicer in accordance with Accepted Servicing Practices. The Requesting
Holders shall provide the Special Servicer with notice of their intent to challenge the Special Servicer’s Appraisal Reduction
Amount determination within 10 days of the Requesting Holders’ receipt of written notice of the determination of such Appraisal
Reduction Amount.

 

An Appraised Out Class
shall be entitled to continue to exercise the rights of the Controlling Class until 10 days following its receipt of written notice
of the Appraisal Reduction

 

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Amount, unless the Requesting Holders provide written notice of their intent to challenge such Appraisal
Reduction Amount to the Special Servicer and the Certificate Administrator within such 10 day period pursuant to the immediately
preceding paragraph. If the Requesting Holders provide such notice, then the Appraised Out Class shall be entitled to continue
to exercise the rights of the Controlling Class until the earliest of (i) 120 days following the related Appraisal Reduction Event,
unless the Requesting Holders provide the second Appraisal within such 120 day period, (ii) the determination by the Special Servicer
(described below) that a recalculation of the Appraisal Reduction Amount is not warranted or that such recalculation does not result
in the Appraised Out Class remaining the Controlling Class and (iii) the occurrence of a Consultation Termination Event. After
the Appraised Out Class is no longer entitled to exercise the rights of the Controlling Class, the rights of the Controlling Class
shall not be exercised by any Class of Certificates unless a recalculation results in the reinstatement of the Appraised Out Class
as the Controlling Class.

 

In addition to the foregoing,
the Holders of Certificates representing the majority of the Certificate Balance of any Appraised Out Class shall have the right,
at their sole expense, to require the Special Servicer to order an additional Appraisal of the Property if an Appraisal Reduction
Event has occurred and if an event has occurred at or with regard to the Property that would have a material effect on its Appraised
Value, and the Special Servicer shall use its reasonable best efforts to ensure that such Appraisal is delivered within 30 days
from receipt of such Holders’ written request and shall ensure that such Appraisal is prepared on an “as is”
basis by an Appraiser in accordance with MAI standards; provided that the Special Servicer shall not be required to obtain
such Appraisal if the Special Servicer determines in accordance with Accepted Servicing Practices that no events at or with regard
to the Property have occurred that would have a material effect on such Appraised Value of the Property.

 

Upon receipt of an Appraisal
provided by, or requested by, Holders of an Appraised Out Class pursuant to this Section and any other information reasonably requested
by the Special Servicer from the Servicer reasonably required to calculate or recalculate the Appraisal Reduction Amount, the Special
Servicer shall determine, in accordance with Accepted Servicing Practices, whether, based on its assessment of such additional
Appraisal, any recalculation of the Appraisal Reduction Amount is warranted and, if so warranted, shall recalculate such Appraisal
Reduction Amount based upon such additional Appraisal. If required by any such recalculation, the Appraised Out Class shall be
reinstated as the Controlling Class. The Special Servicer shall promptly deliver written notice to the Certificate Administrator
of any such determination and recalculation in its monthly reporting, and, upon receipt thereof, the Certificate Administrator
shall promptly post such notice to the Certificate Administrator’s Website.

 

Appraisals that are permitted
to be presented by, or obtained by the Special Servicer at the request of, Holders of an Appraised Out Class shall be in addition
to any Appraisals that the Special Servicer may otherwise be required to obtain in accordance with Accepted Servicing Practices
or this Agreement without regard to any appraisal requests made by any Holder of an Appraised Out Class.

 

(b)         
While an Appraisal Reduction Amount exists, (i) the amount of any Monthly Payment Advances shall be reduced as provided
in Section 3.22(a), and (ii) the

 

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existence thereof will be taken into account for purposes of determining (a)
the Voting Rights of certain Classes of Certificates as provided in Section 3.7(c) or (b) if a Control Termination
Event is continuing.

 

(c)          The Certificate Balance of each Class of the Sequential Pay Certificates (other than the Class A Certificates) shall be
notionally reduced (solely for purposes of determining (x) the Voting Rights of the related Classes and the Controlling Class and
(y) whether a Control Termination Event or an Operating Advisor Consultation Event is continuing on any Distribution Date) on any
Distribution Date, to the extent of any Appraisal Reduction Amount allocated to such Class on such Distribution Date. Appraisal
Reduction Amounts with respect to the Whole Loan shall be applied to the Notes on a pro rata and pari passu basis, based on the
outstanding principal balances of the related Notes. The Appraisal Reduction Amount for the Trust Loan for any Distribution Date
shall be applied to notionally reduce the Certificate Balances of the Sequential Pay Certificates (other than the Class A Certificates)
in the following order of priority: first, to the Class HRR Certificates; and then, to the to the Class B Certificates;
(provided in each case that no Certificate Balance in respect of any such Class may be notionally reduced below zero). Appraisal
Reduction Amounts shall not be applied to notionally reduce the Certificate Balance of any Class A Certificate.

 

(d)         
In the event that a portion(s) of one or more Monthly Payment Advances with respect to the Trust Loan was reduced as a result
of an Appraisal Reduction Event, the amount of the Net Liquidation Proceeds to be applied to interest shall be reduced by the aggregate
amount of such reductions and the portion of such Net Liquidation Proceeds to be applied to principal shall be increased by such
amount, and if the amounts of the Net Liquidation Proceeds to be applied to principal have been applied to pay the principal of
the Trust Loan in full, any remaining Net Liquidation Proceeds shall then be applied to pay any remaining accrued and unpaid interest
on the Trust Loan in accordance with Section 1.3.

 

(e)          If (i) an Appraisal Reduction Event has occurred, (ii) with respect to the Property, either (A) no Appraisal
or updates of any Appraisal have been obtained with respect to the Property or Foreclosed Property, as the case may be, during
the 9-month period prior to the date of such Appraisal Reduction Event or (B) a material change in the circumstances surrounding
the Property or Foreclosed Property, as the case may be, has occurred since the date of the most recent Appraisal that would materially
adversely affect the value of such Property or Foreclosed Property, as the case may be, and (iii) no new Appraisal has been
obtained for the Property or Foreclosed Property, as the case may be, within 60 days after the Appraisal Reduction Event has
occurred, then (x) until the new Appraisal is obtained for the Property, the appraised value of the Property for purposes
of determining the Appraisal Reduction Amount shall be equal to 75% of the appraised value set forth in the most recent Appraisal
for the Property or Foreclosed Property, as the case may be (the “Assumed Appraised Value”), and (y) upon
receipt of the new Appraisal by the Special Servicer, the appraised value of the Property or Foreclosed Property, as the case may
be, shall be based on such new Appraisal and the Appraisal Reduction Amount will be recalculated in accordance with the definition
of Appraisal Reduction Amount.

 

Section 3.8.      
Investment of Funds in the Collection Account and Any Foreclosed Property Account. (a)  The Servicer (and,
with respect to the Foreclosed Property

 

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Account, the Special Servicer) may direct any depository institution maintaining the Collection
Account, any Reserve Account (to the extent interest is not payable to the Borrower) or the Foreclosed Property Account, respectively
(each, for purposes of this Section 3.8, an “Investment Account”), to invest the funds in such Investment
Account in one or more Permitted Investments that bear interest or are sold at a discount, and that mature, unless payable on demand,
no later than the Business Day preceding the date on which such funds are required to be withdrawn from such Investment Account
pursuant to this Agreement. Any direction by the Servicer or the Special Servicer, as applicable, to invest funds on deposit in
an Investment Account shall be in writing and shall certify that the requested investment is a Permitted Investment which matures
at or prior to the time required hereby or is payable on demand. All such Permitted Investments shall be held to maturity, unless
payable on demand. Any investment of funds in an Investment Account shall be made in the name of the Trustee for the benefit of
the Certificateholders (in its capacity as such) or in the name of a nominee of the Trustee. The Trustee shall have sole control
(except with respect to investment direction, which shall be in the control of the Servicer (or the Special Servicer, with respect
to the Foreclosed Property Account) as an independent contractor to the Trust Fund) over each such investment and any certificate
or other instrument evidencing any such investment shall be delivered directly to the Trustee or its agent (which shall initially
be the Servicer or the Special Servicer, as applicable), together with any document of transfer, if any, necessary to transfer
title to such investment to the Trustee for the benefit of the Certificateholders or its nominee. The Trustee and the Certificate
Administrator shall have no responsibility or liability with respect to the investment directions of the Servicer or the Special
Servicer, as applicable, or any losses resulting therefrom, whether from Permitted Investments or otherwise. In the event amounts
on deposit in an Investment Account are at any time invested in a Permitted Investment payable on demand, the Servicer and the
Special Servicer, as applicable, shall:

 

(i)           consistent with any notice required to be given thereunder, demand that payment thereon be made on the last day such Permitted
Investment may otherwise mature hereunder in an amount equal to the lesser of (1) all amounts then payable thereunder and
(2) the amount required to be withdrawn on such date; and

 

(ii)          demand payment of all amounts due thereunder promptly upon determination by the Servicer or Special Servicer, as applicable,
that such Permitted Investment would not constitute a Permitted Investment in respect of funds thereafter on deposit in the related
Investment Account.

 

(b)          All net income and gain realized from investment of funds deposited in the Collection Account shall be for the benefit of
the Servicer in accordance with the terms and priorities of this Agreement. All net income and gain realized from investment of
funds deposited in the Foreclosed Property Account shall be for the benefit of the Special Servicer. Any net losses on funds in
the Collection Account or the Foreclosed Property Account shall be reimbursed by the Servicer or the Special Servicer, as applicable,
from its own funds promptly, but in any event on or prior to the Remittance Date following the realization of such loss.

 

(c)          Except as otherwise expressly provided in this Agreement, if any default occurs in the making of a payment due under any
Permitted Investment, or if a default occurs in any other performance required under any Permitted Investment, the Servicer shall
take such

 

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action as may be appropriate to enforce such payment or performance, including the institution and prosecution of appropriate
proceedings. In the event the Servicer takes any such action, the Trust Fund shall pay or reimburse the Servicer, pursuant to Section 3.4(c),
for all reasonable out-of-pocket expenses, disbursements and advances incurred or made by the Servicer in connection therewith.

 

(d)          For the avoidance of doubt, the Collection Account, the Foreclosed Property Account, the Interest Reserve Account and the
Lower-Tier Distribution Account (including interest, if any, earned on the investment of funds in such accounts) will be owned
by the Lower-Tier REMIC, and the Upper-Tier Distribution Account (including interest, if any, earned on the investment of funds
in such account) will be owned by the Upper-Tier REMIC, each for federal income tax purposes.

 

(e)         
Notwithstanding the foregoing, neither the Servicer, nor the Special Servicer shall cover any losses from the bankruptcy
or insolvency of a depository institution holding an account described in this Section 3.8, so long as (i) such
depositary institution or trust company satisfied the qualifications set forth in the definition of Eligible Institution at the
time such deposit was made and such institution was not an Affiliate of the Servicer or the Special Servicer, as applicable and
(ii) such loss was incurred within 30 days after the earlier of (a) the date of such bankruptcy or insolvency or (b)
the date on which the depositary institution or trust company failed to satisfy the qualifications set forth in the definition
of Eligible Institution.

 

Section 3.9.      
Payment of Taxes, Assessments, etc. The Servicer (other than with respect to any Foreclosed Property) and the Special
Servicer (with respect to any Foreclosed Property) shall maintain accurate records with respect to the Property (or any Foreclosed
Property, as the case may be) reflecting the status of taxes, assessments, charges and other similar items that are or may become
a lien on the Property (or any Foreclosed Property, as the case may be) and the status of insurance premiums payable in respect
of insurance policies required to be maintained pursuant to Section 3.11 hereof. The Servicer shall obtain, from time
to time, all bills for the payment of such items (including renewal premiums). The Servicer shall pay (or cause to be paid) real
estate taxes, insurance premiums and other similar items from funds in the applicable Reserve Account in accordance with the Loan
Agreement at such time as may be required by the Loan Documents. If the Borrower does not make the necessary payments and/or a
Loan Event of Default has occurred and amounts in the applicable Reserve Account are insufficient to make such payments, the Servicer
shall make a Property Protection Advance, subject to the determination of non-recoverability provided in Section 3.22,
from its own funds for amounts payable with respect to all such items related to the Property when and as the same shall become
due and payable. The Servicer shall ensure that the amount of funds in the applicable Reserve Account is increased when and if
applicable taxes, assessments, charges and other similar items, ground rents or insurance premiums are increased, in accordance
with the terms of the Loan Agreement.

 

Section 3.10.    
Appointment of Special Servicer. (a) AEGON USA Realty Advisors, LLC, is hereby appointed as the initial Special Servicer
to service the Whole Loan while a Special Servicing Loan Event has occurred and is continuing and perform the other obligations
of the Special Servicer hereunder.

 

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(b)         
If there is a Special Servicer Termination Event with respect to any Special Servicer, such Special Servicer may be removed
and replaced pursuant to Section 7.1. The Trustee shall, promptly after receiving notice of any such removal, so notify
the Servicer, the Companion Loan Holders and, subject to Section 10.17, each Rating Agency. The appointment of any
such successor Special Servicer shall not relieve the Servicer or the Trustee of their respective obligations to make Advances
as set forth herein; provided, however, the initial Special Servicer specified above shall not be liable for any
actions or any inaction of such successor Special Servicer. No termination fee shall be payable to the terminated Special Servicer.
No termination of the Special Servicer and appointment of a successor Special Servicer shall be effective until the successor Special
Servicer has assumed all of its responsibilities, duties and liabilities hereunder in writing, a Companion Loan Rating Agency Confirmation
with respect to such appointment has been delivered to the Trustee and Rating Agency Confirmation with respect to such appointment
has been delivered to the Trustee. Any successor Special Servicer shall be deemed to make the representations and warranties provided
for in Section 2.5(a) mutatis mutandis as of the date of its succession. The terminated Special Servicer shall
retain all rights accruing to it under this Agreement, including the right to receive fees accrued prior to its termination and
other amounts payable to it (including indemnification payments).

 

(c)         
Upon determining that a Special Servicing Loan Event has occurred and is continuing, the Servicer shall immediately give
notice thereof to the Special Servicer, the Operating Advisor, the Certificate Administrator and the Trustee, and the Servicer
shall use its reasonable efforts to provide the Special Servicer with all information, documents (but excluding the original documents
constituting the Mortgage File) and records (including records stored electronically on computer tapes, magnetic discs and the
like) relating to the Whole Loan and reasonably requested by the Special Servicer to enable it to assume its duties hereunder with
respect thereto (and concurrently provide a copy of such Mortgage File, exclusive of all Privileged Information, to the Operating
Advisor). The Servicer shall use its reasonable efforts to comply with the preceding sentence within five Business Days of the
date that a Special Servicing Loan Event has occurred. The Servicer in any event shall continue to act as Servicer and administrator
of the Whole Loan until the Special Servicer has commenced the servicing of the Whole Loan, upon the occurrence and during the
continuation of a Special Servicing Loan Event, which shall occur, in the case of a Special Servicing Loan Event, upon the receipt
by the Special Servicer of the information, documents and records referred to in the preceding sentence. The Special Servicer shall
instruct the Borrower to continue to remit all payments in respect of the Whole Loan to the Servicer. The Servicer shall forward
any notices it would otherwise send to the Borrower under the Whole Loan to the Special Servicer who shall send such notice to
the Borrower while a Special Servicing Loan Event has occurred and is continuing.

 

(d)         Upon determining that a Special Servicing Loan Event is no longer continuing, the Special Servicer shall promptly give notice
thereof to the Servicer, the Operating Advisor, the Certificate Administrator and the Trustee and the Companion Loan Holders, and
upon giving such notice such Special Servicing Loan Event shall cease, the Special Servicer’s obligation to service the Whole
Loan shall terminate and the obligations of the Servicer to service and administer the Whole Loan shall resume and the Special
Servicer

 

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shall return all of the information and materials furnished to the Special Servicer pursuant to Section 3.10(c)
to the Servicer.

 

(e)          In making a Major Decision or in servicing the Whole Loan during the continuance of a Special Servicing Loan Event, the
Servicer or the Special Servicer, as applicable, shall provide to the Custodian originals of documents entered into in connection
therewith that are required to be included within the definition of “Mortgage File” for inclusion in the Mortgage File
(to the extent such documents are in the possession of the Servicer or the Special Servicer, as applicable) and copies of any additional
related Whole Loan information, including correspondence with the Borrower, and the Special Servicer shall promptly provide copies
of all of the foregoing to the Servicer as well as copies of any related analysis or internal review prepared by or for the benefit
of the Special Servicer.

 

(f)           During any period in which a Special Servicing Loan Event is continuing, no later than the Business Day preceding each date
on which the Servicer is required to furnish a report under Section 3.18(a) to the Certificate Administrator, the Special
Servicer shall deliver to the Servicer a written statement describing (i) the amount of all payments on account of interest
received on the Whole Loan, the amount of all payments on account of principal received on the Whole Loan, the amount of Insurance
Proceeds and Net Liquidation Proceeds received, the amount of any Foreclosure Proceeds received with respect to the Property, and
the amount of net income or net loss, as determined from management of a trade or business on, the furnishing or rendering of a
non-customary service to the tenants of, or the receipt of any rental income that does not constitute rents from real property
with respect to, any Foreclosed Property, in each case in accordance with Section 3.15 and (ii) such additional
information relating to the Whole Loan as the Servicer or the Certificate Administrator reasonably requests to enable it to perform
its duties under this Agreement.

 

(g)         
Notwithstanding the provisions of the preceding subsection (c), the Servicer shall maintain ongoing payment
records with respect to the Whole Loan and shall provide the Special Servicer with any information reasonably required by the Special
Servicer to perform its duties under this Agreement.

 

(h)         
The Special Servicer, at the earlier of (x) within 60 days after the occurrence of a Special Servicing Loan Event and (y)
prior to taking action with respect to any Major Decision (or making a determination not to take action with respect to a Major
Decision) if a Special Servicing Loan Event occurs, shall prepare a report (the “Asset Status Report”) for the
Whole Loan. The Special Servicer will be required to promptly deliver each Asset Status Report in electronic format to the Controlling
Class Representative (but only for so long as a Consultation Termination Event has not occurred and is not continuing), the Depositor,
the Operating Advisor, the Certificate Administrator, the Trustee, the Servicer, the Companion Loan Holders (as and to the extent
required under Section 5(d) of the Co-Lender Agreement) and, subject to Section 10.17, the Rating Agencies; provided,
however, that the Special Servicer shall not be required to deliver an Asset Status Report to the Controlling Class Representative
if they are the same entity or Affiliates of each other. Such Asset Status Report shall be consistent with Accepted Servicing Practices
and set forth the following information to the extent reasonably determinable:

 

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(i)          
summary of the status of the Whole Loan and any negotiations with the Borrower;

 

(ii)         
a discussion of the legal and environmental considerations reasonably known at such time to the Special Servicer, consistent
with Accepted Servicing Practices, that are applicable to the exercise of remedies as aforesaid and to the enforcement of any related
guaranties or other collateral for the Whole Loan and whether outside legal counsel has been retained;

 

(iii)        
the most current rent roll and income or operating statement available for the Property;

 

(iv)        
the Special Servicer’s recommendations on how the Whole Loan might be returned to performing status or otherwise realized
upon;

 

(v)         
the appraised value of the Property together with the Appraisal or the assumptions used in the calculation thereof;

 

(vi)        
the status of any foreclosure actions or other proceedings undertaken with respect thereto, any proposed workouts with respect
thereto and the status of any negotiations with respect to such workouts, and an assessment of the likelihood of an additional
Loan Event of Default;

 

(vii)       
a description of any proposed actions;

 

(viii)      
the alternative courses of action considered by the Special Servicer in connection with the proposed actions;

 

(ix)        
the decision that the Special Servicer made or intends or proposes to make, including a narrative analysis setting forth
the Special Servicer’s rationale for its proposed decision, including its rejection of the alternatives; and an analysis
of whether or not taking such action is reasonably likely to produce a greater recovery on a present value basis than not taking
such action, setting forth (x) the basis on which the Special Servicer made such determination and (y) the net present
value calculation (including the applicable discount rate used) and all related assumptions. In connection with the foregoing analysis,
if the Borrower has indicated its refusal to pay any Workout Fees, Special Servicing Fees or Liquidation Fees due to the Special
Servicer, the Special Servicer must consider the costs to the Trust and analyze as an alternative a sale of the Whole Loan or of
the related Foreclosed Property or other exercise of remedies;

 

(x)         
a summary of the status of any action that was described in the most recent prior Asset Status Report and subsequently effected
by the Special Servicer; and

 

(xi)        
such other information as the Special Servicer deems relevant in light of the proposed action and Accepted Servicing Practices.

 

For so long as there
is no continuing Control Termination Event, the Controlling Class Representative shall have the right to disapprove the Asset Status
Report prepared by the

 

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Special Servicer within 10 Business Days after receipt of the Asset Status Report. For so long as there
is no continuing Control Termination Event, if the Controlling Class Representative does not disapprove an Asset Status Report
in writing within 10 Business Days of receiving such Asset Status Report or if the Special Servicer makes a determination, in accordance
with Accepted Servicing Practices, that the disapproval by the Controlling Class Representative (communicated to the Special Servicer
within such 10 Business Day period) is not in the best interest of all the Certificateholders, then the Special Servicer shall
implement the recommended action as outlined in such Asset Status Report. If, prior to the occurrence and continuance of a Control
Termination Event, the Controlling Class Representative disapproves such Asset Status Report within such 10 Business Day period
and the Special Servicer has not made an affirmative determination pursuant to the preceding sentence, then the Special Servicer
shall revise the Asset Status Report and deliver to the Controlling Class Representative (prior to the occurrence and continuance
of a Control Termination Event), the Operating Advisor, the Certificate Administrator and, subject to Section 10.17
of this Agreement, each Rating Agency a new Asset Status Report as soon as practicable, but in no event later than 30 days after
the disapproval. Prior to the occurrence and continuance of a Control Termination Event, the Special Servicer shall continue to
revise such Asset Status Report as described above until the Controlling Class Representative shall fail to disapprove such revised
Asset Status Report in writing within 10 Business Days of receiving such revised Asset Status Report or until the Special Servicer
makes a determination, in accordance with Accepted Servicing Practices, that such disapproval is not in the best interests of the
Certificateholders (as a collective whole as if such Certificateholders constitute a single lender) provided that, if the
Controlling Class Representative has not approved the Asset Status Report for a period of 60 Business Days following the first
submission of an Asset Status Report, the Special Servicer may act upon the most recently submitted form of Asset Status Report,
if consistent with Accepted Servicing Practices.

 

During the continuance
of an Operating Advisor Consultation Event, the Operating Advisor shall consult with and provide comments to the Special Servicer
in respect of each Asset Status Report, if any, within ten (10) Business Days following the later of (i) receipt of such Asset
Status Report or (ii) receipt of such additional information reasonably requested by the Operating Advisor related thereto, and
propose possible alternative courses of action to the extent it determines such alternatives to be in the best interest of the
Certificateholders (including any Certificateholders that are holders of the Controlling Class Certificates), as a collective whole.
The Special Servicer shall consider such alternative courses of action, if any, and any other feedback provided by the Operating
Advisor (and if no Consultation Termination Event has, the Controlling Class Representative) in connection with the Special Servicer’s
preparation of any Asset Status Report that is provided while an Operating Advisor Consultation Event has occurred and is continuing.
The Special Servicer shall revise the Asset Status Report as it deems necessary to take into account any input and/or comments
from the Operating Advisor (and if no Consultation Termination Event has occurred, the Controlling Class Representative), to the
extent the Special Servicer determines that the Operating Advisor’s and/or Controlling Class Representative’s input
and/or recommendations are consistent with Accepted Servicing Practices and in the best interest of the Certificateholders and
the Companion Loan Holders as a collective whole, the Companion Loan Holders. Promptly upon determining whether or not to revise
any Asset Status Report to take into account any input and/or comments from the Operating Advisor or the Controlling Class Representative,
the Special Servicer shall deliver to the Operating Advisor and the Controlling Class Representative the revised Asset Status Report
(until a Final

 

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Asset Status Report is issued) or notice that the Special Servicer has decided not to revise such Asset Status Report,
as applicable.

 

In connection with the
approval or consultation rights of the Controlling Class Representative and/or Operating Advisor with respect to any Asset Status
Report, if the Special Servicer determines that any action recommended in an Asset Status Report is necessary to protect the Property
or the interests of the Certificateholders from potential harm if such action is not taken, or if a failure to take any such action
at such time would be inconsistent with Accepted Servicing Practices, the Special Servicer may take actions with respect to the
Property before the expiration of the 10 Business Day period if the Special Servicer reasonably determines in accordance with Accepted
Servicing Practices that failure to take such actions before the expiration of the 10 Business Day period would materially adversely
affect the interest of the Certificateholders, and the Special Servicer has made a reasonable effort to contact the Controlling
Class Representative or the Operating Advisor, as applicable.

 

After the occurrence
and during the continuance of a Control Termination Event, the Controlling Class Representative shall have no right to consent
to any Asset Status Report under this Section 3.10. After the occurrence and during the continuance of a Control Termination
Event but prior to the occurrence of a Consultation Termination Event, the Controlling Class Representative, and after the occurrence
and during the continuance of an Operating Advisor Consultation Event, the Operating Advisor, shall consult with the Special Servicer
(telephonically or electronically) and propose alternative courses of action and provide other feedback in respect of any Asset
Status Report. After the occurrence of a Consultation Termination Event, the Controlling Class Representative (other than in its
capacity as a Certificateholder) shall have no right to receive any Asset Status Report or otherwise consult with the Special Servicer
with respect to Asset Status Reports and the Special Servicer shall only be obligated to consult with the Operating Advisor with
respect to any Asset Status Report as described above. The Special Servicer may choose to revise the Asset Status Report as it
deems reasonably necessary in accordance with Accepted Servicing Practices to take into account any input and/or recommendations
of the Operating Advisor or the Controlling Class Representative during the applicable periods described above, but is under no
obligation to follow any particular recommendation of the Operating Advisor or the Controlling Class Representative.

 

The Special Servicer
may, from time to time, modify any Asset Status Report it has previously delivered and implement such report, provided such report
shall have been prepared, reviewed and not rejected pursuant to the terms of this Section. In any event, for so long as a Control
Termination Event has not occurred and is not continuing, if the Controlling Class Representative has not approved the Asset Status
Report within 60 Business Days following the first submission thereof, the Special Servicer may act upon the most recently submitted
form of Asset Status Report, if consistent with Accepted Servicing Practices.

 

Notwithstanding anything
to the contrary herein, after the occurrence and during the continuance of a Consultation Termination Event, the Controlling Class
Representative shall have no right to receive any Asset Status Report or otherwise consult with the Special Servicer with respect
to any matter set forth therein. After the occurrence and during the continuance of a Control Termination Event, the Controlling
Class Representative shall have no right to consent to any Asset Status Report under this Section 3.10(h).

 

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The Special Servicer
shall (x) deliver to the Certificate Administrator a proposed notice to the Certificateholders that will include a summary of the
Final Asset Status Report in an electronic format which format is reasonably acceptable to the Certificate Administrator (which
shall be a brief summary of the current status of the Property and current strategy with respect to the Whole Loan), and the Certificate
Administrator shall be required to post such notice and summary (but not such Final Asset Status Report) on the Certificate Administrator’s
Website and (y) implement the Asset Status Report in the form delivered to the Depositor. The Special Servicer may, from time to
time, modify any Asset Status Report it has previously delivered and, following delivery of such modified Asset Status Report to
the 17g-5 Information Provider and a summary of the same to the Certificate Administrator, which the 17g-5 Information Provider
and the Certificate Administrator, respectively shall post on their respective websites pursuant to Section 8.14(b) or Section
10.17, as applicable, implement such report.

 

(i)           During the continuance of a Special Servicing Loan Event, the Special Servicer shall have the authority to meet with the
Borrower and take any actions consistent with Section 3.23, Accepted Servicing Practices and the most recent Final
Asset Status Report.

 

(j)           In addition, during the continuance of a Special Servicing Loan Event, on the last day of each Collection Period the Special
Servicer shall prepare and deliver to the Servicer the CREFC® Special Servicer Loan File with respect to the Whole
Loan.

 

(k)          Beginning in 2018, the Special Servicer shall prepare and file on a timely basis the reports of foreclosure and abandonment
of the Property required by Section 6050J of the Code and the reports of discharges of indebtedness income in respect of the
Trust Loan and the Companion Loan required by Section 6050P of the Code.

 

(l)          
Notwithstanding the foregoing, the Special Servicer shall not follow any advice, direction or consultation provided by the
Controlling Class Representative or the Operating Advisor that would require or cause the Special Servicer to violate any applicable
law or provisions of the Code resulting in an Adverse REMIC Event (other than the imposition of a tax on “net income from
foreclosure property”), be inconsistent with Accepted Servicing Practices, require or cause the Special Servicer to violate
provisions of this Agreement or the Co-Lender Agreement, require or cause the Special Servicer to violate the terms of the Whole
Loan, expose any Certificateholder, Companion Loan Holder, or any party to this Agreement or their Affiliates, officers, directors
or agents to any claim, suit or liability or materially expand the scope of the responsibilities of the Special Servicer or Servicer,
as applicable, under this Agreement.

 

Section 3.11.     
Maintenance of Insurance and Errors and Omissions and Fidelity Coverage. (a)  The Servicer, consistent
with Accepted Servicing Practices and the Loan Documents, shall use efforts consistent with the Accepted Servicing Practices to
cause to be maintained by the Borrower (or if the Borrower fails to maintain such insurance in accordance with the Loan Agreement,
the Servicer shall cause to be maintained to the extent the Trustee, as mortgagee of record, has an insurable interest) insurance
with respect to the Property of the types and in the amounts required to be maintained (to the extent such insurance is available
at commercially reasonable rates, provided, that the commercially reasonably requirement shall not apply with respect to terrorism
insurance which will be governed by the Loan Documents) by the

 

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Borrower under the Loan Documents. The cost of any such insurance
maintained by the Servicer shall be advanced by the Servicer, as a Property Protection Advance unless it would be a Nonrecoverable
Advance in which case it shall be paid by the Trust, and as applicable, by the Companion Loan Holders pursuant to the Co-Lender
Agreement. Neither the Servicer nor the Special Servicer shall be required to maintain, and shall not cause the Borrower to be
in default with respect to the failure of the Borrower to obtain, all-risk casualty insurance which does not contain any carve-out
for terrorist or similar acts, if and only if the Special Servicer has determined, on an annual basis, that such failure is an
Acceptable Insurance Default. In making any determination related to an Acceptable Insurance Default, the Special Servicer, to
the extent consistent with Accepted Servicing Practices, is entitled to rely on the opinion of an insurance consultant. Neither
the Servicer nor the Special Servicer shall be required to obtain terrorism insurance pursuant to this Agreement to the extent
the Borrower would not be obligated to maintain terrorism insurance under the Loan Documents as in effect on the date thereof.

 

(b)         The Special Servicer, consistent with Accepted Servicing Practices and the Loan Documents, shall cause to be maintained
such insurance (including environmental insurance) with respect to any Foreclosed Property as the Borrower is required to maintain
with respect to the Property referred to in subsection (a) of this Section 3.11 or, at the Special Servicer’s
election, coverage satisfying insurance requirements consistent with Accepted Servicing Practices. The cost of any such insurance
with respect to the Foreclosed Property shall be payable out of amounts on deposit in the Foreclosed Property Account or shall
be advanced by the Servicer as a Property Protection Advance unless such advance would be a Nonrecoverable Advance. Any such insurance
(other than terrorism insurance, which shall be maintained to the extent required under subsection (a)) that is required
to be maintained with respect to any Foreclosed Property shall only be so required to the extent such insurance is available at
commercially reasonable rates. If the Special Servicer requests the Servicer to make a Property Protection Advance in respect of
the premiums due in respect of such insurance, the Servicer shall, as soon as practicable after receipt of such request, make such
Property Protection Advance unless such Advance would be a Nonrecoverable Advance, and if the Servicer does not make such Advance,
the Trustee (within five (5) Business Days of its receipt of notice of the Servicer’s failure to make such Advance) shall
make an Advance of the premiums to maintain such insurance, provided that, in each such case, such obligations shall be
subject to the provisions of this Agreement concerning Nonrecoverable Advances, the Trustee as mortgagee of record having an insurable
interest and the availability of such insurance at commercially reasonable rates.

 

(c)         
The Servicer or the Special Servicer, as applicable, may satisfy its obligations to cause insurance policies to be maintained
by maintaining a master force placed or blanket insurance policy insuring against losses on the Property or any Foreclosed Property,
as the case may be for which coverage is otherwise required to be maintained as set forth in the preceding subsections of this
Section 3.11. The incremental cost of such insurance allocable to the Property or any Foreclosed Property, if not borne
by the Borrower, shall be paid by the Servicer as a Property Protection Advance unless it would be a Nonrecoverable Advance. If
such master force placed or blanket insurance policy contains a deductible clause, the Servicer or the Special Servicer, as applicable,
shall be obligated to deposit in the Collection Account out of its own funds all sums that would have been deposited therein but
for such clause to the

 

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extent any such deductible exceeds the deductible limitation that pertained to the Whole Loan, or in
the absence of any such deductible limitation, the deductible limitation that is consistent with Accepted Servicing Practices.

 

(d)         Each of the Servicer and the Special Servicer shall obtain and maintain at its own expense, and keep in full force and effect
throughout the term of this Agreement, a blanket fidelity bond and an errors and omissions insurance policy, the issuer of which
is rated no lower than the applicable Qualified Insurer Ratings, covering the Servicer’s or the Special Servicer’s,
as applicable, directors, officers and employees, as applicable, in connection with its activities under this Agreement. Each such
insurance policy shall protect the Servicer or the Special Servicer, as applicable, against losses resulting directly from forgery,
theft, embezzlement, fraud, errors and omissions of such covered persons. Coverage of the Servicer or the Special Servicer under
a policy or bond obtained by an Affiliate thereof and providing the coverage required by this Section 3.11(d) shall
satisfy the requirements of this Section 3.11(d). The amount of coverage shall be at least equal to the coverage that
is required by applicable governmental authorities having regulatory power over the Servicer and the Special Servicer. If no such
coverage amounts are imposed by such regulatory authorities, the amount of coverage shall be at least equal to the coverage that
would be required by FNMA or FHLMC with respect to the Servicer and the Special Servicer if each were servicing and administering
the Whole Loan for FNMA or FHLMC or as otherwise approved by FNMA or FHLMC. In the event that any such bond or policy ceases to
be in effect, the Servicer or the Special Servicer, as applicable, shall obtain a comparable replacement bond or policy. Each of
the Servicer and the Special Servicer shall use reasonable efforts to cause each and every sub-servicer, if any, to maintain a
blanket fidelity bond and an errors and omissions insurance policy meeting the requirements as described above. In lieu of the
foregoing, but subject to this Section 3.11, the Servicer and the Special Servicer shall be entitled to self-insure
with respect to such risks so long as its (or its immediate or ultimate parent’s) long term unsecured debt rating is rated
no lower than: (a) “A-” by S&P, (b) “A3” by Moody’s, (c) “A(low)” by DBRS, or (d)
“A-:VIII” by A.M. Best.

 

(e)         
No provision of this Section 3.11 requiring such fidelity bond and errors and omissions insurance shall diminish
or relieve the Servicer or the Special Servicer from its duties and obligations as set forth in this Agreement. The Certificate
Administrator shall be entitled to request, upon receipt of a written request from any Certificateholder, and the Servicer and
the Special Servicer shall each deliver or cause to be delivered to the Certificate Administrator, a certificate of insurance from
the surety and insurer certifying that such insurance is in full force and effect. The Certificate Administrator will make any
such certificate of insurance available to the requesting Certificateholder on a confidential basis.

 

(f)           The Operating Advisor shall obtain and maintain at its own expense and keep in full force and effect throughout the term
of this Agreement an “errors and omissions” insurance policy, the issuer of which is rated no lower than the applicable
Qualified Insurer Ratings, covering losses that may be sustained as a result of an officer’s or employee’s errors or
omissions.

 

Section 3.12.     
Procedures with Respect to the Trust Loan; Realization upon the Property. (a)  Upon the occurrence of a
Loan Event of Default, the Special Servicer on behalf of

 

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the Trust, subject to the terms of the Loan Documents and consistent with
Accepted Servicing Practices, shall promptly pursue the remedies set forth therein, including foreclosure or other realization
on the Property and the other collateral for the Trust Loan. In connection with any foreclosure, enforcement of the Loan Documents
or other realization on the Collateral, the Special Servicer shall direct the Servicer to, and the Servicer shall, pay the costs
and expenses in any such proceedings as a Property Protection Advance unless the Servicer determines, in accordance with Accepted
Servicing Practices, that such Advance would constitute a Nonrecoverable Advance.

 

(b)          Such proposed acceleration of the Trust Loan and/or foreclosure on the Property shall be taken unless the Special Servicer
waives such Loan Event of Default (or modifies or amends the Whole Loan to cure the Loan Event of Default), which the Special Servicer
may do if such modification, waiver or amendment is consistent with Accepted Servicing Practices and does not result in an Adverse
REMIC Event (other than the imposition of a tax on “net income from foreclosure property” under Section 860G(c)) of
the Code.

 

(c)         
In connection with such foreclosure as described in Section 3.12(a) or other realization on the Property, the
Special Servicer shall follow Accepted Servicing Practices; provided, however, that the Special Servicer shall not
be permitted to direct the Servicer, and neither the Special Servicer nor the Servicer shall be required, to expend its own funds
to restore the Property damaged by an Uninsured Cause unless the Servicer or the Special Servicer, as applicable, permitted the
related insurance policy to lapse in violation of its respective obligations hereunder. If the Servicer does expend its own funds
to restore the Property damaged by an Uninsured Cause (which insurance policy did not lapse in violation of the Servicer’s
obligations), such expense shall be a Property Protection Advance. In connection with any foreclosure, enforcement of the Loan
Documents or other realization on the Collateral, the Special Servicer shall direct the Servicer to, and the Servicer shall, pay
the costs and expenses in any such proceedings as a Property Protection Advance unless the Servicer determines, in accordance with
Accepted Servicing Practices, that such Advance would constitute a Nonrecoverable Advance.

 

(d)        
Notwithstanding the foregoing, the Special Servicer may not foreclose on the Property on behalf of the Trust Fund and the
Companion Loan Holders and thereby be the beneficial owner of the Property, or take any other action with respect to such item
that would cause the Trustee, on behalf of the Trust Fund and the Companion Loan Holders, to be considered to hold title to, to
be a “mortgagee-in-possession” of, or to be an “owner” or “operator” of the Property within
the meaning of CERCLA or any comparable law, unless the Special Servicer has previously determined, based on a report prepared
at the expense of the Trust Fund by an independent person or entity who regularly conducts site assessments for purchasers of comparable
properties (a copy of such report to be provided to the Companion Loan Holders, the Trustee and the Certificate Administrator by
the Special Servicer), that (i) the Property is in compliance with applicable environmental laws or that taking the remedial
actions necessary to comply with such laws is reasonably likely to produce a greater recovery on a present value basis than not
taking such actions and (ii) there are no circumstances known to the Special Servicer relating to the use of hazardous substances
or petroleum-based materials that require investigation or remediation, or that if such circumstances exist taking such remedial
actions is reasonably likely to produce a greater recovery on a net present value basis

 

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than not taking such actions. The Special
Servicer shall deliver a copy of any such report to the Rating Agencies, subject to Section 10.17.

 

If the Special Servicer
has so determined based on satisfaction of the criteria in this Section 3.12(d) that it would be in the best economic
interest of the Certificateholders and the Companion Loan Holders (as a collective whole as if the Certificateholders and the Companion
Loan Holders constituted a single lender) (as determined in accordance with Accepted Servicing Practices) to institute a foreclosure
or take any other actions described in the immediately preceding paragraph, then subject to the rights of (i) the Controlling Class
Representative to consent to, and (ii) the Controlling Class Representative and the Operating Advisor to consult in respect of,
such action, as applicable, the Special Servicer shall take such proposed action. The Special Servicer shall not foreclose upon
or otherwise cause the Trust to acquire ownership of any Collateral other than the Property unless it receives an Opinion of Counsel
(the cost of which shall be paid by the Servicer as a Property Protection Advance unless the Servicer determines that such Property
Protection Advance would constitute a Nonrecoverable Advance) to the effect that such acquisition will not result in an Adverse
REMIC Event (other than the imposition of a tax on “net income from foreclosure property” under Section 860G(c) of
the Code).

 

The Special Servicer
shall direct the Servicer to, and the Servicer shall, advance the cost of any such compliance, containment, clean up or remediation
as a Property Protection Advance unless the Servicer determines, in accordance with Accepted Servicing Practices, that such Advance
would constitute a Nonrecoverable Advance.

 

(e)          The environmental site assessments contemplated by Section 3.12(d) shall be prepared by any Independent Person
who regularly conducts environmental site assessments for purchasers of comparable properties, as determined by the Servicer in
a manner consistent with Accepted Servicing Practices. The cost of each such environmental site assessment shall qualify as a Property
Protection Advance and shall be advanced by the Servicer unless the Servicer determines that such Advance would constitute a Nonrecoverable
Advance.

 

(f)           Notwithstanding any acquisition of title to the Property following a Loan Event of Default under the Whole Loan and cancellation
of the Whole Loan, the Trust Loan and the Companion Loan, the Trust Loan and the Companion Loan shall be deemed to remain outstanding
and, in the case of the Trust Loan, held in the Trust Fund for purposes of the application of collections and shall be reduced
only by collections net of expenses. For purposes of all calculations hereunder, so long as the Trust Loan and any Companion Loan
shall be deemed to remain outstanding, (i) it shall be assumed that the unpaid principal balance of the Trust Loan and any
Companion Loan immediately after any discharge is equal to the unpaid principal balance of the Whole Loan immediately prior to
such discharge and (ii) Foreclosure Proceeds shall be applied as provided in Section 1.3(b) and the Co-Lender
Agreement.

 

(g)          Notwithstanding any provision herein to the contrary, the Special Servicer shall not acquire and hold for the benefit of
the Trust Fund any personal property (including any non-real property Collateral) pursuant to this Section 3.12 unless:

 

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(i)           such personal property is incidental to real property (within the meaning of Section 856(e)(1) of the Code) so acquired
by the Special Servicer; or

 

(ii)         
the Special Servicer shall have obtained an Opinion of Counsel (the cost of which shall be paid by the Servicer as a Property
Protection Advance unless the Servicer determines that such Property Protection Advance would constitute a Nonrecoverable Advance
in which case it shall be treated as a trust fund expense) to the effect that the holding of such personal property by the Trust
Fund will not result in an Adverse REMIC Event at any time that any Uncertificated Lower-Tier Interest or Certificate is outstanding
(and such Opinion of Counsel may be premised on the designation hereby of any such personal property as being deemed part of an
“outside reserve fund” (within the meaning of Treasury Regulations Section 1.860G-2(h) with the owner of such personal
property for federal income tax purposes to be designated at such time)).

 

(h)         
Notwithstanding any provision to the contrary in this Agreement, the Special Servicer shall not, on behalf of the Trust
Fund, obtain title to any direct or indirect partnership interest or other equity interest, including the Membership Interests
in the Borrower or the Pledged Loans pledged pursuant to any pledge agreement unless the Special Servicer shall have requested
and received an Opinion of Counsel (which opinion shall be an expense of the Trust Fund) to the effect that the holding of such
partnership interest or other equity interest, or the Pledged Loans, by the Trust Fund will not cause an Adverse REMIC Event.

 

Section 3.13.     
Custodian to Cooperate; Release of Items in the Mortgage File. From time to time and as appropriate for the servicing
of the Whole Loan or Foreclosure of or realization on the Property, the Custodian shall, upon receipt of written request of a Servicing
Officer of the Servicer or the Special Servicer and delivery to the Custodian of a receipt for release in the form of Exhibit B
hereto, release or cause to be released any items from the Mortgage File to the Servicer or the Special Servicer, as the case may
be, within the lesser of (i) seven (7) calendar days and (ii) five (5) Business Days of its receipt of the related receipt
for release. The Special Servicer shall institute all Foreclosures as an authorized delegate of the Trustee, on behalf of the Trust
Fund and the Companion Loan Holders. In the event the Special Servicer cannot institute a Foreclosure in its own name, the Special
Servicer shall notify the Trustee and the Trustee shall reasonably cooperate with the Special Servicer in connection with any prosecution
of any Foreclosure (including at the written request of a Servicing Officer of the Special Servicer, execute such documents furnished
to it as shall be necessary to the prosecution of any such Foreclosure). Such receipt for release shall obligate the Servicer or
the Special Servicer to (and the Servicer or Special Servicer, as applicable, shall) return such items to the Custodian when the
need therefor by the Servicer or the Special Servicer no longer exists.

 

Section 3.14.    
Title and Management of Foreclosed Property. (a)  In the event that title to the Property is acquired for
the benefit of the Certificateholders and the Companion Loan Holders in foreclosure or by deed-in-lieu of foreclosure or otherwise,
the deed, certificate of sale or other comparable document shall be taken in the name of the Trustee, or its nominee (which shall
not include the Special Servicer), on behalf of the Trust Fund and the Companion Loan Holders or as otherwise contemplated pursuant
to Section 8.10. Title may be taken in the name of a limited liability company wholly-owned by the Trust and which
is managed by the

 

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Special Servicer (the costs of which shall be advanced by the Servicer, provided that such Advance would
not be a Nonrecoverable Advance). Promptly after such acquisition of title, the Special Servicer shall consult with counsel to
determine when an Acquisition Date shall be deemed to occur under the REMIC Provisions with respect to such Property, the expense
of such consultation being treated as a Property Protection Advance. The Special Servicer, on behalf of the Trust Fund and the
Companion Loan Holders, shall dispose of any Foreclosed Property held by the Trust Fund as expeditiously as appropriate in accordance
with Accepted Servicing Practices, but in any event within the time period, and subject to the conditions, set forth in Sections
3.15 and Section 12.2. Subject to Sections 11.2 and 3.14(e), the Special Servicer shall hire on behalf
of the Trust Fund and the Companion Loan Holders a Successor Manager to manage, conserve, protect and operate such Foreclosed Property
for the Certificateholders and the Companion Loan Holders solely for the purpose of its prompt disposition and sale in a manner
which does not cause such Foreclosed Property to fail to qualify as “foreclosure property” within the meaning of Section 860G(a)(8)
of the Code (determined without regard to the exception applicable for purposes of Section 860D(a) of the Code) and such
that income from the operation or sale of such property does not result in receipt by the Trust Fund of any income from non-permitted
assets as described in Section 860F(a)(2)(B) of the Code with respect to such property. In connection with such management, the
Successor Manager shall be entitled to the REO Management Fee solely from the Foreclosed Property Account or the Collection Account.

 

(b)         
The Special Servicer shall segregate and hold all funds collected and received in connection with the operation of any Foreclosed
Property separate and apart from its own funds and general assets and shall establish and maintain with respect to any Foreclosed
Property a Foreclosed Property Account in either (A) the name of the Special Servicer on behalf of the Trust pursuant to Section 3.6
or (B) the name of a limited liability company wholly owned by the Trust and managed by the Special Servicer.

 

(c)         
The Special Servicer shall have full power and authority, subject to Accepted Servicing Practices and the specific requirements
and prohibitions of this Agreement, to do any and all things in connection with any Foreclosed Property for the benefit of the
Certificateholders and the Companion Loan Holders (as a collective whole as if the Certificateholders and the Companion Loan Holders
constituted a single lender) on such terms as are appropriate and necessary for the efficient operation or liquidation, as applicable,
of any Foreclosed Property, so long as the Special Servicer deems such actions to be consistent with Accepted Servicing Practices.
Without limiting the generality of the foregoing, the Special Servicer may retain an independent contractor to operate and manage
any Foreclosed Property; provided, however, the retention of an independent contractor will not relieve the Special
Servicer of its obligations hereunder with respect to any Foreclosed Property.

 

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The Special Servicer
shall deposit or cause to be deposited within 2 Business Days of receipt of properly identified funds in the Foreclosed Property
Account all revenues received with respect to any Foreclosed Property, and the Special Servicer shall cause to be withdrawn therefrom
funds necessary for the proper operation, management and maintenance of any Foreclosed Property and for other expenses related
to the preservation and protection of any Foreclosed Property, including, but not limited to:

 

(i)           all insurance premiums due and payable in respect of any Foreclosed Property;

 

(ii)          all taxes, assessments, charges or other similar items in respect of any Foreclosed Property that could result or have resulted
in the imposition of a lien thereon; and

 

(iii)         all costs and expenses necessary to preserve any Foreclosed Property, including the payment of ground rent, if any.

 

To the extent that amounts
on deposit in the Foreclosed Property Account are insufficient for the purposes set forth in clauses (i) through (iii) above,
the Special Servicer shall direct the Servicer to, and the Servicer shall, make a Property Protection Advance unless the Servicer
determines, in accordance with Accepted Servicing Practices, that such Advance would constitute a Nonrecoverable Advance.

 

(d)           On or before the last day of each Collection Period, the Special Servicer shall withdraw from the Foreclosed Property Account
and deposit into the Collection Account the proceeds and collections received or collected since the preceding Remittance Date
through the Business Day prior to the Remittance Date on or with respect to any Foreclosed Property (including any funds no longer
needed in any reserves established as provided below), net of expenses paid therefrom and amounts reasonably expected to be needed
to fund any reserves deemed necessary for the operation, preservation and protection of such Foreclosed Property, including without
limitation, the creation of reasonable reserves for working capital, repairs, replacements and necessary capital improvements and
other related expenses.

 

(e)           The Special Servicer, in the name of the Trust Fund, shall (subject to Section 3.14(a)) contract with any Successor
Manager for the operation and management of each Foreclosed Property; provided that no such contract shall impose individual
liability on the Trustee or the Trust; provided, further, that:

 

(i)           the terms and conditions of any such contract shall not be inconsistent herewith;

 

(ii)          any such contract shall require, or shall be administered to require, that the Successor Manager (A) request that the
Special Servicer pay from the Foreclosed Property Account all costs and expenses incurred in connection with the operation and
management of such Foreclosed Property, and (B) remit all related revenues (net of such costs and expenses) to the Special
Servicer, as soon as practicable but in no event later than the Business Day immediately following receipt, for deposit into the
Foreclosed Property Account;

 

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(iii)         none of the provisions of this Section 3.14 relating to any such contract or to actions taken through any such
Successor Manager shall be deemed to relieve the Special Servicer of any of its ordinary and regularly recurring duties and obligations
to the Trust Fund on behalf of the Certificateholders and the Companion Loan Holders with respect to the operation and management
of such Foreclosed Property; and

 

(iv)         the Successor Manager shall be permitted to perform construction (including renovations) on the Foreclosed Property only
if the construction was more than 10% complete at the time default on the Whole Loan became imminent.

 

The Special Servicer
shall be entitled, and to the extent required by the REMIC Provisions, shall be required, to enter into an agreement with any Independent
Contractor performing services for it related to its duties and obligations hereunder for indemnification of the Special Servicer
by such Independent Contractor, and nothing in this Agreement shall be deemed to limit or modify such indemnification. All REO
Management Fees shall be Trust Fund Expenses payable from the Foreclosed Property Account or subject to reimbursement pursuant
to Section 3.4(c)(xi). The Special Servicer agrees to monitor the performance of the Successor Manager and to enforce
the obligations of the Successor Manager on behalf of the Trust Fund and the Companion Loan Holders. Expenses incurred by the Special
Servicer in connection herewith shall qualify as Property Protection Advances.

 

Section 3.15.     
Sale of Foreclosed Property. (a)  The Special Servicer, on behalf of the Trust Fund, shall sell the Foreclosed
Property on a servicing released basis as expeditiously as appropriate in accordance with Accepted Servicing Practices in a manner
designed to preserve the capital of the Certificateholders and the Companion Loan Holders and not with a view to the maximization
of profit, but in no event later than the Rated Final Distribution Date in a manner provided under this Section 3.15
and subject to Section 12.2.

 

(b)           Subject to the consent or consultation rights of the Controlling Class Representative set forth in Section 6.5
or Operating Advisor set forth in Section 3.26, the Special Servicer may accept the highest cash offer for a Foreclosed
Property received from any Person. In no event may such offer be less than an amount at least equal to the Par Price. In the absence
of any such offer, the Special Servicer shall accept the highest cash offer, that the Special Servicer determines is a fair price
based on Appraisals obtained within the last nine (9) months. If the highest offeror is an Interested Person, the Trustee shall
determine the fairness of the highest offer based upon such Appraisal or, if no Appraisal has been obtained within the last nine
(9) months, based on an Appraisal obtained by the Trustee. In addition, the Trustee may (at its option at the expense of the Interested
Person or as a Trust Fund Expense) designate an Independent Appraiser that is an expert in real estate or commercial mortgage loan
matters with at least five (5) years’ experience in valuing or investing in loans secured by properties similar to the related
Foreclosed Property, and such Independent Appraiser shall be selected with reasonable care by the Trustee for the purpose of determining
whether such cash offer constitutes a fair price for the Foreclosed Property. If the Trustee designates such an Independent Appraiser
to make such determination, the Trustee shall be entitled to rely conclusively upon such Independent Appraiser’s determination.
Any such determination of a fair price of each Foreclosed Property by the Trustee shall be binding on all parties. The reasonable
costs of all such Appraisals, engineering reports, inspection reports and broker

 

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opinions of value incurred by the Trustee or any
such third party pursuant to Section 3.15(b) shall be covered by, and shall be reimbursable by, the Interested Person,
and if such fees or costs are not reimbursed by such Interested Person, such expense shall be reimbursable as a Trust Fund Expense;
provided that the Trustee shall not engage a third party expert whose fees exceed a commercially reasonable amount as determined
by the Trustee. The requirements of this Agreement may result in lower sales proceeds than would otherwise be the case. Notwithstanding
the foregoing, and subject to the rights of the Companion Loan Holders, the Controlling Class Representative and the Operating
Advisor, the Special Servicer shall not be obligated to accept the higher cash offer if the Special Servicer determines, in accordance
with Accepted Servicing Practices, that rejection of such offer would be in the best interests of the Certificateholders and the
Companion Loan Holders (as a collective whole, as if such Certificateholders and the Companion Loan Holders constituted a single
lender), and the Special Servicer may accept a lower cash offer (from any person other than an Interested Person) if it determines,
in accordance with the Accepted Servicing Practices, that acceptance of such offer would be in the best interests of the Certificateholders
and the Companion Loan Holders (as a collective whole, as if such Certificateholders and the Companion Loan Holders constituted
a single lender). Neither the Trustee, in its individual capacity, nor any of its Affiliates may make an offer for or purchase
the Foreclosed Property. Any Holder of a Controlling Class Certificate, the Controlling Class Representative or any Affiliate of
the foregoing shall be entitled to participate in, and submit a bid in connection with, any sale of Foreclosed Property, to the
same extent as any other Certificateholder; provided that any such Holder of a Controlling Class Certificate and the Controlling
Class Representative shall for all purposes be considered an Interested Person.

 

(c)               Subject to the provisions of Section 3.14, the Special Servicer shall act on behalf of the Trust Fund and the
Companion Loan Holders in negotiating and taking any other action necessary or appropriate in connection with the sale of the Foreclosed
Property, including the collection of all amounts payable in connection therewith. Any sale of a Foreclosed Property shall be without
recourse to the Certificate Administrator, the Trustee, the Depositor, the Servicer, the Special Servicer, the Trust Fund, the
Certificateholders or the Companion Loan Holders (except that any contract of sale and assignment and conveyance documents may
contain customary warranties, so long as the only recourse for breach thereof is to the Trust Fund) and if consummated in accordance
with the terms of this Agreement, none of the Certificate Administrator, the Trustee, the Depositor or the Special Servicer shall
have any liability to any Certificateholder with respect to the purchase price thereof accepted by the Special Servicer or the
Trustee.

 

(d)               The
proceeds of any sale effected pursuant to this Section 3.15, after deduction of the expenses incurred in connection
therewith, shall be deposited in the Collection Account in accordance with Section 3.4(a).

 

(e)               Within
30 days of the sale of a Foreclosed Property, the Special Servicer shall provide to the Trustee, the Companion Loan Holders
and the Certificate Administrator a statement of accounting for the Foreclosed Property, including, without limitation, (i) the
date the Foreclosed Property was acquired in foreclosure or by deed-in-lieu of foreclosure or otherwise, (ii) the date of
disposition of the Foreclosed Property, (iii) the gross sale price and related selling and other expenses, (iv) accrued
interest with respect to the Repurchase Price of

 

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the Foreclosed Property, calculated from the date of acquisition to the disposition
date, and (v) such other information as the Trustee or the Certificate Administrator may reasonably request.

 

Section 3.16.     
Sale of Whole Loan and the Trust Loan.  (i) Within 60 days after the Whole Loan becomes a Defaulted Loan, the
Special Servicer shall order (but shall not be required to have received within that 60-day period) an Appraisal. The Servicer
shall use reasonable efforts to promptly notify in writing the Special Servicer, the Trustee, the Certificate Administrator, the
Controlling Class Representative (so long as no Consultation Termination Event is continuing), the Companion Loan Holders and
the Operating Advisor of the occurrence of such Special Servicing Loan Event. Upon delivery by the Servicer of the notice described
in the preceding sentence, and subject to the rights of the Controlling Class Representative and the Operating Advisor, the Special
Servicer may offer to sell to any Person the Whole Loan or may offer to purchase the Whole Loan, if and when the Special Servicer
determines, consistent with Accepted Servicing Practices, that no satisfactory arrangements can be made for collection of delinquent
payments thereon and such a sale would be in the best economic interests of the Certificateholders and the Companion Loan Holders
(as a collective whole as if the Certificateholders and the Companion Loan Holders constituted a single lender) on a net present
value basis. The Special Servicer shall provide the Servicer, the Trustee, the Certificate Administrator, the Controlling Class
Representative (so long as no Consultation Termination Event is continuing), Companion Loan Holders and the Operating Advisor
not less than five (5) Business Days’ prior written notice of its intention to sell the Whole Loan, in which case the Special
Servicer shall accept the highest offer received from any Person (other than any Interested Person) for the Whole Loan in an amount
at least equal to the Par Price or, at its option, if it has received no offer at least equal to the Par Price therefor, the Special
Servicer may purchase the Whole Loan at the Par Price. Any Companion Loans are to be sold together with the Trust Loan, subject
to this Section 3.16 and any additional requirements set forth in the Co-Lender Agreement.

 

(ii)          In the absence of any offer at least equal to the Par Price (or purchase by the Special Servicer at the Par Price),
the Special Servicer shall accept the highest offer that is determined by the Special Servicer (or the Trustee as provided in the
next sentence) to be a fair price for the Whole Loan, if the highest offeror is a Person other than an Interested Person. If the
highest bidder is an Interested Person, the Trustee shall determine the fairness of the highest bid based upon an Appraisal (which
may be an Appraisal obtained in the last nine (9) months by the Special Servicer), and the Trustee may conclusively rely on the
opinion of such Appraisals and such determination shall be binding upon all parties; provided that no offer from an Interested
Person shall constitute a fair price unless (A) it is the highest offer received and (B) if such offer is less than the applicable
Par Price, at least two other offers are received from independent third parties. If the Trustee is required to determine whether
a cash offer by an Interested Person constitutes a fair price, the Trustee may (at its option and at the expense of the Interested
Person or as a Trust Fund Expense, as described below) designate an Independent Appraiser that is an expert in real estate or commercial
mortgage loan matters with at least five (5) years’ experience in valuing or investing in loans similar to the Whole Loan,
and such Independent Appraiser shall be selected with reasonable care by the Trustee for the purpose of determining whether such
cash offer constitutes a fair price for the Whole

 

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Loan. If the Trustee designates such an Independent Appraiser to make such determination,
the Trustee shall be entitled to rely conclusively upon such Independent Appraiser’s determination. Any such determination
of a fair price of the Whole Loan by the Trustee shall be binding on all parties. The reasonable costs of all such Appraisals,
property condition assessments and broker opinions of value incurred by the Trustee or any such third party pursuant to this paragraph
shall be covered by, and shall be paid in advance by the Interested Person as a condition of the Trustee’s determination;
provided that the Trustee shall not engage a third party expert whose fees exceed a commercially reasonable amount as determined
by the Trustee. Any Holder of a Controlling Class Certificate, the Controlling Class Representative or any Affiliate of the foregoing
will be entitled to participate in, and submit a bid in connection with, any sale of the Whole Loan to the same extent as any other
Certificateholder; provided that any such Holder of a Controlling Class Certificate and the Controlling Class Representative
shall for all purposes be considered an Interested Person. Neither the Trustee, in its individual capacity, nor any of its Affiliates
may make an offer for or purchase the Whole Loan.

 

(iii)         The Special Servicer shall not be obligated to accept the highest offer if the Special Servicer determines, in accordance
with Accepted Servicing Practices, that the rejection of such offer would be in the best interests of the Holders of the Certificates
and the Companion Loan Holders (as a collective whole, as if such Certificateholders and the Companion Loan Holders constituted
a single lender). In addition, the Special Servicer may accept a lower offer if it determines, in accordance with Accepted Servicing
Practices, that the acceptance of such offer would be in the best interests of the Holders of the Certificates and the Companion
Loan Holders (as a collective whole, as if such Holders of the Certificates and the Companion Loan Holders constituted a single
lender) (for example, if the prospective buyer making the lower offer is more likely to perform its obligations or the terms offered
by the prospective buyer making the lower offer are more favorable in other respects), provided that the offeror is not
the holder of the Controlling Class, the Special Servicer or a Person that is an Affiliate of any of them. So long as no Consultation
Termination Event is continuing, the foregoing rights of the Special Servicer shall be subject to the rights of the Controlling
Class Representative. The Special Servicer shall use reasonable efforts to sell the Whole Loan prior to the Rated Final Distribution
Date.

 

(iv)         Unless and until the Whole Loan is sold pursuant to this Section 3.16(a), the Special Servicer shall pursue such other
resolution strategies with respect to the Whole Loan, including, without limitation, workout and foreclosure, as the Special Servicer
may deem appropriate, consistent with the Asset Status Report and Accepted Servicing Practices and the REMIC Provisions.

 

(b)           The right of the Special Servicer to purchase or sell the Whole Loan after the occurrence of a Special Servicing Loan Event
shall terminate, and shall not be exercisable as set forth in clause (a) above (or if exercised but the purchase of the Whole
Loan has not yet occurred, the Special Servicer’s right shall terminate and such exercise shall be of no further force or
effect) if the Whole Loan is no longer delinquent as a result of any of the following: (i) the Special Servicing Loan Event
has ceased pursuant to the terms of this Agreement, (ii) the Whole Loan has become subject to a fully executed agreement reflecting

 

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the terms of the workout arrangement, or (iii) the Whole Loan has otherwise been resolved (including by a full or discounted
pay-off).

 

(c)           Any sale of the Whole Loan shall be for cash only, and shall be in accordance with and subject to the provisions of the
Co-Lender Agreement.

 

(d)           Notwithstanding anything to the contrary herein, the Special Servicer shall not sell the Whole Loan pursuant to Section 3.16(a)
without the written consent of the Companion Loan Holders (provided that such consent is not required from a Companion Loan Holder
if such Companion Loan Holder is the Loan Borrower or an Affiliate of the Loan Borrower) unless the Special Servicer has delivered
to the Companion Loan Holders: (a) at least 15 Business Days prior written notice of any decision to attempt to sell the Whole
Loan; (b) at least 10 days prior to the permitted sale date, a copy of each bid package (together with any material amendments
to such bid packages) received by the Special Servicer in connection with any such proposed sale; (c) at least 10 days prior
to the proposed sale date, a copy of the most recent appraisal for the Property, and any documents in the Mortgage File reasonably
requested by such Companion Loan Holder that are material to the price of the Whole Loan; and (d) until the sale is completed,
and a reasonable period of time (but no less time than is afforded to other offerors) prior to the proposed sale date, all information
and other documents being provided to other offerors and all leases or other documents that are approved by the Servicer or the
Special Servicer in connection with the proposed sale; provided, that such Companion Loan Holder may waive any of the delivery
or timing requirements set forth in this sentence. The Companion Loan Holders will be permitted to make offers to purchase, and
either such party is permitted to be the purchaser at any sale of, the Whole Loan.

 

Section 3.17.     
Servicing Compensation.    The Servicer shall be entitled to receive the Servicing Fee with respect to the Trust Loan and the Companion Loan payable
monthly from the Collection Account or otherwise in accordance with and subject to Section 3.4(c). The Servicer shall
be entitled to retain as compensation any late payment charges and certain other customary charges and fees to the extent described
below, as well as reimbursement for all other costs or expenses incurred by it in performing its duties hereunder, in each case,
to the extent actually received from the Borrower and permitted by, or not prohibited by, and to be allocated to such amounts by
the terms of the Loan Documents and this Agreement, other than: (i) fees of any sub-servicer and the expenses of any sub-servicer
that would not be reimbursable to Servicer if such expenses were incurred by the Servicer; (ii) the cost of any fidelity bond
or errors and omissions policy required by Section 3.11(d); (iii) overhead expenses of the Servicer including
but not limited to those which may properly be allocable under the Servicer’s accounting system or otherwise to the Servicer’s
activities under this Agreement or the income derived by it hereunder including the costs to the Servicer associated with employees
of the Servicer performing services in connection with the obligations of the Servicer hereunder; and (iv) costs and expenses
arising from the negligence, bad faith or willful misconduct of the Servicer in performing its obligations hereunder (collectively,
the “Servicer Customary Expenses”). So long as no Special Servicing Loan Event has occurred and is continuing,
the Servicer shall also be entitled to retain as additional servicing compensation any late payment fees and Default Interest (including
any late payment fees and Default Interest collected after the occurrence of a Special Servicing Loan Event but accrued prior to
such Special Servicing Loan Event) (to the extent not applied pursuant to

 

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Section 3.4(c)), release fees, assumption
fees, assumption application fees, defeasance fees, consent fees, substitution fees, Modification Fees (subject to the last paragraph
of this Section 3.17), loan service transaction fees, consent fees and similar fees and expenses to the extent, with
respect to any such amounts, collected and allocated to such amounts as permitted by (or not otherwise prohibited by) the terms
of the Loan Documents and this Agreement; provided, however, that the Servicer shall not be entitled to retain any
Default Interest or any late payment charges, with respect to the Whole Loan, with respect to which a default thereunder or Loan
Event of Default is continuing unless and until such default or Loan Event of Default has been cured and all delinquent amounts
(including any Default Interest) due with respect to the Whole Loan have been paid in full and all interest on Advances has been
paid in full. In addition, the Servicer shall be entitled to retain as additional servicing compensation any income earned
(net of losses to the extent provided in this Agreement) on the investment of funds deposited in the Collection Account and any
Reserve Account (to the extent not payable to the Borrower).

 

If a Special Servicing
Loan Event occurs and is continuing, the Special Servicer shall be entitled to receive a Special Servicing Fee with respect to
the Trust Loan and the Companion Loan for so long as such Special Servicing Loan Event continues as well as reimbursement for all
other costs or expenses incurred by it in performing its duties hereunder other than: (i) the cost of any fidelity bond or
errors and omissions policy required by Section 3.11(d); (ii) overhead expenses of the Special Servicer including
but not limited to those which may properly be allocable under the Special Servicer’s accounting system or otherwise to the
Special Servicer’s activities under this Agreement or the income derived by it hereunder including the costs to the Special
Servicer associated with employees of the Special Servicer performing services in connection with the obligations of the Special
Servicer hereunder; and (iii) costs and expenses arising from the negligence, bad faith or willful misconduct of the Special
Servicer in performing its obligations hereunder (the “Special Servicer Customary Expenses”). If a Special Servicing
Loan Event is terminated following resolution of such Special Servicing Loan Event by a written agreement with the Borrower negotiated
by the Special Servicer, the Special Servicer shall be entitled to receive the Workout Fee. If at any time the Whole Loan becomes
a Specially Serviced Loan, the Special Servicer shall use reasonable efforts, consistent with Accepted Servicing Practices, to
collect the amount of any Special Servicing Fee, Liquidation Fee and/or Workout Fee from the Borrower pursuant to Section 9.17
of the Loan Agreement, including exercising all remedies available under the Loan Agreement that would be in accordance with Accepted
Servicing Practices, specifically taking into account the costs or likelihood of success of any such collection efforts and the
Realized Loss that would be incurred by Certificateholders in connection therewith as opposed to the Realized Loss that would be
incurred as a result of not collecting such amounts from the Borrower. Notwithstanding anything herein to the contrary, with respect
to any Collection Period, the Special Servicer shall only be entitled to receive a Workout Fee or a Liquidation Fee, but not both.

 

If the Special Servicer
is terminated (other than for cause) or resigns after such written agreement is entered into and before or after the Special Servicing
Loan Event is terminated, it shall retain the right to receive any and all Workout Fees on all payments of principal and interest
made on the Whole Loan following such written agreement (negotiated by such Special Servicer prior to its termination or resignation)
for so long as another Special

 

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Servicing Loan Event does not occur and the successor Special Servicer shall have no rights with
respect to such Workout Fee. In addition, the Special Servicer shall be entitled to receive a Liquidation Fee with respect to any
Liquidated Property or the liquidation of the Whole Loan or the Notes (whether through judicial foreclosure, sale, discounted payoff
or other liquidation) as to which the Special Servicer receives Liquidation Proceeds. The Special Servicing Fee and any Liquidation
Fee payable from Liquidation Proceeds (and not the Borrower) shall be payable from funds on deposit in the Collection Account as
provided in Section 3.4(c). The Special Servicer during the continuance of a Special Servicing Loan Event shall also
be entitled to retain as additional servicing compensation any late payment fees (to the extent not applied pursuant to Section 3.4(c)),
Default Interest (to the extent not applied pursuant to Section 3.4(c)), release fees, assumption fees, assumption
application fees, substitution fees, Modification Fees (subject to the last paragraph of this Section 3.17), consent
fees and similar fees and expenses and any income earned (net of losses to the extent provided in this Agreement) on the investment
of funds deposited in the Foreclosed Property Account.

 

Notwithstanding any other
provision in this Agreement, neither the Servicer nor the Special Servicer, as applicable, shall be entitled to reimbursement for
an expense incurred under this Agreement or in connection with the performance of its duties hereunder unless (i) the amount
of such payment to the Servicer or the Special Servicer, as the case may be, is reimbursed to the Trust Fund by the Borrower (to
the extent the Borrower is required to do so under the Loan Agreement); (ii) failure of the Borrower to reimburse for such
payment constitutes a Loan Event of Default; (iii) such expense is an “unanticipated expense incurred by the REMIC”
within the meaning of Treasury Regulations Section 1.860G-1(b)(3)(ii) or is otherwise an unanticipated expense (it being understood
that the Servicer Customary Expenses and the Special Servicer Customary Expenses are not unanticipated); or (iv) such reimbursement
is expressly provided for herein or such expense is expressly described herein as an expense of the Trust Fund or as an Advance.

 

Except as otherwise expressly
provided herein, no transfer, sale, pledge or other disposition of the Servicer’s right to receive all or any portion of
the Servicing Fee (or the Special Servicer’s right to receive all or any portion of the Special Servicing Fee) or other servicing
compensation provided for herein shall be made, and any such attempted transfer, sale, pledge or other disposition shall be void,
unless such transfer is made to a successor Servicer or successor Special Servicer, as applicable, in connection with the assumption
by such successor of the duties hereunder pursuant to Section 7.2.

 

KeyBank National Association
and any successor holder of the Excess Servicing Fee Rights shall be entitled, at any time, at its own expense, to transfer, sell,
pledge or otherwise assign such Excess Servicing Fee Rights in whole (but not in part), to any QIB or Institutional Accredited
Investor (other than a Benefit Plan), provided that no such transfer, sale, pledge or other assignment shall be made unless (i)
that transfer, sale, pledge or other assignment is exempt from the registration and/or qualification requirements of the Securities
Act and any applicable state securities laws and is otherwise made in accordance with the Securities Act and such state securities
laws, (ii) the prospective transferor shall have delivered to the Depositor a certificate substantially in the form attached as
Exhibit X-1 hereto, and (iii) the prospective transferee shall have delivered to KeyBank National Association and the Depositor
a certificate substantially in the form attached as Exhibit X-2 hereto. None of the Depositor, the Trustee or

 

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the Certificate
Registrar is obligated to register or qualify an Excess Servicing Fee Right under the Securities Act or any other securities law
or to take any action not otherwise required under this Agreement to permit the transfer, sale, pledge or assignment of an Excess
Servicing Fee Right without registration or qualification. KeyBank National Association and each holder of an Excess Servicing
Fee Right desiring to effect a transfer, sale, pledge or other assignment of such Excess Servicing Fee Right shall, and KeyBank
National Association hereby agrees, and each such holder of an Excess Servicing Fee Right by its acceptance of such Excess Servicing
Fee Right shall be deemed to have agreed, in connection with any transfer of such Excess Servicing Fee Right effected by such Person,
to indemnify the Certificateholders, the Trust, the Depositor, the Initial Purchasers, the Certificate Administrator, the Trustee,
the Servicer and the Special Servicer against any liability that may result if such transfer is not exempt from registration and/or
qualification under the Securities Act or other applicable federal and state securities laws or is not made in accordance with
such federal and state laws or in accordance with the foregoing provisions of this paragraph. By its acceptance of an Excess Servicing
Fee Right, the holder thereof shall be deemed to have agreed not to use or disclose such information in any manner that could result
in a violation of any provision of the Securities Act or other applicable securities laws or that would require registration of
such Excess Servicing Fee Right or any Certificate pursuant to the Securities Act. Following any transfer, sale, pledge or assignment
of an Excess Servicing Fee Right or the termination of KeyBank National Association as the Servicer, the Person then acting as
the Servicer, shall pay, out of each amount paid to such Servicer as Servicing Fees, the related Excess Servicing Fees to the holder
of such Excess Servicing Fee Right within one Business Day following the payment of such Servicing Fees to such Servicer, in each
case in accordance with payment instructions provided by such holder in writing to such Servicer. The holder of an Excess Servicing
Fee Right shall not have any rights under this Agreement except as set forth in the preceding sentences of this paragraph. None
of the Depositor, the Special Servicer, the Operating Advisor, the Trustee or the Certificate Administrator shall have any obligation
whatsoever regarding payment of the Excess Servicing Fee or the assignment or transfer of the Excess Servicing Fee Right.

 

With respect to each
Collection Period, the Special Servicer shall deliver or cause to be delivered to the Servicer on the Determination Date, and the
Servicer shall deliver, to the extent it has received, or cause to be delivered to the Certificate Administrator, without charge
on the Remittance Date, an electronic report that discloses and contains an itemized listing of any Disclosable Special Servicer
Fees received by the Special Servicer or any of its Affiliates during the related Collection Period.

 

The Special Servicer
and its Affiliates shall be prohibited from receiving or retaining any compensation or any other remuneration (including, without
limitation, in the form of commissions, brokerage fees, rebates and appraisal fees or as a result of any other fee-sharing arrangement)
from any Person (including, without limitation, the Trust, the Borrower, any manager of the Property, any guarantor or indemnitor
in respect of the Whole Loan and any purchaser of the Whole Loan (or a portion thereof) or any Foreclosed Property) in connection
with the disposition, workout or foreclosure of the Whole Loan, the management or disposition of any Foreclosed Property, or the
performance of any other special servicing duties under this Agreement, other than as expressly provided in this Section 3.17;
provided, however, that such prohibition shall not apply to Permitted Special Servicer/Affiliate Fees.

 

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Notwithstanding anything
herein to the contrary, (i) the Servicer and the Special Servicer shall each be entitled to 50% of any Modification Fees incurred
in connection with the extension of the Stated Maturity Date of the Trust Loan or the Companion Loan to which Special Servicer’s
consent is required pursuant to clause (vii)(c) of the definition of Special Servicing Loan Event and (ii) the
Servicer and the Special Servicer, in the absence of a Special Servicing Loan Event, shall each be entitled to 50% of any Modification
Fees, assumption fees (excluding assumption application fees) or consent fees in connection with any Major Decision for which the
Special Servicer’s consent is required.

 

Section 3.18.     
Reports to the Certificate Administrator; Account Statements. (a)  The Servicer shall prepare, or
cause to be prepared, and deliver to the Certificate Administrator, in an electronic format which format is reasonably acceptable
to the Certificate Administrator, consistent with Accepted Servicing Practices, not later than (i) 2:00 p.m. (New York
time) two Business Days prior to each Distribution Date, the CREFC® Loan Periodic Update File and (ii) 2:00
p.m. (New York time) on the Remittance Date immediately preceding each Distribution Date, the remaining CREFC® Reports
(except the CREFC® Bond Level File, the CREFC® Collateral Summary File, the CREFC®
Special Servicer Loan File, the CREFC® Operating Statement Analysis Report and the CREFC® NOI Adjustment
Worksheet). The Certificate Administrator shall prepare the CREFC® Bond Level File.

 

The Servicer shall make
the CREFC® Reports (except the CREFC® Bond Level File, the CREFC® Collateral Summary
File, the CREFC® Special Servicer Loan File, the CREFC® Operating Statement Analysis Report and
CREFC® NOI Adjustment Worksheet) available (i) prior to the securitization of the Companion Loan, to the Companion
Loan Holders on each Distribution Date; and (ii) following the securitization of the Companion Loan, to the master servicer of
the Other Securitization Trust no later than 2 Business Days after the Determination Date.

 

In addition, the Servicer
(with respect to non-Specially Serviced Loans) shall prepare and make available to any Privileged Person on the Servicer’s
internet website (initially, www.keybank.com/key2cre), and the Special Servicer (with respect to a Specially Serviced Loan and
Foreclosed Property) shall prepare and deliver to the Servicer (who shall promptly make available to any Privileged Person on
the Servicer’s internet website (initially, www.keybank.com/key2cre) with respect to the Property and Foreclosed Property,
a CREFC® Operating Statement Analysis Report and a CREFC® NOI Adjustment Worksheet within 30 days
after the Servicer’s or Special Servicer’s, as applicable, receipt of each of the Borrower’s quarterly financials
(commencing with the quarter ending March 31, 2018) and annually within 30 days after receipt of the Borrower’s annual
financials for the year ending December 31, 2018); provided, however, that any analysis or report with respect
to the first calendar quarter of each year will not be required to the extent not required to be provided in the then current
applicable CREFC® guidelines. Additionally, the Servicer shall deliver the CREFC® Operating Statement
Analysis Report and the CREFC® NOI Adjustment Worksheet on a monthly basis to the Certificate Administrator; provided,
however, the Servicer shall have no obligation to update such reports except as set forth in the immediately preceding paragraphs,
and no analysis shall be required to the extent such analysis or update is not required to be provided under the then current
applicable CREFC® guidelines.

 

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In addition, on a calendar
quarterly basis within 30 days after the Servicer’s receipt of each of the Borrower’s quarterly financial statements
(commencing with the quarter ending March 31, 2018), the Servicer shall deliver, to the extent it has received, or cause to be
delivered to the Certificate Administrator such financial statements.

 

(b)           The Servicer shall furnish to the Certificate Administrator in electronic format which format is reasonably acceptable to
the Certificate Administrator, the CREFC® Reports produced by it pursuant to this Agreement not later than the time
period specified in Section 3.18(a).

 

(c)           The Servicer shall produce the reports described in this Section 3.18 solely from information provided to the
Servicer by the Borrower pursuant to the Loan Agreement (without modification, interpretation or analysis) or by the Special Servicer,
Sponsor or Depositor pursuant to this Agreement. None of the Trustee, the Certificate Administrator, the Servicer or the Special
Servicer shall be responsible for the completeness or accuracy of such information (except that the Servicer shall use efforts
consistent with Accepted Servicing Practices to correct patent errors).

 

Section 3.19.     
[Reserved].

 

Section 3.20.     
Access to Certain Documentation Regarding the Whole Loan and Other Information. (a) The Servicer and the Special
Servicer shall provide to the Certificate Administrator, the Controlling Class Representative (but only prior to the occurrence
and continuance of any Consultation Termination Event), the Trustee, the Initial Purchasers, the Depositor, any Certificateholders
that are federally insured financial institutions, the Federal Reserve Board, the Federal Deposit Insurance Corporation and the
Office of the Comptroller of the Currency and the supervisory agents and examiners of such boards and such corporations, and any
other governmental or regulatory body to the jurisdiction of which any Certificateholder is subject, access to the documentation
regarding the Whole Loan required by applicable regulations of the Federal Reserve Board, Federal Deposit Insurance Corporation,
Office of the Comptroller of the Currency or any such governmental or regulatory body, such access being afforded without charge
but only upon reasonable request and during normal business hours at the offices of the Servicer or Special Servicer.

 

(b)           The Depositor hereby authorizes the Certificate Administrator to, and the Certificate Administrator shall, make available
to Bloomberg Financial Markets, L.P., CMBS.com, Inc., Trepp, LLC, Intex Solutions, Inc., Moody’s Analytics, Blackrock Financial
Management, Inc., Markit Group Limited and Thomson Reuters or such other vendor chosen by the Depositor that submits to the
Certificate Administrator a certification in the form of Exhibit Q to this Agreement (each such entity, a “Financial
Market Publisher”), all the Distribution Date Statements, CREFC® Reports and supplemental notices delivered
or made available pursuant to Section 8.14(c) to Privileged Persons and providing such information shall not constitute
a breach of this Agreement by the Certificate Administrator.

 

If any of the parties
to this Agreement receives a Form ABS Due Diligence-15E from any party in connection with any third-party due diligence services
such party may have provided with respect to the Trust Loan (“Due Diligence Service Provider”), such receiving
party

 

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shall promptly forward such Form ABS Due Diligence-15E to the 17g-5 Information Provider for posting on the 17g-5 Information
Provider’s Website. The 17g-5 Information Provider shall post on the 17g-5 Information Provider’s Website any Form
ABS Due Diligence-15E it receives directly from a Due Diligence Service Provider or from another party to this Agreement, promptly
upon receipt thereof.

 

(c)           [Reserved]

 

Section 3.21.     
Inspections; Collection of Financial Statements. The Servicer shall inspect or cause to be inspected the Property
not less frequently than once each year commencing in 2019; provided, however, that the Servicer shall not be required
to inspect the Property if it has been inspected by the Special Servicer in the preceding 12 months. The Special Servicer shall
inspect or cause to be inspected the Property as soon as practicable following the occurrence of a Special Servicing Loan Event
and annually for so long as a Special Servicing Loan Event is continuing. The Servicer or the Special Servicer, as applicable,
shall further inspect, or cause to be inspected, the Property whenever it receives information that the Property has been materially
damaged, left vacant, or abandoned, or if waste is being committed thereto. All such inspections shall be performed in such manner
as shall be consistent with Accepted Servicing Practices. The cost of the annual inspections referred to in the first sentence
of this paragraph shall be an expense of the Servicer; the cost of all additional inspections referred to in this paragraph shall
be a Trust Fund Expense and if paid by the Servicer shall constitute a Property Protection Advance or an Administrative Advance.
The Servicer or Special Servicer, as the case may be, shall prepare a written report of inspection and deliver it to the Certificate
Administrator. The Certificate Administrator shall post such report on the Certificate Administrator’s Website pursuant to
Section 8.14(b).

 

The Special Servicer
(when the Trust Loan is a Specially Serviced Loan) and the Servicer (when the Trust Loan is not a Specially Serviced Loan) shall
make reasonable efforts to collect promptly and review from the Borrower quarterly and annual operating statements, financial statements,
budgets and rent rolls of the Property, and the quarterly and annual financial statements of the Borrower, whether or not delivery
of such items is required pursuant to the terms of the Loan Documents and any other reports or documents required to be delivered
under the terms of the Whole Loan, if delivery of such items is required pursuant to the terms of the Loan Documents. The Servicer
and the Special Servicer shall not be required to request such operating statements or rent rolls more than once if the Borrower
is not required to deliver such statements pursuant to the terms of the Loan Documents. In addition, the Special Servicer shall
cause quarterly and annual operating statements, budgets and rent rolls to be regularly prepared in respect of any Foreclosed Property
and shall collect all such items promptly following their preparation. The Special Servicer shall deliver all such items to the
Servicer within five (5) Business Days of receipt, and the Servicer shall make available on its website copies of all the foregoing
items so collected to the Trustee, the Certificate Administrator, the Special Servicer and the Depositor, in electronic format,
in each case within 30 days of its receipt thereof, but in no event, in the case of annual statements, later than June 30 of each
year commencing June 30, 2018. Upon the request of any Privileged Person (other than the NRSROs) to receive copies of such items,
the Servicer or the Special Servicer, as applicable, shall deliver electronic copies of such items to the Certificate Administrator
to be posted on the Certificate Administrator’s Website. Upon request, the Servicer or the Special Servicer, as applicable,
shall deliver copies

 

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of all the foregoing items so collected thereby to the 17g-5 Information Provider pursuant to Section 10.17.

 

Section 3.22.     
Advances. (a)  In the event that a Monthly Payment (or an Assumed Monthly Payment, as applicable) (other
than the Balloon Payment) or any portion of a Monthly Payment (or an Assumed Monthly Payment, as applicable) (other than any Balloon
Payment) on the Trust Loan has not been received by the close of the Business Day immediately prior to the Remittance Date, the
Servicer, subject to its determination that such amounts are not Nonrecoverable Advances, shall make an advance on such Remittance
Date to the Distribution Account, in an amount equal to the Monthly Payment (or an Assumed Monthly Payment, as applicable), or
any such portion of the Monthly Payment (or an Assumed Monthly Payment, as applicable) on such Trust Loan that was delinquent as
of the close of the Business Day immediately prior to such Remittance Date, in each case, net of the Servicing Fee (which will
not be paid to the Servicer until the funds in the Collection Account are available for payment of such fee); provided that
neither the Servicer nor any other party shall be entitled to interest accrued on the amount of any Monthly Payment Advance with
respect to the Trust Loan if the related Monthly Payment (or an Assumed Monthly Payment, as applicable) in respect of the Trust
Loan is received by the Servicer or the Certificate Administrator, as applicable, by 2:00 p.m., New York time, on such Remittance
Date. For the avoidance of doubt, in the event that the amount of interest on the Trust Loan is reduced as a result of any modification
to the Trust Loan, any future Monthly Payment Advance made with respect to such modified Trust Loan shall be in such amounts as
may be required as a result of such reduction. The Servicer shall maintain a record of each Monthly Payment Advance it has made
pursuant to this Section 3.22(a) on the Trust Loan and shall notify the Certificate Administrator thereof in the appropriate
CREFC® Reports in order to permit allocation thereof pursuant to Sections 3.4 and 3.5. In the
event that the Servicer does not remit any amounts required to be remitted to the Certificate Administrator on each Remittance
Date (including any amounts required to be remitted pursuant to Section 3.5 and any required Monthly Payment Advance)
to the Certificate Administrator for deposit in the Distribution Account on the Remittance Date, the Servicer shall pay to the
Certificate Administrator interest on such amounts at the federal funds rate for the period from and including the Remittance Date
to but excluding the Distribution Date or, if earlier, the actual remittance date.

 

Notwithstanding anything
herein to the contrary, if a Monthly Payment Advance is made with respect to the Trust Loan pursuant to the terms hereof, then
that Monthly Payment Advance, together with interest thereon, shall be reimbursed (with respect to the related Notes), pro rata
and pari passu with monthly interest advances on the Companion Loan.

 

At any time that an Appraisal
Reduction Amount exists, the amount that would otherwise be required to be advanced by the Servicer in respect of delinquent payments
of principal and interest on the Trust Loan shall be reduced by multiplying such amount by a fraction, the numerator of which is
the then outstanding principal balance of the Trust Loan minus the applicable Appraisal Reduction Amount (or portion thereof allocable
to the Trust Loan pursuant to the Co-Lender Agreement) and the denominator of which is the then outstanding principal balance of
the Trust Loan.

 

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(b)           Subject to Section 3.22(e), the Servicer shall advance for the benefit of the Certificateholders and the Companion
Loan Holders, to the extent it determines that such amount is recoverable, all customary and reasonable out-of-pocket costs and
expenses incurred by the Servicer or the Special Servicer in the performance of its servicing obligations, including, but not limited,
to the costs and expenses incurred in connection with (i) the preservation, restoration, operation and protection of the Property
which, in the Servicer’s sole discretion, exercised in accordance with Accepted Servicing Practices, are necessary to prevent
an immediate or material loss to the Trust Fund’s interest in the Property, (ii) the payment of (A) real estate
taxes, assessments and governmental charges that may be levied or assessed against the Borrower or any of its Affiliates or the
Property or revenues from the Property or which become liens on the Property, (B) insurance premiums, and (C) the out-of-pocket
costs and expenses of the Servicer or the Special Servicer, as applicable (including, without limitation, reasonable attorneys’
fees and expenses) to the extent not paid by the Borrower that are incurred in connection with assumption of the Whole Loan or
a release of the Property from the liens of the Mortgage, (iii) any enforcement or judicial proceedings, including foreclosures
and including, but not limited to, court costs, reasonable attorneys’ fees and expenses and costs for third-party experts,
including appraisers and environmental and engineering consultants, and (iv) the management, operation and liquidation of
the Property if the Property is acquired by the Special Servicer or its Affiliate in the name of the Trust (collectively, “Property
Protection Advances”). During the continuation of a Special Servicing Loan Event, the Special Servicer shall give the
Servicer and the Trustee not less than five Business Days’ written notice before the date on which the Servicer is requested
to make any Property Protection Advance with respect to the Whole Loan or any Foreclosed Property; provided, however,
that only three Business Days’ written notice shall be required in respect of Property Protection Advances required to be
made on an urgent or emergency basis (which may include, without limitation, Property Protection Advances required to make tax
or insurance payments). In addition, the Special Servicer shall provide the Servicer with such information in its possession as
the Servicer may reasonably request to enable the Servicer to determine whether a requested Property Protection Advance would constitute
a Nonrecoverable Advance. Notwithstanding anything herein to the contrary, if the Special Servicer requests that the Servicer make
an Advance, the Servicer may conclusively rely on such request as evidence that such advance is not a Nonrecoverable Advance. The
Special Servicer will have no obligation to make any Advances.

 

(c)           To the extent the Servicer fails to make an Advance that it is required to make under this Agreement, the Trustee shall
be required to make such Advance pursuant to Section 7.6. It is understood that the obligation of the Servicer and
the Trustee (pursuant to Section 7.6) to make such Advances is mandatory, subject to the limitations set forth in this
Agreement, and shall continue to apply after any modification or amendment of the Whole Loan pursuant to Section 3.23
hereof, beyond the Stated Maturity Date of the Whole Loan if a payment default shall have occurred on such date and through any
court appointed stay period or similar payment delay resulting from any insolvency of the Borrower or related bankruptcy, notwithstanding
any other provision of this Agreement, other than the requirement of recoverability, and shall continue, subject to the requirement
of recoverability, until the earlier of (i) the payment in full of the Trust Loan and (ii) the date on which the Property
becomes liquidated.

 

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(d)           Interest on each Advance made by the Servicer or the Trustee shall accrue for each day that such Advance is outstanding
at a rate of interest equal to the Prime Rate (the “Advance Rate”) for each such day (or the most recent day
on which the Prime Rate was reported, if not reported on such day) on the basis of a year of 360 days and the actual number
of days elapsed in a month. Interest on the Advances shall compound annually.

 

(e)           Notwithstanding any other provision in this Agreement, the Servicer or the Trustee, as applicable, shall be obligated to
make an Advance only to the extent that the Servicer or the Trustee, as applicable, has determined that such Advance, together
with any previous unreimbursed Advances and interest on all those Advances at the Advance Rate, would not constitute a Nonrecoverable
Advance if made. The Trustee and the Servicer, in that order, shall be entitled to reimbursement for any such Advances from the
Collection Account and shall obtain such reimbursement in accordance with Section 3.4(c). If the context requires,
each reference to the reimbursement or payment of an Advance shall be deemed to include, whether or not specifically referred to,
payment or reimbursement of interest thereon at the Advance Rate through the date of payment or reimbursement.

 

(f)            The determination by the Servicer or the Trustee, as applicable, that it has made a Nonrecoverable Advance or that any proposed
Advance, if made, would constitute a Nonrecoverable Advance, shall be evidenced by the delivery of an Officer’s Certificate
to the Companion Loan Holders, the Certificate Administrator, the Operating Advisor, the Controlling Class Representative (so long
as no Consultation Termination Event is continuing), and the Trustee in electronic format which format is reasonably acceptable
to the Certificate Administrator and the Trustee (if such determination is made by the Servicer), detailing the reasons for such
determination with supporting documentation attached. Such Officer’s Certificate shall be made available to any Privileged
Person by the Certificate Administrator posting such Officer’s Certificate to the Certificate Administrator’s Website
pursuant to Section 8.14(b). The costs of obtaining any appraisals, reports, surveys and other information requested
by the Servicer or the Trustee, as applicable, establishing an Advance as a Nonrecoverable Advance shall be treated as Trust Fund
Expenses, payable from the Collection Account pursuant to Section 3.4(c), and shall constitute a Property Protection
Advance, as applicable, if paid by the Servicer or the Trustee from its own funds. The Servicer’s determination of nonrecoverability
in accordance with the above provisions shall be conclusive and binding on the Trustee and the Trustee shall be entitled to rely
conclusively thereupon. The Trustee, in determining whether or not a proposed Advance would be a Nonrecoverable Advance, shall
make such determination in its reasonable business judgment.

 

(g)           The Servicer or the Trustee, as applicable, is not obligated to advance or pay (i) the delinquent scheduled payments
with respect to any Companion Loan, (ii) any Balloon Payment with respect to the Companion Loan or the Trust Loan (but is
required to advance the Assumed Monthly Payment with respect to the Trust Loan), (iii) any Default Interest, (iv) amounts
required to cure any damages resulting from Uninsured Causes (except as required pursuant to Section 3.12(c)), any
failure of the Property to comply with any applicable law, including any environmental law, or (except in connection with the foreclosure
or other acquisition of the Property in accordance with Section 3.12 upon the occurrence of a Loan Event of Default)
to investigate, test, monitor, contain, clean up, or remedy an environmental condition present at the Property, (i) any losses
arising with respect to defects in

 

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the title to the Property, (vi) any costs of capital improvements to the Property other
than those necessary to prevent an immediate or material loss to the Trust’s or the Companion Loan Holders’ interest
in the Property or (vii) any yield maintenance amounts or prepayment premiums.

 

(h)           The Servicer or the Trustee may consider (among other things) the following when making a non-recoverability determination:
(a) the obligations of the Borrower under the terms of the Whole Loan as it may have been modified, (b) the Property in its “as
is” or then-current condition and occupancy, (c) future expenses and (d) the timing of recoveries, in the case of clauses
(b) through (d), each as modified by such party’s assumptions (consistent with Accepted Servicing Practices in the case of
the Servicer or in its commercially reasonable judgment in the case of the Trustee, solely in its capacity as Trustee) regarding
the possibility and effects of future adverse changes with respect to the Property.

 

Section 3.23.     
Modifications of Loan Documents. (a)  The Servicer (if no Special Servicing Loan Event has occurred and
is continuing) or the Special Servicer (during a Special Servicing Loan Event), may modify, waive or amend any term of the Whole
Loan if such modification, waiver or amendment (A) is consistent with Accepted Servicing Practices and (B) does not result
in an Adverse REMIC Event (and the Servicer or the Special Servicer, as applicable, may obtain and be entitled to rely upon an
Opinion of Counsel in connection with such determination). Notwithstanding anything herein to the contrary, in no event may the
Servicer or the Special Servicer permit an extension of the Stated Maturity Date beyond the date that is the earlier of (x) five
years prior to the latest Rated Final Distribution Date and (y) 20 years prior to the end of the current term of the ground
lease at the Property (plus any ground lease extension options to the extent unilaterally exercisable by the Borrower). In connection
with (i) the release of the Property or portion thereof from the lien of the Mortgage or (ii) the taking of the Property
or portion thereof by exercise of the power of eminent domain or condemnation, if the Loan Documents require the Servicer or the
Special Servicer, as applicable, to calculate the loan-to-value ratio of the remaining portion of the Property, for purposes of
REMIC qualification of the Trust Loan, then, unless then permitted by the REMIC Provisions, such calculation shall exclude the
value of personal property and going concern value, if any.

 

(b)           All modifications, waivers or amendments of the Whole Loan shall be in writing and shall be effected in a manner consistent
with Accepted Servicing Practices, the REMIC Provisions and the provisions of the Co-Lender Agreement. The Servicer or the Special
Servicer, as applicable, shall notify the Certificate Administrator, the Trustee, the Operating Advisor, the Controlling Class
Representative (so long as no Consultation Termination Event is continuing), the Companion Loan Holders and the Depositor, in writing,
of any modification, waiver or amendment of any term of the Whole Loan and the date thereof, and shall deliver to the Custodian
an original and, if applicable, recorded counterpart of the agreement relating to such modification, waiver or amendment within
ten (10) Business Days following the execution and, if applicable, recordation thereof with a copy to the Operating Advisor and,
prior to the occurrence and continuance of a Consultation Termination Event, the Controlling Class Representative. If the Whole
Loan is modified, the Note Rate on the Trust Note shall not change for purposes of distributions on the Certificates. In the event
the Servicer or Special Servicer adversely modifies the interest rate applicable to the Trust Note, any aggregate adverse economic
effect of the modification shall be applied to the Certificates,

 

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in reverse order of seniority. Notwithstanding the foregoing,
neither the Servicer nor the Special Servicer shall modify the Note Rates unless the Whole Loan is in default or default is reasonably
foreseeable.

 

(c)           Subject to Section 3.25, any modification of the Loan Documents that requires a Rating Agency Confirmation pursuant
to the Loan Documents, or any modification that would eliminate, modify or alter the requirement of obtaining such Rating Agency
Confirmation in the Loan Documents, shall not be made without the Servicer’s or the Special Servicer’s, as applicable,
first receipt of such Rating Agency Confirmation. Such Rating Agency Confirmation shall be obtained at the Borrower’s expense
in accordance with the Loan Agreement or, if not so provided in the Loan Agreement or if the Borrower does not pay, at the expense
of the Trust Fund.

 

(d)           Promptly after the occurrence and during the continuance of a Special Servicing Loan Event, the Special Servicer shall request
from the Certificate Administrator the name of the current Controlling Class Representative. Upon receipt of the name of such current
Controlling Class Representative from the Certificate Administrator, the Special Servicer shall notify the Controlling Class Representative
that a Special Servicing Loan Event has occurred. The Certificate Administrator shall be responsible for providing the name of
the current Controlling Class Representative only to the extent the Controlling Class Representative has identified itself as such
to the Certificate Administrator substantially in the form of Exhibit K-4; provided that if the Controlling Class
Representative is determined pursuant to the proviso in the definition of “Controlling Class Representative”, then
(i) the Certificate Administrator shall determine which Class is the Controlling Class and (ii) the Special Servicer shall request
from the Certificate Administrator, and the Certificate Administrator shall request from the Depository at the expense of the Trust,
the list of Beneficial Holders of the Controlling Class, and the Certificate Administrator shall provide (on a reasonably prompt
basis) such list to the Special Servicer and the Servicer at the expense of the Trust.

 

(e)           Subject to Section 3.25, prior to implementing any of the following actions, the Servicer or the Special Servicer
shall obtain a Rating Agency Confirmation with respect to such action:

 

(i)           any transfer of the Property or any portion of the Property, or any transfer of any direct or indirect ownership interest
in the Borrower to the extent the Lender’s consent is required under the Loan Documents, except in each case as expressly
permitted by the Loan Documents without the Lender’s consent or in connection with a pending or threatened condemnation;

 

(ii)          any consent to incurrence of additional debt by the Borrower or mezzanine debt by a direct or indirect parent of the Borrower,
including modification of the terms of any document evidencing or securing any such additional debt and of any intercreditor or
subordination agreement executed in connection therewith and any waiver of or amendment or modification to the terms of any such
document or agreement, in each case to the extent the mortgagee’s approval is required by the Loan Documents; and

 

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(iii)         any of the actions described in clauses (v), (vi), (vii) or (ix) of the definition of “Major Decision”.

 

Notwithstanding the foregoing,
the Servicer and Special Servicer may, subject to certain conditions (but without any Rating Agency Confirmation) grant the Borrower’s
request for consent to subject the Property to an easement, right-of-way or similar agreement for utilities, access, parking, public
improvements or another similar purpose and may consent to subordination of the Whole Loan to such easement, right-of-way or similar
agreement.

 

(f)           Notwithstanding the foregoing, the Servicer shall not permit the substitution of the Property pursuant to the defeasance
provisions of the Loan Agreement unless such defeasance complies with Treasury Regulations Section 1.860G-2(a)(8)(ii) and the Servicer
has received (i) replacement collateral consisting of government securities within the meaning of Treasury Regulations Section
1.860G-2(a)(8)(ii), which satisfies the requirements of the Loan Documents, in an amount sufficient to make all scheduled payments
required under the terms of the Whole Loan when due, (ii) a certificate of an Independent certified public accountant to the effect
that such substituted property will provide cash flows sufficient to meet all payments of interest and principal (including payments
at maturity) on the Whole Loan in compliance with the requirements of the terms of the Loan Documents, (iii) one or more Opinions
of Counsel (at the expense of the Borrower) to the effect that the Trustee, on behalf of the Trust Fund, will have a first priority
perfected security interest in such substituted property; provided, however, that, to the extent consistent with the Loan Documents,
the Borrower shall pay the cost of any such opinion as a condition to granting such defeasance, (iv) to the extent consistent with
the Loan Documents, the Borrower shall establish a single purpose entity to act as a successor Borrower, if so required by the
Rating Agencies, (v) to the extent permissible under the Loan Documents, the Servicer shall use its efforts consistent with Accepted
Servicing Practices to require the Borrower to pay all costs of such defeasance, including but not limited to the cost of maintaining
any successor Borrower, and (vi) to the extent permissible under the Loan Documents, the Servicer shall obtain, at the expense
of the Borrower, Rating Agency Confirmation from each Rating Agency.

 

(g)          The Servicer shall deposit all payments received by it from defeasance collateral substituted for the Property into the
Collection Account and treat any such payments as payments made on the Whole Loan in advance of its Payment Date, and not as a
prepayment of the Whole Loan. Notwithstanding anything herein to the contrary, in no event shall the Servicer permit such amounts
to be maintained in the Collection Account for a period in excess of 365 days (or 366 days in the case of a leap year).

 

Section 3.24.     
Servicer and Special Servicer May Own Certificates. The Servicer, the Special Servicer and any agent thereof
in its individual or any other capacity may become the owner or pledgee of Certificates with the same rights it would have if it
were not the Servicer, the Special Servicer or such agent except as otherwise provided herein subject to the restrictions on voting
set forth in the definition of Certificateholder.

 

Section 3.25.     
Rating Agency Confirmations.  (a)  Notwithstanding the terms of any Loan Documents or other provisions
of this Agreement, if any action under any Loan Documents or this Agreement requires a Rating Agency Confirmation as a condition
precedent

 

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to such action, if the party (the “Requesting Party”) attempting to obtain such Rating Agency Confirmation
from each Rating Agency has made a request to any such Rating Agency for such Rating Agency Confirmation and, within 10 Business
Days of the Rating Agency Confirmation request being posted to the 17g-5 Information Provider’s Website, such Rating Agency
has not replied to such request or has responded in a manner that indicates that such Rating Agency is neither reviewing such request
nor waiving the requirement for a Rating Agency Confirmation, then such Requesting Party shall be required (without providing notice
to the Depositor) to (i) confirm that the applicable Rating Agency has received the Rating Agency Confirmation request, and,
if it has not, promptly request the related Rating Agency Confirmation again and (ii) if there is no response to either Rating
Agency Confirmation request within five Business Days of such confirmation or such second request (after seeking to confirm that
the applicable Rating Agency received such second Rating Agency Confirmation request), as applicable, then (x) with respect
to any condition in the Loan Documents requiring a Rating Agency Confirmation or any other matter under this Agreement relating
to the servicing of the Whole Loan (other than as set forth in clause (y) below), the Requesting Party (or, if the Requesting
Party is the Borrower, then the Servicer or the Special Servicer, as applicable) will be required to determine, in accordance with
its duties under this Agreement and in accordance with Accepted Servicing Practices, whether or not such action would be in the
best interest of Certificateholders, and if the Requesting Party (or, if the Requesting Party is the Borrower, then the Servicer
or the Special Servicer, as applicable) determines that such action would be in the best interest of the Certificateholders, then
the requirement for a Rating Agency Confirmation will not apply (provided, however, with respect to the release or
substitution of any collateral relating to the Trust Loan, any Rating Agency Confirmation requirement that the Servicer or Special
Servicer would have been permitted to waive pursuant to this Agreement will not apply without any such determination by the Requesting
Party (or the Servicer or the Special Servicer, as applicable) (it being understood that the Requesting Party (or the Servicer,
or the Special Servicer, as applicable) will in any event review the conditions required under the Loan Documents with respect
to such release and confirm to its satisfaction in accordance with the Accepted Servicing Practices that such conditions (other
than the requirement for a Rating Agency Confirmation) have been satisfied)), and (y) with respect to a replacement of the
Servicer or Special Servicer, such condition will not apply if such Servicer or Special Servicer is a Qualified Servicer. For all
other matters or actions (a) not specifically discussed above in clauses (x) or (y) or (b) that are not the
subject of a Rating Agency Declination, the applicable Requesting Party shall be required to obtain a Rating Agency Confirmation
from each of the Rating Agencies.

 

(b)           Any Rating Agency Confirmation requests made by the Servicer, Special Servicer, the Certificate Administrator or Trustee,
as applicable, pursuant to this Agreement, shall be made in writing (an email shall be sufficient as a writing), which writing
shall contain a cover page indicating the nature of the Rating Agency Confirmation request, and shall contain all back-up material
the Servicer, Special Servicer, the Certificate Administrator or Trustee, as applicable, reasonably deems necessary for the Rating
Agency (including those for Companion Loan Securities) to process such request. Subject to Section 10.17, the Servicer,
the Special Servicer, Certificate Administrator or the Trustee, as applicable, shall furnish such written Rating Agency Confirmation
request to each of the Rating Agencies, in accordance with the delivery instructions set forth in Section 10.17.

 

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(c)           Promptly following the Special Servicer’s determination to take any action described in Section 3.25(a)
without receiving Rating Agency Confirmation, the Special Servicer shall, subject to Section 10.17, provide written
notice to the Rating Agencies.

 

(d)           Each Certificateholder, by its acceptance of the Certificates, acknowledges and agrees to the foregoing with respect to
Rating Agency Confirmations.

 

Section 3.26.     
The Operating Advisor. (a)  The Operating Advisor shall promptly review (i) the actions of the Special
Servicer with respect to the Trust Loan when it is a Specially Serviced Loan (as provided in Section 3.10(h), Section 3.26
and Section 6.5) and the actions of the Special Servicer with respect to Major Decisions relating to the Trust Loan
when it is not a Specially Serviced Loan (as provided in Section 6.5) with respect to which a Major Decision Reporting
Package has been delivered to the Operating Advisor, (ii) all reports by the Special Servicer made available to Privileged
Persons that are posted on the Certificate Administrator’s Website and (iii) each Asset Status Report and Final Asset
Status Report delivered to the Operating Advisor by the Special Servicer.

 

(b)               The Operating Advisor and its Affiliates will be obligated to keep confidential any information appropriately labeled as
“Privileged Information” received from the Special Servicer or Controlling Class Representative in connection with
the Controlling Class Representative’s exercise of its rights under this Agreement (including, without limitation, in connection
with any Asset Status Report) or otherwise in connection with this transaction, except under the circumstances described in Section
3.27(f) and subject to any law, rule, regulation, order, judgment or decree requiring the disclosure of such Privileged Information.
Subject to the terms and conditions in this Agreement related to Privileged Information, the Operating Advisor agrees that it shall
use information received from the Special Servicer pursuant to the terms of this Agreement solely for purposes of complying with
its duties and obligations hereunder.

 

With respect to whether
a Control Termination Event, Operating Advisor Consultation Event or Consultation Termination Event has occurred and is continuing,
or has terminated, the Servicer, Special Servicer and Operating Advisor are entitled to rely solely on its receipt of notice thereof
from the Certificate Administrator (which includes notices posted to the Certificate Administrator’s Website) or receipt
of notice substantially in the form of Exhibit P from the Controlling Class Representative or a majority of the Controlling Class
Certificateholders (by Certificate Balance), in each case pursuant to this Agreement, and, with respect to any obligations of the
Operating Advisor, Servicer or Special Servicer that are performed only after the occurrence and continuance of a Control Termination
Event, Operating Advisor Consultation Event and/or Consultation Termination Event, the Operating Advisor, Servicer or Special Servicer
shall have no duty to perform any such obligations until the receipt of such notice or actual knowledge of the occurrence of a
Control Termination Event, Operating Advisor Consultation Event or Consultation Termination Event, as applicable.

 

(c)               (i)  Based on the Operating Advisor’s review of any assessment of compliance, any attestation report, any
Major Decision Reporting Package and/or Asset Status Report, Final Asset Status Report and other reports by the Special Servicer
made available to Privileged Persons that are posted on the Certificate Administrator’s Website during the prior calendar
year, the Operating Advisor shall (if, at any time during the prior calendar year, (i) the

 

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Trust Loan was a Specially Serviced
Loan or (ii) there existed an Operating Advisor Consultation Event) deliver to the Certificate Administrator (which shall promptly
post such report on the Certificate Administrator’s Website in accordance with Section 8.14(b)), the 17g-5 Information
Provider (who shall post it to the 17g-5 Information Provider’s Website in accordance with Section 10.17) and the
Depositor within one hundred-twenty (120) days of the end of the prior calendar year, an annual report (the “Operating
Advisor Annual Report”), substantially in the form of Exhibit T (which form may be modified or altered as
to either its organization or content by the Operating Advisor, subject to compliance of such form with the terms and provisions
of this Agreement including, without limitation, provisions herein relating to Privileged Information; provided, however,
that in no event shall the information or any other content included in the Operating Advisor Annual Report contravene any provision
of this Agreement), setting forth whether the Operating Advisor believes, in its sole discretion exercised in good faith, that
the Special Servicer is operating in compliance with Accepted Servicing Practices with respect to its performance of its duties
under this Agreement during the prior calendar year and identifying which, if any, standards the Operating Advisor believes, in
its sole discretion exercised in good faith, the Special Servicer has failed to comply; provided, however, that in
the event the Special Servicer is replaced, the Operating Advisor Annual Report shall only relate to such Special Servicer that
was acting as Special Servicer as of December 31 in the prior calendar year and is continuing in such capacity through the date
of such Operating Advisor Annual Report. Subject to the restrictions in this Agreement, including, without limitation, Section
3.27(d) hereof, each such Operating Advisor Annual Report shall (A) identify any material deviations from (i) Accepted
Servicing Practices and (ii) the Special Servicer’s obligations under this Agreement with respect to the resolution
or liquidation of any Specially Serviced Loan or Foreclosed Property and (B) comply with all of the confidentiality requirements
described in this Agreement regarding Privileged Information (subject to a Privileged Information Exception). Such Operating Advisor
Annual Report shall be delivered to the Certificate Administrator (which shall promptly post such Operating Advisor Annual Report
on the Certificate Administrator’s Website in accordance with Section 8.14(b)), the 17g-5 Information Provider (who
shall post it to the 17g-5 Information Provider’s Website in accordance with Section 10.17) and the Depositor; provided,
however, that the Special Servicer shall be given an opportunity to review and comment on the Operating Advisor Annual Report
at least five (5) Business Days prior to its delivery to the Certificate Administrator, the 17g-5 Information Provider and the
Depositor. In preparing the Operating Advisor Annual Report, the Operating Advisor (i) shall not be required to report on instances
of non-compliance with, or deviations from, the Accepted Servicing Practices or the Special Servicer’s obligations under
this Agreement that the Operating Advisor determines, in its sole discretion exercised in good faith, to be immaterial and (ii)
will not be required to provide or obtain a legal opinion, legal review or legal conclusion. The Operating Advisor shall have no
obligation to adopt any comments to the Operating Advisor Annual Report that are provided by the Special Servicer.

 

(ii)           In the event the Operating Advisor’s ability to perform its obligations in respect of the Operating Advisor Annual
Report is limited or prohibited due to the failure of a party hereto to timely deliver notice of action and information required
to be delivered to the Operating Advisor or because such information is inaccurate or incomplete, the Operating Advisor shall set
forth such limitations or prohibitions in the related Operating Advisor Annual Report, and the Operating Advisor shall not be subject
to any liability arising from such limitations or prohibitions. The Operating Advisor shall

 

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be entitled to conclusively rely on
the accuracy and completeness of any information it is provided without liability for any such reliance hereunder.

 

(d)           (i)  After the calculation but prior to the utilization by the Special Servicer of any of the calculations related
to (i) Appraisal Reduction Amounts or (ii) net present value in accordance with Section 1.3(d) used in the Special
Servicer’s determination of that course of action to take in connection with the workout or liquidation of the Whole Loan
when it is a Specially Serviced Loan, the Special Servicer shall forward such calculations, together with any supporting material
or additional information necessary in support thereof (including such additional information reasonably requested by the Operating
Advisor to confirm the mathematical accuracy of such calculations, but not including any Privileged Information), to the Operating
Advisor promptly, but in any event no later than two (2) Business Days after preparing such calculations, and the Operating Advisor
shall promptly, but no later than three (3) Business Days after receipt of such calculations and any supporting or additional materials,
recalculate the accuracy of the mathematical calculations and the corresponding application of the non-discretionary portion of
the applicable formulas required to be utilized in connection with any such calculation.

 

(ii)          In connection with this Section 3.27(d) in the event the Operating Advisor does not agree with the mathematical calculations
of the Appraisal Reduction Amount (as calculated by the Special Servicer) or net present value or the application of the applicable
non-discretionary portions of the formula required to be utilized for such calculation, the Operating Advisor and Special Servicer
shall consult with each other in order to resolve any material inaccuracy in the mathematical calculations or the application of
the non-discretionary portions of the related formula in arriving at those mathematical calculations or any disagreement within
five (5) Business Days of delivery of such calculations. The Servicer shall cooperate with the Special Servicer and provide any
information reasonably requested by such Special Servicer necessary for the calculation of the Appraisal Reduction Amount that
is in the Servicer’s possession or reasonably obtainable by the Servicer. In the event the Operating Advisor and the Special
Servicer are not able to resolve such inaccuracies or disagreement prior to the end of such five (5) Business Day period, the Operating
Advisor shall promptly notify the Certificate Administrator of such disagreement and the Certificate Administrator shall examine
the calculations and supporting materials provided by the Operating Advisor and the Special Servicer and determine which calculation
is to apply (and shall provide prompt written notice of such determination to the Operating Advisor and the Special Servicer).
In making such determination, the Certificate Administrator may hire an independent third-party to assist with any such calculation
at the expense of the Trust and shall be entitled to conclusively rely on such third party’s determination (provided such
third party has been selected with reasonable care by the Certificate Administrator).

 

(e)           Notwithstanding the foregoing, prior to the occurrence and continuance of an Operating Advisor Consultation Event, the Operating
Advisor shall have no specific involvement with respect to collateral substitutions, assignments, workouts, modifications, consents,
waivers, lockbox management, insurance policies, borrower substitutions, lease changes, additional borrower debt, property management
changes, releases from escrow, assumptions and other similar actions that the Special Servicer may perform under this

 

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Agreement.
In addition, with respect to the Operating Advisor’s review of net present value or Appraisal Reduction Amount, as applicable,
calculations as required in Section 3.27(d) above, the Operating Advisor’s recalculation shall not take into account
the reasonableness of Special Servicer’s property and borrower performance assumptions or other similar discretionary portions
of the net present value or Appraisal Reduction Amount, as applicable, calculation.

 

(f)            The Operating Advisor and its Affiliates shall keep all information appropriately labeled as “Privileged Information”
confidential and shall not, without the prior written consent of the Special Servicer and (for so long as no Consultation Termination
Event is continuing) the Controlling Class Representative, disclose such information to any other Person (including any Certificateholders
other than the Controlling Class Representative), other than (i) to the extent expressly set forth herein, to the other
parties to this Agreement with a notice indicating that such information is Privileged Information, (ii) pursuant to a Privileged
Information Exception or (iii) where necessary to support specific findings or conclusions concerning allegations of deviations
from Accepted Servicing Practices (A) in the Operating Advisor Annual Report or (B) in connection with a recommendation
by the Operating Advisor to replace the Special Servicer. Each party to this Agreement that receives information that is appropriately
labeled as “Privileged Information” from the Operating Advisor with a notice stating that such information is Privileged
Information shall not, without the prior written consent of the Special Servicer and (for so long as no Consultation Termination
Event is continuing) the Controlling Class Representative, disclose such Privileged Information to any Person other than pursuant
to a Privileged Information Exception. Notwithstanding the foregoing, the Operating Advisor shall be permitted to share Privileged
Information with its Affiliates and any subcontractors of the Operating Advisor that agree in writing to be bound by the same confidentiality
provisions applicable to the Operating Advisor.

 

(g)           Subject to the requirements of confidentiality imposed on the Operating Advisor herein (including without limitation in
respect of Privileged Information), the Operating Advisor shall respond to Inquiries proposed by Privileged Persons from time to
time in accordance with the terms of Section 4.5.

 

(h)           As compensation for its activities hereunder, the Operating Advisor shall be entitled to receive the Operating Advisor Fee
on each Distribution Date with respect to the Trust Loan. As to the Trust Loan, the Operating Advisor Fee shall accrue from time
to time at the Operating Advisor Fee Rate and shall be computed on the basis of the same principal amount, in the same manner and
for the same period respecting which any related interest payment on the Trust Loan is computed.

 

The Operating Advisor
shall be entitled to reimbursement of any Operating Advisor Expenses provided for pursuant to Section 3.26(i) hereof, such
amounts to be reimbursed from amounts on deposit in the Collection Account as provided by Section 3.4. Each successor Operating
Advisor shall be required to acknowledge and agree to the terms of the preceding sentence.

 

In addition, the Operating
Advisor Consulting Fee shall be payable to the Operating Advisor with respect to each Asset Status Report or Major Decision for
which the Operating Advisor has consultation obligations hereunder. The Operating Advisor Consulting

 

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Fee shall be payable from
funds on deposit in the Collection Account as provided in Section 3.4 of this Agreement, but only to the extent such Operating
Advisor Consulting Fee is actually received from the Borrower. When the Operating Advisor has consultation obligations with respect
to an Asset Status Report or Major Decision under this Agreement, the Servicer or the Special Servicer, as the case may be, shall
use efforts to collect the applicable Operating Advisor Consulting Fee from the Borrower in connection with such Asset Status Report
or Major Decision that are consistent with the efforts that the Servicer or the Special Servicer, as applicable, would use to collect
any Borrower-paid fees owed to it in accordance with Accepted Servicing Practices, but only to the extent not prohibited by the
related Loan Documents. The Servicer or Special Servicer, as the case may be, may waive or reduce the amount of any Operating Advisor
Consulting Fee payable by the Borrower if it determines that such full or partial waiver is in accordance with the Accepted Servicing
Practices, but in no event shall the Servicer or such Special Servicer take any enforcement action with respect to the collection
of such Operating Advisor Consulting Fee other than requests for collection; provided that the Servicer or Special Servicer,
as applicable, shall consult, on a non-binding basis, with the Operating Advisor prior to any such waiver or reduction.

 

(i)       Upon (i) the written direction of Holders of Non-Reduced Certificates evidencing not less than 15% of the Voting Rights
of the Non-Reduced Certificates requesting a vote to terminate and replace the Operating Advisor with a proposed successor Operating
Advisor provided that the proposed successor Operating Advisor is an Eligible Operating Advisor) and (ii) payment by
such Holders to the Certificate Administrator of the reasonable fees and expenses to be incurred by the Certificate Administrator
in connection with administering such vote, the Certificate Administrator shall promptly provide written notice to all Certificateholders
and the Operating Advisor of such request by posting such notice on the Certificate Administrator’s Website in accordance
with Section 8.14(b), and concurrently by mail at their addresses appearing on the Certificate Register. Upon the written
direction of holders of more than 50% of the Voting Rights of the Non-Reduced Certificates that exercise their right to vote (provided
that holders of at least 50% of the Voting Rights of the Non-Reduced Certificates exercise their right to vote), the Trustee will
terminate all of the rights and obligations of the Operating Advisor under this Agreement (other than any rights or obligations
that accrued prior to the date of such termination (including accrued and unpaid compensation) and other than indemnification rights
(arising out of events occurring prior to such termination)) by written notice to the Operating Advisor, and the proposed successor
operating advisor will be appointed.

 

The Certificate Administrator
shall include on each Distribution Date Statement a statement that each Certificateholder and Beneficial Owner may access notices
under the “special notices” tab of a request of a vote to terminate and replace the Operating Advisor on the Certificate
Administrator’s Website and may access certain risk retention notices under the “Risk Retention special notices”
tab, and each Certificateholder and Beneficial Owner may register to receive email notifications when such notices are posted on
the Certificate Administrator’s Website. The Certificate Administrator will be entitled to reimbursement from the requesting
Certificateholders for the reasonable expenses of posting notices of such requests.

 

(j)       After the occurrence of an Operating Advisor Termination Event, the Trustee may, and upon the written direction of Certificateholders
representing at least 25% of

 

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the Voting Rights (taking into account the application of any Appraisal Reduction Amounts to notionally
reduce the Certificate Balance of the Classes of Certificates) the Trustee shall, promptly terminate all of the rights and responsibilities
of the Operating Advisor under this Agreement (other than rights and obligations accrued prior to such termination (including accrued
and unpaid compensation) and indemnification rights (arising out of events occurring prior to such termination)), by written notice
to the Operating Advisor and appoint a replacement Operating Advisor that is an Eligible Operating Advisor; provided, that
no such termination shall be effective until a successor Operating Advisor has been appointed and has assumed all of the obligations
of the Operating Advisor under this Agreement. The Trustee may rely on a certification by the replacement Operating Advisor that
it is an Eligible Operating Advisor. If the Trustee is unable to find a replacement Operating Advisor that is an Eligible Operating
Advisor within 30 days of the termination of the Operating Advisor, the Depositor shall be permitted to find a replacement. Upon
any termination of the Operating Advisor and appointment of a successor to the Operating Advisor, the Trustee shall, as soon as
possible, give written notice of the termination and appointment to the Special Servicer, the Servicer, the Certificate Administrator,
the Depositor, the Controlling Class Representative (only if no Consultation Termination Event is continuing), the Certificateholders
and the 17g-5 Information Provider.

 

(k)           The Holders of Certificates representing at least 25% of the Voting Rights affected by any Operating Advisor Termination
Event hereunder may waive such Operating Advisor Termination Event within twenty (20) days of the receipt of notice from the certificate
administrator of the occurrence of such Operating Advisor Termination Event. Upon any such waiver of an Operating Advisor Termination
Event, such Operating Advisor Termination Event shall cease to exist and shall be deemed to have been remedied for every purpose
hereunder. Upon any such waiver of an Operating Advisor Termination Event by Certificateholders, the Trustee and the Certificate
Administrator shall be entitled to recover all costs and expenses incurred by it in connection with enforcement action taken with
respect to such Operating Advisor Termination Event prior to such waiver from the Trust.

 

(l)            [Reserved].

 

(m)          The Operating Advisor may resign from its obligations and duties hereby imposed on it (a) upon thirty (30) days prior
written notice to the Depositor, the Servicer, the Special Servicer, the Trustee, the Certificate Administrator and the Controlling
Class Representative, if applicable, if the Operating Advisor has secured a replacement that is an Eligible Operating Advisor and
(b) upon the appointment of, and the acceptance of such appointment by, a successor Operating Advisor that is an Eligible
Operating Advisor and receipt by the Trustee of Rating Agency Confirmation from each Rating Agency. No such resignation by the
Operating Advisor shall become effective until the replacement Operating Advisor shall have assumed the resigning Operating Advisor’s
responsibilities and obligations. If no successor Operating Advisor has been so appointed and accepted the appointment within 30
days after the notice of resignation, the resigning Operating Advisor may petition any court of competent jurisdiction for the
appointment of a successor Operating Advisor that is an Eligible Operating Advisor. The resigning Operating Advisor shall pay all
costs and expenses (including costs and expenses incurred by the Trustee and the Certificate Administrator) associated with a transfer
of its duties pursuant to this Section 3.27.

 

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(n)           In the event the Operating Advisor resigns or is otherwise terminated for any reason it shall remain entitled to any accrued
and unpaid Operating Advisor Fees and Operating Advisor Consulting Fees and reimbursement of accrued and unpaid Operating Advisor
Expenses pursuant to Section 3.27(h) and shall also remain entitled to any rights of indemnification provided hereunder.

 

(o)           The parties hereto agree, and the Certificateholders by their acceptance of their Certificates shall be deemed to have agreed,
that (i) subject to Section 6.3, the Operating Advisor shall have no liability to any Certificateholder for any actions
taken or for refraining from taking any actions under this Agreement, (ii) the Operating Advisor shall act solely as a contracting
party to the extent set forth in this Agreement, (iii) the Operating Advisor shall have no (A) fiduciary duty, or (B) other
duty except with respect to its specific obligations under this Agreement, and shall have no duty to any particular Class of Certificates
or particular Certificateholders, and (iv) the Operating Advisor does not constitute an “investment adviser” within
the meaning of the Investment Advisers Act of 1940, as amended.

 

(p)           The Operating Advisor shall not make any investment in any Class of Certificates.

 

(q)           The Operating Advisor may delegate its duties to agents or subcontractors to the extent such agents or subcontractors satisfy
clauses (c), (d) and (f) of the definition of “Eligible Operating Advisor” and so long as the related agreements or
arrangements with such agents or subcontractors are consistent with the provisions of this Section 3.27. Notwithstanding the foregoing
sentence, the Operating Advisor shall remain obligated and primarily liable for any actions required to be performed hereunder
in accordance with the provisions of this Agreement without diminution of such obligation or liability or related obligation or
liability by virtue of such delegation or arrangements or by virtue of indemnification from any Person acting as its agents or
subcontractor to the same extent and under the same terms and conditions as if the Operating Advisor alone were performing its
obligations under this Agreement.

 

(r)            For the avoidance of doubt, while the Operating Advisor may serve in a similar capacity with respect to other securitizations
that involve the same parties or Affiliates of the Borrower involved in this securitization, any experience or knowledge gained
by the Operating Advisor from such other engagements may not be imputed to the Operating Advisor for this transaction; provided,
however, the Operating Advisor may consider such experience or knowledge as pertinent information for discussion with the
Special Servicer during its periodic meetings.

 

Section 3.27.     
[Reserved]

 

Section 3.28.     
Credit Risk Retention. (a)  The Third Party Purchaser, prior to its acquisition of Certificates that constitute
the Required Third Party Purchaser Retention Amount, will be required to enter into an agreement with the Sponsor (the “Credit
Risk Retention Compliance Agreement”).

 

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(b)      None of the Trustee, the Certificate Administrator, the Servicer, the Special Servicer, the Operating Advisor or the Custodian
shall be obligated to monitor, supervise or enforce the performance of any party under the Credit Risk Retention Compliance Agreement.

 

Section 3.29.     
Miscellaneous Provisions.

 

(a)          Notwithstanding the terms of the related Loan Documents, the other provisions of this Agreement or the Co-Lender Agreement,
with respect to any Companion Loan as to which there exists Companion Loan Securities, if any action relating to the servicing
and administration of the Whole Loan or the Foreclosed Property (the “Relevant Action”) requires delivery of
a Rating Agency Confirmation as a condition precedent to such action pursuant to this Agreement, then, except as set forth below
in this paragraph, such action will also require delivery of a Companion Loan Rating Agency Confirmation as a condition precedent
to such action from each Companion Loan Rating Agency. Each Companion Loan Rating Agency Confirmation shall be sought by the Servicer,
Special Servicer, Trustee or Certificate Administrator, as applicable, depending on whichever such party is seeking the corresponding
Rating Agency Confirmation(s) in connection with the Relevant Action. The requirement to obtain a Companion Loan Rating Agency
Confirmation with respect to any Companion Loan Securities will be subject to, will be permitted to be waived by the Servicer and
the Special Servicer on, and will be deemed not to apply on, the same terms and conditions applicable to obtaining Rating Agency
Confirmations, as set forth in this Agreement; provided, that the Servicer, Special Servicer, Trustee or Certificate Administrator,
as applicable, depending on which is seeking the subject Companion Loan Rating Agency Confirmation, shall forward to one or more
of its counterpart (i.e., the master servicer or special servicer, as applicable), the counterpart providing or posting Rule 17g-5
information, or such other party or parties (as are agreed to by the Servicer or the Special Servicer, as applicable, and the applicable
parties for the related Other Securitization Trust), at the expense of the Other Securitization Trust to the extent not borne by
the Loan Borrower, and in such format as the sender and recipient may reasonably agree, (i) the request for such Companion
Loan Rating Agency Confirmation at least two (2) Business Days before it is sent to the Companion Loan Rating Agency, (ii) all
materials forwarded to the 17g-5 Information Provider under this Agreement in connection with seeking the Rating Agency Confirmation(s)
for the applicable Relevant Action at approximately the same time that such materials are forwarded to the 17g-5 Information Provider,
and (iii) any other materials that the Companion Loan Rating Agency may reasonably request in connection with such Companion
Loan Rating Agency Confirmation promptly following such request.

 

Section 3.30.     
Companion Loan Intercreditor Matters.

 

(a)          The parties hereto acknowledge that the Whole Loan is subject to the terms and conditions of the Co-Lender Agreement and
recognize the respective rights and obligations of the Trust, as holder of the Trust Loan, and of the Companion Loan Holders under
the Co-Lender Agreement, including: (i) with respect to the allocation of collections on or in respect of the Whole Loan, and the
making of remittances, to the Trust, as holder of the Trust Loan, and to the Companion Loan Holders; (ii) with respect to the allocation
of expenses and losses relating to the Whole Loan to the Trust, as holder of the Trust Loan, and to the Companion Loan Holders
and (iii) to the extent provided for under the Co-Lender Agreement,

 

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the consultation rights of the Companion Loan Holders. With
respect to the Whole Loan, the Servicer (if the Whole Loan is not a Specially Serviced Loan) or the Special Servicer (if the Whole
Loan has become a Specially Serviced Loan or the Property has been converted to an Foreclosed Property) shall prepare and provide
to each Companion Loan Holder all notices, reports, statements and communications to be delivered by the holder of the Trust Loan
under the Co-Lender Agreement, and shall perform all duties and obligations to be performed by a servicer and perform all servicing
related duties and obligations to be performed by the holder of the Trust Loan pursuant to the Co-Lender Agreement. In the event
of any conflict between this Agreement and the Co-Lender Agreement, the terms of the Co-Lender Agreement shall control.

 

(b)          Notwithstanding anything to the contrary herein, at no time shall the Servicer or the Trustee be required to make, and they
shall not make, any advance of delinquent scheduled monthly payments of principal or interest with respect to any Companion Loan.

 

(c)          To the extent required under the Loan Documents or the Co-Lender Agreement, the Servicer shall, on behalf of the Lender,
maintain a note register for the Whole Loan in accordance with the Loan Documents or the Co-Lender Agreement.

 

(d)          If, pursuant to Section 2.8, or Section 3.16 of this Agreement, the Trust Loan is, in its entirety, purchased
or repurchased from the Trust Fund, the subsequent holder thereof shall be bound by the terms of the Co-Lender Agreement and shall
assume the rights and obligations of the holder of the Notes related to the Trust Loan under the Co-Lender Agreement. All portions
of the Mortgage File and (to the extent provided under the Loan Purchase Agreement) other documents pertaining to the Trust Loan
shall be endorsed or assigned to the extent necessary or appropriate to the purchaser of the Trust Loan in its capacity as the
holder of the Notes related to the Trust Loan (as a result of such purchase, repurchase or substitution) and (except for the actual
Notes) on behalf of the holder of the Note that represents the Companion Loan. Thereafter, such Mortgage File shall be held by
the holder of the Trust Loan or a custodian appointed thereby for the benefit thereof, on behalf of itself and the Companion Loan
Holders as their interests appear under the Co-Lender Agreement. If the related servicing file is not already in the possession
of such party, it shall be delivered to the master servicer or special servicer, as the case may be, under any separate servicing
agreement for the Whole Loan.

 

(e)          Notwithstanding anything in this Agreement to the contrary, but only to the extent required under the Co-Lender Agreement,
the Servicer or Special Servicer, as applicable, shall consult with the Companion Loan Holders with respect to any matters with
respect to the servicing of such Companion Loan to the extent required under the Co-Lender Agreement. In addition, notwithstanding
anything to the contrary, the Servicer or Special Servicer, as applicable, shall deliver reports and notices to each Companion
Loan Holder to the extent required under the Co-Lender Agreement.

 

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(f)           With respect to the Whole Loan, the Servicer shall prepare, or cause to be prepared, on an ongoing basis, a statement setting
forth, to the extent applicable to the Whole Loan:

 

(i)           (A) the amount of the distribution from the Collection Account allocable to principal and (B) separately identifying
the amount of scheduled principal payments, balloon payments, principal prepayments made at the option of the Loan Borrower or
other principal prepayments (specifying the reason therefor), net liquidation proceeds and foreclosure proceeds included therein
and information on distributions made with respect to the Whole Loan;

 

(ii)          the amount of the distribution from the Collection Account allocable to interest and the amount of Default Interest allocable
to the Whole Loan;

 

(iii)         the amount of the distribution to the Companion Loan Holders, separately identifying the non-default interest, principal
and other amounts included therein, and if the distribution to the Companion Loan Holders is less than the full amount that would
be distributable to such Companion Loan Holder if there were sufficient amounts available therefor, the amount of the shortfall
and the allocation thereof between interest and principal and the amount of the shortfall, if any, under the Whole Loan;

 

(iv)         the principal balance of each of the Whole Loan and the Companion Loan after giving effect to the distribution of principal
as of the end of the related Collection Period; and

 

(v)          the amount of the servicing compensation paid to the Servicer and the Special Servicer with respect to the most recent Distribution
Date, showing separately the Servicing Fee, the Special Servicing Fee, the Workout Fee and the Liquidation Fee.

 

Not later than each Remittance
Date, the Servicer shall make the foregoing statement available to the Companion Loan Holders by electronic means.

 

(g)          At any time after a Companion Loan has become part of an Other Securitization Trust and provided that the applicable parties
hereto have received written notice (which may be by email) thereof including contact information for the master servicer and special
servicer with respect to such Other Securitization Trust, all notices, reports, information or other deliverables required to be
delivered to the related Companion Loan Holder pursuant to this Agreement or the Co-Lender Agreement shall be delivered to the
master servicer and special servicer with respect to such Other Securitization Trust (who then may forward such items to the party
entitled to receive such items as and to the extent provided in the related Other Pooling and Servicing Agreement) and, when so
delivered to such master servicer and special servicer, the party hereto that is obligated under this Agreement or the Co-Lender
Agreement to deliver such notices, reports, information or other deliverables shall be deemed to have satisfied its delivery obligations
with respect to such items hereunder or under the Co-Lender Agreement.

 

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Article 4

PAYMENTS AND STATEMENTS TO CERTIFICATEHOLDERS

 

Section 4.1.         
Distributions. (a)  On each Distribution Date, to the extent of Available Funds, amounts held in the Lower-Tier
Distribution Account shall be withdrawn and distributed to the Upper-Tier REMIC in respect of the Uncertificated Lower-Tier Interests,
for deposit into the Upper-Tier Distribution Account, and to the Class R Certificates in respect of the Class LT-R Interest in
accordance with Section 4.1(b) and immediately thereafter, amounts so distributed to the Upper-Tier REMIC shall be withdrawn
from the Upper-Tier Distribution Account and distributed by the Certificate Administrator in the following amounts:

 

first, to the
Class A Certificates, in respect of interest, up to the Interest Distribution Amount for such Class and such Distribution
Date;

 

second, to the
Class A Certificates, in reduction of the Certificate Balance of such Class, up to the Principal Distribution Amount for such
Class and such Distribution Date until the Certificate Balance of such Class is reduced to zero;

 

third, to the
Class A Certificates, up to the amount of all Applied Realized Loss Amounts previously allocated to such Class and not reimbursed
on prior Distribution Dates;

 

fourth, to the
Class B Certificates, in respect of interest, up to the Interest Distribution Amount for such Class and such Distribution
Date;

 

fifth, to the
Class B Certificates, in reduction of the Certificate Balance of such Class, up to the Principal Distribution Amount for such
Class and such Distribution Date to the extent of the Principal Distribution Amount remaining after distributions pursuant to all
prior clauses, until the Certificate Balance of such Class is reduced to zero;

 

sixth,
to the Class B Certificates, up to the amount of all Applied Realized Loss Amounts previously allocated to such Class and
not reimbursed on prior Distribution Dates;

 

seventh, to the
Class HRR Certificates, in respect of interest, up to the Interest Distribution Amount for such Class and such Distribution Date;

 

eighth, to the
Class HRR Certificates, in reduction of the Certificate Balance of such Class, up to the Principal Distribution Amount for such
Class and such Distribution Date to the extent of the Principal Distribution Amount remaining after distributions pursuant to all
prior clauses, until the Certificate Balance of such Class is reduced to zero;

 

ninth, to the
Class HRR Certificates, up to the amount of all Applied Realized Loss Amounts previously allocated to such Class and not reimbursed
on prior Distribution Dates; and

 

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tenth, when the
Certificate Balances of all Classes of Sequential Pay Certificates have been reduced to zero and after payment in full of all unpaid
expenses of the Trust, to the Class R Certificates (in respect of the Class UT-R Interest), any remaining amounts.

 

In no event will any
Class of Sequential-Pay Certificates receive distributions in reduction of its Certificate Balance that in the aggregate exceed
the Original Certificate Balance of such Class.

 

(b)          On each Distribution Date, each Class of Uncertificated Lower-Tier Interests shall be deemed to receive (A) distributions
in respect of principal in an amount equal to the amount of principal actually distributable to its respective Related Certificates
as provided in Section 4.1(a), and (B) distributions with respect of reimbursement of Realized Losses in an amount equal
to the reimbursement of Realized Losses actually distributable to its respective Related Certificates as provided in Section
4.1(g). On each Distribution Date, each Class of Uncertificated Lower-Tier Interests shall be deemed to receive distributions
in respect of interest in an amount equal to the sum of the Interest Distribution Amount and Interest Shortfall in respect of its
Related Certificates, to the extent actually distributable thereon as provided in Section 4.1(a). Amounts distributable
pursuant to this paragraph are referred to herein collectively as the “Lower-Tier Distribution Amount”, and
shall be made by the Certificate Administrator by deeming such Lower-Tier Distribution Amount to be withdrawn from the Lower-Tier
REMIC Distribution Account to be deposited in the Upper-Tier REMIC Distribution Account.

 

As of any date, the principal
balance of each Uncertificated Lower-Tier Interest shall equal its Lower-Tier Principal Amount. The Pass-Through Rate with respect
to each Uncertificated Lower-Tier Interest shall be the rate per annum set forth in the Introductory Statement hereto.

 

Any amount that remains
in the Lower-Tier Distribution Account on each Distribution Date after distribution of the Lower-Tier Distribution Amount and any
Yield Maintenance Premiums distributed pursuant to Section 4.3 shall be distributed to the Holders of the Class R
Certificates (in respect of the Class LT-R Interest, but only to the extent of the amount remaining in the Lower-Tier Distribution
Account, if any).

 

Distributions to the
Holders of the Class R Certificate (in respect of the Class LT-R Interest) from the Lower-Tier Distribution Account and to
the Holders of the Class R Certificates (in respect of the Class UT-R Interest) and to other Certificateholders from the Upper-Tier
Distribution Account on each Distribution Date shall be made by the Certificate Administrator (after withdrawing any amounts deposited
in the Distribution Account in error to the extent funds are available for such purpose) to each Certificateholder of record on
the related Record Date (other than as provided in Section 9.1 in respect of the final distribution), by wire transfer
in immediately available funds to the account of such Certificateholder at a bank or other entity located in the United States
and having appropriate facilities therefor; provided that the Certificate Administrator has received appropriate wire transfer
instructions therefrom, or by check by first class mail to the address set forth therefor in the Certificate Register if wiring
instructions have not been received at least five (5) Business Days prior to the Distribution Date.

 

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(c)           All amounts distributable to a Class of Certificates pursuant to Section 4.1(a) on each Distribution Date shall
be allocated pro rata among the outstanding Certificates in each such Class based on their respective Percentage Interests.
Such distributions shall be made on each Distribution Date to each Certificateholder of record at the close of business on the
related Record Date by wire transfer of immediately available funds to the account of such Certificateholder at a bank or other
entity located in the United States and having appropriate facilities therefor provided that the Certificate Administrator
has received appropriate wire transfer instructions therefrom, or by check by first class mail to the address set forth therefor
in the Certificate Register if wiring instructions have not been received at least five (5) Business Days prior to the Distribution
Date. The final distribution on each Certificate shall be made in like manner, but only upon presentment and surrender of such
Certificate at the location specified by the Certificate Administrator in the notice to Certificateholders of such final distribution.

 

(d)           The
Certificate Administrator shall, as soon as reasonably possible after notice thereof by the Servicer to the Certificate Administrator
that the final distribution with respect to any Class of Certificates is expected to be made, mail to each Holder of such
Class of Certificates on such date a notice to the effect that:

 

(i)           the
Certificate Administrator reasonably expects based upon information previously provided to it that the final distribution with
respect to such Class of Certificates shall be made on such Distribution Date, but only upon presentation and surrender of
such Certificates at the office of the Certificate Administrator therein specified; and

 

(ii)          if
such final distribution is made on such Distribution Date, no interest shall accrue on such Certificate from and after the Interest
Accrual Period related to such Distribution Date.

 

(e)           Any funds not distributed to any Holder or Holders of Certificates of such Class on such Distribution Date because of the
failure of such Holder or Holders to tender their Certificates shall, on such date, be set aside and held in trust for the benefit
of the appropriate non-tendering Holder or Holders. If any Certificates as to which notice has been given pursuant to this Section shall
not have been surrendered for cancellation within six months after the time specified in such notice, the Certificate Administrator
shall mail a second notice to the remaining non-tendering Certificateholders to surrender their Certificates for cancellation to
receive the final distribution with respect thereto. If within one year after the second notice not all of such Certificates shall
have been surrendered for cancellation, the Certificate Administrator may, directly or through an agent, take appropriate steps
to contact the remaining non-tendering Certificateholders concerning surrender of their Certificates. The costs and expenses of
holding such funds in trust and of contacting such Certificateholders shall be paid out of such funds. All such amounts shall be
held by the Certificate Administrator in trust in accordance herewith until the expiration of a two-year period following such
second notice, notwithstanding any termination of the Trust Fund. If within two years after the second notice any such Certificates
shall not have been surrendered for cancellation, the Certificate Administrator shall hold all amounts distributable to the Holders
thereof for the benefit of such Holders until the earlier of (i) its termination as Certificate

 

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Administrator hereunder and
the transfer of such amounts to a successor Certificate Administrator and (ii) the termination of the Trust Fund, at which
time such amounts, subject to applicable law, shall be distributed to the Depositor. No interest shall accrue or be payable to
any Certificateholder on any amount held in trust hereunder or by the Certificate Administrator as a result of such Certificateholder’s
failure to surrender its Certificate(s) for final payment thereof in accordance with this Section 4.1(e). Any such
amounts transferred to the Certificate Administrator will remain uninvested. In the event the Certificate Administrator is permitted
or required to invest any amounts in Permitted Investments under this Agreement in the event of its assumption of the duties of,
or becoming the successor to, the Servicer or the Special Servicer, as applicable, in accordance with the terms of this Agreement,
it shall invest such amounts in Permitted Investments under clause (i) of the definition of Permitted Investments.

 

(f)            Subject to the following sentence, the Certificate Administrator shall be responsible for the calculations with respect
to distributions from the Trust so long as the Trust Fund has not been terminated in accordance with this Agreement. The Certificate
Administrator shall have no duty to recompile, recalculate or verify the accuracy of information provided to it by the Servicer
pursuant to Section 3.18(a) and, in the absence of manifest error in such information, may conclusively rely upon it.

 

(g)           On each Distribution Date, Realized Losses with respect to the Trust Loan shall be allocated to and applied as a reduction
of the Certificate Balance of each Class of Sequential Pay Certificates in the following order:

 

first, to the
Class HRR Certificates;

 

then, to the Class
B Certificates; and

 

then, to the Class A
Certificates;

 

in each case, until the Certificate Balance
thereof has been reduced to zero.

 

(h)           On the first Distribution Date only, the Certificate Administrator shall withdraw $100 from the Upper-Tier REMIC to the
Holder of the Class YM Certificate in reduction of its Certificate Balance.

 

Section 4.2.         
Withholding Tax.  Notwithstanding any other provision of this Agreement, the Certificate Administrator
shall comply with all federal withholding requirements with respect to payments to Certificateholders or payees that the Certificate
Administrator reasonably believes are applicable under the Code. The consent of Certificateholders or payees shall not be required
for any such withholding and any information that the Certificate Administrator may need to comply with any withholding requirement
shall be furnished to the Certificate Administrator. In the event the Certificate Administrator withholds any amount from interest
payments or advances thereof to any Certificateholder or payee pursuant to federal withholding requirements, amounts so withheld
shall be treated as having been entirely distributed to such Certificateholder or payee, and the Certificate Administrator shall
indicate the amount withheld to such Certificateholder or payee through a report.

 

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Section 4.3.         
Allocation and Distribution of Yield Maintenance Premiums and Excess Interest. (a) On any Distribution Date, Yield
Maintenance Premiums, if any, collected in respect of the Trust Loan prepayments during the related Collection Period shall be
distributed by the Certificate Administrator to the Holders of each Class of Certificates (excluding the Class R Certificates)
in the following manner: (1) pro rata, between (x) the group (the “YM Group A”) of Class A and Class
YM Certificates, and (y) the group (the “YM Group B” and collectively with the YM Group A, the “YM
Groups”) of Class B and Class HRR Certificates, based upon the aggregate amount of principal distributed to the Classes
of Sequential Pay Certificates in each YM Group on such Distribution Date, and (2) as among the Classes of Certificates in each
YM Group, in the following manner: (A) the Certificateholders of each Class of Sequential Pay Certificates in such YM Group
shall be entitled to receive on each Distribution Date an amount of Yield Maintenance Premiums, if any, collected in respect of
the Trust Loan prepayments , equal to the product of (i) a fraction whose numerator is the amount of principal distributed
to such Class on such Distribution Date and whose denominator is the total amount of principal distributed to all of the Certificates
in that YM Group representing principal payments in respect of the Trust Loan on such Distribution Date, (ii) the Base Interest
Fraction for the related principal prepayment subject to a Yield Maintenance Premium and such Class of Sequential Pay Certificates,
and (iii) the Yield Maintenance Premiums, as applicable, collected during the related Collection Period and allocated to such
YM Group, and (B) any Yield Maintenance Premiums, as applicable, allocated to such YM Group collected during the related Collection
Period remaining after such distributions to the Sequential Pay Certificates in such YM Group will be distributed to the Class YM
Certificates.

 

On each Distribution
Date, the Certificate Administrator shall apply amounts related to Yield Maintenance Premiums then on deposit in the Lower-Tier
Distribution Account and received during or prior to the related Collection Period to the Class LA Uncertificated Interest pursuant
to this Section 4.3.

 

(b)           On each Distribution Date, the Certificate Administrator shall withdraw from the Excess Interest Distribution Account any
amounts on deposit therein that represent Excess Interest collected on the Trust Loan during the related Collection Period and
shall distribute such amounts to the Holders of each Class of Sequential Pay Certificates pro rata based on their respective
Original Certificate Balances.

 

Section 4.4.         
Statements to Certificateholders. (a)  On each Distribution Date, based on information provided by the
Servicer or the Special Servicer, as applicable, the Certificate Administrator shall prepare and make available on the Certificate
Administrator’s Website pursuant to Section 8.14(b) to any Privileged Person (and any Borrower Related Party
that certifies to the Certificate Administrator in the form of Exhibit K-2 that it is a Certificateholder or Beneficial
Owner of a Certificate), a statement, based upon the information provided to it by the Servicer and the Special Servicer, as applicable,
in respect of the distributions made on such Distribution Date (a “Distribution Date Statement”) setting forth,
among other things:

 

(i)           for each Class of Certificates (other than the Class R Certificates), (a) the amount of the distributions made on such
Distribution Date allocable to interest at the Pass-Through Rate and/or the amount allocable to principal (separately identifying
the

 

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amount of any principal payments (specifying the source of such payments)), (b) the amount of any Yield Maintenance Premiums
collected on the Trust Loan and the amount thereof allocated to each Class of Certificates, and (c) the amount of interest
paid on Advances from Default Interest and allocable to such Class of Certificates;

 

(ii)          if the amount of the distributions to the Holders of each Class of Certificates was less than the full amount that would
have been distributable to such holders if there had been sufficient Available Funds, the amount of the shortfall allocable to
such Class of Certificates, stating separately the amounts allocable to interest and principal;

 

(iii)         the amount of any Monthly Payment Advance for such Distribution Date;

 

(iv)         the Certificate Balance of each Class of Certificates (other than the Class R Certificates) after giving effect to
any distribution in reduction of the Certificate Balance on such Distribution Date and the allocation of Realized Losses on such
Distribution Date, and the amount of Realized Losses allocated to each Class on such Distribution Date;

 

(v)          the principal balance of the Trust Loan and the principal balance of the Note as of the end of the Collection Period for
such Distribution Date;

 

(vi)         the aggregate amount of unscheduled payments (and the source of such payments) made during the related Collection Period;

 

(vii)        identification of any Loan Event of Default, any Special Servicing Loan Event, any Servicer Termination Event, any Special
Servicer Termination Event or any Operating Advisor Termination Event that in any case has been declared as of the close of business
on the second Business Day prior to the end of the immediately preceding calendar month;

 

(viii)       the amount of the servicing compensation (other than the Servicing Fee) paid to the Servicer and the Special Servicer with
respect to such Distribution Date, separately listing any Liquidation Fees or Workout Fees and any other Borrower charges retained
by the Servicer or Special Servicer and the amount of compensation paid to the Servicer, the Special Servicer, the Operating Advisor,
the Certificate Administrator, and the Trustee, separately listing the Certificate Administrator Fee, the Special Servicing Fee,
the Trustee Fee, the Operating Advisor Fee and the CREFC® Intellectual Property Royalty License Fee paid to CREFC®
with respect to such Distribution Date;

 

(ix)          the number of days the Borrower is delinquent in the event that the Borrower is delinquent at least 30 days and the
date upon which any foreclosure proceedings have been commenced;

 

(x)           if the Property had as of the close of business on the Loan Payment Date immediately preceding such Distribution Date, had
become a Foreclosed Property;

 

(xi)          information with respect to any declared bankruptcy of the Borrower;

 

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(xii)         as to any item of Collateral released, liquidated or disposed of during the preceding Collection Period, the identity of
such item and the amount of proceeds of any liquidation or other amounts, if any, received therefrom during the related Collection
Period;

 

(xiii)       a list of conveyances or transfers of the Property by the Borrower;

 

(xiv)       the aggregate amount of all Advances, if any, not yet reimbursed;

 

(xv)        the amount of any reimbursement of Nonrecoverable Advances paid to the Servicer;

 

(xvi)       a report identifying any Appraisal Reduction Amount;

 

(xvii)      an itemized listing of any Disclosable Special Servicer Fees received by the Special Servicer or any of its Affiliates during
the related Collection Period;

 

(xviii)     the amount of Default Interest, if any, and late payment charges, if any, paid by the Borrower during the related Collection
Period;

 

(xix)        the original rating of each Class of Certificates and the current rating of each Class of Certificates;

 

(xx)         the aggregate amount of Borrower’s Reimbursable Trust Fund Expenses;

 

(xxi)        the Loan Rate and the Net Loan Rate for the related Interest Accrual Period;

 

(xxii)       the current Controlling Class, if any; and

 

(xxiii)      the identity of the current Controlling Class Representative.

 

The Depositor, the Trustee,
the Certificate Administrator, the Operating Advisor, the Servicer and the Special Servicer may agree to enhance the reporting
requirements of the Distribution Date Statement without Certificateholder approval. Assistance in using the Certificate Administrator’s
Website can be obtained by calling the Certificate Administrator’s investor relations desk at (866) 846-4526. The Certificate
Administrator has not obtained and shall not be deemed to have obtained actual knowledge of any information posted to the Certificate
Administrator’s Website only by virtue of its receipt and posting such information to the Certificate Administrator’s
Website or its filing of such information pursuant to this Agreement, including, but not limited to, filing via EDGAR, to the extent
such information was not produced by the Certificate Administrator.

 

Within a reasonable period
of time after the end of each calendar year, the Certificate Administrator shall furnish to each Person who at any time during
the calendar year was a Certificateholder, a statement containing the information set forth in clauses (i), (ii), (viii) and
(xix) above as to the applicable Class, aggregated for such calendar year or applicable portion of such year during which such
Person was a Certificateholder, together with such other

 

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information as the Certificate Administrator deems necessary or desirable,
or that a Certificateholder or Beneficial Owner of a Certificate reasonably requests, to enable Certificateholders to prepare their
tax returns for such calendar year. Such obligation of the Certificate Administrator shall be deemed to have been satisfied to
the extent that substantially comparable information shall be provided by the Certificate Administrator pursuant to any requirements
of the Code as from time to time are in force.

 

The Certificate Administrator
will be entitled to rely on all information provided to it by the Servicer or the Special Servicer without independent verification.
The Servicer, the Special Servicer, the Trustee and the Certificate Administrator will be entitled to rely on information supplied
by the Borrower without independent verification.

 

The Certificate Administrator
shall include on each Distribution Date Statement a statement that each Certificateholder and Beneficial Owner may access notices
under the “Special Notices” tab and the “Risk Retention Special Notices” tab on the Certificate Administrator’s
Website, and each Certificateholder and Beneficial Owner may register to receive email notifications when such notices are posted
on the Certificate Administrator’s Website. The Certificate Administrator will be entitled to reimbursement from the requesting
Certificateholders for the reasonable expenses of posting notices of such requests.

 

(b)           The Certificate Administrator shall, on each Distribution Date make the Distribution Date Statement available to Privileged
Persons pursuant to Section 8.14(b). The Certificate Administrator’s obligation to provide such information to
Certificateholders and others shall be contingent on the Certificate Administrator’s receipt of such information from the
Servicer and the Special Servicer, as applicable. The Certificate Administrator shall be entitled to rely on such information provided
to it by the Servicer or the Special Servicer without independent verification. To the extent that the information required to
be furnished by the Servicer is based on information required to be provided by the Borrower or the Special Servicer, the Servicer’s
obligation to furnish such information to the Certificate Administrator shall be contingent on its receipt of such information
from the Borrower or the Special Servicer, as applicable. To the extent that information required to be furnished by the Special
Servicer is based on information required to be provided by the Borrower, the Special Servicer’s obligation to furnish such
information shall be contingent upon its receipt of such information from the Borrower. The Servicer, the Special Servicer, the
Certificate Administrator and the Trustee shall be entitled to rely on information supplied by the Borrower without independent
verification.

 

The Certificate Administrator
shall, to the extent provided to it by the Servicer in electronic format, make available to Privileged Persons pursuant to Section 8.14(b)
reports or analyses of net operating income from the Property. Such net operating income reports or analyses shall be prepared
pursuant to Section 3.18 hereof by the Servicer in CREFC® format based on the quarterly, annual and
periodic statements and rent rolls with respect to the Property obtained by the Servicer from the Borrower.

 

If so authorized by the
Depositor, the Certificate Administrator may make available on the Certificate Administrator’s Website to any Privileged
Person certain other information with respect to the Whole Loan (subject to the limitations of Section 3.4(c)).

 

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In addition, the Certificate
Administrator shall make available on the Certificate Administrator’s Website such information as set forth in Section 8.14(b)
herein.

 

Section 4.5.         
Investor Q&A Forum and Investor Registry. (a) The Certificate Administrator shall make available to Privileged
Persons only, the Investor Q&A Forum. The “Investor Q&A Forum” shall be a service available on the Certificate
Administrator’s Website, where (i) Certificateholders and Beneficial Owners of Certificates who are Privileged Persons may
submit questions to (a) the Certificate Administrator relating to the Distribution Date Statement, (b) the Servicer or
Special Servicer, as applicable, relating to the reports being made available pursuant to Section 8.14(b)(ii)(B) and
8.14(b)(iii)(A), (B) and (C), the Whole Loan or the Property, and (c) the Operating Advisor relating
to annual or other reports (including recommendations to replace the Special Servicer) prepared by the Operating Advisor or actions
by the Special Servicer referenced in such reports, (collectively, “Inquiries”), and (ii) Privileged Persons
may view Inquiries that have been previously submitted and answered, together with the answers thereto. Upon receipt of an Inquiry
for the Servicer, the Special Servicer or the Operating Advisor, the Certificate Administrator shall forward the Inquiry to the
Servicer, the Special Servicer or Operating Advisor, as applicable, in each case via email within a commercially reasonable period
of time following receipt thereof. Following receipt of an Inquiry, the Certificate Administrator, the Servicer, the Special Servicer
or the Operating Advisor, as applicable, unless it determines not to answer such Inquiry as provided below, shall reply to the
Inquiry, which reply of the Servicer, Special Servicer or Operating Advisor shall be by email to the Certificate Administrator.
The Certificate Administrator shall post (within a commercially reasonable period of time following preparation or receipt of such
answer, as the case may be) such Inquiry and the related answer to the Certificate Administrator’s Website. If the Certificate
Administrator, Servicer, Special Servicer or Operating Advisor determines, in its respective sole discretion, that (i) any
Inquiry is not of a type described above, (ii) answering any Inquiry would not be in the best interests of the Trust Fund
and/or the Certificateholders, (iii) answering any Inquiry would be in violation of applicable law, the Loan Documents or
this Agreement, (iv) answering any Inquiry would, or is, reasonably expected to result in a waiver of attorney client privilege
or the disclosure of attorney client work-product; (v) answering any Inquiry would materially increase the duties of, or result
in significant additional cost or expense to, the Certificate Administrator, Servicer, Special Servicer or Operating Advisor, as
applicable, (vi) answering any Inquiry would violate the applicable confidentiality provisions or (vii) answering any
Inquiry is otherwise, for any reason, not advisable to answer, it shall not be required to answer such Inquiry and, in the case
of the Servicer, Special Servicer or Operating Advisor, shall promptly notify the Certificate Administrator. The Certificate Administrator
shall notify the Person who submitted such Inquiry in the event that the Inquiry will not be answered. Any notice by the Certificate
Administrator to the Person who submitted an Inquiry that will not be answered shall include the following statement: “Because
the Trust and Servicing Agreement provides that the Certificate Administrator, Servicer, Special Servicer or Operating Advisor
shall not answer an Inquiry if it determines, in its respective sole discretion, that (i) any Inquiry is not of a type described
in the Trust and Servicing Agreement, (ii) answering any Inquiry would not be in the best interests of the Trust and/or the
Certificateholders, (iii) answering any Inquiry would be in violation of applicable law or the Loan Documents, (iv) answering
any Inquiry would, or is, reasonably expected to result in a waiver of attorney client privilege or the disclosure of attorney
client work-product, (v) answering any Inquiry would materially increase the duties of, or result in significant additional
cost or expense to, the Certificate Administrator, 

 

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Servicer, Special Servicer or Operating Advisor, as applicable, (vi) answering
any Inquiry would violate the applicable confidentiality provisions or (vii) answering any Inquiry is otherwise, for any reason,
not advisable to answer, no inference should be drawn from the fact that the Certificate Administrator, Servicer, Special Servicer
or Operating Advisor has declined to answer the Inquiry.” No party may post or otherwise disclose information known to such
party to be Privileged Information; provided that the Certificate Administrator shall have no obligation to review any inquiry
or answer received by it for posting to the Investor Q&A Forum to determine if such inquiry or answer contains any such direct
communication with the Controlling Class Representative, or otherwise to consult with the party from whom such inquiry or answer
is received to confirm the same, and the Certificate Administrator shall have no liability in connection with its posting to the
Investor Q&A Forum of any inquiry or answer containing such direct communication. Answers posted on the Investor Q&A Forum
will be attributable only to the respondent, and shall not be deemed to be answers from any of the Depositor, the Initial Purchaser
or the Certificate Administrator (as applicable) or any of their respective Affiliates. None of the Initial Purchaser, Depositor,
or any of their respective Affiliates will certify to any of the information posted in the Investor Q&A Forum and no such party
shall have any responsibility or liability for the content of any such information. The Certificate Administrator shall not be
required to post to the Certificate Administrator’s Website any Inquiry or answer thereto that the Certificate Administrator
determines, in its sole discretion, is administrative or ministerial in nature. The Investor Q&A Forum will not reflect questions,
answers and other communications that are not submitted via the Certificate Administrator’s Website. In addition to the Certificate
Administrator’s receipt of the Investor Certification to confirm that such Person is a Privileged Person, the Certificate
Administrator may require acceptance of an additional waiver and disclaimer for access to the Investor Q&A Forum. No party
to this Agreement shall be permitted to disclose Privileged Information in the Investor Q&A Forum.

 

(b)           The Certificate Administrator shall make available to any Certificateholder and any Beneficial Owner, the Investor Registry.
The “Investor Registry” shall be a voluntary service via the Certificate Administrator’s Website, where Certificateholders
and Beneficial Owners can register and thereafter obtain information with respect to any other Certificateholder or Beneficial
Owner that has so registered. Any person registering to use the Investor Registry shall certify that (a) it is a Certificateholder
or a Beneficial Owner and (b) it grants authorization to the Certificate Administrator to make its name and contact information
available on the Investor Registry for at least forty-five (45) days from the date of such certification to other registered Certificateholders
and registered Beneficial Owners and such other certifications as the Certificate Administrator may require. Such Person shall
then be asked to provide certain mandatory fields such as the individual’s name, the company name and email address, as well
as certain optional fields such as address, phone, and Class(es) of Certificates owned. If any Certificateholder or Beneficial
Owner notifies the Certificate Administrator in writing that it wishes to be removed from the Investor Registry (which notice may
not be within forty-five (45) days of its registration), the Certificate Administrator shall promptly remove it from the Investor
Registry. The Certificate Administrator will not be responsible for verifying or validating any information submitted on the Investor
Registry, or for monitoring or otherwise maintaining the accuracy of any information thereon. In addition to the Certificate Administrator’s
receipt of the Investor Certification to confirm that such Person is a Privileged Person, the Certificate Administrator may require
acceptance of a waiver and disclaimer for access to the Investor Registry.

 

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Section 4.6.         
Grantor Trust Reporting. (a) The Certificate Administrator shall maintain adequate books and records to account for
the separate entitlements of each Grantor Trust.

 

(b)           The parties intend that each Grantor Trust be treated as a “grantor trust” under the Code, and the provisions
thereof shall be interpreted consistently with this intention. In furtherance of such intention, the Certificate Administrator
shall not intentionally or knowingly vary the assets of the Grantor Trust so as to take advantage of market fluctuations so as
to improve the rate of return of the Regular Certificates. The Certificate Administrator shall file or cause to be filed with the
IRS Form SS-4, Form 1041, Form 1099 or such other form as may be applicable and shall furnish or cause to be furnished to the Holders
of the applicable Certificates their allocable share of income and expense, as such amounts are received or accrue, as applicable.

 

(c)           Each Grantor Trust is a WHFIT that is a WHMT. The Certificate Administrator shall report as required under the WHFIT Regulations
to the extent such information as is reasonably necessary to enable the Certificate Administrator to do so is provided to the Certificate
Administrator on a timely basis. With respect to each Group and the applicable Classes of Certificates, the Certificate Administrator
is hereby directed to assume that the Depository is the only “middleman” as defined by the WHFIT Regulations unless it
has actual knowledge to the contrary or is notified by the Depositor. The Certificate Administrator will not be liable for any
tax reporting penalties that may arise under the WHFIT Regulations in the event that the IRS makes a determination that is contrary
to the first sentence of this paragraph.

 

(d)           The Certificate Administrator, in its discretion, shall report required WHFIT information using either the cash or accrual
method, except to the extent the WHFIT Regulations specifically require a different method. The Certificate Administrator shall
be under no obligation to determine whether any Certificateholder uses the cash or accrual method. The Certificate Administrator
shall make available (via its website) WHFIT information with respect to each Grantor Trust to the Certificateholders and RR ABS
Interest Owners annually. In addition, the Certificate Administrator shall not be responsible or liable for providing subsequently
amended, revised or updated information to any Certificateholder, unless requested by the Certificateholder.

 

(e)           The Certificate Administrator shall not be liable for failure to meet the reporting requirements of the WHFIT Regulations
nor for any penalties thereunder if such failure is due to: (i) the lack of reasonably necessary information being provided to
the Certificate Administrator or (ii) incomplete, inaccurate or untimely information being provided to the Certificate Administrator.
Each owner of a class of securities representing, in whole or in part, beneficial ownership of an interest in a WHFIT, by acceptance
of its interest in such class of securities, shall be deemed to have agreed to provide the Certificate Administrator with information
regarding any sale of such securities, including the price, amount of proceeds and date of sale. Absent receipt of information
regarding any sale of Certificates, including the price, amount of proceeds and date of sale from the beneficial owner thereof
or the Depositor, the Certificate Administrator shall assume there is no secondary market trading of WHFIT interests.

 

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(f)            To the extent required by the WHFIT Regulations, the Certificate Administrator shall use reasonable efforts to make available
the CUSIPs for the Certificates that represent ownership of a WHFIT. The CUSIPs so published shall represent the Rule 144A CUSIPs.
The Certificate Administrator will not make available any associated Regulation S CUSIPs. Absent the receipt of a CUSIP, the Trustee
shall use a reasonable identifier number in lieu of a CUSIP. The Certificate Administrator shall not be liable for investor reporting
delays that result from the receipt of inaccurate or untimely CUSIP information.

 

Article 5

THE CERTIFICATES

 

Section 5.1.         
The Certificates. (a)  The following table sets forth the designation and aggregate Original Certificate
Balance and Pass-Through Rate for each Class of Certificates.

 

	
        Class
of Certificates
	
        Original
Certificate Balance
	
        Pass-Through
Rate

	Class A 	$146,793,000	Class A Pass-Through Rate
	Class B 	$99,207,000	Class B Pass-Through Rate
	Class HRR 	$18,000,000	Class HRR Pass-Through Rate
	Class YM 	$100	N/A
	Class R 	N/A	N/A

 

The Certificates shall
be issued in substantially the respective forms set forth as Exhibits A-1 through A-5 hereto, with such appropriate
insertions, omissions, substitutions and other variations as are required or permitted by this Agreement or as may, in the reasonable
judgment of the Certificate Registrar, be necessary, appropriate or convenient to comply, or facilitate compliance, with applicable
laws, and may have such letters, numbers or other marks of identification and such legends or endorsements placed thereon as may
be required by law, or as may, consistently herewith, be determined by the officers executing such Certificates, as evidenced by
their execution thereof.

 

(b)           The Certificates of each Class of Sequential Pay Certificates shall be issued in minimum denominations of $100,000 initial
Certificate Balance and integral multiples of $1 initial Certificate Balance in excess of $100,000. The Class YM and Class
R Certificates shall be issued, maintained and transferred in minimum percentage interests of 10% of such Class YM or Class R
Certificates and in integral multiples of 1% in excess thereof.

 

(c)           One authorized signatory shall sign the Certificates for the Certificate Registrar by manual or facsimile signature. If
an authorized signatory whose signature is on a Certificate no longer holds that office at the time the Certificate Registrar countersigns
the Certificate, the Certificate shall be valid nevertheless. A Certificate shall not be valid until an authorized signatory of
the Certificate Registrar (who may be the same officer who executed

 

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the Certificate) manually countersigns the Certificate. The
signature shall be conclusive evidence that the Certificate has been executed and countersigned under this Agreement.

 

(d)           During the HRR Transfer Restriction Period, the Class HRR Certificates shall only be held as a Definitive Certificate in
the Third Party Purchaser Safekeeping Account by the Certificate Administrator (and the Holder of the Class HRR Certificates shall
be registered on the Certificate Register), unless otherwise consented to by the Sponsor. The Certificate Administrator shall hold
the Class HRR Certificates in safekeeping and shall release the same only upon receipt of written instructions of the termination
of the HRR Transfer Restriction Period or of the Third Party Purchaser’s intent to transfer pursuant to Section 5.3(p),
in each case in accordance with this agreement from the Holder of the Class HRR Certificates and the Sponsor’s consent
(subject to Section 5.1(e)), and in accordance with any authentication procedures as may be utilized by the Certificate
Administrator. There shall be, and hereby is, established by the Certificate Administrator an account which will be designated
the “Third Party Purchaser Safekeeping Account” and into which the Class HRR Certificates shall be held and which shall
be governed by and subject to this Agreement. In addition, on and after the date hereof, the Certificate Administrator may establish
any number of subaccounts to the Third Party Purchaser Safekeeping Account for the Holder of the Class HRR Certificates. The
Class HRR Certificates to be delivered in physical form to the Certificate Administrator shall be delivered as set forth herein.
No amounts distributable to the Class HRR Certificates shall be remitted to the Third Party Purchaser Safekeeping Account, but
shall be remitted directly to (or otherwise at the direction of) the Holder of the Class HRR Certificates in accordance with written
instructions (which shall be in the form of Exhibit J-1 to this Agreement) provided separately by the Holder of the
Class HRR Certificates to the Certificate Administrator. Under no circumstances by virtue of safekeeping the Class HRR Certificates
shall the Certificate Administrator (i) be obligated to bring legal action or institute proceedings against any Person on behalf
of the Holder of the Class HRR Certificates or (ii) have any obligation to monitor, supervise or enforce the performance of any
party under the Credit Risk Retention Compliance Agreement. The Certificate Administrator shall be entitled to conclusively rely
with no obligation to verify, confirm or otherwise monitor the accuracy of any information included in any written instructions
provided in connection with this Third-Party Purchaser Safekeeping Account and shall have no liability in connection therewith,
other than with respect to the Certificate Administrator’s obligation to obtain the Sponsor’s consent prior to any
release of the Class HRR Certificates. The Certificate Administrator shall hold the Definitive Certificate representing the Class
HRR Certificates at the below location, or any other location; provided the Certificate Administrator has given notice to
the Holder of the Class HRR Certificates of such new location:

 

Wells Fargo Bank, National
Association

Attn: Security Control
and Transfer (SCAT)

MAC: N9345-010

425 E Hennepin Avenue

Minneapolis, Minnesota 55414

 

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On
the Closing Date, the Certificate Administrator shall deliver written confirmation to the Depositor, the Sponsor and the Third
Party Purchaser substantially in the form of Exhibit V-1 to this Agreement evidencing its receipt of the Class HRR Certificates.

 

The
Certificate Administrator shall make available to the Holder of the Class HRR Certificates a statement of Third Party Purchaser
Safekeeping Account as mutually agreed upon by the Certificate Administrator and the Holder of the Class HRR Certificates, and
in accordance with the Certificate Administrator’s policies and procedures. Any transfer of the Class HRR Certificates shall
be subject to Article 5 of this Agreement.

 

(e)         
In the event the Third Party Purchaser seeks to cause the release of any Class HRR Certificates from the Third Party Safekeeping
Account, the Third Party Purchaser shall deliver to the Certificate Administrator (i) a written request for such release and (ii)
a written request for the Sponsor’s consent to such release substantially in the form attached hereto as Exhibit J-4.
Promptly upon receipt of such request for the Sponsor’s consent, the Certificate Administrator shall forward such request
to the Sponsor, the Depositor and counsel via electronic mail to the addresses listed on such form (or such other method and/or
address(es) as may hereafter be furnished by the Sponsor to the Certificate Administrator in writing). The Certificate Administrator
may not consent to, or otherwise permit, any such release without obtaining the Sponsor’s countersigned request for consent;
provided that if the Sponsor fails to respond (which response, for the avoidance of doubt, may include an acknowledgement
of such request) in writing to the Certificate Administrator within 10 Business Days after the Sponsor’s receipt of any
such written request for the Sponsor’s consent, such release will be deemed to have been approved by the Sponsor. In connection
with the release of any Class HRR Certificates pursuant to this Section 5.1(e), the Certificate Administrator shall deliver
such released Class HRR Certificates to (or at the direction of) the Holder of such released Class HRR Certificates, via overnight
delivery, by any nationally recognized courier, to the location designated by such Holder. Notwithstanding the foregoing, if the
release of any Class HRR Certificates pursuant to this Section 5.1(e) occurs in connection with the termination of the
HRR Transfer Restriction Period and the Third Party Purchaser desires to exchange the Class HRR Certificates for Global Certificates,
the Third Party Purchaser shall (i) first obtain the consent of the Sponsor pursuant to this Section 5.1(e) and (ii) second
comply with the transfer provisions in Section 5.3(g). After the release of any Class HRR Certificates pursuant to this
Section 5.1(e), the Certificate Administrator shall have no liability with respect to the safekeeping of such released
Class HRR Certificates. The Certificate Administrator shall be indemnified and held harmless for any release in connection with
the preceding, in accordance with the terms set forth in Section 8.3.

 

Section 5.2.           
Form and Registration. (a)  Each Class of the Certificates (other than the Class HRR (during the HRR Transfer
Restriction Period), Class YM and Class R Certificates) sold to institutions that are non-“U.S. persons” in “offshore
transactions”, as defined in, and in reliance on, Regulation S shall initially be represented by a temporary global
certificate in definitive, fully registered form without interest coupons, substantially in the applicable form set forth as an
exhibit hereto (each a “Temporary Regulation S Global Certificate”), which shall be deposited on the Closing
Date on behalf of the purchasers of the Certificates represented thereby with the Certificate Registrar, at its principal trust
office, as custodian, for the

 

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Depository,
and registered in the name of the Depository or the nominee of the Depository for the account of designated agents holding on
behalf of the Euroclear System (“Euroclear”) and/or Clearstream Banking, société anonyme (“Clearstream”).
Prior to the expiration of the 40-day period commencing on the later of the commencement of the offering and the Closing Date
(the “Restricted Period”), beneficial interests in each Temporary Regulation S Global Certificate may
be held only through Euroclear or Clearstream. After the expiration of the Restricted Period, a beneficial interest in a Temporary
Regulation S Global Certificate may be exchanged for an interest in the related permanent global certificate of the same
Class (a “Regulation S Global Certificate”) in the applicable form set forth as an exhibit hereto in accordance
with the procedures set forth in Section 5.3(f). During the Restricted Period, distributions due in respect of a beneficial
interest in a Temporary Regulation S Global Certificate shall only be made upon delivery to the Certificate Registrar by
Euroclear or Clearstream, as applicable, of a Non-U.S. Beneficial Ownership Certification. After the expiration of the Restricted
Period, distributions due in respect of any beneficial interests in a Temporary Regulation S Global Certificate shall not
be made to the holders of such beneficial interests unless exchange for a beneficial interest in the Regulation S Global
Certificate of the same Class is improperly withheld or refused. The aggregate Certificate Balance of a Temporary Regulation S
Global Certificate or a Regulation S Global Certificate may from time to time be increased or decreased by adjustments made
on the records of the Certificate Registrar, as custodian for the Depository, as hereinafter provided.

 

On
the Closing Date, the Certificate Administrator shall execute, the Authenticating Agent shall authenticate, and the Certificate
Administrator shall deliver to the Certificate Registrar the Regulation S Global Certificates, which shall be held by the
Certificate Registrar for purposes of effecting the exchanges contemplated by the preceding paragraph.

 

(b)        
Certificates of each Class (other than the Class HRR (during the HRR Transfer Restriction Period) and Class YM Certificates) offered
and sold to QIBs in reliance on Rule 144A under the Securities Act (“Rule 144A”) shall be represented
by a single, global certificate in definitive, fully registered form without interest coupons, substantially in the applicable
form set forth as an exhibit hereto (each, a “Rule 144A Global Certificate” and, together with the Temporary
Regulation S Global Certificates and the Regulation S Global Certificates, the “Global Certificates”),
which shall be deposited with the Certificate Registrar or an agent of the Certificate Registrar, as custodian for the Depository,
and registered in the name of the Depository or a nominee of the Depository. The aggregate Certificate Balance of a Rule 144A
Global Certificate may from time to time be increased or decreased by adjustments made on the records of the Certificate Registrar,
as custodian for the Depository, as hereinafter provided.

 

(c)         
Certificates of each Class (other than the Class R Certificates) that are offered and sold in the United States to investors that
are Institutional Accredited Investors that are not QIBs, the Class HRR Certificates (during the HRR Transfer Restriction Period),
the Class YM Certificates and the Class R Certificates (the “Non-Book Entry Certificates”) shall be in
the form of Definitive Certificates, substantially in the applicable form set forth as an exhibit hereto, and shall be registered
in the name of such investors or their nominees by the Certificate Registrar who shall deliver the certificates for such Non-Book
Entry Certificates to the respective beneficial owners or owners. Upon the termination of the HRR Transfer Restriction Period,
a Holder of a Class HRR Certificate may exchange its interest in such Non-

 

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Book Entry Certificate for an interest in a Global Certificate pursuant to Section 5.1(e) and Section 5.3(g).

 

(d)        
Owners of beneficial interests in Global Certificates of any Class shall not be entitled to receive physical delivery of certificated
Certificates unless: (i) the Depository advises the Certificate Registrar in writing that the Depository is no longer willing
or able to discharge properly its responsibilities as depository with respect to the Global Certificates of such Class or ceases
to be a Clearing Agency, and the Certificate Registrar and the Depository are unable to locate a qualified successor within 90 days
of such notice or (ii) the Trustee has instituted or has been directed to institute any judicial proceeding to enforce the
rights of the Holders of such Class and the Trustee has been advised by counsel that in connection with such proceeding it is
necessary or appropriate for the Trustee to obtain possession of the Certificates of such Class; provided, however,
that under no circumstances will certificated Certificates be issued to beneficial owners of a Temporary Regulation S Global
Certificate. Upon notice of the occurrence of any of the events described in clause (i) or (ii) above with respect to
any Certificates of a Class that are in the form of Global Certificates and upon surrender by the Depository of any Global Certificate
of such Class and receipt from the Depository of instructions for reregistration, the Certificate Registrar shall issue Certificates
of such Class in the form of Definitive Certificates (bearing, in the case of a Definitive Certificate issued for a Rule 144A
Global Certificate, the same legends regarding transfer restrictions borne by such Global Certificate), and thereafter the Certificate
Registrar shall recognize the holders of such Definitive Certificates as Certificateholders under this Agreement.

 

(e)         
If any Beneficial Owner wishes to transfer its interest in a Rule 144A Global Certificate to an Institutional Accredited Investor
that is not a QIB, or wishes to transfer its interest in a Regulation S Global Certificate to a “U.S. person” (as
that term is defined in Rule 902(k) of Regulation S) that is an Institutional Accredited Investor but not a QIB, then the transferee
shall take delivery in the form of a Non-Book Entry Certificate, subject to the restrictions on the transfer of such Non-Book
Entry Certificate in Section 5.3(h) of this Agreement. No such transfer shall be made and the Certificate Registrar shall
not register any such transfer unless such transfer complies with the provisions of Section 5.3(h) of this Agreement applicable
to transfers of Non-Book Entry Certificates. Upon acceptance for exchange or transfer of a beneficial interest in a Global Certificate
for a Non-Book Entry Certificate, as provided herein, the Certificate Registrar shall endorse on the schedule affixed to the related
Global Certificate (or on a continuation of such schedule affixed to such Global Certificate and made a part thereof) an appropriate
notation evidencing the date of such exchange or transfer and a decrease in the denomination of such Global Certificate equal
to the denomination of such Non-Book Entry Certificate issued in exchange therefor or upon transfer thereof.

 

Section 5.3.           
Registration of Transfer and Exchange of Certificates. (a)  The Certificate Administrator shall keep or cause
to be kept at the Corporate Trust Office books (the “Certificate Register”) in which, subject to such reasonable
regulations as it may prescribe, the Certificate Administrator shall provide for the registration of Certificates and of transfers
and exchanges of Certificates as herein provided (the Certificate Administrator, in such capacity, being the “Certificate
Registrar”). In such capacities, the Certificate Administrator shall be

 

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responsible
for, among other things, (i) maintaining the Certificate Register and a record of the aggregate holdings of Certificates
of each Class represented by a Temporary Regulation S Global Certificate, a Regulation S Global Certificate and a Rule 144A
Global Certificate and accepting Certificates for exchange and registration of transfer and (ii) transmitting to the Depositor,
the Servicer and the Special Servicer any notices from the Certificateholders.

 

(b)        
Subject to the restrictions on transfer set forth in this Article 5, upon surrender for registration of transfer of any
Certificate, the Certificate Registrar shall execute, authenticate and deliver, in the name of the designated transferee or transferees,
one or more new Certificates in authorized denominations, in like aggregate interest and of the same Class.

 

(c)         
Rule 144A Global Certificate to Temporary Regulation S Global Certificate. If a holder of a beneficial interest
in the Rule 144A Global Certificate deposited with the Certificate Registrar as custodian for the Depository wishes at any
time to exchange its interest in such Rule 144A Global Certificate for an interest in the Temporary Regulation S Global
Certificate of the same Class, or to transfer its interest in such Rule 144A Global Certificate to a Person who is required
to take delivery thereof in the form of an interest in the Temporary Regulation S Global Certificate of the same Class, such
holder may, subject to the rules and procedures of the Depository, exchange or cause the exchange of such interest for an equivalent
beneficial interest in such Temporary Regulation S Global Certificate. Upon receipt by the Certificate Registrar, as registrar,
at its office designated in Section 5.7 hereof, of (1) instructions given in accordance with the Depository’s
procedures from a Depository Participant directing the Certificate Registrar to credit, or cause to be credited, a beneficial
interest in the Temporary Regulation S Global Certificate in an amount equal to the beneficial interest in the Rule 144A
Global Certificate to be exchanged, (2) a written order given in accordance with the Depository’s procedures containing
information regarding the Euroclear or Clearstream account to be credited with such increase and the name of such account and
(3) a certificate in the form of Exhibit C hereto given by the holder of such beneficial interest stating that
the transfer of such interest has been made in compliance with the transfer restrictions applicable to the Global Certificates
and pursuant to and in accordance with Regulation S, then the Certificate Registrar shall instruct the Depository to reduce,
or cause to be reduced, the Certificate Balance of the Rule 144A Global Certificate and to increase, or cause to be increased,
the Certificate Balance of the Temporary Regulation S Global Certificate by the aggregate Certificate Balance of the beneficial
interest in the Rule 144A Global Certificate to be exchanged, to credit or cause to be credited to the account of the Person
specified in such instructions (who shall be the agent member of Euroclear or Clearstream, or both) a beneficial interest in the
Temporary Regulation S Global Certificate equal to the reduction in the Certificate Balance of the Rule 144A Global
Certificate, and to debit, or cause to be debited, from the account of the Person making such exchange or transfer the beneficial
interest in the Rule 144A Global Certificate that is being exchanged or transferred.

 

(d)        
Rule 144A Global Certificate to Regulation S Global Certificate. If a holder of a beneficial interest in the
Rule 144A Global Certificate deposited with the Certificate Registrar as custodian for the Depository wishes at any time
to exchange its interest in such Rule 144A Global Certificate for an interest in the Regulation S Global Certificate
of the same Class, or to transfer its interest in such Rule 144A Global Certificate to a Person who

 

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is
required to take delivery thereof in the form of an interest in a Regulation S Global Certificate, such holder may, subject
to the rules and procedures of the Depository, exchange, or cause the exchange of, such interest for an equivalent beneficial
interest in such Regulation S Global Certificate. Upon receipt by the Certificate Registrar, as registrar, at its office
designated in Section 5.7 hereof, of (1) instructions given in accordance with the Depository’s procedures
from a Depository Participant directing the Certificate Registrar to credit or cause to be credited a beneficial interest in the
Regulation S Global Certificate in an amount equal to the beneficial interest in the Rule 144A Global Certificate to
be exchanged, (2) a written order given in accordance with the Depository’s procedures containing information regarding
the participant account of the Depository to be credited with such increase and (3) a certificate in the form of Exhibit D
hereto given by the holder of such beneficial interest stating (A) that the transfer of such interest has been made in
compliance with the transfer restrictions applicable to the Global Certificates and pursuant to and in accordance with Regulation S,
or (B) that the transferee is otherwise entitled to hold its interest in the applicable Certificates in the form of an interest
in the Regulation S Global Certificate, without any registration of such Certificates under the Securities Act (in which
case such certificate shall enclose an Opinion of Counsel to such effect and such other documents as the Certificate Registrar
may reasonably require), then the Certificate Registrar shall instruct the Depository to reduce, or cause to be reduced, the Certificate
Balance of the Rule 144A Global Certificate and to increase, or cause to be increased, the Certificate Balance of the Regulation S
Global Certificate by the aggregate Certificate Balance of the beneficial interest in the Rule 144A Global Certificate to
be exchanged, to credit or cause to be credited to the account of the Person specified in such instructions a beneficial interest
in the Regulation S Global Certificate equal to the reduction in the Certificate Balance of the Rule 144A Global Certificate,
and to debit, or cause to be debited, from the account of the Person making such exchange or transfer the beneficial interest
in the Rule 144A Global Certificate that is being exchanged or transferred.

 

(e)         
Temporary Regulation S Global Certificate or Regulation S Global Certificate to Rule 144A Global Certificate.
If a holder of a beneficial interest in a Temporary Regulation S Global Certificate or Regulation S Global Certificate
deposited with the Certificate Registrar as custodian for the Depository wishes at any time to exchange its interest in such Temporary
Regulation S Global Certificate or Regulation S Global Certificate for an interest in the Rule 144A Global Certificate
of the same Class, or to transfer its interest in such Temporary Regulation S Global Certificate or Regulation S Global
Certificate to a Person who is required to take delivery thereof in the form of an interest in the Rule 144A Global Certificate,
such holder may, subject to the rules and procedures of Euroclear or Clearstream, as the case may be, and the Depository, exchange
or cause the exchange of such interest for an equivalent beneficial interest in the Rule 144A Global Certificate of the same
Class. Upon receipt by the Certificate Registrar, as registrar, at its office designated in Section 5.7 hereof, of
(1) instructions from Euroclear or Clearstream, if applicable, and the Depository, directing the Certificate Registrar, as
registrar, to credit or cause to be credited a beneficial interest in the Rule 144A Global Certificate equal to the beneficial
interest in the Temporary Regulation S Global Certificate or Regulation S Global Certificate to be exchanged, such instructions
to contain information regarding the participant account with the Depository to be credited with such increase, (2) with
respect to a transfer of an interest in the Regulation S Global Certificate, information regarding the participant account
of the Depository to be debited with

 

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such
decrease and (3) with respect to a transfer of an interest in the Temporary Regulation S Global Certificate (but not
the Regulation S Global Certificate) for an interest in the Rule 144A Global Certificate, a certificate in the form
of Exhibit E hereto given by the holder of such beneficial interest and stating that the Person transferring such
interest in the Temporary Regulation S Global Certificate reasonably believes that the Person acquiring such interest in
the Rule 144A Global Certificate is a QIB and is obtaining such beneficial interest in a transaction meeting the requirements
of Rule 144A, then the Certificate Registrar shall instruct the Depository to reduce, or cause to be reduced, the Certificate
Balance of the Temporary Regulation S Global Certificate or Regulation S Global Certificate and to increase, or cause
to be increased, the Certificate Balance of the Rule 144A Global Certificate by the aggregate Certificate Balance of the
beneficial interest in the Temporary Regulation S Global Certificate or Regulation S Global Certificate to be exchanged,
and the Certificate Registrar shall instruct the Depository, concurrently with such reduction, to credit, or cause to be credited,
to the account of the Person specified in such instructions, a beneficial interest in the Rule 144A Global Certificate equal
to the reduction in the Certificate Balance of the Temporary Regulation S Global Certificate or Regulation S Global
Certificate and to debit, or cause to be debited, from the account of the Person making such transfer the beneficial interest
in the Temporary Regulation S Global Certificate or Regulation S Global Certificate that is being transferred.

 

(f)          
Temporary Regulation S Global Certificate to Regulation S Global Certificate. Interests in a Temporary Regulation S
Global Certificate as to which the Certificate Registrar has received from Euroclear or Clearstream, as the case may be, a certificate
(a “Non-U.S. Beneficial Ownership Certification”) to the effect that Euroclear or Clearstream, as applicable,
has received a certificate substantially in the form of Exhibit F hereto from the holder of a beneficial interest
in such Temporary Regulation S Global Certificate, shall be exchanged after the Restricted Period, for interests in the Regulation S
Global Certificate of the same Class. The Certificate Registrar shall effect such exchange by delivering to the Depository for
credit to the respective accounts of such holders, a duly executed and authenticated Regulation S Global Certificate, representing
the aggregate Certificate Balance of interests in the Temporary Regulation S Global Certificate initially exchanged for interests
in the Regulation S Global Certificate. The delivery to the Certificate Registrar by Euroclear or Clearstream of the certificate
or certificates referred to above may be relied upon by the Depositor and the Certificate Registrar as conclusive evidence that
the certificate or certificates referred to therein has or have been delivered to Euroclear or Clearstream pursuant to the terms
of this Agreement and the Temporary Regulation S Global Certificate. Upon any exchange of interests in the Temporary Regulation S
Global Certificate for interests in the Regulation S Global Certificate, the Certificate Registrar shall endorse the Temporary
Regulation S Global Certificate to reflect the reduction in the Certificate Balance represented thereby by the amount so
exchanged and shall endorse the Regulation S Global Certificate to reflect the corresponding increase in the amount represented
thereby. Until so exchanged in full and except as provided therein, the Temporary Regulation S Global Certificate, and the
Certificates evidenced thereby, shall in all respects be entitled to the same benefits under this Agreement as the Regulation S
Global Certificate and Rule 144A Global Certificate authenticated and delivered hereunder.

 

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(g)         
Non-Book Entry Certificate to Global Certificate. If (i) a Holder of a Non-Book Entry Certificate (other than a Class
HRR Certificate, a Class YM Certificate or a Class R Certificate) or (ii) a Holder of a Class HRR Certificate (pursuant
to Section 5.1(e) after the termination of the HRR Transfer Restriction Period) wishes to exchange its interest in
such Non-Book Entry Certificate for an interest in a Global Certificate of the same Class, or to transfer all or part of such
Non-Book Entry Certificate to a Person who is entitled to take delivery thereof in the form of an interest in a Global Certificate,
such Holder may, subject to the rules and procedures of Euroclear or Clearstream, if applicable, and the Depository, cause the
exchange of all or part of such Non-Book Entry Certificate for an equivalent beneficial interest in the appropriate Global Certificate
of the same Class. Upon receipt by the Certificate Registrar, as registrar, at its office designated in Section 5.7
hereof, of (1) such Non-Book Entry Certificate, duly endorsed as provided herein, (2) instructions from such Holder
directing the Certificate Registrar, as registrar, to credit, or cause to be credited, a beneficial interest in the applicable
Global Certificate equal to the portion of the Certificate Balance of the Non-Book Entry Certificate to be exchanged, such instructions
to contain information regarding the participant account with the Depository to be credited with such increase and (3) a
certificate in the form of Exhibit G hereto (in the event that the applicable Global Certificate is the Temporary
Regulation S Global Certificate), in the form of Exhibit H hereto (in the event that the applicable Global Certificate
is the Regulation S Global Certificate) or in the form of Exhibit I hereto (in the event that the applicable
Global Certificate is the Rule 144A Global Certificate), then the Certificate Registrar, as registrar, shall cancel, or cause
to be canceled, all or part of such Non-Book Entry Certificate, shall, if applicable, execute, authenticate and deliver to the
transferor a new Non-Book Entry Certificate equal to the aggregate Certificate Balance of the portion retained by such transferor
and shall instruct the Depository to increase, or cause to be increased, such Global Certificate by the aggregate Certificate
Balance of the portion of the Non-Book Entry Certificate to be exchanged and to credit, or cause to be credited, to the account
of the Person specified in such instructions a beneficial interest in the applicable Global Certificate equal to the Certificate
Balance of the portion of the Non-Book Entry Certificate so canceled.

 

(h)         
Exchanges of Non-Book Entry Certificates. If a holder of a Rule 144A Global Certificate, Regulation S Global Certificate
or Non-Book Entry Certificate wishes at any time to transfer its interest in such Rule 144A Global Certificate, Regulation S Global
Certificate or Non-Book Entry Certificate to a Person who is required to take delivery thereof in the form of a Non-Book Entry
Certificate, then the Certificate Registrar shall refuse to register such transfer unless it receives (and upon receipt, may conclusively
rely upon): (i) an investment representation letter from the proposed transferee substantially in the form attached as Exhibit J-1
to this Agreement and (ii) if required by the Certificate Registrar, an opinion of counsel satisfactory to the Certificate
Registrar to the effect that such transfer shall be made without registration under the Securities Act, together with the written
certification(s) as to the facts surrounding such transfer from the Certificateholder desiring to effect such transfer and/or
the proposed transferee on which such opinion of counsel is based (such opinion of counsel shall not be an expense of the Trust
or of the Depositor, the Servicer, the Special Servicer, the Certificate Administrator, the Trustee or the Certificate Registrar
in their respective capacities as such).

 

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(i)           
Other Exchanges. In the event that a Global Certificate is exchanged for a Definitive Certificate, such Certificates may
be exchanged only in accordance with such procedures as are substantially consistent with the provisions of clauses (c) through
(f) and (h) above (including the certification requirements intended to ensure that such transfers comply with Rule 144A
or Regulation S under the Securities Act, at the case may be) and such other procedures as may from time to time be adopted
by the Certificate Registrar.

 

(j)          
Restricted Period. Prior to the termination of the Restricted Period with respect to the issuance of the Certificates,
transfers of interests in the Temporary Regulation S Global Certificate to U.S. persons (as defined in Regulation S)
shall be limited to transfers made pursuant to the provisions of clause (e) above.

 

(k)        
If Certificates are issued upon the transfer, exchange or replacement of Certificates bearing a restrictive legend relating to
compliance with the Securities Act, or if a request is made to remove such legend on Certificates, the Certificates so issued
shall bear the restrictive legend, or such legend shall not be removed, as the case may be, unless there is delivered to the Certificate
Registrar such satisfactory evidence, which may include an Opinion of Counsel that neither such legend nor the restrictions on
transfer set forth therein are required to ensure that transfers thereof comply with the provisions of Rule 144A, Rule 144
or Regulation S under the Securities Act or, with respect to Non-Book Entry Certificates, that such Certificates are not
“restricted” within the meaning of Rule 144 under the Securities Act. Upon provision of such satisfactory evidence,
the Certificate Registrar shall authenticate and deliver Certificates that do not bear such legend.

 

(l)          
All Certificates surrendered for registration of transfer and exchange shall be canceled and subsequently destroyed by the Certificate
Registrar in accordance with the Certificate Registrar’s customary procedures.

 

(m)        
No Class YM or Class R Certificate may be purchased by or transferred to any prospective purchaser or transferee that is or will
be an “employee benefit plan” within the meaning of Section 3(3) of ERISA that is subject to the fiduciary responsibility
provisions of ERISA, or any “plan” within the meaning of Section 4975(e)(1) of the Code that is subject to Section
4975 of the Code, or any other plan or arrangement subject to any federal, state or local law materially similar to the foregoing
provisions of ERISA or the Code (“Similar Law”) or a Person whose assets include the assets of any such employee
benefit plan or plan within the meaning of Department of Labor Regulation Section 2510.3-101, as modified by Section 3(42) of
ERISA or otherwise (each, a “Benefit Plan”), or any person acting on behalf of any such Benefit Plan or using
the assets of a Benefit Plan to purchase such Certificate. Each prospective transferee of a Class YM or Class R Certificate in
definitive form (other than the Initial Purchaser) shall deliver to the transferor, the Certificate Registrar and the Certificate
Administrator a representation letter, substantially in the form of Exhibit O, stating that the prospective transferee
meets the requirements of the preceding sentence. Each transferee of an interest in a Class YM or Class R Certificate in the form
of a Global Certificate will be deemed to have represented that it meets the requirements of the second preceding sentence. No
Class A, Class B or Class HRR Certificates may be purchased by or transferred to any prospective purchaser or transferee
that is or will be a Benefit Plan, or any person acting on behalf of a Benefit Plan or using the assets of a Benefit Plan to purchase
such Certificate,

 

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unless
(A) the purchaser is an “accredited investor” as defined in Rule 501(a)(1) of the Securities Act and (B) the acquisition,
holding and disposition of such Certificate by the purchaser will not constitute or otherwise result in a non-exempt prohibited
transaction under ERISA or Section 4975 of the Code (or a similar non-exempt violation of Similar Law). Any purported transfer
in violation of this Section 5.3(m) shall be null and void ab initio and shall vest no rights in any such purported purchaser
or transferee.

 

(n)         
Each Person who has or acquires any Residual Ownership Interest shall be deemed by the acceptance or acquisition of such Residual
Ownership Interest to have agreed to be bound by the following provisions and the rights of each Person acquiring any Residual
Ownership Interest are expressly subject to the following provisions:

 

(i)          
Each Person acquiring or holding any Residual Ownership Interest shall be a Permitted Transferee and shall not acquire or hold
such Residual Ownership Interest as agent (including a broker, nominee or other middleman) on behalf of any Person that is not
a Permitted Transferee. Any such Person shall promptly notify the Certificate Registrar of any change or impending change in its
status (or the status of the beneficial owner of such Residual Ownership Interest) as a Permitted Transferee. Any acquisition
of a Residual Ownership Interest by a Person who is not a Permitted Transferee or by a Person who is acting as an agent of a Person
who is not a Permitted Transferee shall be void ab initio and of no effect, and the immediately preceding owner who was
a Permitted Transferee shall be restored to registered and beneficial ownership of the Residual Ownership Interest as soon and
as fully as possible.

 

(ii)           No Residual Ownership Interest may be transferred,
and no such transfer shall be registered in the Certificate Register, without the express written consent of the Certificate Registrar,
and the Certificate Registrar shall not recognize the transfer, and such proposed transfer shall not be effective, without such
consent with respect thereto. In connection with any proposed transfer of any Residual Ownership Interest, the Certificate Registrar
shall, as a condition to such consent, (x) require the proposed transferee to deliver, and the proposed transferee shall
deliver to the Certificate Registrar and to the proposed transferor, an affidavit in substantially the form attached as Exhibit
J-2 (a “Transferee Affidavit”) of the proposed transferee (A) that such proposed transferee is a Permitted
Transferee and (B) stating that (1) the proposed transferee historically has paid its debts as they have come due and
intends to do so in the future, (2) the proposed transferee understands that, as the holder of a Residual Ownership Interest,
it may incur liabilities in excess of cash flows generated by the residual interest, (3) the proposed transferee intends
to pay taxes associated with holding the Residual Ownership Interest as they become due, (4) the proposed transferee will
not cause income with respect to the Residual Ownership Interest to be attributable to a foreign permanent establishment or fixed
base, within the meaning of an applicable income tax treaty, of such proposed transferee or any other U.S. Person, (5) the
proposed transferee will not transfer the Residual Ownership Interest to any Person that does not provide a Transferee Affidavit
or as to which the proposed transferee has actual knowledge that such Person is not a Permitted Transferee or is acting as an
agent (including a broker, nominee or other middleman) for a Person that is not a Permitted Transferee, and (6) the proposed
transferee expressly agrees to be bound by and to abide by the provisions of this

 

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Section 5.3(n)
and (y) other than in connection with the initial issuance of a Class R Certificate, require a statement from the proposed
transferor substantially in the form attached as Exhibit J-3 (the “Transferor Letter”), that the proposed
transferor has no actual knowledge that the proposed transferee is not a Permitted Transferee and has no actual knowledge or reason
to know that the proposed transferee’s statements in the Transferee Affidavit are false.

 

(iii)        
Notwithstanding the delivery of a Transferee Affidavit by a proposed transferee under clause (ii) above, if a Responsible
Officer of the Certificate Registrar has actual knowledge that the proposed transferee is not a Permitted Transferee, no transfer
to such proposed transferee shall be effected and such proposed transfer shall not be registered on the Certificate Register;
provided, however, the Certificate Registrar shall not be required to conduct any independent investigation to determine
whether a proposed transferee is a Permitted Transferee. Upon notice to the Certificate Registrar that there has occurred a transfer
to any Person that is a Disqualified Organization or an agent thereof (including a broker, nominee or middleman) in contravention
of the foregoing restrictions, and in any event not later than 60 days after a request for information from the transferor of
such Residual Ownership Interest or such agent, the Certificate Registrar and the Certificate Administrator agree to furnish to
the IRS and the transferor of such Residual Ownership Interest or such agent such information necessary to the application of
Section 860E(e) of the Code as may be required by the Code, including, but not limited to, the present value of the total
anticipated excess inclusions with respect to such Class R Certificate (or portion thereof) for periods after such transfer.
At the election of the Certificate Registrar, the Certificate Registrar may charge a reasonable fee for computing and furnishing
such information to the transferor or to such agent referred to above; provided, however, such Persons shall in
no event be excused from furnishing such information.

 

(iv)         The Class YM and
Class R Certificates may only be issued as Definitive Certificates and transferred to and owned by QIBs.

 

(o)        
Each fiduciary (the “Plan Fiduciary”) purchasing Certificates on behalf of a Benefit Plan subject to Section
406 of ERISA or Section 4975 of the Code (an “ERISA Plan”), as a condition of the ERISA Plan’s purchase
of such Certificates, (a) must be “independent” (within the meaning of 29 C.F.R. Section 2510.3-21) and (b) will be
deemed to have represented that:

 

(1)              
the Plan Fiduciary either: (a) is a bank as defined in Section 202 of the Investment Advisers Act of 1940 (the “Advisers
Act”), or similar institution that is regulated and supervised and subject to periodic examination by a State or Federal
agency; (b) is an insurance carrier which is qualified under the laws of more than one state to perform the services of managing,
acquiring or disposing of assets of a ERISA Plan; (c) is an investment adviser registered under the Advisers Act, or, if not registered
an as investment adviser under the Advisers Act by reason of paragraph (1) of Section 203A of the Advisers Act, is registered
as an investment adviser under the laws of the state in which it maintains its principal office and place of business; (d) is
a broker-dealer registered under the Securities Exchange

 

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Act
of 1934, as amended; or (e) has, and at all times that the ERISA Plan is invested in the Certificates will have, total assets
of at least U.S. $50,000,000 under its management or control (provided that this clause (e) shall not be satisfied if the Plan
Fiduciary is either (i) the owner or a relative of the owner of an investing individual retirement account or (ii) a participant
or beneficiary of the ERISA Plan investing in the Certificates in such capacity);

 

(2)          
the Plan Fiduciary is capable of evaluating investment risks independently, both in general and with respect to particular transactions
and investment strategies, including the acquisition of Certificates by the ERISA Plan;

 

(3)          
the Plan Fiduciary is a “fiduciary” with respect to the ERISA Plan within the meaning of Section 3(21) of ERISA, Section
4975 of the Code, or both, and is responsible for exercising independent judgment in evaluating the ERISA Plan’s acquisition
of the Certificates;

 

(4)          
none of the Issuing Entity, the Depositor, the Initial Purchasers, the Trustee, the Certificate Administrator, the Servicer, the
Special Servicer, the Operating Advisor, sponsors, the Borrower or any of their respective affiliated entities (the “Transaction
Parties”) has exercised any authority to cause the ERISA Plan to invest in the Certificates
or to negotiate the terms of the ERISA Plan’s investment in the Certificates;

 

(5)          
neither the ERISA Plan nor the Plan Fiduciary is paying or has paid any fee or other compensation to any of the Transaction Parties
for investment advice (as opposed to other services) in connection with the ERISA Plan’s acquisition or holding of the Certificates;
and

 

(6)         
the Plan Fiduciary has been informed by the Transaction Parties: (a) that none of the Transaction
Parties is undertaking to provide impartial investment advice or to give advice in a fiduciary capacity; and (b) of the existence
and nature of the Transaction Parties financial interests in the ERISA Plan’s acquisition of the Certificates.

 

The
above representations are intended to comply with 29 C.F.R. Sections 2510.3-21(a) and (c)(1). If these provisions are revoked,
repealed or no longer effective, these representations shall be deemed to be no longer in effect.

 

(p)        
At all times during the HRR Transfer Restriction Period (other than in connection with the initial issuance of the Class HRR
Certificates), if a transfer of the Class HRR Certificates is to be made, then the Certificate Registrar shall refuse to
register such transfer unless it receives (and, upon receipt, may conclusively rely upon) each of the following, sent to the Certificate
Registrar and with a copy to the Sponsor at the addresses provided in Section 10.05: (i) a certification from
such Certificateholder’s prospective transferee substantially in the form attached hereto as Exhibit J-4, (ii)
a certification from the Certificateholder desiring to effect such transfer substantially in the form attached hereto as Exhibit J-5,
(iii) Exhibit J-6 from the HRR Certificateholder instructing the Certificate

 

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Registrar
of its intentions to release the HRR Certificate from the Third Party Purchaser Safekeeping Account and to transfer such HRR Certificate,
(iv) a W-9 completed by such prospective transferee and (v) wire instructions and contact information of such prospective
transferee. Upon receipt of the foregoing certifications, the Certificate Registrar shall, subject to Section 5.1(e) and
Section 5.3, facilitate the transfer of the Class HRR Certificate and reflect the Class HRR Certificates in the name
of the prospective transferee and shall deliver written confirmation to such transferee with a copy via email to each of the Sponsor
and the transferor, of such transfer and the safekeeping of such HRR Certificate substantially in the form of Exhibit V-2
attached hereto.

 

After
the termination of the HRR Transfer Restriction Period, if a transfer of the Class HRR Certificates is to be made, then the
Certificate Registrar shall refuse to register such transfer unless such transfer is made in accordance with the transfer restrictions
of this Article V and the Certificate Registrar receives (and upon receipt may conclusively rely upon) each of the following:
(A) a certification from such Certificateholder’s prospective transferee substantially in the form attached hereto as Exhibit
J-4 and (B) a certification from the Certificateholder desiring to effect such transfer substantially in the form attached
hereto as Exhibit J-5.

 

For
the avoidance of doubt, in no event shall the Class HRR Certificates be held as a Global Certificate with a balance in excess
of $0 at any time prior to termination of the HRR Transfer Restriction Period.

 

Section 5.4.          
Mutilated, Destroyed, Lost or Stolen Certificates. If (a) any mutilated Certificate is surrendered to the Certificate
Registrar, or the Certificate Registrar receives evidence to its satisfaction of the destruction, loss or theft of any Certificate
and (b) there is delivered to the Certificate Registrar such security or indemnity as may be required by it to save it harmless,
then, in the absence of actual notice to the Certificate Registrar that such Certificate has been acquired by a bona fide purchaser,
the Certificate Registrar shall execute, authenticate and deliver, in exchange for or in lieu of any such mutilated, destroyed,
lost or stolen Certificate, a new Certificate of like tenor and interest in the Trust Fund. In connection with the issuance of
any new Certificate under this Section 5.4, the Certificate Registrar may require the payment of a sum sufficient
to cover any expenses (including the fees and expenses of the Certificate Registrar) connected therewith. Any replacement Certificate
issued pursuant to this Section 5.4 shall constitute complete and indefeasible evidence of ownership in the Trust
Fund, as if originally issued, whether or not the lost, stolen or destroyed Certificate shall be found at any time.

 

Section 5.5.          
Persons Deemed Owners. The Servicer, the Special Servicer, the Certificate Administrator, the Trustee and the Certificate
Registrar, and any agent of any of them, may treat the Person in whose name any Certificate is registered as the owner of such
Certificate for the purpose of receiving distributions as provided in this Agreement and for all other purposes whatsoever, and
none of the Servicer, the Special Servicer, the Certificate Administrator, the Trustee, the Certificate Registrar, nor any agent
of any of them shall be affected by any notice to the contrary; provided, however, that to the extent that a party
to this Agreement responsible for distributing any report, statement or other information required to be distributed to Certificateholders
has been provided an Investor Certification, such party to this

 

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Agreement
shall distribute such report, statement or other information to such beneficial owner (or prospective transferee).

 

Section 5.6.         
Access to List of Certificateholders’ Names and Addresses; Special Notices. The Certificate Registrar shall maintain
in as current form as is reasonably practicable the most recent list available to it of the names and addresses of the Certificateholders.
If any Certificateholder that has provided an Investor Certification (a) requests in writing from the Certificate Registrar
a list of the names and addresses of Certificateholders, (b) states that such Certificateholder desires to communicate with
other Certificateholders with respect to its rights under this Agreement or under the Certificates and (c) provides a copy
of the communication which such Certificateholder proposes to transmit, then the Certificate Registrar shall, within ten Business
Days after the receipt of such request, afford such Certificateholder access during normal business hours to a current list of
the Certificateholders. Every Certificateholder, by receiving and holding a Certificate, agrees that the Certificate Registrar
shall not be held accountable by reason of the disclosure of any such information as to the list of the Certificateholders hereunder,
regardless of the source from which such information was derived. The Servicer, the Special Servicer and the Depositor shall be
entitled to a list of the names and addresses of Certificateholders from time to time upon request therefor.

 

Upon
the written request of any Certificateholder that (a) has provided an Investor Certification, (b) states that such Certificateholder
desires the Certificate Administrator to transmit a notice to all Certificateholders stating that such Certificateholder wishes
to be contacted by other Certificateholders, setting forth the relevant contact information and briefly stating the reason for
the requested contact (a “Special Notice”) and (c) provides a copy of the Special Notice which such Certificateholder
proposes to transmit, the Certificate Administrator shall post such Special Notice to the Certificate Administrator’s Website
pursuant to Section 8.14(b) and shall mail such Special Notice to all Certificateholders at their respective addresses
appearing on the Certificate Register. The costs and expenses of the Certificate Administrator associated with delivering any
such Special Notice shall be borne by the party requesting such Special Notice. Every Certificateholder, by receiving and holding
a Certificate, agrees that neither the Certificate Administrator nor the Certificate Registrar shall be held accountable by reason
of the disclosure of any such Special Notice to Certificateholders, regardless of the information set forth in such Special Notice.

 

Section 5.7.          
Maintenance of Office or Agency. The Certificate Registrar shall maintain or cause to be maintained an office or offices
or agency or agencies where Certificates may be surrendered for registration of transfer or exchange and where notices and demands
to or upon the Certificate Registrar in respect of the Certificates and this Agreement may be served. The Certificate Registrar
initially designates its office at 600 South 4th Street, 7th Floor, MAC N9300-070, Minneapolis, Minnesota
55479 as its office for such purposes. The Certificate Registrar shall give prompt written notice to the Certificateholders and
the Borrower of any change in the location of the Certificate Register or any such office or agency.

 

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Article
6

THE DEPOSITOR, THE SERVICER, THE SPECIAL SERVICER, THE OPERATING

ADVISOR AND THE CONTROLLING CLASS REPRESENTATIVE

 

Section 6.1.          
Respective Liabilities of the Depositor, the Operating Advisor, the Servicer and the Special Servicer. The Depositor, the
Operating Advisor, the Servicer and the Special Servicer each shall be liable in accordance herewith only to the extent of the
obligations specifically imposed by this Agreement.

 

Section 6.2.          
Merger or Consolidation of the Servicer, the Special Servicer or the Operating Advisor. Each of the Servicer, Special Servicer
and Operating Advisor shall keep in full effect its existence and rights as an entity under the laws of the jurisdiction of its
organization, and shall be in compliance with the laws of all jurisdictions to the extent necessary to perform its duties under
this Agreement.

 

Any
Person into which the Servicer, Special Servicer or Operating Advisor may be merged or consolidated, or any Person resulting from
any merger or consolidation to which the Servicer, Special Servicer or Operating Advisor shall be a party, or any Person succeeding
to the business of the Servicer, Special Servicer or Operating Advisor, shall be the successor of the Servicer, Special Servicer
or Operating Advisor, as the case may be, hereunder, and shall be deemed to have assumed all of the liabilities and obligations
of such Servicer, Special Servicer or Operating Advisor hereunder, without the execution or filing of any paper or any further
act on the part of any of the parties hereto, anything herein to the contrary notwithstanding; provided, however,
that the Certificate Administrator or the Trustee has received a Rating Agency Confirmation with respect to such successor or
surviving Person.

 

Section 6.3.           
Limitation on Liability of the Depositor, the Servicer, the Special Servicer, the Operating Advisor and Others. (a)  Neither
the Depositor, the Servicer, the Special Servicer, the Operating Advisor nor any of their respective directors, officers, members,
managers, partners, employees, Affiliates or agents shall be under any liability to the Trust or the Certificateholders and the
Companion Loan Holders for any action taken or for refraining from the taking of any action in good faith pursuant to this Agreement,
actions taken or not taken at the direction of Certificateholders, the Companion Loan Holders in accordance with this Agreement
or the Co-Lender Agreement, or for errors in judgment; provided, however, that this provision shall not protect
the Depositor, the Servicer, the Special Servicer, the Operating Advisor or any such other person against any breach of warranties
or representations made herein or any liability which would otherwise be imposed by reason of willful misconduct, bad faith or
negligence in the performance of its duties or by reason of negligent disregard of its obligations and duties hereunder. The Depositor,
the Servicer, the Special Servicer, the Operating Advisor and any of their respective directors, officers, employees, members,
managers, partners, Affiliates or agents may reasonably rely on any document of any kind prima facie properly executed and submitted
by any Person respecting any matters arising hereunder. The Depositor, the Servicer, the Special Servicer, the Operating Advisor
and any of their respective directors, officers, members, managers, partners, employees, agents, Affiliates or other “controlling
persons” within the meaning of the Securities Act (“Controlling Persons”), shall be indemnified by the
Trust (in accordance with the procedures set forth in Section 3.4(c))

 

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and
held harmless against any loss, liability, claim, demand or expense incurred in connection with any legal action or other claims,
losses, penalties, fines, foreclosures, judgments or liabilities relating to this Agreement, the Co-Lender Agreement, the Whole
Loan, the Property, or the Certificates (except as any such loss, liability or expense shall be otherwise reimbursable and reimbursed
pursuant to this Agreement), other than any loss, liability or expense incurred by reason of willful misfeasance, bad faith or
negligence by it in the performance of its duties hereunder or by reason of its negligent disregard of its obligations and duties
hereunder. None of the Depositor, the Operating Advisor, the Servicer or the Special Servicer shall be under any obligation to
appear in, prosecute or defend any legal action which is not incidental to its respective duties under this Agreement and which
in its opinion may involve it in any expense or liability; provided, however, that the Depositor, the Operating
Advisor, the Servicer or the Special Servicer may, in its discretion, undertake any such action which it may deem necessary or
desirable in accordance with Accepted Servicing Practices in respect of this Agreement and the rights and duties of the parties
hereto and the interests of the Certificateholders hereunder. In such event, the legal expenses and costs of such action and any
liability resulting therefrom shall be expenses, costs and liabilities of the Trust Fund, and the Depositor, the Operating Advisor,
the Servicer and the Special Servicer shall be entitled to be reimbursed therefor pursuant to Section 3.4(c) from
funds on deposit in the Collection Account.

 

(b)         
The Depositor shall not be obligated to monitor or supervise the performance of the Servicer, the Special Servicer, the Operating
Advisor, the Certificate Administrator or the Trustee under this Agreement. The Depositor may, but shall not be obligated to,
enforce the obligations of the Servicer, the Special Servicer, the Certificate Administrator and the Trustee under this Agreement.

 

(c)         
For the avoidance of doubt, with respect to any indemnification provisions in this Agreement providing that the Trust or a party
to this Agreement is required to indemnify another party to this Agreement for costs, attorney’s fees and expenses, such
costs, fees and expenses are intended to include costs, reasonable attorney’s fees and expenses relating to the enforcement
of such indemnity.

 

Section 6.4.          
Termination of the Special Servicer. (a)  Subject to the right of the Operating Advisor to recommend the termination
of the Special Servicer and recommend a Qualified Replacement Special Servicer and the right of the Certificateholders to approve
the replacement of the Special Servicer with such Qualified Replacement Special Servicer pursuant to Section 6.4(b), at
any time prior to the occurrence and continuance of any Control Termination Event the Controlling Class Representative shall be
entitled to terminate the rights (subject to Section 6.3 of this Agreement) and obligations of the Special Servicer
under this Agreement, with or without cause, upon ten (10) Business Days’ notice to the Special Servicer, the Servicer,
the Certificate Administrator and the Trustee. Upon a termination (pursuant to the prior sentence) or a resignation of the Special
Servicer, the Controlling Class Representative shall appoint a successor Special Servicer; provided, however, that (i)
such successor will meet the requirements set forth in Section 7.2 of this Agreement and (ii) the Controlling Class
Representative shall (at no expense to the Trust) obtain and deliver to the Certificate Administrator and the Trustee a Rating
Agency Confirmation with respect to such proposed successor acting as a Special Servicer.

 

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Following
the occurrence and during the continuance of a Control Termination Event, upon (i) the written direction of Holders
of Certificates evidencing not less than 25% of the Voting Rights of the Certificates requesting a vote to terminate and
replace the Special Servicer with a proposed successor Special Servicer (which must be a Qualified Replacement Special
Servicer), (ii) payment by such Holders to the Certificate Administrator of the reasonable fees and expenses to be incurred
by the Certificate Administrator in connection with administering such vote and (iii) delivery by such Holders to the
Certificate Administrator and the Trustee of a Rating Agency Confirmation with respect to the termination of the existing
Special Servicer and the replacement thereof with the proposed successor (with the reasonable fees and out-of-pocket costs
and expenses associated with obtaining such Rating Agency Confirmation to be an expense of such Holders), the
Certificate Administrator shall promptly provide written notice thereof to all Certificateholders by posting such notice on
its internet website and by mailing at their addresses appearing in the Certificate Register. Upon the written direction of
(a) Holders of Certificates evidencing at least 75% of the Voting Rights of the Certificates that vote so long as they
constitute a Certificateholder Quorum of the Certificates or (b) Holders of those Classes of Sequential Pay Certificates
evidencing more than 50% of the Voting Rights of each Class of Sequential Pay Certificates, the Trustee shall terminate all
of the rights (subject to Section 6.3 of this Agreement) and obligations of the Special Servicer under this
Agreement, and the proposed successor Special Servicer (if such successor is a Qualified Replacement Special Servicer) shall
succeed to the duties of the Special Servicer all as if a removal and replacement were occurring pursuant to Section 7.1
and Section 7.2 of this Agreement; provided that if such written direction is not provided within 180 days
of the initial request for a vote to terminate and replace the Special Servicer, then such written direction shall have no
force and effect. The provisions set forth in the foregoing sentences of this Section 6.4(a) shall be binding
upon and inure to the benefit of solely the Certificateholders and the Trustee as between each other. The Special Servicer
shall not have any cause of action based upon or arising from any breach or alleged breach of such provisions. As between the
Special Servicer, on the one hand, and the Certificateholders, on the other, the Certificateholders shall be entitled in
their sole discretion to vote for the termination or not vote for the termination of the Special Servicer.

 

The Certificate
Administrator shall include on each Distribution Date Statement a statement that each Certificateholder and Beneficial Owner
that are Privileged Persons may access notices on the Certificate Administrator’s Website and each Certificateholder
and Beneficial Owner that are Privileged Persons may register to receive email notifications when such notices are posted on
the Certificate Administrator’s Website; provided that the Certificate Administrator shall be entitled to
reimbursement from the requesting Certificateholders for the reasonable expenses of posting such notices.

 

(b)              If at any time the Operating Advisor determines, in its sole discretion exercised in good faith, that (i) the Special Servicer
is not performing its duties as required hereunder or is otherwise not acting in accordance with Accepted Servicing Practices,
and (ii) the replacement of the Special Servicer would be in the best interest of the Certificateholders as a collective
whole, then the Operating Advisor shall deliver to the Trustee and the Certificate Administrator, with a copy to the Special Servicer,
a written report in the form of Exhibit U attached hereto (which form may be modified or supplemented from time to
time to cure any ambiguity or error or to incorporate any additional information, subject to compliance of such

 

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form
with the terms and provisions of this Agreement; provided, further, that in no event shall the information or any
other content included in such written report contravene any provision of this Agreement) detailing the reasons supporting its
recommendation (along with relevant information justifying its recommendation) and recommending a suggested replacement special
servicer (which shall be a Qualified Replacement Special Servicer). In such event, the Certificate Administrator shall promptly
notify each Certificateholder of the recommendation and post such notice and report on the Certificate Administrator’s Website
in accordance with Section 3.13(b), and by mail conduct the solicitation of votes of all Certificates in such regard. Upon (i)
the affirmative vote of Holders of Sequential Pay Certificates evidencing at least a majority of a quorum of Certificateholders
(which, for this purpose, is the Holders of Certificates that (A) evidence at least 20% of the Voting Rights (taking into account
the application of any Appraisal Reduction Amounts to notionally reduce the respective Certificate Balances) of all Sequential
Pay Certificates on an aggregate basis, and (B) consist of at least three Certificateholders or Certificate Owners that are not
Risk Retention Affiliates) and (ii) receipt of Rating Agency Confirmation from each Rating Agency with respect to the termination
of the Special Servicer and the appointment of a successor special servicer recommended by the Operating Advisor by the Certificate
Administrator following satisfaction of the foregoing clause (i), the Trustee shall (1) terminate all of the rights and obligations
of the Special Servicer under this Agreement and appoint such successor Special Servicer and (2) promptly notify such outgoing
Special Servicer of the effective date of such termination. The reasonable out of pocket costs and expenses of the Operating Advisor
and the Certificate Administrator (including reasonable legal fees and expenses of outside counsel) associated with obtaining
such Rating Agency Confirmations and administering such vote and the Operating Advisor’s identification of a Qualified Replacement
Special Servicer shall be a Trust Fund Expense. In the event that the Certificate Administrator does not receive the affirmative
vote of at least a majority of the quorum described in clause (i) of the preceding sentence within 180 days of after the notice
is posted to the Certificate Administrator’s Website, then the Trustee shall have no obligation to remove the Special Servicer.
Prior to the appointment of any replacement special servicer, such replacement special servicer shall have agreed to succeed to
the obligations of the Special Servicer under this Agreement and to act as the Special Servicer’s successor hereunder. In
the event the Special Servicer is terminated pursuant to this Section 6.4(b), the Controlling Class Representative
may not subsequently reappoint such terminated Special Servicer or any Risk Retention Affiliate thereof.

 

(c)               
The appointment of any such successor Special Servicer shall not relieve the Servicer or the Trustee of their respective obligations
to make Advances as set forth herein; provided, however, that none of the Trustee, the Servicer (solely in its capacity
as Servicer), or the initial Special Servicer specified in Section 3.10(a) of this Agreement shall be liable for any
actions or any inaction of such successor Special Servicer. Any termination fee payable to the terminated Special Servicer and
any costs incurred by the Trust or the terminated Special Servicer in connection with the replacement of a Special Servicer shall
be paid by the Controlling Class Representative or Certificateholders so terminating the Special Servicer and shall not in any
event be an expense of the Trust Fund.

 

(d)              
No termination of the Special Servicer and appointment of a successor Special Servicer shall be effective until (i) the successor
Special Servicer shall have executed and delivered to the Trustee and the Certificate Administrator an agreement which contains
an

 

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assumption by such Person of the due and punctual performance and observance of each covenant and condition to be performed
or observed by the Special Servicer under this Agreement from and after the date of such agreement and (ii) subject to Section 10.17
of this Agreement, each Rating Agency has delivered to the Trustee and the Certificate Administrator a Rating Agency Confirmation
with respect to such termination and appointment of a successor.

 

(e)             
Any successor Special Servicer shall be deemed to make the representations and warranties provided for in Section 2.5
of this Agreement mutatis mutandis as of the date of its succession.

 

(f)              
In the event that the Special Servicer is terminated pursuant to this Section 6.4, the Trustee shall, by notice in
writing to the Special Servicer, terminate all of its rights and obligations under this Agreement and in and to the Whole Loan
and the proceeds thereof, other than any rights the Special Servicer may have hereunder as a Certificateholder and any rights
or obligations that accrued prior to the date of such termination (including without limitation the right to receive all amounts
accrued or owing to it under this Agreement, plus interest at the Advance Rate on such amounts until received to the extent such
amounts bear interest as provided in this Agreement, with respect to periods prior to the date of such termination and the right
to the benefits of Section 6.3 of this Agreement and the right to receive ongoing Workout Fees or Liquidation Fee
in accordance with the terms hereof and any indemnification that the Special Servicer is entitled to pursuant to the terms hereof).

 

Section 6.5.           
The Controlling Class Representative.

 

(a)             
For so long as no Control Termination Event has occurred and is continuing, the Controlling Class Representative shall be entitled
to (1) if a Special Servicing Loan Event occurs, advise the Special Servicer and (2) if a Special Servicing Loan Event has not
occurred, advise the Special Servicer as to all matters for which the Servicer must obtain the consent or deemed consent of the
Special Servicer for a Major Decision. In addition, notwithstanding anything herein to the contrary, except as set forth in, and
in any event subject to Section 6.5(b) and the second and third paragraphs of this Section 6.5(a), both
(a) the Servicer shall not be permitted to take any of the actions constituting a Major Decision unless it has obtained the consent
of the Special Servicer, who shall have 10 Business Days (or 60 days with respect to the determination of an Acceptable Insurance
Default) after the Special Servicer’s receipt of the Servicer’s written recommendation and analysis to analyze and
make a recommendation regarding such Major Decision (provided that if the Special Servicer does not consent, or notify
the Servicer that it will not consent, to such Major Decision within the required 10 Business Days or 60 days, as applicable,
the Special Servicer shall be deemed to have consented to such Major Decision) and (b) for so long as no Control Termination Event
has occurred and is continuing, the Special Servicer shall not be permitted to consent to the Servicer’s taking any of the actions
constituting a Major Decision nor will the Special Servicer itself be permitted to take any of the actions constituting a Major
Decision if, in either case, the Controlling Class Representative has objected to the action in writing within ten (10) Business
Days after receipt of a written report by the Special Servicer describing in reasonable detail (i) the background and circumstances
requiring action of the Special Servicer, and (ii) the proposed course of action recommended (the “Major Decision Reporting
Package”), which the Special Servicer shall be required to deliver to the Controlling Class Representative within five
Business

 

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Days
of the Special Servicer’s receipt of the recommendation and analysis from the Servicer; provided that if such written
objection has not been received by the Special Servicer within such ten (10) Business Day period, then the Controlling Class Representative
will be deemed to have approved such action; provided further, that, in the event that the Special Servicer or Servicer
(in the event the Servicer is otherwise authorized by this Agreement to take such action), as applicable, determines that immediate
action, with respect to a Major Decision, or any other matter requiring consent of the Controlling Class Representative prior
to the occurrence and continuance of a Control Termination Event in this Agreement, is necessary to protect the interests of the
Certificateholders, the Special Servicer or Servicer, as applicable, may take any such action without waiting for the Controlling
Class Representative’s (or, if applicable, the Special Servicer’s) response. The Special Servicer is not required to obtain the
consent of the Controlling Class Representative for any Major Decision following the occurrence and during the continuance of
a Control Termination Event.

 

In
addition, for so long as no Control Termination Event has occurred and is continuing, the Controlling Class Representative may
direct the Special Servicer to take, or to refrain from taking, such other actions with respect to the Whole Loan as the Controlling
Class Representative may reasonably deem advisable or as to which provision is otherwise made herein. Notwithstanding anything
herein to the contrary, no such direction, and no objection contemplated by the preceding paragraph or this paragraph, may require
or cause the Servicer or the Special Servicer to violate any provision of the Loan Documents, applicable law or this Agreement,
including without limitation each of the Servicer’s and the Special Servicer’s obligation to act in accordance with
Accepted Servicing Practices, or expose the Servicer, the Special Servicer, the Operating Advisor, the Certificate Administrator,
the Trust Fund or the Trustee to liability, or materially expand the scope of the Servicer’s or the Special Servicer’s responsibilities
hereunder or cause the Servicer or the Special Servicer to act, or fail to act, in a manner which in the reasonable judgment of
the Servicer or the Special Servicer is not in the best interests of the Certificateholders.

 

With
respect to any action requiring the consent of the Controlling Class Representative under this Agreement, such consent shall be
deemed given if the Controlling Class Representative does not object within 10 Business Days. In the event the Special Servicer
or Servicer, as applicable, determines that a refusal to consent by the Controlling Class Representative or any advice from the
Controlling Class Representative would otherwise cause the Special Servicer or Servicer, as applicable, to violate the terms of
the Loan Documents, applicable law, the provisions of the Code resulting in an Adverse REMIC Event or this Agreement, including
without limitation, Accepted Servicing Practices, the Special Servicer or Servicer, as applicable, shall disregard such refusal
to consent or advise and notify the Controlling Class Representative, the Trustee and, subject to Section 10.17 of
this Agreement, the Rating Agencies of its determination, including a reasonably detailed explanation of the basis therefor. The
taking of, or refraining from taking, any action by the Servicer or Special Servicer in accordance with the direction of or approval
of the Controlling Class Representative that does not violate any law or Accepted Servicing Practices or any other provisions
of this Agreement, will not result in any liability on the part of the Servicer or the Special Servicer.

 

The
Controlling Class Representative shall have no liability to the Trust Fund or the Certificateholders for any action taken, or
for refraining from the taking of any action,

 

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pursuant
to this Agreement, or for errors in judgment; provided, however, that the Controlling Class Representative will
not be protected against any liability to any Controlling Class Certificateholders that would otherwise be imposed by reason of
willful misfeasance, bad faith or gross negligence in the performance of duties or by reason of negligent disregard of obligations
or duties.

 

By
its acceptance of a Certificate, each Certificateholder acknowledges and agrees, by its acceptance of its Certificates, that:
(i) the Controlling Class Representative may have special relationships and interests that conflict with those of Holders of one
or more Classes of Certificates; (ii) the Controlling Class Representative may act solely in the interests of the Holders of the
Controlling Class; (iii) the Controlling Class Representative does not have any liability or duties to the Holders of any Class
of Certificates other than the Controlling Class; (iv) the Controlling Class Representative may take actions that favor interests
of the Holders of the Controlling Class over the interests of the Holders of one or more other Classes of Certificates; and (v)
the Controlling Class Representative shall have no liability whatsoever (other than to a Controlling Class Certificateholder)
for having so acted as set forth in clauses (i)-(iv) of this paragraph, and no Certificateholder may take any action whatsoever
against the Controlling Class Representative or any Affiliate, director, officer, employee, shareholder, member, partner, agent
or principal thereof for having so acted.

 

(b)        
Notwithstanding anything to the contrary contained herein: (i) after the occurrence and during the continuance of any Control
Termination Event, the Controlling Class Representative shall have no right to consent to any action taken or not taken by any
party to this Agreement; (ii) after the occurrence and during the continuance of a Control Termination Event but prior to the
occurrence and continuance of a Consultation Termination Event, the Controlling Class Representative shall remain entitled to
receive any notices, reports or information to which it is entitled pursuant to this Agreement, and the Special Servicer shall
consult with the Controlling Class Representative in connection with any action to be taken or refrained from taking to the extent
set forth herein; and (iii) after the occurrence and during the continuance of a Consultation Termination Event, the Controlling
Class Representative shall have no consultation or consent rights hereunder and no right to receive any notices, reports or information
(other than notices, reports or information required to be delivered to all Certificateholders) or any other rights as Controlling
Class Representative.

 

After
the occurrence and during the continuance of a Control Termination Event but, with respect to the Controlling Class Representative
only, prior to the occurrence of a Consultation Termination Event, the Special Servicer shall consult with the Controlling Class
Representative in connection with any Major Decision (and any other actions which otherwise require consultation with the Controlling
Class Representative prior to a Consultation Termination Event hereunder) and consider alternative actions recommended by Controlling
Class Representative in respect thereof. In the event the Special Servicer receives no response from the Controlling Class Representative
within 10 Business Days following its written request for input on any required consultation, the Special Servicer shall not be
obligated to consult with the Controlling Class Representative on the specific matter; provided, however,
that the failure of the Controlling Class Representative to respond shall not relieve the Special Servicer from consulting with
the Controlling Class Representative on any future matters with respect to the Whole Loan.

 

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The
Special Servicer shall provide each Major Decision Reporting Package to the Operating Advisor simultaneously upon providing such
Major Decision Reporting Package to the Controlling Class Representative. With respect to any particular Major Decision and related
Major Decision Reporting Package and any Asset Status Report, the Special Servicer shall make available (via telephone or electronic
mail) to the Operating Advisor a servicing officer with relevant knowledge regarding the Whole Loan and such Major Decision, Major
Decision Reporting Package and/or Asset Status Report in order to address reasonable questions that the Operating Advisor may
have relating to, among other things, such Major Decision, Major Decision Reporting Package and/or Asset Status Report and potential
conflicts of interest and compensation. The Special Servicer shall send notice to the Operating Advisor notifying it of the Controlling
Class Representative’s denial, approval or deemed approval of such Major Decision Reporting Package within 10 days of such
denial, approval, or deemed approval.

 

In
addition, after the occurrence and during the continuance of an Operating Advisor Consultation Event, the Special Servicer shall
consult with the Operating Advisor (remotely via electronic, telephonic or other mutually agreeable communication) in connection
with any proposed Major Decision for which the Special Servicer has delivered to the Operating Advisor a Major Decision Reporting
Package and consider alternative actions recommended by the Operating Advisor, in respect thereof, provided that such consultation
is on a non-binding basis. In the event that the Special Servicer receives no response from the Operating Advisor within ten (10)
Business Days following the later of (i) its written request for input on any required consultation (which such initial request
shall include a Major Decision Reporting Package) and (ii) delivery of all such additional information reasonably requested by
the Operating Advisor related to the subject matter of such consultation, the Special Servicer shall not be obligated to consult
with the Operating Advisor on the specific matter; provided, however, that the failure of the Operating Advisor
to respond on any specific matters shall not relieve the Special Servicer from its obligation to consult with the Operating Advisor
on any future matter with respect to the Whole Loan.

 

In
connection with the Controlling Class Representative’s right to consent or consult or the Operating Advisor’s right
to consult with respect to a Major Decision, as applicable, if the Special Servicer determines that action is necessary to protect
the Property or the interests of the Certificateholders from potential harm if such action is not taken, or if a failure to take
any such action at such time would be inconsistent with Accepted Servicing Practices, the Special Servicer may take actions with
respect to the Property before the expiration of the applicable period for the Operating Advisor or Controlling Class Representative
to respond as described in this section, if the Special Servicer reasonably determines in accordance with Accepted Servicing Practices
that failure to take such actions before the expiration of such period would materially adversely affect the interest of the Certificateholders,
and the Special Servicer has made a reasonable effort to contact the Operating Advisor or the Controlling Class Representative,
as applicable.

 

On
the Closing Date, the initial Controlling Class Representative shall execute a certification substantially in the form of Exhibit
K-4 to this Agreement. Upon the resignation or removal of the existing Controlling Class Representative, any successor Controlling
Class Representative shall execute and deliver to the parties to this Agreement a certification

 

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substantially in the form of Exhibit
K-4 to this Agreement prior to being recognized as the new Controlling Class Representative.

 

After
the occurrence and during the continuance of a Consultation Termination Event, the Controlling Class Representative shall have
no consultation or consent rights hereunder and shall have no right to receive any notices, reports or information (other than
notices, reports or information required to be delivered to all Certificateholders) or any other rights as Controlling Class Representative.
However, the Controlling Class Representative shall maintain the right to exercise its Voting Rights for the same purposes as
any other Certificateholder.

 

(c)             
Each Certificateholder and Beneficial Owner of a Class HRR Certificate is hereby deemed to have agreed by virtue of its purchase
of such Certificate (or beneficial ownership interest in such Certificate) to provide its name and address to the Certificate
Registrar and to notify the Certificate Registrar of the transfer of any Class HRR Certificate (or the beneficial ownership of
any Class HRR Certificate), the selection of a Controlling Class Representative or the resignation or removal thereof. Any such
Certificateholder (or Beneficial Owner) or its designee at any time appointed Controlling Class Representative is hereby deemed
to have agreed by virtue of its purchase of a Class HRR Certificate (or the beneficial ownership interest in a Class HRR Certificate)
to notify the Certificate Registrar when such Certificateholder (or Beneficial Owner) or designee is appointed Controlling Class
Representative and when it is removed or resigns. Upon receipt of such notice, the Certificate Registrar shall notify the Special
Servicer, the Servicer, the Operating Advisor and the Trustee of the identity of the Controlling Class Representative, any resignation
or removal thereof and/or any new Holder or Beneficial Owner of a Class HRR Certificate. In addition, upon the request of the
Servicer, the Special Servicer, the Operating Advisor or the Trustee, as applicable, the Certificate Registrar shall provide (on
a reasonably prompt basis) the identity of the then-current Controlling Class and a list of the Certificateholders (or Beneficial
Owners, if applicable, at the expense of the Trust if such expense arises in connection with an event as to which the Controlling
Class Representative or the Controlling Class has consent or consultation rights pursuant to this Agreement, or otherwise at the
expense of the requesting party and each of the Servicer, the Special Servicer, the Operating Advisor and the Trustee shall be
entitled to rely on such information so provided by the Certificate Administrator. The initial Controlling Class Representative,
and any subsequent Controlling Class Representative, is hereby deemed to have agreed and acknowledged by virtue of its purchase
of a Class HRR Certificate (or beneficial ownership interest in such Certificate) that its identity shall be reported monthly
by the Certificate Administrator in the Distribution Date Statement. In the event that no Controlling Class Representative has
been appointed or identified to the Servicer or the Special Servicer, as applicable, and the Servicer or the Special Servicer,
as applicable, has attempted to obtain such information from the Certificate Administrator and no such entity has been identified
to the Servicer or the Special Servicer, as applicable, then until such time as the new Controlling Class Representative is identified,
the Servicer or the Special Servicer, as applicable, will have no duty to consult with, provide notice to, or seek the approval
or consent of any such Controlling Class Representative as the case may be.

 

The
Certificate Administrator, the Servicer, the Operating Advisor and the Special Servicer will not be charged with knowledge of
any Control Termination Event or Consultation

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Termination
Event, in each case, resulting from an affiliation of the Controlling Class Representative or a majority of the Controlling Class
Certificateholders (by Certificate Balance) with a Borrower Related Party, unless and until it shall have received notice of such
occurrence from the Controlling Class Representative or a majority of the Controlling Class Certificateholders (by Certificate
Balance) substantially in the form of Exhibit P upon which each party may conclusively rely.

 

If
at any time that Prima Capital Advisors LLC or any successor Controlling Class Representative or Controlling Class Certificateholder(s)
is no longer the Holder (or Beneficial Owner) of at least a majority of the Controlling Class by Certificate Balance and the Certificate
Registrar has neither (i) received written notice of the then current Controlling Class Certificateholders of at least a majority
of the Controlling Class by Certificate Balance nor (ii) received written notice of a replacement Controlling Class Representative
pursuant to this Agreement, then a Control Termination Event and a Consultation Termination Event shall be deemed to have occurred
and shall be deemed to continue until such time as the Certificate Administrator receives either such notice.

 

Upon
receipt of notice of a change in Controlling Class Representative, the Certificate Administrator shall promptly forward notice
thereof to each other party to this Agreement.

 

(d)        
Until it receives notice to the contrary, each of the Servicer, the Special Servicer, the Operating Advisor, the Depositor and
the Trustee and the Certificate Administrator shall be entitled to rely on the most recent notification with respect to the identity
of the Certificateholders of the Controlling Class and the Controlling Class Representative.

 

Section 6.6.          
Servicer and Special Servicer Not to Resign. (a)  Each of the Servicer and Special Servicer may resign and assign
its respective rights and delegate its duties and obligations under this Agreement to any Person or to an entity, provided
that:

 

(i)         the Person accepting such assignment
and delegation (A) shall be an established mortgage finance institution, bank or mortgage servicing institution having a
net worth of not less than $25,000,000, organized and doing business under the laws of the United States or of any state of the
United States or the District of Columbia, authorized under such laws to perform the duties of the Servicer or Special Servicer,
as the case may be, (B) shall execute and deliver to the Trustee an agreement in form and substance reasonably satisfactory
to the Trustee, which contains an assumption by such Person of the performance and observance of each covenant and condition to
be performed or observed by the Servicer or Special Servicer, as the case may be, under this Agreement from and after the date
of such agreement; provided, however that to the extent such agreement modifies in any respect any of the covenants,
terms or conditions in this Agreement to be performed by the Servicer or Special Servicer, as the case may be, such agreement
shall be subject to the approval of the Trustee, such approval not to be unreasonably withheld, and (C) shall make such representations
and warranties of the Servicer or Special Servicer, as the case may be, as provided in Section 2.4 and Section 2.5;

 

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(ii)        Rating Agency Confirmation has
been received;

 

(iii)      
the Servicer or Special Servicer, as the case may be, shall not be released from its obligations under this Agreement that arose
prior to the effective date of such assignment and delegation under this Section 6.6(a);

 

(iv)     
the rate at which the Servicing Fee or Special Servicing Fee, as applicable (or any component thereof) is calculated shall not
exceed the rate then in effect; and

 

(v)      
the Servicer or Special Servicer, as the case may be, shall reimburse the Trustee, the Certificate Administrator, the Trust, and
the Rating Agencies for all reasonable out-of-pocket costs and expenses of such assignment, sale or transfer, except to the extent
the Third Party Purchaser is required to pay such expenses pursuant to Section 2.11.

 

Any
attempted resignation and assignment shall be void, unless such resignation and assignment satisfies the conditions set forth
above. Upon satisfaction of the foregoing requirements and acceptance of such assignment, such Person shall be the successor Servicer
or Special Servicer, as the case may be, hereunder.

 

(b)        
Other than as set forth in Sections 2.11, 6.2 and 6.6(a), none of the Servicer and the Special Servicer
shall resign from its obligations and duties hereby imposed on it, except upon determination that performance of its duties hereunder
is no longer permissible under applicable law or are in material conflict by reason of applicable law with any other activities
carried on by it. Any such determination permitting the resignation of the Servicer or the Special Servicer, as the case may be,
shall be evidenced by an Opinion of Counsel delivered to the Trustee and the Depositor. No resignation by the Servicer or the
Special Servicer, as applicable, under this Agreement shall become effective until a successor Servicer or Special Servicer, as
applicable, shall have assumed the responsibilities and obligations of the Servicer or the Special Servicer, as applicable, under
this Agreement in accordance with Section 7.2. Notwithstanding the previous sentence, each of the Servicer or Special
Servicer may assign its duties and obligations under this Agreement under certain limited circumstances as described herein.

 

(c)         
In the event the Special Servicer obtains knowledge that it has become a Borrower Related Party, the Special Servicer shall provide
notice to each of the other parties to this Agreement of such event and resign as Special Servicer and use reasonable efforts
to replace itself with a special servicer that is a Qualified Replacement Special Servicer, subject to the satisfaction of the
conditions set forth in the proviso to Section 6.4(a) and the agreement of a proposed successor to accept the same
or lower compensation; provided that if no such appointment is made within thirty (30) days of the Special Servicer becoming
a Borrower Related Party, such failure shall be deemed a Special Servicer Termination Event and the Trustee shall promptly deliver
written notice to the Special Servicer of the Special Servicer’s failure to perform the foregoing obligation. Prior to the
occurrence and continuance of a Control Termination Event, the Controlling Class Representative will be entitled to appoint (and
replace with or without cause) a successor special servicer that is a Qualified Replacement Special Servicer and not a Borrower
Related Party in accordance with the terms herein, unless

 

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the
Controlling Class Representative is a Borrower Related Party. At any time after the occurrence and during the continuance of a
Control Termination Event, the resigning Special Servicer will be required to use reasonable efforts to appoint a successor special
servicer that is a Qualified Replacement Special Servicer and not a Borrower Related Party in accordance with the terms herein
and shall, at the expense of the Trust, petition any court of competent jurisdiction for the appointment of a successor special
servicer if one is not appointed within 60 days

 

(d)        
Except as provided in Section 2.11 and Section 6.4(c) to the contrary, the resigning Servicer or Special Servicer,
as applicable, shall bear all reasonable out-of-pocket costs and expenses of each other party to this Agreement, the Issuing Entity
and each Rating Agency in connection with any resignation of such Servicer or Special Servicer.

 

Section 6.7.          
Indemnification by the Servicer, the Special Servicer, the Operating Advisor and the Depositor. Each of the Servicer, the
Special Servicer, the Operating Advisor and the Depositor, severally and not jointly, shall indemnify and hold harmless the Trust,
the Companion Loan Holders and each other party to this Agreement from and against any claims, losses, damages, penalties, fines,
forfeitures, reasonable legal fees and expenses and related costs, judgments and other costs and expenses incurred by the Trust,
the Certificate Administrator, the Trustee or such other party that arise out of or are based upon (i) a breach by the Servicer,
the Special Servicer, the Operating Advisor or the Depositor, as the case may be, of its representations and warranties under
this Agreement or (ii) negligence, bad faith or willful misconduct on the part of the Servicer, the Special Servicer, the
Operating Advisor or the Depositor, as the case may be, in the performance of such obligations or its negligent disregard of its
obligations and duties under this Agreement.

 

Article
7

SERVICER TERMINATION EVENTS; SPECIAL

SERVICER TERMINATION EVENTS;

TERMINATION OF SPECIAL SERVICER WITHOUT CAUSE

 

Section 7.1.         
Servicer Termination Events; Special Servicer Termination Events. (a)  “Servicer Termination Event,”
or “Special Servicer Termination Event” wherever used herein with respect to the Servicer or the Special Servicer,
as the case may be, means any one of the following events whether it shall be voluntary or involuntary or be effected by operation
of law or pursuant to any judgment, decree or order of any court or any order, rule or regulation of any administrative or governmental
body:

 

(i)       
any failure by the Servicer or Special Servicer, as applicable, to remit any payment required to be made or remitted by it (other
than Advances described under clause (ii) below) when required to be remitted under the terms of this Agreement, which
failure is not cured by 11:00 a.m., New York time, on the first Business Day following the date on which such remittance was required
to be made;

 

(ii)      
any failure of the Servicer (a) to make any Monthly Payment Advance required to be made pursuant to this Agreement on or
prior to the applicable Remittance

 

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Date that is not cured by
11:00 a.m., New York time, on the related Distribution Date, (b) to make any Administrative Advance required to be made
pursuant to this Agreement on or prior to the applicable Remittance Date
that is not cured by 11:00 a.m., New York time, on the related Distribution Date, or (c) to make any Property
Protection Advance required to be made pursuant to this Agreement when the same is due and such failure continues unremedied
for 10 Business Days (or such shorter period (not less than one Business Day) as would prevent a lapse in insurance or a
delinquent payment of real estate taxes or ground rents) following the date on which the Servicer receives notice thereof or
should have had notice thereof if it had been acting in accordance with the Accepted Servicing Practices;

 

(iii)       any failure by the Servicer or
the Special Servicer, as applicable, to observe or perform in any material respect any other of its covenants or agreements or
the material breach of its representations or warranties under this Agreement, which failure or breach shall continue unremedied
for a period of 30 days after the date on which written notice of such failure or breach is given to the Servicer or Special
Servicer, as applicable, by the Trustee or to the Servicer or Special Servicer, as applicable, and the Trustee by the Holders
of Certificates having greater than 25% of the aggregate Voting Rights of all then outstanding Certificates; provided,
however, that with respect to any such failure or breach that is not curable within such 30-day period, the Servicer or
the Special Servicer, as applicable, will have an additional cure period of 30 days to effect such cure so long as the Servicer
or the Special Servicer, as appropriate, has commenced to cure such failure within the initial 30-day period and has provided
the Trustee with an officer’s certificate certifying that it has diligently pursued, and is continuing to diligently pursue,
such cure;

 

(iv)     
a decree or order of a court or agency or supervisory authority having jurisdiction in the premises in an involuntary case under
any present or future federal or state bankruptcy, insolvency or similar law for the appointment of a conservator or receiver
or liquidator in any insolvency, readjustment of debt, marshaling of assets and liabilities or similar proceedings, or for the
winding-up or liquidation of its affairs, shall have been entered against the Servicer or the Special Servicer, as applicable,
and such decree or order has remained in force undischarged or unstayed for a period of sixty (60) days; provided, however,
that, with respect to any such decree or order that cannot be discharged, dismissed or stayed within such sixty (60) day period,
the Servicer or the Special Servicer, as appropriate, will have an additional period of thirty (30) days to effect such discharge,
dismissal or stay so long as it has commenced proceedings to have such decree or order dismissed, discharged or stayed within
the initial sixty (60) day period and has diligently pursued, and is continuing to pursue, such discharge, dismissal or stay;

 

(v)      
the Servicer or the Special Servicer, as applicable, shall consent to the appointment of a conservator or receiver or liquidator
or liquidation committee in any insolvency, readjustment of debt, marshaling of assets and liabilities, voluntary liquidation,
or similar proceedings of or relating to the Servicer or the Special Servicer or of or relating to all or substantially all of
its property;

 

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

 

(vii)      the Servicer or the Special Servicer is no longer listed on S&P’s Select Servicer List as a U.S. Commercial Mortgage
Master Servicer or a U.S. Commercial Mortgage Special Servicer, as applicable, in connection therewith and the Servicer or the
Special Servicer is not reinstated to such status on such list within 60 days;

 

(viii)     DBRS has (a) qualified, downgraded
or withdrawn its rating or ratings of one or more Classes of Certificates or (b) has placed one or more Classes of Certificates
on “watch status” in contemplation of a rating downgrade or withdrawal (and such “watch status” placement,
qualification, downgrade, or withdrawal has not been withdrawn by DBRS within 60 days) and, in the case of either of clauses (a)
or (b), publicly citing servicing concerns with the Servicer or the Special Servicer, as applicable, as the sole or a material
factor in such rating action;

 

(ix)       a Companion Loan Rating Agency has (A) qualified, downgraded or withdrawn its rating or ratings of one or more classes of Companion
Loan Securities, or (B) placed one or more classes of Companion Loan Securities on “watch status” in contemplation
of rating downgrade or withdrawal and, in the case of either of clauses (A) or (B), citing servicing concerns with the Servicer
or the Special Servicer, as applicable, as the sole or material factor in such rating action (and such qualification, downgrade,
withdrawal or “watch status” placement has not been withdrawn by such Companion Loan Rating Agency within sixty (60)
days of such event); and

 

(x)        so long as any Other Securitization Trust is subject to the reporting requirements of the Exchange Act, the Servicer or Special
Servicer, as applicable, or any primary servicer, Sub-Servicer or Servicing Function Participant (such entity, the “Sub-Servicing
Entity”) retained by the Servicer or Special Servicer, shall fail to deliver the items required to be delivered by this
Agreement to enable such Other Securitization Trust to comply with its reporting obligations under the Exchange Act within the
time frame set forth for delivery in Article 12 (including any applicable grace periods) (any Sub-Servicing Entity that
defaults in accordance with this Section 7.1(a)(x) shall be terminated at the direction of the Depositor).

 

(b)        
Upon the occurrence of any Servicer Termination Event or Special Servicer Termination Event, unless such Servicer Termination
Event or Special Servicer Termination Event has been cured or waived, the Trustee shall (i) provide written notice to the
Depositor and the Certificate Administrator and the Certificate Administrator shall post notice of the same upon its receipt thereof
on the Certificate Administrator’s Website and shall provide notice to the Companion Loan Holders; (ii) provide written
notice to the Rating Agencies, subject to Section 10.16; and (iii) provide notice thereof to all Certificateholders
by mail to the addresses set forth on the Certificate Register. For avoidance of doubt, (i) the occurrence of a Servicer
Termination Event with respect to the Servicer shall not cause there to have occurred a Special Servicer Termination Event with
respect to the Special Servicer unless

 

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the
relevant event also constitutes a Special Servicer Termination Event and (ii) the occurrence of a Special Servicer Termination
Event with respect to the Special Servicer shall not cause there to have occurred a Servicer Termination Event with respect to
the Servicer unless the relevant event also constitutes a Servicer Termination Event.

 

(c)         
If a Servicer Termination Event or Special Servicer Termination Event shall occur then, and in each and every such case, so long
as such Servicer Termination Event or Special Servicer Termination Event shall not have been remedied, either (i) the Trustee
may, or (ii) upon the written direction of Holders of Certificates having at least 25% of the Voting Rights (taking into
account the application of the Appraisal Reduction Amount to notionally reduce the Certificate Balances of the Certificates) of
the Certificates or the direction of the Depositor (in the case of a Servicer Termination Event or Special Servicer Termination
Event pursuant to clause (x) thereof), the Trustee shall terminate all of the rights and obligations of the Servicer or the Special
Servicer, as applicable, under this Agreement, other than rights and obligations accrued prior to such termination, and in and
to the Whole Loan and the proceeds thereof by notice in writing to the Servicer or the Special Servicer, as applicable. Upon any
termination of the Servicer or the Special Servicer, as applicable, and appointment of a successor to the Servicer or the Special
Servicer, as applicable, the Trustee shall promptly notify the Certificate Administrator and the Certificate Administrator shall
post to the Certificate Administrator’s Website such written notice thereof to the Depositor and the Certificateholders
and, comply with giving notice to the Rating Agencies pursuant to Section 10.17. Notwithstanding the foregoing, (a)
if a Special Servicer Termination Event on the part of the Special Servicer affects a Companion Loan, any holder thereof or the
rating on a class of Companion Loan securities, then the related affected Companion Loan Holder will be able to require termination
of the Special Servicer and (b) if any Servicer Termination Event on the part of the Servicer affects a Companion Loan, the related
Companion Loan Holder or the rating on a class of the related Companion Loan securities, and if the Servicer is not otherwise
terminated, then the Servicer may not be terminated by or at the direction of the related Companion Loan Holder, but upon the
written direction of the related Companion Loan Holder, the Servicer shall be required to appoint a sub-servicer that will be
responsible for servicing the related Whole Loan.

 

(d)        
In the event that the Servicer or Special Servicer is terminated pursuant to this Section 7.1, the Trustee (the “Terminating
Party”) shall, by notice in writing to the Servicer or Special Servicer, as the case may be (the “Terminated
Party”) (with a copy to the Borrower), terminate all of its rights and obligations under this Agreement and in and to
the Whole Loan and the proceeds thereof, other than any rights the Terminated Party may have hereunder as a Certificateholder,
to the Excess Servicing Fee Right and any rights or obligations that accrued prior to the date of such termination (including
the right to receive all amounts accrued or owing to it under this Agreement with respect to periods prior to the date of such
termination and the right to the benefits of Section 6.3 notwithstanding any such termination). On or after the receipt
by the Terminated Party of such written notice, subject to the foregoing, all of its authority and power under this Agreement,
whether with respect to the Certificates (except that the Terminated Party shall retain its rights as a Certificateholder in the
event and to the extent that it is a Certificateholder) or the Trust Loan or otherwise, shall pass to and be vested in the Terminating
Party pursuant to and under this Section 7.1 and, without limitation, the Terminating Party is hereby authorized and
empowered to execute and deliver,

 

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on
behalf of and at the expense of the Terminated Party, as attorney-in-fact or otherwise, any and all documents and other instruments,
and to do or accomplish all other acts or things necessary or appropriate to effect the purposes of such notice of termination,
whether to complete the transfer and endorsement or assignment of the Trust Loan and related documents, or otherwise. The Servicer
and the Special Servicer, as applicable, each agrees that, in the event it is terminated pursuant to this Section 7.1,
or resigns under Section 6.6(b), to promptly (and in any event no later than ten Business Days subsequent to such
notice) provide, at its own expense, the Terminating Party (which term shall include for the purposes of the remainder of this
Section 7.1(d), the Trustee (or a successor Servicer or Special Servicer) in connection with a resignation of the
Servicer or the Special Servicer under Section 6.6(b)) with all documents and records requested by the Terminating
Party to enable the Terminating Party to assume its functions hereunder, and to cooperate with the Terminating Party and the successor
to its responsibilities hereunder in effecting the termination of its responsibilities and rights hereunder, including, without
limitation, the transfer to the successor Servicer or Special Servicer, as applicable, or the Terminating Party, as applicable,
for administration by it of all cash amounts which shall at the time be or should have been credited by the Terminated Party (which
term shall include, for the purposes of the remainder of this Section 7.1(d), the resigning party in connection with
a resignation of the Servicer or the Special Servicer under Section 6.6(b)) to the Collection Account, any Foreclosed
Property Account or shall thereafter be received with respect to the Whole Loan, and shall promptly provide the Terminating Party
or such successor Servicer or Special Servicer, as applicable (which may include the Trustee), all documents and records reasonably
requested by it, such documents and records to be provided in such form as the Terminating Party or such successor Servicer or
the Special Servicer, as applicable, shall reasonably request (including electromagnetic form), to enable it to assume the function
of the Servicer or Special Servicer, as applicable, hereunder. All reasonable costs and expenses of the Terminating Party or the
successor Servicer or Special Servicer, as applicable, incurred in connection with transferring the Mortgage File to the Terminating
Party or to the successor Servicer or Special Servicer, as applicable, and amending this Agreement to reflect such succession
pursuant to this Section 7.1 shall be paid by the Terminated Party upon presentation of reasonable documentation of
such costs and expenses. If the Terminated Party has not reimbursed the Terminating Party or such successor Servicer or Special
Servicer, as applicable, for such expenses within 90 days after the presentation of reasonable documentation, such expense
shall be reimbursed by the Trust pursuant to Section 3.4(c); provided that the Terminated Party shall not thereby
be relieved of its liability for such expenses. Notwithstanding the foregoing, in the event the Special Servicer is terminated
without cause pursuant to Section 6.4, (i) in the case of a termination of the Special Servicer without cause
by the Controlling Class Representative pursuant to Section 6.4(a), all costs and expenses incurred or payable by the terminated
Special Servicer under this Section 7.1 shall be paid by the Controlling Class Representative, and (ii) in the
case of any other termination of the Special Servicer without cause pursuant to Section 6.4(a), all costs and expenses
incurred or payable by the terminated Special Servicer under this Section 7.1 shall be paid by the Trust Fund.

 

(e)         
Notwithstanding anything herein to the contrary, the Depositor shall have the right, but not the obligation, to notify the Trustee
of any Servicer Termination Event or Special Servicer Termination Event of which the Depositor becomes aware. In no event shall
the Trustee be deemed to have knowledge of or be aware of any Servicer Termination

 

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Event
or Special Servicer Termination Event until a Responsible Officer of the Trustee has received written notice thereof or has actual
knowledge thereof.

 

Section 7.2.           
Trustee to Act; Appointment of Successor. (a) On and after the time the Servicer or Special Servicer, as the case may be,
receives a notice of termination pursuant to Section 7.1, or resigns pursuant to Section 6.4(b), the Terminating
Party (which term shall include, for the purposes of the remainder of this Section 7.2, the Trustee (or a successor
Servicer or Special Servicer including a successor appointed under Section 6.4(a)) in connection with a resignation
of the Servicer or the Special Servicer under Section 6.6(b)) shall, unless prohibited by law, be the successor to
the Terminated Party (which term shall include, for the purposes of the remainder of this Section 7.2, the resigning
party in connection with a resignation of the Servicer of the Special Servicer under Section 6.6(b)) in all respects
under this Agreement and the transactions set forth or provided for herein and, except as provided herein, shall be subject to
all the responsibilities, duties, limitations on liability and liabilities relating thereto and arising thereafter placed on the
Terminated Party by the terms and provisions hereof; provided, however, that (i) neither the Trustee nor the
Terminating Party (or any successor Servicer or Special Servicer, as the case may be) shall have responsibilities, duties, liabilities
or obligations with respect to any act or omission of the Terminated Party and (ii) any failure to perform, or delay in performing,
such duties or responsibilities caused by the Terminated Party’s failure to provide, or delay in providing, records, tapes,
disks, information or monies or failure to cooperate as required by this Agreement shall not be considered a default by the Terminating
Party or such successor hereunder. The Trustee, as successor Servicer, and any other successor Servicer or Special Servicer, as
the case may be, shall be indemnified to the full extent provided to the Trustee under this Agreement. The appointment of a successor
Servicer or Special Servicer, as the case may be, shall not affect any liability of the Terminated Party that may have arisen
prior to its termination as such. The Terminating Party shall not be liable for any of the representations and warranties of the
Terminated Party herein or in any related document or agreement, for any acts or omissions of the Terminated Party or for any
losses incurred in respect of any Permitted Investment by the Terminated Party nor shall the Terminating Party or any successor
Servicer or Special Servicer be required to purchase the Whole Loan hereunder. As compensation therefor, the Terminating Party
as successor Servicer or Special Servicer, as the case may be, shall be entitled to all compensation with respect to the Whole
Loan to which the Terminated Party would have been entitled that accrues after the date of the Terminating Party’s succession
to which the Terminated Party would have been entitled if it had continued to act hereunder and, in the case of a successor Special
Servicer, the Special Servicing Fee. Notwithstanding the above, the Trustee may, if it shall be unwilling to so act, or shall,
if it is unable to so act, or if the Holders of Certificates having greater than 25% of the aggregate Voting Rights of all then
outstanding Certificates so request in writing to the Trustee, or the Trustee is not approved by the Rating Agencies as a Servicer
or Special Servicer, as the case may be, as evidenced by a Rating Agency Confirmation, or if the Rating Agencies do not provide
written confirmation that the succession of the Trustee as Servicer or Special Servicer, as the case may be, will not cause a
downgrade, qualification or withdrawal of the then current ratings of the Certificates, promptly appoint, or petition a court
of competent jurisdiction to appoint, any established loan servicing institution reasonably satisfactory to the Trustee the appointment
for which a Rating Agency Confirmation is obtained, as the successor to the Servicer or Special Servicer, as applicable, hereunder
in the assumption of all or any part of the responsibilities, duties or liabilities of the Servicer or Special Servicer, as applicable,
hereunder; provided that for

 

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so long as no Control Termination Event has occurred or is continuing the Controlling Class
Representative shall have the right to approve any such successor Special Servicer. No appointment of a successor to a Terminated
Party hereunder shall be effective until the assumption by such successor of all the Terminated Party’s responsibilities,
duties and liabilities hereunder. Pending appointment of a successor to a Terminated Party hereunder, unless the Trustee shall
be prohibited by law from so acting, the Trustee shall act in the applicable capacity as herein above provided. In connection
with such appointment and assumption described herein, the Trustee may make such arrangements for the compensation of such successor
out of payments on the Whole Loan as it and such successor shall agree; provided, however, that no such compensation
shall be in excess of that permitted to the Terminated Party hereunder, except that if no successor to the Terminated Party can
be obtained to perform the obligations of such Terminated Party hereunder, additional amounts shall be paid to such successor
and such amounts in excess of that permitted to the Terminated Party shall be paid pursuant to Section 3.4(c); provided,
further; that, for so long as no Consultation Termination Event has occurred and is continuing, the Trustee shall consult
with the Controlling Class Representative (on a non-binding basis) prior to the appointment of a successor to the Terminated Party
at such amounts in excess of that permitted the Terminated Party. The Depositor, the Certificate Administrator, the Trustee, the
Servicer (as applicable), the Special Servicer (as applicable) and such successor shall take such action, consistent with this
Agreement, as shall be necessary to effectuate any such succession.

 

(b)        
Notwithstanding Section 7.1(c), Section 7.1(d) or Section 7.2(a), if a Servicer receives a
notice of termination solely due to a Servicer Termination Event under Sections 7.1(a)(vii) or (viii) and the terminated
Servicer provides the Trustee with the appropriate “request for proposal” materials within five (5) Business Days
after such termination, then such Servicer shall continue to serve as Servicer, and the Trustee shall promptly thereafter (using
such “request for proposal” materials provided by the terminated Servicer) solicit good faith bids for the rights
to master service the Whole Loan from at least three (3) Persons qualified to act as successor Servicer hereunder in accordance
with Section 7.2 for which the Trustee has received Rating Agency Confirmation (any such Person so qualified, a “Qualified
Bidder”) or, if three (3) Qualified Bidders cannot be located, then from as many Persons as are Qualified Bidders; provided,
however, that (i) the terminated Servicer shall supply the Trustee with the names of Persons who are Qualified Bidders
(subject to receipt of Rating Agency Confirmation) from whom to solicit such bids; and (ii) the Trustee shall not be responsible
if less than three (3) or no Qualified Bidders submit bids for the right to master service the Whole Loan under this Agreement.
The bid proposal shall require any Successful Bidder (as defined below), as a condition of such bid, to enter into this Agreement
as successor Servicer with respect to the Whole Loan, and to agree to be bound by the terms hereof, within forty-five (45) days
after the receipt by the terminated Servicer of a notice of termination. The Trustee shall solicit bids (i) on the basis
of such successor Servicer entering into a Sub-Servicing Agreement with the terminated Servicer to service the Whole Loan at a
sub-servicing fee rate per annum equal to the Servicing Fee Rate minus the Excess Servicing Fee Rate (each, a “Servicing-Retained
Bid”) and (ii) on the basis of having no obligation to enter into a Sub-Servicing Agreement with the terminated
Servicer (each, a “Servicing-Released Bid”). The Trustee shall select the Qualified Bidder with the highest
cash Servicing-Retained Bid (or, if none, the highest cash Servicing Released Bid) (the “Successful Bidder”)
to act as successor Servicer hereunder. The Trustee shall request the Successful Bidder to

 

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enter
into this Agreement as successor Servicer pursuant to the terms hereof (and, if the successful bid was a Servicing-Retained Bid,
to enter into a Sub-Servicing Agreement with the terminated Servicer as contemplated above), no later than forty-five (45) days
after the termination of the terminated Servicer. Upon the assignment and acceptance of the servicing rights hereunder to and
by the Successful Bidder, the Trustee shall remit or cause to be remitted to the terminated Servicer the amount of such cash bid
received from the Successful Bidder (net of reasonable “out of pocket” expenses incurred by the Trustee in connection
with obtaining such bid and transferring servicing).

 

(c)         
If the Trustee or an Affiliate acts pursuant to this Section 7.2 as successor to the resigning or terminated Servicer,
it may reduce such terminated Servicer’s Excess Servicing Fee Rate to the extent that its or such Affiliate’s compensation
as successor Servicer would otherwise be below market rate servicing compensation. If the Trustee elects to appoint a successor
to the resigning or terminated Servicer other than itself or an Affiliate pursuant to this Section 7.2, it may reduce
such Servicer’s Excess Servicing Fee Rate to the extent reasonably necessary (in the sole discretion of the Trustee) for
the Trustee to appoint a qualified successor servicer that meets the requirements of this Section 7.2 and Section 6.6.

 

Section 7.3.           
Notification to Certificateholders, the Depositor and the Rating Agencies.

 

(a)        Upon
any termination of the Servicer or the Special Servicer, as the case may be, pursuant to Section 7.1 or appointment
of a successor to the Servicer or Special Servicer, as the case may be, the Certificate Administrator shall, as soon as practicable,
give written notice thereof to Certificateholders at their respective addresses appearing in the Certificate Register and to the
Depositor and, subject to Section 10.17, the Rating Agencies.

 

(b)        Within 30 days after the occurrence of any Servicer Termination Event or Special Servicer Termination Event of which a Responsible
Officer of the Certificate Administrator has actual knowledge, the Certificate Administrator shall transmit by mail to all Holders
of Certificates and to the Depositor and, subject to Section 10.17, the Rating Agencies notice of such Servicer Termination
Event or Special Servicer Termination Event, as the case may be, unless such Servicer Termination Event or Special Servicer Termination
Event or shall have been cured or waived.

 

Section 7.4.           
Other Remedies of Trustee. During the continuance of any Servicer Termination Event or Special Servicer Termination Event,
as the case may be, or so long as such Servicer Termination Event or Special Servicer Termination Event shall not have been remedied,
the Trustee, in addition to the rights specified in Section 7.1, shall have the right, in its own name as trustee
of an express trust, to take all actions now or hereafter existing at law, in equity or by statute to enforce its rights and remedies
and to protect the interests, and enforce the rights and remedies, of the Certificateholders and the Companion Loan Holders (including
the institution and prosecution of all judicial, administrative and other proceedings and the filing of proofs of claim and debt
in connection therewith). In such event, the legal fees, expenses and costs of such action and any liability resulting therefrom
shall be expenses, costs and liabilities of the Trust, and the Trustee shall be entitled to be reimbursed therefor pursuant to
Section 3.4(c) from the Collection Account. Except as otherwise expressly provided in this Agreement, no

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remedy
provided for by this Agreement shall be exclusive of any other remedy, and each and every remedy shall be cumulative and in addition
to any other remedy and no delay or omission to exercise any right or remedy shall impair any such right or remedy or shall be
deemed to be a waiver of any Servicer Termination Event or Special Servicer Termination Event.

 

Section 7.5.            Waiver
of Past Servicer Termination Events and Special Servicer Termination Events. The Holders of Certificates
evidencing not less than 66-2/3% of the aggregate Voting Rights of all then outstanding Certificates and the affected
Companion Loan Holder may, on behalf of all Certificateholders and upon adequate indemnification of the Trustee by the
requesting Holders of Certificates, waive any default by the Servicer or the Special Servicer in the performance of
its obligations hereunder and its consequences, except a default in making any required deposits (including Monthly Payment
Advances) to or payments from the Collection Account, the Distribution Account or any Foreclosed Property Account or in
remitting payments as received, in each case in accordance with this Agreement. Upon any such waiver of a past default, such
default shall cease to exist, and the related Servicer Termination Event or Special Servicer Termination Event arising
therefrom shall be deemed to have been remedied for every purpose of this Agreement. No such waiver shall extend to any
subsequent or other default or impair any right related thereto.

 

Section 7.6.           
Trustee as Maker of Advances. In the event that the Servicer fails to fulfill its obligations hereunder to make any Advances,
the Trustee shall perform such obligations (w) within five Business Days (or such shorter period (but not less than one Business
Day) as may be required, if applicable, to avoid any lapse in insurance coverage required under the Loan Documents or this Agreement
with respect to the Property or to avoid any foreclosure or similar action with respect to the Property by reason of failure to
pay real estate taxes, assessments, ground rents or governmental charges) of a Responsible Officer of the Trustee obtaining knowledge
of such failure by the Servicer or the Special Servicer with respect to Property Protection Advances and Administrative Advances
and (x) by 12:00 noon New York time on the related Distribution Date with respect to Monthly Payment Advances. With respect
to any such Advance made by the Trustee, the Trustee shall succeed to all of the Servicer’s and/or the Special Servicer’s
rights, as applicable, with respect to Advances hereunder, including, without limitation, the rights of reimbursement and interest
on each Advance at the Advance Rate, and rights to determine that a proposed Advance is a Nonrecoverable Advance (without regard
to any impairment of any such rights of reimbursement caused by such Servicer’s and/or the Special Servicer’s default
in its obligations hereunder and further subject to the Trustee’s standard of good faith judgment); provided, however,
that if Advances made by the Trustee, the Servicer and/or the Special Servicer shall at any time be outstanding, or any interest
on any Advance shall be accrued and unpaid, all amounts available to repay such Advances and the interest thereon hereunder shall
be applied entirely to the Advances outstanding to the Trustee until such Advances shall have been repaid in full, together with
all interest accrued thereon, prior to reimbursement of the Servicer and/or the Special Servicer, as applicable, for such Advances
and interest accrued thereon. The Trustee shall be entitled to conclusively rely on any notice given by the Servicer and/or the
Special Servicer, as applicable, with respect to a Nonrecoverable Advance hereunder. The Trustee shall notify the master servicer
and trustee with respect to each Other Securitization Trust of the amount of any Monthly Payment Advance made by it pursuant to
this Section 7.6 within two (2) Business Days of making such advance.

 

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Article
8

THE TRUSTEE, THE CUSTODIAN AND CERTIFICATE ADMINISTRATOR

 

Section 8.1.           
Duties of the Trustee, the Custodian and the Certificate Administrator. (a)  Each of the Trustee, the Custodian
and the Certificate Administrator, and with respect to the Trustee prior to the occurrence of a Servicer Termination Event or
Special Servicer Termination Event, as the case may be, and after the curing or waiver of any Servicer Termination Event or Special
Servicer Termination Event that may have occurred, undertakes with respect to the Trust Fund to perform such duties and only such
duties as are specifically set forth in this Agreement. Neither the Depositor nor the Servicer nor the Special Servicer shall
be obligated to monitor or supervise the performance by the Trustee, the Custodian or the Certificate Administrator of its duties
hereunder. In case a Servicer Termination Event or Special Servicer Termination Event has occurred (which has not been cured or
waived), the Trustee, subject to the provisions of Section 7.3, shall exercise such of the rights and powers vested
in it by this Agreement, and shall use the same degree of care and skill in their exercise, as a prudent institution would exercise
or use under the circumstances in the conduct of such institution’s own affairs. Any permissive right of the Trustee or
the Certificate Administrator set forth in this Agreement shall not be construed as a duty. The Trustee (or the Servicer or the
Special Servicer on its behalf) shall have the power to exercise all the rights of a holder of the Whole Loan on behalf of the
Certificateholders and the Companion Loan Holders (or, if a Companion Loan Holder is an Other Securitization Trust, the related
Other Depositor or the trustee for the Other Securitization Trust) subject to the terms of the Loan Documents and the Co-Lender
Agreement.

 

(b)        
Subject to Sections 8.2(a) and 8.3, each of the Trustee, the Custodian and the Certificate Administrator, upon
receipt of all resolutions, certificates, statements, opinions, reports, documents, orders or other instruments furnished to the
Trustee, the Custodian or the Certificate Administrator that are specifically required to be furnished to it pursuant to any provision
of this Agreement, shall examine, or cause to be examined, such instruments to determine whether they conform to the requirements
of this Agreement to the extent specifically set forth herein. If any such instrument is found on its face not to conform to the
requirements of this Agreement in a material manner, the Trustee, the Custodian or the Certificate Administrator, as applicable,
shall make a request to the Depositor to have the instrument corrected, and if the instrument is not corrected to the Trustee’s,
the Custodian’s or the Certificate Administrator’s reasonable satisfaction, the Trustee, the Custodian or the Certificate
Administrator shall provide notice thereof to the Certificateholders. Neither the Trustee, the Custodian nor the Certificate Administrator
shall be responsible for the accuracy or content of any resolution, certificate, statement, opinion, report, document, order or
other instrument furnished by the Depositor, the Servicer, or the Special Servicer and accepted by the Trustee or the Certificate
Administrator, as the case may be, in good faith, pursuant to this Agreement.

 

(c)         
Subject to Section 8.3, no provision of this Agreement shall be construed to relieve the Trustee or the Certificate
Administrator from liability for its own negligent

 

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action,
its own negligent failure to act, its own willful misconduct or bad faith, provided, however, that:

 

(i)        The Trustee, the Certificate Administrator
and the Custodian’s duties and obligations shall be determined solely by the express provisions of this Agreement, the Trustee
and the Custodian shall not be liable except for the performance of such duties and obligations as are specifically set forth
in regard to such party in this Agreement, no implied covenants or obligations shall be read into this Agreement against the Trustee,
the Custodian or the Certificate Administrator and each of the Trustee, the Custodian and the Certificate Administrator may conclusively
rely, as to the truth of the statements and the correctness of the opinions expressed therein, upon any certificates or opinions
furnished to the Trustee, the Custodian and/or the Certificate Administrator (including those provided pursuant to Section 10.1)
and conforming to the requirements of this Agreement which it reasonably believes in good faith to be genuine and to have been
duly executed by the proper authorities respecting any matters arising hereunder;

 

(ii)        the Trustee, the Custodian and
the Certificate Administrator shall not be liable for an error of judgment made in good faith by a Responsible Officer of the
Trustee, the Custodian or the Certificate Administrator, unless it shall be proved that the Trustee, the Custodian or the Certificate
Administrator or such Responsible Officer, as applicable, was negligent in ascertaining the pertinent facts;

 

(iii)      
the Trustee, the Custodian and the Certificate Administrator shall not be liable with respect to any action taken, suffered or
omitted to be taken by it in good faith in accordance with this Agreement or at the direction of Holders of Certificates evidencing,
in the aggregate, not less than 25% of the Voting Rights of the Certificates, relating to the time, method and place of conducting
any proceeding for any remedy available to the Trustee, the Custodian or the Certificate Administrator, or exercising any trust
or power conferred upon the Trustee, the Custodian or the Certificate Administrator, under this Agreement;

 

(iv)      the Trustee, the Custodian and
the Certificate Administrator shall not be charged with knowledge of any failure by the Servicer or the Special Servicer to comply
with any of their respective obligations referred to in Section 7.1 or any other act or circumstance upon the occurrence
of which the Trustee, the Custodian or the Certificate Administrator, as applicable, may be required to take action unless a Responsible
Officer of the Trustee, the Custodian or the Certificate Administrator, as applicable, obtains actual knowledge of such failure,
act or circumstance or the Trustee, the Custodian or the Certificate Administrator, as applicable, receives written notice of
such failure from the Servicer, the Special Servicer, the Depositor, the Borrower or Holders of the Certificates evidencing, in
the aggregate, not less than 25% of the Voting Rights of the Certificates.

 

(v)      
subject to the other provisions of this Agreement and without limiting the generality of Sections 8.1 and 8.2,
the Trustee shall have no duty except in the capacity as a successor Servicer or successor Special Servicer (A) to see to
any recording, filing or depositing of this Agreement or any agreement referred to herein or any financing statement or continuation
statement evidencing a security interest, or to see to the

 

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maintenance of any such recording or filing or depositing or to any
re-recording, refiling or redepositing thereof (except as set forth in Section 2.1(b)), (B) to see to any insurance,
and (C) to confirm or verify the contents of any reports or certificates of the Servicer or the Special Servicer delivered
to the Trustee or the Certificate Administrator pursuant to this Agreement reasonably believed by the Trustee or the Certificate
Administrator to be genuine and to have been signed or presented by the proper party or parties; and

 

(vi)      for all purposes under this Agreement,
the Trustee shall not be required to take any action with respect to, and neither the Certificate Administrator or Trustee shall
be deemed to have notice or knowledge of any Loan Event of Default, Servicer Termination Event or Special Servicer Termination
Event unless a Responsible Officer of the Trustee or the Certificate Administrator, as applicable, has actual knowledge thereof
or shall have received written notice thereof. In the absence of receipt of such notice and such actual knowledge otherwise obtained,
the Trustee and the Certificate Administrator may conclusively assume that there is no Loan Event of Default, Servicer Termination
Event or Special Servicer Termination Event.

 

(d)        
None of the provisions contained in this Agreement shall in any event require the Trustee, the Custodian or the Certificate Administrator
to (i) expend or risk its own funds or otherwise incur personal financial liability in the performance of any of its duties
hereunder or in the exercise of any of its rights or powers hereunder if there are reasonable grounds for believing that repayment
of such funds or adequate indemnity against such risk or liability is not reasonably assured to it, or (ii) perform, or be
responsible for the manner of performance of, any of the obligations of the Servicer or the Special Servicer under this Agreement,
except with respect to the Trustee, during such time, if any, as the Trustee shall be the successor to, and be vested with the
rights, duties, powers and privileges of, the Servicer or the Special Servicer in accordance with the terms of this Agreement.
Notwithstanding anything contained herein, none of the Trustee, the Custodian or the Certificate Administrator shall be responsible
or have liability in connection with the duties assumed by the Authenticating Agent, 17g-5 Information Provider, and the Certificate
Registrar hereunder, unless the Trustee, the Custodian or the Certificate Administrator is acting in any such capacity hereunder;
provided, further, that in any such capacity the Trustee and the Certificate Administrator shall have all of the
rights, protections and indemnities provided to it as Trustee and the Certificate Administrator hereunder, as applicable.

 

In
no event shall the Certificate Administrator, the Custodian or Trustee be liable for any failure or delay in the performance of
its obligations hereunder because of circumstances beyond the Certificate Administrator’s or Trustee’s control, including,
but not limited to force majeure or acts of God.

 

(e)         
The Servicer, the Special Servicer, the Operating Advisor or the Trustee may at any time request from the Certificate Administrator
written confirmation of whether a Control Termination Event, Consultation Termination Event or Operating Advisor Consultation
Event occurred during the previous calendar year and the Certificate Administrator shall deliver such confirmation, based on information
in its possession, to the requesting party within 15 days of such request.

 

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Section 8.2.           
Certain Matters Affecting the Trustee and the Certificate Administrator. (a)  Except as otherwise provided in
Section 8.1:

 

(i)         each of the Trustee, the Custodian
and the Certificate Administrator may request and rely upon and shall be protected in acting or refraining from acting upon any
resolution, direction of the Depositor, Officer’s Certificate, auditor’s certificate or any other certificate, statement,
instrument, opinion, report, notice, request, consent, order, approval, bond or other paper or document believed by it to be genuine
and to have been signed or presented by the proper party or parties and the Trustee, the Custodian or the Certificate Administrator,
as applicable, shall not have any responsibility to ascertain or confirm the genuineness of any such party or parties;

 

(ii)        each of the Trustee, the Custodian and the Certificate Administrator may consult with any nationally recognized counsel, and the
written advice of such counsel or 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 the written advice of such counsel
or such Opinion of Counsel;

 

(iii)       neither the Trustee, the Custodian nor the Certificate Administrator shall be under any obligation to exercise any of the trusts
or powers vested in it by this Agreement or to make any investigation of matters arising hereunder, or to institute, conduct or
defend any litigation hereunder or in relation hereto at the request, order or direction of any of the Certificateholders, pursuant
to the provisions of this Agreement, unless such Certificateholders shall have offered to the Trustee, the Custodian or the Certificate
Administrator reasonable security or indemnity reasonably satisfactory to it against the costs, expenses and liabilities, including
reasonable legal fees, which may be incurred therein or thereby; provided, however, that nothing contained herein
shall relieve the Trustee of the obligation, upon the occurrence of a Servicer Termination Event or Special Servicer Termination
Event, as the case may be (which has not been cured or waived) of which a Responsible Officer of the Trustee has actual knowledge,
to exercise such of the rights and powers vested in it by this Agreement, and to use the same degree of care and skill in their
exercise as a prudent person would exercise or use under the circumstances in the conduct of such person’s own affairs;

 

(iv)       the right of the Trustee, the Custodian
or the Certificate Administrator to perform any discretionary act enumerated in this Agreement shall not be construed as a duty,
and such party shall not be answerable for other than its negligence or willful misconduct in the performance of any such act;

 

(v)       
none of the Trustee, the Custodian or the Certificate Administrator shall be liable for any action reasonably taken, suffered
or omitted by it in good faith and reasonably believed by it to be authorized or within the discretion or rights or powers conferred
upon it by this Agreement;

 

(vi)       prior to the occurrence of a Servicer Termination Event or Special Servicer Termination Event hereunder of which a Responsible
Officer of the Trustee has actual knowledge and after the curing or waiver of such Servicer Termination Event or

 

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Special Servicer
Termination Event that may have occurred, the Trustee shall not be bound to ascertain or inquire as to the performance or observance
of any of the terms, conditions, covenants or agreements herein (except as specifically required by this Agreement) or to make
any investigation into the facts or matters stated in any resolution, certificate, statement, instrument, opinion, report, notice,
request, consent, order, approval, bond or other paper or document, unless requested in writing so to do by Holders of Certificates
evidencing, in the aggregate, not less than 25% of the Voting Rights of the outstanding Certificates; provided, however,
that if the payment within a reasonable time to the Trustee of the costs, expenses or liabilities likely to be incurred by it
in the making of such investigation is, in the opinion of the Trustee, not reasonably assured to the Trustee by the security afforded
to it by the terms of this Agreement, the Trustee may require indemnity satisfactory to it against such costs, expenses or liabilities
as a condition to taking any such action. The reasonable expense of every such investigation shall be paid by the Trust pursuant
to Section 3.4(c) in the event that such investigation relates to a Servicer Termination Event or Special Servicer
Termination Event, if such an event shall have occurred and is continuing, and otherwise by the Certificateholders requesting
the investigation;

 

(vii)      each of the Trustee, the Custodian
and the Certificate Administrator may execute any of the trusts or powers hereunder or perform any duties hereunder either directly
or by or through agents, nominees, custodians or attorneys selected by it with due care;

 

(viii)     none of the Trustee, the Custodian or the Certificate Administrator shall be required to post any kind of bond or surety in connection
with the execution and performance of its duties hereunder, and in no event shall the Trustee, the Custodian or the Certificate
Administrator be liable for punitive, special, indirect or consequential loss or damage of any kind whatsoever (including but
not limited to lost profits), even if the Trustee, the Custodian or the Certificate Administrator, as applicable, has been advised
of the likelihood of such loss or damage;

 

(ix)       the Certificate Administrator and
its Affiliates are permitted to receive additional compensation that could be deemed to be in the Certificate Administrator’s
economic self-interest for (i) serving as investment advisor, administrator, shareholder, servicing agent, custodian or sub-custodian
with respect to certain Permitted Investments, (ii) using Affiliates to effect transactions in certain Permitted Investments and
(iii) effecting transactions in certain Permitted Investments. Such compensation shall not be an amount that is reimbursable or
payable by the Trust or any other party pursuant to this Agreement;

 

(x)        nothing herein shall require the
Trustee, the Custodian or the Certificate Administrator to act in any manner that is contrary to applicable law; and

 

(xi)       nothing herein shall be construed as an obligation for any party to this Agreement to advise a Certificateholder with respect
to its rights and protections relative to the Trust.

 

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(b)       
Following the Closing Date, none of the Trustee, the Custodian or the Certificate Administrator shall accept any contribution
of assets to the Trust Fund not specifically contemplated by this Agreement.

 

    (c)        
All rights or actions under this Agreement or under any of the Certificates, enforceable by the Trustee or the Certificate Administrator
may be enforced by such party without the possession of any of the Certificates, or the production thereof at the trial or other
proceeding relating thereto, and any such suit, action or proceeding instituted by the Trustee or the Certificate Administrator,
as applicable, shall be brought in its name for the benefit of all the Holders of such Certificates, subject to the provisions
of this Agreement.

 

    (d)        
In order to comply with the laws, rules, regulations and executive orders in effect from time to time applicable to banking institutions,
including those relating to the funding of terrorist activities and money laundering (“Applicable Laws”), the
Trustee, the Custodian and the Certificate Administrator are required to obtain, verify and record certain information relating
to individuals and entities which maintain a business relationship with the Trustee, the Custodian or the Certificate Administrator,
as applicable. Accordingly, each of the parties agrees to provide to the Trustee and the Certificate Administrator, upon its request
from time to time such identifying information and documentation as may be available for such party in order to enable the Trustee
and the Certificate Administrator to comply with Applicable Laws.

 

    (e)         
Each of the Trustee, the Certificate Administrator and Custodian shall be entitled to all of the same rights, protections, immunities
and indemnities afforded to it as the Trustee, Certificate Administrator or Custodian, as the case may be, in each capacity for
which it serves hereunder (including, without limitation, as Certificate Registrar, the 17g-5 Information Provider and Authenticating
Agent) as if such right, protection, immunity and indemnity was set forth herein expressly for the benefit of the Certificate
Administrator, Custodian or Trustee in each such capacity, mutatis mutandis.

 

Section 8.3.           
None of the Trustee, the Custodian or the Certificate Administrator is Liable for Certificates or the Trust Loan. The recitals
contained herein and in the Certificates (other than the signature and authentication of the Certificate Administrator on the
Certificates) shall not be taken as the statements of the Certificate Administrator or the Trustee and the Trustee and the Certificate
Administrator assume no responsibility for their correctness. The Certificate Administrator and the Trustee make no representations
as to the validity or sufficiency of this Agreement, the Certificates or of the Trust Loan or related documents except as expressly
set forth herein. The Certificate Administrator and the Trustee shall not be liable for any action or failure to take any action
by the Depositor, the Servicer or the Special Servicer hereunder or any action or failure to take any action by the Sponsor under
the Loan Purchase Agreement, including, without limitation, in connection with (i) any failure of the Sponsor to properly
prepare each Assignment of the Mortgage, assignment of the Collateral Security Document and UCC-3 financing statements pursuant
to the Loan Purchase Agreement or (ii) the any failure of the Special Servicer or any sub-servicer, agent of or counsel to
the Special Servicer to conduct a Foreclosure in accordance with the terms of this Agreement and applicable law, and neither the
Trustee nor the Certificate Administrator shall be required to take any action in connection with any of the foregoing matters
referred to in clauses (i) and (ii) above (except to 

 

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the extent otherwise expressly
required pursuant to this Agreement). The
Certificate Administrator and the Trustee shall not at any time have any responsibility or liability for or with respect to
the legality, ownership, title, validity or enforceability of the Mortgage or Collateral Security Documents or the Whole
Loan, or the perfection, sufficiency and priority of the Mortgage or Collateral Security Documents or the maintenance of any
such perfection and priority, or for or with respect to the efficacy of the Trust Fund or its ability to generate the
payments to be distributed to Certificateholders under this Agreement, including, without limitation, the existence,
condition and ownership of the Property; the existence and enforceability of any hazard insurance thereon; the validity of
the assignment of the Trust Loan to the Trust; the performance or enforcement of the Trust Loan (other than with respect to
the Servicer or Special Servicer, if the Trustee shall assume the duties of the Servicer and/or Special Servicer,
respectively, pursuant to Section 7.2 and then only to the extent of the obligations of the Servicer or Special
Servicer, as applicable, hereunder); the compliance by the Depositor, the Borrower, the Servicer or the Special Servicer with
any warranty or representation made under this Agreement or in any related document or the accuracy of any such warranty or
representation made under this Agreement or in any related document prior to the Trustee’s or the Certificate
Administrator’s, as applicable, receipt of notice or actual knowledge by a Responsible Officer of any noncompliance
therewith or any breach thereof; any investment of monies by or at the direction of the Servicer or the Special Servicer or
any loss resulting therefrom; the failure of the Servicer or the Special Servicer or any sub-servicer to act or perform any
duties required of it hereunder; or any action by the Certificate Administrator or the Trustee taken at the direction of the
Servicer or the Special Servicer (other than with respect to the Trustee if the Trustee shall assume the duties of the
Servicer or the Special Servicer, respectively); provided, however, that the foregoing shall not relieve the
Certificate Administrator or the Trustee of its obligation to perform its duties under this Agreement. Except with respect to
a claim based on either the Certificate Administrator’s or the Trustee’s negligent action, negligent failure to
act or willful misconduct (or such other standard of care as may be provided herein with respect to any particular matter),
no recourse shall be had for any claim based on any provisions of this Agreement, the Certificates, the Mortgage,
the Property, the Collateral Security Documents or the Trust Loan or assignment thereof against the Certificate Administrator
or the Trustee in its respective individual capacity, and neither the Certificate Administrator nor the Trustee shall have
any personal obligation, liability or duty whatsoever to any Certificateholder or any other Person with respect to any such
claim, and any such claim shall be asserted solely against the Trust Fund or any indemnitor who shall furnish indemnity as
provided in this Agreement. Neither the Certificate Administrator nor the Trustee shall have any responsibility for filing
any financing or continuation statements in any public office at any time or to otherwise perfect or maintain the perfection
of any security interest or lien granted to it hereunder or to record this Agreement (unless, with respect to the Trustee,
the Trustee shall have become the successor Servicer or Special Servicer). Neither the Certificate Administrator nor the
Trustee shall be accountable for the use or application by the Depositor of any of the Certificates or of the proceeds of
such Certificates or for the use or application of any funds paid to the Servicer or the Special Servicer, as applicable, in
respect of the Trust Loan deposited into the Collection Account (except to the extent that the Collection Account or such
other account is held by the Certificate Administrator in its commercial capacity), or for investment of such amounts (other
than investments made with the Certificate Administrator in their commercial capacity).

 

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The
Trustee and the Certificate Administrator, by reason of the action or inaction of its directors, officers, members, managers,
partners, employees or agents shall have no liability to the Trust or the Certificateholders and the Companion Loan Holders for
any action taken or for refraining from the taking of any action in good faith pursuant to this Agreement or for actions taken
or not taken at the direction of Certificateholders, the Companion Loan Holders in accordance with this Agreement or the Co-Lender
Agreement, or for errors in judgment; provided, however, that this provision shall not protect the Trustee, the
Certificate Administrator or any such Person against any liability which would otherwise be imposed by reason of willful misconduct,
bad faith or negligence of the Trustee, the Certificate Administrator or any such Person. The Trustee, the Certificate Administrator
and any of its respective directors, officers, members, managers, partners, employees, Affiliates, agents or Controlling Persons
shall be indemnified by the Trust Fund pursuant to Section 3.4(c) out of amounts on deposit in the Collection Account,
and held harmless against any loss, liability, claim, demand or expense incurred in connection with or related to the Trustee’s
or the Certificate Administrator’s performance of its powers and duties under this Agreement (including, without limitation,
performance under Section 8.1 hereof), the Trust Loan, the Property or the Certificates; provided, however,
that this provision shall not protect the Trustee, the Certificate Administrator or any such Person against any breach of its
representations or warranties made in this Agreement or any liability which would otherwise be imposed by reason of willful misfeasance,
bad faith or negligence of the Trustee, the Certificate Administrator or any such Person. The indemnification provided hereunder
shall survive the resignation or removal of the Trustee or the Certificate Administrator and the termination of this Agreement.
Anything herein to the contrary notwithstanding, the Trustee shall be responsible for its acts or failure to act as Servicer and/or
Special Servicer during the time the Trustee is serving as such pursuant and subject to the terms of this Agreement.

 

Section 8.4.           
Trustee and Certificate Administrator May Own Certificates. The Trustee and the Certificate Administrator in their individual
or any other capacity may become the owner or pledgee of Certificates with the same rights, powers, and privileges as it would
have if they were not the Trustee or the Certificate Administrator.

 

Section 8.5.           
Trustee’s and Certificate Administrator’s Fees and Expenses. The Trustee and the Certificate Administrator
shall be entitled to the Trustee Fee and the Certificate Administrator Fee (excluding the portion of the Certificate Administrator
Fee that represents the Trustee Fee, which is payable to the Trustee), respectively payable pursuant to Section 3.4(c).
The Certificate Administrator shall pay a portion of the Certificate Administrator Fee to the Trustee as the Trustee Fee. The
Certificate Administrator Fee (which shall not be limited to any provision of law in regard to the compensation of a trustee of
an express trust) shall constitute the Certificate Administrator’s and the Trustee’s sole form of compensation for
all services rendered by each entity in the execution of the trust hereby created and in the exercise and performance of any of
the powers and duties of the Certificate Administrator and the Trustee hereunder. No Trustee Fee or Certificate Administrator
Fee shall be payable with respect to any Companion Loan. The Trustee and the Certificate Administrator shall be entitled to be
reimbursed for all reasonable expenses and disbursements incurred or made by the Trustee or the Certificate Administrator, as
applicable, in accordance with any of the provisions of this Agreement (including the fees and expenses of its counsel and of
all Persons not regularly in its employ), provided such cost would qualify as an “unanticipated expense incurred
by the

 

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REMIC” within the meaning of the REMIC Provisions, except any such expense, disbursement or advance as may arise
from its negligence, willful misconduct or bad faith or which is expressly the responsibility of a Certificateholder or Certificateholders
hereunder, all of which reimbursements to be paid from amounts deposited into the Collection Account pursuant to Section 3.4(c);
provided, however, that neither the Trustee nor the Certificate Administrator shall refuse to perform any of their
obligations hereunder solely as a result of the failure to be paid any fees and expenses so long as payment of such fees and expenses
are reasonably assured to it. The Trustee and the Certificate Administrator shall provide the Servicer with an invoice, on or
prior to each Payment Date, setting forth the actual expenses incurred in connection with the performance of its duties hereunder
for which it seeks payment or reimbursement. Notwithstanding any other provision of this Agreement, neither the Trustee nor the
Certificate Administrator shall be entitled to reimbursement from the Trust for an expense incurred under this Agreement in connection
with the performance of its ordinary and regularly recurring duties hereunder unless such reimbursement is expressly provided
for herein or otherwise permitted hereunder.

 

Section 8.6.           
Eligibility Requirements for the Trustee, the Custodian and the Certificate Administrator; Errors and Omissions Insurance.
(a)  Each of the Trustee, the Custodian and the Certificate Administrator hereunder shall at all times:

 

(i)            be a corporation, association or
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 under this Agreement;

 

(ii)           
have a combined capital and surplus of at least $50,000,000;

 

(iii)          
have a rating on its unsecured long-term debt of at least “A” by S&P and “A” by DBRS (or if not rated
by DBRS, an equivalent rating by at least two (2) NRSROs (which may include S&P)) or otherwise acceptable to S&P and DBRS
as confirmed by receipt of a Rating Agency Confirmation; provided that the Trustee may maintain a rating of at least “BBB”
by S&P if the Servicer maintains a short-term rating of “A-2” by S&P and a long-term unsecured debt rating
of “A” by S&P;

 

(iv)          
be subject to supervision or examination by federal or state authority; and

 

(v)            in the case of the Trustee, not be an Affiliate of the Servicer or the Special Servicer (except during any period when the Trustee
has assumed the duties of the Servicer and/or Special Servicer pursuant to Section 7.2).

 

If
a corporation, association or trust company publishes reports of condition at least annually, pursuant to law or to the requirements
of the aforesaid supervising or examining authority, then for purposes of this Section the combined capital and surplus of
such entity shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published.
In the event that the place of business from which the Trustee or the Certificate Administrator, as applicable, administers the
Trust Fund is a state or local jurisdiction that imposes a tax on the Trust, the Trustee or the Certificate Administrator, as
applicable, shall

 

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elect either to (i) resign immediately in the manner and with the effect specified in Section 8.7,
(ii) pay such tax from its own funds and continue as Trustee or the Certificate Administrator, as applicable, or (iii) administer
the Trust Fund from a state and local jurisdiction that does not impose such a tax. In case at any time the Trustee or the Certificate
Administrator, as applicable, shall cease to be eligible in accordance with the provisions of this Section, the Trustee or the
Certificate Administrator, as applicable, shall resign immediately in the manner and with the effect specified in Section 8.7.

 

(b)        
The Trustee, the Custodian and the Certificate Administrator shall each obtain and maintain at its own expense, and keep in full
force and effect throughout the term of this Agreement, a blanket fidelity bond and an errors and omissions insurance policy covering
the Trustee’s, the Custodian’s or the Certificate Administrator’s, as applicable, directors, officers and employees
acting on behalf of the Trustee, the Custodian or the Certificate Administrator, as applicable, in connection with its activities
under this Agreement. Such insurance policy shall protect the Trustee, the Custodian and the Certificate Administrator, as applicable,
against losses, forgery, theft, embezzlement, fraud, errors and omissions of such covered persons. The amount of coverage shall
be at least equal to the coverage that is required by applicable governmental authorities having regulatory power over the Trustee,
the Custodian or the Certificate Administrator, as applicable. In the event that any such bond or policy ceases to be in effect,
the Trustee, the Custodian or the Certificate Administrator, as applicable, shall obtain a comparable replacement bond or policy.

 

Section 8.7.           
Resignation and Removal of the Trustee, the Custodian or the Certificate Administrator. Each of the Trustee, the Custodian
and the Certificate Administrator may at any time resign and be discharged from the trusts hereby created by (i) giving written
notice of resignation to the Depositor, the Borrower, the Servicer, the Special Servicer, the Certificate Administrator, the Operating
Advisor, the Certificate Registrar (if other than the Certificate Administrator), the Companion Loan Holders and subject to Section 10.16
and Section 10.17, the Rating Agencies and by mailing notice of resignation by first class mail, postage prepaid,
to the Certificateholders at their addresses appearing on the Certificate Register, not less than 30 days before the date
specified in such notice when, subject to Section 8.8, such resignation is to take effect, and (ii) acceptance
by a successor Trustee, successor Custodian or successor Certificate Administrator appointed by the Depositor in accordance with
Section 8.8 meeting the qualifications set forth in Section 8.6. Upon such notice of resignation, the
Depositor shall be required to use its reasonable best efforts to promptly appoint a successor Trustee, Custodian or Certificate
Administrator, as applicable. If no successor Trustee, Custodian or Certificate Administrator shall have been so appointed and
shall have accepted appointment within 120 days after the giving of such notice of resignation, the resigning Trustee, Custodian
or Certificate Administrator, as applicable, may petition any court of competent jurisdiction for the appointment of a successor
Trustee, Custodian or Certificate Administrator, as applicable, and any expenses associated with such petition shall be an expense
of the Trust.

 

If
at any time any of the following occur: (x) the Trustee, Custodian or Certificate Administrator shall cease to be eligible
in accordance with the provisions of Section 8.6 and shall fail to resign after written request for the Trustee’s
or the Certificate Administrator’s resignation by the Depositor, the Servicer or the Special Servicer, as applicable; (y) the
Trustee, the Custodian or the Certificate Administrator shall materially default in the performance of its

 

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obligations under this
Agreement; or (z) if at any time the Trustee, the Custodian or the Certificate Administrator shall become incapable of action,
or shall be adjudged a bankrupt or insolvent, or a receiver of the Trustee, the Custodian or the Certificate Administrator or
of either of their property shall be appointed, or any public officer shall take charge or control of the Trustee, the Custodian
or Certificate Administrator or of its property or affairs for the purpose of rehabilitation, conservation or liquidation then,
in any such case, (1) the Depositor may remove the Trustee, the Custodian or the Certificate Administrator, as applicable,
and appoint a successor Trustee, Custodian or Certificate Administrator, as applicable, by written instrument, in duplicate, executed
by an authorized officer of the Depositor, one copy of which instrument shall be delivered to the Trustee, the Custodian or the
Certificate Administrator, as applicable, so removed and one copy to the successor Trustee, Custodian or Certificate Administrator,
as applicable, or (2) any Certificateholder who has been a bona fide Certificateholder for at least six months may, on behalf
of himself and all others similarly situated, petition any court of competent jurisdiction for the removal of the Trustee, the
Custodian or the Certificate Administrator and the appointment of a successor Trustee, Custodian or Certificate Administrator,
as applicable. Such court may thereupon, after such notice, if any, as it may deem proper and prescribe, remove the Trustee, Custodian
or Certificate Administrator, as applicable, which removal and appointment shall become effective upon acceptance of appointment
by the successor Trustee, Custodian or Certificate Administrator, as applicable, as provided in Section 8.8. The successor
Trustee, Custodian or Certificate Administrator, as applicable, so appointed by such court shall immediately and without further
act be superseded by any successor Trustee, Custodian or Certificate Administrator, as applicable, appointed by the Certificateholders
as provided below within one year from the date of appointment by such court. Holders of Certificates evidencing, in the aggregate,
not less than a majority of the Voting Rights of the outstanding Certificates, may at any time remove the Trustee, the Custodian
or the Certificate Administrator upon 30 days’ written notice and appoint a successor Trustee, Custodian or Certificate
Administrator, as applicable, by written instrument or instruments, in triplicate, signed by such Holders or their attorney-in-fact
duly authorized, one complete set of which instrument or instruments shall be delivered to the Depositor (with a copy to the Servicer
and Special Servicer and the Borrower), one complete set to the Trustee, the Custodian or the Certificate Administrator, as applicable,
so removed and one complete set to the successor(s) so appointed; provided that such Certificateholders shall pay all the reasonable
costs and expenses of the Certificate Administrator and Trustee, as applicable, necessary to effect the transfer of the rights
and obligations of the Certificate Administrator or Trustee, as applicable, to a successor. Subject to Section 10.17,
notice of any removal of the Trustee, the Custodian or the Certificate Administrator and acceptance of appointment by the successor
Trustee, the Custodian or the Certificate Administrator shall be given to the Companion Loan Holders and the Rating Agencies by
the successor Trustee, the Custodian or the Certificate Administrator, as applicable. No removal of the Trustee, the Custodian
or the Certificate Administrator shall be effective until all reasonable fees, costs, expenses and Advances (including interest
thereon) have been paid to the Trustee or Certificate Administrator, as applicable, in full.

 

Any
resignation or removal of the Trustee, Custodian or Certificate Administrator shall not become effective until acceptance of the
appointment by the successor Trustee, Custodian or Certificate Administrator, as applicable, as provided in Section 8.8.
Except as provided in Section 2.11 to the contrary, the Trustee, Custodian or Certificate Administrator shall be required
to bear all reasonable out-of-pocket costs and expenses of each other party to this

 

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Agreement, the Trust and each Rating Agency
in connection with any removal for cause or resignation of such Trustee, Custodian or Certificate Administrator.

 

Section 8.8.           
Successor Trustee or Successor Certificate Administrator. Any successor Trustee, Custodian or Certificate Administrator
appointed as provided in Section 8.7 shall execute, acknowledge and deliver to the Depositor, the Servicer, the Special
Servicer and to its predecessor trustee or certificate administrator an instrument (i) accepting such appointment hereunder
and (ii) making the representations and warranties of the Trustee, the Custodian or the Certificate Administrator, as applicable,
as provided in Section 2.3 and Section 2.7, respectively, and thereupon the resignation or removal of
the predecessor trustee, custodian or certificate administrator shall become effective and such successor Trustee, Custodian or
Certificate Administrator, as applicable, without any further act, deed or conveyance, shall become fully vested with all the
rights, powers, duties and obligations of its predecessor hereunder, with the like effect as if originally named as trustee or
certificate administrator herein. The predecessor Certificate Administrator shall deliver or cause to be delivered to the successor
Certificate Administrator, as applicable, the Mortgage File and related documents and statements held by it hereunder, and the
Depositor, the Servicer, the Special Servicer and the predecessor trustee or certificate administrator shall execute and deliver
such instruments and do such other things as may reasonably be required for more fully and certainly vesting and confirming in
the successor Trustee, Custodian or Certificate Administrator all such rights, powers, duties and obligations.

 

No
successor Trustee, Custodian or Certificate Administrator shall accept appointment as provided in this Section unless at
the time of such acceptance such successor Trustee or Certificate Administrator shall be eligible under the provisions of Section 8.6
and its appointment shall not result in the qualification, downgrading, or withdrawal of the current rating of any Class of
the Certificates (prior to the resignation or termination of the Trustee or Certificate Administrator).

 

Upon
acceptance of appointment by a successor Trustee, Custodian or Certificate Administrator as provided in this Section, the successor
Trustee, Custodian or Certificate Administrator shall mail notice of the succession of such trustee or certificate administrator
hereunder to all Holders of Certificates at their addresses as shown in the Certificate Register, the Depositor, the Borrower,
the Companion Loan Holders and the Rating Agencies.

 

Section 8.9.           
Merger or Consolidation of the Trustee, the Custodian or the Certificate Administrator. Any Person into which the Trustee,
the Custodian or the Certificate Administrator may be merged or converted or with which either may be consolidated or any Person
resulting from any merger, conversion or consolidation to which the Trustee, the Custodian or the Certificate Administrator shall
be a party, or any Person succeeding to all or substantially all of the corporate trust business of the Trustee, the Custodian
or the Certificate Administrator shall be the successor of the Trustee, the Custodian or the Certificate Administrator, as applicable,
hereunder; provided that such Person shall be eligible under the provisions of Section 8.6, without the execution
or filing of any paper or further act on the part of any of the parties hereto, anything herein to the contrary notwithstanding.

 

Section 8.10.       
Appointment of Co-Trustee or Separate Trustee. (a)  At any time or times, for the purpose of meeting any legal
requirements of any jurisdiction in which any part

 

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of the Property may at the time be located or in which any action of the Trustee
may be required to be performed or taken, the Trustee, the Depositor or the Holders of Certificates evidencing, in the aggregate,
a majority of the Voting Rights of the outstanding Certificates, by an instrument in writing signed by it or them, may appoint
one or more individuals or corporations to act as separate trustee or separate trustees or co-trustees, acting jointly with the
Trustee, of all or any part of the Property, to the full extent that local law makes it necessary for such separate trustee or
separate trustees or co-trustee acting jointly with the Trustee to act. The fees and expenses of any separate trustee or co-trustee
shall be paid by the Trust Fund pursuant to Section 3.4(c).

 

(b)        
The Trustee shall execute, acknowledge and deliver all such instruments as may be required by the legal requirements of any jurisdiction
or by any such separate trustee or separate trustees or co-trustee for the purpose of more fully conferring such title, rights
or duties to such separate trustee or separate trustees or co-trustee, it, he, she or they shall be vested with such title to
the Property or any part thereof, and with such rights, powers, duties and obligations as shall be specified in the instrument
of appointment, and such rights, powers, duties and obligations shall be conferred or imposed upon and exercised or performed
by the Trustee, or the Trustee and such separate trustee or separate trustees or co-trustees jointly with the Trustee subject
to all the terms of this Agreement, except to the extent that under any law of any jurisdiction in which any particular act or
acts are to be performed shall be exercised and performed by such separate trustee or separate trustees or co-trustee, as the
case may be. Any separate trustee or separate trustees or co-trustee may, at any time by an instrument in writing, constitute
the Trustee, its attorney-in-fact and agent with full power and authority to do all acts and things and to exercise all discretion
on its behalf and in its, her or his name. In the event that any such separate trustee or co-trustee shall die, become incapable
of acting, resign or be removed, the title to the Property and all assets, property, rights, powers, duties and obligations of
such separate trustee or co-trustee shall, so far as permitted by law, vest in and be exercised by the Trustee, without the appointment
of a successor to such separate trustee or co-trustee unless and until a successor is appointed.

 

(c)         
All provisions of this Agreement which are for the benefit of the Trustee and Certificate Administrator shall extend to and apply
to each separate trustee or co-trustee appointed pursuant to the foregoing provisions of this Section 8.10, and to
the Trustee and Certificate Administrator in each capacity that it may assume hereunder, including without limitation, its capacity
as Custodian, 17g-5 Information Provider, Certificate Registrar and Authenticating Agent, as applicable.

 

(d)        
 Every co-trustee and separate trustee hereunder shall, to the extent permitted by law, be appointed and act and the Trustee shall
act, subject to the following provisions and conditions: (i) all powers, duties, obligations and rights conferred upon the
Trustee in respect of the receipt, custody, investment and payment of monies shall be exercised solely by the Trustee; (ii) all
other rights, powers, duties and obligations conferred or imposed upon the Trustee shall be conferred or imposed and exercised
or performed by the Trustee and such co-trustee or trustees and separate trustee or trustees jointly except to the extent that
under any law of any jurisdiction in which any particular act or acts are to be performed, the Trustee shall be incompetent or
unqualified to perform such act or acts, in which event such rights, powers, duties and obligations shall be exercised and performed
by such co-trustee or trustees; (iii) no power hereby given to, or exercisable by, any such co-trustee or separate trustee
shall

 

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be exercised hereunder by such co-trustee or separate trustees except jointly with, or with the consent of, the Trustee
and (iv) no trustee hereunder shall be personally liable by reason of any act or omission of any other trustees hereunder.

 

If,
at any time, the Trustee shall deem it no longer necessary or prudent in order to conform to any such law, the Trustee shall execute
and deliver all instruments and agreements necessary or proper to remove any co-trustee or separate trustee. Notwithstanding the
foregoing, the appointment of a co-trustee or separate trustee by the Trustee shall not relieve the Trustee of its obligations,
duties, or responsibilities in any way or to any degree.

 

(e)         
Any request, approval or consent in writing by the Trustee to any co-trustee or separate trustee shall be sufficient warrant to
such co-trustee or separate trustee, as the case may be, to take such action as may be so required, approved or consented to.

 

(f)          
Notwithstanding any other provision of this Section 8.10, the powers of any co-trustee or separate trustee shall not
exceed those of the Trustee hereunder, and such co-trustee or separate trustee must meet the eligibility requirements set forth
in Section 8.6.

 

Section 8.11.       
Appointment of Authenticating Agent. (a) The Certificate Administrator may appoint an agent or agents which shall
be authorized to act on behalf of the Certificate Administrator to authenticate Certificates (each such agent, an “Authenticating
Agent”), and Certificates so authenticated shall be entitled to the benefits of this Agreement and shall be valid and
obligatory for all purposes as if authenticated by the Certificate Administrator hereunder. Wherever a reference is made in this
Agreement to the authentication and delivery of Certificates by the Certificate Administrator or the Certificate Administrator’s
certificate of authentication, such reference shall be deemed to include authentication and delivery on behalf of the Certificate
Administrator by an Authenticating Agent and a certificate of authentication executed on behalf of the Certificate Administrator
by an Authenticating Agent. Each Authenticating Agent shall, at all times, be a corporation or association organized and doing
business under the laws of the United States of America, any State thereof or the District of Columbia, authorized under such
law to act as Authenticating Agent, having a combined capital and surplus of not less than $15,000,000, authorized under such
laws to do trust business and subject to supervision or examination by federal or state authorities. If such Authenticating Agent
publishes reports of condition at least annually, pursuant to law or to the requirements of said supervising or examining authority,
then for the purposes of this Section the combined capital and surplus of such Authenticating Agent shall be deemed to be
its combined capital and surplus as set forth in its most recent report of condition so published. If, at any time, an Authenticating
Agent shall cease to be eligible in accordance with the provisions of this Section, such Authenticating Agent shall resign immediately
in the manner and with the effect specified in this Section. The initial Authenticating Agent shall be the Certificate Administrator.

 

(b)        
Any Person into which an Authenticating Agent may be merged or converted or with which it may be consolidated, or any Person resulting
from any merger, conversion or consolidation to which such Authenticating Agent shall be a party, or any Person succeeding to
the corporate agency business of an Authenticating Agent, shall continue to be an Authenticating Agent, provided such Person
shall be otherwise eligible under this Section,

 

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without the execution or filing of any paper or any further act on the part of
the Certificate Administrator or the Authenticating Agent.

 

(c)         
An Authenticating Agent may resign at any time by giving at least 30 days’ advance written notice thereof to the Certificate
Administrator, the Servicer or Special Servicer, as applicable, and the Depositor. The Certificate Administrator may at any time
terminate the agency of an Authenticating Agent by giving written notice thereof to such Authenticating Agent, the Servicer or
Special Servicer, as applicable, and the Depositor. Upon receiving such a notice of resignation or upon such a termination, or
in case at any time such Authenticating Agent shall cease to be eligible in accordance with the provisions of this Section, the
Certificate Administrator may appoint a successor Authenticating Agent and shall mail written notice of such appointment by first
class mail, postage prepaid to all Certificateholders as their names and addresses appear in the Certificate Register. Any successor
Authenticating Agent upon acceptance of its appointment hereunder shall become vested with all the rights, powers and duties of
its predecessor hereunder, with like effect as if originally named as an Authenticating Agent herein. No successor Authenticating
Agent shall be appointed unless eligible under the provisions of this Section.

 

Section 8.12.       
Indemnification by the Trustee, the Custodian and the Certificate Administrator. The Trustee, the Custodian and the Certificate
Administrator, as applicable, shall indemnify and hold harmless the Trust, the Companion Loan Holders, the Servicer, the Special
Servicer, the Operating Advisor, the Depositor, the Sponsor (but only in the case of the Certificate Administrator and with respect
to Section 5.1(d) and Section 5.1(e)), and each other from and against any claims, losses, damages, penalties, fines,
forfeitures, legal fees and expenses and related costs, judgments and other costs and expenses incurred by the Trust, the Companion
Loan Holders, the Servicer, the Special Servicer, the Operating Advisor, the Depositor or the Sponsor, as applicable, that arise
out of or are based upon (i) a breach by the Trustee, the Custodian or the Certificate Administrator, as applicable, of its
representations and warranties under this Agreement or (ii) negligence, bad faith or willful misconduct on the part of the
Trustee, the Custodian or the Certificate Administrator, as applicable, in the performance of its obligations under this Agreement
or its negligent disregard of its obligations and duties under this Agreement.

 

Section 8.13.       
Certificate Administrator and Servicer Not Responsible for Inconsistent Payment Information. In connection with any Distribution
Date and a voluntary prepayment or the payment at maturity by the Borrower of the Whole Loan or any portion thereof, the Certificate
Administrator shall report the amount of such prepayment or payment to the Depository based on information received from the Servicer
or Special Servicer in reliance on notices received from the Borrower. In the event of any inconsistencies in payments or prepayments
made by the Borrower with the previously delivered notices by the Borrower, all costs and expenses incurred as a result of a failure
by the Borrower to make any such payments or prepayment, shall be paid by the Borrower in accordance with the Loan Agreement provided
that the amount of payment reported to the Depository by the Certificate Administrator was consistent with the information
received from the Servicer or Special Servicer. If the Borrower fails to do so, such costs and expenses shall be reimbursed to
the Certificate Administrator and to the Servicer or Special Servicer, as applicable, by the Trust pursuant to Section 3.4(c)
from funds on deposit in the Collection Account. Neither the Certificate Administrator, the Servicer nor the

 

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Special Servicer
shall be liable for any inability or delay of the Depository to make a distribution as a result of such inconsistencies. Notwithstanding
the foregoing, the Certificate Administrator shall notify the Depository on the Remittance Date or as soon as reasonably possible
of any such inconsistencies.

 

Section 8.14.       
Access to Certain Information. (a)  The Certificate Administrator shall afford to any Privileged Person (including
the Controlling Class Representative) and to the Office of the Comptroller of the Currency, the FDIC and any other banking or
insurance regulatory authority that may exercise authority over any Certificateholder, access to any documentation regarding the
Trust Loan or the other assets of the Trust Fund that are in its possession or within its control (or, upon request, make copies
thereof available to any Privileged Person at the reasonable cost and expense of such Privileged Person). Such access shall be
afforded without charge but only upon reasonable prior written request and during normal business hours at the offices of the
Certificate Administrator.

 

(b)       
The Certificate Administrator shall make available to Privileged Persons, via the Certificate Administrator’s Website, the
following items (to the extent such items were prepared by or delivered to the Certificate Administrator in a readable, uploadable,
un-corrupted and un-locked electronic format):

 

(i)      The following “deal documents”:

 

(A)          the Offering Circular and any other disclosure document relating to the Certificates, in the form most recently provided to the
Certificate Administrator by the Depositor or by any Person designated by the Depositor;

 

(B)          this Agreement, each sub-servicing agreement delivered to the Certificate Administrator since the Closing Date (if any), the Loan
Purchase Agreement and any amendments and exhibits hereto or thereto; and

 

(C)          the CREFC® Loan Setup File delivered to the Certificate Administrator by the Servicer.

 

(ii)     The following “periodic reports”:

 

(A)          all Distribution Date Statements prepared by the Certificate Administrator pursuant to Section 4.4(b);

 

(B)          all CREFC® Reports prepared by, or delivered to, the Certificate Administrator pursuant to Section 3.18(a)
other than the CREFC® Loan Setup File; and

 

(C)          all Operating Advisor Annual Reports;

 

(iii)    The following “additional
documents”:

 

(A)          summaries of Asset Status Reports delivered to the Certificate Administrator pursuant to Section 3.10;

 

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(B)          all inspection reports delivered to the Certificate Administrator pursuant to Section 3.22;

 

(C)          all Appraisals delivered to the Certificate Administrator pursuant to Section 3.7(a); and

 

(D)          the CREFC® Appraisal Reduction Template;

 

(iv)    The following “special notices”
tab on the Certificate Administrator’s Website:

 

(A)          any notice of final payment on the Certificates delivered to the Certificate Administrator pursuant to Section 4.1(d);

 

(B)          any
notice of termination of the Servicer, the Special Servicer or the Operating Advisor delivered to the Certificate Administrator
pursuant to Section 7.1(c);

 

(C)          any notice of a Servicer
Termination Event, Special Servicer Termination Event or Operating Advisor Termination Event delivered to the Certificate Administrator
pursuant to Section 7.1(b);

 

(D)          any notice of an Operating Advisor Consultation Event, Consultation Termination Event or Control Termination Event, as determined
each month after the Certificate Administrator complies with its obligation to prepare the related Distribution Date Statement
pursuant to Section 4.4;

 

(E)          any request by the Certificateholders representing at least 25% of the Voting Rights to terminate the Special Servicer pursuant
to Section 7.1(d) or the Operating Advisor pursuant to Section 3.27(i);

 

(F)          any notice of resignation of the Trustee, Certificate Administrator or the Operating Advisor and any notice of the acceptance
of appointment by the successor Trustee, successor Certificate Administrator or the successor Operating Advisor pursuant to Section 8.7;

 

(G)          any notice to Certificateholders of the Operating Advisor’s recommendation to replace the Special Servicer and the related
report prepared by the Operating Advisor in connection with such recommendation;

 

(H)          any and all Officer’s Certificates and other evidence delivered to the Certificate Administrator to support the Servicer’s
or the Trustee’s, as the case may be, determination that any Advance was (or, if made, would be) a Nonrecoverable Advance,
pursuant to Section 3.23(f);

 

(I)            any Special Notice delivered to the Certificate Administrator pursuant to Section 5.6;

 

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(J)           any assessment of compliance delivered to the Certificate Administrator pursuant to Section 3.19;

 

(K)          any attestation report delivered to the Certificate Administrator pursuant to Section 3.20;

 

(L)           any amendment to this Agreement;

 

(M)         any notice or document provided to the Certificate Administrator by the Depositor or the Servicer directing the Certificate Administrator
to post same as a “special notice”;

 

(v)     the “Risk Retention Special
Notices” tab, which will include, to the extent provided to the Certificate Administrator by or on behalf of the Sponsor,
any notice of:

 

(A)          the
disclosure required pursuant to Section 244.4(c)(1)(ii) of the Credit Risk Retention Rules; and

 

(B)          any
noncompliance of the applicable Credit Risk Retention Rules by the Third Party Purchaser or a successor third party purchaser
as and to the extent the Sponsor is required under the Credit Risk Retention Rules;

 

(vi)    the “Investor Q&A Forum”
pursuant to Section 4.5(a); and

 

(vii)   solely to Certificateholders and Beneficial Owner of Certificates, the “Investor Registry” pursuant to Section 4.5(b).

 

In
lieu of the tabs or headings otherwise described above, the Certificate Administrator shall be authorized to use such other headings
and labels as it may reasonably determine from time to time.

 

The
Certificate Administrator shall, in addition to posting the applicable notices on the “Risk Retention Special Notices”
tab described in clause (v) above, provide email notification to any Privileged Person (other than Financial Market Publishers)
that has registered to receive access to the Certificate Administrator’s Website that a notice has been posted to the “Risk
Retention Special Notices” tab.

 

In
connection with providing, or causing to be provided, access to or copies of the items described in the preceding paragraph pursuant
to this Section 8.14(b), the Certificate Administrator shall require: (a) in the case of Certificateholders,
an Investor Certification executed by the requesting Person indicating that such Person is a Holder of Certificates and will keep
such information confidential (except that such Certificateholder may provide such information to its auditors, legal counsel
and regulators and to any other Person that holds or is contemplating the purchase of any Certificate or interest therein (provided
that such other Person confirms in writing such ownership interest or prospective ownership interest and agrees to keep such
information confidential)); and (b) in the case of a prospective purchaser of a Certificate or an interest therein or a licensed
or registered investment advisor acting on behalf of such purchaser, an Investor Certification indicating that such Person is
a prospective purchaser of a 

 

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Certificate or an interest therein and
is requesting the information for use in evaluating a possible investment in Certificates and will otherwise keep such information
confidential.

 

The
Certificate Administrator shall, in addition to posting the applicable notices on the “Special Notices” tab described
in clause (iv) above and the “Risk Retention special notices” tab described in clause (v) above, include a fixed statement
in the Distribution Date Statement that special notices and risk retention notices, if any can be found on the “Special
Notices” and “Risk Retention special notices” tab, respectively.

 

Upon
delivery by the Depositor to the 17g-5 Information Provider (in an electronic format mutually agreed upon by the Depositor and
the 17g-5 Information Provider) of information designated by the Depositor as having been previously made available to NRSROs
by the Depositor (the “Pre-Closing 17g-5 Information”), the 17g-5 Information Provider shall make such Pre-Closing
17g-5 Information available only to the Depositor and to NRSROs via the 17g-5 Information Provider’s Website pursuant this
Section 8.14(b). The Depositor shall not be entitled to direct the 17g-5 Information Provider to provide access to the
Pre-Closing 17g-5 Information or any other information on the 17g-5 Information Provider’s Website to any designee or other
third party.

 

Except
as otherwise provided in this Agreement and subject to Section 6.3(a), the Certificate Administrator shall not be
liable for providing or disseminating information in accordance with the terms of this Agreement. The Certificate Administrator
shall not be responsible or have any liability for the completeness or accuracy of the information delivered, produced or otherwise
made available pursuant to this Section 8.14(b) unless such information was produced by the Certificate Administrator.
The obligations of the Certificate Administrator to provide access to those certain documents, information and other items described
in this Section 8.14 shall extend only to those such documents, information and other items actually in possession
of the Certificate Administrator. The Certificate Administrator may deny any of the foregoing Privileged Persons access to confidential
information with respect to which the Certificate Administrator is restricted from disclosing by applicable law.

 

(c)         
The Servicer and the Special Servicer may, in accordance with such reasonable rules and procedures as it may adopt, also make
available through its website or otherwise, any CREFC® Reports and any additional information relating to the Whole
Loan, the Property or the Borrower, for review by any Privileged Person, and subject to Section 10.16 and Section 10.17,
the Rating Agencies, in each case except to the extent doing so is prohibited by this Agreement, applicable law or by the Loan
Documents. Each of the Servicer and Special Servicer shall be entitled to (i) indicate the source of such information and
affix thereto any disclaimer it deems appropriate in its discretion and/or (ii) require that the recipient of such information
(A) except for the Depositor and the Certificate Administrator, enter into an Investor Certification or other confidentiality
agreement acceptable to the Servicer or Special Servicer, as the case may be, and (B) acknowledge that the Servicer or the
Special Servicer may contemporaneously provide such information to any other Privileged Person. In addition, to the extent access
to such information is provided via the Servicer’s or the Special Servicer’s website, the Servicer and the Special
Servicer may require registration and the acceptance of a reasonable and customary disclaimer and/or an additional or alternative
agreement as to the confidential nature of such information. In connection with providing

 

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access to or copies of the items described
in this Section 8.14(c) to current and prospective Certificateholders the form of confidentiality agreement used by
the Servicer or the Special Servicer, as applicable, shall require: (a) in the case of a Certificateholder or a licensed
or registered investment advisor acting on behalf of such Certificateholder, an Investor Certification executed by the requesting
Person indicating that such Person is a Holder of Certificates and will keep such information confidential (except that such Certificateholder
may provide such information (x) to its auditors, legal counsel and regulators and (y) to any other Person that holds
or is contemplating the purchase of any Certificate or interest therein (provided that such other Person confirms in writing
such ownership interest or prospective ownership interest and agrees to keep such information confidential)); and (b) in
the case of a prospective purchaser of Certificates or interests therein or a licensed or registered investment advisor acting
on behalf of such prospective purchaser, an Investor Certification indicating that such Person is a prospective purchaser of a
Certificate or an interest therein and is requesting the information for use in evaluating a possible investment in Certificates
and will otherwise keep such information confidential.

 

The
Special Servicer, subject to the limitations on delivery of Privileged Information, shall deliver to the Operating Advisor such
reports and other information produced or otherwise available to the Controlling Class Representative or Certificateholders generally,
reasonably requested by the Operating Advisor in support of the performance of its obligations under this Agreement in electronic
format.

 

Except
as otherwise provided in this Agreement and subject to Section 6.3(a), neither the Servicer nor the Special Servicer
shall be liable for the dissemination of information in accordance with this Agreement. Neither the Servicer nor the Special Servicer
shall be responsible or have any liability for the completeness or accuracy of the information delivered, produced or otherwise
made available pursuant to this Section 8.14(c) unless such information was produced by the Servicer or Special Servicer,
as applicable.

 

(d)        
The Certificate Administrator shall maintain at its offices (and, upon reasonable prior written request and during normal business
hours, shall make available, or cause to be made available) for review by any Privileged Person originals or copies of the following
items (to the extent such items are in the Certificate Administrator’s possession):

 

(i)           the Offering Circular;

 

(ii)         
this Agreement, each sub-servicing agreement delivered to the Certificate Administrator from and after the Closing Date (if any),
the Loan Purchase Agreement and any amendments and exhibits hereto or thereto;

 

(iii)        
all Distribution Date Statements and all CREFC® Reports actually delivered or otherwise made available to Certificateholders
pursuant to Section 4.4(a) of this Agreement since the Closing Date;

 

(iv)       
any assessment of compliance delivered to the Certificate Administrator pursuant to Section 3.19;

 

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(v)        
any attestation report delivered to the Certificate Administrator pursuant to Section 3.20;

 

(vi)       
the most recent inspection report prepared by or on behalf of the Servicer or the Special Servicer, as applicable, and delivered
to the Certificate Administrator in pursuant to Section 3.22 of this Agreement;

 

(vii)      
any and all notices and reports delivered to the Certificate Administrator with respect to the Property as to which the environmental
testing contemplated by Section 3.12(d) of this Agreement revealed that neither of the conditions set forth in clauses (i)
and (ii) thereof was satisfied;

 

(viii)     
the Mortgage File, including any and all modifications, waivers and amendments of the terms of the Whole Loan entered into or
consented to by the Servicer or the Special Servicer and delivered to the Certificate Administrator pursuant to Section 3.24
of this Agreement;

 

(ix)        
the summary of each Asset Status Report delivered to the Certificate Administrator pursuant to Section 3.10(h) of this
Agreement;

 

(x)         
the annual, quarterly and monthly operating statements, if any, collected by or on behalf of the Servicer or the Special Servicer,
as applicable, and delivered to the Certificate Administrator for the Property, together with the other information specified
in Section 3.18 of this Agreement;

 

(xi)       
any and all Officer’s Certificates and other evidence delivered to the Certificate Administrator to support the Trustee’s
or the Servicer’s, as the case may be, determination that any Advance was (or, if made, would be) a Nonrecoverable Advance;

 

(xii)       
notice of termination or resignation of the Servicer, the Special Servicer, the Operating Advisor, the Certificate Administrator
or the Trustee (and appointments of successors thereto);

 

(xiii)      
all Special Notices;

 

(xiv)     
any Appraisals, environmental site assessments, property condition assessments and seismic reports relating to the Property; and

 

(xv)       any other information that may
be necessary to satisfy the requirements of subsection (d)(4)(i) of Rule 144A.

 

The
Certificate Administrator shall provide, or cause to be provided, copies of any and all of the foregoing items upon reasonable
written request of any of the parties set forth in the previous sentence at the reasonable expense of the requesting party.

 

The
Certificate Administrator shall not be liable for providing or disseminating information in accordance with the terms of this
Agreement.

 

    -201-

    

    

 

Article 9

TERMINATION

 

Section
9.1.     Termination. (a) The respective obligations and responsibilities of the Servicer, the Special Servicer, the
Depositor, the Operating Advisor, the Certificate Administrator and the Trustee created hereby (other than the obligation to
make certain payments to the Companion Loan Holders and the obligation of the Certificate Administrator to make certain
payments to Certificateholders after the final Distribution Date, and other than the obligation of the Certificate
Administrator to file final tax returns for the Upper-Tier REMIC and the Lower-Tier REMIC, to maintain books and records of
the Trust Fund for such period of time as it maintains its own books and records and other than the indemnification rights
and obligations of the parties hereto) shall terminate upon the last action required to be taken by the Certificate
Administrator on the final Distribution Date pursuant to this Section 9.1 following the later of (i) the final payment
on the Certificates or (ii) the liquidation of the Trust Loan (including, without limitation, the sale of the Trust Loan
pursuant to this Agreement) or the liquidation or abandonment of the Property and all other Collateral for the Whole Loan; provided, however,
that in no event shall the Trust continue beyond the expiration of 21 years from the death of the last survivor of the
descendants of Joseph P. Kennedy, the late ambassador of the United States to the Court of St. James’s, living on the
date hereof.

 

(b)         On
the final Distribution Date, all amounts on deposit in the Collection Account and not otherwise payable to a person other than
the Certificateholders, shall be applied generally as described in Section 4.1.

 

(c)         Notice
of any termination, specifying the final Distribution Date (which shall be a date that would otherwise be a Distribution Date)
upon which the Certificateholders of any Class may surrender their Certificates to the Certificate Administrator for payment of
the final distribution and cancellation, shall be given promptly by the Certificate Administrator by letter to Certificateholders
mailed as soon as practicable specifying (A) the final Distribution Date upon which final payment of the Certificates shall be
made upon presentation and surrender of Certificates at the office or agency of the Certificate Administrator therein designated,
(B) the amount of any such final payment and (C) that the Record Date otherwise applicable to such Distribution Date is not applicable,
payments being made only upon presentation and surrender of the Certificates at the office or agency of the Certificate Administrator
therein specified.

 

Section
9.2.      Additional Termination Requirements. In connection with any termination
pursuant to Section 9.1 other than final payment on the Trust Loan, the Trust Fund shall be terminated in accordance
with the following additional requirements, unless the Certificate Administrator has obtained at the expense of the Trust, an
Opinion of Counsel that any other manner of terminating either the Lower-Tier REMIC or the Upper-Tier REMIC will not subject
the Trust Fund, the Lower-Tier REMIC or the Upper-Tier REMIC to federal income tax:

 

(i)          Within
eighty-nine (89) days prior to the final Distribution Date, the Certificate Administrator shall designate the first day of the
90-day liquidation period of

 

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the Lower-Tier REMIC and the Upper-Tier REMIC which shall be specified in a notice from the Certificate
Administrator to the Certificateholders as soon as practicable prior to such final Distribution Date, and shall specify such date
in the final tax return of each such Trust REMIC;

 

(ii)         At
or after the time of adoption of such plan of complete liquidation and at or prior to the final scheduled Distribution Date, the
Servicer shall sell any remaining assets (other than cash) of the Trust Fund and credit the proceeds thereof to the Trust Fund;
and

 

(iii)        At
or after such time as the proceeds from the disposition of the remaining assets of the Trust Fund shall have been credited to the
Trust Fund, the Certificate Administrator shall cause all remaining amounts held (A) as part of the Lower-Tier REMIC to be distributed
to the Certificate Administrator as holder of the Uncertificated Lower-Tier Interests and to the Holders of the Class R Certificates
(in respect of the Class LT-R Interest) in accordance with Section 4.1(b) and (B) as part of the Upper-Tier REMIC to be
distributed to the Holders of the Regular Certificates and the Class R Certificates (in respect of the Class UT-R Interest) in
accordance with Section 4.1(a) and Section 4.1(g).

 

Section
9.3.      Trusts Irrevocable. Except as expressly provided herein, all trusts created
hereby are irrevocable.

 

Article 10

MISCELLANEOUS PROVISIONS

 

Section
10.1.    Amendment. (a) This Agreement may be amended from time to time by the parties
hereto, without the consent of any of the Certificateholders or the Companion Loan Holders, as applicable:

 

(i)          to
correct any inconsistency, defect or ambiguity in this Agreement or to correct any manifest error in any provision of this Agreement;

 

(ii)         to
cause the provisions in this Agreement to conform or be consistent with or in furtherance of the statements made in the Offering
Circular with respect to the Certificates, the Trust or this Agreement to correct or supplement any of its provisions which may
be inconsistent with any other provisions in this Agreement, or to correct any error;

 

(iii)        to
change the timing and/or nature of deposits in the Collection Account, the Distribution Account or the Foreclosed Property Account,
provided that (A) the Remittance Date may in no event be later than the Business Day prior to the related Distribution Date
and (B) (1) the change would not adversely affect in any material respect the interests of any Certificateholder or any Companion
Loan Holder, as evidenced by an Opinion of Counsel (at the expense of the party requesting the amendment or at the expense of the
Trust Fund if the requesting party is the Trustee or

 

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the Certificate Administrator) or (2) a Rating Agency Confirmation is obtained
(at the expense of the party requesting the amendment or at the expense of the Trust Fund if the requesting party is the Trustee
or the Certificate Administrator);

 

(iv)        to
modify, eliminate or add to any of its provisions (A) to the extent necessary to maintain the qualification of either the Lower-Tier
REMIC or the Upper-Tier REMIC as a REMIC or the Grantor Trust as a grantor trust at all times that any Certificate is outstanding,
or to avoid or minimize the risk of imposition of any tax on the Lower-Tier REMIC, the Upper-Tier REMIC or the Grantor Trust that
would be a claim against the Lower-Tier REMIC, the Upper-Tier REMIC or the Grantor Trust; provided that the Trustee and
the Certificate Administrator have received an Opinion of Counsel (at the expense of the party requesting the amendment or if the
requesting party is the Certificate Administrator or the Trustee, at the expense of the Trust) to the effect that (1) the action
is necessary or desirable to maintain such qualification or to avoid or minimize the risk of imposition of any such tax and (2)
the action will not adversely affect in any material respect the interests of any holder of the Certificates or (B) to the extent
necessary to comply with the Investment Company Act of 1940, as amended, the Trust Indenture Act of 1939, as amended, the Exchange
Act, Regulation AB, and/or any related regulatory actions and/or interpretations;

 

(v)         to
modify, eliminate or add to any of its provisions to restrict (or to remove any existing restrictions with respect to) the transfer
of the Class R Certificates; provided that the Depositor has determined that the amendment will not give rise to any tax
with respect to the transfer of the Class R Certificates to a non-Permitted Transferee; provided, further, that the
Depositor may conclusively rely upon an Opinion of Counsel to such effect;

 

(vi)        to
make any other provisions with respect to matters or questions arising under this Agreement or any other change, provided
that the required action will not adversely affect in any material respect the interests of any Certificateholder or any Companion
Loan Holder not consenting to such amendment, as evidenced by (a) an Opinion of Counsel (at the expense of the party requesting
the amendment or at the expense of the Trust Fund if the Trustee or the Certificate Administrator is the requesting party) and
(b) a Rating Agency Confirmation (at the expense of the party requesting the amendment or at the expense of the Trust Fund if the
requesting party is the Trustee or the Certificate Administrator;

 

(vii)       to
amend or supplement any provision of this Agreement to the extent necessary to maintain the ratings assigned to each Class of Certificates
by any Rating Agency; provided that such amendment does not adversely affect in any material respect the interests of any
Certificateholder or any Companion Loan Holder;

 

(viii)      to
modify the provisions of this Agreement with respect to reimbursement of Nonrecoverable Advances if (a) the Depositor, the Servicer,
the Certificate Administrator and the Trustee, determine that the commercial mortgage backed securities industry standard for such
provisions has changed, in order to conform to such industry standard, (b) such modification does not cause the Upper-Tier REMIC
or the Lower-Tier

 

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REMIC to fail to qualify as a REMIC, as evidenced by an Opinion of Counsel (at the expense of the party requesting
the amendment or at the expense of the Trust Fund if the Trustee or the Certificate Administrator is the requesting party) and
(c) a Rating Agency Confirmation (at the expense of the party requesting the amendment or at the expense of the Trust Fund if the
requesting party is the Trustee or the Certificate Administrator) is obtained;

 

(ix)         to
modify the procedures set forth in this Agreement relating to Exchange Act Rule 17g-5 or Rule 15Ga-1 compliance; and

 

(x)          to
modify, eliminate or add to any of its provisions in the event the Credit Risk Retention Rules, Regulation RR or any other regulations
applicable to the risk retention requirements for this securitization transaction are amended or repealed, to the extent required
to comply with any such amendment or to modify or eliminate the risk retention requirements in the event of such repeal; provided
that no such modification, elimination or addition may change in any manner the rights or obligations of the Third Party Purchaser
under this Agreement or the related risk retention agreement without the consent of the Third Party Purchaser.

 

Notwithstanding the foregoing,
no such amendment to this Agreement contemplated by this Section 10.1(a) shall be permitted if the amendment would
(i) reduce the consent or consultation rights or the right to receive information under this Agreement of the Controlling Class
Representative without the consent of the Controlling Class Representative, (ii) change in any manner the obligations or rights
of the Sponsor under the Loan Purchase Agreement or this Agreement without the consent of the Sponsor or (iii) change in any manner
the obligations or rights of the Initial Purchaser without the consent of the Initial or (iv) adversely affect the Companion Loan
Holders in its capacity as such without its consent Purchasers.

 

(b)         This
Agreement may also be amended by the parties to this Agreement with the consent of the Holders of Certificates of each Class adversely
affected by such amendment evidencing, in each case, not less than 51% of the aggregate Percentage Interests constituting the Class
for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of this Agreement or
of modifying in any manner the rights of the Holders of the Certificates, except that the amendment may not (1) reduce in any manner
the amount of, or delay the timing of, payments received on the Trust Loan that are required to be distributed on any Certificate;
(2) alter in any manner the liens on any Collateral securing payments of the Whole Loan; (3) alter the obligations of the Servicer
or the Trustee to make an Advance or alter the Accepted Servicing Practices; (4) change the percentages of Voting Rights or Percentage
Interests of Certificateholders that are required to consent to any action or inaction under this Agreement; (5) adversely affect
the Controlling Class Representative without the consent of 100% of the Controlling Class Certificateholders; or (6) amend this
Section 10.1.

 

(c)         Notwithstanding
the foregoing, no amendment to this Agreement may be made that (i) would cause the Upper-Tier REMIC or the Lower-Tier REMIC to
fail to qualify as a REMIC or the Grantor Trust to fail to qualify as a grantor trust for federal income

 

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tax purposes (as may be
evidenced by an Opinion of Counsel), (ii) would cause any REMIC related to any Companion Loan Securities to fail to qualify as
a REMIC under the Code or (iii) changes in any manner the obligations of the Sponsor under the Loan Purchase Agreement without
the consent of the Sponsor, and the Trustee, Servicer, Special Servicer, Operating Advisor or Certificate Administrator may, but
will not be obligated to, enter into any amendment to this Agreement that it determines affects its rights, duties or immunities
or creates any additional liability for the Trustee, Servicer, Special Servicer, Operating Advisor or Certificate Administrator
under this Agreement.

 

(d)         It
shall not be necessary for the consent of Certificateholders under this Section 10.1 to approve the particular form
of any proposed amendment, but it shall be sufficient if such consent shall approve the substance thereof. The manner of obtaining
such consents and of evidencing the authorization of the execution thereof by Certificateholders shall be subject to such reasonable
regulations as the Certificate Administrator may prescribe.

 

(e)         Notwithstanding
the foregoing, no amendment may be made to this Agreement unless the Certificate Administrator, the Trustee, the Operating Advisor,
the Servicer and the Special Servicer have first received an Opinion of Counsel (at the expense of the party requesting the amendment,
or at the Trust Fund’s expense if the Trustee or the Certificate Administrator is the requesting party) to the effect that
the amendment is authorized or permitted under this Agreement and all conditions precedent have been met and that the amendment
or the exercise of any power granted to the Servicer, the Special Servicer, the Depositor, the Certificate Administrator, the Trustee
or any other specified person in accordance with the amendment, will not result in an Adverse REMIC Event.

 

(f)          Promptly
after the execution of any amendment to this Agreement or any amendment to the Loan Purchase Agreement, the Certificate Administrator
shall post a copy of such amendment on the Certificate Administrator’s Website and furnish written notification of the substance
of such amendment to each Certificateholder, the Depositor, the Servicer, the Special Servicer, the Initial Purchasers, the Companion
Loan Holders and, subject to Section 10.17, the Rating Agencies.

 

(g)         In
the event that neither the Depositor nor any successor thereto is in existence, any amendment under this Section 10.1
shall be effected with the consent of the Trustee, the Certificate Administrator and the Servicer or Special Servicer, as applicable,
and, to the extent required by this Section 10.1, the required Certificateholders.

 

(h)         Unless
otherwise specified in Section 10.1(a), the costs and expenses associated with any such amendment, including without
limitation, Opinions of Counsel and a Rating Agency Confirmations, shall be borne by the party requesting such amendment (or, if
such amendment is required by any of the Rating Agencies to maintain the rating issued by it or requested by the Trustee or the
Certificate Administrator for any purpose described in Section 10.1(a) (which do not modify or otherwise relate solely
to the obligations, duties or rights of the Trustee or the Certificate Administrator), then at the expense of the Depositor and,
if neither the Depositor nor any successor thereto is in existence, the Trust Fund).

 

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Section
10.2.   Recordation of Agreement; Counterparts. (a) This Agreement or an abstract hereof,
if acceptable by the applicable recording office, is subject to recordation in all appropriate public offices for real
property records in the county in which the Property subject to the Mortgage is situated, and in any other appropriate public
recording office or elsewhere, such recordation to be effected by the Trustee or the Certificate Administrator at the expense
of the Trust upon its receipt of an Opinion of Counsel to the effect that such recordation materially and beneficially
affects the interests of the Certificateholders of the Trust.

 

(b)         For
the purpose of facilitating the recordation of this Agreement as herein provided and for other purposes, this Agreement may be
executed simultaneously in any number of counterparts, each of which counterparts shall be deemed to be an original, and such counterparts
shall constitute but one and the same instrument. Delivery of an executed counterpart of a signature page of this Agreement in
Portable Document Format (PDF) or by facsimile transmission shall be as effective as delivery of a manually executed original counterpart
of this Agreement.

 

Section
10.3.    Governing Law; Submission to Jurisdiction; 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. THE PARTIES HERETO INTEND THAT THE PROVISIONS OF SECTION 5-1401 OF THE NEW
YORK GENERAL OBLIGATIONS LAW SHALL APPLY TO THIS AGREEMENT.

 

EACH OF THE PARTIES HERETO
IRREVOCABLY (I) SUBMITS TO THE EXCLUSIVE JURISDICTION OF THE COURTS OF THE STATE OF NEW YORK AND THE FEDERAL COURTS OF THE UNITED
STATES OF AMERICA FOR THE SOUTHERN DISTRICT OF NEW YORK FOR THE PURPOSE OF ANY ACTION OR PROCEEDING RELATING TO THIS AGREEMENT;
(II) WAIVES, TO THE FULLEST EXTENT PERMITTED BY LAW, THE DEFENSE OF AN INCONVENIENT FORUM IN ANY ACTION OR PROCEEDING IN ANY SUCH
COURT; (III) AGREES THAT A FINAL JUDGMENT IN ANY ACTION OR PROCEEDING IN ANY SUCH COURT SHALL BE CONCLUSIVE AND MAY BE ENFORCED
IN ANY OTHER JURISDICTION BY SUIT ON THE JUDGMENT OR IN ANY OTHER MANNER PROVIDED BY LAW; AND (IV) CONSENTS TO SERVICE OF PROCESS
UPON IT BY MAILING A COPY THEREOF BY CERTIFIED MAIL ADDRESSED TO IT AS PROVIDED FOR NOTICES HEREUNDER AND AGREES THAT NOTHING HEREIN
SHALL AFFECT THE RIGHT TO EFFECT SERVICE OF PROCESS IN ANY MANNER PERMITTED BY LAW.

 

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

 

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Section
10.4.    Notices. All demands, notices and communications hereunder shall be in writing,
shall be deemed to have been given upon receipt (except that notices to Holders of any Class of Certificates held in
registered, definitive form shall be deemed to have been given upon being sent by first class mail, postage prepaid) as
follows:

 

If to the Trustee, to:

Wells Fargo Bank, National Association

9062 Old Annapolis Road

Columbia, Maryland 21045

Attention: Corporate Trust Services (CMBS) GSMS 2017-FARM

 

with a copy to:

Fax Number: (410) 715-2380

E Mail: cts.cmbs.bond.admin@wellsfargo.com, and to

trustadministrationgroup@wellsfargo.com, except as otherwise set forth herein

 

If to the Certificate Administrator,
to:

Wells Fargo Bank, National Association

9062 Old Annapolis Road

Columbia, Maryland 21045

Attention: Corporate Trust Services (CMBS) GSMS 2017-FARM

 

With a copy to:

Email: Trustadministrationgroup@wellsfargo.com and cts.cmbs.bond.admin@wellsfargo.com

 

With respect to any certificate
transfer services for Certificates other than the Class HRR Certificates during the Risk Retention Period:

Wells Fargo Bank, National Association

600 South 4th Street, 7th Floor

MAC: N9300-070

Minneapolis, Minnesota 55479

Attention: Certificate Transfer Services: GSMS 2017-FARM

 

Or in the case of a transfer
of the Class HRR Certificates during the Risk Retention Period to:

 

Wells
Fargo Bank, National Association

9062
Old Annapolis Road

Columbia,
Maryland 21045

Attention: Risk Retention Custody
(CMBS) – GS 2017-FARM

 

    -208-

    

    

 

with a copy to:      riskretetentioncustody@wellsfargo.com

 

With respect to the Custodian:

Wells Fargo Bank, National Association

1055 10th Ave SE

Minneapolis, Minnesota 55414

Attn: Document Custody Group GSMS 2017-FARM

 

With a copy to:

 

Email: cmbscustody@wellsfargo.com

 

If
to the Depositor, to:

GS Mortgage Securities Corporation II

200 West Street

New York, New York 10282

Attention: Leah Nivison

Email: leah.nivison@gs.com

With a copy to: gs-refgsecuritization@gs.com

 

with
copies to:

GS Mortgage Securities Corporation II

6011 Connection Drive

Suite 550

Irving, Texas 75039

Attention: Joe Osborne

Email: joe.osborne@gs.com

With a copy to: gs-refgsecuritization@gs.com

 

If
to the Servicer, to:

KeyBank National Association

11501 Outlook Street, Suite 300

Overland Park, Kansas 66211

Attention: Michael A. Tilden

Facsimile number: (877) 379-1625

Email: keybank_notices@keybank.com

 

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with a copy to:

Polsinelli

900 West 48th Place, Suite 900

Kansas City, Missouri 64112

Attention: Kraig Kohring

Facsimile number: (816) 753-1536

 

If to the Special Servicer, to:

AEGON USA Realty Advisors, LLC,

4333 Edgewood Road NE,

Cedar Rapids, IA 52499

Attention: Gregory A. Dryden, Senior Vice President, Special Servicing

Fax number: (319) 355-8030

 

with a copy to:

 

gdryden@aegonusa.com; and

specialservicing@aegonusa.com;

 

If to the Operating Advisor,
to:

 

Pentalpha Surveillance
LLC

375 N. French Road,
Suite 100

Amherst, New York 14228

Attention:
GSMS 2017-FARM Transaction Manager

With a copy sent via email to: notices@pentalphasurveillance.com
with the deal name on the subject line

 

with
a copy to:

Bass, Berry & Sims PLC

150
Third Avenue South

Suite 2800

Nashville, Tennessee
37201

Attention: Jay H. Knight

Email: jknight@bassberry.com

 

If
to the Sponsor, to:

Goldman Sachs Mortgage Company

200 West Street

New York, New York 10282

Attention: Leah Nivison

Email: leah.nivison@gs.com

With a copy to: gs-refgsecuritization@gs.com

 

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with
copies to:

Goldman Sachs Mortgage Company

6011 Connection Drive

Suite 550

Irving, Texas 75039

Attention: Joe Osborne

Email: joe.osborne@gs.com

With a copy to: gs-refgsecuritization@gs.com

 

If
to the initial Controlling Class Representative, to:

Prima Capital Advisors LLC

2 Overhill Road, Suite 215

Scarsdale, New York 10583

Attention: Nilesh Patel

Facsimile No.: (914) 725-9385

 

If to any Certificateholder,
to:

the address set forth in the Certificate Register

 

If to the Borrower:

at the respective addresses therefor set forth in the Loan Agreement

 

or, in the case of the parties to this
Agreement, to such other address as such party shall specify by written notice to the other parties hereto.

 

Section
10.5.   Notices to the Rating Agencies. The Servicer, the Special Servicer, the Certificate
Administrator and the Trustee shall not provide any information regarding the Trust Fund to the Rating Agencies upon receipt
of a request by the Rating Agencies therefor but shall, upon receipt of a reasonable request for information pertaining to
this transaction, to the extent such party has or can obtain such information without unreasonable effort or expense, provide
such information to the 17g-5 Information Provider in accordance with the procedures set forth in Section 10.16 and 10.17; provided,
that the 17g-5 Information Provider shall not disclose which Rating Agency has requested such information. Notwithstanding
the foregoing, the failure to deliver such information shall not constitute a Servicer Termination Event or Special Servicer
Termination Event, as the case may be, under this Agreement. Any confirmation of the rating by the Rating Agencies required
hereunder shall be in writing.

 

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Any notices to the Rating Agencies
shall be sent to the following addresses:

S&P Global Ratings, acting through

Standard & Poor’s Financial Services LLC

55 Water Street, 41st Floor

New York, New York 10041

Attention: Commercial Mortgage Surveillance Manager

Email: cmbs_info_17g5@standardandpoors.com

 

DBRS, Inc.

333 West Wacker Drive, Suite 1800

Chicago, Illinois 60606

Attention: CMBS Surveillance

Facsimile number: (312) 332-3492

Email: cmbs.surveillance@dbrs.com

 

Section
10.6.    Severability of Provisions. If any one or more of the covenants, agreements, provisions
or terms of this Agreement shall be for any reason whatsoever held invalid, then, to the extent permitted by applicable law,
such covenants, agreements, provisions or terms shall be deemed severable from the remaining covenants, agreements,
provisions or terms of this Agreement and shall in no way affect the validity or enforceability of the other provisions of
this Agreement or of the Certificates or the rights of the Holders thereof.

 

Section
10.7.    Limitation on Rights of Certificateholders. The death or incapacity of any
Certificateholder shall not operate to terminate this Agreement or the Trust Fund, nor entitle such Certificateholder’s
legal representative or heirs to claim an accounting or to take any action or to commence any proceeding in any court for a
petition or winding up of the Trust Fund, or otherwise affect the rights, obligations and liabilities of the parties hereto
or any of them.

 

No Certificateholder,
solely by virtue of its status as a Certificateholder, shall have any right to vote (except as provided herein) or in any manner
otherwise control the operation and management of the Trust Fund, or the obligations of the parties hereto, nor shall anything
herein set forth or contained in the terms of the Certificates be construed so as to constitute the Certificateholders from time
to time as partners or members of an association; nor shall any Certificateholders be under any liability to any third party by
reason of any action by the parties to this Agreement pursuant to any provision hereof.

 

No Certificateholder,
solely by virtue of its status as a Certificateholder, shall have any right by virtue or by availing itself of any provisions of
this Agreement to institute any suit, action or proceeding in equity or at law upon or under or with respect to this Agreement,
unless such Holder previously shall have given to the Trustee a written notice of a Servicer Termination Event or Special Servicer
Termination Event, as the case may be, and of the continuance thereof, as herein before provided, and unless the Holders of Certificates
aggregating not less than 25% of the Voting Rights of the Certificates shall also have made written request upon the Trustee to
institute such action, suit or proceeding in its own name as

 

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Trustee hereunder and shall have offered to the Trustee such reasonable
indemnity as it may require against the costs, expenses, and liabilities to be incurred therein or thereby, and the Trustee, for
60 days after its receipt of such notice, request and offer of indemnity, shall have neglected or refused to institute any such
action, suit or proceeding; it being understood and intended, and being expressly covenanted by each Certificateholder with every
other Certificateholder and the Trustee, that no one or more Holders of Certificates shall have any right in any manner whatever
by virtue or by availing itself or themselves of any provisions of this Agreement to affect, disturb or prejudice the rights of
the Holders of any other of the Certificates, or to obtain or seek to obtain priority over or preference to any other such Holder
except as provided herein with respect to entitlement to payments or to enforce any right under this Agreement, except in the manner
herein provided and for the common benefit of all Certificateholders. For the protection and enforcement of the provisions of this
Section, each and every Certificateholder and the Trustee shall be entitled to such relief as can be given either at law or in
equity.

 

Section
10.8.   Certificates Nonassessable and Fully Paid. The Certificateholders shall not be
personally liable for obligations of the Trust Fund, the interests in the Trust Fund represented by the Certificates shall be
nonassessable for any reason whatsoever, and the Certificates, upon due authentication thereof by the Certificate
Administrator pursuant to this Agreement, are and shall be deemed fully paid.

 

Section
10.9.    Reproduction of Documents. This Agreement and all documents relating thereto,
including, without limitation, (i) consents, waivers and modifications which may hereafter be executed, (ii) documents
received by any party at the closing, and (iii) financial statements, certificates and other information previously or
hereafter furnished, may be reproduced by any photographic, photostatic, microfilm, micro-card, miniature photographic or
other similar process. The parties agree that any such reproduction shall be admissible in evidence as the original itself in
any judicial or administrative proceeding, whether or not the original is in existence and whether or not such reproduction
was made by a party in the regular course of business, and that any enlargement, facsimile or further reproduction of such
reproduction shall likewise be admissible in evidence.

 

Section
10.10.  No Partnership. Nothing herein contained shall be deemed or construed to create a
partnership or joint venture between the parties hereto.

 

Section
10.11.  Actions of Certificateholders. (a) Any request, demand, authorization, direction,
notice, consent, waiver or other action provided by this Agreement to be given or taken by Certificateholders may be embodied
in and evidenced by one or more instruments of substantially similar tenor signed by such Certificateholders in person or by
agent duly appointed in writing; and except as herein otherwise expressly provided, such action shall become effective when
such instrument or instruments are delivered to the Trustee or Certificate Administrator and, where required, to the
Depositor, the Servicer or the Special Servicer. Proof of execution of any such instrument or of a writing appointing any
such agent shall be sufficient for any purpose of this Agreement and conclusive in favor of the Certificate Administrator,
the Trustee, the Depositor, the Servicer and the Special Servicer if made in the manner provided in this Section.

 

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(b)         The
fact and date of the execution of any Certificateholder of any such instrument or writing may be proved in any reasonable manner
which the Trustee or Certificate Administrator deems sufficient.

 

(c)         Any
request, demand, authorization, direction, notice, consent, waiver, or other act by a Certificateholder shall bind every Holder
of every Certificate issued upon the registration of transfer thereof or in exchange therefor or in lieu thereof, in respect of
anything done, or omitted to be done, by the Trustee, the Certificate Administrator, the Depositor, the Servicer or the Special
Servicer in reliance thereon, whether or not notation of such action is made upon such Certificate.

 

(d)         The
Certificate Administrator and the Trustee may require additional proof of any matter referred to in this Section as it shall deem
reasonably necessary.

 

Section
10.12.  Successors and Assigns. The rights and obligations of any party hereto shall not be assigned (except
pursuant to Sections 6.2, 6.4, 8.7 or 8.9 hereof) by such party without the prior written consent
of the other parties hereto. This Agreement shall inure to the benefit of and be binding upon the Depositor, the Servicer,
the Special Servicer, the Operating Advisor, the Certificate Administrator, the Custodian, the 17g-5 Information Provider and
the Trustee and their respective permitted successors and assigns. No Person other than a party to this Agreement, the
Initial Purchasers and any Certificateholder shall have any rights with respect to the enforcement of any of the rights or
obligations hereunder. Without limiting the foregoing, the parties to this Agreement specifically agree that (i) the Sponsor
shall be a third-party beneficiary of this Agreement with respect to any provisions relating to the Sponsor, (ii) unless it
is the Loan Borrower or an Affiliate thereof, the Companion Loan Holders shall be a third-party beneficiary of this Agreement
with respect to the rights afforded it under this Agreement, (iii) each Other Depositor and Other Exchange Act Reporting
Party shall be third-party beneficiary of this Agreement with respect to its rights under Article 11, and (iv) no Borrower,
property manager or other party to the Whole Loan is an intended third-party beneficiary of this Agreement (provided
that the Borrower shall be entitled to notices to the extent expressly provided herein).

 

Section
10.13.  Acceptance by Authenticating Agent, Certificate Registrar. The Certificate Administrator hereby
accepts its appointment as Authenticating Agent and Certificate Registrar and agrees to perform the obligations required to
be performed by it in each such capacity pursuant to the terms of this Agreement.

 

Section
10.14.  Streit Act. Any provisions required to be contained in this Agreement by Section
126 and/or Section 130-k or Article 4-A of the New York Real Property Law are hereby incorporated herein, and such provisions
shall be in addition to those conferred or imposed by this Agreement; provided, however, that to the extent
that such Section 126 and/or 130-k shall not have any effect, and if said Section 126 and/or Section 130-k should at any time
be repealed or cease to apply to this Agreement or be construed by judicial decision to be inapplicable, said Section 126
and/or Section 130-k shall cease to have any further effect upon the provisions of this Agreement. In a case of a conflict
between the provisions of this Agreement and any mandatory provisions of Article 4-A of the New York Real Property Law, such
mandatory provisions of said Article 4-A shall prevail, provided that if said Article 4-A

 

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shall not apply to this
Agreement, should at any time be repealed, or cease to apply to this Agreement or be construed by judicial decision to be
inapplicable, such mandatory provisions of such Article 4-A shall cease to have any further effect upon the provisions of
this Agreement.

 

Section
10.15.  Assumption by Trust of Duties and Obligations of the Sponsor Under the Loan
Documents. The Trustee on behalf of the Trust as assignee of the Trust Loan and the Certificate Administrator, the
Servicer and Special Servicer hereby acknowledge that, subject to Section 10.18, the Trust assumes all of the
rights and obligations of the Sponsor as lender under the Loan Documents and agrees to be bound thereby, and in accordance
with the terms thereof. Such acknowledgement on behalf of the Trust is made by the Trustee in the exercise of the powers and
authority conferred and vested in it and is intended for the purpose of binding only the Trust. Nothing contained in this
Section shall be construed as creating any liability on the part of the Trustee, individually or personally, it being agreed
that all liabilities and obligations being acknowledged as assumed are solely those of the Trust, and under no circumstances
shall the Trustee be liable personally for the breach or failure of any obligation, representation, warranty or covenant made
or undertaken by the Trust under this Agreement, any Loan Document or any related document.

 

Section
10.16.  Notice to Each Rating Agency. (a) The Certificate Administrator shall use its commercially
reasonable efforts to promptly provide notice to the 17g-5 Information Provider by e-mail with respect to each of the
following of which a Responsible Officer of the Certificate Administrator has actual knowledge, and the 17g-5 Information
Provider shall promptly upload such notice or information to the 17g-5 Information Provider’s Website. Information
shall be posted on the same Business Day of receipt provided that such information is received by 2:00 p.m. (New York time)
or, if received after 2:00 p.m. (New York time), on the next Business Day by 12:00 p.m. (New York time):

 

(i)          any
material change or amendment to this Agreement or the Loan Agreement;

 

(ii)         the
occurrence of any Loan Event of Default that has not been cured;

 

(iii)        the
merger, consolidation, resignation or termination of the Servicer, Special Servicer, the Certificate Administrator or the Trustee;

 

(iv)        any
notice of a Servicer Termination Event or Special Servicer Termination Event delivered pursuant to Section 7.1(b) and
any notice of the termination of the Servicer or the Special Servicer and appointment of a successor to the Servicer or the Special
Servicer delivered pursuant to Section 7.3(a);

 

(v)         the
Sponsor’s repurchase of the Trust Loan pursuant to Section 2.2 and Section 2.9;

 

(vi)        the
final payment to any Class of Certificateholders;

 

(vii)       any
change in the location of the Distribution Account;

 

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(viii)      any
event that would result in the voluntary or involuntary termination of any insurance of the accounts of the Servicer;

 

(ix)         any
change in the lien priority of the Trust Loan; and

 

(x)          each
Distribution Date Statement described in Section 4.4(a) and the CREFC® Reports.

 

(b)         The
Servicer or the Special Servicer shall promptly furnish to the 17g-5 Information Provider by e-mail copies of the following (to
the extent not already delivered or made available pursuant to the terms of this Agreement), and the 17g-5 Information Provider
shall promptly upload such documents to the 17g-5 Information Provider’s Website. Information shall be posted on the same
Business Day of receipt provided that such information is received by 2:00 p.m. (New York time) or, if received after 2:00 p.m.
(New York time), on the next Business Day by 12:00 p.m. (New York time):

 

(i)          each
of its annual statements as to compliance described in Section 3.19;

 

(ii)         each
of its annual independent public accountants’ servicing reports described in Section 3.20;

 

(iii)        upon
request, a copy of each operating and other financial statements or occupancy report to the extent such information is required
to be delivered under the Whole Loan and to the extent such information is collected by the Servicer or the Special Servicer pursuant
to this Agreement;

 

(iv)        upon
request, each inspection report prepared in connection with any inspection conducted pursuant to Section 3.22; and

 

(v)         upon
request, each appraisal obtained pursuant to Section 3.7.

 

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Section
10.17. Exchange Act Rule 17g-5 Procedures. (a) Except as otherwise provided in Section 10.16 or
this Section 10.17 or otherwise in this Agreement or as required by law, none of the Servicer, the Special Servicer,
the Certificate Administrator or the Trustee shall provide any information directly to, or communicate with, either orally or
in writing, any Rating Agency regarding the Certificates or the Trust Loan relevant to the Rating Agencies’ surveillance
of the Certificates or the Trust Loan, including, but not limited to, providing responses to inquiries from a Rating Agency regarding
the Certificates or the Trust Loan relevant to such Rating Agency’s surveillance of the Certificates. To the extent that
a Rating Agency makes an inquiry or initiates communications with the Servicer, the Special Servicer, the Certificate Administrator
or the Trustee regarding the Certificates or the Trust Loan relevant to such Rating Agency’s surveillance of the Certificates,
all responses to such inquiries or communications from such Rating Agency shall be made in writing by the responding party and
shall be provided to the 17g-5 Information Provider who shall post such written response to the 17g-5 Information Provider’s
Website. Information shall be posted on the same Business Day of receipt provided that such information is received by 2:00 p.m.
(New York time) or, if received after 2:00 p.m. (New York time), on the next Business Day by 12:00 p.m. (New York time).

 

If a Rating Agency requests
access to the 17g-5 Information Provider’s Website, access shall be granted by the 17g-5 Information Provider on the same
Business Day provided that such request is made prior to 2:00 p.m., New York time on such Business Day, or, if received after 2:00
p.m., New York time, on the following Business Day.

 

(b)         To
the extent that any of the Servicer, the Special Servicer, the Certificate Administrator or the Trustee is required to provide
any information to, or communicate with, any Rating Agency in accordance with its obligations under this Agreement, the Servicer,
the Special Servicer, the Certificate Administrator or the Trustee, as applicable, shall provide such information or communication
to the 17g-5 Information Provider by e-mail, which the 17g-5 Information Provider shall upload to the 17g-5 Information Provider’s
Website. Information shall be posted on the same Business Day of receipt provided that such information is received by 2:00 p.m.
(New York time) or, if received after 2:00 p.m. (New York time), on the next Business Day by 12:00 p.m. (New York time). The foregoing
shall include any Rating Agency Confirmation request made pursuant to this Agreement, which shall be in writing, with a cover letter
indicating the nature of the request and shall include all information the requesting party believes is reasonably necessary for
the applicable Rating Agency to make its decision.

 

(c)         The
Servicer, the Special Servicer, the Certificate Administrator and the Trustee shall be permitted to orally communicate with the
Rating Agencies; provided that such party summarizes the information provided to the Rating Agencies in such communication
in writing and provides the 17g-5 Information Provider with such written summary in accordance with the procedures set forth in
herein on the same day such communication takes place; provided that the summary of such oral communications shall not be attributed
to the Rating Agency the communication was with. The 17g-5 Information Provider shall post such summary on the 17g-5 Information
Provider’s Website in accordance with the procedures set forth herein. The 17g-5 Information Provider shall notify any party
that delivers information to the 17g-5 Information Provider under this Agreement that such information was received and that it
has been posted. The 17g-5 Information Provider shall notify each Person that has

 

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signed up for access to the 17g-5 Information
Provider’s Website in respect of the transaction governed by this Agreement each time an additional document is posted to
the 17g-5 Information Provider’s Website and such notice shall specifically identify such document in the subject line or
otherwise in the body of the email. The 17g-5 Information Provider shall send such notice to such Person’s email address
provided by and used by such Person for the purpose of accessing the 17g-5 Information Provider’s Website, including a general
email address if such general email address has been provided to the 17g-5 Information Provider in connection with a completed
NRSRO Certification in the form of Exhibit M hereto.

 

Any information required
to be delivered to the 17g-5 Information Provider by any party under this Agreement shall be delivered to it via electronic mail
at 17g5informationprovider@wellsfargo.com, specifically with a subject reference of “GSMS 2017-FARM” and an identification
of the type of information being provided in the body of such electronic mail, or via any alternative electronic mail address following
notice to the parties hereto or any other delivery method established or approved by the 17g-5 Information Provider.

 

The 17g-5 Information
Provider shall have no obligation or duty to verify, confirm or otherwise determine whether the information being delivered is
accurate, complete, conforms to the transaction, or otherwise is or is not anything other than what it purports to be. In the event
that any information is delivered or posted in error, the 17g-5 Information Provider may remove it from the 17g-5 Information Provider’s
Website. The 17g-5 Information Provider has not obtained and shall not be deemed to have obtained actual knowledge of any information
posted to the 17g-5 Information Provider’s Website to the extent such information was not produced by the 17g-5 Information
Provider (in such capacity as the 17g-5 Information Provider).

 

Access will be provided
by the 17g-5 Information Provider to the NRSROs upon receipt of an NRSRO Certification in the form of Exhibit M hereto.
Questions regarding delivery of information to the 17g-5 Information Provider may be directed to 17g5informationprovider@wellsfargo.com.
In the event that any report, statement, document, file or other data to be delivered to the 17g-5 Information Provider under this
Agreement is too large in its electronic form to be delivered via email, such report, statement, document, file or other data may
be uploaded to an alternate location provided by the 17g-5 Information Provider, and the party uploading such report, statement,
document, file or other data shall notify the 17g-5 Information Provider via email that such report, statement, document, file
or other data has been so uploaded and is ready for posting to the 17g-5 Information Provider’s Internet Website.

 

In connection with the
delivery by the Servicer or the Special Servicer, as applicable, to the 17g-5 Information Provider of any information, report,
notice or document for posting to the 17g-5 Information Provider’s Website pursuant to this Agreement, the Servicer or the
Special Servicer, as applicable, may, but is not obligated to, send such information, report, notice or other document to the applicable
Rating Agency or Rating Agencies following the earlier of (i) receipt of notification from the 17g-5 Information Provider that
such information, report, notice or document has been posted to the 17g-5 Information Provider’s Website and (ii) two Business
Days following delivery to the 17g-5 Information Provider.

 

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(d)         Each
of the Servicer, the Special Servicer, the Operating Advisor, the Certificate Administrator, the Custodian and the Trustee (each,
an “Indemnifying Party”) hereby expressly agrees to indemnify and hold harmless the Depositor and its respective
officers, directors, shareholders, members, managers, employees, agents, Affiliates and controlling persons, and the Trust Fund
(each, an “Indemnified Party”), from and against any and all losses, liabilities, damages, claims, judgments,
costs, fees, penalties, fines, forfeitures or other expenses (including reasonable legal fees and expenses), joint or several,
to which any such Indemnified Party may become subject, under the Securities Act, the Exchange Act or otherwise, pursuant to a
third-party claim, insofar as such losses, liabilities, damages, claims, judgments, costs, fees, penalties, fines, forfeitures
or other expenses (including reasonable legal fees and expenses) arise out of or are based upon (i) such Indemnifying Party’s
breach of Section 10.16 or Section 10.17(a), (b), and (c), as applicable, or (ii) a determination
by any Rating Agency that it cannot reasonably rely on representations made by the Depositor or any Affiliate thereof pursuant
to Exchange Act Rule 17g-5(a)(3), to the extent caused by any such breach referred to in clause (i) above by the applicable Indemnifying
Party, and will reimburse such Indemnified Party for any legal or other expenses reasonably incurred by such Indemnified Party
in connection with investigating or defending any such action or claim, as such expenses are incurred.

 

(e)         None
of the Servicer, the Special Servicer, the Operating Advisor, the Certificate Administrator, the Custodian or the Trustee shall
have any liability for (i) the 17g-5 Information Provider’s failure to post on the 17g-5 Information Provider’s Website
information provided by the Servicer, the Special Servicer, the Operating Advisor, the Certificate Administrator, the Custodian
or the Trustee in accordance with the terms of this Agreement, (ii) any malfunction or disabling of the 17g-5 Information Provider’s
Website or (iii) such party’s failure to perform any of its obligations under this Agreement regarding providing information
or communication to the Rating Agencies that are required to be performed after the 17g-5 Information Provider posts the related
information or communication if the 17g-5 Information Provider fails to notify such party that it has posted such information or
communication on the 17g-5 Information Provider’s Website.

 

(f)          None
of the foregoing restrictions in this Section 10.17 prohibit or restrict oral or written communications, or providing
information, between the Servicer or the Special Servicer, on the one hand, and any Rating Agency, on the other hand, with regard
to (i) such Rating Agency’s review of the ratings it assigns to the Servicer or the Special Servicer, as applicable, (ii)
such Rating Agency’s approval of the Servicer or the Special Servicer, as applicable, as a commercial mortgage master, special
or primary servicer or (iii) such Rating Agency’s evaluation of the Servicer’s or the Special Servicer’s, as
applicable, servicing operations in general; provided, however, that the Servicer or the Special Servicer, as applicable,
shall not provide any information relating to the Certificates or the Trust Loan to such Rating Agency in connection with such
review and evaluation by such Rating Agency unless: (x) borrower, property or deal specific identifiers are redacted; (y) such
information has already been provided to the 17g-5 Information Provider and has been uploaded on to the 17g-5 Information Provider’s
Website or (z) the Rating Agency confirms in writing that it does not intend to use such information in undertaking credit rating
surveillance with respect to any Class of Certificates; provided, however, that the Rating Agencies may use information
delivered under this clause (z) for any purpose to the extent it is publicly available (unless the

 

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availability results from a
breach of this Agreement or any other confidentiality agreement to which such Rating Agency is subject) or comprised of information
collected by the applicable Rating Agency from the 17g-5 Information Provider’s Website (or another 17g-5 information provider’s
website that they have access to) other than pursuant to this Section 10.17(f).

 

The 17g-5 Information
Provider shall maintain the 17g-5 Information Provider’s Website in accordance with Exchange Act Rule 17g-5(a)(3)(iii).

 

Section
10.18. Cooperation with the Sponsor with Respect to Rights Under the Loan Agreement. It
is expressly agreed and understood that, notwithstanding the assignment of the Loan Documents, it is expressly intended that
the Sponsor gets the benefit of the provisions of any section of the Loan Agreement or securitization cooperation agreement
related to indemnification of the lender and/or its Affiliates with respect to any securitization of the Whole Loan.
Therefore, the Depositor, the Servicer, the Special Servicer, the Certificate Administrator and Trustee hereby agree to
cooperate with the Sponsor with respect to the benefits of the provisions of any section of the Loan Agreement or
securitization cooperation agreement related to indemnification of the lender and/or its Affiliates with respect to any
securitization of the Trust Loan with respect to securitization indemnification, including, without limitation, reassignment
to the Sponsor of such sections, but no other portion of the Loan Documents, to permit the Sponsor and its respective
Affiliates to enforce such provisions for their benefit. To the extent that the Trustee is required to execute any document
facilitating an assignment under this Section 10.18, such document shall be in form and substance reasonably
acceptable to the Trustee.

 

Article 11

EXCHANGE ACT REPORTING AND REGULATION AB COMPLIANCE

 

Section
11.1.   Intent of the Parties; Reasonableness. The parties hereto acknowledge and agree that the
purpose of Article 11 of this Agreement is, among other things, to facilitate compliance by any Other Depositor with the
provisions of Regulation AB and the related rules and regulations of the Commission. Except as expressly required by Sections
11.7, 11.8 and 11.9, the Depositor shall not, and no Other Depositor may, exercise its rights to request
delivery of information or other performance under these provisions other than in good faith, or for purposes other than
compliance with the Act, the Exchange Act and the Sarbanes-Oxley Act. The parties hereto acknowledge that interpretations of
the requirements of Regulation AB may change over time due to interpretive guidance provided by the Commission or its staff,
and agree to comply with reasonable requests made by the Depositor, or any Other Depositor, in good faith for delivery of
information under these provisions on the basis of such evolving interpretations of Regulation AB. In connection with the GS
Mortgage Securities Corporation Trust 2017-FARM, Commercial Mortgage Pass-Through Certificates, Series 2017-FARM, and any
Companion Loan Securities, each of the parties to this Agreement shall cooperate fully with the Depositor, the Certificate
Administrator, any Other Depositor and any Other Exchange Act Reporting Party, as applicable, to deliver to the Depositor or
Other Depositor, as applicable (including any of its assignees or designees), any and all statements, reports,
certifications, records and any other information in its possession or reasonably available to it and necessary in the
reasonable good faith determination of the Depositor, the Certificate Administrator, any Other Depositor or any

 

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Other
Exchange Act Reporting Party, as applicable, to permit any Other Depositor to comply with the provisions of Regulation AB,
together with such disclosures relating to the Servicer, the Special Servicer, the Certificate Administrator and the Trustee,
as applicable, and any Sub-Servicer, or the servicing of the Whole Loan, reasonably believed by the Depositor or any Other
Depositor, as applicable, in good faith to be necessary in order to effect such compliance.

 

Section
11.2.    Succession; Sub-Servicers; Subcontractors. (a) For so long as any Other Securitization
Trust is subject to the reporting requirements of the Exchange Act (in addition to any requirements contained in Section
11.7 of this Agreement), in connection with the succession to the Servicer and Special Servicer or any Sub-Servicer as
servicer or sub-servicer (to the extent such Sub-Servicer is a Servicing Function Participant and a “servicer”
meeting the criteria contemplated by Item 1108(a)(2) of Regulation AB) under this Agreement by any Person (i) into which the
Servicer and Special Servicer or such Sub-Servicer may be merged or consolidated, or (ii) which may be appointed as a
successor to the Servicer and Special Servicer or any such Sub-Servicer, the Servicer or Special Servicer, as applicable
(depending on whether such succession involves it or one of its Sub-Servicers), shall provide (other than in the case of a
succession pursuant to an appointment under Section 7.1 or 7.2, in which case the successor servicer or
successor special servicer, as applicable, shall provide) to any Other Depositor as to which the Companion Loan is affected,
at least five (5) Business Days prior to the effective date of such succession or appointment as long as such disclosure
prior to such effective date would not be violative of any applicable law or confidentiality agreement (and as long as such
notice is not given by a successor servicer or successor special servicer appointed under Section 7.1 or 7.2),
and otherwise no later than one (1) Business Day after such effective date of succession, (x) written notice to the Depositor
and each such Other Depositor of such succession or appointment and (y) in writing and in form and substance reasonably
satisfactory to each such Other Depositor, all information relating to such successor servicer reasonably requested by any
such Other Depositor in order to comply with its reporting obligation under Item 6.02 of Form 8-K pursuant to the Exchange
Act (if such reports under the Exchange Act are required to be filed under the Exchange Act).

 

(b)         For
so long as any Other Securitization Trust is subject to the reporting requirements of the Exchange Act, each of the Servicer, the
Special Servicer, any Sub-Servicer and the Certificate Administrator (each of the Servicer, the Special Servicer and the Certificate
Administrator and each Sub-Servicer, for purposes of this Section 11.2(b) and Section 11.2(c), a “Servicing
Party”) is permitted to utilize one or more Subcontractors to perform certain of its obligations hereunder. Such Servicing
Party shall promptly upon request provide to any Other Depositor as to which the Companion Loan is affected, a written description
(in form and substance satisfactory to each such Other Depositor) of the role and function of each Subcontractor that is a Servicing
Function Participant utilized by such Servicing Party during the preceding calendar year, specifying (i) the identity of such Subcontractor,
and (ii) which elements of the Servicing Criteria will be addressed in assessments of compliance provided by each such Subcontractor.
Each Servicing Party shall cause any Subcontractor utilized by such Servicing Party that is determined to be a Servicing Function
Participant to comply with the provisions of Section 11.8 and Section 11.9 of this Agreement to the same extent as
if such Subcontractor were such Servicing Party. Such Servicing Party shall obtain from each such Subcontractor (or, in the case
of each Sub-Servicer set forth on Exhibit AA, shall use commercially reasonable efforts to obtain from such Sub-Servicer)
and deliver to the applicable

 

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Persons any assessment of compliance report and related accountant’s attestation required to
be delivered by such Subcontractor under Section 11.8 and Section 11.9 of this Agreement, in each case, as and when
required to be delivered.

 

(c)         For
so long as any Other Securitization Trust is subject to the reporting requirements of the Exchange Act, notwithstanding the foregoing,
if a Servicing Party engages a Subcontractor in connection with the performance of any of its duties under this Agreement, such
Servicing Party shall be responsible for determining whether such Subcontractor is a “servicer” within the meaning
of Item 1101 of Regulation AB and whether such Subcontractor meets the criteria in Item 1108(a)(2)(i), (ii) or (iii) of Regulation
AB. If a Servicing Party determines, pursuant to the preceding sentence, that such Subcontractor is a “servicer” within
the meaning of Item 1101 of Regulation AB and meets the criteria in Item 1108(a)(2)(i), (ii) or (iii) of Regulation AB, then such
Subcontractor shall be deemed to be a Sub-Servicer for purposes of this Agreement, and the engagement of such Sub-Servicer shall
not be effective unless and until notice is given to the Depositor and the Certificate Administrator, as well as any Other Depositor
as to which the Companion Loan is affected, of any such Sub-Servicer and Subservicing Agreement. No Subservicing Agreement shall
be effective until five (5) Business Days after such written notice is received by the Depositor, the Certificate Administrator
and each such Other Depositor. Such notice shall contain all information reasonably necessary, and in such form as may be necessary,
to enable each Other Exchange Act Reporting Party as to which the Companion Loan is affected, to accurately and timely report the
event under Item 6.02 of Form 8-K pursuant to the related Other Pooling and Servicing Agreement or otherwise (if such reports under
the Exchange Act are required to be filed under the Exchange Act).

 

(d)         For
so long as any Other Securitization Trust is subject to the reporting requirements of the Exchange Act, in connection with the
succession to the Trustee or Certificate Administrator under this Agreement by any Person (i) into which the Trustee or Certificate
Administrator may be merged or consolidated, or (ii) which may be appointed as a successor to the Trustee or Certificate Administrator,
the Trustee or Certificate Administrator, as applicable, shall notify the Depositor and each Other Depositor, at least ten (10)
Business Days prior to the effective date of such succession or appointment (or if such prior notice would be violative of applicable
law or any applicable confidentiality agreement, no later than the time required under Section 11.6 of this Agreement) and
shall furnish pursuant to Section 11.6 of this Agreement to each Other Depositor in writing and in form and substance reasonably
satisfactory to the Depositor and each Other Depositor, all information reasonably necessary for each Other Exchange Act Reporting
Party to accurately and timely report the event under Item 6.02 of Form 8-K pursuant to the related Other Pooling and Servicing
Agreement or otherwise (if such reports under the Exchange Act are required to be filed under the Exchange Act).

 

Section
11.3.    Other Securitization Trust’s Filing Obligations. For so long as any Other
Securitization Trust is subject to the reporting requirements of the Exchange Act, the Servicer, the Special Servicer, the
Certificate Administrator and the Trustee shall (and shall cause (or, in the case of each Sub-Servicer set forth on Exhibit
AA, shall use commercially reasonable efforts to cause) each Additional Servicer and Servicing Function Participant
utilized thereby to) reasonably cooperate with each Other Depositor in connection with the satisfaction of each Other
Securitization Trust’s reporting requirements under the Exchange Act.

 

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Section
11.4.    Form 10-D Disclosure. For so long as any Other Securitization Trust is subject to the
reporting requirements of the Exchange Act, within one Business Day after the related Distribution Date (using commercially reasonable
efforts), but in no event later than noon (New York City time) on the third Business Day after the related Distribution Date,
(i) the parties as set forth on Exhibit Y-1 to this Agreement, shall be required to provide to each Other Exchange Act
Reporting Party and each Other Depositor to which the particular Additional Form 10-D Disclosure is relevant for Exchange Act
reporting purposes, to the extent a Servicing Officer or Responsible Officer thereof has knowledge thereof (other than information
required by Item 1117 of Regulation AB as to such party which shall be reported if actually known by any Servicing Officer or
Responsible Officer, as the case may be, or any lawyer in the in-house legal department of such party), in EDGAR-compatible format
(to the extent available to such party in such format), or in such other format as otherwise agreed upon by each such Other Exchange
Act Reporting Party, each such Other Depositor and such parties, the form and substance of the Additional Form 10-D Disclosure,
if applicable, and (ii) the parties listed on Exhibit Y-1 to this Agreement shall include with such Additional Form 10-D
Disclosure application to such party and shall cause each Sub-Servicer (or, in the case of each Sub-Servicer set forth on Exhibit
AA, shall use commercially reasonable efforts to cause such Sub-Servicer) and Subcontractor of such party to the extent required
under Regulation AB to provide, and if received, include, an Additional Disclosure Notification in the form attached as Exhibit
Y-4 to this Agreement. The Certificate Administrator has no duty under this Agreement to monitor or enforce the performance
by the parties listed on Exhibit Y-1 to this Agreement of their duties under this paragraph or proactively solicit or procure
from such parties any Additional Form 10-D Disclosure information. Information delivered to the Certificate Administrator hereunder
should be delivered by email to cts.sec.notifications@wellsfargo.com or by facsimile to (410) 715-2380, Attn: CTS SEC Notifications.
Neither the Trustee nor the Certificate Administrator shall have any duty under this Agreement to monitor or enforce the performance
by the parties listed on Exhibit Y-1 of their duties under this paragraph or proactively solicit or procure from such parties
any Additional Form 10-D Disclosure information. The Depositor shall be responsible for any reasonable expenses incurred by the
Trustee or Certificate Administrator in connection with including any Additional Form 10-D Disclosure on Form 10-D pursuant to
this paragraph.

 

Section
11.5.   Form 10-K Disclosure. For so long as any Other Securitization Trust is subject to the
reporting requirements of the Exchange Act, no later than March 1st, commencing in March 2018, (i) the parties listed
on Exhibit Y-2 to this Agreement shall be required to provide (and with respect to any Servicing Function Participant of
such party (other than any party to this Agreement), shall cause such Servicing Function Participant to provide) to each Other
Exchange Act Reporting Party and each Other Depositor to which the particular Additional Form 10-K Disclosure is relevant for
Exchange Act Reporting purposes, to the extent a Servicing Officer or a Responsible Officer, as the case may be, thereof has actual
knowledge (other than information required by Item 1117 of Regulation AB as to such party which shall be reported if actually
known by any Servicing Officer or Responsible Officer, as the case may be, or any lawyer in the in house legal department of such
party), in EDGAR compatible format (to the extent available to such party in such format) or in such other format as otherwise
agreed upon by each such Other Exchange Act Reporting Party, each such Other Depositor and such providing parties, the form and
substance of any Additional Form 10-K Disclosure described on Exhibit Y-2 hereto applicable to such party, and (ii) the
parties listed on Exhibit Y-2 to this Agreement shall include with such Additional Form 10-K Disclosure applicable to such
party

 

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and shall cause each Sub-Servicer (or, in the case of each Sub-Servicer set forth on Exhibit AA, shall use commercially
reasonable efforts to cause such Sub-Servicer) and Subcontractor of such party to the extent required under Regulation AB to provide,
and if received, include, an Additional Disclosure Notification in the form attached as Exhibit Y-4 to this Agreement.
The Certificate Administrator has no duty under this Agreement to monitor or enforce the performance by the parties listed on
Exhibit Y-2 hereto of their duties under this paragraph or proactively solicit or procure from such parties any Additional
Form 10-K Disclosure information.

 

Section
11.6.   Form 8-K Disclosure. For so long as any Other Securitization Trust is subject to
the reporting requirements of the Exchange Act, to the extent a Servicing Officer or Responsible Officer thereof has actual
knowledge of such event (other than Item 1117 of Regulation AB as to such party which shall be reported if actually known by
any Servicing Officer or Responsible Officer, as the case may be, or any lawyer in the in-house legal department of such
party), within one Business Day after the occurrence of an event requiring disclosure on Form 8-K (each such event, a
“Reportable Event”) (using commercially reasonable efforts), but in no event later than 1:00 p.m. (New
York City time) on the second Business Day after the occurrence of a Reportable Event, (i) the parties set forth on Exhibit
Y-3 to this Agreement shall be required to provide (and (i) with respect to any Servicing Function Participant of such
party that is a Sub-Servicer set forth on Exhibit AA, shall use commercially reasonable efforts to cause such
Servicing Function Participant to provide, and (ii) with respect to any other Servicing Function Participant of such party
(other than any party to this Agreement), shall cause such Servicing Function Participant to provide) to each Other Depositor
and each Other Exchange Act Reporting Party to which the particular Form 8-K Disclosure Information is relevant for Exchange
Act reporting purposes, in EDGAR-compatible format (to the extent available to such party in such format) or in such other
format as otherwise agreed upon by each such Other Depositor, each such Other Exchange Act Reporting Party and such providing
parties, any Form 8-K Disclosure Information described on Exhibit Y-3 to this Agreement as applicable to such party,
if applicable, and (ii) the parties listed on Exhibit Y-3 to this Agreement shall include with such Form 8-K
Disclosure Information applicable to such party and shall cause each Sub-Servicer (or, in the case of each Sub-Servicer set
forth on Exhibit Y-3, shall use commercially reasonable efforts to cause such Sub-Servicer) and Subcontractor of such
party to the extent required under Regulation AB to provide, and if received, include, an Additional Disclosure
Notification in the form attached hereto as Exhibit Y-4. The Certificate Administrator has no duty under this
Agreement to monitor or enforce the performance by the parties listed on Exhibit Y-3 of their duties under this
paragraph or proactively solicit or procure from such parties any Form 8-K Disclosure Information.

 

Section
11.7.   Annual Compliance Statements. On or before March 1st of each year, commencing in 2018,
each of the Servicer, the Special Servicer (regardless of whether the Special Servicer has commenced special servicing of the
Whole Loan) and, for so long as any Other Securitization Trust is subject to the reporting requirements of the Exchange Act, the
Certificate Administrator, at its own expense, shall furnish (and each such party, (i) with respect to each Servicing Function
Participant that is a Sub-Servicer set forth on Exhibit AA with which it has entered into a servicing relationship with
respect to the Whole Loan, shall use commercially reasonable efforts to cause such Servicing Function Participant to furnish,
and (ii) with respect to any other Servicing Function Participant of such party (other than any party to

 

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this Agreement), shall
cause such Servicing Function Participant to furnish) (each such Servicing Function Participant and each of the Servicer, Special
Servicer and the Certificate Administrator, a “Certifying Servicer”) to the Certificate Administrator (who
shall post it to the Certificate Administrator’s Website) the 17g-5 Information Provider (who shall post it to the 17g-5
Information Provider’s Website), as applicable, pursuant to Section 8.14(b)) or Section 10.17, the Trustee
the Depositor and the Companion Loan Holders (or, in the case of a Companion Loan that is part of an Other Securitization Trust,
the applicable Other Depositor and Other Exchange Act Reporting Party), an Officer’s Certificate stating, as to the signer
thereof, that (A) a review of such Certifying Servicer’s activities during the preceding calendar year or portion thereof
and of such Certifying Servicer’s performance under this Agreement or the applicable sub-servicing agreement, as applicable,
has been made under such officer’s supervision and (B) to the best of such officer’s knowledge, based on such review,
such Certifying Servicer has fulfilled all its obligations under this Agreement or the applicable sub-servicing agreement, as
applicable, in all material respects throughout such year or portion thereof, or, if there has been a failure to fulfill any such
obligation in any material respect, specifying each such failure known to such officer and the nature and status thereof. For
so long as any Other Securitization Trust is subject to the reporting requirements of the Exchange Act, promptly after receipt
of each such Officer’s Certificate, the Depositor (and, in the case of a Companion Loan that is part of an Other Securitization
Trust, the applicable Other Depositor and Other Exchange Act Reporting Party) may review each such Officer’s Certificate
and, if applicable, consult with the Certifying Servicer, as applicable, as to the nature of any failures by such Certifying Servicer,
respectively, or any related Servicing Function Participant with which the Servicer or the Special Servicer, as applicable, has
entered into a servicing relationship with respect to the Trust Loan or the Companion Loan in the fulfillment of any Certifying
Servicer’s obligations hereunder or under the applicable sub-servicing or primary servicing agreement. The obligations of
each Certifying Servicer under this Section apply to each such Certifying Servicer that serviced the Trust Loan or a Companion
Loan during the applicable period, whether or not the Certifying Servicer is acting in such capacity at the time such Officer’s
Certificate is required to be delivered. Copies of all Officer’s Certificates delivered pursuant to this Section 11.7
shall be made available to any Privileged Person by the Certificate Administrator by posting such compliance report to the
Certificate Administrator’s Website pursuant to Section 8.14(b).

 

Section
11.8.    Annual Reports on Assessment of Compliance with Servicing Criteria. (a) On or before
March 1st of each year, commencing in 2018, the Servicer, the Special Servicer (regardless of whether the Special Servicer has
commenced special servicing of the Whole Loan) and, for so long as any Other Securitization Trust is subject to the reporting
requirements of the Exchange Act, the Certificate Administrator, each at its own expense, shall furnish (and each such party,
(i) with respect to each Servicing Function Participant that is a Sub-Servicer set forth on Exhibit AA with which it has
entered into a servicing relationship with respect to the Whole Loan, shall use commercially reasonable efforts to cause such
Servicing Function Participant to furnish, and (ii) with respect to any other Servicing Function Participant of such party (other
than any party to this Agreement), shall cause such Servicing Function Participant to furnish) (each Servicer, the Special Servicer,
the Certificate Administrator and any Servicing Function Participant, as the case may be, a “Reporting Servicer”)
to the Certificate Administrator (who shall post it to the Certificate Administrator’s Website) and the 17g-5 Information
Provider (who shall post it to the 17g-5 Information Provider’s Website), as applicable, pursuant to Section 8.14(b))
or Section 10.17, the Trustee, the Depositor and the

 

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Companion Loan Holders (or, in the case of a Companion Loan that is
part of an Other Securitization Trust, the applicable Other Depositor and Other Exchange Act Reporting Party), a report on an
assessment of compliance with the Applicable Servicing Criteria that contains (A) a statement by such Reporting Servicer of its
responsibility for assessing compliance with the Applicable Servicing Criteria, (B) a statement that such Reporting Servicer used
the Applicable Servicing Criteria to assess compliance with the Applicable Servicing Criteria, (C) such Reporting Servicer’s
assessment of compliance with the Applicable Servicing Criteria as of the end of and for the preceding calendar year, including,
if there has been any material instance of noncompliance with the Applicable Servicing Criteria, a discussion of each such failure
and the nature and status thereof and (D) a statement that a registered public accounting firm that is a member of the American
Institute of Certified Public Accountants has issued an attestation report on such Reporting Servicer’s assessment of compliance
with the Applicable Servicing Criteria as of and for such period. Copies of all compliance reports delivered pursuant to this
Section 11.8 shall be provided to any Certificateholder, upon the written request therefor, by the Certificate Administrator.

 

Each such report shall
be addressed to the Depositor and each Other Depositor (if addressed) and signed by an authorized officer of the applicable company,
and shall address each of the Applicable Servicing Criteria. For so long as any Other Securitization Trust is subject to the reporting
requirements of the Exchange Act, promptly after receipt of each such report, the Depositor and each Other Depositor may review
each such report and, if applicable, consult with the each Reporting Servicer as to the nature of any material instance of noncompliance
with the Applicable Servicing Criteria.

 

(b)         On
the Closing Date, the Servicer, the Special Servicer and the Certificate Administrator each acknowledge and agree that Exhibit
L hereto sets forth the Applicable Servicing Criteria for such party.

 

(c)         No
later than 10 Business Days after the end of each fiscal year for the Trust, the Servicer, the Special Servicer and, for so long
as any Other Securitization Trust is subject to the reporting requirements of the Exchange Act, the Servicer, the Special Servicer
and the Certificate Administrator shall notify the Certificate Administrator, the Depositor, each Other Exchange Act Reporting
Party and each Other Depositor as to the name of each Servicing Function Participant utilized by it, in each case, and each such
notice will specify what specific Servicing Criteria will be addressed in the report on assessment of compliance prepared by such
Servicing Function Participant. When the Servicer, the Special Servicer and, for so long as any Other Securitization Trust is subject
to the reporting requirements of the Exchange Act, the Certificate Administrator submit their assessments pursuant to Section
11.8(a) of this Agreement, such parties, as applicable, will also at such time include the assessment (and related attestation
pursuant to Section 11.9) of each Servicing Function Participant engaged by it. The fiscal year for the Trust shall be January
1 through and including December 31 of each calendar year.

 

(d)         In
the event the Servicer, the Special Servicer or, for so long as any Other Securitization Trust is subject to the reporting requirements
of the Exchange Act, the Certificate Administrator is terminated or resigns pursuant to the terms of this Agreement, such party
shall provide, and each such party shall cause (or, if the Servicing Function Participant is a

 

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Sub-Servicer set forth on Exhibit
AA hereto, shall use commercially reasonable efforts to cause) any Servicing Function Participant engaged by it to provide
(and the Servicer, the Special Servicer and the Certificate Administrator shall, with respect to any Servicing Function Participant
that resigns or is terminated under any applicable servicing agreement, cause such Servicing Function Participant to provide) an
annual assessment of compliance pursuant to this Section 11.8, coupled with an attestation as required in Section 11.9
in respect of the period of time that the Servicer, the Special Servicer or, for so long as any Other Securitization Trust is subject
to the reporting requirements of the Exchange Act, the Certificate Administrator was subject to this Agreement or the period of
time that the Servicing Function Participant was subject to such other servicing agreement.

 

Section
11.9.    Annual Independent Public Accountants’ Servicing Report. On or before March 1st of each
year, commencing in 2018, the Servicer, the Special Servicer and, for so long as any Other Securitization Trust is subject to
the reporting requirements of the Exchange Act, the Certificate Administrator, each at its own expense, shall cause (and each
such party, (i) with respect to each Servicing Function Participant that is a Sub-Servicer set forth on Exhibit AA with
which it has entered into a servicing relationship with respect to the Whole Loan, shall use commercially reasonable efforts to
cause such Servicing Function Participant to furnish, and (ii) with respect to any other Servicing Function Participant of such
party (other than any party to this Agreement), shall cause such Servicing Function Participant to furnish) a registered public
accounting firm (which may also render other services to the Servicer, the Special Servicer, the Certificate Administrator or
the applicable Servicing Function Participant, as the case may be) and that is a member of the American Institute of Certified
Public Accountants to furnish a report to the Certificate Administrator (who shall post it to the Certificate Administrator’s
Website pursuant to Section 8.14(b)), the Depositor, the Companion Loan Holders (or, in the case of a Companion Loan that
is part of an Other Securitization Trust, the applicable Other Depositor and Other Exchange Act Reporting Party) and the 17g-5
Information Provider (who shall post it to the 17g-5 Information Provider’s Website pursuant to Section 10.17), to
the effect that (i) it has obtained a representation regarding certain matters from the management of such Reporting Servicer,
which includes an assessment from such Reporting Servicer of its compliance with the Applicable Servicing Criteria and (ii) on
the basis of an examination conducted by such firm in accordance with standards for attestation engagements issued or adopted
by the Public Company Accounting Oversight Board, it is expressing an opinion as to whether such Reporting Servicer’s assessment
of compliance with the Applicable Servicing Criteria was fairly stated in all material respects, or it is not expressing an overall
opinion regarding such Reporting Servicer’s assessment of compliance with the Applicable Servicing Criteria. In the event
that an overall opinion cannot be expressed, such registered public accounting firm shall state in such report why it was unable
to express such an opinion. Each accountant’s attestation report required hereunder shall be made in accordance with Rules
1-02(a)(3) and 2-02(g) of Regulation S-X under the Act and the Exchange Act. Such report must be available for general use and
not contain restricted use language. Copies of all statements delivered pursuant to this Section 11.9 shall be made available
to any Privileged Person by the Certificate Administrator posting such statement on the Certificate Administrator’s Website
pursuant to Section 8.14(b).

 

For so long as any Other
Securitization Trust is subject to the reporting requirements of the Exchange Act, promptly after receipt of such report from the
Servicer, the

 

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Special Servicer, the Certificate Administrator or any Servicing Function Participant, the Depositor and each Other
Depositor may review the report and, if applicable, consult with the Servicer, the Special Servicer or, for so long as any Other
Securitization Trust is subject to the reporting requirements of the Exchange Act, the Certificate Administrator as to the nature
of any defaults by the Servicer, the Special Servicer, the Certificate Administrator or any Servicing Function Participant with
which it has entered into a servicing relationship with respect to the Trust Loan or any Companion Loan, as the case may be, in
the fulfillment of any of the Servicer’s, the Special Servicer’s, the Certificate Administrator’s or the applicable
Servicing Function Participants’ obligations hereunder or under the applicable sub-servicing agreement.

 

Section
11.10.  Significant Obligor. If an Other Depositor has notified the Servicer in writing that
a Property is a “significant obligor” (within the meaning of Item 1101(k) of Regulation AB) with respect to an Other
Securitization Trust that includes such Companion Loan and of the distribution date under the Other Pooling and Servicing Agreement,
the Servicer shall, if the Servicer is in receipt of (i) the updated financial statements of such “significant obligor”
for any calendar quarter (other than the fourth calendar quarter of any calendar year), beginning with the first calendar quarter
following receipt of such notice from the Other Depositor, or (ii) the updated financial statements of such “significant
obligor” for any calendar year, beginning with the calendar year following such notice from the Other Depositor, deliver
to the Other Depositor and trustee for the Other Securitization Trust, on or prior to the day that occurs two (2) Business Days
prior to the related Significant Obligor NOI Quarterly Filing Deadline or seven (7) Business Days prior to the related Significant
Obligor NOI Yearly Filing Deadline, as applicable, (A) if such financial statement receipt occurs twelve (12) or more Business
Days prior to the related Significant Obligor NOI Quarterly Filing Deadline or seventeen (17) or more Business Days prior to the
related Significant Obligor NOI Yearly Filing Deadline, as applicable, such financial statements of such “significant obligor”,
together with the net operating income of such “significant obligor” for the applicable period as calculated by the
Servicer in accordance with CREFC® guidelines or (B) if such financial statement receipt occurs less than twelve
(12) Business Days prior to the related Significant Obligor NOI Quarterly Filing Deadline or less than seventeen (17) Business
Days prior to the related Significant Obligor NOI Yearly Filing Deadline, as applicable, such financial statements of such “significant
obligor”, together with the net operating income of such “significant obligor” for the applicable period as
reported by the related Loan Borrower in such financial statement.

 

If the Servicer does
not receive financial information satisfactory to comply with Item 6 of Form 10-D or Item 1112(b)(1) of Form 10-K, as the case
may be, of such “significant obligor” within ten Business Days after the date such financial information is required
to be delivered under the Loan Documents, the Servicer shall notify the Other Depositor with respect to such Other Securitization
Trust that includes the related Companion Loan (and shall cause each applicable sub-servicing agreement to require any related
Sub-Servicer to notify such Other Depositor) that it has not received them. The Servicer shall use efforts consistent with the
Accepted Servicing Practices (taking into account, in addition, the ongoing reporting obligations of such Other Depositor under
the Exchange Act) to obtain the periodic financial statements of the Loan Borrower under the Loan Documents.

 

The Servicer shall (and
shall cause each applicable sub-servicing agreement to require any related Sub-Servicer to) retain written evidence of each instance
in which it (or a

 

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Sub-Servicer) attempts to contact the Loan Borrower to obtain the required financial information and is unsuccessful
and, within five (5) Business Days prior to the date in which a Form 10-D or Form 10-K, as applicable, is required to be filed
with respect to the Other Securitization Trust, shall forward an Officer’s Certificate evidencing its attempts to obtain
this information to the Other Exchange Act Reporting Party and Other Depositor related to such Other Securitization Trust. This
Officer’s Certificate should be addressed to the certificate administrator at its corporate trust office, as specified in
the related Other Pooling and Servicing Agreement.

 

Section
11.11.  Sarbanes-Oxley Backup Certification. For so long as any Other Securitization Trust
is subject to the reporting requirements of the Exchange Act, the Certificate Administrator, the Servicer and the Special Servicer
shall provide (and with respect to any other Servicing Function Participant of such party, shall cause such Servicing Function
Participant to provide) to the Person who signs the Sarbanes-Oxley Certification with respect to such Other Securitization Trust
(the “Certifying Person”) no later than March 1st of the year following the year to which the Form 10-K of
such Other Securitization Trust relates or, if March 1st is not a Business Day, on the immediately following Business Day, a certification
in the form attached to this Agreement as Exhibit Z, on which the Certifying Person, the entity for which the Certifying
Person acts as an officer, and such entity’s officers, directors and Affiliates (collectively with the Certifying Person,
“Certification Parties”) can reasonably rely. In the event any Reporting Servicer is terminated or resigns
pursuant to the terms of this Agreement, or any applicable sub-servicing agreement or primary servicing agreement, as the case
may be, such Reporting Servicer shall provide a certification to the Certifying Person pursuant to this Section 11.11 with
respect to the period of time it was subject to this Agreement or the applicable sub-servicing or primary servicing agreement,
as the case may be.

 

Section
11.12. Indemnification. Each of the Servicer, the Special Servicer, the Certificate Administrator
and the Trustee shall indemnify and hold harmless the Depositor, each Other Depositor and any employee, director or officer of
the Depositor or any Other Depositor from and against any claims, losses, damages, penalties, fines, forfeitures, legal fees and
expenses and related costs, judgments and other costs and expenses incurred by such indemnified party arising out of (i) an actual
breach by the Servicer, the Special Servicer, the Certificate Administrator or the Trustee, as the case may be, of its obligations
under this Article 11 or (ii) negligence, bad faith or willful misconduct on the part of the Servicer, the Special Servicer, the
Certificate Administrator or the Trustee, as applicable, in the performance of such obligations.

 

The Servicer, the Special
Servicer and the Certificate Administrator shall cause each Servicing Function Participant of such party that is not a Sub-Servicer
set forth on Exhibit AA (and with respect to any Servicing Function Participant of such party that is a Sub-Servicer set
forth on Exhibit AA, shall use commercially reasonable efforts to cause such Servicing Function Participant) to indemnify
and hold harmless the Depositor, each Other Depositor and any employee, director or officer of the Depositor or any Other Depositor
from and against any and all claims, losses, damages, penalties, fines, forfeitures, legal fees and expenses and related costs,
judgments and any other costs, fees and expenses incurred by such indemnified party arising out of (i) a breach of its obligations
to provide any of the annual compliance statements or annual servicing criteria compliance reports or attestation reports pursuant
to the applicable sub-servicing agreement or (ii) negligence, bad faith or willful

 

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misconduct its part in the performance of such
obligations or (iii) any failure by a Servicing Party (as defined in Section 11.2(b)) to identify a Servicing Function Participant
pursuant to Section 11.2(c).

 

If the indemnification
provided for in, or contemplated by, either of the prior two paragraphs is unavailable or insufficient to hold harmless the Depositor,
any Other Depositor or any employee, director or officer of the Depositor or any Other Depositor, then the Servicer, the Special
Servicer, the Certificate Administrator, the Trustee, the Additional Servicer or other Servicing Function Participant (the “Performing
Party”) shall contribute to the amount paid or payable to the indemnified party as a result of the losses, claims, damages
or liabilities of the indemnified party in such proportion as is appropriate to reflect the relative fault of the indemnified party
on the one hand and the Performing Party on the other in connection with a breach of the Performing Party’s obligations pursuant
to this Article 11 (or breach of its obligations under the applicable sub-servicing agreement to provide any of the annual
compliance statements or annual servicing criteria compliance reports or attestation reports) or the Performing Party’s negligence,
bad faith or willful misconduct in connection therewith.

 

The Servicer, the Special
Servicer and the Certificate Administrator shall cause each Servicing Function Participant of such party that is not a Sub-Servicer
set forth on Exhibit AA (and with respect to any Servicing Function Participant of such party that is a Sub-Servicer set
forth on Exhibit AA, shall use commercially reasonable efforts to cause such Servicing Function Participant) to agree to
the foregoing indemnification and contribution obligations. This Section 11.12 shall survive the termination of this Agreement
or the earlier resignation or removal of the Servicer, the Special Servicer or the Certificate Administrator.

 

Section
11.13. Amendments. This Article 11 may be amended by the parties hereto pursuant to
Section 10.1 of this Agreement for purposes of complying with Regulation AB, the Act or the Exchange Act and/or to conform
to standards developed within the commercial mortgage-backed securities market and the Sarbanes-Oxley Act without any Opinions
of Counsel, Officer’s Certificates, Rating Agency Confirmations or the consent of any Certificateholder, notwithstanding
anything to the contrary contained in this Agreement.

 

Section
11.14. Termination of the Certificate Administrator. Notwithstanding anything to the contrary
contained in this Agreement, the Depositor or any Other Depositor may terminate the Certificate Administrator upon five Business
Days’ notice if the Certificate Administrator fails to comply with any of its obligations under this Article 11;
provided that such termination shall not be effective until a successor Certificate Administrator shall have accepted the
appointment.

 

Section
11.15.  Termination of Sub-Servicing Agreements. For so long as any Other Securitization Trust
is subject to the reporting requirements of the Exchange Act, each of the Servicer, the Certificate Administrator and the Trustee,
as applicable, shall (i) cause each Sub-Servicing Agreement to which it is a party to entitle the Depositor or any Other Depositor
to terminate such agreement (without compensation, termination fee or the consent of any other Person) at any time following any
failure of the applicable Sub-Servicer to any deliver any Exchange Act reporting items that such Sub-Servicer is required to deliver
under Regulation AB or as otherwise contemplated by this Article 11 and (ii) promptly notify the Depositor and any

 

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Other
Depositor following any failure of the applicable Sub-Servicer to deliver any Exchange Act reporting items that such Sub-Servicer
is required to deliver under Regulation AB or as otherwise contemplated by this Article 11. The Depositor and any Other
Depositor is hereby authorized to exercise the rights described in clause (i) of the preceding sentence in its sole discretion.
The rights of the Depositor and any Other Depositor to terminate a Sub-Servicing Agreement as aforesaid shall not limit any right
the Servicer, the Certificate Administrator or the Trustee, as applicable, may have to terminate such Sub-Servicing Agreement.

 

Section
11.16.  Notification Requirements and Deliveries in Connection with Securitization of a Companion
Loan. (a) Any other provision of this Article 11 to the contrary notwithstanding, including, without limitation, any
deadlines for delivery set forth in this Article 11, in connection with the requirements contained in this Article 11
that provide for the delivery of information and other items to, and the cooperation with, the Other Depositor and Other Exchange
Act Reporting Party of any Other Securitization Trust that includes a Companion Loan, no party hereunder shall be obligated to
provide any such items to or cooperate with such Other Depositor or Other Exchange Act Reporting Party (i) until the Other Depositor
or Other Exchange Act Reporting Party of such Other Securitization Trust has provided each party hereto with not less than 30
days written notice (which shall only be required to be delivered once), and each such party shall be entitled to rely on such
notice, setting forth the contact information for such Person(s) and, except as regards the deliveries and cooperation contemplated
by Section 11.7, Section 11.8 and Section 11.9 of this Agreement, stating that such Other Securitization
Trust is subject to the reporting requirements of the Exchange Act, and (ii) specifying in reasonable detail the information and
other items not otherwise specified in this Agreement that are requested to be delivered; provided that if Exchange Act
reporting is being requested, such Other Depositor or Other Exchange Act Reporting Party is only required to provide a single
written notice to such effect. Any reasonable cost and expense of the Servicer, Special Servicer, Trustee and Certificate Administrator
in cooperating with such Other Depositor or Other Exchange Act Reporting Party of such Other Securitization Trust (above and beyond
their expressed duties hereunder) shall be the responsibility of such Other Depositor or Other Securitization Trust. The parties
hereto shall have the right to confirm in good faith with the Other Depositor of such Other Securitization Trust as to whether
applicable law requires the delivery of the items identified in this Article 11 to such Other Depositor and Other Exchange
Act Reporting Party of such Other Securitization Trust prior to providing any of the reports or other information required to
be delivered under this Article 11 in connection therewith and (i) upon such confirmation, the parties shall comply with
the deadlines for delivery set forth in this Article 11 with respect to such Other Securitization Trust or (ii) in the
absence of such confirmation, the parties shall not be required to deliver such items; provided that no such confirmation
will be required in connection with any delivery of the items contemplated by Section 11.7, Section 11.8 and Section
11.9 of this Agreement. Such confirmation shall be deemed given if the Other Depositor or Other Exchange Act Reporting Party
for the Other Securitization Trust provides a written statement to the effect that the Other Securitization Trust is subject to
the reporting requirements of the Exchange Act and the appropriate party hereto receives such written statement. The parties hereunder
shall also have the right to require that such Other Depositor provide them with the contact details of such Other Depositor,
Other Exchange Act Reporting Party and any other parties to the Other Pooling and Servicing Agreement relating to such Other Securitization
Trust.

 

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(b)         Each
of the Servicer, the Special Servicer, the Certificate Administrator and the Trustee shall, upon reasonable prior written request
given in accordance with the terms of Section 11.16(a) above, and subject to a right of the Servicer, Special Servicer,
the Certificate Administrator or Trustee, as the case may be, to review and approve such disclosure materials, permit the Companion
Loan Holders to use such party’s description contained in the Offering Circular (updated as appropriate by the Servicer,
the Special Servicer, Certificate Administrator or Trustee, as applicable, at the reasonable cost of the Other Depositor) for inclusion
in the disclosure materials relating to any securitization of a Companion Loan.

 

(c)         The
Servicer, the Special Servicer, the Certificate Administrator and the Trustee, upon reasonable prior written request given in accordance
with the terms of Section 11.16(a) above, shall each timely provide (to the extent the reasonable cost thereof is paid or
caused to be paid by the requesting party) to the Other Depositor and any underwriters with respect to any securitization transaction
that includes a Companion Loan such opinion(s) of counsel, certifications and/or indemnification agreement(s) with respect to the
updated description referred in Section 11.16(b) with respect to such party, substantially identical to those, if any, delivered
by the Servicer, the Special Servicer, the Trustee or the Certificate Administrator, as the case may be, or their respective counsel,
in connection with the information concerning such party in the Offering Circular and/or any other disclosure materials relating
to this Trust (updated as deemed appropriate by the Servicer, the Special Servicer, the Trustee or the Certificate Administrator,
or their respective legal counsel, as the case may be, and sufficient to comply with Regulation AB). None of the Servicer, the
Special Servicer, the Trustee or the Certificate Administrator shall be obligated to deliver any such item with respect to the
securitization of a Companion Loan if it did not deliver a corresponding item with respect to this Trust.

 

Article 12

REMIC ADMINISTRATION

 

Section
12.1.   REMIC Administration. (a) The parties intend that each of the Lower-Tier REMIC and
the Upper-Tier REMIC shall constitute, and that the affairs of each of the Lower-Tier REMIC and the Upper-Tier REMIC shall be
conducted so as to qualify it as, a REMIC, and the provisions hereof shall be interpreted consistently with this
intention.

 

(b)         The
Certificate Administrator shall make or cause to be made an election on behalf of each of the Lower-Tier REMIC and the Upper-Tier
REMIC to treat the segregated pool of assets constituting such Trust REMIC as a REMIC under the Code. Each such election shall
be made on IRS Form 1066 or other appropriate federal tax or information return for the taxable year ending on the last day of
the calendar year in which the Certificates are issued.

 

(c)         The
Closing Date is hereby designated as the “Startup Day” of each of the Lower-Tier REMIC and the Upper-Tier REMIC
within the meaning of Section 860G(a)(9) of the Code. The “latest possible maturity date” of the Regular Certificates
and the Uncertificated Lower-Tier Interests for the purposes of Section 860G(a)(1) of the Code is the date that is the Rated Final
Distribution Date.

 

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(d)         The
Certificate Administrator shall prepare or cause to be prepared and timely produced to the Trustee to sign (and the Trustee shall
timely sign) and file or cause to be filed with the IRS, on behalf of each of the Lower-Tier REMIC and the Upper-Tier REMIC, an
application for a taxpayer identification number for such Trust REMIC on IRS Form SS-4 or obtain such number by other permissible
means. Within thirty days of the Closing Date, the Certificate Administrator shall furnish or cause to be furnished to the IRS,
on IRS Form 8811 or as otherwise may be required by the Code, the name, title and address of the Persons that Holders of the Certificates
may contact for tax information relating thereto (and the Certificate Administrator shall act as the representative of each of
the Lower-Tier REMIC and the Upper-Tier REMIC for this purpose), together with such additional information as may be required by
such Form, and shall update such information at the time or times and in the manner required by the Code (and the Depositor agrees
within ten (10) Business Days of the Closing Date to provide any information reasonably requested by the Servicer or the Certificate
Administrator and necessary to make such filing). The Certificate Administrator shall be responsible for the preparation of the
related IRS Form W-9, if such form is requested. The Trustee shall be entitled to rely on the information contained therein, and
is hereby directed to execute such IRS Form W-9; provided, however, the Certificate Administrator shall also be directed
to execute such IRS Form W-9 (in lieu of the Trustee) if permitted by IRS regulations.

 

(e)         The
Certificate Administrator shall pay without any right of reimbursement the ordinary and usual expenses in connection with the preparation,
filing and mailing of tax information reports and returns that are incurred by it in the ordinary course of its business, but extraordinary
or unusual expenses, costs or liabilities incurred in connection with its tax-related duties under this Agreement, including without
limitation any expenses, costs or liabilities associated with audits or any administrative or judicial proceedings with respect
to the Lower-Tier REMIC or the Upper-Tier REMIC that involve the IRS or state tax authorities, shall be reimbursable from the Trust
Fund.

 

(f)          The
Certificate Administrator shall prepare, or cause to be prepared, timely furnish or cause to be furnished to the Trustee to sign
(and the Trustee shall timely sign), and the Certificate Administrator shall file or cause to be filed all federal, state and local
income or franchise or other tax and information returns for each of the Lower-Tier REMIC and the Upper-Tier REMIC as the direct
representative for such Trust REMIC. Except as provided in Section 11.1(e), the expenses of preparing and filing such returns
shall be borne by the Certificate Administrator. The Depositor shall provide on a timely basis to the Certificate Administrator
or its designee such information with respect to each of the Lower-Tier REMIC and the Upper-Tier REMIC as is in its possession,
and is reasonably requested by the Certificate Administrator to enable it to perform its obligations under this subsection, and
the Certificate Administrator shall be entitled to rely on such information in the performance of its obligations hereunder.

 

(g)         The
Certificate Administrator shall perform on behalf of each of the Lower-Tier REMIC and the Upper-Tier REMIC all reporting and other
tax compliance duties that are the responsibility of such Trust REMIC under the Code, the REMIC Provisions, or other compliance
guidance issued by the IRS or any state or local taxing authority. Among its other duties, the Certificate Administrator shall
provide (i) to the IRS or other Persons (including, but not limited to, the transferor of a Class R Certificate to a Disqualified
Organization or to an agent

 

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that has acquired a Class R Certificate on behalf of a Disqualified Organization) such information
as is necessary for the application of any tax relating to the transfer of a Class R Certificate to any Disqualified Organization
and (ii) to the Certificateholders such information or reports as are required by the Code or REMIC Provisions. The Depositor shall
provide on a timely basis (and in no event later than 30 days after the Certificate Administrator’s request) to the Certificate
Administrator or its designee such information with respect to each of the Lower-Tier REMIC and the Upper-Tier REMIC as is in its
possession and is reasonably requested in writing by the Certificate Administrator to enable it to perform its obligations under
this subsection.

 

(h)         The
Holder of the Class R Certificates holding the largest Percentage Interest therein shall be the Tax Matters Person pursuant to
Treasury Regulations Section 1.860F-4(d) and “partnership representative” (within the meaning of Section 6223 of the
Code, to the extent such provision is applicable to the Trust REMICs) of the Upper-Tier REMIC and the Lower-Tier REMIC. The duties
of the Tax Matters Persons and “partnership representative” for the Upper-Tier REMIC and the Lower-Tier REMIC are hereby
delegated to the Certificate Administrator as agent for the related Tax Matters Person or “partnership representative”,
and the Class R Certificateholders, by acceptance of the Class R Certificates, agree, on behalf of themselves and all successor
holders of such Class R Certificates, to such delegation to the Certificate Administrator as its agent and attorney in fact.

 

(i)          The
Certificate Administrator, the Holders of the Class R Certificates, the Servicer and the Special Servicer shall perform their obligations
under this Agreement and the REMIC Provisions in a manner consistent with the status of each of the Lower-Tier REMIC and the Upper-Tier
REMIC as a REMIC.

 

(j)          The
Certificate Administrator, any Holder of the Class R Certificates, the Servicer and the Special Servicer shall not take any action
or cause either the Lower-Tier REMIC or the Upper-Tier REMIC to take any action, within their respective control and the scope
of their specific respective duties under this Agreement that, under the REMIC Provisions, could reasonably be expected to (i)
cause either the Lower-Tier REMIC or the Upper-Tier REMIC to fail to qualify as a REMIC or (ii) unless permitted under Section
11.2(a), result in the imposition of a tax upon either the Lower-Tier REMIC or the Upper-Tier REMIC (including but not limited
to the tax on prohibited transactions as defined in Section 860F(a)(2) of the Code and the tax on prohibited contributions as defined
in Section 860G(d) of the Code (any such result in clause (i) or (ii), an “Adverse REMIC Event”)) unless
(A) the Certificate Administrator and the Servicer have received a Nondisqualification Opinion (at the expense of the party seeking
to take such action or of the Trust Fund if taken for the benefit of the Certificateholders) with respect to such action or (B)
the Certificate Administrator and the Servicer have received an opinion (at the expense of the party seeking to take such action
or of the Trust Fund if taken for the benefit of the Certificateholders) to the effect that such action will not cause either the
Lower-Tier REMIC or the Upper-Tier REMIC to fail to qualify as a REMIC and that no tax will actually be imposed.

 

(k)         Any
and all federal, state and local taxes imposed on the Upper-Tier REMIC or the Lower-Tier REMIC or its assets or transactions, including,
without limitation, “prohibited transaction” taxes as defined in Section 860F of the Code, and any tax on contributions
imposed by Section 860G(d) of the Code, shall be paid from the Collection

 

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Account; provided that the Servicer, upon two
(2) days prior written notice, shall remit from the Collection Account to the Certificate Administrator the amount of any such
tax that the Certificate Administrator notifies the Servicer is due; provided, further, if such taxes shall have
been imposed on account of the willful misconduct, bad faith or negligence of any party hereto, or in connection with the breach
of any representation or warranty made by any party hereto in this Agreement, then such taxes shall be paid by such party.

 

(l)          The
Certificate Administrator shall, for federal income tax purposes, maintain books and records with respect to the Lower-Tier REMIC
and the Upper-Tier REMIC on a calendar year and on an accrual basis. Notwithstanding anything to the contrary contained herein
or in the Loan Documents (but subject to Section 1.3), all amounts collected on the Trust Loan shall, for federal income
tax purposes, be allocated first to interest due and payable on the Trust Loan (including interest on overdue interest) other than
Default Interest. The books and records must be sufficient concerning the nature and amount of the investments of the Lower-Tier
REMIC and the Upper-Tier REMIC to show that such Trust REMIC has complied with the REMIC Provisions.

 

(m)        None
of the Certificate Administrator, the Trustee, the Servicer or the Special Servicer shall enter into any arrangement by which either
the Lower-Tier REMIC or the Upper-Tier REMIC will receive a fee or other compensation for services.

 

(n)         In
order to enable the Certificate Administrator to perform its duties as set forth herein, the Depositor shall provide, or cause
to be provided, to the Certificate Administrator within ten (10) days after the Closing Date, all information or data that the
Certificate Administrator reasonably determines to be relevant for tax purposes on the valuations and offering prices of the Certificates,
including, without limitation, the yield, issue prices, pricing prepayment assumption and projected cash flows of the Regular Certificates
and the Class R Certificates, as applicable, and the projected cash flows on the Trust Loan. Thereafter, the Depositor, the Trustee,
the Servicer and the Special Servicer shall provide to the Certificate Administrator, promptly upon request therefor, any such
additional information or data that the Certificate Administrator may, from time to time, reasonably request in order to enable
the Certificate Administrator to perform its duties as set forth herein. The Certificate Administrator is hereby directed to use
any and all such information or data provided by the Trustee, the Depositor, the Servicer and the Special Servicer in the preparation
of all federal, state or local income, franchise or other tax and information returns and reports for each of the Lower-Tier REMIC
and the Upper-Tier REMIC to Certificateholders as required herein. The Depositor hereby indemnifies the Certificate Administrator
for any losses, liabilities, damages, claims or expenses of the Certificate Administrator arising from any errors or miscalculations
of the Certificate Administrator pursuant to this Section 11.1 that result from any failure of the Depositor to provide
or to cause to be provided, accurate information or data to the Certificate Administrator (but not resulting from the methodology
employed by the Certificate Administrator) on a timely basis and such indemnifications shall survive the termination of this Agreement
and the termination of the Certificate Administrator.

 

The Certificate Administrator
agrees that all such information or data so obtained by it shall be regarded as confidential information and agrees that it shall
use its best reasonable efforts to retain in confidence, and shall ensure that its officers, employees and representatives

 

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retain
in confidence, and shall not disclose, without the prior written consent of the Depositor, any or all of such information or data,
or make any use whatsoever (other than for the purposes contemplated by this Agreement) of any such information or data without
the prior written consent of the Depositor, unless such information is generally available to the public (other than as a result
of a breach of this Section) or is required by law or applicable regulations to be disclosed.

 

Section
12.2.    Foreclosed Property. (a) The parties hereto acknowledge and understand that if the
Trust Fund were to acquire the Property as Foreclosed Property and were to own and operate that Property in a manner
consistent with the manner in which the Property is currently owned and operated by the Borrower, through a Successor
Manager, some portion or all of the income derived in the Lower-Tier REMIC from such Foreclosed Property may be considered
“net income from foreclosure property” for purposes of Section 860G(c) of the Code and subject to tax at normal
corporate income tax rates.

 

In determining whether
to acquire and hold any Foreclosed Property, the Special Servicer, acting on behalf of the Trust hereunder, shall take these circumstances
into account and shall only acquire such Foreclosed Property if it determines, in its reasonable judgment (after, consultation
with counsel, at the expense of the Trust Fund), that either (i) there is a commercially feasible alternative method of administering
such Foreclosed Property that would not result in such tax, e.g., a net lease that results in Rents from Real Property or (ii)
the likely recovery with respect to operating the Foreclosed Property on behalf of the Trust Fund, after taking into account any
such taxes that might be imposed on either the Lower-Tier REMIC or the Upper-Tier REMIC, will exceed the likely recovery to the
Trust Fund and the Companion Loan Holders if the Trust Fund were to net lease the Foreclosed Property or were not to acquire and
hold the Foreclosed Property. If the Trust Fund acquires any Foreclosed Property, the Special Servicer, acting on behalf of the
Trust, if the Manager would not be considered an Independent Contractor, shall either renegotiate the applicable Management Agreement
or replace the Manager with a Successor Manager (as appropriate and to the extent permitted under such Management Agreement) so
that the Foreclosed Property would be considered to be operated by an Independent Contractor. If, after making the foregoing reasonable
efforts, the Special Servicer determines that it is in the best interests of Certificateholders, the Companion Loan Holders on
a net after-tax basis to operate the Foreclosed Property in a manner such that the Lower-Tier REMIC or Upper-Tier REMIC shall receive,
based upon an Opinion of Counsel, “net income from foreclosure property” under the REMIC Provisions, the Special Servicer
shall maintain or cause to be maintained such records of income and expense as to enable such amounts to be computed accurately,
and shall pay or retain or cause to be paid or retained from Foreclosure Proceeds such amounts as are necessary to pay such tax
or, to the extent such amounts are insufficient, from the Collection Account pursuant to Section 3.4.

 

Without limiting the
generality of the foregoing, the Special Servicer shall not, to the extent within its power:

 

(i)          permit
the Trust Fund to enter into, renew or extend any New Lease with respect to the Foreclosed Property, if the New Lease by its terms
will give rise to any income that does not constitute Rents from Real Property;

 

(ii)         permit
any amount to be received or accrued under any New Lease other than amounts that will constitute Rents from Real Property;

 

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(iii)        authorize
or permit any construction on the Foreclosed Property, other than the completion of a building or other improvement thereon, and
then only if more than 10% of the construction of such building or other improvements was completed before default on the Trust
Loan became imminent, all within the meaning of Section 856(e)(4)(B) of the Code; or

 

(iv)        Directly
Operate, other than through an Independent Contractor, or allow any other Person to Directly Operate, other than through an Independent
Contractor, the Foreclosed Property on any date more than ninety (90) days after its acquisition date.

 

(b)         The
Special Servicer, acting on behalf of the Trustee hereunder, shall make reasonable efforts to sell the Foreclosed Property for
its fair market value in accordance with Section 3.15. In any event, however, the Special Servicer, acting on behalf
of the Trustee hereunder, shall dispose of any Foreclosed Property as soon as is practicable but in no event later than the close
of the third calendar year following the year in which the Acquisition Date occurs unless the Special Servicer, on behalf of the
Trust, has received (or has not been denied) an extension of time (an “Extension”) by the IRS to sell such Foreclosed
Property or an opinion of counsel to the effect that the holding by the Trust of the Foreclosed Property for an additional specified
period will neither result in the imposition of taxes on “prohibited transactions” of the Trust Fund as defined in
Section 860F of the Code, nor cause the Upper-Tier REMIC or the Lower-Tier REMIC to fail to qualify as a REMIC at any time that
the Certificates are outstanding, in which event such period shall be extended by such additional specified period, with the expenses
of obtaining any such extension of time being an expense of the Trust Fund. If the Special Servicer, on behalf of the Trust, has
received (or has not been denied) such Extension, then the Special Servicer, acting on behalf of the Trust hereunder, shall continue
to attempt to sell the Foreclosed Property for its fair market value for such longer period as such Extension permits (the “Extended
Period”). If the Special Servicer, acting on behalf of the Trust, has not received such an Extension and the Special
Servicer, acting on behalf of the Trust hereunder, is unable to sell the Foreclosed Property, within the foregoing period or if
the Special Servicer, acting on behalf of the Trust hereunder, has received such an Extension, and the Special Servicer, acting
on behalf of the Trust hereunder, is unable to sell the Foreclosed Property within the Extended Period, the Special Servicer shall,
before the end of the above-referenced period or the Extended Period, as the case may be, auction the Foreclosed Property to the
highest bidder (which may be the Special Servicer) in accordance with Accepted Servicing Practices.

 

(c)         Within
thirty (30) days of the sale of a Foreclosed Property, the Special Servicer shall provide to each of the Certificate Administrator
and the Trustee a statement of accounting for the Foreclosed Property, including, without limitation, (i) the date the related
Property was acquired in foreclosure or by deed in lieu of foreclosure, (ii) the date of disposition of such Foreclosed Property,
(iii) the gross sale price and related selling and other expenses, (iv) accrued interest calculated from the date of acquisition
to the disposition date, and (v) such other information as the Certificate Administrator and/or Trustee may reasonably request.

 

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Section
12.3.   Prohibited Transactions and Activities. The Special Servicer, on behalf of the
Trust Fund, shall not permit the sale or disposition of the Trust Loan at a time when the Trust Loan is not the subject of a
breach of a representation or is not in default or default with respect thereto is not reasonably foreseeable (except in a
disposition pursuant to (i) the bankruptcy or insolvency of the Lower-Tier REMIC or (ii) the termination of the Lower-Tier
REMIC in a “qualified liquidation” as defined in Section 860F(a)(4) of the Code), nor acquire any assets for
either the Lower-Tier REMIC or the Upper-Tier REMIC (other than Foreclosed Property), nor sell or dispose of any investments
in the Collection Account or Distribution Account for gain, nor receive any amount representing a fee or other compensation
for services, nor accept any contributions to either the Lower-Tier REMIC or the Upper-Tier REMIC (other than a cash
contribution during the three-month period beginning on the Startup Day), unless it has received an Opinion of Counsel (at
the expense of the Person requesting it to take such action) to the effect that such disposition, acquisition, substitution
or acceptance will not (a) cause either the Lower-Tier REMIC or the Upper-Tier REMIC to fail to qualify as a REMIC, or
adversely affect the status of the Regular Certificates as representing regular interests therein, (b) affect the
distribution of interest or principal on the Certificates, (c) result in the encumbrance of the assets transferred or
assigned to either the Lower-Tier REMIC or the Upper-Tier REMIC (except pursuant to the provisions of this Agreement), or (d)
cause either the Lower-Tier REMIC or the Upper-Tier REMIC to be subject to a tax on “prohibited transactions” or
“prohibited contributions” pursuant to the REMIC Provisions.

 

Section 12.4.    Indemnification
with Respect to Certain Taxes and Loss of REMIC Status.

 

(a)         If
either the Lower-Tier REMIC or the Upper-Tier REMIC fails to qualify as a REMIC, loses its status as a REMIC, or incurs state or
local taxes, or a tax as a result of a prohibited transaction or contribution subject to taxation under the REMIC Provisions due
to the willful misconduct, bad faith or negligent performance by the Certificate Administrator of its duties and obligations specifically
set forth herein, or by reason of the Certificate Administrator’s negligent disregard of its obligations and duties thereunder,
the Certificate Administrator shall indemnify the Trust against any and all losses, claims, damages, liabilities or expenses (“Losses”)
resulting therefrom; provided, however, the Certificate Administrator shall not be liable for any such Losses attributable
to the action or inaction of the Servicer, the Special Servicer, the Depositor, or the Holders of the Class R Certificates nor
for any such Losses resulting from misinformation provided by the Holders of the Class R Certificates, the Servicer, the Special
Servicer, or the Depositor, on which the Certificate Administrator has relied. The foregoing shall not be deemed to limit or restrict
the rights and remedies of successor Holders of the Class R Certificates at law or in equity.

 

If either the Lower-Tier
REMIC or the Upper-Tier REMIC fails to qualify as a REMIC, loses its status as a REMIC, or incurs state or local taxes, or a tax
as a result of a prohibited transaction or contribution subject to taxation under the REMIC Provisions due to the willful misconduct,
bad faith or negligent performance of the Servicer or the Special Servicer in the performance of its duties and obligations set
forth herein, or by reason of the Servicer’s or Special Servicer’s negligent disregard of its obligations and duties
thereunder, the Servicer or the Special Servicer, as the case may be, shall indemnify the Trust Fund against any and all losses
resulting therefrom; provided, however, the Servicer or the Special Servicer, as the case may be,

 

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shall not be liable
for any such losses attributable to the action or inaction of the Certificate Administrator, the Depositor, the Holders of the
Class R Certificates nor for any such losses resulting from misinformation provided by the Certificate Administrator, the Depositor
or the Holders of the Class R Certificates on which the Servicer or the Special Servicer, as the case may be, has relied. The foregoing
shall not be deemed to limit or restrict the rights and remedies of any successor Holders of the Class R Certificates at law or
in equity

 

[signature
pageS follow]

 

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

 

	 	GS MORTGAGE SECURITIES CORPORATION II, as Depositor
	 	 	 
	 	By:	/s/
    Leah Nivison 
	 	 	Name: Leah Nivison
	 	 	Title:   Chief Executive Officer

 

	 	KEYBANK NATIONAL ASSOCIATION,
as Servicer
	 	 	 
	 	By:	/s/
    Michael A. Tilden 
	 	 	Name: Michael A. Tilden
	 	 	Title:   Vice President

 

	 	AEGON USA REALTY ADVISORS, LLC,
as Special Servicer
	 	 	 
	 	By:	/s/
    David C. Feltman 
	 	 	Name: David C. Feltman
	 	 	Title:   Executive Vice President

 

GSMS 2017-FARM: TRUST AND SERVICING AGREEMENT

 

     

    

    

 

	 	WELLS FARGO BANK, NATIONAL ASSOCIATION,
as Trustee
	 	 	 
	 	By:	/s/ Amber
    Nelson 
	 	 	Name: Amber
    Nelson
	 	 	Title:   Assistant Vice President

 

	 	WELLS FARGO BANK, NATIONAL ASSOCIATION,
as Certificate Administrator and Custodian
	 	 	 
	 	By:	/s/ Amber
    Nelson 
	 	 	Name: Amber
    Nelson
	 	 	Title:   Assistant Vice President

 

	 	PENTALPHA SURVEILLANCE LLC,
as Operating Advisor
	 	 	 
	 	By:	/s/ James
    Callahan 
	 	 	Name: James
    Callahan
	 	 	Title:   Executive Director and Solely as an
    Authorized Signatory for  Pentalpha Surveillance LLC

 

GSMS 2017-FARM: TRUST
AND SERVICING AGREEMENT

 

     

    

    

 

	STATE OF New York	)
	 	)     ss:
	COUNTY OF New York 	)

  

On this 10 day of
December 2017, before me, the undersigned, a Notary Public in and for the State of New York, duly commissioned and sworn,
personally appeared Leah Nivison, to me known who, by me duly sworn, did depose and acknowledge before me and
say that s/he resides at _____________________________________________; that s/he is the CEO of GS Mortgage
Securities Corporation II, a Delaware corporation, the entity described in and that executed the foregoing instrument; and
that s/he signed her/his name thereto under authority of the board of directors of said entity and on behalf of such
entity.

 

WITNESS my hand and seal
hereto affixed the day and year first above written.

 

	 	 	/s/ Artrisa
    Y. Williams
	 	 	NOTARY PUBLIC in and for the
	 	 	State of New York
	 	 	 
	My Commission expires:	 	 
	 	 	 
	5/24/2021	 	 
	 	 	 
	ARTRISA Y. WILLIAMS 	 	 
	Notary Public, State of New York	 	 
	No. 01WI6124039	 	 
	Qualified in New York Country	 	 
	Commission Expires May 24, 2021	 	 

 

GSMS 2017-FARM: TRUST
AND SERVICING AGREEMENT

 

     

    

    

  

	STATE OF Kansas	)
	 	)     ss:
	COUNTY OF Johnson 	)

 

On this 21 day of
December 2017, before me, the undersigned, a Notary Public in and for the State of Kansas, duly commissioned and sworn,
personally appeared Michael Tilden, to me known who, by me duly sworn, did depose and acknowledge before me and say that s/he
resides at 11501 Outlook St. Stc 300 OP, KS; that s/he is the Vice President of KeyBank National Association, a
national banking association, the entity described in and that executed the foregoing instrument; and that s/he signed
her/his name thereto under authority of the board of directors of said entity and on behalf of such entity.

 

WITNESS my hand and seal
hereto affixed the day and year first above written.

 

	 	JASMINE ANN COLHOUR	 	/s/ Jasmine Ann Colhour
		NOTARY PUBLIC,
    STATE OF KANSAS
 My Appointment Expires	 	NOTARY PUBLIC in and for the

State of Kansas
	 	September 20, 2020	 	
	 	 	 
	My Commission expires:	 	 
	 	 	 
	9/20/20	 	 

 

GSMS 2017-FARM: TRUST AND SERVICING AGREEMENT

 

     

    

    

 

	STATE OF FLORIDA	)
	 	)     ss:
	COUNTY OF PINELLAS 	)

 

On this 20 day of
December 2017, before me, the undersigned, a Notary Public in and for the State of FLORIDA, duly commissioned and
sworn, personally appeared David C. Feltman, to me known who, by me duly sworn, did depose and acknowledge before me and say
that s/he resides at Tampa, Florida; that s/he is the Executive Vice President of AEGON
USA Realty Advisors, LLC, an Iowa limited liability company, the entity described in and that executed the foregoing
instrument; and that s/he signed her/his name thereto under authority of the board of directors of said entity and on behalf
of such entity.

 

WITNESS my hand and
seal hereto affixed the day and year first above written. 

	 	 	 	 
	 	FLORIDA NOTARY ASSOCIATION

                                 SINCE 1978
	 	 
	 	
 	 	/s/ Lon Fong Martin
	     	LON FONG MARTIN

NOTARY PUBLIC

STATE OF FLORIDA

Comm# GG116295

Expires 6/19/2021	 	NOTARY PUBLIC in and for the 

State of FLORIDA
	 	 	 
	[SEAL]	 	 
	 	 	 
	My Commission expires: 6/19/2021	 	 
	 	 	 
		 	 

 

GSMS 2017-FARM: TRUST AND SERVICING AGREEMENT

 

     

    

    

 

	STATE OF: Maryland	)
	 	)     ss:
	COUNTY OF: Howard 	)

 

On this 20th day of
December 2017, before me, the undersigned, a Notary Public in and for the State of Maryland, duly commissioned and sworn,
personally appeared Amber Nelson, to me known who, by me duly sworn, that s/he is the Assistant Vice President of Wells Fargo
Bank, N.A., the entity described in and that executed the foregoing instrument; and that s/he signed her/his name thereto
under authority of the board of directors of said entity and on behalf of such entity.

 

WITNESS my hand and seal
hereto affixed the day and year first above written.

 

	 	
 	 	/s/ Andrew Crews
	      	 	 	NOTARY PUBLIC in and for the 

State of Maryland
	 	 	 
	 	 	ANDREW CREWS

MY COMMISSION EXPIRES

                                   NOTARY PUBLIC

OCTOBER 27, 2021
CECIL COUNTY, MD
	 	 	 

 

GSMS 2017-FARM: TRUST AND SERVICING AGREEMENT

 

     

    

    

 

	STATE OF: Maryland	)
	 	)     ss:
	COUNTY OF: Howard 	)

 

On this 20th day of
December 2017, before me, the undersigned, a Notary Public in and for the State of Maryland, duly commissioned and sworn,
personally appeared Amber Nelson, to me known who, by me duly sworn, that s/he is the Assistant Vice President of Wells Fargo
Bank, N.A., the entity described in and that executed the foregoing instrument; and that s/he signed her/his name thereto
under authority of the board of directors of said entity and on behalf of such entity.

 

WITNESS my hand and seal
hereto affixed the day and year first above written.

 

	 	
 	 	/s/ Andrew Crews
	      	 	 	NOTARY PUBLIC in and for the 

State of Maryland
	 	 	 
	 	 	ANDREW CREWS

MY COMMISSION EXPIRES

                                   NOTARY PUBLIC

OCTOBER 27, 2021
CECIL COUNTY, MD
	 	 	 

 

GSMS 2017-FARM: TRUST AND SERVICING AGREEMENT

 

     

    

    

 

	STATE OF CONNECTICUT	)
	 	)     ss:
	COUNTY OF FAIRFIELD 	)

 

On
this 15th day of December 2017, before me, the undersigned, a Notary Public in and for the State of Connecticut, duly
commissioned and sworn, personally appeared James Callahan, to me known who, by me duly sworn, did depose and acknowledge before
me and say that he resides at Greenwich Office Park; that he is the Executive Director of Pentalpha Surveillance LLC, a limited
liability company, the entity described in and that executed the foregoing instrument and that s/he signed her/his name thereto
under authority of said entity and on behalf of such entity.

 

WITNESS
my hand and seal hereto affixed the day and year first above written.

 

	 	
 	 	/s/ Melonie S. Williams
	     	 	 	NOTARY PUBLIC in and for the 

State of CONNECTICUT
	 	 	 
	[SEAL]	 	 
	 	 	 
	My Commission expires: 7/31/2019	 	 
	 	 	 
		 	 
	 	 	 
	MELONIE S. WILLIAMS

 Notary Public

Connecticut

My Commission Expires July 31, 2019	 	 

 

GSMS 2017-FARM: TRUST AND SERVICING AGREEMENT

 

     

    

    

 

EXHIBIT A-1

 

FORM OF CLASS A CERTIFICATES

 

CLASS
A

 

[THIS CERTIFICATE IS A TEMPORARY
REGULATION S GLOBAL CERTIFICATE FOR PURPOSES OF REGULATION S UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE
“SECURITIES ACT”). NEITHER THIS TEMPORARY REGULATION S GLOBAL CERTIFICATE NOR ANY INTEREST HEREIN MAY BE OFFERED,
SOLD OR DELIVERED, EXCEPT AS PERMITTED UNDER THE TRUST AND SERVICING AGREEMENT REFERRED TO BELOW.

 

NO BENEFICIAL OWNERS OF THIS
TEMPORARY REGULATION S GLOBAL CERTIFICATE SHALL BE ENTITLED TO RECEIVE PAYMENTS OF PRINCIPAL OR INTEREST HEREON UNLESS THE REQUIRED
CERTIFICATIONS HAVE BEEN DELIVERED PURSUANT TO THE TERMS OF THE TRUST AND SERVICING AGREEMENT.]1

 

[UNLESS THIS CERTIFICATE
IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”),
TO THE CERTIFICATE REGISTRAR FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE
NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO
CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER
USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS
AN INTEREST HEREIN.]2

 

[TRANSFERS OF THIS GLOBAL
CERTIFICATE SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF DTC OR A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S
NOMINEE, AND TRANSFERS OF BENEFICIAL INTERESTS IN THIS GLOBAL CERTIFICATE SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH
THE RESTRICTIONS SET FORTH IN THE TRUST AND SERVICING AGREEMENT REFERRED TO BELOW.]3

 

THIS CERTIFICATE DOES NOT
REPRESENT AN INTEREST IN OR OBLIGATION OF THE DEPOSITOR, THE BORROWER SPONSORS, THE MORTGAGE LOAN BORROWER, THE COMPANION LOAN
HOLDERS, THE SERVICER, THE SPECIAL 

 

 

 

1
Temporary Regulation S Global Certificate legend.

 

2
Legend required as long as DTC is the Depository under the Trust and Servicing Agreement.

 

3
Global Certificate legend.

 

    Exhibit A-1-1 

     

    

 

SERVICER, THE OPERATING ADVISOR, THE
CERTIFICATE ADMINISTRATOR, THE TRUSTEE, THE INITIAL PURCHASERS, THE SPONSOR OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THIS
CERTIFICATE NOR THE TRUST LOAN ARE INSURED OR GUARANTEED BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY OR PRIVATE INSURER.

 

PRINCIPAL PAYMENTS IN RESPECT OF THIS
CERTIFICATE ARE DISTRIBUTABLE AS SET FORTH IN THE TRUST AND SERVICING AGREEMENT. ACCORDINGLY, THE OUTSTANDING CERTIFICATE BALANCE
OF THIS CERTIFICATE AT ANY TIME MAY BE LESS THAN THE INITIAL CERTIFICATE BALANCE.

 

THIS CERTIFICATE HAS NOT BEEN AND WILL
NOT BE REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR ANY STATE
OR FOREIGN SECURITIES LAW. THE HOLDER HEREOF, BY PURCHASING THIS CERTIFICATE, AGREES THAT THIS CERTIFICATE MAY BE REOFFERED, RESOLD,
PLEDGED OR OTHERWISE TRANSFERRED ONLY (A)(1) PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”) TO
A PERSON THAT THE HOLDER REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” WITHIN THE MEANING OF RULE 144A (A
“QIB”), OR IS PURCHASING FOR THE ACCOUNT OF A QIB, AND WHOM THE HOLDER HAS INFORMED THAT THE REOFFER, RESALE,
PLEDGE, OR OTHER TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, (2) (EXCEPT WITH RESPECT TO THE CLASS YM CERTIFICATES AND THE
CLASS R CERTIFICATES) TO AN INSTITUTION THAT IS NOT A “U.S. PERSON” IN AN “OFFSHORE TRANSACTION”, AS SUCH
TERMS ARE DEFINED IN, AND IN ACCORDANCE WITH RULE 903 OR RULE 904 OF, REGULATION S UNDER THE SECURITIES ACT, OR (3) (EXCEPT WITH
RESPECT TO THE CLASS YM CERTIFICATES AND THE CLASS R CERTIFICATES) TO AN INSTITUTIONAL “ACCREDITED INVESTOR” WITHIN
THE MEANING OF RULE 501(a)(1), (2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT, OR ANY ENTITY IN WHICH ALL OF THE EQUITY
OWNERS ARE “ACCREDITED INVESTORS” WITHIN THE MEANING OF RULE 501(a)(1), (2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES
ACT, THAT IS NOT A QIB, AND (B) IN EACH CASE IN ACCORDANCE WITH ANY APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES
OR ANY OTHER APPLICABLE JURISDICTION.

 

THIS CERTIFICATE MAY NOT BE
PURCHASED BY OR PLEDGED, SOLD OR OTHERWISE TRANSFERRED TO ANY PERSON THAT IS OR BECOMES AN EMPLOYEE BENEFIT PLAN OR OTHER
PLAN THAT IS SUBJECT TO THE FIDUCIARY RESPONSIBILITY PROVISIONS OF TITLE I OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF
1974, AS AMENDED (“ERISA”), OR TO SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE
“CODE”), OR A GOVERNMENTAL PLAN (AS DEFINED IN SECTION 3(32) OF ERISA) OR OTHER PLAN THAT IS SUBJECT TO
ANY FEDERAL, STATE, LOCAL OR NON-U.S. LAW THAT IS, TO A MATERIAL EXTENT, SIMILAR TO SECTION 406 OF ERISA OR SECTION 4975 OF
THE CODE (“SIMILAR LAW”), OR ANY PERSON ACTING ON

 

    Exhibit A-1-2 

     

    

 

BEHALF OF ANY SUCH PLAN OR USING THE ASSETS OF SUCH PLAN
TO ACQUIRE THIS CERTIFICATE, UNLESS (A) SUCH PERSON IS AN “ACCREDITED INVESTOR” AS DEFINED IN RULE 501(a)(1) OF
REGULATION D OF THE SECURITIES AND EXCHANGE COMMISSION UNDER THE SECURITIES ACT OF 1933, AND (B) THE ACQUISITION, HOLDING AND
DISPOSITION OF THE CERTIFICATES BY SUCH PERSON WILL NOT CONSTITUTE OR OTHERWISE RESULT IN A NON-EXEMPT PROHIBITED TRANSACTION
UNDER SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE (OR A SIMILAR NON-EXEMPT VIOLATION OF SIMILAR LAW).

 

THIS CERTIFICATE REPRESENTS (I) A BENEFICIAL
INTEREST IN A “REGULAR INTEREST” IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED,
RESPECTIVELY, IN CODE SECTIONS 860G(a)(1) AND 860D AND (II) A BENEFICIAL INTEREST IN THE EXCESS INTEREST AND PROCEEDS THEREOF IN
THE EXCESS INTEREST DISTRIBUTION ACCOUNT.

 

    Exhibit A-1-3 

     

    

 

GS MORTGAGE SECURITIES CORPORATION TRUST 2017-FARM COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES, SERIES
2017-FARM, CLASS A

 

	
        Pass-Through Rate: The Net Mortgage Loan Rate4
	 	 
	 	 	 
	First Distribution Date: January 12, 2018	 	 
	 	 	 
	
        Aggregate Initial Certificate Balance of the Class A
Certificates: $146,793,000
	 	Rated Final Distribution Date: January 2043
	 	 	 
	CUSIP:   36254X AA25

                    U04014
    AA16

                    36254X
    AB07	 	
        Initial Certificate Balance of this

        Certificate:   $[______][QIB]

                             $[______][Reg S]

                             $[______][IAI]

	 	 	 
	ISIN:      US36254XAA288	 	 
	               USU04014AA159	 	 
	               US36254XAB0110	 	 
	 	 	 
	Common Code: 174328790	 	 

 

No.:
A-[1] 

 

This
certifies that [Cede & Co.]11 is the registered owner of the Percentage Interest evidenced by this Certificate
in the distributions to be made from a Trust Fund with respect to the Class A Certificates. The Trust Fund consists primarily
of one note secured by certain Collateral held in trust by the Certificate Administrator on behalf of the Trustee issued by multiple
special purpose entities evidencing a fixed rate loan (the “Trust Loan”). The Trust Fund was created, and the
Trust Loan is to be serviced, pursuant to the Trust and Servicing Agreement (as defined below). The Holder of this Certificate,
by virtue of the acceptance hereof, assents to the terms, provisions and conditions of the Trust and Servicing Agreement and is
bound thereby. Also issued under the Trust and Servicing Agreement are the Class B, Class YM, Class HRR and Class R Certificates
(collectively with the Class A Certificates, the “Certificates”; the Holders of Certificates issued

 

 

 

4
The initial approximate Pass-Through Rate as of the Closing Date is 3.5406%.

 

5
For Rule 144A Certificates.

 

6
For Regulation S Certificates.

 

7
For IAI Certificates.

 

8
For Rule 144A Certificates.

 

9 For
Regulation S Certificates.

 

10
For IAI Certificates.

 

11
For Global Certificate only.

 

    Exhibit A-1-4 

     

    

 

under the Trust and Servicing Agreement are collectively referred to herein as
“Certificateholders”).

 

This Certificate
is issued pursuant to, and in accordance with, the terms of a Trust and Servicing Agreement, dated as of December 29, 2017 (the
“Trust and Servicing Agreement”), by and among GS Mortgage Securities Corporation II, as Depositor, KeyBank
National Association, as servicer, AEGON USA Realty Advisors, LLC, as special servicer, Wells Fargo Bank, National Association
as certificate administrator, custodian and trustee, and Pentalpha Surveillance LLC, as operating advisor. To the extent not defined
herein, capitalized terms used herein shall have the meanings assigned thereto in the Trust and Servicing Agreement.

 

This Certificate
represents a “regular interest” in a “real estate mortgage investment conduit,” as those terms are defined,
respectively, in Section 860G(a)(1) and 860D of the Internal Revenue Code of 1986, as amended.

 

Pursuant
to the terms of the Trust and Servicing Agreement, the Certificate Administrator will distribute, on the 4th Business Day after
each Determination Date, commencing in January 2018 (each such date, a “Distribution Date”), to the Person in
whose name this Certificate is registered as of the related Record Date, which will be the close of business on the last Business
Day of the month preceding the calendar month in which the applicable Distribution Date occurs, an amount equal to such Person’s
pro rata share (based on the Percentage Interest represented by this Certificate) of that portion of the aggregate amount
of principal and interest, any Yield Maintenance Premiums then distributable, if any, and any other amounts distributable to the
Class A Certificates for such Distribution Date, all as more fully described in the Trust and Servicing Agreement.

 

All distributions
will be made to the Persons entitled thereto by check mailed by first class mail to the address set forth therefor in the Certificate
Register or, provided that the Certificate Administrator has received appropriate wire transfer instructions, at least five Business
Days prior to the related Distribution Date, by wire transfer of immediately available funds to the account of such Certificateholder
at a bank or other entity located in the United States and having appropriate facilities therefor. The final distribution on each
Certificate shall be made in like manner, but only upon presentment and surrender of such Certificate at the location that is specified
by the Certificate Administrator in the notice to Certificateholders of such final distribution.

 

This Certificate
is limited in right of payment to, among other things, certain collections and recoveries in respect of the Trust Loan, as more
specifically set forth herein and in the Trust and Servicing Agreement.

 

This Certificate
does not purport to summarize the Trust and Servicing Agreement, and reference is made to the Trust and Servicing Agreement for
the interests, rights, benefits, obligations and duties evidenced hereby, and the limitations thereon, and the rights, duties and
immunities of the Certificate Administrator.

 

As
provided in the Trust and Servicing Agreement, subject to certain restrictions on transfer set forth therein, upon surrender
for registration of transfer of any Certificate, the

 

    Exhibit A-1-5 

     

    

 

Certificate Registrar shall execute, authenticate and deliver, in the
name of the designated transferee or transferees, one or more new Certificates in authorized denominations, in like aggregate
interest and of the same Class.

 

Prior to
due presentation of this Certificate for registration of transfer, the Trustee, the Servicer, the Special Servicer, the Certificate
Administrator, the Certificate Registrar, and any agent of the Trustee, the Servicer, the Special Servicer, the Certificate Administrator
or the Certificate Registrar may treat the Person in whose name any Certificate is registered as the owner of such Certificate
for the purpose of receiving distributions as provided in the Trust and Servicing Agreement and for all other purposes whatsoever,
and none of the Trustee, the Servicer, the Special Servicer, the Certificate Administrator, the Certificate Registrar, nor any
agent of the Trustee, the Servicer, the Special Servicer, the Certificate Administrator or the Certificate Registrar shall be affected
by any notice to the contrary.

 

The Trust
and Servicing Agreement may be amended from time to time by the Depositor, the Servicer, the Special Servicer, the Certificate
Administrator, the Custodian, the Operating Advisor and the Trustee, without the consent of any of the Certificateholders or Companion
Loan Holders, in certain circumstances specified in the Trust and Servicing Agreement. The Trust and Servicing Agreement may also
be amended from time to time by the Depositor, the Servicer, the Special Servicer, the Certificate Administrator, the Custodian,
the Operating Advisor and the Trustee with the consent of the Holders of Certificates of each Class adversely affected by such
amendment evidencing, in each case, not less than 51% of the aggregate Percentage Interests constituting the Class for the purpose
of adding any provisions to or changing in any manner or eliminating any of the provisions of the Trust and Servicing Agreement
or of modifying in any manner the rights of the Holders of the Certificates, except that the amendment may not (1) reduce in any
manner the amount of, or delay the timing of, payments received on the Trust Loan that are required to be distributed on any Certificate;
(2) alter in any manner the liens on any Collateral securing payments of the Trust Loan; (3) alter the obligations of the Servicer
or the Trustee to make an Advance or alter the Accepted Servicing Practices; (4) change the percentages of Voting Rights or Percentage
Interests of Certificateholders that are required to consent to any action or inaction under the Trust and Servicing Agreement;
(5) adversely affect the Controlling Class Representative without the consent of 100% of the Controlling Class Certificateholders;
or (6) amend the Section 10.1 of the Trust and Servicing Agreement. Notwithstanding the foregoing, no amendment to the Trust and
Servicing Agreement may be made that changes in any manner the obligations of the Sponsors under the Loan Purchase Agreement without
the consent of the Sponsors, and the Trustee, Servicer, Special Servicer, Operating Advisor, Certificate Administrator or Custodian
may, but will not be obligated to, enter into any amendment to the Trust and Servicing Agreement that it determines affects its
rights, duties or immunities or creates any additional liability for the Trustee, Servicer, Special Servicer, Operating Advisor,
Certificate Administrator or Custodian under the Trust and Servicing Agreement. In addition, no amendment may be made to the Trust
and Servicing Agreement unless the Certificate Administrator, the Trustee, the Custodian, the Operating Advisor, the Servicer and
the Special Servicer have first received an Opinion of Counsel (at the expense of the party requesting the amendment, or at the
Trust Fund’s expense if the Trustee or the Certificate Administrator is the requesting party) to the effect that the amendment
is authorized or permitted under the Trust and Servicing Agreement and all conditions precedent have been met and that the amendment
or the exercise of any power granted to the Servicer, the Special Servicer, the Depositor, the Certificate

 

    Exhibit A-1-6 

     

    

 

Administrator,
the Trustee or any other specified person in accordance with the amendment, will not result in an Adverse REMIC Event.

 

The Trust
and Servicing Agreement provides that the respective obligations and responsibilities of the Servicer, the Special Servicer, the
Certificate Administrator, the Operating Advisor, the Depositor and the Trustee created thereby with respect to the Certificates
(other than the obligation to make certain payments to the Companion Loan Holders and the obligation of the Certificate Administrator
to make certain payments to Certificateholders after the final Distribution Date, and other than the obligation of the Certificate
Administrator to file final tax returns for the Upper-Tier REMIC and the Lower-Tier REMIC, to maintain books and records of the
Trust Fund for such period of time as it maintains its own books and records and other than the indemnification rights and obligations
of the parties thereto) shall terminate upon the last action required to be taken by the Certificate Administrator on the final
Distribution Date pursuant to Article 9 of the Trust and Servicing Agreement following the later of (i) the final payment
on the Certificates or (ii) the liquidation of the Whole Loan (including, without limitation, the sale of the Whole Loan pursuant
to the Intercreditor Agreement or the Trust and Servicing Agreement, as applicable) or the liquidation or abandonment of the Properties
and all other Collateral for the Whole Loan; provided, however, that in no event shall the Trust continue beyond
the expiration of 21 years from the death of the last survivor of the descendants of Joseph P. Kennedy, the late ambassador of
the United States to the Court of St. James’s, living on the date of execution of the Trust and Servicing Agreement. Unless
the Certificate of Authentication on this Certificate has been executed by the Certificate Administrator or on its behalf by the
Authenticating Agent, by manual signature, this Certificate shall not be entitled to any benefit under the Trust and Servicing
Agreement or be valid for any purpose.

 

The Certificate
Administrator makes no representation or warranty as to any of the statements contained herein or the validity or sufficiency of
the Certificates or the Trust Loan and has executed this Certificate in its limited capacity as Certificate Administrator under
the Trust and Servicing Agreement.

 

    Exhibit A-1-7 

     

    

 

IN WITNESS WHEREOF, the Certificate
Administrator has caused this Certificate to be duly executed.

 

Dated:
December 29, 2017

	 	 
	 	WELLS
                    FARGO BANK, NATIONAL ASSOCIATION, 

not in its individual capacity but solely as Certificate Administrator

	 	 	 
	 	By:	
	 	 	Authorized Officer

  

Certificate of Authentication

 

This
is one of the Class A Certificates referred to in the Trust and Servicing Agreement.

 

Dated:
December 29, 2017

	 	 
	 	WELLS FARGO BANK, NATIONAL
ASSOCIATION,
 

not in its individual capacity but solely as Authenticating Agent

	 	 	 
	 	By:	
	 	 	Authorized Officer

  

    Exhibit A-1-8 

     

    

 

SCHEDULE A

 

SCHEDULE OF EXCHANGES

 

The
following payments of principal and exchanges of a part of this [Rule 144A Global Certificate] [Temporary Regulation S Global
Certificate] [Regulation S Global Certificate] [Definitive Certificate] have been made:

 

	Date of

Exchange or

Payment of

Principal	 	Certificate

Balance

Prior to

Exchange or

Payment	 	Certificate

Balance

Exchanged

or Principal

Payment

Made	 	Type of

Certificate

Exchanged

for	 	Remaining

Certificate

Balance

Following

Such

Exchange or

Payment	 	Notation

Made by
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 

 

    Exhibit A-1-9 

     

    

 

ASSIGNMENT

 

FOR
VALUE RECEIVED, the undersigned (“Assignor(s)”) hereby sell(s), assign(s) and transfer(s) unto __________________________________________
(please print or typewrite name(s) and address(es), including postal zip
code(s) of assignee(s)) (“Assignee(s)”) the entire Percentage Interest represented by the within
Certificate and hereby authorize(s) the registration of transfer of such interest to Assignee(s) on the Certificate Register
of the Trust.

 

I (we) further direct the Certificate Registrar to issue a new Certificate of the entire Percentage Interest
represented by the within Certificate to the above-named Assignee(s) and to deliver such Certificate to the following address:

	 
	 
	 
	 
	Date: __________________

	 	 	 
	 	Signature by or on behalf of
	 	Assignor(s):
	 	 	 
	 	 
	 	Taxpayer Identification Number:
    _________

 

    Exhibit A-1-10 

     

    

 

DISTRIBUTION INSTRUCTIONS

 

The
Assignee(s) should include the following for purposes of distribution:

 

Address of the Assignee(s) for the purpose
of receiving notices and distributions:
_____________________________________________________________.

 

Distributions, if being
made by wire transfer in immediately available funds, to ____________________________ for the account of __________________________
account number ____________________.

 

This information is provided
by _____________________________________________________ the Assignee(s) named above, or ________________________________________________ as
its (their) agent.

 

	 	By:	 
	 	 	[Please print or type name(s)]

 

	 	Title:	 
	 	 
	 	Taxpayer Identification Number:

 

    Exhibit A-1-11 

     

    

  

EXHIBIT A-2

 

FORM OF CLASS B CERTIFICATES

 

CLASS
B

 

[THIS
CERTIFICATE IS A TEMPORARY REGULATION S GLOBAL CERTIFICATE FOR PURPOSES OF REGULATION S UNDER THE UNITED STATES SECURITIES ACT
OF 1933, AS AMENDED (THE “SECURITIES ACT”). NEITHER THIS TEMPORARY REGULATION S GLOBAL CERTIFICATE NOR ANY
INTEREST HEREIN MAY BE OFFERED, SOLD OR DELIVERED, EXCEPT AS PERMITTED UNDER THE TRUST AND SERVICING AGREEMENT REFERRED TO BELOW.

 

NO BENEFICIAL OWNERS OF THIS
TEMPORARY REGULATION S GLOBAL CERTIFICATE SHALL BE ENTITLED TO RECEIVE PAYMENTS OF PRINCIPAL OR INTEREST HEREON UNLESS THE REQUIRED
CERTIFICATIONS HAVE BEEN DELIVERED PURSUANT TO THE TERMS OF THE TRUST AND SERVICING AGREEMENT.]1

 

[UNLESS THIS CERTIFICATE
IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”),
TO THE CERTIFICATE REGISTRAR FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE
NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO
CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER
USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS
AN INTEREST HEREIN.]2

 

[TRANSFERS OF THIS GLOBAL
CERTIFICATE SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF DTC OR A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S
NOMINEE, AND TRANSFERS OF BENEFICIAL INTERESTS IN THIS GLOBAL CERTIFICATE SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH
THE RESTRICTIONS SET FORTH IN THE TRUST AND SERVICING AGREEMENT REFERRED TO BELOW.]3

 

THIS CERTIFICATE DOES NOT
REPRESENT AN INTEREST IN OR OBLIGATION OF THE DEPOSITOR, THE BORROWER SPONSORS, THE MORTGAGE LOAN BORROWER, THE COMPANION LOAN
HOLDERS, THE SERVICER, THE SPECIAL

 

 

 

1
Temporary Regulation S Global Certificate legend.

 

2
Legend required as long as DTC is the Depository under the Trust and Servicing Agreement.

 

3
Global Certificate legend.

 

    Exhibit A-2-1 

     

    

 

SERVICER,
THE OPERATING ADVISOR, THE CERTIFICATE ADMINISTRATOR, THE TRUSTEE, THE INITIAL PURCHASERS, THE SPONSOR OR ANY OF THEIR RESPECTIVE
AFFILIATES. NEITHER THIS CERTIFICATE NOR THE TRUST LOAN ARE INSURED OR GUARANTEED BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY
OR PRIVATE INSURER.

 

PRINCIPAL
PAYMENTS IN RESPECT OF THIS CERTIFICATE ARE DISTRIBUTABLE AS SET FORTH IN THE TRUST AND SERVICING AGREEMENT. ACCORDINGLY, THE
OUTSTANDING CERTIFICATE BALANCE OF THIS CERTIFICATE AT ANY TIME MAY BE LESS THAN THE INITIAL CERTIFICATE BALANCE.

 

THIS
CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”), OR ANY STATE OR FOREIGN SECURITIES LAW. THE HOLDER HEREOF, BY PURCHASING THIS CERTIFICATE, AGREES THAT THIS CERTIFICATE
MAY BE REOFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY (A)(1) PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE
144A”) TO A PERSON THAT THE HOLDER REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” WITHIN THE MEANING
OF RULE 144A (A “QIB”), OR IS PURCHASING FOR THE ACCOUNT OF A QIB, AND WHOM THE HOLDER HAS INFORMED THAT THE
REOFFER, RESALE, PLEDGE, OR OTHER TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, (2) (EXCEPT WITH RESPECT TO THE CLASS YM CERTIFICATES
AND THE CLASS R CERTIFICATES) TO AN INSTITUTION THAT IS NOT A “U.S. PERSON” IN AN “OFFSHORE TRANSACTION”,
AS SUCH TERMS ARE DEFINED IN, AND IN ACCORDANCE WITH RULE 903 OR RULE 904 OF, REGULATION S UNDER THE SECURITIES ACT, OR (3) (EXCEPT
WITH RESPECT TO THE CLASS YM CERTIFICATES AND THE CLASS R CERTIFICATES) TO AN INSTITUTIONAL “ACCREDITED INVESTOR”
WITHIN THE MEANING OF RULE 501(a)(1), (2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT, OR ANY ENTITY IN WHICH ALL OF
THE EQUITY OWNERS ARE “ACCREDITED INVESTORS” WITHIN THE MEANING OF RULE 501(a)(1), (2), (3) OR (7) OF REGULATION D
UNDER THE SECURITIES ACT, THAT IS NOT A QIB, AND (B) IN EACH CASE IN ACCORDANCE WITH ANY APPLICABLE SECURITIES LAWS OF ANY STATE
OF THE UNITED STATES OR ANY OTHER APPLICABLE JURISDICTION.

 

THIS
CLASS B CERTIFICATE IS SUBORDINATED TO THE CLASS A CERTIFICATES AS AND TO THE EXTENT SET FORTH IN THE TRUST AND SERVICING AGREEMENT
REFERRED TO HEREIN.

 

THIS
CERTIFICATE MAY NOT BE PURCHASED BY OR PLEDGED, SOLD OR OTHERWISE TRANSFERRED TO ANY PERSON THAT IS OR BECOMES AN EMPLOYEE
BENEFIT PLAN OR OTHER PLAN THAT IS SUBJECT TO THE FIDUCIARY RESPONSIBILITY PROVISIONS OF TITLE I OF THE EMPLOYEE RETIREMENT
INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”), OR TO SECTION 4975 OF THE INTERNAL REVENUE CODE OF
1986, AS AMENDED (THE

 

    Exhibit A-2-2 

     

    

 

“CODE”), OR A GOVERNMENTAL PLAN (AS DEFINED IN SECTION 3(32) OF ERISA) OR OTHER PLAN
THAT IS SUBJECT TO ANY FEDERAL, STATE, LOCAL OR NON-U.S. LAW THAT IS, TO A MATERIAL EXTENT, SIMILAR TO SECTION 406 OF ERISA
OR SECTION 4975 OF THE CODE (“SIMILAR LAW”), OR ANY PERSON ACTING ON BEHALF OF ANY SUCH PLAN OR USING THE
ASSETS OF SUCH PLAN TO ACQUIRE THIS CERTIFICATE, UNLESS (A) SUCH PERSON IS AN “ACCREDITED INVESTOR” AS DEFINED IN
RULE 501(a)(1) OF REGULATION D OF THE SECURITIES AND EXCHANGE COMMISSION UNDER THE SECURITIES ACT OF 1933, AND (B) THE
ACQUISITION, HOLDING AND DISPOSITION OF THE CERTIFICATES BY SUCH PERSON WILL NOT CONSTITUTE OR OTHERWISE RESULT IN A
NON-EXEMPT PROHIBITED TRANSACTION UNDER SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE (OR A SIMILAR NON-EXEMPT VIOLATION
OF SIMILAR LAW).

 

THIS
CERTIFICATE REPRESENTS (I) A BENEFICIAL INTEREST IN A “REGULAR INTEREST” IN A “REAL ESTATE MORTGAGE INVESTMENT
CONDUIT,” AS THOSE TERMS ARE DEFINED, RESPECTIVELY, IN CODE SECTIONS 860G(a)(1) AND 860D AND (II) A BENEFICIAL INTEREST
IN THE EXCESS INTEREST AND PROCEEDS THEREOF IN THE EXCESS INTEREST DISTRIBUTION ACCOUNT.

 

    Exhibit A-2-3 

     

    

 

GS MORTGAGE SECURITIES
CORPORATION TRUST 2017-FARM

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,

SERIES 2017-FARM, CLASS B 

 

	
        Pass-Through Rate: The Net Mortgage Loan Rate4
	 	 
	 	 	 
	First Distribution Date: January 12, 2018	 	 
	 	 	 
	
        Aggregate Initial Certificate Balance of the Class B
Certificates: $99,207,000
	 	Rated Final Distribution Date: January 2043
	 	 	 
	
        CUSIP:    36254X AE45

                        U04014
        AC76

                        36254X
        AF17
	 	
        Initial Certificate Balance of this

        Certificate:    $[______][QIB]

                               $[______][Reg S]

                               $[______][IAI]

	 	 	 
	
        ISIN:      US36254XAE408

                       USU04014AC709

                       US36254XAF1510
	 	 
	 	 	 
	Common Code: 174328846	 	 

 

No.:
B-[1]

  

This
certifies that [Cede & Co.]11 is the registered owner of the Percentage Interest evidenced by this Certificate
in the distributions to be made from a Trust Fund with respect to the Class B Certificates. The Trust Fund consists primarily
of one note secured by certain Collateral held in trust by the Certificate Administrator on behalf of the Trustee issued by multiple
special purpose entities evidencing a fixed rate loan (the “Trust Loan”). The Trust Fund was created, and the
Trust Loan is to be serviced, pursuant to the Trust and Servicing Agreement (as defined below). The Holder of this Certificate,
by virtue of the acceptance hereof, assents to the terms, provisions and conditions of the Trust and Servicing Agreement and is
bound thereby. Also issued under the Trust and Servicing Agreement are the Class A, Class YM, Class HRR and Class R Certificates
(collectively with the Class B Certificates, the “Certificates”; the Holders of Certificates issued

 

 

 

4
The initial approximate Pass-Through Rate as of the Closing Date is 3.5406%.

 

5
For Rule 144A Certificates. 

 

6
For Regulation S Certificates.

 

7
For IAI Certificates. 

 

8
For Rule 144A Certificates.

 

9
For Regulation S Certificates. 

 

10
For IAI Certificates.

 

11
For Global Certificate only.

 

    Exhibit A-2-4 

     

    

 

under the Trust and Servicing Agreement are collectively referred to herein as
“Certificateholders”).

 

This Certificate
is issued pursuant to, and in accordance with, the terms of a Trust and Servicing Agreement, dated as of December 29, 2017 (the
“Trust and Servicing Agreement”), by and among GS Mortgage Securities Corporation II, as Depositor, KeyBank
National Association, as servicer, AEGON USA Realty Advisors, LLC, as special servicer, Wells Fargo Bank, National Association
as certificate administrator, custodian and trustee, and Pentalpha Surveillance LLC, as operating advisor. To the extent not defined
herein, capitalized terms used herein shall have the meanings assigned thereto in the Trust and Servicing Agreement.

 

This Certificate
represents a “regular interest” in a “real estate mortgage investment conduit,” as those terms are defined,
respectively, in Section 860G(a)(1) and 860D of the Internal Revenue Code of 1986, as amended.

 

Pursuant
to the terms of the Trust and Servicing Agreement, the Certificate Administrator will distribute, on the 4th Business Day after
each Determination Date, commencing in January 2018 (each such date, a “Distribution Date”), to the Person in
whose name this Certificate is registered as of the related Record Date, which will be the close of business on the last Business
Day of the month preceding the calendar month in which the applicable Distribution Date occurs, an amount equal to such Person’s
pro rata share (based on the Percentage Interest represented by this Certificate) of that portion of the aggregate amount
of principal and interest, any Yield Maintenance Premiums then distributable, if any, and any other amounts distributable to the
Class B Certificates for such Distribution Date, all as more fully described in the Trust and Servicing Agreement.

 

All distributions
will be made to the Persons entitled thereto by check mailed by first class mail to the address set forth therefor in the Certificate
Register or, provided that the Certificate Administrator has received appropriate wire transfer instructions, at least five Business
Days prior to the related Distribution Date, by wire transfer of immediately available funds to the account of such Certificateholder
at a bank or other entity located in the United States and having appropriate facilities therefor. The final distribution on each
Certificate shall be made in like manner, but only upon presentment and surrender of such Certificate at the location that is specified
by the Certificate Administrator in the notice to Certificateholders of such final distribution.

 

This Certificate
is limited in right of payment to, among other things, certain collections and recoveries in respect of the Trust Loan, as more
specifically set forth herein and in the Trust and Servicing Agreement.

 

This Certificate
does not purport to summarize the Trust and Servicing Agreement, and reference is made to the Trust and Servicing Agreement for
the interests, rights, benefits, obligations and duties evidenced hereby, and the limitations thereon, and the rights, duties and
immunities of the Certificate Administrator.

 

As
provided in the Trust and Servicing Agreement, subject to certain restrictions on transfer set forth therein, upon surrender
for registration of transfer of any Certificate, the

 

    Exhibit A-2-5 

     

    

 

 Certificate Registrar shall execute, authenticate and deliver, in the
name of the designated transferee or transferees, one or more new Certificates in authorized denominations, in like aggregate
interest and of the same Class.

 

Prior to
due presentation of this Certificate for registration of transfer, the Trustee, the Servicer, the Special Servicer, the Certificate
Administrator, the Certificate Registrar, and any agent of the Trustee, the Servicer, the Special Servicer, the Certificate Administrator
or the Certificate Registrar may treat the Person in whose name any Certificate is registered as the owner of such Certificate
for the purpose of receiving distributions as provided in the Trust and Servicing Agreement and for all other purposes whatsoever,
and none of the Trustee, the Servicer, the Special Servicer, the Certificate Administrator, the Certificate Registrar, nor any
agent of the Trustee, the Servicer, the Special Servicer, the Certificate Administrator or the Certificate Registrar shall be affected
by any notice to the contrary.

 

The
Trust and Servicing Agreement may be amended from time to time by the Depositor, the Servicer, the Special Servicer, the
Certificate Administrator, the Custodian, the Operating Advisor and the Trustee, without the consent of any of the
Certificateholders or Companion Loan Holders, in certain circumstances specified in the Trust and Servicing Agreement. The
Trust and Servicing Agreement may also be amended from time to time by the Depositor, the Servicer, the Special Servicer, the
Certificate Administrator, the Custodian, the Operating Advisor and the Trustee with the consent of the Holders of
Certificates of each Class adversely affected by such amendment evidencing, in each case, not less than 51% of the aggregate
Percentage Interests constituting the Class for the purpose of adding any provisions to or changing in any manner or
eliminating any of the provisions of the Trust and Servicing Agreement or of modifying in any manner the rights of the
Holders of the Certificates, except that the amendment may not (1) reduce in any manner the amount of, or delay the timing
of, payments received on the Trust Loan that are required to be distributed on any Certificate; (2) alter in any manner the
liens on any Collateral securing payments of the Trust Loan; (3) alter the obligations of the Servicer or the Trustee to make
an Advance or alter the Accepted Servicing Practices; (4) change the percentages of Voting Rights or Percentage Interests of
Certificateholders that are required to consent to any action or inaction under the Trust and Servicing Agreement; (5)
adversely affect the Controlling Class Representative without the consent of 100% of the Controlling Class
Certificateholders; or (6) amend the Section 10.1 of the Trust and Servicing Agreement. Notwithstanding the foregoing, no
amendment to the Trust and Servicing Agreement may be made that changes in any manner the obligations of the Sponsors under
the Loan Purchase Agreement without the consent of the Sponsors, and the Trustee, Servicer, Special Servicer, Operating
Advisor, Certificate Administrator or Custodian may, but will not be obligated to, enter into any amendment to the Trust and
Servicing Agreement that it determines affects its rights, duties or immunities or creates any additional liability for the
Trustee, Servicer, Special Servicer, Operating Advisor, Certificate Administrator or Custodian under the Trust and Servicing
Agreement. In addition, no amendment may be made to the Trust and Servicing Agreement unless the Certificate Administrator,
the Trustee, the Custodian, the Operating Advisor, the Servicer and the Special Servicer have first received an Opinion of
Counsel (at the expense of the party requesting the amendment, or at the Trust Fund’s expense if the Trustee or the
Certificate Administrator is the requesting party) to the effect that the amendment is authorized or permitted under the
Trust and Servicing Agreement and all conditions precedent have been met and that the amendment or the exercise of any power
granted to the Servicer, the Special Servicer, the Depositor, the Certificate

 

    Exhibit A-2-6 

     

    

 

Administrator, the Trustee or any other
specified person in accordance with the amendment, will not result in an Adverse REMIC Event.

 

The Trust
and Servicing Agreement provides that the respective obligations and responsibilities of the Servicer, the Special Servicer, the
Certificate Administrator, the Operating Advisor, the Depositor and the Trustee created thereby with respect to the Certificates
(other than the obligation to make certain payments to the Companion Loan Holders and the obligation of the Certificate Administrator
to make certain payments to Certificateholders after the final Distribution Date, and other than the obligation of the Certificate
Administrator to file final tax returns for the Upper-Tier REMIC and the Lower-Tier REMIC, to maintain books and records of the
Trust Fund for such period of time as it maintains its own books and records and other than the indemnification rights and obligations
of the parties thereto) shall terminate upon the last action required to be taken by the Certificate Administrator on the final
Distribution Date pursuant to Article 9 of the Trust and Servicing Agreement following the later of (i) the final payment
on the Certificates or (ii) the liquidation of the Whole Loan (including, without limitation, the sale of the Whole Loan pursuant
to the Intercreditor Agreement or the Trust and Servicing Agreement, as applicable) or the liquidation or abandonment of the Properties
and all other Collateral for the Whole Loan; provided, however, that in no event shall the Trust continue beyond the expiration
of 21 years from the death of the last survivor of the descendants of Joseph P. Kennedy, the late ambassador of the United States
to the Court of St. James’s, living on the date of execution of the Trust and Servicing Agreement. Unless the Certificate
of Authentication on this Certificate has been executed by the Certificate Administrator or on its behalf by the Authenticating
Agent, by manual signature, this Certificate shall not be entitled to any benefit under the Trust and Servicing Agreement or be
valid for any purpose.

 

Unless the
Certificate of Authentication on this Certificate has been executed by the Certificate Administrator or on its behalf by the Authenticating
Agent, by manual signature, this Certificate shall not be entitled to any benefit under the Trust and Servicing Agreement or be
valid for any purpose.

 

The Certificate
Administrator makes no representation or warranty as to any of the statements contained herein or the validity or sufficiency of
the Certificates or the Trust Loan and has executed this Certificate in its limited capacity as Certificate Administrator under
the Trust and Servicing Agreement.

 

    Exhibit A-2-7 

     

    

 

IN WITNESS WHEREOF, the Certificate
Administrator has caused this Certificate to be duly executed.

 

Dated: December 29, 2017 

	 	 
	 	WELLS
                    FARGO BANK, NATIONAL ASSOCIATION, 

not in its individual capacity but solely as Certificate Administrator

	 	 	 
	 	By:	
	 	 	Authorized Officer

 

Certificate of Authentication

  

This
is one of the Class B Certificates referred to in the Trust and Servicing Agreement.

 

Dated:
December 29, 2017

 

	 	 
	 	WELLS
                    FARGO BANK, NATIONAL ASSOCIATION, 

not in its individual capacity but solely as Authenticating Agent

	 	 	 
	 	By:	
	 	 	Authorized Officer

 

    Exhibit A-2-8 

     

    

 

SCHEDULE
A

 

SCHEDULE
OF EXCHANGES 

 

The following payments of principal
and exchanges of a part of this [Rule 144A Global Certificate] [Temporary Regulation S Global Certificate] [Regulation S Global
Certificate] [Definitive Certificate] have been made:

 

	Date of

Exchange or

Payment of

Principal	 	Certificate

Balance

Prior to

Exchange or

Payment	 	Certificate

Balance

Exchanged

or Principal

Payment

Made	 	Type of

Certificate

Exchanged

for	 	Remaining

Certificate

Balance

Following

Such

Exchange or

Payment	 	Notation

Made by
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 

 

    Exhibit A-2-9 

     

    

 

ASSIGNMENT

 

FOR
VALUE RECEIVED, the undersigned (“Assignor(s)”) hereby sell(s), assign(s) and transfer(s) unto __________________________________________
(please print or typewrite name(s) and address(es), including postal zip
code(s) of assignee(s)) (“Assignee(s)”) the entire Percentage Interest represented by the within
Certificate and hereby authorize(s) the registration of transfer of such interest to Assignee(s) on the Certificate Register
of the Trust.

 

I
(we) further direct the Certificate Registrar to issue a new Certificate of the entire Percentage Interest represented by the
within Certificate to the above-named Assignee(s) and to deliver such Certificate to the following address:  

	 
	 
	 
	 
	Date: __________________

	 	 	 
	 	Signature by or on behalf of
	 	Assignor(s):
	 	 	 
	 	 
	 	Taxpayer Identification Number:
    _________

 

    Exhibit A-2-10 

     

    

 

DISTRIBUTION INSTRUCTIONS

 

The
Assignee(s) should include the following for purposes of distribution:

 

Address of the Assignee(s) for the purpose
of receiving notices and distributions:
_____________________________________________________________.

 

Distributions, if being
made by wire transfer in immediately available funds, to ____________________________ for the account of __________________________
account number ____________________.

 

This information is provided
by _____________________________________________________ the Assignee(s) named above, or ________________________________________________ as
its (their) agent.

 

	 	By:	 
	 	 	[Please print or type name(s)]

 

	 	Title:	 
	 	 
	 	Taxpayer Identification Number:

 

    Exhibit A-2-11 

     

    

 

EXHIBIT A-3

 

FORM
OF CLASS HRR CERTIFICATES

 

CLASS HRR

 

THIS
CERTIFICATE DOES NOT REPRESENT AN INTEREST IN OR OBLIGATION OF THE DEPOSITOR, THE BORROWER SPONSORS, THE MORTGAGE LOAN BORROWER,
THE COMPANION LOAN HOLDERS, THE SERVICER, THE SPECIAL SERVICER, THE OPERATING ADVISOR, THE CERTIFICATE ADMINISTRATOR, THE TRUSTEE,
THE INITIAL PURCHASERS, THE SPONSOR OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THIS CERTIFICATE NOR THE TRUST LOAN ARE INSURED
OR GUARANTEED BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY OR PRIVATE INSURER.

 

PRINCIPAL PAYMENTS IN RESPECT
OF THIS CERTIFICATE ARE DISTRIBUTABLE AS SET FORTH IN THE TRUST AND SERVICING AGREEMENT. ACCORDINGLY, THE OUTSTANDING CERTIFICATE
BALANCE OF THIS CERTIFICATE AT ANY TIME MAY BE LESS THAN THE INITIAL CERTIFICATE BALANCE.

 

THIS CERTIFICATE HAS NOT
BEEN AND WILL NOT BE REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”),
OR ANY STATE OR FOREIGN SECURITIES LAW. THE HOLDER HEREOF, BY PURCHASING THIS CERTIFICATE, AGREES THAT THIS CERTIFICATE MAY BE
REOFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY (A)(1) PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE
144A”) TO A PERSON THAT THE HOLDER REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” WITHIN THE MEANING
OF RULE 144A (A “QIB”), OR IS PURCHASING FOR THE ACCOUNT OF A QIB, AND WHOM THE HOLDER HAS INFORMED THAT THE
REOFFER, RESALE, PLEDGE, OR OTHER TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, (2) (EXCEPT WITH RESPECT TO THE CLASS YM CERTIFICATES
AND THE CLASS R CERTIFICATES) TO AN INSTITUTION THAT IS NOT A “U.S. PERSON” IN AN “OFFSHORE TRANSACTION”,
AS SUCH TERMS ARE DEFINED IN, AND IN ACCORDANCE WITH RULE 903 OR RULE 904 OF, REGULATION S UNDER THE SECURITIES ACT, OR (3) (EXCEPT
WITH RESPECT TO THE CLASS YM CERTIFICATES AND THE CLASS R CERTIFICATES)) TO AN INSTITUTIONAL “ACCREDITED INVESTOR”
WITHIN THE MEANING OF RULE 501(a)(1), (2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT, OR ANY ENTITY IN WHICH ALL OF THE
EQUITY OWNERS ARE “ACCREDITED INVESTORS” WITHIN THE MEANING OF RULE 501(a)(1), (2), (3) OR (7) OF REGULATION D UNDER
THE SECURITIES ACT, THAT IS NOT A QIB, AND (B) IN EACH CASE IN ACCORDANCE WITH ANY APPLICABLE SECURITIES LAWS OF ANY STATE OF THE
UNITED STATES OR ANY OTHER APPLICABLE JURISDICTION.

 

    Exhibit A-3-1 

     

    

 

THIS CLASS HRR CERTIFICATE
IS SUBORDINATED TO THE CLASS A AND CLASS B CERTIFICATES AS AND TO THE EXTENT SET FORTH IN THE TRUST AND SERVICING AGREEMENT REFERRED
TO HEREIN.

 

THIS CERTIFICATE MAY
NOT BE PURCHASED BY OR PLEDGED, SOLD OR OTHERWISE TRANSFERRED TO ANY PERSON THAT IS OR BECOMES AN EMPLOYEE BENEFIT PLAN OR
OTHER PLAN THAT IS SUBJECT TO THE FIDUCIARY RESPONSIBILITY PROVISIONS OF TITLE I OF THE EMPLOYEE RETIREMENT INCOME SECURITY
ACT OF 1974, AS AMENDED (“ERISA”), OR TO SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED
(THE “CODE”), OR A GOVERNMENTAL PLAN (AS DEFINED IN SECTION 3(32) OF ERISA) OR OTHER PLAN THAT IS SUBJECT
TO ANY FEDERAL, STATE, LOCAL OR NON-U.S. LAW THAT IS, TO A MATERIAL EXTENT, SIMILAR TO SECTION 406 OF ERISA OR SECTION 4975
OF THE CODE (“SIMILAR LAW”), OR ANY PERSON ACTING ON BEHALF OF ANY SUCH PLAN OR USING THE ASSETS OF SUCH
PLAN TO ACQUIRE THIS CERTIFICATE, UNLESS (A) SUCH PERSON IS AN “ACCREDITED INVESTOR” AS DEFINED IN RULE 501(a)(1)
OF REGULATION D OF THE SECURITIES AND EXCHANGE COMMISSION UNDER THE SECURITIES ACT OF 1933, AND (B) THE ACQUISITION, HOLDING
AND DISPOSITION OF THE CERTIFICATES BY SUCH PERSON WILL NOT CONSTITUTE OR OTHERWISE RESULT IN A NON-EXEMPT PROHIBITED
TRANSACTION UNDER SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE (OR A SIMILAR NON-EXEMPT VIOLATION OF SIMILAR
LAW).

 

THIS CERTIFICATE IS SUBJECT
TO CERTAIN RESTRICTIONS ON TRANSFERS, HEDGING AND PLEDGING PURSUANT TO THE CREDIT RISK RETENTION RULES. THE INITIAL INVESTOR
IN THIS CERTIFICATE, AND EACH SUBSEQUENT PURCHASER OF THIS CERTIFICATE, BY PURCHASING THIS CERTIFICATE OR AN INTEREST HEREIN, IS
DEEMED TO HAVE AGREED TO COMPLY WITH THE TRANSFER REQUIREMENTS SET FORTH IN THE TRUST AND SERVICING AGREEMENT. THE CERTIFICATE
REGISTRAR SHALL REFUSE TO REGISTER THE TRANSFER OF THIS CERTIFICATE UNLESS SUCH TRANSFER IS IN ACCORDANCE WITH SECTION 5.3(o) OF
THE TRUST AND SERVICING AGREEMENT.

 

THIS CERTIFICATE REPRESENTS
(I) A BENEFICIAL INTEREST IN A “REGULAR INTEREST” IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE
TERMS ARE DEFINED, RESPECTIVELY, IN CODE SECTIONS 860G(a)(1) AND 860D AND (II) A BENEFICIAL INTEREST IN THE EXCESS INTEREST AND
PROCEEDS THEREOF IN THE EXCESS INTEREST DISTRIBUTION ACCOUNT.

 

    Exhibit A-3-2 

     

    

  

GS MORTGAGE SECURITIES CORPORATION
TRUST 2017-FARM

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,

SERIES 2017-FARM, CLASS HRR

 

	
        Pass-Through Rate: The Net Mortgage Loan Rate1
	 	 
	 	 	 
	First Distribution Date: January 12, 2018	 	 
	 	 	 
	
        Aggregate Initial Certificate Balance of the

Class HRR
Certificates: $18,000,000
	 	Rated Final Distribution Date: January 2043
	 	 	 
	
        CUSIP:     36254X AG92

                         U04014
        AD53

                         36254X
        AH74
	 	
        Initial Certificate Balance of this

        Certificate:    $[______][QIB]

                               $[______][Reg S]

                               $[______][IAI]

	 	 	 
	
        ISIN:        US36254XAG975

                         USU04014AD536

                         US36254XAH707
	 	 

 

This
certifies that [          ] is the registered owner of
the Percentage Interest evidenced by this Certificate in the distributions to be made from a Trust Fund with respect to the Class
HRR Certificates. The Trust Fund consists primarily of one note secured by certain Collateral held in trust by the Certificate
Administrator on behalf of the Trustee issued by multiple special purpose entities evidencing a fixed rate loan (the “Trust
Loan”). The Trust Fund was created, and the Trust Loan is to be serviced, pursuant to the Trust and Servicing Agreement
(as defined below). The Holder of this Certificate, by virtue of the acceptance hereof, assents to the terms, provisions and conditions
of the Trust and Servicing Agreement and is bound thereby. Also issued under the Trust and Servicing Agreement are the Class A,
Class B, Class YM and Class R (collectively with the Class HRR Certificates, the “Certificates”; the Holders
of Certificates issued

 

 

 

1
The initial approximate Pass-Through Rate as of the Closing Date is 3.5406%.

 

2
For Rule 144A Certificates.

 

3
For Regulation S Certificates.

 

4
For IAI Certificates.

 

5
For Rule 144A Certificates.

 

6
For Regulation S Certificates.

 

7
For IAI Certificates.

 

    Exhibit A-3-3 

     

    

 

 

under the Trust and Servicing Agreement are collectively referred to herein as
“Certificateholders”).

 

This Certificate
is issued pursuant to, and in accordance with, the terms of a Trust and Servicing Agreement, dated as of December 29, 2017 (the
“Trust and Servicing Agreement”), by and among GS Mortgage Securities Corporation II, as Depositor, KeyBank
National Association, as servicer, AEGON USA Realty Advisors, LLC, as special servicer, Wells Fargo Bank, National Association
as certificate administrator, custodian and trustee, and Pentalpha Surveillance LLC, as operating advisor. To the extent not defined
herein, capitalized terms used herein shall have the meanings assigned thereto in the Trust and Servicing Agreement.

 

This Certificate
represents a “regular interest” in a “real estate mortgage investment conduit,” as those terms are defined,
respectively, in Section 860G(a)(1) and 860D of the Internal Revenue Code of 1986, as amended.

 

Pursuant
to the terms of the Trust and Servicing Agreement, the Certificate Administrator will distribute, on the 4th Business Day after
each Determination Date, commencing in January 2018 (each such date, a “Distribution Date”), to the Person in
whose name this Certificate is registered as of the related Record Date, which will be the close of business on the last Business
Day of the month preceding the calendar month in which the applicable Distribution Date occurs, an amount equal to such Person’s
pro rata share (based on the Percentage Interest represented by this Certificate) of that portion of the aggregate amount
of principal and interest, any Yield Maintenance Premiums then distributable, if any, and any other amounts distributable to the
Class HRR Certificates for such Distribution Date, all as more fully described in the Trust and Servicing Agreement.

 

All distributions
will be made to the Persons entitled thereto by check mailed by first class mail to the address set forth therefor in the Certificate
Register or, provided that the Certificate Administrator has received appropriate wire transfer instructions, at least five Business
Days prior to the related Distribution Date, by wire transfer of immediately available funds to the account of such Certificateholder
at a bank or other entity located in the United States and having appropriate facilities therefor. The final distribution on each
Certificate shall be made in like manner, but only upon presentment and surrender of such Certificate at the location that is specified
by the Certificate Administrator in the notice to Certificateholders of such final distribution.

 

This Certificate
is limited in right of payment to, among other things, certain collections and recoveries in respect of the Trust Loan, as more
specifically set forth herein and in the Trust and Servicing Agreement.

 

This Certificate
does not purport to summarize the Trust and Servicing Agreement, and reference is made to the Trust and Servicing Agreement for
the interests, rights, benefits, obligations and duties evidenced hereby, and the limitations thereon, and the rights, duties and
immunities of the Certificate Administrator.

 

As
provided in the Trust and Servicing Agreement, subject to certain restrictions on transfer set forth therein, upon surrender
for registration of transfer of any Certificate, the

  

    Exhibit A-3-4 

     

    

 

Certificate Registrar shall execute, authenticate and deliver, in the
name of the designated transferee or transferees, one or more new Certificates in authorized denominations, in like aggregate
interest and of the same Class.

 

Prior to
due presentation of this Certificate for registration of transfer, the Trustee, the Servicer, the Special Servicer, the
Certificate Administrator, the Certificate Registrar, and any agent of the Trustee, the Servicer, the Special Servicer, the
Certificate Administrator or the Certificate Registrar may treat the Person in whose name any Certificate is registered as
the owner of such Certificate for the purpose of receiving distributions as provided in the Trust and Servicing Agreement and
for all other purposes whatsoever, and none of the Trustee, the Servicer, the Special Servicer, the Certificate
Administrator, the Certificate Registrar, nor any agent of the Trustee, the Servicer, the Special Servicer, the Certificate
Administrator or the Certificate Registrar shall be affected by any notice to the contrary.

 

The Trust
and Servicing Agreement may be amended from time to time by the Depositor, the Servicer, the Special Servicer, the Certificate
Administrator, the Custodian, the Operating Advisor and the Trustee, without the consent of any of the Certificateholders or Companion
Loan Holders, in certain circumstances specified in the Trust and Servicing Agreement. The Trust and Servicing Agreement may also
be amended from time to time by the Depositor, the Servicer, the Special Servicer, the Certificate Administrator, the Custodian,
the Operating Advisor and the Trustee with the consent of the Holders of Certificates of each Class adversely affected by such
amendment evidencing, in each case, not less than 51% of the aggregate Percentage Interests constituting the Class for the purpose
of adding any provisions to or changing in any manner or eliminating any of the provisions of the Trust and Servicing Agreement
or of modifying in any manner the rights of the Holders of the Certificates, except that the amendment may not (1) reduce in any
manner the amount of, or delay the timing of, payments received on the Trust Loan that are required to be distributed on any Certificate;
(2) alter in any manner the liens on any Collateral securing payments of the Trust Loan; (3) alter the obligations of the Servicer
or the Trustee to make an Advance or alter the Accepted Servicing Practices; (4) change the percentages of Voting Rights or Percentage
Interests of Certificateholders that are required to consent to any action or inaction under the Trust and Servicing Agreement;
(5) adversely affect the Controlling Class Representative without the consent of 100% of the Controlling Class Certificateholders;
or (6) amend the Section 10.1 of the Trust and Servicing Agreement. Notwithstanding the foregoing, no amendment to the Trust and
Servicing Agreement may be made that changes in any manner the obligations of the Sponsors under the Loan Purchase Agreement without
the consent of the Sponsors, and the Trustee, Servicer, Special Servicer, Operating Advisor, Certificate Administrator or Custodian
may, but will not be obligated to, enter into any amendment to the Trust and Servicing Agreement that it determines affects its
rights, duties or immunities or creates any additional liability for the Trustee, Servicer, Special Servicer, Operating Advisor,
Certificate Administrator or Custodian under the Trust and Servicing Agreement. In addition, no amendment may be made to the Trust
and Servicing Agreement unless the Certificate Administrator, the Trustee, the Custodian, the Operating Advisor, the Servicer and
the Special Servicer have first received an Opinion of Counsel (at the expense of the party requesting the amendment, or at the
Trust Fund’s expense if the Trustee or the Certificate Administrator is the requesting party) to the effect that the amendment
is authorized or permitted under the Trust and Servicing Agreement and all conditions precedent have been met and that the amendment
or the exercise of any power granted to the Servicer, the Special Servicer, the Depositor, the Certificate

 

    Exhibit A-3-5 

     

    

 

Administrator,
the Trustee or any other specified person in accordance with the amendment, will not result in an Adverse REMIC Event.

 

The Trust
and Servicing Agreement provides that the respective obligations and responsibilities of the Servicer, the Special Servicer, the
Certificate Administrator, the Operating Advisor, the Depositor and the Trustee created thereby with respect to the Certificates
(other than the obligation to make certain payments to the Companion Loan Holders and the obligation of the Certificate Administrator
to make certain payments to Certificateholders after the final Distribution Date, and other than the obligation of the Certificate
Administrator to file final tax returns for the Upper-Tier REMIC and the Lower-Tier REMIC, to maintain books and records of the
Trust Fund for such period of time as it maintains its own books and records and other than the indemnification rights and obligations
of the parties thereto) shall terminate upon the last action required to be taken by the Certificate Administrator on the final
Distribution Date pursuant to Article 9 of the Trust and Servicing Agreement following the later of (i) the final payment
on the Certificates or (ii) the liquidation of the Whole Loan (including, without limitation, the sale of the Whole Loan pursuant
to the Intercreditor Agreement or the Trust and Servicing Agreement, as applicable) or the liquidation or abandonment of the Properties
and all other Collateral for the Whole Loan; provided, however, that in no event shall the Trust continue beyond the expiration
of 21 years from the death of the last survivor of the descendants of Joseph P. Kennedy, the late ambassador of the United States
to the Court of St. James’s, living on the date of execution of the Trust and Servicing Agreement. Unless the Certificate
of Authentication on this Certificate has been executed by the Certificate Administrator or on its behalf by the Authenticating
Agent, by manual signature, this Certificate shall not be entitled to any benefit under the Trust and Servicing Agreement or be
valid for any purpose.

 

Unless the
Certificate of Authentication on this Certificate has been executed by the Certificate Administrator or on its behalf by the Authenticating
Agent, by manual signature, this Certificate shall not be entitled to any benefit under the Trust and Servicing Agreement or be
valid for any purpose.

 

The Certificate
Administrator makes no representation or warranty as to any of the statements contained herein or the validity or sufficiency of
the Certificates or the Trust Loan and has executed this Certificate in its limited capacity as Certificate Administrator under
the Trust and Servicing Agreement.

 

    Exhibit A-3-6 

     

    

 

IN WITNESS WHEREOF, the Certificate
Administrator has caused this Certificate to be duly executed.

 

Dated:
December 29, 2017 

	 	 
	 	WELLS
                    FARGO BANK, NATIONAL ASSOCIATION, 

not in its individual capacity but solely as Certificate Administrator

	 	 	 
	 	By:	
	 	 	Authorized Officer

 

Certificate of Authentication

 

This
is one of the Class HRR Certificates referred to in the Trust and Servicing Agreement.

 

Dated:
December 29, 2017 

	 	 
	 	WELLS
                    FARGO BANK, NATIONAL ASSOCIATION, 

not in its individual capacity but solely as Authenticating Agent

	 	 	 
	 	By:	
	 	 	Authorized Officer

 

    Exhibit A-3-7 

     

    

 

 SCHEDULE
A

 

SCHEDULE
OF EXCHANGES

 

The following payments of principal
and exchanges of a part of this [Rule 144A Global Certificate] [Temporary Regulation S Global Certificate] [Regulation S Global
Certificate] [Definitive Certificate] have been made:

 

	Date of
 Exchange or
 Payment of
 Principal	 	Certificate
 Balance
 Prior to
 Exchange or
 Payment	 	Certificate
 Balance
 Exchanged
 or Principal
 Payment
 Made	 	Type of
 Certificate
 Exchanged
 for	 	Remaining
 Certificate
 Balance
 Following
 Such
 Exchange or
 Payment	 	Notation
 Made by
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 

 

    Exhibit A-3-8 

     

    

  

ASSIGNMENT

 

FOR
VALUE RECEIVED, the undersigned (“Assignor(s)”) hereby sell(s), assign(s) and transfer(s) unto __________________________________________
(please print or typewrite name(s) and address(es), including postal zip
code(s) of assignee(s)) (“Assignee(s)”) the entire Percentage Interest represented by the within
Certificate and hereby authorize(s) the registration of transfer of such interest to Assignee(s) on the Certificate Register
of the Trust.

 

I
(we) further direct the Certificate Registrar to issue a new Certificate of the entire Percentage Interest represented by the
within Certificate to the above-named Assignee(s) and to deliver such Certificate to the following address: 

	 
	 
	 
	 
	Date: __________________

	 	 	 
	 	Signature by or on behalf of
	 	Assignor(s):
	 	 	 
	 	 
	 	Taxpayer Identification Number:
    _________

 

    Exhibit A-3-9 

     

    

  

DISTRIBUTION INSTRUCTIONS 

 

The
Assignee(s) should include the following for purposes of distribution:

 

Address of the Assignee(s) for the purpose
of receiving notices and distributions:
_____________________________________________________________.

 

Distributions, if being
made by wire transfer in immediately available funds, to ____________________________ for the account of __________________________
account number ____________________.

 

This information is provided
by _____________________________________________________ the Assignee(s) named above, or ________________________________________________ as
its (their) agent.

 

	 	By:	 
	 	 	[Please print or type name(s)]

 

	 	Title:	 
	 	 
	 	Taxpayer Identification Number:

 

    Exhibit A-3-10 

     

    

 

EXHIBIT A-4

 

FORM OF CLASS YM CERTIFICATES

 

CLASS YM

 

THIS CERTIFICATE DOES NOT REPRESENT
AN INTEREST IN OR OBLIGATION OF THE DEPOSITOR, THE BORROWER SPONSORS, THE MORTGAGE LOAN BORROWER, THE COMPANION LOAN HOLDERS, THE
SERVICER, THE SPECIAL SERVICER, THE OPERATING ADVISOR, THE CERTIFICATE ADMINISTRATOR, THE TRUSTEE, THE INITIAL PURCHASERS, THE
SPONSOR OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THIS CERTIFICATE NOR THE TRUST LOAN ARE INSURED OR GUARANTEED BY ANY GOVERNMENTAL
AGENCY OR INSTRUMENTALITY OR PRIVATE INSURER.

 

THIS CERTIFICATE HAS NOT BEEN AND
WILL NOT BE REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”),
OR ANY STATE OR FOREIGN SECURITIES LAW. THE HOLDER HEREOF, BY PURCHASING THIS CERTIFICATE, AGREES THAT THIS CERTIFICATE MAY
BE REOFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY (A)(1) PURSUANT TO RULE 144A UNDER THE SECURITIES ACT
(“RULE 144A”) TO A PERSON THAT THE HOLDER REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL
BUYER” WITHIN THE MEANING OF RULE 144A (A “QIB”), OR IS PURCHASING FOR THE ACCOUNT OF A QIB, AND
WHOM THE HOLDER HAS INFORMED THAT THE REOFFER, RESALE, PLEDGE, OR OTHER TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, AND
(B) IN EACH CASE IN ACCORDANCE WITH ANY APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR ANY OTHER APPLICABLE
JURISDICTION.

 

THIS CERTIFICATE MAY NOT BE
PURCHASED BY OR PLEDGED, SOLD OR OTHERWISE TRANSFERRED TO ANY PERSON THAT IS OR BECOMES AN EMPLOYEE BENEFIT PLAN OR OTHER
PLAN THAT IS SUBJECT TO THE FIDUCIARY RESPONSIBILITY PROVISIONS OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS
AMENDED (“ERISA”), OR TO SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE
“CODE”), OR A GOVERNMENTAL PLAN (AS DEFINED IN SECTION 3(32) OF ERISA) OR OTHER PLAN THAT IS SUBJECT TO
ANY FEDERAL, STATE OR LOCAL LAW THAT IS, TO A MATERIAL EXTENT, SIMILAR TO THE FOREGOING PROVISIONS OF ERISA OR THE CODE, OR
ANY PERSON ACTING ON BEHALF OF ANY PERSON ACTING ON BEHALF OF ANY SUCH PLAN OR USING THE ASSETS OF SUCH PLAN TO ACQUIRE THIS
CERTIFICATE.

 

TRANSFERS AND EXCHANGES OF PORTIONS
OF THIS CERTIFICATE ARE SUBJECT TO RESTRICTIONS AS PROVIDED IN THE TRUST AND SERVICING AGREEMENT REFERRED TO BELOW.

 

    Exhibit A-4-1 

     

    

 

THIS CERTIFICATE REPRESENTS A “REGULAR
INTEREST” IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED, RESPECTIVELY, IN CODE
SECTIONS 860G(a)(l) AND 860D.

 

    Exhibit A-4-2 

     

    

 

GS MORTGAGE SECURITIES CORPORATION TRUST
2017-FARM

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,

SERIES 2017-FARM, CLASS YM

 

	Pass-Through Rate: N/A	 
	 	 
	First Distribution Date: January 12, 2018	 
	 	 
	Aggregate Initial Certificate
Balance of the Class YM Certificates: $100
	Rated Final Distribution Date: N/A
	 	 
	 

        CUSIP: 36254X AL81

                      U04014 AF02 

                      36254X AM63
	Initial Certificate Balance of this

    Certificate:   $[______][QIB]                      $[______][Reg S]

                      $[______][IAI]
	 	 
	ISIN:     US36254XAL824 

              USU04014AF025 

              US36254XAM656

	 

 

No.: YM-[1]

  

This
certifies that [_____] is the registered owner of the Percentage Interest evidenced by this Certificate in the distributions to
be made from a Trust Fund with respect to the Class YM Certificates. The Trust Fund consists primarily of one note secured by
certain Collateral held in trust by the Certificate Administrator on behalf of the Trustee issued by multiple special purpose
entities evidencing a fixed rate loan (the “Trust Loan”). The Trust Fund was created, and the Trust Loan is
to be serviced, pursuant to the Trust and Servicing Agreement (as defined below). The Holder of this Certificate, by virtue of
the acceptance hereof, assents to the terms, provisions and conditions of the Trust and Servicing Agreement and is bound thereby.
Also issued under the Trust and Servicing Agreement are the Class A, Class B, Class HRR and Class R Certificates (collectively
with the Class YM Certificates, the “Certificates”; the Holders of Certificates issued under the Trust and
Servicing Agreement are collectively referred to herein as “Certificateholders”).

 

 

 

1 For Rule
144A Certificates.

 

2 For Regulation
S Certificates.

 

3 For IAI Certificates.

 

4 For Rule
144A Certificates.

 

5 For Regulation
S Certificates.

 

6 For IAI Certificates.

 

    Exhibit A-4-3 

     

    

 

This Certificate is issued
pursuant to, and in accordance with, the terms of a Trust and Servicing Agreement, dated as of December 29, 2017 (the “Trust
and Servicing Agreement”), by and among GS Mortgage Securities Corporation II, as Depositor, KeyBank National Association,
as servicer, AEGON USA Realty Advisors, LLC, as special servicer, Wells Fargo Bank, National Association as certificate administrator,
custodian and trustee, and Pentalpha Surveillance LLC, as operating advisor. To the extent not defined herein, capitalized terms
used herein shall have the meanings assigned thereto in the Trust and Servicing Agreement.

 

This Certificate represents
a “regular interest” in a “real estate mortgage investment conduit,” as those terms are defined, respectively,
in Section 860G(a)(1) and 860D of the Internal Revenue Code of 1986, as amended.

 

Pursuant to the terms
of the Trust and Servicing Agreement, the Certificate Administrator will distribute, on the 4th Business Day after each Determination
Date, commencing in January 2018 (each such date, a “Distribution Date”), to the Person in whose name this Certificate
is registered as of the related Record Date, which will be the close of business on the last Business Day of the month preceding
the calendar month in which the applicable Distribution Date occurs, an amount equal to such Person’s pro rata share
(based on the Percentage Interest represented by this Certificate) of any Yield Maintenance Premiums then distributable, and any
other amounts distributable to the Class YM Certificates for such Distribution Date, all as more fully described in the Trust and
Servicing Agreement.

 

All distributions will
be made to the Persons entitled thereto by check mailed by first class mail to the address set forth therefor in the Certificate
Register or, provided that the Certificate Administrator has received appropriate wire transfer instructions, at least five Business
Days prior to the related Distribution Date, by wire transfer of immediately available funds to the account of such Certificateholder
at a bank or other entity located in the United States and having appropriate facilities therefor. The final distribution on each
Certificate shall be made in like manner, but only upon presentment and surrender of such Certificate at the location that is specified
by the Certificate Administrator in the notice to Certificateholders of such final distribution.

 

This Certificate is limited
in right of payment to, among other things, certain collections and recoveries in respect of the Trust Loan, as more specifically
set forth herein and in the Trust and Servicing Agreement.

 

This Certificate does
not purport to summarize the Trust and Servicing Agreement, and reference is made to the Trust and Servicing Agreement for the
interests, rights, benefits, obligations and duties evidenced hereby, and the limitations thereon, and the rights, duties and immunities
of the Certificate Administrator.

 

As provided in the Trust
and Servicing Agreement, subject to certain restrictions on transfer set forth therein, upon surrender for registration of transfer
of any Certificate, the Certificate Registrar shall execute, authenticate and deliver, in the name of the designated transferee
or transferees, one or more new Certificates in authorized denominations, in like aggregate interest and of the same Class.

 

    Exhibit A-4-4 

     

    

 

Prior to due presentation
of this Certificate for registration of transfer, the Trustee, the Servicer, the Special Servicer, the Certificate Administrator,
the Certificate Registrar, and any agent of the Trustee, the Servicer, the Special Servicer, the Certificate Administrator or the
Certificate Registrar may treat the Person in whose name any Certificate is registered as the owner of such Certificate for the
purpose of receiving distributions as provided in the Trust and Servicing Agreement and for all other purposes whatsoever, and
none of the Trustee, the Servicer, the Special Servicer, the Certificate Administrator, the Certificate Registrar, nor any agent
of the Trustee, the Servicer, the Special Servicer, the Certificate Administrator or the Certificate Registrar shall be affected
by any notice to the contrary.

 

The Trust and Servicing
Agreement may be amended from time to time by the Depositor, the Servicer, the Special Servicer, the Certificate Administrator,
the Custodian, the Operating Advisor and the Trustee, without the consent of any of the Certificateholders or Companion Loan Holders,
in certain circumstances specified in the Trust and Servicing Agreement. The Trust and Servicing Agreement may also be amended
from time to time by the Depositor, the Servicer, the Special Servicer, the Certificate Administrator, the Custodian, the Operating
Advisor and the Trustee with the consent of the Holders of Certificates of each Class adversely affected by such amendment evidencing,
in each case, not less than 51% of the aggregate Percentage Interests constituting the Class for the purpose of adding any provisions
to or changing in any manner or eliminating any of the provisions of the Trust and Servicing Agreement or of modifying in any manner
the rights of the Holders of the Certificates, except that the amendment may not (1) reduce in any manner the amount of, or delay
the timing of, payments received on the Trust Loan that are required to be distributed on any Certificate; (2) alter in any manner
the liens on any Collateral securing payments of the Trust Loan; (3) alter the obligations of the Servicer or the Trustee to make
an Advance or alter the Accepted Servicing Practices; (4) change the percentages of Voting Rights or Percentage Interests of Certificateholders
that are required to consent to any action or inaction under the Trust and Servicing Agreement; (5) adversely affect the Controlling
Class Representative without the consent of 100% of the Controlling Class Certificateholders; or (6) amend the Section 10.1 of
the Trust and Servicing Agreement. Notwithstanding the foregoing, no amendment to the Trust and Servicing Agreement may be made
that changes in any manner the obligations of the Sponsors under the Loan Purchase Agreement without the consent of the Sponsors,
and the Trustee, Servicer, Special Servicer, Operating Advisor, Certificate Administrator or Custodian may, but will not be obligated
to, enter into any amendment to the Trust and Servicing Agreement that it determines affects its rights, duties or immunities or
creates any additional liability for the Trustee, Servicer, Special Servicer, Operating Advisor, Certificate Administrator or Custodian
under the Trust and Servicing Agreement. In addition, no amendment may be made to the Trust and Servicing Agreement unless the
Certificate Administrator, the Trustee, the Custodian, the Operating Advisor, the Servicer and the Special Servicer have first
received an Opinion of Counsel (at the expense of the party requesting the amendment, or at the Trust Fund’s expense if the
Trustee or the Certificate Administrator is the requesting party) to the effect that the amendment is authorized or permitted under
the Trust and Servicing Agreement and all conditions precedent have been met and that the amendment or the exercise of any power
granted to the Servicer, the Special Servicer, the Depositor, the Certificate Administrator, the Trustee or any other specified
person in accordance with the amendment, will not result in an Adverse REMIC Event.

 

    Exhibit A-4-5 

     

    

 

The Trust and Servicing
Agreement provides that the respective obligations and responsibilities of the Servicer, the Special Servicer, the Certificate
Administrator, the Operating Advisor, the Depositor and the Trustee created thereby with respect to the Certificates (other than
the obligation to make certain payments to the Companion Loan Holders and the obligation of the Certificate Administrator to make
certain payments to Certificateholders after the final Distribution Date, and other than the obligation of the Certificate Administrator
to file final tax returns for the Upper-Tier REMIC and the Lower-Tier REMIC, to maintain books and records of the Trust Fund for
such period of time as it maintains its own books and records and other than the indemnification rights and obligations of the
parties thereto) shall terminate upon the last action required to be taken by the Certificate Administrator on the final Distribution
Date pursuant to Article 9 of the Trust and Servicing Agreement following the later of (i) the final payment on the Certificates
or (ii) the liquidation of the Whole Loan (including, without limitation, the sale of the Whole Loan pursuant to the Intercreditor
Agreement or the Trust and Servicing Agreement, as applicable) or the liquidation or abandonment of the Properties and all other
Collateral for the Whole Loan; provided, however, that in no event shall the Trust continue beyond the expiration of 21
years from the death of the last survivor of the descendants of Joseph P. Kennedy, the late ambassador of the United States to
the Court of St. James’s, living on the date of execution of the Trust and Servicing Agreement. Unless the Certificate of
Authentication on this Certificate has been executed by the Certificate Administrator or on its behalf by the Authenticating Agent,
by manual signature, this Certificate shall not be entitled to any benefit under the Trust and Servicing Agreement or be valid
for any purpose.

 

Unless the Certificate
of Authentication on this Certificate has been executed by the Certificate Administrator or on its behalf by the Authenticating
Agent, by manual signature, this Certificate shall not be entitled to any benefit under the Trust and Servicing Agreement or be
valid for any purpose.

 

The Certificate Administrator
makes no representation or warranty as to any of the statements contained herein or the validity or sufficiency of the Certificates
or the Trust Loan and has executed this Certificate in its limited capacity as Certificate Administrator under the Trust and Servicing
Agreement.

 

    Exhibit A-4-6 

     

    

 

IN WITNESS WHEREOF, the Certificate Administrator
has caused this Certificate to be duly executed.

 

Dated: December 29, 2017

	 	 
	 	WELLS
                    FARGO BANK, NATIONAL ASSOCIATION, 

not in its individual capacity but solely as Certificate Administrator

	 	 	 
	 	By:	
	 	 	Authorized Officer

 

Certificate of Authentication

 

This is one of the Class YM Certificates referred to in the
Trust and Servicing Agreement.

 

Dated: December 29, 2017

	 	 
	 	WELLS FARGO BANK, NATIONAL ASSOCIATION,

not in its individual capacity but solely as
Authenticating Agent

	 	 	 
	 	By:	
	 	 	Authorized Officer

  

    Exhibit A-4-7 

     

    

 

SCHEDULE A

 

SCHEDULE
OF EXCHANGES

 

The following payments of principal and
exchanges of a part of this [Rule 144A Global Certificate] [Temporary Regulation S Global Certificate] [Regulation S Global Certificate]
[Definitive Certificate] have been made: 

 

	Date of
 Exchange or
 Payment of
 Principal	 	 	 	Certificate
 Balance
 Prior to
 Exchange or
 Payment	 	 	 	Certificate
 Balance
 Exchanged
 or Principal
 Payment
 Made	 	 	 	Type of
 Certificate
 Exchanged
 for	 	 	 	Remaining
 Certificate
 Balance
 Following
 Such
 Exchange or
 Payment	 	 	 	Notation
 Made by
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

  

    Exhibit A-4-8 

     

    

 

ASSIGNMENT

 

FOR
VALUE RECEIVED, the undersigned (“Assignor(s)”) hereby sell(s), assign(s) and transfer(s) unto __________________________________________
(please print or typewrite name(s) and address(es), including postal zip code(s) of assignee(s)) (“Assignee(s)”)
the entire Percentage Interest represented by the within Certificate and hereby authorize(s) the registration of transfer of such
interest to Assignee(s) on the Certificate Register of the Trust.

 

I
(we) further direct the Certificate Registrar to issue a new Certificate of the entire Percentage Interest represented by the
within Certificate to the above-named Assignee(s) and to deliver such Certificate to the following address:

	 
	 
	 
	 
	Date: __________________

	 	 	 
	 	Signature
    by or on behalf of
	 	Assignor(s):
	 	 	 
	 	 
	 	Taxpayer
    Identification Number: _________

 

    Exhibit A-4-9 

     

    

 

DISTRIBUTION
INSTRUCTIONS

 

The
Assignee(s) should include the following for purposes of distribution:

 

Address
of the Assignee(s) for the purpose of receiving notices and distributions: _____________________________________________________________.

 

Distributions,
if being made by wire transfer in immediately available funds, to ____________________________ for the account of __________________________
account number ____________________.

 

This
information is provided by _____________________________________________________ the Assignee(s) named above, or ________________________________________________
as its (their) agent.

 

	 	By:	 
	 	 	[Please print or type
    name(s)]

 

	 	Title:	 
	 	 
	 Taxpayer Identification Number:

 

    Exhibit A-4-10 

     

    

  

EXHIBIT A-5

 

FORM OF CLASS R CERTIFICATES

 

CLASS R

 

THIS CERTIFICATE DOES NOT REPRESENT
AN INTEREST IN OR OBLIGATION OF THE DEPOSITOR, THE BORROWER SPONSORS, THE MORTGAGE LOAN BORROWER, THE COMPANION LOAN HOLDERS, THE
SERVICER, THE SPECIAL SERVICER, THE OPERATING ADVISOR, THE CERTIFICATE ADMINISTRATOR, THE TRUSTEE, THE INITIAL PURCHASERS, THE
SPONSOR OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THIS CERTIFICATE NOR THE TRUST LOAN ARE INSURED OR GUARANTEED BY ANY GOVERNMENTAL
AGENCY OR INSTRUMENTALITY OR PRIVATE INSURER.

 

THIS CERTIFICATE HAS NOT BEEN AND
WILL NOT BE REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”),
OR ANY STATE OR FOREIGN SECURITIES LAW. THE HOLDER HEREOF, BY PURCHASING THIS CERTIFICATE, AGREES THAT THIS CERTIFICATE MAY
BE REOFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY (A)(1) PURSUANT TO RULE 144A UNDER THE SECURITIES ACT
(“RULE 144A”) TO A PERSON THAT THE HOLDER REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL
BUYER” WITHIN THE MEANING OF RULE 144A (A “QIB”), OR IS PURCHASING FOR THE ACCOUNT OF A QIB, AND
WHOM THE HOLDER HAS INFORMED THAT THE REOFFER, RESALE, PLEDGE, OR OTHER TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, AND
(B) IN EACH CASE IN ACCORDANCE WITH ANY APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR ANY OTHER APPLICABLE
JURISDICTION.

 

THIS CERTIFICATE MAY NOT BE
PURCHASED BY OR PLEDGED, SOLD OR OTHERWISE TRANSFERRED TO ANY PERSON THAT IS OR BECOMES AN EMPLOYEE BENEFIT PLAN OR OTHER
PLAN THAT IS SUBJECT TO THE FIDUCIARY RESPONSIBILITY PROVISIONS OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS
AMENDED (“ERISA”), OR TO SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE
“CODE”), OR A GOVERNMENTAL PLAN (AS DEFINED IN SECTION 3(32) OF ERISA) OR OTHER PLAN THAT IS SUBJECT TO
ANY FEDERAL, STATE OR LOCAL LAW THAT IS, TO A MATERIAL EXTENT, SIMILAR TO THE FOREGOING PROVISIONS OF ERISA OR THE CODE, OR
ANY PERSON ACTING ON BEHALF OF ANY PERSON ACTING ON BEHALF OF ANY SUCH PLAN OR USING THE ASSETS OF SUCH PLAN TO ACQUIRE THIS
CERTIFICATE.

 

THIS CERTIFICATE REPRESENTS A “RESIDUAL
INTEREST” IN TWO “REAL ESTATE MORTGAGE INVESTMENT CONDUITS” AS THOSE TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS
860G(a)(2) AND 860D OF THE INTERNAL

 

    Exhibit A-5-1 

     

    

 

REVENUE CODE OF 1986, AS AMENDED. EACH
TRANSFEREE OF THIS CERTIFICATE, BY ACCEPTANCE HEREOF, IS DEEMED TO HAVE ACCEPTED THIS CERTIFICATE SUBJECT TO CERTAIN RESTRICTIONS
ON TRANSFERABILITY TO DISQUALIFIED ORGANIZATIONS, NON-U.S. PERSONS OR AGENTS OF EITHER, AS SET FORTH IN SECTION 5.3 OF THE TSA,
AND SHALL BE REQUIRED TO FURNISH AN AFFIDAVIT TO THE TRANSFEROR AND THE CERTIFICATE ADMINISTRATOR TO THE EFFECT THAT, AMONG OTHER
THINGS, (A) IT IS NOT A DISQUALIFIED ORGANIZATION, AS SUCH TERM IS DEFINED IN CODE SECTION 860E(e)(5), OR AN AGENT (INCLUDING A
BROKER, NOMINEE OR OTHER MIDDLEMAN) FOR SUCH DISQUALIFIED ORGANIZATION AND IS OTHERWISE A PERMITTED TRANSFEREE, (B) IT HAS HISTORICALLY
PAID ITS DEBTS AS THEY HAVE COME DUE AND INTENDS TO PAY ITS DEBTS AS THEY COME DUE IN THE FUTURE, (C) IT UNDERSTANDS THAT IT MAY
INCUR TAX LIABILITIES WITH RESPECT TO THIS CERTIFICATE IN EXCESS OF CASH FLOWS GENERATED HEREBY, (D) IT INTENDS TO PAY ANY TAXES
ASSOCIATED WITH HOLDING THIS CERTIFICATE AS THEY BECOME DUE, (E) IT WILL NOT CAUSE INCOME WITH RESPECT TO THIS CERTIFICATE TO BE
ATTRIBUTABLE TO A FOREIGN PERMANENT ESTABLISHMENT OR FIXED BASE, WITHIN THE MEANING OF AN APPLICABLE INCOME TAX TREATY, OF SUCH
PERSON OR ANY OTHER U.S. PERSON AND (F) IT WILL NOT TRANSFER THIS CERTIFICATE TO ANY PERSON OR ENTITY THAT DOES NOT PROVIDE A SIMILAR
AFFIDAVIT. ANY PURPORTED TRANSFER TO A DISQUALIFIED ORGANIZATION OR OTHER PERSON THAT IS NOT A PERMITTED TRANSFEREE OR OTHERWISE
IN VIOLATION OF THESE RESTRICTIONS SHALL BE ABSOLUTELY NULL AND VOID AND SHALL VEST NO RIGHTS IN ANY PURPORTED TRANSFEREE. BECAUSE
THIS CERTIFICATE REPRESENTS MULTIPLE “NON-ECONOMIC RESIDUAL INTERESTS”, AS DEFINED IN TREASURY REGULATIONS SECTION
1.860E-1(c), TRANSFERS OF THIS CERTIFICATE MAY BE DISREGARDED FOR FEDERAL INCOME TAX PURPOSES. IN ORDER TO SATISFY A REGULATORY
SAFE HARBOR UNDER WHICH SUCH TRANSFERS WILL NOT BE DISREGARDED, THE TRANSFEROR MAY BE REQUIRED, AMONG OTHER THINGS, TO SATISFY
ITSELF AS TO THE FINANCIAL CONDITION OF THE PROPOSED TRANSFEREE AND EITHER TO TRANSFER AT A MINIMUM PRICE OR TO AN ELIGIBLE TRANSFEREE
AS SPECIFIED IN TREASURY REGULATIONS.

 

    Exhibit A-5-2 

     

    

 

GS MORTGAGE SECURITIES CORPORATION TRUST
2017-FARM

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES,

SERIES 2017-FARM, CLASS R

 

	Percentage Interest: 100%	 
	 	 
	Cut-Off Date: December 6, 2017	 
	 	 
	 

        CUSIP: 36254X AJ31 

                      U04014
        AE32 

                      36254X
        AK03
	 
	 	 
	ISIN:     US36254XAJ374 

              USU04014AE375

              US36254XAK006

	 

 

No.: R-[1]

 

This
certifies that [_____] is the registered owner of the Percentage Interest evidenced by this Certificate in the distributions to
be made from a Trust Fund with respect to the Class R Certificates. The Trust Fund consists primarily of one note secured by certain
Collateral held in trust by the Certificate Administrator on behalf of the Trustee issued by multiple special purpose entities
evidencing a fixed rate loan (the “Trust Loan”). The Trust Fund was created, and the Trust Loan is to be serviced,
pursuant to the Trust and Servicing Agreement (as defined below). The Holder of this Certificate, by virtue of the acceptance
hereof, assents to the terms, provisions and conditions of the Trust and Servicing Agreement and is bound thereby. Also issued
under the Trust and Servicing Agreement are the Class A, Class B, Class YM and Class HRR Certificates (collectively with the Class
R Certificates, the “Certificates”; the Holders of Certificates issued under the Trust and Servicing Agreement
are collectively referred to herein as “Certificateholders”).

 

This Certificate is
issued pursuant to, and in accordance with, the terms of a Trust and Servicing Agreement, dated as of December 29, 2017 (the “Trust
and Servicing Agreement”), by and among GS Mortgage Securities Corporation II, as Depositor, KeyBank National Association,
as servicer, AEGON USA Realty Advisors, LLC, as special servicer, Wells Fargo Bank, National Association as certificate administrator,
custodian and trustee, and Pentalpha

 

 

 

1
For Rule 144A Certificates.

 

2
For Regulation S Certificates.

 

3
For IAI Certificates.

 

4
For Rule 144A Certificates.

 

5
For Regulation S Certificates.

 

6
For IAI Certificates.

 

    Exhibit A-5-3 

     

    

 

Surveillance LLC, as operating advisor. To the extent not defined
herein, capitalized terms used herein shall have the meanings assigned thereto in the Trust and Servicing Agreement.

 

This Certificate represents
the “residual interest” in two “real estate mortgage investment conduits,” as those terms are defined,
respectively, in Sections 860G(a)(2) and 860D of the Internal Revenue Code of 1986, as amended.

 

The Holder of the Class
R Certificates holding the largest Percentage Interest therein shall be the Tax Matters Person pursuant to Treasury Regulations
Section 1.860F 4(d) and “partnership representative” (within the meaning of Section 6223 of the Code, to the extent
such provision is applicable to the Trust REMICs) of the Upper-Tier REMIC and the Lower-Tier REMIC. The duties of the Tax Matters
Persons and “partnership representative” for the Upper Tier REMIC and the Lower Tier REMIC are hereby delegated to
the Certificate Administrator as agent for the related Tax Matters Person or “partnership representative”, and the
Class R Certificateholders agree to such delegation to the Certificate Administrator as its agent and attorney in fact.

 

The Certificate Administrator
makes no representation or warranty as to any of the statements contained herein or the validity or sufficiency of the Certificates
or the Trust Loans and has executed this Certificate in its limited capacity as Certificate Administrator under the Trust and Servicing
Agreement.

 

Pursuant to the terms
of the Trust and Servicing Agreement, the Certificate Administrator will distribute, on the 4th Business Day after each Determination
Date, commencing in January 2018 (each such date, a “Distribution Date”), to the Person in whose name this Certificate
is registered as of the related Record Date, which will be the close of business on the last Business Day of the month preceding
the calendar month in which the applicable Distribution Date occurs, an amount equal to such Person’s pro rata share (based
on the Percentage Interest represented by this Certificate) of that portion of the aggregate amount of principal and interest,
any Yield Maintenance Premiums then distributable, if any, and any other amounts distributable to the Class A Certificates for
such Distribution Date, all as more fully described in the Trust and Servicing Agreement.

 

All distributions will
be made to the Persons entitled thereto by check mailed by first class mail to the address set forth therefor in the Certificate
Register or, provided that the Certificate Administrator has received appropriate wire transfer instructions, at least five Business
Days prior to the related Distribution Date, by wire transfer of immediately available funds to the account of such Certificateholder
at a bank or other entity located in the United States and having appropriate facilities therefor. The final distribution on each
Certificate shall be made in like manner, but only upon presentment and surrender of such Certificate at the location that is specified
by the Certificate Administrator in the notice to Certificateholders of such final distribution.

 

This Certificate is limited
in right of payment to, among other things, certain collections and recoveries in respect of the Trust Loan, as more specifically
set forth herein and in the Trust and Servicing Agreement.

 

    Exhibit A-5-4 

     

    

 

This Certificate does
not purport to summarize the Trust and Servicing Agreement, and reference is made to the Trust and Servicing Agreement for the
interests, rights, benefits, obligations and duties evidenced hereby, and the limitations thereon, and the rights, duties and immunities
of the Certificate Administrator.

 

As provided in the Trust
and Servicing Agreement, subject to certain restrictions on transfer set forth therein, upon surrender for registration of transfer
of any Certificate, the Certificate Registrar shall execute, authenticate and deliver, in the name of the designated transferee
or transferees, one or more new Certificates in authorized denominations, in like aggregate interest and of the same Class.

 

Prior to due presentation
of this Certificate for registration of transfer, the Trustee, the Servicer, the Special Servicer, the Certificate Administrator,
the Certificate Registrar, and any agent of the Trustee, the Servicer, the Special Servicer, the Certificate Administrator or the
Certificate Registrar may treat the Person in whose name any Certificate is registered as the owner of such Certificate for the
purpose of receiving distributions as provided in the Trust and Servicing Agreement and for all other purposes whatsoever, and
none of the Trustee, the Servicer, the Special Servicer, the Certificate Administrator, the Certificate Registrar, nor any agent
of the Trustee, the Servicer, the Special Servicer, the Certificate Administrator or the Certificate Registrar shall be affected
by any notice to the contrary.

 

The Trust and Servicing
Agreement may be amended from time to time by the Depositor, the Servicer, the Special Servicer, the Certificate Administrator,
the Custodian, the Operating Advisor and the Trustee, without the consent of any of the Certificateholders or Companion Loan Holders,
in certain circumstances specified in the Trust and Servicing Agreement. The Trust and Servicing Agreement may also be amended
from time to time by the Depositor, the Servicer, the Special Servicer, the Certificate Administrator, the Custodian, the Operating
Advisor and the Trustee with the consent of the Holders of Certificates of each Class adversely affected by such amendment evidencing,
in each case, not less than 51% of the aggregate Percentage Interests constituting the Class for the purpose of adding any provisions
to or changing in any manner or eliminating any of the provisions of the Trust and Servicing Agreement or of modifying in any manner
the rights of the Holders of the Certificates, except that the amendment may not (1) reduce in any manner the amount of, or delay
the timing of, payments received on the Trust Loan that are required to be distributed on any Certificate; (2) alter in any manner
the liens on any Collateral securing payments of the Trust Loan; (3) alter the obligations of the Servicer or the Trustee to make
an Advance or alter the Accepted Servicing Practices; (4) change the percentages of Voting Rights or Percentage Interests of Certificateholders
that are required to consent to any action or inaction under the Trust and Servicing Agreement; (5) adversely affect the Controlling
Class Representative without the consent of 100% of the Controlling Class Certificateholders; or (6) amend the Section 10.1 of
the Trust and Servicing Agreement. Notwithstanding the foregoing, no amendment to the Trust and Servicing Agreement may be made
that changes in any manner the obligations of the Sponsors under the Loan Purchase Agreement without the consent of the Sponsors,
and the Trustee, Servicer, Special Servicer, Operating Advisor, Certificate Administrator or Custodian may, but will not be obligated
to, enter into any amendment to the Trust and Servicing Agreement that it determines affects its rights, duties or immunities or
creates any additional liability for the Trustee, Servicer, Special Servicer, Operating Advisor, Certificate Administrator or Custodian
under the Trust and Servicing Agreement. In

 

    Exhibit A-5-5 

     

    

 

addition, no amendment may be made to the
Trust and Servicing Agreement unless the Certificate Administrator, the Trustee, the Custodian, the Operating Advisor, the Servicer
and the Special Servicer have first received an Opinion of Counsel (at the expense of the party requesting the amendment, or at
the Trust Fund’s expense if the Trustee or the Certificate Administrator is the requesting party) to the effect that the
amendment is authorized or permitted under the Trust and Servicing Agreement and all conditions precedent have been met and that
the amendment or the exercise of any power granted to the Servicer, the Special Servicer, the Depositor, the Certificate Administrator,
the Trustee or any other specified person in accordance with the amendment, will not result in an Adverse REMIC Event.

 

The Trust and Servicing
Agreement provides that the respective obligations and responsibilities of the Servicer, the Special Servicer, the Certificate
Administrator, the Operating Advisor, the Depositor and the Trustee created thereby with respect to the Certificates (other than
the obligation to make certain payments to the Companion Loan Holders and the obligation of the Certificate Administrator to make
certain payments to Certificateholders after the final Distribution Date, and other than the obligation of the Certificate Administrator
to file final tax returns for the Upper-Tier REMIC and the Lower-Tier REMIC, to maintain books and records of the Trust Fund for
such period of time as it maintains its own books and records and other than the indemnification rights and obligations of the
parties thereto) shall terminate upon the last action required to be taken by the Certificate Administrator on the final Distribution
Date pursuant to Article 9 of the Trust and Servicing Agreement following the later of (i) the final payment on the Certificates
or (ii) the liquidation of the Whole Loan (including, without limitation, the sale of the Whole Loan pursuant to the Intercreditor
Agreement or the Trust and Servicing Agreement, as applicable) or the liquidation or abandonment of the Properties and all other
Collateral for the Whole Loan; provided, however, that in no event shall the Trust continue beyond the expiration of 21
years from the death of the last survivor of the descendants of Joseph P. Kennedy, the late ambassador of the United States to
the Court of St. James’s, living on the date of execution of the Trust and Servicing Agreement. Unless the Certificate of
Authentication on this Certificate has been executed by the Certificate Administrator or on its behalf by the Authenticating Agent,
by manual signature, this Certificate shall not be entitled to any benefit under the Trust and Servicing Agreement or be valid
for any purpose.

 

Unless the Certificate
of Authentication on this Certificate has been executed by the Certificate Administrator or on its behalf by the Authenticating
Agent, by manual signature, this Certificate shall not be entitled to any benefit under the Trust and Servicing Agreement or be
valid for any purpose.

 

The Certificate Administrator
makes no representation or warranty as to any of the statements contained herein or the validity or sufficiency of the Certificates
or the Trust Loan and has executed this Certificate in its limited capacity as Certificate Administrator under the Trust and Servicing
Agreement.

 

    Exhibit A-5-6 

     

    

  

IN WITNESS WHEREOF, the Certificate Administrator
has caused this Certificate to be duly executed.

 

Dated: December 29, 2017

	 	 
	 	WELLS
                    FARGO BANK, NATIONAL ASSOCIATION, 

not in its individual capacity but solely as Certificate Administrator

	 	 	 
	 	By:	
	 	 	Authorized Officer

 

Certificate of Authentication

 

This is one of the Class R Certificates referred to in the
Trust and Servicing Agreement.

 

Dated: December 29, 2017

	 	 
	 	WELLS FARGO BANK, NATIONAL ASSOCIATION,

not in its individual capacity but solely as
Authenticating Agent

	 	 	 
	 	By:	
	 	 	Authorized Officer

  

    Exhibit A-5-7 

     

    

 

SCHEDULE A

 

SCHEDULE
OF EXCHANGES

 

The following payments of principal and
exchanges of a part of this [Rule 144A Global Certificate] [Temporary Regulation S Global Certificate] [Regulation S Global Certificate]
[Definitive Certificate] have been made: 

 

	Date of
 Exchange or
 Payment of
 Principal	 	 	 	Certificate
 Balance
 Prior to
 Exchange or
 Payment	 	 	 	Certificate
 Balance
 Exchanged
 or Principal
 Payment
 Made	 	 	 	Type of
 Certificate
 Exchanged
 for	 	 	 	Remaining
 Certificate
 Balance
 Following
 Such
 Exchange or
 Payment	 	 	 	Notation
 Made by
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

  

    Exhibit A-5-8 

     

    

 

ASSIGNMENT

 

FOR
VALUE RECEIVED, the undersigned (“Assignor(s)”) hereby sell(s), assign(s) and transfer(s) unto __________________________________________
(please print or typewrite name(s) and address(es), including postal zip code(s) of assignee(s)) (“Assignee(s)”)
the entire Percentage Interest represented by the within Certificate and hereby authorize(s) the registration of transfer of such
interest to Assignee(s) on the Certificate Register of the Trust.

 

I
(we) further direct the Certificate Registrar to issue a new Certificate of the entire Percentage Interest represented by the
within Certificate to the above-named Assignee(s) and to deliver such Certificate to the following address:

	 
	 
	 
	 
	Date: __________________

	 	 	 
	 	Signature
    by or on behalf of
	 	Assignor(s):
	 	 	 
	 	 
	 	Taxpayer
    Identification Number: _________

 

    Exhibit A-5-9 

     

    

 

DISTRIBUTION
INSTRUCTIONS

 

The
Assignee(s) should include the following for purposes of distribution:

 

Address
of the Assignee(s) for the purpose of receiving notices and distributions: _____________________________________________________________.

 

Distributions,
if being made by wire transfer in immediately available funds, to ____________________________ for the account of __________________________
account number ____________________.

 

This
information is provided by _____________________________________________________ the Assignee(s) named above, or ________________________________________________
as its (their) agent.

 

	 	By:	 
	 	 	[Please print or type
    name(s)]

 

	 	Title:	 
	 	 
	 	Taxpayer
    Identification Number:

 

    Exhibit A-5-10 

     

    

 

EXHIBIT
B

 

FORM
OF REQUEST FOR RELEASE

(for Custodian)

 

	Loan Information

                                               

	 	Name of Mortgagor:	
	 

                                              Custodian

                                               

	 	Name:	Wells Fargo Bank, National Association
	 	 	 
	 	Address:	1055 10th
        Avenue, SE 

Minneapolis, Minnesota 55414 

Attention: Document Custody Group – GSMS 2017- FARM

	 	 	 
	 	Custodian

                                     

                                    Mortgage File No.:
	
	 

                                              Depositor

                                               

	 	Name:	GS Mortgage Securities Corporation II
	 	 	 
	 	Address:	200 West Street, New York, New York 10282

        

	 	 	 
	 	Certificates:	GS Mortgage Securities Corporation Trust 2017-FARM, Commercial Mortgage Pass-Through Certificates,
Series 2017-FARM

 

The undersigned [Servicer] [Special Servicer] hereby requests delivery from Wells Fargo Bank, National
Association, as custodian (the “Custodian”), for the Holders of GS Mortgage Securities Corporation Trust 2017-FARM,
Commercial Mortgage Pass-Through Certificates, Series 2017-FARM, the documents referred to below (the “Documents”).
All capitalized terms not otherwise defined in this Request for Release shall have the meanings given them in the Trust and Servicing
Agreement, dated as of December 29, 2017, by and among GS Mortgage Securities Corporation II, as Depositor, KeyBank National Association,
as Servicer, AEGON USA Realty Advisors, LLC, as Special Servicer, Wells Fargo Bank, National Association, as Certificate Administrator,
Custodian and Trustee, and Pentalpha Surveillance LLC, as Operating Advisor (the “Trust and Servicing Agreement”).

   

	(
                            )	Note dated [             ],
in the original principal sum of $_______, made by _______, payable to, or endorsed to the order of, the Trustee.

 

    Exhibit B-1

     

    

 

	(
                            )	Mortgage(s) recorded on ________
as instrument no. ________ in the County Recorder’s Office of the County of ________, State of ________ in book/reel/docket
________ of official records at page/image ________.

 

	(
                            )	Deed of Trust(s) recorded on ________ as instrument no. ________ in the County Recorder’s
                                                                         Office of the County of  ________, State of  ________ in book/reel/docket ________ of official records at
                                                                         page/image. 

 

	( )	Deed
                                         of Trust(s) recorded on __________ as instrument no. ________ in the County Recorder’s
                                         Office of the County of ___________, State of _______ in book/reel/docket ____________
                                         of official records at page/image.

 

	(
                            )	Other
                                         documents, including any amendments, assignments or other assumptions of the Notes or
                                         Mortgages.

 

(
)                       ___________________________

 

(
)                       ___________________________

 

(
)                       ___________________________

 

(
)                       ___________________________

 

The
undersigned [Servicer] [Special Servicer] hereby acknowledges and agrees as follows:

 

(1)       The [Servicer] [Special Servicer] shall hold and retain possession of the Documents in trust on behalf
of the Custodian for the benefit of the Certificateholders, solely for the purposes provided in the Trust and Servicing Agreement.

 

(2)       The [Servicer] [Special Servicer] shall not cause or permit the Documents to become subject to, or encumbered
by, any claims, liens, security interests, charges, writs of attachment or other impositions nor shall the [Servicer] [Special
Servicer] assert or seek to assert any claims or rights of set-off to or against the Documents or any proceeds thereof except as
otherwise provided in the Trust and Servicing Agreement.

 

(3)       The [Servicer] [Special Servicer] shall return the Documents to the Custodian when the need therefor no
longer exists, unless the Whole Loan has been liquidated or the Whole Loan has been paid in full and the proceeds thereof have
been remitted to the Collection Account except as expressly provided in the Trust and Servicing Agreement.

 

(4)       The
Documents, coming into the possession or control of the [Servicer] [Special Servicer] shall at all times be earmarked for the
account of the Custodian, and the [Servicer] [Special Servicer] shall keep the Documents separate and distinct from all other
property in the [Servicer’s] [Special Servicer’s] possession, custody or control. 

 

    Exhibit B-2

     

    

 

	 	

[SERVICER]
[SPECIAL SERVICER]

	 	 
	 	By:	 
			Name:

    Title:

Date:
_________

 

    Exhibit B-3

     

    

 

EXHIBIT
C

 

FORM
OF TRANSFER CERTIFICATE

FOR RULE 144A GLOBAL CERTIFICATE

TO TEMPORARY REGULATION S GLOBAL CERTIFICATE

 

(Exchanges
or transfers pursuant to

Section 5.3(c) of the Trust and Servicing Agreement)

 

Wells Fargo Bank, National Association,

as Certificate Registrar

600 South 4th Street,
7th Floor

MAC: N9300-070

Minneapolis, Minnesota 55479

Attention: Bondholder Services – GSMS 2017-FARM

 

		Re:	GS Mortgage Securities
                                                                                                                                                                                                                Corporation Trust 2017-FARM, Commercial Mortgage Pass-Through Certificates, Series 2017-FARM, Class [__]

	

 

Reference is hereby made to the Trust and Servicing Agreement, dated as of December 29, 2017 (the “Trust
and Servicing Agreement”), by and among GS Mortgage Securities Corporation II, as Depositor, KeyBank National Association,
as Servicer, AEGON USA Realty Advisors, LLC, as Special Servicer, Wells Fargo Bank, National Association, as Certificate Administrator,
Custodian and Trustee, and Pentalpha Surveillance LLC, as Operating Advisor. Capitalized terms used but not defined herein shall
have the meanings given to them in the Trust and Servicing Agreement.

 

This letter relates
to US $[_____] aggregate Certificate Balance of the
Class [_] Certificates (the “Certificates”) which are held in the form of a beneficial interest in the Rule
144A Global Certificate of such Class (CUSIP No. [_____]) with the Depository in the name of [insert name of Transferor] (the
“Transferor”). The Transferor has requested an exchange or transfer of such beneficial interest for a beneficial
interest in the Temporary Regulation S Global Certificate of such Class (CINS No. [_____] and ISIN No._[_____]) to be held with
the Depository in the name of [Euroclear] [Clearstream]* (Common Code No. [_____]).

 

In connection with such request and in respect of such Certificates, the Transferor does hereby certify that
such exchange or transfer has been made in compliance with the transfer restrictions set forth in the Trust and Servicing Agreement
and pursuant to and in accordance with Regulation S (“Regulation S”) under the Securities Act of 1933, as amended
(the “Securities Act”), and accordingly the Transferor does hereby certify that:

 

(1)       the offer of the Certificates was not made to a “U.S. person”
within the meaning of Rule 902(k) of Regulation S; 

 

 

 

* Select
appropriate depository.

 

    Exhibit C-1

     

    

 

(2)
      the offer and sale of the Certificates was made in an “offshore transaction” within the
meaning of Rule 902(h) of Regulation S;

 

(3)       no “directed selling efforts” have been made by the Transferor, an affiliate of the Transferor,
or any person acting on behalf of the Transferor or any such affiliate in contravention of the requirements of Rule 903(b) or 904(b)
of Regulation S, as applicable; and

 

(4)       the transaction is not part of a
plan or scheme to evade the registration requirements of the Securities Act.

 

We understand that this certificate is required in connection with certain securities laws of the United States.
In connection therewith, if administrative or legal proceedings are commenced or threatened in connection with which this certificate
is or would be relevant, we irrevocably authorize you to produce this certificate to any interested party in such proceeding. This
certificate and the statements contained herein are made for your benefit and the benefit of the Depositor, the Trustee, the Servicer,
the Special Servicer, the Operating Advisor, the Custodian, the Certificate Administrator and the Initial Purchasers.

  

	 	[Insert Name of Transferor]

	 	 
	 	By:	 
			Name:

    Title:

 

Dated:
_______

 

cc: GS Mortgage Securities Corporation II

  

    Exhibit C-2

     

    

 

EXHIBIT
D

 

FORM
OF TRANSFER CERTIFICATE

FOR RULE 144A GLOBAL CERTIFICATE

TO REGULATION S GLOBAL CERTIFICATE

 

(Exchange
or transfers pursuant to

Section 5.3(d) of the Trust and Servicing Agreement)

 

Wells Fargo Bank, National Association,

as Certificate Registrar

600 South 4th Street, 7th Floor

MAC: N9300-070

Minneapolis, Minnesota 55479

Attention: Bondholder Services –GSMS 2017-FARM

 

		Re:	GS Mortgage Securities Corporation Trust 2017-FARM, Commercial Mortgage Pass-Through Certificates, Series
2017-FARM, Class [__]

	

 

Reference is hereby made to the Trust and Servicing Agreement, dated as of December 29, 2017 (the “Trust
and Servicing Agreement”), by and among GS Mortgage Securities Corporation II, as Depositor, KeyBank National Association,
as Servicer, AEGON USA Realty Advisors, LLC, as Special Servicer, Wells Fargo Bank, National Association, as Certificate Administrator,
Custodian and Trustee, and Pentalpha Surveillance LLC, as Operating Advisor. Capitalized terms used but not defined herein shall
have the meanings given to them in the Trust and Servicing Agreement.

 

This letter relates
to US $[_____] aggregate Certificate Balance of the Class [__] Certificates (the “Certificates”) which are held
in the form of a beneficial interest in the Rule 144A Global Certificate of such Class (CUSIP No. [_____]) with the Depository
in the name of [insert name of Transferor] (the “Transferor”). The Transferor has requested an exchange or
transfer of such beneficial interest for a beneficial interest in the Regulation S Global Certificate of such Class (CINS No.
[_____], ISIN No. [_____], and Common Code No. [_____]).

 

In connection with such request and in respect of such Certificates, the Transferor does hereby certify that
such exchange or transfer has been made in compliance with the transfer restrictions set forth in the Trust and Servicing Agreement
and pursuant to and in accordance with Regulation S (“Regulation S”) under the Securities Act of 1933, as amended
(the “Securities Act”), and accordingly the Transferor does hereby certify that:

 

(1)       the offer of the Certificates was
not made to a “U.S. person” within the meaning of Rule 902(k) of Regulation S;

 

(2)      
the offer and sale of the Certificates was made in an “offshore transaction” within the meaning of Rule 902(h) of
Regulation S;

 

    Exhibit D-1

     

    

  

(3)       no “directed selling efforts” have been made by the Transferor, an affiliate of the Transferor,
or a person acting on behalf of the Transferor or any such affiliate in contravention of the requirements of Rule 903(b) or 904(b)
of Regulation S, as applicable; and

 

(4)       the transaction is not part of a
plan or scheme to evade the registration requirements of the Securities Act.

 

We understand that this certificate is required in connection with certain securities laws of the United States.
In connection therewith, if administrative or legal proceedings are commenced or threatened in connection with which this certificate
is or would be relevant, we irrevocably authorize you to produce this certificate to any interested party in such proceeding. This
certificate and the statements contained herein are made for your benefit and the benefit of the Depositor, the Trustee, the Servicer,
the Special Servicer, the Operating Advisor, the Custodian, the Certificate Administrator and the Initial Purchasers.

 

	 	[Insert Name of Transferor]

	 	 
	 	By:	 
			Name:

    Title:

 

Dated:
_______

 

cc: GS Mortgage Securities Corporation II

  

    Exhibit D-2

     

    

  

EXHIBIT E

 

FORM OF TRANSFER CERTIFICATE

FOR TEMPORARY REGULATION S GLOBAL CERTIFICATE

TO RULE 144A GLOBAL CERTIFICATE DURING RESTRICTED PERIOD

 

(Exchange or transfers pursuant to

Section 5.3(e) of the Trust and Servicing Agreement)

 

Wells Fargo Bank, National Association,

as Certificate Registrar

600 South 4th Street, 7th Floor

MAC: N9300-070

Minneapolis, Minnesota 55479

Attention: Bondholder Services – GSMS 2017-FARM

 

		Re:	GS Mortgage Securities Corporation Trust 2017-FARM, Commercial Mortgage Pass-Through Certificates, Series
2017-FARM, Class [__]

	

 

Reference is hereby made to the Trust and Servicing Agreement, dated as of December 29, 2017 (the “Trust
and Servicing Agreement”), by and among GS Mortgage Securities Corporation II, as Depositor, KeyBank National Association,
as Servicer, AEGON USA Realty Advisors, LLC, as Special Servicer, Wells Fargo Bank, National Association, as Certificate Administrator,
Custodian and Trustee, and Pentalpha Surveillance LLC, as Operating Advisor. Capitalized terms used but not defined herein shall
have the meanings given to them in the Trust and Servicing Agreement.

 

This letter relates
to US $[_____] aggregate Certificate Balance of the Class [_] Certificates (the “Certificates”) which are held
in the form of a beneficial interest in the Temporary Regulation S Global Certificate of such Class (CINS No. [_____] and ISIN
No. [_____]) with [Euroclear] [Clearstream]* (Common Code [_____]) through the Depository in the name of [insert name
of transferor] (the “Transferor”). The Transferor has requested an exchange or transfer of such beneficial
interest for a beneficial interest in the Rule 144A Global Certificate of such Class (CUSIP No. [_____]).

 

In connection with such request, and in respect of such Certificates, the Transferor does hereby certify that
such Certificates are being exchanged or transferred in accordance with Rule 144A (“Rule 144A”) under the Securities
Act of 1933, as amended (the “Securities Act”), to a transferee that the Transferor reasonably believes is purchasing
the Certificates for its own account, or for one or more accounts with respect to which the transferee exercises sole investment
discretion, and the transferee and any such account is a “qualified institutional buyer” within the meaning of Rule
144A in each case in a transaction meeting the requirements of Rule 144A and

 

 

 

* Select
appropriate depository.

 

    Exhibit E-1

     

    

 

in
accordance with any applicable securities laws of any state of the United States or other applicable jurisdiction.

 

We understand that this certificate is required in connection with certain securities laws of the United States.
In connection therewith, if administrative or legal proceedings are commenced or threatened in connection with which this certificate
is or would be relevant, we irrevocably authorize you to produce this certificate to any interested party in such proceeding. This
certificate and the statements contained herein are made for your benefit and the benefit of the Depositor, the Trustee, the Servicer,
the Special Servicer, the Operating Advisor, the Custodian, the Certificate Administrator and the Initial Purchasers.

 

	 	[Insert Name of Transferor]
	 		 
	 	By:	 
	 	 	Name:

Title:
	 	 	 
	Dated:	 ___________ 	 	 	 

   

cc: GS Mortgage Securities Corporation II

 

    Exhibit E-2

     

    

 

EXHIBIT F

 

FORM OF CERTIFICATION TO BE GIVEN BY

BENEFICIAL OWNER OF TEMPORARY

REGULATION S GLOBAL CERTIFICATE

 

(Exchanges pursuant to

Section 5.3(f) of the Trust and Servicing Agreement)

 

Wells Fargo Bank, National Association,

as Certificate Registrar

600 South 4th Street, 7th Floor

MAC: N9300-070

Minneapolis, Minnesota 55479

Attention: Bondholder Services – GSMS 2017-FARM

 

		Re:	GS Mortgage Securities Corporation Trust 2017-FARM, Commercial Mortgage Pass-Through Certificates, Series
2017-FARM, Class [__]

	

 

Reference is hereby made to the Trust and Servicing Agreement, dated as of December 29, 2017 (the “Trust
and Servicing Agreement”), by and among GS Mortgage Securities Corporation II, as Depositor, KeyBank National Association,
as Servicer, AEGON USA Realty Advisors, LLC, as Special Servicer, Wells Fargo Bank, National Association, as Certificate Administrator,
Custodian and Trustee, and Pentalpha Surveillance LLC, as Operating Advisor. Capitalized terms used but not defined herein shall
have the meanings given to them in the Trust and Servicing Agreement.

 

[For purposes of acquiring a beneficial interest in a Regulation S Global Certificate of the Class specified
above after the expiration of the Restricted Period,] [For purposes of receiving payments under a Temporary Regulation S Global
Certificate of the Class specified above,]* the undersigned
holder of a beneficial interest in a Temporary Regulation S Global Certificate of the Class specified above issued under the Trust
and Servicing Agreement certifies that it is not a “U.S. person” as defined in Rule 902(k) of Regulation S under the
Securities Act of 1933, as amended.

 

We undertake to advise you promptly by facsimile on or prior to the date on which you intend to submit your
corresponding certification relating to the Certificates of the Class specified above held by you for our account if any applicable
statement herein is not correct on such date, and in the absence of any such notification it may be assumed that this certification
applies as of such date.

 

We understand that this certificate is required in connection with certain securities laws of the United States.
In connection therewith, if administrative or legal proceedings are

 

 

 

* Select,
as applicable.

 

    Exhibit F-1

     

    

 

commenced or threatened in connection with which this certificate is or would be relevant, we irrevocably
authorize you to produce this certificate to any interested party in such proceeding. This certificate and the statements contained
herein are made for your benefit and the benefit of the Depositor, the Servicer, the Special Servicer, the Operating Advisor, the
Custodian, the Certificate Administrator, the Trustee and the Initial Purchasers.

 

	 	Dated:	 ___________________	 
	 	 	 	 	 	 
	 	By:	 	 	 	 
	 	 	as, or as agent for, the holder of a beneficial interest in the Certificates to which this certificate relates.

 

    Exhibit F-2

     

    

 

EXHIBIT G

 

FORM OF TRANSFER CERTIFICATE

FOR NON-BOOK ENTRY CERTIFICATE

TO TEMPORARY REGULATION S GLOBAL CERTIFICATE

 

(Exchanges or transfers pursuant to

Section 5.3(g) of the Trust and Servicing Agreement)

 

Wells Fargo Bank, National Association,

as Certificate Registrar

600 South 4th Street, 7th Floor

MAC: N9300-070

Minneapolis, Minnesota 55479

Attention: Bondholder Services – GSMS 2017-FARM

 

		Re:	GS Mortgage Securities Corporation Trust 2017-FARM, Commercial Mortgage Pass-Through Certificates, Series
2017-FARM, Class [__]

	

 

Reference is hereby made to the Trust and Servicing Agreement, dated as of December 29, 2017 (the “Trust
and Servicing Agreement”), by and among GS Mortgage Securities Corporation II, as Depositor, KeyBank National Association,
as Servicer, AEGON USA Realty Advisors, LLC, as Special Servicer, Wells Fargo Bank, National Association, as Certificate Administrator,
Custodian and Trustee, and Pentalpha Surveillance LLC, as Operating Advisor. Capitalized terms used but not defined herein shall
have the meanings given to them in the Trust and Servicing Agreement.

 

This letter relates
to US $[_____] aggregate Certificate Balance of the Class [__] Certificates (the “Certificates”) which are
held in the form of Non-Book Entry Certificates of such Class (CUSIP No. [_____]) in the name of [insert name of Transferor] (the
“Transferor”). The Transferor has requested an exchange or transfer of such Non-Book Entry Certificates for
a beneficial interest in the Temporary Regulation S Global Certificate of such Class (CINS No. [_____] and ISIN No. [_____]) to
be held with [Euroclear] [Clearstream]* (Common Code [_____]) through the Depository.

 

In connection with such
request, and in respect of such Certificates, the Transferor does hereby certify that such exchange or transfer has been made
in compliance with the transfer restrictions set forth in the Trust and Servicing Agreement and pursuant to and in accordance
with Regulation S (“Regulation S”) under the Securities Act of 1933, as amended (the “Securities Act”),
and accordingly the Transferor does hereby certify that:

 

(1)          the offer of the Certificates was not made to a “U.S. person” within the meaning of Rule 902(k)
of Regulation S;

 

 

 

* Select appropriate depository.

 

    Exhibit G-1

     

    

 

(2)          the offer and sale of the Certificates was made in an “offshore transaction” within the meaning
of Rule 902(h) of Regulation S;

 

(3)          no “directed selling efforts” have been made by the Transferor, an affiliate of the Transferor,
or any person acting on behalf of the Transferor or any such affiliate in contravention of the requirements of Rule 903(b) or 904(b)
of Regulation S, as applicable; and

 

(4)          the transaction is not part of a plan or scheme to evade the registration requirements of the Securities Act.

 

We understand that this certificate is required in connection with certain securities laws of the United States.
In connection therewith, if administrative or legal proceedings are commenced or threatened in connection with which this certificate
is or would be relevant, we irrevocably authorize you to produce this certificate to any interested party in such proceeding. This
certificate and the statements contained herein are made for your benefit and the benefit of the Depositor, the Servicer, the Special
Servicer, the Operating Advisor, the Custodian, the Certificate Administrator, the Trustee and the Initial Purchasers.

 

	 	[Insert Name of Transferor]
	 		 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 	 
	Dated: ______________	 	 	 
	 	 	 	 	 

  

cc: GS Mortgage Securities Corporation II

 

    Exhibit G-2

     

    

 

EXHIBIT H

 

FORM OF TRANSFER CERTIFICATE

FOR NON-BOOK ENTRY CERTIFICATE

TO REGULATION S GLOBAL CERTIFICATE

 

(Exchange or transfers pursuant to

Section 5.3(g) of the Trust and Servicing Agreement)

 

Wells Fargo Bank, National Association,

as Certificate Registrar

600 South 4th Street, 7th Floor

MAC: N9300-070

Minneapolis, Minnesota 55479

Attention: Bondholder Services – GSMS 2017-FARM

 

		Re:	GS Mortgage Securities Corporation Trust 2017-FARM, Commercial Mortgage Pass-Through Certificates, Series
2017-FARM, Class [__]

	

 

Reference is hereby made to the Trust and Servicing Agreement, dated as of December 29, 2017 (the “Trust
and Servicing Agreement”), by and among GS Mortgage Securities Corporation II, as Depositor, KeyBank National Association,
as Servicer, AEGON USA Realty Advisors, LLC, as Special Servicer, Wells Fargo Bank, National Association, as Certificate Administrator,
Custodian and Trustee, and Pentalpha Surveillance LLC, as Operating Advisor. Capitalized terms used but not defined herein shall
have the meanings given to them in the Trust and Servicing Agreement.

 

This letter relates
to US $[_____] aggregate Certificate Balance of the Class [__] Certificates (the “Certificates”) which are
held in the form of Non-Book Entry Certificates of such Class (CUSIP No. [_____]) in the name of [insert name of Transferor] (the
“Transferor”). The Transferor has requested an exchange or transfer of such Non-Book Entry Certificates for
a beneficial interest in the Regulation S Global Certificate (CINS No. [_____], ISIN No. [_____], and Common Code No. [_____]).

 

In connection with such request, and in respect of such Certificates, the Transferor does hereby certify that
such exchange or transfer has been made in compliance with the transfer restrictions set forth in the Trust and Servicing Agreement
and pursuant to and in accordance with Regulation S (“Regulation S”) under the Securities Act of 1933, as amended
(the “Securities Act”), and accordingly the Transferor does hereby certify that:

 

(1)          the offer of the Certificates was
not made to a “U.S. person” within the meaning of Rule 902(k) of Regulation S;

 

(2)          the offer and sale of the Certificates was made in an “offshore transaction” within the meaning
of Rule 902(h) of Regulation S;

 

    Exhibit H-1

     

    

 

(3)          no “directed selling efforts” have been made in contravention of the requirements of Rule 903(b)
or 904(b) of Regulation S, as applicable; and

 

(4)          the transaction is not part of a
plan or scheme to evade the registration requirements of the Securities Act.

 

We understand that this certificate is required in connection with certain securities laws of the United States.
In connection therewith, if administrative or legal proceedings are commenced or threatened in connection with which this certificate
is or would be relevant, we irrevocably authorize you to produce this certificate to any interested party in such proceeding. This
certificate and the statements contained herein are made for your benefit and the benefit of the Depositor, the Servicer, the Special
Servicer, the Operating Advisor, the Custodian, the Certificate Administrator, the Trustee and the Initial Purchasers.

 

	 	[Insert Name of Transferor]
	 		 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 	 
	Dated: ___________	 	 
	 	 	 	 	 

 

cc: GS Mortgage Securities Corporation II

 

    Exhibit H-2

     

    

 

EXHIBIT I

 

FORM OF TRANSFER CERTIFICATE

FOR NON-BOOK ENTRY CERTIFICATE

TO RULE 144A GLOBAL CERTIFICATE

 

(Exchange or transfers pursuant to

Section 5.3(g) of the Trust and Servicing Agreement)

 

Wells Fargo Bank, National Association,

as Certificate Registrar

600 South 4th Street, 7th Floor

MAC: N9300-070

Minneapolis, Minnesota 55479

Attention: Bondholder Services – GSMS 2017-FARM

 

		Re:	GS Mortgage Securities Corporation Trust 2017-FARM, Commercial Mortgage Pass-Through Certificates, Series
2017-FARM, Class [__]

	

 

Reference is hereby made to the Trust and Servicing Agreement, dated as of December 29, 2017 (the “Trust
and Servicing Agreement”), by and among GS Mortgage Securities Corporation II, as Depositor, KeyBank National Association,
as Servicer, AEGON USA Realty Advisors, LLC, as Special Servicer, Wells Fargo Bank, National Association, as Certificate Administrator,
Custodian and Trustee, and Pentalpha Surveillance LLC, as Operating Advisor. Capitalized terms used but not defined herein shall
have the meanings given to them in the Trust and Servicing Agreement.

 

This letter relates
to US [_____] aggregate Certificate Balance of the Class [__] Certificates (the “Certificates”) which are held
in the form of Non-Book Entry Certificates of such Class (CUSIP No. [_____]) in the name of [insert name of transferor] (the “Transferor”).
The Transferor has requested an exchange or transfer of such beneficial interest for a beneficial interest in the Rule 144A Global
Certificate of such Class (CUSIP No. [_____]).

 

In connection with such request, and in respect of such Certificates, the Transferor does hereby certify that
such Certificates are being exchanged or transferred in accordance with Rule 144A (“Rule 144A”) under the Securities
Act of 1933, as amended (the “Securities Act”), to a transferee that the Transferor reasonably believes is purchasing
the Certificates for its own account, or for one or more accounts with respect to which the transferee exercises sole investment
discretion, and the transferee and any such account is a “qualified institutional buyer” within the meaning of Rule
144A in each case in a transaction meeting the requirements of Rule 144A and in accordance with any applicable securities laws
of any state of the United States or other applicable jurisdiction.

 

We understand that this certificate is required in connection with certain securities laws of the United States.
In connection therewith, if administrative or legal proceedings are commenced or threatened in connection with which this certificate
is or would be relevant, we irrevocably authorize you to produce this certificate to any interested party in such proceeding.

 

    Exhibit I-1

     

    

 

This certificate and the statements contained herein are made for your benefit and the benefit of the Depositor,
the Servicer, the Special Servicer, the Operating Advisor, the Custodian, the Certificate Administrator, the Trustee and the Initial
Purchasers.

 

	 	[Insert Name of Transferor]
	 		 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 	 
	Dated: _____________	 	 
	 	 	 	 	 

  

cc: GS Mortgage Securities Corporation II

 

    Exhibit I-2

     

    

 

EXHIBIT J-1

 

FORM OF INVESTMENT REPRESENTATION LETTER

 

[Date]

 

Wells Fargo Bank, National Association,

as Certificate Registrar

600 South 4th Street, 7th Floor

MAC: N9300-070

Minneapolis, Minnesota 55479

Attention: Certificate Transfer Services – GSMS 2017-FARM

 

GS Mortgage Securities Corporation II

200 West Street

New York, New York 10282-2198

Attention: Leah Nivison

With a copy to: gs-refgsecuritization@gs.com

 

		Re:	GS Mortgage Securities Corporation Trust 2017-FARM, Commercial Mortgage Pass-Through Certificates, Series
2017-FARM, Class [__]

	

 

Ladies and Gentlemen:

This letter
is delivered pursuant to Section 5.3 of the Trust and Servicing Agreement, dated as of December 29, 2017 (the “Trust and
Servicing Agreement”), by and among GS Mortgage Securities Corporation II, as Depositor, KeyBank National Association,
as Servicer, AEGON USA Realty Advisors, LLC, as Special Servicer, Wells Fargo Bank, National Association, as Certificate Administrator,
Custodian and Trustee, and Pentalpha Surveillance LLC, as Operating Advisor, on behalf of the holders of the GS Mortgage Securities
Corporation Trust 2017-FARM, Commercial Mortgage Pass Through Certificates, Series 2017-FARM (the “Certificates”)
in connection with the transfer by [               ] (the “Seller”) to the
undersigned (the “Purchaser”) of $____ aggregate Certificate Balance of Class [     ] Certificates, in
certificated fully registered form (such registered interest, the “Certificate”). Terms used but not defined
herein shall have the meanings ascribed thereto in the Trust and Servicing Agreement.

In connection with such transfer, the
undersigned hereby represents and warrants to you as follows:

 

[For Institutional
Accredited Investors only]                 1.       The Purchaser is an institutional “accredited investor” (an “Institutional Accredited Investor”,
i.e., an entity meeting the requirements of Rule 501 (a)(1), (2), (3) or (7) of Regulation D under the Securities Act of 1933,
as amended (the “Securities Act”)) and has such knowledge and experience in financial and business matters as
to be capable of evaluating the merits and risks of the investment in the Certificate, and the Purchaser and any accounts for which
the Purchaser is acting are each able to bear the economic risk of our or its investment. The Purchaser is acquiring the Certificate
for its own account or for one or more accounts (each of which is an Institutional Accredited Investor) as

    Exhibit J-1-1

     

    

 

to
each of which the Purchaser exercises sole investment discretion. The Purchaser hereby undertakes to reimburse the Trust for any
costs incurred by it in connection with this transfer.

 

[For Qualified Institutional
Buyers only]                 1.       The
Purchaser is a “qualified institutional buyer” within the meaning of Rule 144A (“Rule 144A”) promulgated
under the Securities Act of 1933, as amended (the “Securities Act”). The Purchaser is aware that the transfer
is being made in reliance on Rule 144A, and the Purchaser has had the opportunity to obtain the information required to be provided
pursuant to paragraph (d)(4)(i) of Rule 144A.

 

2.       The Purchaser’s
intention is to acquire the Certificate (a) for investment for the Purchaser’s own account or (b) for reoffer, resale, pledge
or other transfer to (i) “qualified institutional buyers” in transactions under Rule 144A, or (ii) Institutional Accredited
Investors pursuant to any other exemption from the registration requirements of the Securities Act, subject in the case of this
clause (ii) to (a) the receipt by the Certificate Registrar of a letter substantially in the form hereof, (b) the receipt by the
Certificate Registrar of an opinion of counsel acceptable to the Certificate Registrar that such reoffer, resale, pledge or transfer
is in compliance with the Securities Act, (c) the receipt by the Certificate Registrar of such other evidence acceptable to the
Certificate Registrar that such reoffer, resale, pledge or transfer is in compliance with the Securities Act and other applicable
laws (including applicable state and foreign securities laws), and (d) a written undertaking to reimburse the Trust for any costs
incurred by it in connection with the proposed transfer. It understands that the Certificate (and any subsequent Non-Book Entry
Certificate) has not been registered under the Securities Act, by reason of a specified exemption from the registration provisions
of the Securities Act which depends upon, among other things, the bona fide nature of the Purchaser’s investment intent (or
intent to resell to only certain investors in certain exempted transactions) as expressed herein.

3.       The Purchaser
acknowledges that the Certificate (and any Certificate issued on transfer or exchange thereof) has not been registered or qualified
under the Securities Act or the securities laws of any State or any other jurisdiction, and that the Certificate cannot be resold
unless it is registered or qualified thereunder or unless an exemption from such registration or qualification is available.

 

4.       The
Purchaser has reviewed the applicable Offering Circular dated December 18, 2017, relating to the Certificates (the “Offering
Circular”) and the agreements and other materials referred to therein and has had the opportunity to ask questions and
receive answers concerning the terms and conditions of the transactions contemplated by the Offering Circular.

 

5.       The
Purchaser hereby undertakes to be bound by the terms and conditions of the Trust and Servicing Agreement in its capacity as an
owner of a Non-Book Entry Certificate or Certificates, as the case may be (each, a “Certificateholder”), in
all respects as if it were a signatory thereto. This undertaking is made for the benefit of the Trust, the Certificate Registrar
and all Certificateholders present and future.

 

6.       The Purchaser will not sell or otherwise transfer any portion of the Certificate, except in compliance with
Section 5.3 of the Trust and Servicing Agreement.

 

    Exhibit J-1-2

     

    

 

7.       Check one of the following:

 

☐       The
Purchaser is a “U.S. Person” and it has attached hereto an Internal Revenue Service (“IRS”) Form W-9 (or
successor form).

 

☐       The
Purchaser is not a “U.S. Person” and under applicable law in effect on the date hereof, no taxes will be required
to be withheld by the Certificate Registrar (or its agent) with respect to Distributions to be made on the Certificate(s). The
Purchaser has attached hereto (i) a duly executed IRS Form W-8BEN or W-8BEN-E (or successor form), which identifies such Purchaser
as the beneficial owner of the Certificate(s) and states that such Purchaser is not a U.S. Person, (ii) two duly executed copies
of IRS Form W-8IMY (and all appropriate attachment, (iii) two duly executed copies of IRS Form W-8ECI (or successor form), which
identify such Purchaser as the beneficial owner of the Certificate(s) and state that interest and original issue discount on the
U.S. Securities is, or is expected to be, effectively connected with a U.S. trade or business or (iv) a duly executed copy of
IRS Form W-8EXP. The Purchaser agrees to provide to the Certificate Registrar updated IRS Form W-8BEN, IRS Form W-8BEN-E, IRS
Form W-8IMY, IRS Form W-8ECI or IRS Form W-8EXP, as the case may be, any applicable successor IRS forms, or such other certifications
as the Certificate Registrar may reasonably request, on or before the date that any such IRS form or certification expires or
becomes obsolete, or promptly after the occurrence of any event requiring a change in the most recent IRS form of certification
furnished by it to the Certificate Registrar.

 

For purposes
of this paragraph 7, “U.S. Person” means a citizen or resident of the United States, a corporation, partnership (except
to the extent provided in applicable Treasury Regulations), or other entity 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, 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, certain trusts in existence on August 20, 1996 that have elected to be treated as U.S. Persons).

Please make all payments due on the Certificates:**

 

(a)   
by wire transfer to the following account at a bank or entity in New York, New York, having appropriate facilities therefor:

 

Account
number: ___________________

 

Institution: ________________________

 

 

 

		**	Please
select (a) or (b).

 

    Exhibit J-1-3

     

    

 

(b)
    by mailing a check or draft to the following address:

	 
	 
	 
	 
	 

 

	 	Very truly yours,
	 	 
	 	[Insert Name of Purchaser]

	 		 
	 	By:	 
	 	 	Name:

Title:
	 	 	 
	Dated:___________, 20__

	 	 
	 	 	 	 	 

 

    Exhibit J-1-4

     

    

 

EXHIBIT
J-2

 

FORM
OF AFFIDAVIT PURSUANT TO

SECTIONS 860D(a)(6)(A) AND 860E(e)(4) OF

 THE
INTERNAL REVENUE CODE OF 1986, AS AMENDED

 

Wells
Fargo Bank, National Association,

     as
Certificate Registrar

600
South 4th Street, 7th Floor

MAC:
N9300-070

Minneapolis,
Minnesota 55479

Attention:
Certificate Transfer Services – GSMS 2017-FARM

 

		Re:	GS
                                         Mortgage Securities Corporation Trust 2017-FARM, Commercial Mortgage  Pass Through
                                         Certificates, Series 2017-FARM (the “Certificates”) issued pursuant to the
                                         Trust and Servicing Agreement, dated December 29, 2017 (the “Trust and Servicing
                                         Agreement”), by and among GS Mortgage Securities Corporation II, as Depositor,
                                         KeyBank National Association, as Servicer, AEGON USA Realty Advisors, LLC, as Special
                                         Servicer, Wells Fargo Bank, National Association, as Certificate Administrator, Custodian
                                         and Trustee, and Pentalpha Surveillance LLC, as Operating Advisor
	 	 	 

 

	STATE OF	)
	 	)     ss.:
	COUNTY OF	)

 

Capitalized
terms not defined herein shall have the meaning ascribed to them in the Trust and Servicing Agreement.

 

I,
[______], under penalties of perjury, declare that, to the best of my knowledge and belief, the following representations are
true, correct and complete, and being first sworn, depose and say that:

 

1.        I
am a [_____] of [_____] (the “Purchaser”), on behalf of which I have the authority to make this affidavit.

 

2.        The
Purchaser is acquiring Class R Certificates representing [__]% of the residual interest in each of the real estate mortgage investment
conduits (each, a “Trust REMIC”) designated as the “Lower-Tier REMIC” and “Upper-Tier
REMIC,” respectively, relating to the Certificates for which an election is to be made under Section 860D of the Internal
Revenue Code of 1986 (the “Code”).

 

     Exhibit J-2-1

     

    

 

3.
       The Purchaser is not a “Disqualified Organization” (as defined
below), and that the Purchaser is not acquiring the Class R Certificates for the account of, or as agent or nominee of, or
with a view to the transfer of direct or indirect record or beneficial ownership thereof, to a Disqualified Organization. For
the purposes hereof, a “Disqualified Organization” is any of the following: (i) the United States, a
State, or any agency or instrumentality of any of the foregoing (other than an instrumentality that is a corporation if all
of its activities are subject to tax and, except for the Federal Home Loan Mortgage Corporation, a majority of its board of
directors is not selected by any such governmental unit), (ii) a foreign government, International Organization or agency or
instrumentality of either of the foregoing, (iii) an organization that is exempt from tax imposed by Chapter 1 of the Code
(including the tax imposed by Code Section 511 on unrelated business taxable income) on any excess inclusions (as defined in
Code Section 860E(c)(1)) with respect to the Class R Certificates (except certain farmers’ cooperatives described in
Code Section 521), (iv) rural electric and telephone cooperatives described in Code Section 1381(a)(2) or (v) any other
Person so designated by the Certificate Registrar based upon an opinion of counsel to the effect that any transfer to such
Person may cause either Trust REMIC to fail to qualify as a REMIC at any time that the Certificates are outstanding. The
terms “United States”, “State” and “International Organization”
shall have the meanings set forth in Section 7701 of the Code or successor provisions thereto.

 

4.
       The Purchaser acknowledges that Section 860E(e) of the Code would impose a substantial tax on the transferor or, in certain circumstances,
on an agent for the transferee, with respect to any transfer of any interest in any Class R Certificates to a Disqualified Organization.

 

5.
       The Purchaser is a Permitted Transferee. For the purpose hereof, a “Permitted Transferee” is any Person or
agent of such Person other than (a) a Disqualified Organization, (b) any other Person so designated by the Certificate Registrar
who is unable to provide an Opinion of Counsel (provided at the expense of such Person or the Person requesting the transfer)
to the effect that the transfer of an ownership interest in any Class R Certificate to such Person will not cause either Trust
REMIC to fail to qualify as a REMIC at any time that the Certificates are outstanding, (c) a Disqualified Non-U.S. Person, (d)
any partnership if any of its interests are (or under the partnership agreement are permitted to be) owned, directly or indirectly
(other than through a U.S. corporation), by a Disqualified Non-U.S. Person or (e) a U.S. Person with respect to which income from
the Class R Certificate is attributable to a foreign permanent establishment or fixed base, within the meaning of an applicable
income tax treaty, of the transferee or any other U.S. Person.

 

6.
       No purpose of the acquisition of the Class R Certificates is to impede the assessment or collection of tax.

 

7.
       The Purchaser will not cause income from the Class R Certificate to be attributable to a foreign permanent establishment or fixed
base, within the meaning of an applicable income tax treaty, of the Purchaser or any other U.S. Person.

 

8.        Check
the applicable paragraph:

 

     Exhibit J-2-2

     

    

 

☐
      The present value of the anticipated tax liabilities associated with holding the Class R Certificate, as applicable, does not
exceed the sum of:

 

(i)       the
present value of any consideration given to the Purchaser to acquire such Class R Certificate;

 

(ii)
     the present value of the expected future distributions on such Class R Certificate; and

 

(iii)     the
present value of the anticipated tax savings associated with holding such Class R Certificate as the related Trust REMIC
generates losses.

 

For
purposes of this calculation, (i) the Purchaser is assumed to pay tax at the highest rate currently specified in Section 11(b)
of the Code (but the tax rate in Section 55(b)(1)(B) of the Code may be used in lieu of the highest rate specified in Section
11(b) of the Code if the Purchaser has been subject to the alternative minimum tax under Section 55 of the Code in the preceding
two years and will compute its taxable income in the current taxable year using the alternative minimum tax rate) and (ii) present
values are computed using a discount rate equal to the short-term Federal rate prescribed by Section 1274(d) of the Code for the
month of the transfer and the compounding period used by the Purchaser.

 

☐
      The transfer of the Class R Certificate complies with U.S. Treasury Regulations Sections 1.860E-1(c)(5)
and (6) and, accordingly,

 

(i)
      the Purchaser is an “eligible corporation,” as defined in U.S. Treasury Regulations Section 1.860E-1(c)(6)(i), as
to which income from the Class R Certificate will only be taxed in the United States;

 

(ii)
     at the time of the transfer, and at the close of the Purchaser’s two fiscal years preceding the year of the transfer, the
Purchaser had gross assets for financial reporting purposes (excluding any obligation of a Person related to the Purchaser within
the meaning of U.S. Treasury Regulations Section 1.860E-1(c)(6)(ii)) in excess of $100 million and net assets in excess of $10
million;

 

(iii)
   the Purchaser will transfer the Class R Certificate only to another “eligible corporation,” as defined in Treasury
Regulations Section 1.860E-1(c)(6)(i), in a transaction that satisfies the requirements of Treasury Regulations Sections 1.860E-1(c)(4)(i),
(ii) and (iii) and Treasury Regulations Section 1.860E-1(c)(5); and

 

(iv)
   the Purchaser determined the consideration paid to it to acquire the Class R Certificate based on reasonable market assumptions
(including, but not limited to, borrowing and investment rates, prepayment and loss assumptions, expense and reinvestment assumptions,
tax rates and other factors specific to the Purchaser) that it has determined in good faith.

 

☐
      None of the above.

 

     Exhibit J-2-3

     

    

 

9.
       The Purchaser historically has paid its debts as they have come due and intends to pay its debts as they come due in the future
and the Purchaser intends to pay taxes associated with holding the Class R Certificates as they become due.

 

10.
     The Purchaser understands that it may incur tax liabilities with respect to the Class R Certificate in excess of any cash flows
generated by such Certificate.

 

11.
    The Purchaser is aware that the Certificate Registrar will not register any transfer of a Class R Certificate by the Transferor
unless the Purchaser, or such Purchaser’s agent, delivers to the Certificate Registrar, among other things, an affidavit
and agreement in substantially the same form as this affidavit and agreement. The Purchaser expressly agrees that it will not
consummate any such transfer to any Person that does not provide an affidavit and agreement in substantially the same form as
this affidavit and agreement or as to which the Purchaser has actual knowledge that such Person is not a Permitted Transferee
or is acting as an agent (including a broker, nominee or other middleman) for a Person that is not a Permitted Transferee.

 

12.
     The Purchaser represents that it is not acquiring the Class R Certificate as a nominee, trustee or agent for any Person that is
not a Permitted Transferee and that for so long as it retains its interest in the Class R Certificate, it will endeavor to remain
a Permitted Transferee.

 

13.
    The Purchaser consents to any additional restrictions or arrangements that shall be deemed necessary upon advice of counsel to
constitute a reasonable arrangement to ensure that the Class R Certificate will only be owned, directly or indirectly, by a Permitted
Transferee.

 

14.
    The Purchaser has reviewed the provisions of Section 5.3 of the Trust and Servicing Agreement, a description of which provisions
is set forth in the Class R Certificates; and the Purchaser expressly agrees to be bound by and to comply with such provisions.

 

15.
    The Purchaser consents to the designation of the Certificate Administrator as the agent of the Tax Matters Person and “partnership
representative” of the Lower-Tier REMIC and the Upper-Tier REMIC pursuant to Section 11.1 of the Trust and Servicing Agreement.

 

Capitalized
terms used but not defined herein have the meanings assigned thereto in the Trust and Servicing Agreement.

 

IN
WITNESS WHEREOF, the Purchaser has caused this instrument to be duly executed on its behalf by its duly authorized officer this____
day of_______ , 20__.

 

		By:	 
	 	 	Name:

Title:

 

     Exhibit J-2-4

     

    

 

		By:	 
	 	 	Name:

Title:

 

On
this____ day of______ 20__, before me, the undersigned, a Notary Public in and for the State of _________, duly commissioned
and sworn, personally appeared ______________ and ______________, known or proved to me to be the same
persons who executed the foregoing instrument and to be _______________ and _______________,
respectively, of the Purchaser, and acknowledged to me that they executed the same as their respective free acts and deeds
and as the free act and deed of the Purchaser.

 

	 	 	 
	 	 	NOTARY PUBLIC in and for the
	 	 	State of_____________ 

 

	[SEAL]	 	 
	 	 	 
	My Commission expires:
	 	 	 

 

     Exhibit J-2-5

     

    

 

EXHIBIT
J-3

 

FORM
OF TRANSFEROR LETTER

 

[Date]

 

Wells
Fargo Bank, National Association,

       as Certificate Registrar

600
South 4th Street, 7th Floor

MAC:
N9300-070

Minneapolis,
Minnesota 55479

Attention:
Certificate Transfer Services – GSMS 2017-FARM

 

		Re:	GS
Mortgage Securities Corporation Trust 2017-FARM, Commercial Mortgage Pass-Through Certificates, Series 2017-FARM, Class R

 

	 	 	 

 

Ladies
and Gentlemen:

 

This
letter is delivered to you in connection with the transfer by [_____] (the “Transferor”) to
[_____] (the “Transferee”) of
Class R Certificates evidencing a [__]% Percentage Interest in such Class (the “Residual Certificates”).
The Certificates, including the Residual Certificates, were issued pursuant to the Trust and Servicing Agreement, dated as of
December 29, 2017 (the “Trust and Servicing Agreement”), by and among GS Mortgage Securities Corporation
II, as Depositor, KeyBank National Association, as Servicer, AEGON USA Realty Advisors, LLC, as Special Servicer, Wells Fargo
Bank, National Association, as Certificate Administrator, Custodian and Trustee, and Pentalpha Surveillance LLC, as Operating
Advisor. Capitalized terms used but not defined herein shall have the meanings given to them in the Trust and
Servicing Agreement. The Transferor hereby certifies, represents and warrants to you, as Certificate Registrar,
that:

 

(1)
     No purpose of the Transferor relating to the transfer of the Residual Certificates by the Transferor to the Transferee is or will
be to impede the assessment or collection of any tax.

 

(2)
    The Transferor understands that the Transferee has delivered to you a Transfer Affidavit and Agreement in the form attached to
the Trust and Servicing Agreement as Exhibit J-2. The Transferor has no actual knowledge that the Transferee is not a Permitted
Transferee (as defined in such Transfer Affidavit and Agreement) and has no actual knowledge or reason to know that the Transferee’s
representations in such Transfer Affidavit and Agreement are false.

 

(3)
     The Transferor has at the time of this transfer conducted a reasonable investigation of the financial condition of the Transferee
as contemplated by Treasury regulation Section 1.860E-1(c)(4)(i) and, as a result of that investigation, the Transferor has determined
that

 

     Exhibit J-3-1

     

    

 

the
Transferee has historically paid its debts as they became due and has found no significant evidence to indicate that the Transferee
will not continue to pay its debts as they become due in the future. The Transferor understands that the transfer of the Residual
Certificates may not be respected for United States income tax purposes (and the Transferor may continue to be liable for United
States income taxes associated therewith) unless the Transferor has conducted such an investigation.

 

	 	 	 
	 	Very truly yours,
	 	 	 
	 	 	(Transferor)
	 	 	 
		By:	 
	 	 	Name:

Title:

 

     Exhibit J-3-2

     

    

 

EXHIBIT
J-4

 

FORM
OF TRANSFEREE CERTIFICATE FOR TRANSFERS OF THE CLASS HRR CERTIFICATES

 

[Date]

 

Wells Fargo Bank, National Association,

       as
Certificate Registrar

9062
Old Annapolis Road

Columbia,
Maryland 21045

Attention:
Risk Retention Custody (CMBS) – GSMS 2017-FARM

 

Goldman
Sachs Mortgage Company,

       as Retaining Sponsor

200
West Street

New
York, New York 10282

Attention:
Leah Nivison

 

GS
Mortgage Securities Corporation II

200
West Street

New
York, New York 10282

Attention:
Leah Nivison

With
a copy to: gs-refgsecuritization@gs.com

 

		Re:	GS
                                         Mortgage Securities Corporation Trust 2017-FARM, Commercial Mortgage  Pass Through
                                         Certificates, Series 2017-FARM (the “Certificates”) issued pursuant to the
                                         Trust and Servicing Agreement, dated December 29, 2017 (the “Trust and Servicing
                                         Agreement”), by and among GS Mortgage Securities Corporation II, as Depositor,
                                         KeyBank National Association, as Servicer, AEGON USA Realty Advisors, LLC, as Special
                                         Servicer, Wells Fargo Bank, National Association, as Certificate Administrator, Custodian
                                         and Trustee, and Pentalpha Surveillance LLC, as Operating Advisor

 

Ladies
and Gentlemen:

 

[____] (the “Purchaser”) hereby certifies, represents and warrants to each of the addressees hereto:

 

		1.	The
                                                                                                                                                                                     Purchaser is acquiring (the “Transfer”) $[_____] aggregate Certificate Balance of the Class HRR
                                                                                                                                                                                     Certificates from [_____] (the “Transferor”).

 

		2.	The
                                         Purchaser is aware that the Certificate Registrar will not register any transfer of any
                                         portion of the Class HRR Certificates by the Transferor unless the Purchaser, or such
                                         Purchaser’s agent, delivers to the Certificate Registrar, among other things, a
                                         certificate in substantially the same form as this certificate. The Purchaser expressly
                                         agrees that it

 

     Exhibit J-4-1

     

    

 

			will
not consummate any such transfer if it knows or believes that any representation contained in such certificate is false.

 

		3.	The
                                         Transfer is in compliance with any applicable credit risk retention agreement in effect
                                         between the Retaining Sponsor and the Transferor (the “Risk Retention Agreement”),
                                         and the Transferor has satisfied all requirements pursuant to such Risk Retention Agreement.

 

			If
the Purchaser is an insurance company general account relying on PTCE 95-60 to cover its acquisition of the Class HRR Certificates,
(a) all of the conditions of Parts I and III of PTCE 95-60 will be satisfied with respect to the acquisition of the Class HRR
Certificates and (b) the acquisition of the Class HRR Certificates will be effected through Goldman Sachs & Co. LLC.

 

		4.	Check
one of the following:

 

		☐
                               The Transfer will occur during the Third Party Purchaser Transfer Restriction Period, and the Purchaser certifies, represents
                            and warrants to each of the addressees hereto that:

  

		A.	It
is a “majority-owned affiliate”, as such term is defined in Regulation RR, of the Transferor (a “Majority-Owned
Affiliate”).

 

		B.	It
is not acquiring the Class HRR Certificates as a nominee, trustee or agent for any person that is not a Majority-Owned Affiliate,
and that for so long as it retains its interest in the Class HRR Certificates, it will remain a Majority-Owned Affiliate.

 

		C.	It
will deliver a joinder agreement substantially in the form attached to the Risk Retention Agreement pursuant to which it has agreed
to be bound by the terms of the Risk Retention Agreement to the same extent as if it was the Transferor itself.

 

		D.	It
consents to any additional restrictions or arrangements that shall be deemed necessary upon advice of counsel to constitute a
reasonable arrangement to ensure that its ownership of the Class HRR Certificates will satisfy the Credit Risk Retention Rules
in its capacity as third-party purchaser under Regulation RR.

 

			☐
                                                                                                                                                                 The Transfer will occur on and after the fifth anniversary of the Closing Date, and the Purchaser certifies, represents and
                                                                                                                                                              warrants to each of the addressees hereto that:

 

		1.	It
will execute and deliver to the Retaining Sponsor a new credit risk retention agreement in form and substance satisfactory to
the Retaining Sponsor in accordance with the Risk Retention Agreement.

 

     Exhibit J-4-2

     

    

 

		2.	If
required by the Retaining Sponsor, an affiliate of the Purchaser will execute and deliver a guaranty, which shall be substantially
the same in the form and substance of the guaranty provided pursuant to the Risk Retention Agreement.

 

		3.	It
will comply with any additional requirements and satisfy any additional conditions set forth under the Risk Retention Agreement
applicable to the Transfer and the Purchaser as a subsequent Third Party Purchaser.

 

		4.	It
consents to any additional restrictions or arrangements that shall be deemed necessary upon advice of counsel to constitute a
reasonable arrangement to ensure that its ownership of the Class HRR Certificates will satisfy the Credit Risk Retention Rules
in its capacity as third-party purchaser under Regulation RR.

 

		5.	Check
one of the following:

 

☐   The
Transferee is a “U.S. Person” and it has attached hereto an Internal Revenue Service
(“IRS”) Form W-9 (or successor form).

 

☐   The
Transferee is not a “U.S. Person” and under applicable law in effect on the date hereof, no taxes will be required
to be withheld by the Certificate Registrar (or its agent) with respect to Distributions to be made on the Certificate(s). The
Transferee has attached hereto (i) a duly executed IRS Form W-8BEN or W-8BEN-E (or successor form), which identifies such Transferee
as the beneficial owner of the Certificate(s) and states that such Transferee is not a U.S. Person, (ii) two duly executed copies
of IRS Form W-8IMY (and all appropriate attachment, (iii) two duly executed copies of IRS Form W-8ECI (or successor form), which
identify such Transferee as the beneficial owner of the Certificate(s) and state that interest and original issue discount on
the U.S. Securities is, or is expected to be, effectively connected with a U.S. trade or business or (iv) a duly executed copy
of IRS Form W-8EXP. The Transferee agrees to provide to the Certificate Registrar updated IRS Form W-8BEN, IRS Form W-8BEN-E,
IRS Form W-8IMY, IRS Form W-8ECI or IRS Form W-8EXP, as the case may be, any applicable successor IRS forms, or such other certifications
as the Certificate Registrar may reasonably request, on or before the date that any such IRS form or certification expires or
becomes obsolete, or promptly after the occurrence of any event requiring a change in the most recent IRS form of certification
furnished by it to the Certificate Registrar.

 

For
purposes of this paragraph 5, “U.S. Person” means a citizen or resident of the United States, a corporation, partnership
(except to the extent provided in applicable Treasury regulations), or other entity 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, 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

 

     Exhibit J-4-3

     

    

 

Treasury
regulations, certain trusts in existence on August 20, 1996 that have elected to be treated as U.S. Persons).

 

		6.	All
distributions to be made to the Transferee pursuant to the Trust and Servicing Agreement should be made to:

 

[INSERT
WIRE TRANSFER INFORMATION]

 

Bank:

Account
No.:

Attention:

Ref:

ABA
No.:

 

		7.	Any
                                         communications to the Transferee pursuant to the Trust and Servicing Agreement should
                                         be provided to:

 

[INSERT
CONTACT INFORMATION]

 

[NAME]

[ADDRESS]

Fax number:

Telephone:

 

E-mail:

 

Capitalized
terms used but not defined herein have the meanings assigned thereto in the Trust and Servicing Agreement.

 

IN
WITNESS WHEREOF, the Purchaser has caused this instrument to be duly executed on its behalf by its duly authorized senior officer
this ____day of _______, 20 __.

	 	 	 
		By:	 
	 	 	Name:

Title:

 

     Exhibit J-4-4

     

    

 

EXHIBIT
J-5

 

FORM
OF TRANSFEROR CERTIFICATE FOR TRANSFERS OF HRR INTEREST

 

[Date]

 

Wells Fargo Bank, National Association,

       as
Certificate Registrar

9062
Old Annapolis Road

Columbia,
Maryland 21045

Attention:
Risk Retention Custody (CMBS) – GSMS 2017-FARM

 

Goldman
Sachs Mortgage Company,

       as Retaining Sponsor

200
West Street

New
York, New York 10282

Attention:
Leah Nivison

 

GS
Mortgage Securities Corporation II

200
West Street

New
York, New York 10282

Attention:
Leah Nivison

With
a copy to: gs-refgsecuritization@gs.com

 

Cadwalader,
Wickersham & Taft LLP

200
Liberty Street

New
York, New York 10281

Attention:
Lisa Pauquette

Email:
lisa.pauquette@cwt.com

 

		Re:	GS
                                         Mortgage Securities Corporation Trust 2017-FARM, Commercial Mortgage Pass-Through Certificates,
                                         Series 2017-FARM (the “Certificates”)

 

Ladies
and Gentlemen:

 

This
is delivered to you in connection with the transfer (the “Transfer”) by [_____] (the “Transferor”)
to [_____] (the “Transferee”) [$[_____] aggregate Certificate Balance of the Class HRR Certificates]. The
Certificates were issued pursuant to the Trust and Servicing Agreement, dated as of December 29, 2017 (the “Trust
and Servicing Agreement”), by and among GS Mortgage Securities Corporation II, as Depositor, KeyBank National
Association, as Servicer, AEGON USA Realty Advisors, LLC, as Special Servicer, Wells Fargo Bank, National Association, as
Certificate Administrator, Custodian and Trustee, and Pentalpha Surveillance LLC, as Operating Advisor. All capitalized terms
used but not otherwise defined herein shall have the respective meanings set forth in the Trust and Servicing Agreement. The
Transferor hereby certifies, represents and warrants to you that:

 

     Exhibit J-5-1

     

    

 

		1.	The
                                         Transfer is in compliance with any applicable credit risk retention agreement in effect
                                         between the Retaining Sponsor and the Transferor (the “Risk Retention Agreement”)
                                         and the Trust and Servicing Agreement.

 

		2.	The
                                         Transferor has complied with all of the covenants in the Risk Retention Agreement during
                                         the period from the date of the Risk Retention Agreement through and including the date
                                         of the Transfer.

 

		3.	All
of the representations and warranties made by the Transferor in the Risk Retention Agreement are true and correct as of the date
of the Transfer.

 

		4.	All
                                         of the requirements set forth in the Risk Retention Agreement relating to the Transfer
                                         have been complied with.

 

		5.	If
                                         the Transferee is an insurance company general account relying on PTCE 95-60 to cover
                                         its acquisition of the Class HRR Certificates, (a) all of the conditions of Parts I and
                                         III of PTCE 95-60 will be satisfied with respect to the acquisition of the Class HRR
                                         Certificates and (b) the acquisition of the Class HRR Certificates will be effected through
                                         Goldman Sachs & Co. LLC.

 

		6.	Check
one of the following:

 

		☐           The
                              Transferor certifies, represents and warrants to you that:

 

		A.	The
Transferee is a “majority-owned affiliate”, as such term is defined in Regulation RR, of the Transferor (a “Majority-Owned
Affiliate”).

 

		B.	The
Transferor has satisfied all of the conditions under the Risk Retention Agreement applicable to transfers by the Transferor to
a Majority-Owned Affiliate.

 

		☐           The
                              [Transfer will occur on and after the fifth anniversary of the Closing Date, and the][bracketed language to be deleted if
                              the Credit Risk Retention Rules are no longer in effect or modified if time periods change as a result of a modification to
                              the Credit Risk Retention Rules] Transferor certifies, represents and warrants to you that:

 

		A.	The
Transferor has satisfied all of the conditions under the Risk Retention Agreement applicable to transfers by the Transferor to
subsequent Third Party Purchasers.

 

		7.	The
                                         Transferor certifies, represents and warrants to you that the Transferor has provided
                                         notice of the Transfer to the Retaining Sponsor and [check one of the following]:

 

		☐           The
Retaining Sponsor has consented to the Transfer, a copy of which is attached hereto.

 

     Exhibit J-5-2

     

    

 

		☐           At least
                              ten (10) Business Days have passed since the Retaining Sponsor’s receipt of such written notice, and the
                              Retaining Sponsor has not responded to the Transferor.

 

The
Transferor understands that the Transferee has delivered to you a Transferee Certificate in the form attached to the Trust and
Servicing Agreement as Exhibit J-2. The Transferor does not know or believe that any representation contained therein is
false.

 

IN WITNESS WHEREOF, the Transferor has caused this instrument to be duly executed on its behalf by its duly authorized senior
officer this___day of _________, 20 __.

 

	 	[TRANSFEROR]
	 	 	 
		By:	 
	 	 	Name:

Title:

 

     Exhibit J-5-3

     

    

 

EXHIBIT
J-6

 

FORM
OF REQUEST OF THE SPONSOR CONSENT FOR RELEASE OF THE CLASS HRR CERTIFICATES

 

[Date]

FOR
A RELEASE TO BE SENT BY ELECTRONIC MAIL TO THE CERTIFICATE ADMINISTRATOR BY THIRD PARTY PURCHASER

 

Wells
Fargo Bank, National Association

9062
Old Annapolis Road

Columbia,
Maryland 21045

Attention:
Risk Retention Custody (CMBS) GSMS 2017-FARM

Email:
RiskRetentionCustody@wellsfargo.com

 

FOR
A RELEASE TO BE SENT BY ELECTRONIC MAIL TO THE RETAINING SPONSOR BY WELLS FARGO

Goldman
Sachs Mortgage Company,

as Retaining Sponsor

Email:
leah.nivison@gs.com

Email:
joe.osborne@gs.com

Email:
gs-refgsecuritization@gs.com

 

GS
Mortgage Securities Corporation II,

as Depositor

Email:
leah.nivison@gs.com

Email:
joe.osborne@gs.com

Email:
gs-refgsecuritization@gs.com

 

Cadwalader,
Wickersham & Taft, LLP

200
Liberty Street

New
York, New York 10281

Attention:
Lisa Pauquette

Email:
lisa.pauquette@cwt.com

 

		Re:	GS
                                         Mortgage Securities Corporation Trust 2017-FARM, Commercial Mortgage Pass-Through
                                         Certificates, Series 2017-FARM (the “Certificates”

 

Ladies
and Gentlemen:

 

This
is delivered to you in connection with the release (the “Release”) of $[_____] aggregate Certificate
Balance of the Class HRR Certificates from the Third Party Purchaser Safekeeping Account [and, in connection with the
termination of the Credit Risk Retention Rules, request to convert such Class HRR Certificates to a Global Certificate
pursuant to the enclosed transfer certificate].

 

     Exhibit J-6-1

     

    

 

The
Certificates were issued pursuant to the Trust and Servicing Agreement, dated as of December 29, 2017 (the “Trust and
Servicing Agreement”), by and among GS Mortgage Securities Corporation II, as Depositor, KeyBank National Association,
as Servicer, AEGON USA Realty Advisors, LLC, as Special Servicer, Wells Fargo Bank, National Association, as Certificate Administrator,
Custodian and Trustee, and Pentalpha Surveillance LLC, as Operating Advisor. All capitalized terms used but not otherwise defined
herein shall have the respective meanings set forth in the Trust and Servicing Agreement. 

 

The
Third Party Purchaser hereby requests your written consent to the Release [and conversion to a Global
Certificate].

 

IMPORTANT
NOTICE: IF YOU FAIL TO RESPOND TO THE CERTIFICATE ADMINISTRATOR IN WRITING AT THE CONTACT INFORMATION SET FORTH BELOW WITHIN 10
BUSINESS DAYS AFTER YOUR RECEIPT OF THIS REQUEST, THEN THE RELEASE WILL BE DEEMED TO HAVE BEEN APPROVED BY YOU UNDER THE TRUST
AND SERVICING AGREEMENT.

 

     Exhibit J-6-2

     

    

 

The
contact information of the Certificate Administrator is:

 

Wells
Fargo Bank, National Association

9062
Old Annapolis Road

Columbia,
Maryland 21045

Attention:
Corporate Trust Services (CMBS) GSMS 2017- FARM

Email:
riskretentioncustody@wellsfargo.com

	 	 	 
	 	Sincerely,
	 	 	 
	 	[THIRD
PARTY PURCHASER]
	 	 	 
		By:	 
	 	 	Name:

Title:

 

CONSENT
TO RELEASE

 

GOLDMAN
SACHS MORTGAGE

COMPANY, a New York Limited Partnership

 

	By:	 	

Authorized
Representative

 

     Exhibit J-6-3

     

    

 

EXHIBIT
K-1

 

FORM
OF INVESTOR CERTIFICATION FOR NON-BORROWER RELATED PARTIES

 

[Date]

 

Wells
Fargo Bank, National Association,

       as Certificate Administrator

9062
Old Annapolis Road

Columbia,
Maryland 21045

Attention:
Corporate Trust Services (CMBS) GSMS 2017-FARM

 

		Re:	GS
                                         Mortgage Securities Corporation Trust 2017-FARM, Commercial Mortgage Pass-Through Certificates,
                                         Series 2017-FARM, Class [___]

 

In
accordance with the requirements for obtaining certain information under, or the exercise of Voting Rights pursuant to, the Trust
and Servicing Agreement, dated as of December 29, 2017 (the “Trust and Servicing Agreement”), by and among
GS Mortgage Securities Corporation II, as Depositor, KeyBank National Association, as Servicer, AEGON USA Realty Advisors, LLC,
as Special Servicer, Wells Fargo Bank, National Association, as Certificate Administrator, Custodian and Trustee, and Pentalpha
Surveillance LLC, as Operating Advisor, with respect to the above-referenced certificates (the “Certificates”),
the undersigned hereby certifies and agrees as follows:

 

1.           The
undersigned is [a certificateholder] [a beneficial owner] [a prospective purchaser] of the Class ____ Certificates] [the
Controlling Class Representative]1 [a repurchasing Sponsor] [Companion Loan Holder].

 

2.           The
undersigned is not a Borrower Related Party.

 

3.           The
undersigned has received a copy of the final Offering Circular.2

 

4.
          The undersigned is requesting access pursuant to the Trust and Servicing Agreement to certain information (the “Information”)
on the Certificate Administrator’s Website and/or is requesting the information identified on the schedule attached hereto
(also, the “Information”) pursuant to the provisions of the Trust and Servicing Agreement.

 

In
consideration of the disclosure to the undersigned of the Information, or the access thereto, the undersigned will keep the Information
confidential (except from such outside persons as are assisting it in making an evaluation in connection with purchasing the related
Certificates, from its accountants and attorneys, and otherwise from such governmental or banking

 

 

 

1
Only required if (i) the Controlling Class Representative is not a Certificateholder and (ii) no Consultation Termination
Event or Control Termination Event is in effect.

 

2
Not required for a prospective purchaser.

 

     Exhibit K-1-1

     

    

 

authorities
or agencies to which the undersigned is subject), and such Information will not, without the prior written consent of the Certificate
Administrator, be otherwise disclosed by the undersigned or by its officers, directors, partners, employees, agents or representatives
(collectively, the “Representatives”) in any manner whatsoever, in whole or in part.

 

The
undersigned will not use or disclose the Information in any manner which could result in a violation of any provision of the Securities
Act of 1933, as amended (the “Securities Act”), or the Securities Exchange Act of 1934, as amended, or would
require registration of any Certificate not previously registered pursuant to Section 5 of the Securities Act.

 

5.
           The undersigned shall be fully liable for any breach of this certificate by itself or any of its Representatives and shall indemnify
the Depositor, the Certificate Administrator, the Trustee, the Servicer, the Special Servicer and the Trust Fund for any loss,
liability or expense incurred thereby with respect to any such breach by the undersigned or any of its Representatives.

 

6.
           The undersigned agrees that each time it accesses the Certificate Administrator’s Website, the undersigned is deemed to
have recertified that the representations and covenants contained herein remain true and correct.

 

7.
            Capitalized terms used but not defined herein shall have the respective meanings assigned thereto in the Trust and Servicing Agreement.

 

BY
ITS CERTIFICATION HEREOF, the undersigned has made the representations above and [shall be deemed to have] caused its name to
be signed hereto by its duly authorized signatory, as of the day and year written above.

	 	 	 
	 	[Certificateholder] [Beneficial

                    Owner][Prospective Purchaser] [Controlling

                    Class Representative] [repurchasing Sponsor]

                    [Companion Loan Holder]

	 	 	 
	 	By: 	 

 

		Name: 	 

 

	 	Title: 	 

 

	 	Company: 	 

 

	 	Phone: 	 

 

     Exhibit K-1-2

     

    

 

EXHIBIT K-2

 

FORM OF INVESTOR CERTIFICATION FOR
BORROWER RELATED PARTIES

 

[Date]

 

Wells Fargo Bank, National
Association,

      as Certificate Administrator

9062 Old Annapolis Road

Columbia, Maryland 21045

Attention: Corporate Trust Services (CMBS) GSMS 2017-FARM

 

		Re:	GS Mortgage Securities
                                         Corporation Trust 2017-FARM, Commercial Mortgage Pass-Through Certificates, Series 2017-FARM,
                                         Class [___]

 

In accordance
with the requirements for obtaining certain information under, or the exercise of Voting Rights pursuant to, the Trust and Servicing
Agreement, dated as of December 29, 2017 (the “Trust and Servicing Agreement”), by and among GS Mortgage Securities
Corporation II, as Depositor, KeyBank National Association, as Servicer, AEGON USA Realty Advisors, LLC, as Special Servicer, Wells
Fargo Bank, National Association, as Certificate Administrator, Custodian and Trustee, and Pentalpha Surveillance LLC, as Operating
Advisor with respect to the above-referenced certificates (the “Certificates”), the undersigned hereby certifies
and agrees as follows:

 

1.            The
undersigned is a [[certificateholder] [beneficial owner] [prospective purchaser] of the Class ____ Certificates] [the Controlling
Class Representative] 1 [Companion Loan Holder].

 

2.            The undersigned
is a Borrower Related Party.

 

3.            The
undersigned has received a copy of the final Offering Circular.2

 

4.            The
undersigned is requesting access pursuant to the Trust and Servicing Agreement to the Distribution Date Statements (the “Information”)
on the Certificate Administrator’s Website.

 

In consideration
of the disclosure to the undersigned of the Information, or the access thereto, the undersigned will keep the Information confidential
(except from such outside persons as are assisting it in making an evaluation in connection with purchasing the related Certificates,
from its accountants and attorneys, and otherwise from such governmental or banking authorities or agencies to which the undersigned
is subject), and such Information will not, without the prior written consent of the Certificate Administrator, be otherwise disclosed
by the

 

 

 

1 Only
required if (i) the Controlling Class Representative is not a Certificateholder and (ii) no Consultation Termination Event or
Control Termination Event is in effect.

 

2 Not
required for a prospective purchaser.

 

     Exhibit K-2-1

     

    

 

undersigned or by its officers, directors,
partners, employees, agents or representatives (collectively, the “Representatives”) in any manner
whatsoever, in whole or in part.

 

The undersigned
will not use or disclose the Information in any manner which could result in a violation of any provision of the Securities Act
of 1933, as amended (the “Securities Act”), or the Securities Exchange Act of 1934, as amended, or would require
registration of any Certificate not previously registered pursuant to Section 5 of the Securities Act.

 

5.       The
undersigned shall be fully liable for any breach of this certificate by itself or any of its Representatives and shall indemnify
the Depositor, the Certificate Administrator, the Trustee, the Servicer, the Special Servicer and the Trust Fund for any loss,
liability or expense incurred thereby with respect to any such breach by the undersigned or any of its Representatives.

 

6.        The
undersigned agrees that each time it accesses the Certificate Administrator’s Website, the undersigned is deemed to have
recertified that the representations and covenants contained herein remain true and correct.

 

7.        Capitalized
terms used but not defined herein shall have the respective meanings assigned thereto in the Trust and Servicing Agreement.

 

BY ITS CERTIFICATION
HEREOF, the undersigned has made the representations above and [shall be deemed to have] caused its name to be signed hereto by
its duly authorized signatory, as of the day and year written above.

	 	 	 
	 	[Certificateholder] [Beneficial

                    Owner][Prospective Purchaser] [Controlling

                    Class Representative] [Companion Loan

                    Holder]

	 	 	 
	 	By: 	 

 

		Name:	 

 

	 	Title:	

 

	 	Company:	 

 

	 	Phone:	 

 

     Exhibit K-2-2

     

    

 

EXHIBIT K-3

 

FORM OF INVESTOR CERTIFICATION FOR
EXERCISING VOTING RIGHTS

 

[Date]

 

Wells
Fargo Bank, National Association,

as Certificate Administrator

9062 Old Annapolis Road

Columbia, Maryland 21045

Attention: Corporate Trust Services
(CMBS) GSMS 2017-FARM

 

		Re:	GS Mortgage Securities Corporation Trust 2017-FARM, Commercial Mortgage Pass-Through Certificates,
Series 2017-FARM, Class [__]

 

In accordance with
the requirements for the exercise of Voting Rights pursuant to the Trust and Servicing Agreement, dated as of December 29, 2017
(the “Trust and Servicing Agreement”), by and among GS Mortgage Securities Corporation II, as Depositor, KeyBank
National Association, as Servicer, AEGON USA Realty Advisors, LLC, as Special Servicer, Wells Fargo Bank, National Association,
as Certificate Administrator, Custodian and Trustee, and Pentalpha Surveillance LLC, as Operating Advisor, with respect to the
above-referenced certificates (the “Certificates”), the undersigned hereby certifies and agrees as follows:

 

1.           The
undersigned is a [certificateholder] [beneficial owner] of the Class ___ Certificates.

 

2.           The
undersigned has received a copy of the Offering Circular.

 

3.           The
undersigned is not a Borrower Related Party.

 

4.           The
undersigned intends to exercise Voting Rights under the Trust and Servicing Agreement and certifies that (please check one of the
following):

 

		___	The undersigned is the Depositor, the Servicer, the Special Servicer, the Certificate Administrator
or the Trustee.

 

		___	The undersigned is an Affiliate of the Depositor, the Servicer, the Special Servicer, the Certificate
Administrator or the Trustee and hereby certifies to the existence of an Affiliate Ethical Wall between it and the Depositor, the
Servicer, the Special Servicer, the Certificate Administrator or the Trustee, as applicable.

 

		___	The undersigned is not the Depositor, the Servicer, the Special Servicer, the Certificate Administrator,
the Trustee or an Affiliate of the foregoing.

 

    Exhibit K-3-1

     

    

 

5.           FOR
PURPOSES OF REMOVING THE SPECIAL SERVICER DUE TO A RECOMMENDATION BY THE OPERATING ADVISOR PLEASE CHECK ONE OF THE FOLLOWING:

 

		___	The undersigned is not an affiliate of any other Certificateholder.

 

		___	The undersigned is an affiliate of any other Certificateholder.

 

6.           The
undersigned shall be fully liable for any breach of this certificate by itself or any of its Representatives and shall indemnify
the Depositor, the Trustee, the Servicer, the Special Servicer, the Certificate Administrator and the Trust Fund for any loss,
liability or expense incurred thereby with respect to any such breach by the undersigned or any of its Representatives.

 

7.           Capitalized
terms used but not defined herein shall have the respective meanings assigned thereto in the Trust Agreement.

 

BY ITS CERTIFICATION
HEREOF, the undersigned has made the representations above and [shall be deemed to have] caused its name to be signed hereto by
its duly authorized signatory, as of the day and year written above.

 

	 	 	 	 	 	 
	 	[Certificateholder] [Beneficial Owner]
	 	 
	 	By:	 
	 	 	 
	 	Name:	 	 
	 	 	 	 
	 	Title:	 
	 	 	 
	 	Company:	 
	 	 	 
	 	Phone:	 	 

 

    Exhibit K-3-2

     

    

 

EXHIBIT K-4

 

FORM OF CERTIFICATION OF THE CONTROLLING
CLASS REPRESENTATIVE

 

[Date]

 

	
        KeyBank National Association

        11501 Outlook Street, Suite 300

        Overland Park, Kansas 66211

        Attention: Michael A. Tilden

        Facsimile number: (877) 379-1625

        Email: keybank_notices@keybank.com

         
	
        Wells Fargo Bank, National Association

        600 South 4th Street, 7th Floor,
MAC: N9300-070

        Minneapolis, Minnesota 55479

        Attention: Corporate Trust Services
(CMBS)

        GS Mortgage Securities Trust 2017-GS8

        Email:

        trustadministrationgroup@wellsfargo.com;

        cts.cmbs.bond.admin@wellsfargo.com

	 	 
	
        AEGON USA Realty Advisors, LLC,

        4333 Edgewood Road NE,

        Cedar Rapids, IA 52499

        Attention: Gregory A. Dryden,
Senior Vice

        President, Special Servicing

        Fax number: (319) 355-8030
	
        Pentalpha Surveillance LLC

        375 N. French Road, Suite 100

        Amherst, New York 14228

        Attention: GS 2017-FARM Transaction

        Manager

        With a copy sent via e-mail to:

        notices@pentalphasurveillance.com
with GSMS

        2017-FARM in the subject line

 

		Re:	GS Mortgage Securities Corporation Trust 2017-FARM, Commercial Mortgage Pass-Through Certificates,
Series 2017-FARM

 

In accordance
with Section 3.23 of the Trust and Servicing Agreement, the undersigned hereby certifies and agrees as follows:

 

1.       The
undersigned has been appointed to act as the Controlling Class Representative.

 

2.       The
undersigned is not a Borrower Party.

 

3.       If
the undersigned becomes a Borrower Party with respect to any Mortgage Loan or Whole Loan, the undersigned agrees to and shall deliver
the certification attached as Exhibit K-2 to the Trust and Servicing Agreement.

 

4.       [For
use with any party other than the initial Controlling Class Representative] The undersigned hereby certifies that an executed copy
of this certification in paper form has been delivered in accordance with the notice provisions of the Trust and Servicing Agreement
to each of the addressees listed above (a) by overnight courier or (b) mailed by registered mail, postage prepaid.

 

    Exhibit K-4-1

     

    

 

5.       Capitalized
terms used but not defined herein shall have the respective meanings assigned thereto in the Trust and Servicing Agreement.

 

BY ITS CERTIFICATION
HEREOF, the undersigned shall have caused, or shall be deemed to have caused its name to be signed hereto by its duly authorized
signatory, as of the date certified.

	 	 	 
	 	Controlling Class Representative
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

Dated: _____

cc: GS Mortgage Securities Corporation
II

 

    Exhibit K-4-2

     

    

 

EXHIBIT L

 

APPLICABLE SERVICING CRITERIA

 

The assessment
of compliance to be delivered by the referenced party shall address, at a minimum, the criteria identified below as “Applicable
Servicing Criteria” applicable to such party, as such criteria may be updated or limited by the Commission or its staff (including,
without limitation, not requiring the delivery of certain of the items set forth on this Exhibit based on interpretive guidance
provided by the Commission or its staff relating to Item 1122 of Regulation AB). For the avoidance of doubt, for purposes of this
Exhibit L, other than with respect to Item 1122(d)(2)(iii), references to Servicer below shall include any Sub-Servicer engaged
by a Servicer or Special Servicer.

 

	 	APPLICABLE SERVICING CRITERIA	APPLICABLE

PARTY
	Reference	Criteria	 
	 	General
    Servicing Considerations	 
	1122(d)(1)(i)	Policies
    and procedures are instituted to monitor any performance or other triggers and events of default in accordance with the transaction
    agreements.	Servicer
    

    Special Servicer 

    Certificate Administrator
	1122(d)(1)(ii)	If
    any material servicing activities are outsourced to third parties, policies and procedures are instituted to monitor the third
    party’s performance and compliance with such servicing activities.	Servicer
    

    Special Servicer

    Certificate Administrator
	1122(d)(1)(iii)	Any
    requirements in the transaction agreements to maintain a back-up servicer for the mortgage loans are maintained.	N/A
	1122(d)(1)(iv)	A
    fidelity bond and errors and omissions policy is in effect on the party participating in the servicing function throughout
    the reporting period in the amount of coverage required by and otherwise in accordance with the terms of the transaction agreements.	Servicer
    

    Special Servicer
	1122(d)(1)(v)	Aggregation
    of information, as applicable, is mathematically accurate and the information conveyed accurately reflects the information.	Servicer
    

    Special Servicer 

    Certificate Administrator
	 	Cash
    Collection and Administration	 
	1122(d)(2)(i)	Payments
    on mortgage loans are deposited into the appropriate custodial bank accounts and related bank clearing accounts no more than
    two business days following receipt, or such other number of days specified in the transaction agreements.	Servicer
    

    Special Servicer
	1122(d)(2)(ii)	Disbursements
    made via wire transfer on behalf of an obligor or to an investor are made only by authorized personnel.	Certificate
    Administrator
	1122(d)(2)(iii)	Advances
    of funds or guarantees regarding collections, cash flows or distributions, and any interest or other fees charged for such
    advances, are made, reviewed and approved as specified in the transaction agreements.	Servicer
    

    Special Servicer 

    Trustee
	1122(d)(2)(iv)	The
    related accounts for the transaction, such as cash reserve accounts or accounts established as a form of overcollateralization,
    are separately maintained (e.g., with respect to commingling of cash) as set forth in the transaction agreements.	Servicer
    

    Special Servicer 

    Certificate Administrator
	1122(d)(2)(v)	Each
    custodial account is maintained at a federally insured depository institution as set forth in the transaction agreements.
    For purposes of this criterion, “federally insured depository institution” with respect to a foreign financial
    institution means a foreign financial institution that meets the requirements of Rule 13k-1(b)(1) of the Exchange Act.	Servicer
    

    Special Servicer 

    Certificate Administrator

 

    Exhibit L-1

     

    

 

	 	APPLICABLE SERVICING CRITERIA	APPLICABLE

PARTY
	Reference	Criteria	 
	1122(d)(2)(vi)	Unissued
    checks are safeguarded so as to prevent unauthorized access.	Servicer
    

    Special Servicer 

    Certificate Administrator
	1122(d)(2)(vii)	Reconciliations
    are prepared on a monthly basis for all asset-backed securities related bank accounts, including custodial accounts and related
    bank clearing accounts. These reconciliations are (A) mathematically accurate; (B) prepared within 30 calendar days after
    the bank statement cutoff date, or such other number of days specified in the transaction agreements; (C) reviewed and approved
    by someone other than the person who prepared the reconciliation; and (D) contain explanations for reconciling items. These
    reconciling items are resolved within 90 calendar days of their original identification, or such other number of days specified
    in the transaction agreements.	Servicer
    

    Special Servicer 

    Certificate Administrator
	 	Investor
    Remittances and Reporting	 
	1122(d)(3)(i)	Reports
    to investors, including those to be filed with the Commission, are maintained in accordance with the transaction agreements
    and applicable Commission requirements. Specifically, such reports (A) are prepared in accordance with timeframes and other
    terms set forth in the transaction agreements; (B) provide information calculated in accordance with the terms specified in
    the transaction agreements; (C) are filed with the Commission as required by its rules and regulations; and (D) agree with
    investors’ or the trustee’s records as to the total unpaid principal balance and number of mortgage loans serviced
    by the Reporting Servicer.	Certificate
    Administrator
	1122(d)(3)(ii)	Amounts
    due to investors are allocated and remitted in accordance with timeframes, distribution priority and other terms set forth
    in the transaction agreements.	Certificate
    Administrator
	1122(d)(3)(iii)	Disbursements
    made to an investor are posted within two business days to the Servicer’s investor records, or such other number of
    days specified in the transaction agreements.	Certificate
    Administrator
	1122(d)(3)(iv)	Amounts
    remitted to investors per the investor reports agree with cancelled checks, or other form of payment, or custodial bank statements.	Certificate
    Administrator
	 	Pool
    Asset Administration	 
	1122(d)(4)(i)	Collateral
    or security on mortgage loans is maintained as required by the transaction agreements or related mortgage loan documents.	Servicer
    

    Special Servicer 

    Custodian
	1122(d)(4)(ii)	Mortgage
    loan and related documents are safeguarded as required by the transaction agreements	Custodian
	1122(d)(4)(iii)	Any
    additions, removals or substitutions to the asset pool are made, reviewed and approved in accordance with any conditions or
    requirements in the transaction agreements.	Servicer
    

    Special Servicer
	1122(d)(4)(iv)	Payments
    on mortgage loans, including any payoffs, made in accordance with the related mortgage loan documents are posted to the Servicer’s
    obligor records maintained no more than two business days after receipt, or such other number of days specified in the transaction
    agreements, and allocated to principal, interest or other items (e.g., escrow) in accordance with the related mortgage loan
    documents.	Servicer
	1122(d)(4)(v)	The
    Reporting Servicer’s records regarding the mortgage loans agree with the Reporting Servicer’s records with respect
    to an obligor’s unpaid principal balance.	Servicer
	1122(d)(4)(vi)	Changes
    with respect to the terms or status of an obligor’s mortgage loans (e.g., loan modifications or re-agings) are made,
    reviewed and approved by authorized personnel in accordance with the transaction agreements and related pool asset documents.	Servicer
    

    Special Servicer

 

    Exhibit L-2

     

    

 

	 	APPLICABLE SERVICING CRITERIA	APPLICABLE

PARTY
	Reference	Criteria	 
	1122(d)(4)(vii)	Loss
    mitigation or recovery actions (e.g., forbearance plans, modifications and deeds in lieu of foreclosure, foreclosures and
    repossessions, as applicable) are initiated, conducted and concluded in accordance with the timeframes or other requirements
    established by the transaction agreements.	Special
    Servicer
	1122(d)(4)(viii)	Records
    documenting collection efforts are maintained during the period a mortgage loan is delinquent in accordance with the transaction
    agreements. Such records are maintained on at least a monthly basis, or such other period specified in the transaction agreements,
    and describe the entity’s activities in monitoring delinquent mortgage loans including, for example, phone calls, letters
    and payment rescheduling plans in cases where delinquency is deemed temporary (e.g., illness or unemployment).	Servicer
    

    Special Servicer
	1122(d)(4)(ix)	Adjustments
    to interest rates or rates of return for mortgage loans with variable rates are computed based on the related mortgage loan
    documents.	Servicer
	1122(d)(4)(x)	Regarding
    any funds held in trust for an obligor (such as escrow accounts): (A) such funds are analyzed, in accordance with the obligor’s
    mortgage loan documents, on at least an annual basis, or such other period specified in the transaction agreements; (B) interest
    on such funds is paid, or credited, to obligors in accordance with applicable mortgage loan documents and state laws; and
    (C) such funds are returned to the obligor within 30 calendar days of full repayment of the related mortgage loans, or such
    other number of days specified in the transaction agreements.	Servicer
	1122(d)(4)(xi)	Payments
    made on behalf of an obligor (such as tax or insurance payments) are made on or before the related penalty or expiration dates,
    as indicated on the appropriate bills or notices for such payments, provided that such support has been received by the servicer
    at least 30 calendar days prior to these dates, or such other number of days specified in the transaction agreements.	Servicer
	1122(d)(4)(xii)	Any
    late payment penalties in connection with any payment to be made on behalf of an obligor are paid from the servicer’s
    funds and not charged to the obligor, unless the late payment was due to the obligor’s error or omission.	Servicer
	1122(d)(4)(xiii)	Disbursements
    made on behalf of an obligor are posted within two business days to the obligor’s records maintained by the servicer,
    or such other number of days specified in the transaction agreements.	Servicer
	1122(d)(4)(xiv)	Delinquencies,
    charge-offs and uncollectible accounts are recognized and recorded in accordance with the transaction agreements.	Servicer
	1122(d)(4)(xv)	Any
    external enhancement or other support, identified in Item 1114(a)(1) through (3) or Item 1115 of Regulation AB, is maintained
    as set forth in the transaction agreements.	N/A

 

    Exhibit L-3

     

    

 

EXHIBIT M

 

FORM OF NRSRO CERTIFICATION

 

[Date]

 

Wells Fargo Bank, National Association,

9062 Old Annapolis Road

Columbia, Maryland 21045

Attention: Corporate Trust Services
(CMBS) GSMS 2017-FARM

 

		Attention:	GS Mortgage Securities Corporation Trust 2017-FARM, Commercial
Mortgage Pass-Through Certificates, Series 2017-FARM

 

In accordance with
the requirements for obtaining certain information pursuant to the Trust and Servicing Agreement, dated as of December 29, 2017
(the “Trust and Servicing Agreement”), by and among GS Mortgage Securities Corporation II, as Depositor, KeyBank
National Association, as Servicer, AEGON USA Realty Advisors, LLC, as Special Servicer, Wells Fargo Bank, National Association,
as Certificate Administrator, Custodian and Trustee, and Pentalpha Surveillance LLC, as Operating Advisor, with respect to the
above-referenced certificates (the “Certificates”), the undersigned hereby certifies and agrees as follows:

 

		1.	The undersigned is a Rating Agency hired by the Depositor to provide ratings on the Certificates;
or

 

		2.	The undersigned, a Nationally Recognized
                                         Statistical Rating Organization (“NRSRO”);

 

		(A)	has provided the Depositor with the appropriate certifications under Exchange Act 17g-5(e);

 

		(B)	has access to the Depositor’s 17g-5 website; and

 

		(C)	agrees that the confidentiality agreement attached as Annex A hereto shall be applicable to the
undersigned with respect to information obtained from the Depositor’s 17g-5 website shall also be applicable to information obtained
from the 17g-5 Information Provider’s Website.

 

		3.	The undersigned shall be deemed to have recertified to the provisions herein each time it accesses
the Information on the Certificate Administrator’s Website and the 17g-5 Information Provider’s Website.

 

Capitalized terms
used but not defined herein shall have the respective meanings assigned thereto in the Trust and Servicing Agreement.

 

    Exhibit M-1

     

    

 

BY ITS CERTIFICATION
HEREOF, the undersigned has made the representations above and shall be deemed to have caused its name to be signed hereto by its
duly authorized signatory, as of the date certified.

 

Date:

	 	 
	 	Very truly yours,
	 	 
	 	[NRSRO Name] 

By:

Name:

Title:

Phone:

E-mail:

 

    Exhibit M-2

     

    

 

ANNEX A

 

CONFIDENTIALITY AGREEMENT

 

This Confidentiality
Agreement (the “Confidentiality Agreement”) is made in connection with [____] (together with its affiliates,
the “Furnishing Entities” and each a “Furnishing Entity”) furnishing certain financial, operational,
structural and other information relating to the issuance of the GS Mortgage Securities Corporation Trust 2017-FARM, Commercial
Mortgage Pass-Through Certificates, Series 2017-FARM (the “Certificates”) pursuant to the Trust and Servicing
Agreement, dated as of December 29, 2017 (the “Trust and Servicing Agreement”), by and among GS Mortgage Securities
Corporation II, as Depositor, KeyBank National Association, as Servicer, AEGON USA Realty Advisors, LLC, as Special Servicer, Wells
Fargo Bank, National Association, as Certificate Administrator, Custodian and Trustee, and Pentalpha Surveillance LLC, as Operating
Advisor, and the assets underlying or referenced by the Certificates, including the identity of, and financial information with
respect to borrowers, sponsors, guarantors, managers and lessees with respect to such assets (together, the “Collateral”)
to you (the “NRSRO”) through the website of Wells Fargo Bank, National Association, as 17g-5 Information Provider
under the Trust and Servicing Agreement, including the [section of the 17g-5 Information Provider’s Website that hosts the
Depositor’s 17g-5 website after the Closing Date (as defined in the Trust and Servicing Agreement)]. Information provided
by each Furnishing Entity is labeled as provided by the specific Furnishing Entity.

 

Definition of Confidential Information.
For purposes of this Confidentiality Agreement, the term “Confidential Information” shall include the following
information (irrespective of its source or form of communication, including information obtained by you through access to this
site) that may be furnished to you by or on behalf of a Furnishing Entity in connection with the issuance or monitoring of a rating
with respect to the Certificates: (x) all data, reports, interpretations, forecasts, records, agreements, legal documents and other
information (such information, the “Evaluation Material”) and (y) any of the terms, conditions or other facts
with respect to the transactions contemplated by the Trust and Servicing Agreement, including the status thereof; provided,
however, that the term Confidential Information shall not include information which:

 

		●	was or becomes generally available to the public (including through filing with the Securities
and Exchange Commission or disclosure in an offering document) other than as a result of a disclosure by you or a NRSRO Representative
(as defined below) in violation of this Confidentiality Agreement;

 

		●	was or is lawfully obtained by you from a source other than a Furnishing Entity or its representatives
that (i) is reasonably believed by you to be under no obligation to maintain the information as confidential and (ii) provides
it to you without any obligation to maintain the information as confidential; or

 

		●	is independently developed by the NRSRO without reference to any Confidential Information.

 

    Exhibit M-3

     

    

 

Information
to Be Held in Confidence.

 

You will use
the Confidential Information solely for the purpose of determining or monitoring a credit rating on the Certificates and, to the
extent that any information used is derived from but does not reveal any Confidential Information, for benchmarking, modeling or
research purposes (the “Intended Purpose”).

 

You acknowledge
that you are aware that the United States and state securities laws impose restrictions on trading in securities when in possession
of material, non-public information and that the NRSRO will advise (through policy manuals or otherwise) each NRSRO Representative
who is informed of the matters that are the subject of this Confidentiality Agreement to that effect.

 

You will treat
the Confidential Information as private and confidential. Subject to the terms herein, without the prior written consent of the
applicable Furnishing Entity, you will not disclose to any person any Confidential Information, whether such Confidential Information
was furnished to you before, on or after the date of this Confidentiality Agreement. Notwithstanding the foregoing, you may:

 

		●	disclose the Confidential Information to any of the NRSRO’s affiliates, directors, officers,
employees, legal representatives, agents and advisors (each, a “NRSRO Representative”) who, in the reasonable
judgment of the NRSRO, need to know such Confidential Information in connection with the Intended Purpose; provided, that, prior
to disclosure of the Confidential Information to a NRSRO Representative, the NRSRO shall have taken reasonable precautions to ensure,
and shall be satisfied, that such NRSRO Representative will act in accordance with this Confidentiality Agreement;

 

		●	solely to the extent required for compliance with Rule 17g-5(a)(3) of the Act (17 C.F.R. 240.17g-5),post
the Confidential Information to the NRSRO’s password protected website; and

 

		●	use information derived from the Confidential Information in connection with an Intended Purpose,
if such derived information does not reveal any Confidential Information.

 

Disclosures
Required by Law. If you or any NRSRO Representative is requested or required (orally or in writing, by interrogatory, subpoena,
civil investigatory demand, request for information or documents, deposition or similar process relating to any legal proceeding,
investigation, hearing or otherwise) to disclose any Confidential Information, you agree to provide the relevant Furnishing Entity
with notice as soon as practicable (except in the case of regulatory or other governmental inquiry, examination or investigation,
and otherwise to the extent practical and permitted by law, regulation or regulatory or other governmental authority) that a request
to disclose the Confidential Information has been made so that the relevant Furnishing Entity may seek an appropriate protective
order or other reasonable assurance
that confidential treatment will be accorded the Confidential Information if it so chooses. Unless otherwise required by a court
or other governmental or regulatory authority to do so, and provided that you been informed by written notice that the related
Furnishing Entity is seeking a protective order or other reasonable

 

    Exhibit M-4

     

    

 

assurance for confidential treatment with respect to the requested
Confidential Information, you agree not to disclose the Confidential Information while the Furnishing Entity’s effort to
obtain such a protective order or other reasonable assurance for confidential treatment is pending. You agree to reasonably cooperate
with each Furnishing Entity in its efforts to obtain a protective order or other reasonable assurance that confidential treatment
will be accorded to the portion of the Confidential Information that is being disclosed, at the sole expense of such Furnishing
Entity; provided, however, that in no event shall the NRSRO be required to take a position that such information
should be entitled to receive such a protective order or reasonable assurance as to confidential treatment. If a Furnishing Entity
succeeds in obtaining a protective order or other remedy, you agree to comply with its terms with respect to the disclosure of
the Confidential Information, at the sole expense of such Furnishing Entity. If a protective order or other remedy is not obtained
or if the relevant Furnishing Entity waives compliance with the provisions of this Confidentiality Agreement in writing, you agree
to furnish only such information as you are legally required to disclose, at the sole expense of the relevant Furnishing Entity.

 

Obligation
to Return Evaluation Material. Promptly upon written request by or on behalf of the relevant Furnishing Entity, all material
or documents, including copies thereof, that contain Evaluation Material will be destroyed or, in your sole discretion, returned
to the relevant Furnishing Entity. Notwithstanding the foregoing, (a) the NRSRO may retain one or more copies of any document or
other material containing Evaluation Material to the extent necessary for legal or regulatory compliance (or compliance with the
NRSRO’s internal policies and procedures designed to ensure legal or regulatory compliance) and (b) the NRSRO may retain
any portion of the Evaluation Material that may be found in backup tapes or other archive or electronic media or other documents
prepared by the NRSRO and any Evaluation Material obtained in an oral communication; provided, that any Evaluation Material
so retained by the NRSRO will remain subject to this Confidentiality Agreement and the NRSRO will remain bound by the terms of
this Confidentiality Agreement.

 

Violations
of this Confidentiality Agreement.

 

The NRSRO will
be responsible for any breach of this Confidentiality Agreement by you, the NRSRO or any NRSRO Representative.

 

You agree promptly
to advise each relevant Furnishing Entity in writing of any misappropriation or unauthorized disclosure or use by any person of
the Confidential Information which may come to your attention and to take all steps reasonably requested by such Furnishing Entity
to limit, stop or otherwise remedy such misappropriation, or unauthorized disclosure or use.

 

You acknowledge
and agree that the Furnishing Entities would not have an adequate remedy at law and would be irreparably harmed in the event that
any of the provisions of this Confidentiality Agreement were not performed in accordance with their specific terms or were otherwise
breached. It is accordingly agreed that each Furnishing Entity shall be entitled to specific performance and injunctive relief
to prevent breaches of this Confidentiality Agreement and to specifically enforce the terms and provisions hereof, in addition
to any other remedy to which a Furnishing Entity may be entitled at law or in equity. It is further understood and agreed that
no failure to or delay in exercising any right, power or privilege hereunder shall preclude any other or further exercise of any
right, power or privilege.

 

    Exhibit M-5

     

    

 

Term.
Notwithstanding the termination or cancellation of this Confidentiality Agreement and regardless of whether the NRSRO has provided
a credit rating on a Security, your obligations under this Confidentiality Agreement will survive indefinitely.

 

Governing
Law. This Confidentiality Agreement and any claim, controversy or dispute arising under the Confidentiality Agreement, the
relationships of the parties and/or the interpretation and enforcement of the rights and duties of the parties shall be governed
by and construed in accordance with the laws of the State of New York applicable to agreements made and to be performed within
such State.

 

Amendments.
This Confidentiality Agreement may be modified or waived only by a separate writing by the NRSRO and each Furnishing Entity.

 

Entire Agreement.
This Confidentiality Agreement represents the entire agreement between you and the Furnishing Entities relating to the treatment
of Confidential Information heretofore or hereafter reviewed or inspected by you. This agreement supersedes all other understandings
and agreements between us relating to such matters; provided, however, that, if the terms of this Confidentiality
Agreement conflict with another agreement relating to the Confidential Information that specifically states that the terms of such
agreement shall supersede, modify or amend the terms of this Confidentiality Agreement, then to the extent the terms of this Confidentiality
Agreement conflict with such agreement, the terms of such agreement shall control notwithstanding acceptance by you of the terms
hereof by entry into this website.

 

Contact Information.
Notices for each Furnishing Entity under this Confidentiality Agreement, shall be directed as set forth below:

 

[_________]

 

    Exhibit M-6

     

    

 

EXHIBIT N

FORM OF POWER OF ATTORNEY BY TRUSTEE

FOR SERVICER AND SPECIAL SERVICER

 

RECORDING REQUESTED BY:

{insert address}

 

SPACE ABOVE THIS LINE FOR RECORDER’S
USE

 

LIMITED POWER OF ATTORNEY

 

KNOW ALL MEN BY THESE PRESENTS,
that Wells Fargo Bank, National Association, a national banking association, incorporated and existing under the laws of the United
States, having its usual place of business at 9062 Old Annapolis Road, Columbia, Maryland 21045 as Trustee (the “Trustee”)
pursuant to that Trust and Servicing Agreement dated as of December 29, 2017 (the “Agreement”) by and among
GS Mortgage Securities Corporation II (the “Depositor”), KeyBank National Association, as servicer (in such
capacity, the “Servicer”), AEGON USA Realty Advisors, LLC, as special servicer (the “Special Servicer”),
Wells Fargo Bank, National Association, as certificate administrator (in such capacity, the “Certificate Administrator”),
custodian (in such capacity, the “Custodian”) and trustee, and Pentalpha Surveillance LLC, as operating advisor
(the “Operating Advisor”), and the Trustee hereby constitutes and appoints the [Servicer] [Special Servicer],
by and through the [Servicer] [Special Servicer] officers, the Trustee’s true and lawful Attorney-in-Fact, in the Trustee’s
name, place and stead and for the Trustee’s benefit, in connection with the mortgage loan (the “Whole Loan”)
serviced by the [Servicer] [Special Servicer] and the property (“REO Property”) administered by the [Servicer]
[Special Servicer] pursuant to the Agreement, to execute and acknowledge in writing or by facsimile stamp all documents customarily
and reasonably necessary and appropriate to effectuate the enumerated transactions described in items 1 through 12 below with respect
to the Whole Loan and REO Property; provided however, that the documents described below may only be executed and delivered by
such Attorneys-in-Fact if such documents are required or permitted under the Agreement. Capitalized terms used herein and not otherwise
defined herein have the meanings set forth in the Agreement.

 

		1.	The endorsement on behalf of the Trustee of all checks, drafts and/or other negotiable instruments
made payable to the Trustee and draw upon, replace, substitute, release or amend letters of credit standing as collateral securing
the Whole Loan.

 

		2.	The modification or re-recording of a Mortgage or deed of trust, where said modification or re-recording
is solely for the purpose of correcting the Mortgage or deed of trust to conform same to the original intent of the parties thereto
or to correct title errors discovered after such title insurance was issued; provided that (i) said modification or re-recording,
in either instance, does not adversely affect the lien of the Mortgage or deed of trust as insured and (ii) otherwise conforms
to the provisions of the Agreement.

 

    Exhibit N-1

     

    

 

		3.	The subordination of the lien of a Mortgage or deed of trust to an easement in favor of a public
utility company of a government agency or unit with powers of eminent domain; this section shall include, without limitation, the
execution of partial satisfactions/releases, partial reconveyances or the execution or requests to trustees to accomplish same.

 

		4.	The conveyance of the properties to the mortgage insurer, or the closing of the title to the property
to be acquired as real estate owned, or conveyance of title to real estate owned.

 

		5.	The completion of loan assumption agreements.

 

		6.	The full satisfaction/release of a Mortgage or deed of trust or full conveyance upon payment and
discharge of all sums secured thereby, including, without limitation, cancellation of the related Mortgage Note.

 

		7.	The assignment of the Mortgage or deed of trust and the related Mortgage Note, in connection with
the repurchase of the Whole Loan secured and evidenced thereby.

 

		8.	The full assignment of the Mortgage or deed of trust upon payment and discharge of all sums secured
thereby in conjunction with the refinancing thereof, including, without limitation, the assignment of the Note.

 

		9.	The full enforcement of and preservation of the Trustee’s interests in the Note, Mortgage
or deed of trust, and in the proceeds thereof, by way of, including but not limited to, foreclosure, the taking of a deed in lieu
of foreclosure, or the completion of judicial or non-judicial foreclosure or the termination, cancellation or rescission of any
such foreclosure, the initiation, prosecution and completion of eviction actions or proceedings with respect to, or the termination,
cancellation or rescission of any such eviction actions or proceedings, and the pursuit of title insurance, hazard insurance and
claims in bankruptcy proceedings, including, without limitation, any and all of the following acts:

 

		a.	the substitution of trustee(s) serving under a deed of trust, in accordance with state law and
the deed of trust;

 

		b.	the preparation and issuance of statements of breach or non-performance;

 

		c.	the preparation and filing of notices of default and/or notices of sale;

 

		d.	the cancellation/rescission of notices of default and/or notices of sale;

 

		e.	the taking of deed in lieu of foreclosure;

 

		f.	the filing, prosecution and defense of claims, and to appear on behalf of the Trustee, in bankruptcy
cases affecting Note, Mortgage or deed of trust;

 

    Exhibit N-2

     

    

 

		g.	the preparation and service of notices to quit and all other documents necessary to initiate, prosecute
and complete eviction actions or proceedings;

 

		h.	the tendering, filing, prosecution and defense, as applicable, of hazard insurance and title insurance
claims, including but not limited to appearing on behalf of the Trustee in quiet title actions; and

 

		i.	the preparation and execution of such other documents and performance of such other actions as
may be necessary under the terms of the Mortgage, deed of trust or state law to expeditiously complete said transactions in paragraphs
9.a. through 9.h. above.

 

		10.	With respect to the sale of property acquired through a foreclosure or deed-in lieu of foreclosure,
including, without limitation, the execution of the following documentation:

 

		a.	listing agreements;

 

		b.	purchase and sale agreements;

 

		c.	grant/warranty/quit claim deeds or any other deed causing the transfer of title of the property
to a party contracted to purchase same;

 

		d.	escrow instructions; and

 

		e.	any and all documents necessary to effect the transfer of property.

 

		11.	The modification or amendment of escrow agreements established for repairs to the mortgaged property
or reserves for replacement of personal property.

 

		12.	The execution and delivery of the following:

 

		a.	any and all financing statements, continuation statements and other documents or instruments necessary
to maintain the lien created by the Mortgage, deed of trust or other security document in the related Mortgage File or the Property
and other related collateral;

 

		b.	any and all instruments of satisfaction or cancellation, or of partial or full release or discharge,
or of partial or full defeasance, and all other comparable instruments; and

 

		c.	any and all assumptions, modifications, waivers, substitutions, extensions, amendments, consents
to transfers of interests in borrowers, consents to any subordinate financings to be secured by the Property, consents to any mezzanine
financing to be secured by the ownership interests in a borrower, consents to and monitoring of the application of any proceeds
of insurance policies or condemnation awards to the restoration of the Property, REO Property or otherwise, documents relating
to the management, operation, maintenance, repair, leasing and marketing of the Property (including agreements and requests by
any borrower with respect to 

 

    Exhibit N-3

     

    

 

modifications
of the standards of operation and management of such Property or the replacement of asset managers) or REO Property, documents
exercising any or all of the rights, powers and privileges granted or provided to the holder of the Whole Loan under the related
loan documents, lease subordination agreements, non-disturbance and attornment agreements or other leasing or rental arrangements,
any easements, covenants, conditions, restrictions, equitable servitudes, or land use or zoning requirements with respect to the
Property or REO Property, instruments relating to the custody of any collateral that now secures or hereafter may secure the Whole
Loan and any other consents.

 

The undersigned gives said Attorney-in-Fact
full power and authority to execute such instruments and to do and perform all and every act and thing necessary and proper to
carry into effect the power or powers granted by or under this Limited Power of Attorney as fully as the undersigned might or could
do, and hereby does ratify and confirm to all that said Attorney-in-Fact shall be effective as of the date set forth below.

 

This appointment is to be construed
and interpreted as a limited power of attorney. The enumeration of specific items, rights, acts or powers herein is not intended
to, nor does it give rise to, and it is not to be construed as a general power of attorney.

 

Solely to the extent that the [Servicer]
[Special Servicer] has the power to delegate its rights or obligations under the Agreement, the [Servicer] [Special Servicer] also
has the power to delegate the authority given to it by Wells Fargo Bank, National Association, as Trustee, under this Limited Power
of Attorney, for purposes of performing its obligations and duties by executing such additional powers of attorney in favor of
its attorneys-in-fact as are necessary for such purpose. The [Servicer] [Special Servicer]’s attorneys-in-fact shall have no greater
authority than that held by the [Servicer] [Special Servicer].

 

Nothing contained herein shall:
(i) limit in any manner any indemnification provided to the Trustee under the Agreement, (ii) limit in any manner the rights and
protections afforded the Trustee under the Agreement, or (iii) be construed to grant the [Servicer] [Special Servicer]the power
to initiate or defend any suit, litigation or proceeding in the name of Wells Fargo Bank, National Association except as specifically
provided for herein. If the [Servicer] [Special Servicer] receives any notice of suit, litigation or proceeding in the name of
Wells Fargo Bank, National Association, then the [Servicer] [Special Servicer] shall promptly forward a copy of same to the Trustee.

 

This limited power of attorney is
not intended to extend the powers granted to the [Servicer] [Special Servicer] under the Agreement or to allow the [Servicer] [Special
Servicer] to take any action with respect to Mortgages, deeds of trust or Mortgage Notes not authorized by the Agreement.

 

The [Servicer] [Special Servicer]
hereby agrees to indemnify and hold the Trustee and its directors, officers, employees and agents harmless from and against any
and all liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements of any
kind or nature whatsoever incurred by reason or result of the negligent use, or negligent or

 

    Exhibit N-4

     

    

 

willful misuse, of this Limited Power
of Attorney by the [Servicer] [Special Servicer]. The foregoing indemnity shall survive the termination of this Limited Power of
Attorney and the Agreement or the earlier resignation or removal of the Trustee under the Agreement.

 

This Limited Power of Attorney is
entered into and shall be governed by the laws of the State of New York, without regard to conflicts of law principles of such
state.

 

Third parties without actual notice
may rely upon the exercise of the power granted under this Limited Power of Attorney; and may be satisfied that this Limited Power
of Attorney shall continue in full force and effect and has not been revoked unless an instrument of revocation has been made in
writing by the undersigned.

 

IN WITNESS WHEREOF, Wells Fargo
Bank, National Association, as Trustee for GS Mortgage Securities Corporation Trust 2017-FARM, Commercial Mortgage Pass-Through
Certificates, Series 2017-FARM has caused its corporate seal to be hereto affixed and these presents to be signed and acknowledged
in its name and behalf by a duly elected and authorized signatory this __________ day of __________.

 

	 	 	 	 
	 	Wells Fargo Bank, National Association,
	 	as Trustee for GS Mortgage Securities Corporation Trust 2017-FARM, Commercial Mortgage Pass-Through Certificates, Series 2017-FARM
	 	 
	 	By:	 	 
	 	 	Name:
	 	 	Title:

 

Witness:

 

 

 

    Exhibit N-5

     

    

 

IN WITNESS WHEREOF, Wells Fargo Bank,
National Association, as Trustee has caused these presents to be signed and acknowledged in its name and behalf by a duly elected
and authorized signatory this __________ day of __________, 20[__].

	 	 	 	 	 
	 	 	Wells Fargo Bank, National Association, as Trustee
	 	 	 
	 	 	for the benefit of the Holders of GS Mortgage Securities Corporation Trust 2017-FARM, Commercial Mortgage Pass-Through Certificates, Series 2017-FARM
	 	 	 
	 	 	By:	 
	Witness:	 	 	, Vice President
	 	 	 	 
	 	 	 	 
	Witness:	 	 	 
	 	 	 	 
	 	 	 	 
	Attest:	Assistant Secretary	 	 	 

 

    Exhibit N-6

     

    

 

EXHIBIT O

 

FORM OF ERISA REPRESENTATION LETTER

 

[Date]

 

Wells
Fargo Bank, National Association,

as Certificate Registrar

600 South 4th Street, 7th
Floor

MAC: N9300-070

Minneapolis, Minnesota 55479

Attention: Certificate Transfer
Services – GSMS 2017-FARM

 

Wells
Fargo Bank, National Association,

as Trustee

9062 Old Annapolis Road

Columbia, Maryland 21045

Attention: Corporate Trust Services
(CMBS) GSMS 2017-FARM

 

[Transferor]

[______]

[______]

Attention: [_______]

 

		Re:	GS Mortgage Securities Corporation Trust 2017-FARM, Commercial Mortgage Pass-Through Certificates,
Series 2017-FARM

 

Ladies and Gentlemen:

 

The undersigned
(the “Purchaser”) proposes to purchase [__]% Percentage Interest of GS Mortgage Securities Corporation Trust
2017-FARM, Commercial Mortgage Pass Through Certificates, Series 2017-FARM, Class [_], CUSIP No. [____] (the “Certificates”),
issued pursuant to that certain Trust and Servicing Agreement, dated as of December 29, 2017 (the “Trust and Servicing
Agreement”), by and among GS Mortgage Securities Corporation II, as Depositor, KeyBank National Association, as Servicer,
AEGON USA Realty Advisors, LLC, as Special Servicer, Wells Fargo Bank, National Association, as Certificate Administrator, Custodian
and Trustee, and Pentalpha Surveillance LLC, as Operating Advisor. Capitalized terms used and not otherwise defined herein have
the respective meanings ascribed to such terms in the Trust Agreement.

 

In connection
with such transfer, the undersigned hereby represents and warrants to you that, with respect to the Certificates, the Purchaser
is not and will not be (i) a retirement plan or other employee benefit plan or arrangement, including an individual retirement
account or a Keogh plan, which is subject to Title I of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”),
or Section 4975 of the Internal Revenue Code of 1986, as amended (the “Code”), or a governmental plan (as defined
in Section 3(32) of ERISA) or other plan that is subject to any federal, state or local law (“Similar Law”)
that is, to a material extent, similar to the

 

    Exhibit O-1

     

    

 

foregoing
provisions of ERISA or the Code (each, a “Plan”), or (ii) a collective investment fund, the assets of which
are considered Plan assets under the U.S. Department of Labor Reg. Section 2510.3-101, as modified by Section 3(42) of ERISA or
for purposes of Similar Law, an insurance company using assets of separate accounts or general accounts which include assets of
Plans (or which are deemed pursuant to ERISA or Similar Law to include assets of Plans) or other Person acting on behalf of any
such Plan or using the assets of any such Plan.

 

IN WITNESS WHEREOF,
the Purchaser hereby executes this ERISA Representation Letter on the ___ day of____, ___.

	 	 	 
	 	Very truly yours, 
	 	 
	 	[The Purchaser] 
	 	 
	 	By:	 
	 	 	Name: 
	 	 	Title: 

 

    Exhibit O-2

     

    

 

EXHIBIT
P

 

FORM OF
NOTICE TO PARTIES OF A CONTROL TERMINATION EVENT / CONSULTATION TERMINATION EVENT

 

[Date]

 

	 	KeyBank National Association	 	Wells Fargo Bank, National
    Association
	 	11501 Outlook Street, Suite 300	 	    as Certificate Administrator
	 	Overland Park, Kansas 66211	 	9062 Old Annapolis Road
	 	Attention: Michael A. Tilden	 	Columbia, Maryland 21045
	 	Facsimile number: (877) 379-1625	 	Attention: GSMS 2017-FARM
	 	Email: keybank_notices@keybank.com	 	 
	 	 	 	 
	 	Pentalpha Surveillance LLC	 	AEGON USA Realty Advisors, LLC,
	 	375 N. French Road, Suite 100	 	4333 Edgewood Road NE,
	 	Amherst, New York 14228	 	Cedar Rapids, IA 52499
	 	Attention: GS 2017-FARM Transaction	 	Attention: Gregory A. Dryden, Senior
	 	Manager	 	Vice President, Special Servicing
	 	With a copy sent via email to:	 	Fax number: (319) 355-8030
	 	notices@pentalphasurveillance.com with GSMS
    2017-FARM on the subject line	 	 

 

	 	Re:	GS
    Mortgage Securities Corporation Trust 2017-FARM, Commercial Mortgage Pass-Through Certificates, Series 2017-FARM

  

THIS
NOTICE IDENTIFIES THE AFFILIATION OF THE CONTROLLING CLASS REPRESENTATIVE OR A HOLDER OF THE MAJORITY OF THE CONTROLLING CLASS
WITH A BORROWER RELATED PARTY RELATING TO THE GS MORTGAGE SECURITIES CORPORATION TRUST 2017-FARM, COMMERCIAL MORTGAGE PASS- THROUGH
CERTIFICATES, SERIES 2017-FARM, REQUIRING ACTION BY YOU AS THE RECIPIENT PURSUANT TO SECTION 6.5(C) OF THE TRUST AND SERVICING
AGREEMENT. 

 

In
accordance with Section 6.5(c) of the Trust and Servicing Agreement, dated as of December 29, 2017 (the “Agreement”),
by and among GS Mortgage Securities Corporation II, as Depositor, KeyBank National Association, as Servicer, AEGON USA Realty
Advisors, LLC, as Special Servicer, Wells Fargo Bank, National Association, as Certificate Administrator, Custodian and Trustee,
and Pentalpha Surveillance LLC, as Operating Advisor, with respect to the above-referenced certificates (the “Certificates”),
the undersigned hereby certifies and agrees as follows:

 

1.          The
undersigned is [the Controlling Class Representative] [a holder of [___]% of the Controlling Class, by Certificate Balance,] as
of the date hereof.

 

2.          The
undersigned has become a Borrower Related Party with respect to the Trust Loan.

 

    Exhibit P-1

    

    

 

3.          If
the undersigned is either (a) a holder of 50% or more of the Controlling Class or (b) the Controlling Class Representative then
each of the recipients to this notice are hereby notified that a Consultation Termination Event and a Control Termination Event
is hereby deemed to occur with respect to the Trust Loan.

 

4.          The
undersigned agrees to indemnify and hold harmless each party to the Agreement, the Initial Purchasers and the Trust Fund from
any damage, loss, cost or liability (including legal fees and expenses and the cost of enforcing this indemnity) arising out of
or resulting from any unauthorized access by the undersigned or any agent, employee, representative or person acting on its behalf
of any information made available to Privileged Persons.

 

5.          The
undersigned agrees that each time it accesses the Certificate Administrator’s Website, the undersigned is deemed to have
recertified that the representations and covenants contained herein remain true and correct. 

 

6.          The
undersigned hereby certifies that an executed copy of this certification in paper form has been delivered in accordance with the
notice provisions of the Agreement to each of the addressees listed above (a) by overnight courier or (b) mailed by registered
mail, postage prepaid.

 

Capitalized
terms used but not defined herein have the respective meanings given to them in the Agreement.

 

BY
ITS CERTIFICATION HEREOF, the undersigned has made the representations above and shall be deemed to have caused its name to be
signed hereto by its duly authorized signatory, as of the date certified. 

 

	 	[Controlling Class Representative]
    [a Controlling Class Certificateholder]
	 	By:	 
	 	Name:
	 	Title:
	 	Phone:
	 	Email:
	 	Address

 

    Exhibit P-2

    

    
 

EXHIBIT
Q

 

FORM
OF ONLINE VENDOR CERTIFICATION

 

This
Certification has been prepared for provision of information to the market data providers listed in Paragraph 1 below pursuant
to the direction of the Depositor. If you represent a Vendor Provider not listed herein and would like access to the information,
please contact CTSLink at 866-846-4526, or at ctslink.customerservice@wellsfargo.com 

 

In
connection with the GS Mortgage Securities Corporation Trust 2017-FARM, Commercial Mortgage Pass-Through Certificates, Series
2017-FARM (the “Certificates”), the undersigned hereby certifies and agrees as follows:

 

1.          The
undersigned is an employee or agent of Bloomberg Financial Markets, L.P., CMBS.com, Inc., Trepp, LLC, Intex Solutions, Inc., Moody’s
Analytics, BlackRock Financial Management Inc., Markit Group Limited or Thomson Reuters, a market data provider that has been
given access to the Distribution Date Statements, CREFC reports and supplemental notices on www.ctslink.com (“CTSLink”)
by request of the Depositor.

 

2.          The
undersigned agrees that each time it accesses CTSLink, the undersigned is deemed to have recertified that the representation above
remains true and correct. 

 

3.          The
undersigned acknowledges and agrees that the provision to it of information and/or reports on CTSLink is for its own use only,
and agrees that it will not disseminate or otherwise make such information available to any other person without the written consent
of the Depositor, and any confidentiality agreement applicable to the undersigned with respect to information obtained from the
Depositor’s 17g-5 Website shall also be applicable to information obtained from CTSLink.

 

4.          Capitalized
terms used but not defined herein shall have the respective meanings assigned thereto in the Trust and Servicing Agreement, dated
as of December 29, 2017, by and among GS Mortgage Securities Corporation II, as Depositor, KeyBank National Association, as Servicer,
AEGON USA Realty Advisors, LLC, as Special Servicer, Wells Fargo Bank, National Association, as Certificate Administrator, Custodian
and Trustee, and Pentalpha Surveillance LLC, as Operating Advisor.

 

BY
ITS CERTIFICATION HEREOF, the undersigned has made the representations above and shall be deemed to have caused its name to be
signed hereto by its duly authorized signatory, as of the date certified.

 

    Exhibit Q-1

    

    

 

	 	[               ]
	 	 
	 	By:	 
	 	 	 

	 	Name:	 

	 	 	 
	 	Title:	 

	 	 	 
	 	Company:	 

	 	 	 
	 	Phone:	 

  

    Exhibit Q-2

    

    

 

EXHIBIT
R

 

[RESERVED]

 

    Exhibit R-1

    

    

 

EXHIBIT
S

 

[RESERVED]

 

    Exhibit S-1

    

    

 

EXHIBIT
T

 

FORM
OF OPERATING ADVISOR ANNUAL REPORT46 

 

Report
Date: This report will be delivered annually no later than 120 days after the end of calendar year, pursuant to the terms
and conditions of the Trust and Servicing Agreement, dated as of December 29, 2017 (the “Trust
and Servicing Agreement”), among GS Mortgage Securities
Corporation II, as depositor, KeyBank National Association, as servicer, AEGON USA Realty Advisors, LLC, as special servicer,
Pentalpha Surveillance LLC, as operating advisor, and Wells Fargo Bank, National Association, as certificate administrator, as
custodian and as trustee.

Transaction:
GS Mortgage Securities Corporation Trust 2017-FARM, Commercial Mortgage Pass Through Certificates, Series 2017-FARM

Operating
Advisor: Pentalpha Surveillance LLC

Special
Servicer: AEGON USA Realty Advisors, LLC 

 

		I.	Executive
                                         Summary

 

Based
on the requirements and qualifications set forth in the Trust and Servicing Agreement, as well as the items listed below, the
Operating Advisor (in accordance with the Operating Advisor’s analysis requirements outlined in the Trust and Servicing
Agreement) has undertaken a limited review of the Special Servicer’s actions under the Trust and Servicing Agreement. Based
solely on such limited review of the items listed below, and subject to the assumptions, limitations and qualifications set forth
herein, the Operating Advisor believes, in its sole discretion exercised in good faith, that the Special Servicer [is/is not]
operating in compliance with Accepted Servicing Practices with respect to its performance of its duties under the Trust and Servicing
Agreement during the prior calendar year. [The Operating Advisor believes, in its sole discretion exercised in good faith, that
the Special Servicer has failed to comply with Accepted Servicing Practices, as a result of the following material deviations.]

 

		●	[LIST
                                         OF ANY MATERIAL DEVIATION ITEMS]

 

In
addition, the Operating Advisor notes the following: [PROVIDE SUMMARY OF ANY ADDITIONAL MATERIAL INFORMATION].

 

[ADD
RECOMMENDATION OF REPLACEMENT OF SPECIAL SERVICER, IF APPLICABLE] 

 

		II.	List
                                         of Items that Were Considered in Compiling this Report

 

In
rendering our assessment herein, we examined and relied upon the accuracy and completeness of the items listed below: 

 

 

 

46 This
report is an indicative report and does not reflect the final form of annual report to be used in any particular year. The Operating
Advisor will have the ability to modify or alter the organization and content of any particular report, subject to the compliance
with the terms of the Trust and Servicing Agreement, including, without limitation, provisions relating to Privileged Information.

 

    Exhibit T-1

    

    

 

1.   Any
Major Decision Reporting Package that is delivered or made available to the Operating Advisor by the Special Servicer pursuant
to the Trust and Servicing Agreement.

 

1.   Reports
by the Special Servicer made available to Privileged Persons that are posted on the certificate administrator’s website
and each Asset Status Report and Final Asset Status Report, in each case, delivered or made available to the Operating Advisor
pursuant to the terms of the Trust and Servicing Agreement.

 

2.   The
Special Servicer’s assessment of compliance report, attestation report by a third party regarding the Special Servicer’s
compliance with its obligations and non-discretionary portions of net present value calculations and Appraisal Reduction Amount
calculations delivered or made available to the Operating Advisor pursuant to the terms of the Trust and Servicing Agreement.

 

3.   [LIST
OTHER REVIEWED INFORMATION]

 

4.   [INSERT
IF AFTER AN OPERATING ADVISOR CONSULTATION EVENT]: Consulted with the Special Servicer as provided under the Trust and Servicing
Agreement in respect of the Asset Status Reports for a Specially Serviced Loan delivered or made available to the Operating Advisor
pursuant to the terms of the Trust and Servicing Agreement and with respect to Major Decisions processed by the Special Servicer. 

 

NOTE:
The Operating Advisor’s review of the above materials should be considered a limited review and not be considered a full
or limited audit, legal review or legal conclusion. For instance, we did not review each page of the Special Servicer’s
policy and procedure manuals (including amendments and appendices), review underlying lease agreements or similar underlying documents,
re-engineer the quantitative aspects of their net present value calculation, visit any related property, visit the Special Servicer,
visit the Controlling Class Representative or interact with the borrower. In addition, our review of the net present value calculations
and Appraisal Reduction calculations is limited to the mathematical accuracy of the calculations and the corresponding application
of the non-discretionary portions of the applicable formulas, and as such, does not take into account the reasonableness of the
discretionary portions of such formulas. 

 

		III.	Assumptions,
                                         Qualifications and Disclaimers Related to the Work Product Undertaken and Opinions Related
                                         to this Report

  

1.     As
provided in the TSA, the Operating Advisor is not required to report on instances of non-compliance with, or deviations from,
Accepted Servicing Practices or the Special Servicer’s obligations under the TSA that the Operating Advisor determines,
in its sole discretion exercised in good faith, to be immaterial.

 

2.     In
rendering our assessment herein, we have assumed that all executed factual statements, instruments, and other documents that we
have relied upon in rendering this assessment have been executed by persons with legal capacity to execute such documents.

 

3.     Other
than the receipt of the Major Decision Reporting Package or any Asset Status Report that is delivered or made available to the
Operating Advisor pursuant to the terms of the Trust and Servicing Agreement, the Operating Advisor did not participate in, or
have access to, the Special Servicer’s and Controlling Class Representative’s discussion(s) regarding any

 

    Exhibit T-2

    

    

 

Specially
Serviced Loan. The Operating Advisor does not have authority to speak with the Controlling Class Representative or borrower directly.
As such, the Operating Advisor relied solely upon the information delivered to it by the Special Servicer as well as its interaction
with the Special Servicer, if any, in gathering the relevant information to generate this report. The services that we perform
are not designed and cannot be relied upon to detect fraud or illegal acts should any exist.

 

4.     The
Special Servicer has the legal authority and responsibility to service the any specially serviced loan pursuant to the Trust and
Servicing Agreement. The Operating Advisor has no responsibility or authority to alter the standards set forth therein or the
actions of the Special Servicer.

 

5.     Confidentiality
and other contractual limitations limit the Operating Advisor’s ability to outline the details or substance of any communication
held between it and the Special Servicer regarding any specially serviced loan and certain information it reviewed in connection
with its duties under the Trust and Servicing Agreement. As a result, this report may not reflect all the relevant information
that the Operating Advisor is given access to by the Special Servicer.

 

6.     The
Operating Advisor is not empowered to speak with any investors directly. If the investors have questions regarding this report,
they should address such questions to the certificate administrator through the certificate administrator’s website.

 

7.     This
report does not constitute recommendations to buy, sell or hold any security, nor does the Operating Advisor take into account
market prices of securities or financial markets generally when performing its limited review of the Special Servicer as described
above.

 

Terms
used but not defined herein have the meaning set forth in the Trust and Servicing Agreement.

 

    Exhibit T-3

    

    

 

EXHIBIT
U

 

FORM
OF NOTICE FROM OPERATING ADVISOR RECOMMENDING REPLACEMENT OF SPECIAL SERVICER 

 

Wells
Fargo Bank, National Association,

    as
Trustee

9062
Old Annapolis Road 

Columbia,
Maryland 21045 

Attention:
Corporate Trust Services (CMBS) GSMS 2017-FARM

 

Wells
Fargo Bank, National Association

    as
Certificate Administrator

9062
Old Annapolis Road 

Columbia,
Maryland 21045 

Attention:
Corporate Trust Services (CMBS) GSMS 2017-FARM 

 

AEGON
USA Realty Advisors, LLC, 

4333
Edgewood Road NE,

Cedar
Rapids, IA 52499 

Attention:
Gregory A. Dryden, Senior Vice President, Special Servicing 

Fax
number: (319) 355-8030 

 

	Re:	GS
                                 Mortgage Securities Corporation Trust 2017-FARM, Commercial Mortgage Pass-Through Certificates,
                                 Series 2017-FARM, Recommendation of Replacement of Special Servicer

 

Ladies
and Gentlemen: 

 

This
letter is delivered pursuant to Section 6.4(b) of the Trust and Servicing Agreement, dated as of December 29, 2017 (the “Trust
and Servicing Agreement”), by and among GS Mortgage Securities Corporation II, as Depositor, KeyBank National Association,
as Servicer, AEGON USA Realty Advisors, LLC, as Special Servicer, Wells Fargo Bank, National Association, as Certificate Administrator,
Custodian and Trustee, and Pentalpha Surveillance LLC, as Operating Advisor, on behalf of the holders of the GS Mortgage Securities
Corporation Trust 2017-FARM, Series 2017-FARM (the “Certificates”) regarding the replacement of the Special
Servicer. Capitalized terms used and not otherwise defined herein shall have the respective meanings ascribed to such terms in
the Trust and Servicing Agreement. 

 

Based
upon our review of the Special Servicer’s operational practices conducted pursuant to and in accordance with Section 3.26
of the Trust and Servicing Agreement, it is our assessment that AEGON USA Realty Advisors, LLC, in its current capacity as Special
Servicer, is not [performing its duties under the Trust and Servicing Agreement][acting in accordance with the Servicing Standard].
The following factors support our assessment: [________].

 

    Exhibit U-1

    

    

 

Based
upon such assessment, we further hereby recommend that AEGON USA Realty Advisors, LLC be removed as Special Servicer and that
[________] be appointed its successor in such capacity.

 

	 	Very truly yours,
	 	 
	 	PENTALPHA SURVEILLANCE
    LLC
	 	 
	 	By:	 	 
	 	 	Name:
	 	 	Title:
	 	 
	Dated:	 

 

    Exhibit U-2

    

    

 

EXHIBIT
V-1

 

FORM
OF CERTIFICATE ADMINISTRATOR RECEIPT OF THE CLASS HRR CERTIFICATES

 

December
29, 2017

 

	GS Mortgage Securities Corporation
    II	 	Goldman Sachs Mortgage Company
	200 West Street	 	200 West Street
	New York, New York 10282	 	New York, New York 10282
	Attention: Leah Nivison	 	Attention: Leah Nivison
	With a copy to: gs-refgsecuritization@gs.com	 	 
	 	 	 
	PCSD PR Cap IV NR Reten Private Limited	 	 
	280 Park Avenue, 9th Floor	 	 
	New York, New York 10017	 	 

 

		Re:	GS
                                         Mortgage Securities Corporation Trust 2017-FARM, Commercial Mortgage Pass-Through Certificates,
                                         Series 2017-FARM

  

In
accordance with Section 5.1(d) of the Trust and Servicing Agreement, dated as of December 29, 2017 (the “Agreement”),
the Certificate Administrator hereby acknowledges receipt of $[18,000,000] of the Class HRR Certificates in the form of a Definitive
Certificate (CUSIP No. [_____]),which constitutes all of the Class HRR Certificates, as defined in the Agreement, for the benefit
of PCSD PR Cap IV NR Reten Private Limited, a Singapore private limited liability company, the initial Third Party Purchaser.
A copy of such Class HRR Certificate is attached as Exhibit A-1.

 

Capitalized
terms used but not defined herein shall the respective meanings set forth in the Agreement.

 

	 	WELLS FARGO BANK, NATIONAL ASSOCIATION,
	 	not in its individual
    capacity but solely as Certificate
    Administrator
	 	 
	 	By:	 
	 	Name:
	 	Title:

 

    Exhibit V-1-1

    

    

 

EXHIBIT
V-2

 

FORM
OF CERTIFICATE ADMINISTRATOR RECEIPT OF THE CLASS HRR CERTIFICATES UPON TRANSFER

 

[DATE]

 

	GS Mortgage Securities Corporation
    II	 	Goldman Sachs Mortgage Company
	200 West Street	 	200 West Street
	New York, New York 10282	 	New York, New York 10282
	Attention: Leah Nivison	 	Attention: Leah Nivison
	With a copy to: gs-refgsecuritization@gs.com	 	
	 	 	 
	PCSD PR Cap IV NR Reten Private Limited	 	 
	280 Park Avenue, 9th Floor	 	 
	New York, New York
        10017

	 	 

 

		Re:	GS
                                         Mortgage Securities Corporation Trust 2017-FARM, Commercial Mortgage Pass-Through Certificates,
                                         Series 2017-FARM

 

In
accordance with Section 5.1(d) of the Trust and Servicing Agreement, dated as of December 29, 2017 (the “Agreement”),
the Certificate Administrator hereby acknowledges receipt of $[__] of the Class HRR Certificates in the form of a Definitive Certificate
(CUSIP No. [_____]),which constitutes all of the Class HRR Certificates, as defined in the Agreement, for the benefit of [__].
A copy of such Class HRR Certificate is attached as Exhibit A-1.

 

Capitalized
terms used but not defined herein shall the respective meanings set forth in the Agreement.

 

	 	WELLS FARGO BANK, NATIONAL ASSOCIATION,
	 	not in its individual
    capacity but solely as Certificate
    Administrator
	 	 
	 	By:	 
	 	Name:
	 	Title:

 

    Exhibit V-2-1

    

    

 

EXHIBIT
W

 

FORM
OF CUSTODIAL CERTIFICATION / EXCEPTION REPORT

 

[DATE]

 

[All
Parties to Trust and Servicing Agreement]

[Applicable
Sponsor] 

[Each
Initial Purchaser] 

 

		Re:	Trust
                                         and Servicing Agreement (“Trust and Servicing Agreement”) relating
                                         to GS Mortgage Securities Corporation Trust 2017-FARM, Commercial Mortgage Pass-Through
                                         Certificates, Series 2017-FARM

 

Ladies
and Gentlemen: 

 

In
accordance with the provisions of Section 2.2(b) of the Trust and Servicing Agreement, dated as of December 29, 2017 (the
“Trust and Servicing Agreement”), by and among GS Mortgage Securities Corporation II, as Depositor, KeyBank
National Association, as Servicer, AEGON USA Realty Advisors, LLC, as Special Servicer, Wells Fargo Bank, National Association,
as Certificate Administrator, Custodian and Trustee, and Pentalpha Surveillance LLC, as Operating Advisor, the undersigned hereby
certifies that, with respect to the Trust Loan, and subject to the exceptions noted in the schedule of exceptions attached hereto,
(i) all documents referred to in Section 2.1(b) of the Trust and Servicing Agreement are in its possession; (ii) the recordation/filing
contemplated by Section 2.1(b) of the Trust and Servicing Agreement has been completed (based solely on receipt by the
undersigned of the particular recorded/filed documents); and (iii) all documents received by the undersigned or the Custodian
with respect to the Trust Loan have been reviewed by the undersigned or the Custodian on behalf of the undersigned and (A) appear
regular on their face (handwritten additions, changes or corrections shall not constitute irregularities if initialed by the Mortgage
Loan Borrower), (B) appear to have been executed (where appropriate), (C) purport to relate to the Mortgage Loan and (D) purport
to be recorded or filed (as applicable) and have not been torn, mutilated or otherwise defaced, and appear on their faces to relate
to the Trust Loan.

 

The
undersigned makes no representations as to: (i) the validity, legality, sufficiency, enforceability or genuineness of any such
documents contained in the Mortgage File, or (ii) the collectability, insurability, effectiveness or suitability of the Trust
Loan.

 

The
Custodian’s review of the Mortgage File and its certification with respect thereto shall not be deemed to constitute “due
diligence services” or a “third party due diligence report” as such terms are defined in Rule 17g-10 and 15Ga-2,
respectively, promulgated by the Securities and Exchange Commission pursuant to the Securities Exchange Act of 1934, as amended.

 

    Exhibit W-1

    

    

 

Capitalized
words and phrases used herein and not otherwise defined herein shall have the respective meanings assigned to them in the Trust
and Servicing Agreement. This Certificate is subject in all respects to the terms of the Trust and Servicing Agreement.

 

	 	Wells Fargo Bank, National Association, as Custodian
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

    Exhibit W-2

    

    

 

EXHIBIT
X-1

 

FORM
OF TRANSFEROR CERTIFICATE FOR TRANSFER OF THE EXCESS SERVICING FEE RIGHTS

 

[Date]

 

GS
Mortgage Securities Corporation II

200
West Street 

New
York, New York 10282-2198

Attention:
Leah Nivison

With
a copy to: gs-refgsecuritization@gs.com

 

		Attention:	GS
                                         Mortgage Securities Corporation Trust 2017-FARM, Commercial Mortgage Pass-Through Certificates,
                                         Series 2017-FARM

 

Ladies
and Gentlemen:

 

This
letter is delivered to you in connection with the transfer by _________________ (the “Transferor”) to _________________
(the “Transferee”) of the Excess Servicing Fee Right established under the Trust and Servicing Agreement, dated
as of December 29, 2017 (the “Trust and Servicing Agreement”), by and among GS Mortgage Securities Corporation
II, as Depositor, KeyBank National Association, as Servicer, AEGON USA Realty Advisors, LLC, as Special Servicer, Wells Fargo
Bank, National Association, as Certificate Administrator, Custodian and Trustee, and Pentalpha Surveillance LLC, as Operating
Advisor. All capitalized terms used but not otherwise defined herein shall have the respective meanings set forth in the Trust
and Servicing Agreement. The Transferee hereby certifies, represents and warrants to you, as Depositor, that:

 

1.          The
Transferor is the lawful owner of the right to receive the Excess Servicing Fees with respect to the Whole Loan for which _________________
is the Servicer (the “Excess Servicing Fee Right”), with the full right to transfer the Excess Servicing Fee
Right free from any and all claims and encumbrances whatsoever.

 

2.
          Neither the Transferor nor anyone acting on its behalf has (a) offered,
transferred, pledged, sold or otherwise disposed of the Excess Servicing Fee Right, any interest in the Excess Servicing Fee Right
or any other similar security to any person in any manner, (b) solicited any offer to buy or accept a transfer, pledge or other
disposition of the Excess Servicing Fee Right, any interest in the Excess Servicing Fee Right or any other similar security from
any person in any manner, (c) otherwise approached or negotiated with respect to the Excess Servicing Fee Right, any interest
in the Excess Servicing Fee Right or any other similar security with any person in any manner, (d) made any general solicitation
with respect to the Excess Servicing Fee Right, any interest in the Excess Servicing Fee Right or any other similar security by
means of general advertising or in any other manner, or (e) taken any other action, which (in the case of any of the

 

    Exhibit X-1-1

    

    

 

acts
described in clauses (a) through (e) hereof) would constitute a distribution of the Excess Servicing Fee Right under the Securities
Act of 1933, as amended (the “Securities Act”), or would render the disposition of the Excess Servicing Fee
Right a violation of Section 5 of the Securities Act or any state securities laws, or would require registration or qualification
of the Excess Servicing Fee Right pursuant to the Securities Act or any state securities laws.

 

	 	Very truly yours,
	 	 
	By:	 
	Name:	 
	Title:	 

 

    Exhibit X-1-2

    

    

 

EXHIBIT
X-2

 

FORM
OF TRANSFEREE CERTIFICATE FOR TRANSFER OF THE EXCESS SERVICING FEE RIGHTS

 

[Date]

 

GS
Mortgage Securities Corporation II 

200
West Street 

New
York, New York 10282-2198 

Attention:
Leah Nivison 

With
a copy to: gs-refgsecuritization@gs.com

 

KeyBank
National Association 

11501
Outlook Street, Suite 300

Overland
Park, Kansas 66211 

Attention:
Michael A. Tilden 

Facsimile
number: (877) 379-1625

Email:
keybank_notices@keybank.com

 

		Attention:	GS
                                         Mortgage Securities Corporation Trust 2017-FARM, Commercial Mortgage Pass-Through Certificates,
                                         Series 2017-FARM

 

Ladies
and Gentlemen: 

 

This
letter is delivered to you in connection with the transfer by _________________ (the “Transferor”) to _________________
(the “Transferee”) of the Excess Servicing Fee Right established under the Trust and Servicing Agreement, dated
as of December 29, 2017 (the “Trust and Servicing Agreement”), by and among GS Mortgage Securities Corporation
II, as Depositor, KeyBank National Association, as Servicer, AEGON USA Realty Advisors, LLC, as Special Servicer, Wells Fargo
Bank, National Association, as Certificate Administrator, Custodian and Trustee, and Pentalpha Surveillance LLC, as Operating
Advisor All capitalized terms used but not otherwise defined herein shall have the respective meanings set forth in the Trust
and Servicing Agreement. The Transferee hereby certifies, represents and warrants to you, as the Depositor and the Servicer, that:

 

1.          The
Transferee is acquiring the right to receive Excess Servicing Fees with respect to the Whole Loan as to which __________________
is the applicable Servicer (the “Excess Servicing Fee Right”) for its own account for investment and not with
a view to or for sale or transfer in connection with any distribution thereof, in whole or in part, in any manner which would
violate the Securities Act of 1933, as amended (the “Securities Act”), or any applicable state securities laws.

 

2.          The
Transferee understands that (a) the Excess Servicing Fee Right has not been and will not be registered under the Securities Act
or registered or qualified under any applicable state securities laws, (b) none of the Depositor, the Trustee, the Certificate
Administrator or the Certificate Registrar is obligated so to register or qualify the Excess Servicing Fee Right, and

 

    Exhibit X-2-1

    

    

 

(c)
the Excess Servicing Fee Right may not be resold or transferred unless it is (i) registered pursuant to the Securities Act and
registered or qualified pursuant to any applicable state securities laws or (ii) sold or transferred in transactions which are
exempt from such registration and qualification and (A) the Depositor has received a certificate from the prospective transferor
substantially in the form attached as Exhibit X-1 to the Trust and Servicing Agreement, and (B) each of the Servicer and the Depositor
have received a certificate from the prospective transferee substantially in the form attached as Exhibit X-2 to the Trust and
Servicing Agreement.

 

3.          The
Transferee understands that it may not sell or otherwise transfer the Excess Servicing Fee Right or any interest therein except
in compliance with the provisions of Section 3.17 of the Trust and Servicing Agreement, which provisions it has carefully reviewed.

 

4.          Neither
the Transferee nor anyone acting on its behalf has (a) offered, pledged, sold, disposed of or otherwise transferred the Excess
Servicing Fee Right, any interest in the Excess Servicing Fee Right or any other similar security to any person in any manner,
(b) solicited any offer to buy or accept a pledge, disposition or other transfer of the Excess Servicing Fee Right, any interest
in the Excess Servicing Fee Right or any other similar security from any person in any manner, (c) otherwise approached or negotiated
with respect to the Excess Servicing Fee Right, any interest in the Excess Servicing Fee Right or any other similar security with
any person in any manner, (d) made any general solicitation with respect to the Excess Servicing Fee Right, any interest in the
Excess Servicing Fee Right or any other similar security by means of general advertising or in any other manner, or (e) taken
any other action with respect to the Excess Servicing Fee Right, any interest in the Excess Servicing Fee Right or any other similar
security, which (in the case of any of the acts described in clauses (a) through (e) above) would constitute a distribution of
the Excess Servicing Fee Right under the Securities Act, would render the disposition of the Excess Servicing Fee Right a violation
of Section 5 of the Securities Act or any state securities law or would require registration or qualification of the Excess Servicing
Fee Right pursuant thereto. The Transferee will not act, nor has it authorized or will it authorize any person to act, in any
manner set forth in the foregoing sentence with respect to the Excess Servicing Fee Right, any interest in the Excess Servicing
Fee Right or any other similar security.

 

5.          The
Transferee has been furnished with all information regarding (a) the Depositor, (b) the Excess Servicing Fee Right and any payments
thereon, (c) the Trust and Servicing Agreement and the Trust Fund created pursuant thereto, (d) the nature, performance and servicing
of the Whole Loan, and (e) all related matters that it has requested.

 

6.          The
Transferee is (a) a “qualified institutional buyer” within the meaning of Rule 144A under the Securities Act or (b)
an “accredited investor” as defined in any of paragraphs (1), (2), (3) and (7) of Rule 501(a) under the Securities
Act or an entity in which all of the equity owners come within such paragraphs. The Transferee has such knowledge and experience
in financial and business matters as to be capable of evaluating the merits and risks of an investment in the Excess Servicing
Fee Right; the Transferee has sought such accounting, legal and tax advice as it has considered necessary to make an informed
investment decision; and the Transferee is able to bear the economic risks of such investment and can afford a complete loss of
such investment.

 

7.          The
Transferee agrees (i) to keep all information relating to the Trust, the Trust Fund and the parties to the Trust and Servicing
Agreement, and made available to it, confidential,

 

    Exhibit X-2-2

    

    

(ii)
not to use or disclose such information in any manner which could result in a violation of any provision of the Securities Act
or would require registration of the Excess Servicing Fee Right or any Certificate pursuant to the Securities Act, and (iii) not
to disclose such information, and to cause its officers, directors, partners, employees, agents or representatives not to disclose
such information, in any manner whatsoever, in whole or in part, to any other Person other than such holder’s auditors,
legal counsel and regulators, except to the extent such disclosure is required by law, court order or other legal requirement
or to the extent such information is of public knowledge at the time of disclosure by such holder or has become generally available
to the public other than as a result of disclosure by such holder; provided, however, that such holder may provide
all or any part of such information to any other Person who is contemplating an acquisition of the Excess Servicing Fee Right
if, and only if, such Person (x) confirms in writing such prospective acquisition and (y) agrees in writing to keep such information
confidential, not to use or disclose such information in any manner which could result in a violation of any provision of the
Securities Act or would require registration of the Excess Servicing Fee Right or any Certificates pursuant to the Securities
Act and not to disclose such information, and to cause its officers, directors, partners, employees, agents or representatives
not to disclose such information, in any manner whatsoever, in whole or in part, to any other Person other than such Persons’
auditors, legal counsel and regulators.

 

8.          The
Transferee acknowledges that the holder of the Excess Servicing Fee Right shall not have any rights under the Trust and Servicing
Agreement except as set forth in Section 3.17 of the Trust and Servicing Agreement, and that the Excess Servicing Fee Rate may
be reduced to the extent provided in the Trust and Servicing Agreement.

 

	 	Very truly yours,
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

    Exhibit X-2-3

    

    
 

EXHIBIT Y-1

 

ADDITIONAL FORM 10-D DISCLOSURE

 

Solely in the event that
a Companion Loan is included in an Other Securitization which is subject to the Exchange Act reporting requirements of Regulation
AB, the parties identified in the “Party Responsible” column are obligated pursuant to Section 11.4 of the Trust and
Servicing Agreement to disclose to each Other Depositor and Other Exchange Act Reporting Party to which such information is relevant
for Exchange Act reporting purposes any information described in the corresponding Form 10-D Item described in the “Item
on Form 10-D” column to the extent such party has actual knowledge (and in the case of net operating income information,
financial statements, annual operating statements, budgets and/or rent rolls required to be provided in connection with Item 6
below, possession) of such information (other than information as to itself). Each of the Certificate Administrator, the Trustee,
the Servicer and the Special Servicer (in its capacity as such) shall be entitled to rely on the accuracy of the Offering Circular
and prospectus related to an Other Securitization Trust (other than information with respect to itself that is set forth in or
omitted from the Offering Circular or such prospectus), in the absence of specific written notice to the contrary from the Depositor
or the Loan Seller. Each of the Certificate Administrator, the Trustee, the Servicer and the Special Servicer (in its capacity
as such) shall be entitled to conclusively assume that there is no “significant obligor” other than a party or property
identified as such in the prospectus related to an Other Securitization Trust and to assume that no other party or property will
constitute a “significant obligor” after the Cut-off Date. In no event shall the Servicer or the Special Servicer be
required to provide any information for inclusion in a Form 10-D that relates to any Mortgage Loan for which the Servicer or the
Special Servicer is not the Servicer or the Special Servicer, as the case may be. For this Series 2017-FARM Trust and Servicing
Agreement, and any Other Securitization Trust, each of the Certificate Administrator, the Trustee, the Servicer and the Special
Servicer (in its capacity as such) shall be entitled to assume that there is no provider of credit enhancement, liquidity or derivative
instruments within the meaning of Items 1114 or 1115 of Regulation AB.

 

	Item on Form 10-D	Party Responsible
	
        Item 1: Distribution
and Pool Performance Information

         

        Any information required by Item 1121 of
        Regulation AB which is NOT included on the Distribution Date Statement

         
	
        Certificate Administrator

         Depositor

        

        Servicer

         (only
with respect to Item 1121(a)(12) as to non-Specially Serviced Loans) Special Servicer

        

        (only with
respect to Item 1121(a)(12) as to Specially Serviced Loans) 

	
        Item 2: Legal Proceedings

         

        per Item
1117 of Regulation AB
	
        (i) All parties
to the Trust and Servicing Agreement (as to themselves), (ii) any other Reporting Servicer (as to itself), (iii) the Trustee,
the Servicer and the Special Servicer as to the Trust (in the case of the Servicer and the Special Servicer, to be reported by
the

 

    Exhibit Y-1-1 

     

    

 

	 	
        party controlling
such litigation), (iv) each Sponsor as to itself and as to each 1110(b) originator and 1100(d)(1) party relating to a Mortgage
Loan sold by such Sponsor to the Depositor, (v) the Depositor (as to any party under Item 1100(d)(1) of Regulation AB) 

	
        Item 3: Sale
of Securities and Use of Proceeds

        
	Depositor
	Item 4:  Defaults Upon Senior Securities	Certificate Administrator
	
        Item 5: Submission
of Matters to a Vote of Security Holders

        
	Certificate Administrator
	Item 6:  Significant Obligors of Pool Assets	
        Servicer
(excluding information for which the Special Servicer is the “Party Responsible”) Special Servicer (as to REO Properties)

	
        Item 8: Significant
Enhancement Provider Information

        
	Depositor
	Item 9:  Other Information	
        Any party
responsible for disclosure items on Form 8-K to the extent of such items

	Item 10:  Exhibits	
        Certificate
Administrator (as to the Distribution Date Statement) Depositor 

 

    Exhibit Y-1-2 

     

    

 

EXHIBIT Y-2

 

ADDITIONAL FORM 10-K DISCLOSURE

 

Solely in the event that
a Companion Loan is included in an Other Securitization which is subject to the Exchange Act reporting requirements of Regulation
AB, the parties identified in the “Party Responsible” column are obligated pursuant to Section 11.5 of the Trust and
Servicing Agreement to disclose to each Other Depositor and Other Exchange Act Reporting Party to which such information is relevant
for Exchange Act reporting purposes any information described in the corresponding Form 10-K Item described in the “Item
on Form 10-K” column to the extent such party has actual knowledge (and in the case of net operating income information,
financial statements, annual operating statements, budgets and/or rent rolls required to be provided in connection with 1112(b)
below, possession) of such information (other than information as to itself). Each of the Certificate Administrator, the Trustee,
the Servicer and the Special Servicer (in its capacity as such) shall be entitled to rely on the accuracy of the Offering Circular
and prospectus related to an Other Securitization Trust (other than information with respect to itself that is set forth in or
omitted from the Offering Circular or such prospectus), in the absence of specific written notice to the contrary from the Depositor
or the Loan Seller. Each of the Certificate Administrator, the Trustee, the Servicer and the Special Servicer (in its capacity
as such) shall be entitled to conclusively assume that there is no “significant obligor” other than a party or property
identified as such in the prospectus related to an Other Securitization Trust and to assume that no other party or property will
constitute a “significant obligor” after the Cut-off Date. In no event shall the Servicer or the Special Servicer be
required to provide any information for inclusion in a Form 10-K that relates to any Mortgage Loan for which the Servicer or the
Special Servicer is not the applicable Servicer or Special Servicer, as the case may be. For this Series 2017-FARM Trust and Servicing
Agreement, and any Other Securitization Trust, each of the Certificate Administrator, the Trustee, the Servicer and the Special
Servicer (in its capacity as such) shall be entitled to assume that there is no provider of credit enhancement, liquidity or derivative
instruments within the meaning of Items 1114 or 1115 of Regulation AB.

 

	Item on Form 10-K	Party Responsible
	Item 1B: Unresolved Staff Comments	Depositor
	Item 9B:  Other Information	
        Any party
responsible for disclosure items on Form 8-K to the extent of such items

        

	
        Item 15:
Exhibits, Financial Statement Schedules

        
	
        Certificate
Administrator Depositor

        

	
        Additional Item:

         

        Disclosure per Item 1117 of Regulation AB

        
	
        (i) All parties
to the Trust and Servicing Agreement (as to themselves), (ii) any other Reporting Servicer (as to itself), (iii) the Trustee,
the Certificate Administrator, the Servicer, the Depositor and the Special Servicer as to the Trust (in the case of the Servicer,
the Depositor and the Special 

 

    Exhibit Y-2-1 

     

    

 

	 	
        Servicer, to be reported by the
party controlling such litigation), (iv) each Sponsor as to itself and as to each 1110(b) originator and 1100(d)(1) party relating
to a Mortgage Loan sold by such Sponsor to the Depositor, (v) the Depositor (as to any party under Item 1100(d)(1) of Regulation
AB) 

	
        Additional
Item: 

        Disclosure per Item 1119 of Regulation AB

         
	
        (i) All parties to the Trust and
Servicing Agreement as to themselves (in the case of the Servicer, only as to 1119(a) affiliations with Significant Obligors identified
in the Trust and Servicing Agreement, the Trustee, the Certificate Administrator, the Special Servicer or a sub-servicer described
in 1108(a)(3) and, in the case of the Special Servicer, only as to 1119(a) affiliations with Significant Obligors identified in
the Trust and Servicing Agreement, the Trustee, the Certificate Administrator, the Servicer or a sub-servicer described in 1108(a)(3)),
(ii) the Depositor (as to the Trust), (iii) each Sponsor as to itself and as to each 1110(b) originator and 1100(d)(1) party relating
to a Mortgage Loan sold by such Sponsor to the Depositor, (iv) the Depositor as to the enhancement or support provider, (v) the
Depositor (as to any party under Item 1100(d)(1) of Regulation AB)

        

	
        Additional
Item:

        Disclosure
per Item 1112(b) of Regulation AB 
	
        Servicer (excluding information
for which the Special Servicer is the “Party Responsible”) Special Servicer (as to REO Properties)

	
        Additional Item:

        

        Disclosure
per Items 1114(b)(2) and 1115(b) of Regulation AB

        
	Depositor

 

    Exhibit Y-2-2 

     

    

 

EXHIBIT Y-3

 

FORM 8-K DISCLOSURE INFORMATION

 

Solely in the
event that a Companion Loan is included in an Other Securitization which is subject to the Exchange Act reporting
requirements of Regulation AB, the parties identified in the “Party Responsible” column are obligated pursuant to
Section 11.6 of the Trust and Servicing Agreement to report to each Other Depositor and Other Exchange Act Reporting Party to
which such information is relevant for Exchange Act reporting purposes the occurrence of any event described in the
corresponding Form 8-K Item described in the “Item on Form 8-K” column to the extent such party has actual
knowledge of such information (other than information as to itself). Each of the Certificate Administrator, the Trustee, the
Servicer and the Special Servicer (in its capacity as such) shall be entitled to rely on the accuracy of the Offering
Circular and prospectus related to an Other Securitization Trust (other than information with respect to itself that is set
forth in or omitted from the Offering Circular or such prospectus), in the absence of specific written notice to the contrary
from the Depositor or the Loan Seller. Each of the Certificate Administrator, the Trustee, the Servicer and the Special
Servicer (in its capacity as such) shall be entitled to conclusively assume that there is no “significant
obligor” other than a party or property identified as such in the prospectus related to an Other Securitization Trust
and to assume that no other party or property will constitute a “significant obligor” after the Cut-off Date. In
no event shall the Servicer or the Special Servicer be required to provide any information for inclusion in a Form 8-K that
relates to any Mortgage Loan for which the Servicer or the Special Servicer is not the applicable Servicer or
Special Servicer, as the case may be. For this Series 2017-FARM Trust and Servicing Agreement, and any Other Securitization
Trust, each of the Certificate Administrator, the Trustee, the Servicer and the Special Servicer (in its capacity as such)
shall be entitled to assume that there is no provider of credit enhancement, liquidity or derivative instruments within the
meaning of Items 1114 or 1115 of Regulation AB.

 

	Item on Form 8-K	Party Responsible
	
        Item 1.01-
Entry into a Material Definitive Agreement

         
	
        Servicer,
Special Servicer and the Trustee (in the case of the Servicer, Special Servicer and the Trustee, only as to agreements it is a
party to or entered into on behalf of the Trust) Certificate Administrator (other than as to agreements to which the Depositor
(and no other party to the Trust and Servicing Agreement) is a party) Depositor

        

	
        Item 1.02-
Termination of a Material Definitive Agreement

         
	
        Servicer,
Special Servicer and the Trustee (in the case of the Servicer, Special Servicer and the Trustee, only as to agreements it is a
party to or entered into on behalf of the Trust) Certificate Administrator (other than as to agreements to which the Depositor
(and no other party to the Trust and Servicing 

 

    Exhibit Y-3-1 

     

    

 

	 	
        Agreement)
is a party)

 Depositor 

	Item 1.03- Bankruptcy or Receivership	
        Depositor 

        Each Sponsor as to itself

        

	
        Item 2.04-
Triggering Events that Accelerate or Increase a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement 
	
        Depositor

        

        Certificate Administrator

        

	
        Item 3.03-
Material Modification to Rights of Security Holders

        
	Certificate Administrator
	
        Item 5.03-
Amendments of Articles of Incorporation or Bylaws; Change of Fiscal Year

        
	Depositor
	
        Item 6.01-
ABS Informational and Computational Material

        
	Depositor
	
        Item 6.02-
Change of Servicer, Special Servicer or Trustee

         
	
        Servicer
(as to itself or a servicer retained by it) 

        Special Servicer
(as to itself or a servicer retained by it) 

        Trustee Certificate
Administrator Depositor 

	
        Item 6.03-
Change in Credit Enhancement or External Support

         
	
        Depositor 

        Certificate
Administrator 

	
        Item 6.04-
Failure to Make a Required Distribution 
	Certificate Administrator
	
        Item 6.05-
Securities Act Updating Disclosure

        
	Depositor
	Item 7.01- Regulation FD Disclosure	Depositor
	Item 8.01	Depositor
	Item 9.01	Depositor

 

    Exhibit Y-3-2 

     

    

 

EXHIBIT Y-4

 

ADDITIONAL DISCLOSURE NOTIFICATION

 

**SEND VIA FAX TO 410-715-2380 AND VIA EMAIL TO

cts.sec.notifications@wellsfargo.com
AND VIA OVERNIGHT MAIL TO THE ADDRESS IMMEDIATELY BELOW**

 

Wells Fargo Bank, National Association, 

   as Certificate Administrator 

9062 Old Annapolis Road 

Columbia, Maryland 21045 

Attention: Corporate Trust Services GSMS 2017-FARM

 

RE: **Additional Form [10-D][10-K][8-K] Disclosure** Required

 

Ladies and Gentlemen:

 

In accordance with Section
[11.4] [11.5] [11.6] of the Trust and Servicing Agreement, dated as of December 29, 2017 (the “Trust and Servicing Agreement”),
by and among GS Mortgage Securities Corporation II, as Depositor, KeyBank National Association, as Servicer, AEGON USA Realty Advisors,
LLC, as Special Servicer, Wells Fargo Bank, National Association, as Certificate Administrator, Custodian and Trustee, and Pentalpha
Surveillance LLC, as Operating Advisor, the undersigned, as [ ], hereby notifies you that certain events have come to our attention
that [will] [may] need to be disclosed on Form [10-D][10-K][8-K].

 

Description of Additional Form [10-D][10-K][8-K] Disclosure:

 

List of any Attachments hereto to be included in the Additional
Form [10-D][10-K][8-K] Disclosure:

 

Any inquiries related to this notification should be directed
to [                        ],
phone number: [                        ];
email address: [                        ]. 

 

	 	[NAME OF PARTY],

                    as [role]

	 	 	 
	 	By:	 
	 	 	Name:

	 	 	Title:

 

cc: Depositor

 

    Exhibit Y-4-1 

     

    

 

EXHIBIT Z

 

FORM OF BACKUP CERTIFICATION

 

GS Mortgage Securities Corporation Trust
2017-FARM (the “Trust”)

 

I, [identify the certifying
individual], a [identify position] of [identify party], as [identify role] under that certain Trust and Servicing Agreement dated
as of December 29, 2017 (the “Trust and Servicing Agreement”), by and among GS Mortgage Securities Corporation
II, as Depositor, KeyBank National Association, as Servicer, AEGON USA Realty Advisors, LLC, as Special Servicer, Wells Fargo Bank,
National Association, as Certificate Administrator, Custodian and Trustee, and Pentalpha Surveillance LLC, as Operating Advisor,
on behalf of the [identify role], certify to [Name of Certifying Person(s) for Sarbanes-Oxley Certification], the Depositor, and
its officers, directors and affiliates, and with the knowledge and intent that they will rely upon this certification, that:

 

	1.	Based on my knowledge, with respect to the period ending
[December 31, 20___] (the “Relevant Period”), all servicing information and all required reports required to
be submitted by the [identify role] to the applicable Other Exchange Act Reporting Party pursuant to the Trust and Servicing Agreement
for inclusion in the annual report on Form 10-K for the Relevant Period and inclusion in all reports on Form 10-D or Form 8-K
(the “Reports”) have been submitted by the [identify role] to the Servicer, the Depositor, the Trustee or the
Certificate Administrator, as applicable, for inclusion in these reports;

 

	2.	Based on my knowledge, the [identify role] information
contained in the Reports, taken as a whole, does not contain any untrue statement of a material fact or omit to state a material
fact necessary to make the statements made therein, in light of the circumstances under which such statements were made, not misleading
with respect to the period covered by these reports;

 

	3.	I am, or an officer under my supervision is, responsible
for reviewing the activities performed by the [identify role] under the Trust and Servicing Agreement and based upon my knowledge
and the annual compliance reviews conducted in preparing the servicer compliance statements required in this report under Item
1123 of Regulation AB with respect to the [identify role], and except as disclosed in the compliance certificate delivered by
the [identify role] under Section 11.7 of the Trust and Servicing Agreement, the [identify role] has fulfilled its obligations
under the Trust and Servicing Agreement in all material respects in the year to which such report applies;

 

	4.	The accountants that are to deliver the annual attestation report on assessment of
                                                  compliance                                                                               with the Relevant Servicing
                                                  Criteria                                                                               in respect of the [identify role] with
                                                  respect to the Trust’s fiscal year _____ have been provided all information relating
                                                  to the [identify role] assessment of compliance with the Relevant Servicing Criteria, in order to enable them to conduct a
                                                  review in compliance with the standards for attestation engagements issued or adopted by the PCAOB; and

  

    Exhibit Z-1 

     

    

 

	5.	The report on assessment of compliance with servicing
criteria applicable to the [identify role] for asset-backed securities with respect to the [identify role] or any Servicing Function
Participant retained by the [identify role] and related attestation report on assessment of compliance with servicing criteria
applicable to it required to be included in the annual report on Form 10-K for the Relevant Period in accordance with Item 1122
of Regulation AB and Exchange Act Rules 13a-18 and 15d-18 has been provided to the Depositor and to the Certificate Administrator
for inclusion as an exhibit to such Form 10-K. Any material instances of noncompliance described in such reports have been provided
to the Certificate Administrator and the Depositor for disclosure in such annual report on Form 10-K.

 

Capitalized terms used but not defined herein
have the meanings set forth in the Trust and Servicing Agreement.

 

Date:  ______________________ 

 

	 	[IDENTIFY PARTY]
	 	 	 
	 	By:	 
	 	 	Name:

	 	 	Title:

 

    Exhibit Z-2 

     

    

 

EXHIBIT AA

 

INITIAL SUB-SERVICERS

 

None

 

    Exhibit AA-1Exhibit 4.6 

 

EXECUTION
VERSION

	 

 

DEUTSCHE
MORTGAGE & ASSET RECEIVING CORPORATION,

Depositor,

 

wells
fargo BANK, NATIONAL ASSOCIATION,

Master Servicer,

 

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

Special Servicer,

 

wilmington
trust, NATIONAL ASSOCIATION,

Trustee,

 

WELLS
FARGO BANK, NATIONAL ASSOCIATION,

Certificate Administrator, Paying Agent and Custodian,

 

and

 

park
bridge lender services LLC,

Operating Advisor and Asset Representations Reviewer

 

 

 

POOLING
AND SERVICING AGREEMENT
 Dated as of January 1, 2018

 

 

  

Benchmark
2018-B1 Mortgage Trust
 Commercial Mortgage Pass-Through Certificates,
 Series 2018-B1

 

	 

 

     

     

    

 

TABLE
OF CONTENTS

  

	 	 	Page
	 	 	 
	 	ARTICLE
    I	 
	 	 	 
	 	DEFINITIONS	 
	 	 	 
	Section 1.01	Defined
    Terms	10
	Section 1.02	Certain
    Calculations	149
	Section 1.03	Certain
    Constructions	153
	Section 1.04	Certain
    Matters Relating to the Non-Serviced Mortgage Loans	154
	 	 	 
	 	ARTICLE
    II	 
	 	 	 
	 	CONVEYANCE
    OF MORTGAGE LOANS; ORIGINAL ISSUANCE OF CERTIFICATES	 
	 	 	 
	Section 2.01	Conveyance
    of Mortgage Loans; Assignment of Mortgage Loan Purchase Agreements	156
	Section 2.02	Acceptance
    by Custodian and the Trustee	166
	Section 2.03	Representations,
    Warranties and Covenants of the Depositor; Repurchase and Substitution of Mortgage Loans	169
	Section 2.04	Representations,
    Warranties and Covenants of the Master Servicer, the Special Servicer, the Certificate Administrator, the Trustee, the Operating
    Advisor and the Asset Representations Reviewer	186
	Section 2.05	Execution
    and Delivery of Certificates; Issuance of Upper-Tier Regular Interests; Issuance of Lower-Tier Regular Interests	194
	Section 2.06	Miscellaneous
    REMIC and Grantor Trust Provisions	195
	 	 	 
	 	ARTICLE
    III	 
	 	 	 
	 	ADMINISTRATION
    AND SERVICING OF THE TRUST FUND	 
	 	 	 
	Section 3.01	The
    Master Servicer To Act as Master Servicer; Special Servicer To Act as Special Servicer; Administration of the Mortgage Loans
    and the Serviced Companion Loans	196
	Section 3.02	Liability
    of the Master Servicer and the Special Servicer When Sub- Servicing	202
	Section 3.03	Collection
    of Mortgage Loan and Serviced Companion Loan Payments	202
	Section 3.04	Collection
    of Taxes, Assessments and Similar Items; Escrow Accounts	203
	Section 3.05	Collection
    Accounts; Gain-on-Sale Reserve Account; Distribution Accounts; Interest Reserve Account and Serviced Whole Loan Collection
    Accounts	206

 

    -i-

     

    

 

	Section 3.06	Permitted
    Withdrawals from the Collection Accounts, the Serviced Whole Loan Collection Accounts and the Distribution Accounts; Trust
    Ledger	214
	Section 3.07	Investment
    of Funds in the Collection Accounts, the Serviced Whole Loan Collection Accounts, the Distribution Accounts, the Interest
    Reserve Account, the Gain-on-Sale Reserve Account, the REO Account, the Lock-Box Accounts, the Cash Collateral Accounts and
    the Reserve Accounts	235
	Section 3.08	Maintenance
    of Insurance Policies and Errors and Omissions and Fidelity Coverage	237
	Section 3.09	Enforcement
    of Due-on-Sale Clauses; Assumption Agreements; Defeasance Provisions	242
	Section 3.10	Appraisals;
    Realization upon Defaulted Loans	248
	Section 3.11	Custodian
    to Cooperate; Release of Mortgage Files	255
	Section 3.12	Servicing
    Fees, Certificate Administrator/Trustee Fees and Special Servicing Compensation	256
	Section 3.13	Reports
    to the Certificate Administrator; Collection Account Statements	265
	Section 3.14	Access
    to Certain Documentation	272
	Section 3.15	Title
    and Management of REO Properties and REO Accounts	281
	Section 3.16	Sale
    of Specially Serviced Loans and REO Properties	286
	Section 3.17	Additional
    Obligations of the Master Servicer and the Special Servicer; Inspections	292
	Section 3.18	Authenticating
    Agent	294
	Section 3.19	Appointment
    of Custodians	294
	Section 3.20	Lock-Box
    Accounts, Cash Collateral Accounts, Escrow Accounts and Reserve Accounts	295
	Section 3.21	Servicing
    Advances	295
	Section 3.22	Appointment
    and Replacement of Special Servicer	299
	Section 3.23	Transfer
    of Servicing Between the Master Servicer and the Special Servicer; Record Keeping; Asset Status Report	306
	Section 3.24	Special
    Instructions for the Master Servicer and/or Special Servicer	312
	Section 3.25	Certain
    Rights and Obligations of the Master Servicer and/or the Special Servicer	313
	Section 3.26	Modification,
    Waiver, Amendment and Consents	314
	Section 3.27	Certain
    Intercreditor Matters Relating to the Whole Loans	319
	Section 3.28	Directing
    Holder Contact with the Master Servicer and the Special Servicer	324
	Section 3.29	Controlling
    Class Certificateholders, the Controlling Class Representative and the Risk Retention Consultation Party; Certain Rights and
    Powers of the Directing Holder and the Risk Retention Consultation Party	324
	Section 3.30	Rating
    Agency Confirmation	330
	Section 3.31	Appointment
    and Duties of the Operating Advisor	332
	Section 3.32	Delivery
    of Conflicted Information to the Certificate Administrator	337
	Section 3.33	Certain
    Matters with Respect to Joint Mortgage Loans	338
	Section 3.34	Resignation
    Upon Prohibited Risk Retention Affiliation	342

 

    -ii-

     

    

 

	 	ARTICLE
    IV	 
	 	 	 
	 	DISTRIBUTIONS
    TO CERTIFICATEHOLDERS	 
	 	 	 
	Section 4.01	Distributions	343
	Section 4.02	Statements
    to Certificateholders; Reports by Certificate Administrator; Other Information Available to the Holders and Others	357
	Section 4.03	Compliance
    with Withholding Requirements	371
	Section 4.04	REMIC
    Compliance	371
	Section 4.05	Imposition
    of Tax on the Trust Fund	373
	Section 4.06	Remittances	375
	Section 4.07	P&I
    Advances	375
	Section 4.08	Appraisal
    Reductions; Collateral Deficiency Amounts	381
	Section 4.09	Grantor
    Trust Reporting	385
	Section 4.10	Secure
    Data Room	386
	 	 	 
	 	ARTICLE
    V	 
	 	 	 
	 	THE
    CERTIFICATES	 
	 	 	 
	Section 5.01	The
    Certificates	388
	Section 5.02	Registration,
    Transfer and Exchange of Certificates	393
	Section 5.03	Mutilated,
    Destroyed, Lost or Stolen Certificates	406
	Section 5.04	Appointment
    of Paying Agent	406
	Section 5.05	Access
    to Certificateholders’ Names and Addresses; Special Notices	406
	Section 5.06	Actions
    of Certificateholders	407
	Section 5.07	Rule
    144A Information	408
	Section 5.08	Voting
    Procedures	408
	Section 5.09	Exchanges
    of Exchangeable Groups of Certificates	409
	 	 	 
	 	ARTICLE
    VI	 
	THE DEPOSITOR,
    THE MASTER SERVICER, THE SPECIAL SERVICER, 

    THE DIRECTING HOLDER, THE RISK RETENTION CONSULTATION PARTY, THE 

    OPERATING ADVISOR AND THE ASSET REPRESENTATIONS REVIEWER
	 	 	 
	Section 6.01	Liability
    of the Depositor, the Master Servicer, the Special Servicer, the Operating Advisor and the Asset Representations Reviewer	413
	Section 6.02	Merger
    or Consolidation of the Master Servicer, the Special Servicer, the Depositor, the Asset Representations Reviewer or the Operating
    Advisor	413
	Section 6.03	Limitation
    on Liability of the Depositor, the Master Servicer, the Special Servicer, the Operating Advisor, the Asset Representations
    Reviewer and Others	414
	Section 6.04	Limitation
    on Resignation of the Master Servicer, the Special Servicer and the Operating Advisor; Termination of the Master Servicer,
    the Special Servicer and the Operating Advisor	417

 

    -iii-

     

    

 

	Section 6.05	Rights
    of the Depositor and the Trustee in Respect of the Master Servicer and the Special Servicer	419
	Section 6.06	The
    Master Servicer or Special Servicer as Owners of a Certificate	419
	Section 6.07	The
    Directing Holder, the Operating Advisor and the Risk Retention Consultation Party	420
	Section 6.08	Rights
    of Non-Directing Holders	427
	 	 	 
	 	ARTICLE
    VII	 
	 	 	 
	 	SERVICER
    AND OPERATING ADVISOR TERMINATION	 
	 	 	 
	Section 7.01	Servicer
    Termination Events	428
	Section 7.02	Trustee
    to Act; Appointment of Successor	436
	Section 7.03	Notification
    to Certificateholders and Other Persons	438
	Section 7.04	Other
    Remedies of Trustee	439
	Section 7.05	Waiver
    of Past Servicer Termination Events and Operating Advisor Termination Events; Termination	439
	Section 7.06	Trustee
    as Maker of Advances	439
	Section 7.07	Termination
    of the Operating Advisor	440
	 	 	 
	 	ARTICLE
    VIII	 
	 	 	 
	CONCERNING
    THE TRUSTEE AND CERTIFICATE ADMINISTRATOR
	 
	Section 8.01	Duties
    of Trustee and Certificate Administrator	443
	Section 8.02	Certain
    Matters Affecting the Trustee and the Certificate Administrator	446
	Section 8.03	Trustee
    and Certificate Administrator Not Liable for Certificates or Mortgage Loans	449
	Section 8.04	Trustee
    and Certificate Administrator May Own Certificates	450
	Section 8.05	Payment
    of Trustee’s and Certificate Administrator’s Fees and Expenses; Indemnification	450
	Section 8.06	Eligibility
    Requirements for Trustee and Certificate Administrator	454
	Section 8.07	Resignation
    and Removal of Trustee and Certificate Administrator	455
	Section 8.08	Successor
    Trustee and Certificate Administrator	457
	Section 8.09	Merger
    or Consolidation of Trustee or Certificate Administrator	458
	Section 8.10	Appointment
    of Co-Trustee or Separate Trustee	458
	 	 	 
	 	ARTICLE
    IX	 
	 	 	 
	 	TERMINATION	 
	 	 	 
	Section 9.01	Termination	459

 

    -iv-

     

    

 

	 	ARTICLE
    X	 
	 	 	 
	EXCHANGE
    ACT REPORTING AND REGULATION AB COMPLIANCE
	 
	Section 10.01	Intent
    of the Parties; Reasonableness	464
	Section 10.02	Notification
    Requirements and Deliveries in Connection with securitization of a Serviced Companion Loan	465
	Section 10.03	Information
    to be Provided by the Master Servicer and the Special Servicer	467
	Section 10.04	Information
    to be Provided by the Trustee	468
	Section 10.05	Filing
    Obligations	468
	Section 10.06	Form
    10-D and Form ABS-EE Filings	470
	Section 10.07	Form
    10-K Filings	474
	Section 10.08	Sarbanes-Oxley
    Certification	478
	Section 10.09	Form
    8-K Filings	479
	Section 10.10	Suspension
    of Exchange Act Filings; Incomplete Exchange Act Filings; Amendments to Exchange Act Reports	481
	Section 10.11	Annual
    Compliance Statements	482
	Section 10.12	Annual
    Reports on Assessment of Compliance with Servicing Criteria	483
	Section 10.13	Annual
    Independent Public Accountants’ Servicing Report	485
	Section 10.14	Exchange
    Act Reporting Indemnification	486
	Section 10.15	Amendments	489
	Section 10.16	Exchange
    Act Report Signatures; Delivery of Notices	489
	Section 10.17	Termination
    of the Certificate Administrator	491
	 	 	 
	 	ARTICLE
    XI	 
	 	 	 
	 	THE
    ASSET REPRESENTATIONS REVIEWER	 
	 	 	 
	Section 11.01	Asset
    Review	491
	Section 11.02	Payment
    of Asset Representations Reviewer Asset Review Fees and Expenses; Limitation of Liability	497
	Section 11.03	Resignation
    of the Asset Representations Reviewer	499
	Section 11.04	Restrictions
    of the Asset Representations Reviewer	499
	Section 11.05	Termination
    of the Asset Representations Reviewer	499
	 	 	 
	 	ARTICLE
    XII	 
	 	 	 
	 	MISCELLANEOUS
    PROVISIONS	 
	 	 	 
	Section 12.01	Counterparts	502
	Section 12.02	Limitation
    on Rights of Certificateholders	502
	Section 12.03	Governing
    Law	503
	Section 12.04	Waiver
    of Jury Trial; Consent to Jurisdiction	503
	Section 12.05	Notices	504
	Section 12.06	Severability
    of Provisions	511

 

    -v-

     

    

 

	Section 12.07	Notice
    to the Depositor and Each Rating Agency	511
	Section 12.08	Amendment	513
	Section 12.09	Confirmation
    of Intent	519
	Section 12.10	No
    Intended Third-Party Beneficiaries	519
	Section 12.11	Entire
    Agreement	520
	Section 12.12	Third
    Party Beneficiaries	520
	Section 12.13	PNC
    Bank, National Association	521

 

    -vi-

     

    

 

TABLE
OF EXHIBITS

	Exhibit A-1	Form
    of Class A-1 Certificate
	Exhibit A-2	Form
    of Class A-2 Certificate
	Exhibit A-3	Form
    of Class A-3 Certificate
	Exhibit A-4	Form
    of Class A-SB Certificate
	Exhibit A-5	Form
    of Class A-4 Certificate
	Exhibit A-6	Form
    of Class A-5 Certificate
	Exhibit A-7	Form
    of Class A-M Certificate
	Exhibit A-8	Form
    of Class B Certificate
	Exhibit A-9	Form
    of Class C Certificate
	Exhibit A-10	Form
    of Class D Certificate
	Exhibit A-11	Form
    of Class E Certificate
	Exhibit A-12	Form
    of Class F-RR Certificate
	Exhibit A-13	Form
    of Class G-RR Certificate
	Exhibit A-14	Form
    of Class X-A Certificate
	Exhibit A-15	Form
    of Class X-B Certificate
	Exhibit A-16	Form
    of Class X-D Certificate
	Exhibit A-17	Form
    of Class X-E Certificate
	Exhibit A-18	Form
    of Class S Certificate
	Exhibit A-19	Form
    of Class R Certificate
	Exhibit A-20	Form
    of Class V2 Certificate
	Exhibit A-21	Form
    of Class V1-A1 Certificate
	Exhibit A-22	Form
    of Class V1-A2 Certificate
	Exhibit A-23	Form
    of Class V1-A3 Certificate
	Exhibit A-24	Form
    of Class V1-ASB Certificate
	Exhibit A-25	Form
    of Class V1-A4 Certificate
	Exhibit A-26	Form
    of Class V1-A5 Certificate
	Exhibit A-27	Form
    of Class V1-AM Certificate
	Exhibit A-28	Form
    of Class V1-B Certificate
	Exhibit A-29	Form
    of Class V1-C Certificate
	Exhibit A-30	Form
    of Class V1-D Certificate
	Exhibit A-31	Form
    of Class V1-E Certificate
	Exhibit A-32	Form
    of Class V1-F Certificate
	Exhibit A-33	Form
    of Class V1-G Certificate
	Exhibit B	Mortgage
    Loan Schedule
	Exhibit C-1	Form
    of Transferee Affidavit
	Exhibit C-2	Form
    of Transferor Letter
	Exhibit C-3	Form
    of Transferee Certificate for Transfers of HRR Certificates
	Exhibit C-4	Form
    of Transferor Certificate for Transfers of HRR Certificates
	Exhibit C-5	Form
    of Transferee Certificate for Transfers of Class V1 or Class V2 Certificates
	Exhibit C-6	Form
    of Transferor Certificate for Transfers of Class V1 or Class V2 Certificates
	Exhibit D-1	Form
    of Investment Representation Letter
	Exhibit D-2	Form
    of ERISA Representation Letter
	Exhibit E	Form
    of Request for Release
	Exhibit F	Securities
    Legend

 

    -vii-

     

    

 

	Exhibit G	Form
    of Regulation S Transfer Certificate
	Exhibit H	Form
    of Transfer Certificate for Exchange or Transfer from Rule 144A Global Certificate to Regulation S Global Certificate during
    the Restricted Period
	Exhibit I	Form
    of Transfer Certificate for Exchange or Transfer from Rule 144A Global Certificate to Regulation S Global Certificate after
    the Restricted Period
	Exhibit J	Form
    of Transfer Certificate for Exchange or Transfer from Regulation S Global Certificate to Rule 144A Global Certificate during
    the Restricted Period
	Exhibit K	Form
    of Distribution Date Statement
	Exhibit L-1A	Form
    of Investor Certification for Non-Borrower Party and/or Risk Retention Consultation Party (for Persons other than the Controlling
    Class Representative and/or a Controlling Class Certificateholder)
	Exhibit L-1B	Form
    of Investor Certification for Non-Borrower Party (for the Controlling Class Representative and/or a Controlling Class Certificateholder)
	Exhibit L-1C	Form
    of Investor Certification for Borrower Party (for Persons other than the Controlling Class Representative, the Risk Retention
    Consultation Party and/or a Controlling Class Certificateholder)
	Exhibit L-1D	Form
    of Investor Certification for Borrower Party (for the Controlling Class Representative and/or a Controlling Class Certificateholder)
	Exhibit L-1E	Form
    of Notice of Conflicted Controlling Class Holder
	Exhibit L-1F	Form
    of Notice of Conflicted Controlling Class Holder to Certificate Administrator
	Exhibit L-1G	Form
    of Certification of the Controlling Class Representative
	Exhibit L-1H	Form
    of Certification of the Risk Retention Consultation Party
	Exhibit L-2	Form
    of Financial Market Publisher Certification
	Exhibit M	Form
    of Notification from Custodian
	Exhibit N-1	Form
    of Closing Date Custodian Certification
	Exhibit N-2	Form
    of Post-Closing Custodian Certification
	Exhibit O	Form
    of Trustee Backup Certification
	Exhibit P	Form
    of Custodian Backup Certification
	Exhibit Q	Form
    of Certificate Administrator Backup Certification
	Exhibit R	Form
    of Operating Advisor Backup Certification
	Exhibit S	[Reserved]
	Exhibit T	Form
    of Master Servicer Backup Certification
	Exhibit U	Form
    of Special Servicer Backup Certification
	Exhibit V	Form
    of Sub-Servicer Backup Certification
	Exhibit W	Form
    of Sarbanes Oxley Certification
	Exhibit X	Mortgage
    Loan Seller Sub-Servicers
	Exhibit Y	[Reserved]
	Exhibit Z	Form
    of NRSRO Certification
	Exhibit AA-1 	Form
    of Transferor Certificate for Transfer of the Excess Servicing Fee Rights
	Exhibit AA-2 	Form
    of Transferee Certificate for Transfer of the Excess Servicing Fee Rights
	Exhibit BB	Form
    of Operating Advisor Annual Report
	Exhibit CC	Additional
    Disclosure Notification
	Exhibit DD-1 	Form
    of Power of Attorney by Trustee for Master Servicer
	Exhibit DD-2 	Form
    of Power of Attorney by Trustee for Special Servicer
	Exhibit EE	Form
    of Non-Serviced Mortgage Loan Notification

 

    -viii-

     

    

 

	Exhibit FF	Form
    of Companion Loan Noteholder Certification
	Exhibit GG	[Reserved]
	Exhibit HH	Form
    of Asset Review Report by the Asset Representations Reviewer
	Exhibit II	Form
    of Asset Review Report Summary by the Asset Representations Reviewer
	Exhibit JJ	Asset
    Review Procedures
	Exhibit KK	Form
    of Certification to Certificate Administrator Requesting Access to Secure Data Room
	Exhibit LL	Form
    of Notice of [Additional Delinquent Mortgage Loan][Cessation of Delinquent Mortgage Loan][Cessation of Asset Review Trigger]
	Exhibit MM	Form
    of Certificate Administrator Receipt of the Retained Certificates
	Exhibit NN	Form
    of Notice of Exchange of Exchangeable Groups of Certificates
	 
	TABLE
    OF SCHEDULES
	 	 
	Schedule I	Directing
    Holders
	Schedule II	Servicing
    Criteria to be Addressed in Assessment of Compliance
	Schedule III	Class
    A-SB Planned Principal Balance Schedule
	Schedule IV	Additional
    Form 10-D Disclosure
	Schedule V	Additional
    Form 10-K Disclosure
	Schedule VI	Form
    8-K Disclosure Information
	Schedule VII	Initial
    Serviced Companion Loan Noteholders
	Schedule VIII 	Contact
    Information for the Other 17g-5 Information Provider
	Schedule IX	 Mortgage Loans With
    “Performance”, “Earn-Out” or “Holdback” Escrows or Reserves exceeding 10% of the Stated
    Principal Balance of the Mortgage Pool as of the Cut-off Date
	

 

    -ix-

     

    

 

Pooling and Servicing
Agreement, dated as of January 1, 2018, between Deutsche Mortgage & Asset Receiving Corporation, as Depositor, Wells Fargo
Bank, National Association, as Master Servicer, Midland Loan Services, a Division of PNC Bank, National Association, as Special
Servicer, Wells Fargo Bank, National Association, as Certificate Administrator, Paying Agent and Custodian, Wilmington Trust, National
Association, as Trustee, and Park Bridge Lender Services LLC, as Operating Advisor and Asset Representations Reviewer.

 

PRELIMINARY STATEMENT:

 

(Terms used but not defined in this Preliminary
Statement shall have

the meanings specified in Article I hereof)

 

The Depositor intends
to sell pass-through certificates to be issued hereunder in multiple Classes which in the aggregate will evidence the entire beneficial
ownership interest in the Trust Fund consisting primarily of the Mortgage Loans. For income tax purposes alone, the Trust Fund
will consist of the Mortgage Loans, the Lower-Tier REMIC, the Upper-Tier REMIC and the Grantor Trust, all as more fully described
below.

 

LOWER-TIER REMIC

 

The Lower-Tier REMIC
will hold the Mortgage Loans (exclusive of Excess Interest) and certain other related assets subject to this Agreement, and will
issue (i) the Lower-Tier Regular Interests set forth in the table below (the “Lower-Tier Regular Interests”),
as classes of regular interests in the Lower-Tier REMIC and (ii) the Class LTR Interest as the sole class of residual interests
in the Lower-Tier REMIC, which will be evidenced by the Class R Certificates.

 

The Lower-Tier Regular
Interests will be held by the Upper-Tier REMIC.

 

	Lower-Tier
        Regular Interests / (Corresponding Upper-Tier Regular Interests) 
	 	Initial
        Principal Balance or 

        Notional Amount
	 	Pass-Through
        Rate 

	Class LA-1 / (A-1)	 	$18,703,000	 	(1)
	Class LA-2 / (A-2)	 	$157,629,000	 	(1)
	Class LA-3 / (A-3)	 	$49,272,000	 	(1)
	Class LA-SB / (A-SB)	 	$40,449,000	 	(1)
	Class LA-4 / (A-4)	 	$135,000,000	 	(1)
	Class LA-5 / (A-5)	 	$387,112,000	 	(1)
	Class LA-M / (A-M)	 	$97,114,000	 	(1)
	Class LB / (B) 	 	$47,853,000	 	(1)
	Class LC / (C) 	 	$52,075,000	 	(1)
	Class LD / (D) 	 	$60,520,000	 	(1)
	Class LE / (E)	 	$25,334,000	 	(1)
	Class LFRR/ (F-RR)	 	$14,074,000	 	(1)
	Class LGRR / (G-RR)	 	$40,816,346	 	(1)
	LVA-1 / V-A-1	 	$671,521	 	(1)
	LVA-2 / V-A-2	 	$5,659,582	 	(1)
	LVA-3 / V-A-3	 	$1,769,084	 	(1)
	LVA-SB / V-A-SB	 	$1,452,299	 	(1)
	LVA-4 / V-A-4	 	$4,847,101	 	(1)

 

    	 

     

    

 

	Lower-Tier
        Regular Interests / (Corresponding Upper-Tier Regular Interests) 
	 	Initial
        Principal Balance or 

        Notional Amount
	 	Pass-Through
        Rate 

	LVA-5/ V-A-5	 	$13,899,043	 	(1)
	LVA-M / V-A-M	 	$3,486,825	 	(1)
	LVB / V-B	 	$1,718,136	 	(1)
	LVC / V-C	 	$1,869,724	 	(1)
	LVD / V-D	 	$2,172,937	 	(1)
	LVE / V-E	 	$909,603	 	(1)
	LVF / V-F	 	$505,319	 	(1)
	LVG / V-G	 	$1,465,488	 	(1)
	LTR	 	(2)	 	(2)

 

		(1)	The pass-through
                                         rate for this Class of Lower-Tier Regular Interest is equal to the WAC Rate.

 

		(2)	The Class
                                         LTR is the sole class of residual interest in the Lower-Tier REMIC. It is not entitled
                                         to any principal or interest.

 

UPPER-TIER REMIC

 

The following table sets
forth the Class designation, initial principal balance or notional amount (as applicable) and initial pass-through rate of each
Class of Lower-Tier Regular Interest and its “Corresponding Upper-Tier Regular Interest”:

 

The Upper-Tier REMIC
will hold the Lower-Tier Regular Interests and certain other related assets subject to this Agreement and will issue (i) the Class
A-1, Class A-2, Class A-3, Class A-SB, Class A-4, Class A-5, Class X-A, Class X-B, Class X-D, Class X-E, Class A-M, Class B, Class
C, Class D, Class E, Class F-RR and Class G-RR REMIC regular interests, which are designated as classes of regular interests in
the Upper-Tier REMIC and represented by Certificates having the same designation (the “Certificated Upper-Tier Regular
Interests”), (ii) the Class V-A-1, Class V-A-2, Class V-A-3, Class V-A-SB, Class V-A-4, Class V-A-5, Class V-A-M, Class
V-B, Class V-C, Class V-D, Class V-E, Class V-F and Class V-G-REMIC regular interests, which are designated as classes of regular
interests in the Upper-Tier REMIC but are not represented by Certificates (the “Uncertificated Upper-Tier Regular Interests”),
and (iii) the Class UTR Interest as the sole class of residual interests in the Upper-Tier REMIC, which will be evidenced by the
Class R Certificates.

 

The Uncertificated Upper-Tier
Regular Interests will be held by the Grantor Trust.

 

The following table sets
forth the Class designation, initial principal balance or initial Notional Amount (as applicable), and initial Pass-Through Rate
of each Class of Upper-Tier Regular Interests.

 

	Upper-Tier
                           Regular Interests Represented by Certificates 
	 	Initial
                           Principal Balance or Notional Amount 
	 	Initial
                           Pass-Through Rate 

	Class A-1	 	$18,703,000	 	 2.560%
	Class A-2	 	$157,629,000	 	 3.571%
	Class A-3	 	$49,272,000	 	 3.355%
	Class A-SB	 	$40,449,000	 	 3.602%
	Class A-4	 	$135,000,000	 	 3.402%
	Class A-5	 	$387,112,000	 	 3.666%

 

    -2-

     

    

 

	Upper-Tier
                           Regular Interests Represented by Certificates 
	 	Initial
                           Principal Balance or Notional Amount 
	 	Initial
                           Pass-Through Rate 

	Class X-A	 	$885,279,000(5)	 	0.530%(1)
	Class X-B	 	$47,853,000(5)	 	0.060%(2)
	Class X-D	 	$60,520,000(5)	 	1.369%((3)
	Class X-E	 	$25,334,000(5)	 	1.119%((4)
	Class A-M	 	$97,114,000	 	3.878% 
	Class B	 	$47,853,000	 	 4.059%
	Class C	 	$52,075,000	 	 4.119%
	Class D	 	$60,520,000	 	 2.750%
	Class E	 	$25,334,000	 	 3.000%
	Class F-RR	 	$14,074,000	 	 4.119%
	Class G-RR	 	$40,816,346	 	 4.119%
	 	 	 	 	 
	Upper-Tier
Regular Interests Not Represented by Certificates 
	 	 	 	 
	Class V-A-1	 	$671,521	 	 
	Class V-A-2	 	$5,659,582	 	 
	Class V-A-3	 	$1,769,084	 	 
	Class V-ASB	 	$1,452,299	 	 
	Class V-A-4 	 	$4,847,101	 	 
	Class V-A-5 	 	$13,899,043	 	 
	Class V-AM 	 	$3,486,825	 	 
	 Class V-B	 	$1,718,136	 	 
	 Class V-C 	 	$1,869,724	 	 
	Class V-D 	 	$2,172,937	 	 
	Class V-E 	 	$909,603	 	 
	Class V-F 	 	$505,319	 	 
	Class V-G	 	$1,465,488	 	 
	Class UTR(6)	 	 	 	

                                    

 

		(1)	The regular
                                         interest represented by this certificate is entitled to a specified portion of the interest
                                         payable on each of the Class LA-1, Class LA-2, Class LA-3, Class LA-SB, Class LA-4, Class
                                         LA-5 and Class LA-M Lower-Tier Regular Interests equal to the excess of the WAC Rate
                                         over the interest payable on the Corresponding Upper-Tier Regular Interest as identified
                                         on the table for the Lower-Tier REMIC.

 

		(2)	The regular
                                         interest represented by this certificate is entitled to a specified portion of the interest
                                         payable on the Class LB Lower-Tier Regular Interest equal to the excess of the WAC Rate
                                         over the interest payable on the on the Corresponding Upper-Tier Regular Interest as
                                         identified on the table for the Lower-Tier REMIC.

 

		(3)	The regular
                                         interest represented by this certificate is entitled to a specified portion of the interest
                                         payable on each of the Class LD Lower-Tier Regular Interests equal to the excess of the
                                         WAC Rate over the interest payable on the Corresponding Upper-Tier Regular Interest on
                                         the Corresponding Upper-Tier Regular Interest as identified on the table for the Lower-Tier
                                         REMIC.

 

		(4)	The regular
                                         interest represented by this certificate is entitled to a specified portion of the interest
                                         payable on each of the Class LE Lower-Tier Regular Interests equal to the excess of the
                                         WAC Rate over the interest payable on the Corresponding Upper-Tier Regular Interest on
                                         the Corresponding Upper-Tier Regular Interest as identified on the table for the Lower-Tier
                                         REMIC.

 

		(5)	Notional
                                         Amount.

 

		(6)	The Class
                                         UTR Interest is the sole class of residual interest in the Upper-Tier REMIC. It is not
                                         entitled to distributions of principal or interest.

 

The Class X-A, Class
X-B, Class X-D, Class X-E and Class R Certificates do not have Certificate Balances. Additionally, the Class R Certificates do
not have a Notional

 

    -3-

     

    

 

Amount. The Certificate Balance of any Class of Principal Balance Certificates and the VRR Upper-Tier Regular
Interests outstanding at any time represents the maximum amount which holders thereof are entitled to receive as distributions
allocable to principal from the cash flow on the Mortgage Loans and the other assets in the Trust Fund; provided that if
amounts previously allocated as Realized Losses or VRR Realized Losses, as applicable, to a Class of Certificates in reduction
of the Certificate Balance thereof are subsequently recovered (including without limitation after the reduction of the Certificate
Balance of such Class to zero), such Class may receive distributions in respect of such recoveries in accordance with the priorities
set forth in Section 4.01 of this Agreement.

 

GRANTOR TRUST

 

The portions of the Trust
Fund consisting of the Uncertificated Upper-Tier Regular Interests and the entitlement to Excess Interest (and the cashflows from
such assets) shall be classified as a trust under Treasury Regulations section 301.7701-4 and the holders of the certificates representing
undivided, beneficial ownership interests in such assets and cashflows (the “Exchangeable Certificates”) shall
be the tax owners of such assets and cashflows under Code Section 671 (such a trust, a “Grantor Trust”). As
provided herein, the Certificate Administrator shall not take any actions that would cause the Grantor Trust to either (i) lose
its tax status as a “grantor trust” or (ii) be treated as part of either Trust REMIC.

 

The following table sets
forth the Class designation, the approximate initial interest entitlements, the original Certificate Balance, the original maximum
Certificate Balance and the assets (and cashflows) underlying each Class of Exchangeable Certificates:

 

	Class
        Designation 
	 	Interest
        Entitlements

 (per annum) 
	 	Original
        Certificate

 Balance 
	 	Original
        Maximum

 Certificate Balance 
	 	Assets
        Represented

 by such Certificate 

	Class V-A-1	 	(1)	 	$0(2)	 	$671,521(3)	 	Class V-A-1(4)
	Class V-A-2	 	(1)	 	$0(2)	 	$5,659,582(3)	 	Class V-A-2(4)
	Class V-A-3	 	(1)	 	$0(2)	 	$1,769,084(3)	 	Class V-A-3(4)
	Class V-A-SB	 	(1)	 	$0(2)	 	$1,452,299(3)	 	Class V-A-SB(4)
	Class V-A-4	 	(1)	 	$0(2)	 	$4,847,101(3)	 	Class V-A-4(4)
	Class V-A-5	 	(1)	 	$0(2)	 	$13,899,043(3)	 	Class V-A-5(4)
	Class V-AM	 	(1)	 	$0(2)	 	$3,486,825(3)	 	Class V-AM(4)
	Class V-B	 	(1)	 	$0(2)	 	$1,718,136(3)	 	Class V-B(4)
	Class V-C	 	(1)	 	$0(2)	 	$1,869,724(3)	 	Class V-C(4)
	Class V-D	 	(1)	 	$0(2)	 	$2,172,937(3)	 	Class V-D(4)
	Class V-E	 	(1)	 	$0(2)	 	$909,603(3)	 	Class V-E(4)
	Class V-F	 	(1)	 	$0(2)	 	$505,319(3)	 	Class V-F(4)
	Class V-G	 	(1)	 	$0(2)	 	$1,465,488(3)	 	Class V-G
	Class V2	 	(5)	 	$40,426,662(2)	 	$40,426,662(3)	 	Class V2(6)
	Class S	 	(6)	 	(7)	 	(7)	 	Class S

 

		(1)	These
                                         Certificates (the “V1 Certificates”) will not have Pass-Through Rates.
                                         Instead these certificates will entitle the Holders to interest on any Distribution Date
                                         in an amount equal to the VRR Interest Distribution Amount for such Distribution Date
                                         multiplied by a fraction the numerator of which is the balance of the related certificate
                                         and the denominator of which is a sum equal to the aggregate balance of the V1 Certificates
                                         and the V2 Certificates.

 

		(2)	The aggregate
                                         of the Certificate Balances of the respective Classes of the Class V1 Certificates and
                                         V2 Certificates shall at all times equal the aggregate Certificate Balance of the Class
                                         VRR Upper-Tier Regular Interests.

 

    -4-

     

    

 

		(3)	The original
                                         maximum Certificate Balance of each Class of the Class V1 Certificates shown in the table
                                         above represents the maximum Certificate Balance of such Certificates that could be issued
                                         in an exchange pursuant to Section 5.09 of this Agreement on the Closing Date. The original
                                         maximum Certificate Balance of the Class V2 Certificates shown in the table above represents
                                         the maximum Certificate Balance thereof that may be issued on the Closing Date without
                                         regard to any exchange of any portion of the Class V2 Certificates for Class V1 Certificates.

 

		(4)	Individual,
                                         Uncertificated Upper-Tier REMIC Regular Interests.

 

		(5)	The Class
                                         V2 Certificates will not have a Pass-Through Rate. Instead these certificates will entitle
                                         the Holders to interest on any Distribution Date in an amount equal to the VRR Interest
                                         Distribution Amount for such Distribution Date multiplied by a fraction the numerator
                                         of which is the balance of the certificate and the denominator of which is a sum equal
                                         to the aggregate balance of the V1 Certificates and the V2 Certificates. The V2 Certificates
                                         will also be entitled to the VRR Interest Percentage of the Excess Interest for such
                                         Distribution Date.

 

		(6)	All Uncertificated
                                         Upper-Tier REMIC Regular Interests.

 

		(7)	The Class
                                         S Certificates represent undivided beneficial ownership interest in the entitlement to
                                         the Non-VRR Interest Percentage of the Excess Interest. The Class S Certificates are
                                         not entitled to distributions in respect of principal or interest other than as described
                                         in the preceding sentence.

 

To the fullest extent
permitted by law, any inconsistencies or ambiguities in this Agreement or in the administration of this Agreement shall be resolved
in a manner that preserves the validity and intended tax treatment of the Trust REMICs, the Grantor Trust and causes the maximum
amounts to be paid with respect to the holders of the REMIC Regular Interests.

 

On the Closing Date,
the Depositor is assigning and transferring and otherwise conveying to DBNY, $40,426,662 initial Certificate Balance of the VRR
Interest in the form of Class V2 Certificates (which assignment, transfer and conveyance shall, solely for purposes of satisfying
the requirements of Section 3(a) and 4(a)(3) of the Risk Retention Rule, be deemed assigned, transferred and conveyed from the
Depositor to GACC and from GACC to DBNY).

 

As of the Cut-off Date,
the Mortgage Loans have an aggregate Stated Principal Balance equal to approximately $1,166,378,009.

 

The Mortgaged Property
that secures the Mortgage Loan identified as Loan No. 1 on the Mortgage Loan Schedule (the “90 Hudson Mortgage Loan”)
also secures one companion loan to the same Borrower, which is pari passu in right of payment to the 90 Hudson Mortgage
Loan (the “90 Hudson Companion Loan”). The 90 Hudson Whole Loan is currently serviced pursuant to (i) this Agreement
and (ii) the related Intercreditor Agreement. The 90 Hudson Companion Loan and all amounts attributable thereto will not be an
asset of the Trust Fund or the Trust REMICs and will be beneficially owned by the related Companion Loan Noteholder.

 

The Mortgaged Property
that secures the Mortgage Loan identified as Loan No. 3 on the Mortgage Loan Schedule (“The Woods Mortgage Loan”)
also secures two companion loans to the same Borrower, which are pari passu in right of payment to The Woods Mortgage Loan
(“The Woods Companion Loans”). The Woods Whole Loan is currently serviced pursuant to (i) the Other Pooling
and Servicing Agreement related to the Other Securitization designated as the MSC 2017-HR2 Mortgage Trust and (ii) the related
Intercreditor Agreement. The Woods Companion Loans and all amounts attributable thereto will not be assets of the Trust Fund or
the Trust REMICs and will be beneficially owned by the related Companion Loan Noteholders.

 

    -5-

     

    

 

The portfolio of Mortgaged
Properties that secures the Mortgage Loan identified as Loan No. 4 on the Mortgage Loan Schedule (“Griffin Portfolio Mortgage
Loan”) also secures eight companion loans to the same Borrower, which are pari passu in right of payment to the
Griffin Portfolio Mortgage Loan (“Griffin Portfolio Companion Loans”). The Griffin Portfolio Whole Loan is currently
serviced pursuant to (i) the Other Pooling and Servicing Agreement related to the Other Securitization designated as the BANK 2017-BNK8
Mortgage Trust and (ii) the related Intercreditor Agreement. The Griffin Portfolio Companion Loans and all amounts attributable
thereto will not be assets of the Trust Fund or the Trust REMICs and will be beneficially owned by the related Companion Loan Noteholders.

 

The Mortgaged Property
that secures the Mortgage Loan identified as Loan No. 5 on the Mortgage Loan Schedule (the “Worldwide Plaza Mortgage Loan”)
also secures six companions loans to the same Borrower, which are pari passu in right of payment to the Worldwide Plaza
Mortgage Loan (the “Worldwide Plaza Pari Passu Companion Loans”) and two companion loans, which are subordinate
in right of payment to the Worldwide Plaza Mortgage Loan (the “Worldwide Plaza Subordinate Companion Loans”
and, together with the Worldwide Plaza Pari Passu Companion Loans, the “Worldwide Plaza Companion Loans”). The
Worldwide Plaza Whole Loan is currently serviced pursuant to (i) the Other Pooling and Servicing Agreement related to the Other
Securitization designated as the WWPT 2017-WWP Mortgage Trust and (ii) the related Intercreditor Agreement. The Worldwide Plaza
Companion Loans and all amounts attributable thereto will not be assets of the Trust Fund or the Trust REMICs and will be beneficially
owned by the related Companion Loan Noteholders.

 

The Mortgaged Property
that secures the Mortgage Loan identified as Loan No. 6 on the Mortgage Loan Schedule (the “Station Place III Mortgage
Loan”) also secures three companion loans to the same Borrower, which are pari passu in right of payment to the
Station Place III Mortgage Loan (the “Station Place III Companion Loans”). The Station Place III Whole Loan
is currently serviced pursuant to (i) the Other Pooling and Servicing Agreement related to the Other Securitization designated
as the JPMDB 2017-C7 Mortgage Trust and (ii) the related Intercreditor Agreement. The Station Place III Companion Loans and all
amounts attributable thereto will not be assets of the Trust Fund or the Trust REMICs and will be beneficially owned by the related
Companion Loan Noteholders.

 

The portfolio of Mortgaged
Properties that secures the Mortgage Loan identified as Loan No. 7 on the Mortgage Loan Schedule (“Atrium Center Mortgage
Loan”) also secures two companion loans to the same Borrower, which are pari passu in right of payment to the
Atrium Center Mortgage Loan (“Atrium Center Companion Loans”). The Atrium Center Whole Loan will be serviced
(a) from and after the Closing Date and prior to the Atrium Center Pari Passu Note A-3 Securitization Date, pursuant to (i) this
Agreement and (ii) the related Intercreditor Agreement and (b) from and after the Atrium Center Pari Passu Note A-3 Securitization
Date, pursuant to (i) the Other Pooling and Servicing Agreement related to the Other Securitization involving the Atrium Center
Pari Passu Note A-3 and (ii) the related Intercreditor Agreement. The Atrium Center Companion Loans and all amounts attributable
thereto will not be assets of the Trust Fund or the Trust REMICs and will be beneficially owned by the related Companion Loan Noteholders.

 

The portfolio of Mortgaged
Properties that secures the Mortgage Loan identified as Loan No. 8 on the Mortgage Loan Schedule (“Sentinel Square II
Mortgage Loan”) also

 

    -6-

     

    

 

secures
one companion loan to the same Borrower, which is pari passu in right of payment to the Sentinel Square II Mortgage Loan
(“Sentinel Square II Companion Loan”). The Sentinel Square II Whole Loan will be serviced (a) from and after
the Closing Date and prior to the Sentinel Square II Pari Passu Note A-1 Securitization Date, pursuant to (i) this Agreement and
(ii) the related Intercreditor Agreement and (b) from and after the Sentinel Square II Pari Passu Note A-1 Securitization Date,
pursuant to (i) the Other Pooling and Servicing Agreement related to the Other Securitization involving the Sentinel Square II
Pari Passu Note A-1 and (ii) the related Intercreditor Agreement. The Sentinel Square II Companion Loan and all amounts attributable
thereto will not be an asset of the Trust Fund or the Trust REMICs and will be beneficially owned by the related Companion Loan
Noteholder.

 

The Mortgaged Property
that secures the Mortgage Loan identified as Loan No. 10 on the Mortgage Loan Schedule (the “Radisson Blu Aqua Hotel Mortgage
Loan”) also secures one companion loan to the same Borrower, which is pari passu in right of payment to the Radisson
Blu Aqua Hotel Mortgage Loan (the “Radisson Blu Aqua Hotel Companion Loan”). The Radisson Blu Aqua Hotel Whole
Loan is serviced pursuant to (i) this Agreement and (ii) the related Intercreditor Agreement. The Radisson Blu Aqua Hotel Companion
Loan and all amounts attributable thereto will not be an asset of the Trust Fund or the Trust REMICs and will be beneficially owned
by the related Companion Loan Noteholder.

 

The portfolio of Mortgaged
Properties that secures the Mortgage Loan identified as Loan No. 12 on the Mortgage Loan Schedule (“Gateway Net Lease
Portfolio Mortgage Loan”) also secures six companion loans to the same Borrower, which are pari passu in right
of payment to the Gateway Net Lease Portfolio Mortgage Loan (“Gateway Net Lease Portfolio Pari Passu Companion Loans”)
and ten companion loans, which are subordinate in right of payment to the Gateway Net Lease Portfolio Mortgage Loan (“Gateway
Net Lease Portfolio Subordinate Companion Loans” and, together with the Gateway Net Lease Portfolio Pari Passu Companion
Loans, “Gateway Net Lease Portfolio Companion Loans”). The Gateway Net Lease Portfolio Whole Loan is currently
serviced pursuant to (i) the Other Pooling and Servicing Agreement related to the Other Securitization designated as the DBJPM
2017-C6 Mortgage Trust and (ii) the related Intercreditor Agreement. The Gateway Net Lease Portfolio Companion Loans and all amounts
attributable thereto will not be assets of the Trust Fund or the Trust REMICs and will be beneficially owned by the related Companion
Loan Noteholders.

 

The Mortgaged Property
that secures the Mortgage Loan identified as Loan No. 13 on the Mortgage Loan Schedule (the “Lehigh Valley Mall Mortgage
Loan”) also secures five companion loans to the same Borrower, which are pari passu in right of payment to the
Lehigh Valley Mall Mortgage Loan (the “Lehigh Valley Mall Companion Loans”). The Lehigh Valley Mall Whole Loan
is currently serviced pursuant to (i) this Agreement and (ii) the related Intercreditor Agreement. The Lehigh Valley Mall Companion
Loans and all amounts attributable thereto will not be assets of the Trust Fund or the Trust REMICs and will be beneficially owned
by the related Companion Loan Noteholders.

 

The portfolio of Mortgaged
Properties that secures the Mortgage Loan identified as Loan No. 14 on the Mortgage Loan Schedule (the “Rochester Hotel
Portfolio Mortgage Loan”) also secures three companions loans to the same Borrower, which are pari passu in right
of payment to the Rochester Hotel Portfolio Mortgage Loan (the “Rochester Hotel Portfolio Companion Loan”).
The Rochester Hotel Portfolio Whole Loan will be serviced (a) from and

 

    -7-

     

    

 

after
the Closing Date and prior to the Rochester Hotel Portfolio Pari Passu Note A-1 Securitization Date, pursuant to (i) this Agreement
and (ii) the related Intercreditor Agreement and (b) from and after the Rochester Hotel Portfolio Pari Passu Note A-1 Securitization
Date, pursuant to (i) the Other Pooling and Servicing Agreement related to the Other Securitization involving the Rochester Hotel
Portfolio Pari Passu Note A-1 and (ii) the related Intercreditor Agreement. The Rochester Hotel Portfolio Companion Loans and
all amounts attributable thereto will not be assets of the Trust Fund or the Trust REMICs and will be beneficially owned by the
related Companion Loan Noteholders.

 

The Mortgaged Property
that secures the Mortgage Loan identified as Loan No. 16 on the Mortgage Loan Schedule (“521-523 East 72nd Street Mortgage
Loan”) also secures one companion loan to the same Borrower, which is pari passu in right of payment to the 521-523
East 72nd Street Mortgage Loan (“521-523 East 72nd Street Companion Loan”). The 521-523 East 72nd Street Whole
Loan is currently serviced pursuant to (i) the Other Pooling and Servicing Agreement related to the Other Securitization designated
as the JPMDB 2017-C7 Mortgage Trust and (ii) the related Intercreditor Agreement. The 521-523 East 72nd Street Companion Loan and
all amounts attributable thereto will not be an asset of the Trust Fund or the Trust REMICs and will be beneficially owned by the
related Companion Loan Noteholder.

 

The portfolio of Mortgaged
Properties that secures the Mortgage Loan identified as Loan No. 18 on the Mortgage Loan Schedule (“Marriott Charlotte
City Center Mortgage Loan”) also secures two companion loans to the same Borrower, which are pari passu in right
of payment to the Marriott Charlotte City Center Mortgage Loan (“Marriott Charlotte City Center Companion Loans”).
The Marriott Charlotte City Center Whole Loan will be serviced (a) from and after the Closing Date and prior to the Marriott Charlotte
City Center Pari Passu Note A-3 Securitization Date, pursuant to (i) this Agreement and (ii) the related Intercreditor Agreement
and (b) from and after the Marriott Charlotte City Center Pari Passu Note A-3 Securitization Date, pursuant to (i) the Other Pooling
and Servicing Agreement related to the Other Securitization involving the Marriott Charlotte City Center Pari Passu Note A-3 and
(ii) the related Intercreditor Agreement. The Marriott Charlotte City Center Companion Loans and all amounts attributable thereto
will not be assets of the Trust Fund or the Trust REMICs and will be beneficially owned by the related Companion Loan Noteholders.

 

The Mortgaged Property
that secures the Mortgage Loan identified as Loan No. 19 on the Mortgage Loan Schedule (“Miracle Mile Shopping Center
Mortgage Loan”) also secures two companion loans to the same Borrower, which are pari passu in right of payment
to the Miracle Mile Shopping Center Mortgage Loan (“Miracle Mile Shopping Center Companion Loans”). The Miracle
Mile Shopping Center Whole Loan is currently serviced pursuant to (i) the Other Pooling and Servicing Agreement related to the
Other Securitization designated as the CSAIL 2017-CX10 Mortgage Trust and (ii) the related Intercreditor Agreement. The Miracle
Mile Shopping Center Companion Loans and all amounts attributable thereto will not be assets of the Trust Fund or the Trust REMICs
and will be beneficially owned by the related Companion Loan Noteholders.

 

The portfolio of Mortgaged
Properties that secures the Mortgage Loan identified as Loan No. 22 on the Mortgage Loan Schedule (“Towers at University
Town Center Mortgage Loan”) also secures one companion loan to the same Borrower, which is pari passu in right
of payment to the Towers at University Town Center Mortgage Loan (“Towers at University Town

 

    -8-

     

    

 

Center
Companion Loan”). The Towers at University Town Center Whole Loan will be serviced (a) from and after the Closing Date
and prior to the Towers at University Town Center Pari Passu Note A-1 Securitization Date, pursuant to (i) this Agreement and
(ii) the related Intercreditor Agreement and (b) from and after the Towers at University Town Center Pari Passu Note A-1 Securitization
Date, pursuant to (i) the Other Pooling and Servicing Agreement related to the Other Securitization involving the Towers at University
Town Center Pari Passu Note A-1 and (ii) the related Intercreditor Agreement. The Towers at University Town Center Companion Loan
and all amounts attributable thereto will not be assets of the Trust Fund or the Trust REMICs and will be beneficially owned by
the related Companion Loan Noteholder.

 

The portfolio of Mortgaged
Properties that secures the Mortgage Loan identified as Loan No. 24 on the Mortgage Loan Schedule (“Two Harbor Point Square
Mortgage Loan”) also secures two companion loans to the same Borrower, which are pari passu in right of payment
to the Two Harbor Point Square Mortgage Loan (“Two Harbor Point Square Companion Loans”). The Two Harbor Point
Square Whole Loan will be serviced (a) from and after the Closing Date and prior to the Two Harbor Point Square Pari Passu Note
A-1-A Securitization Date, pursuant to (i) this Agreement and (ii) the related Intercreditor Agreement and (b) from and after the
Two Harbor Point Square Pari Passu Note A-1-A Securitization Date, pursuant to (i) the Other Pooling and Servicing Agreement related
to the Other Securitization involving the Two Harbor Point Square Pari Passu Note A-1-A and (ii) the related Intercreditor Agreement.
The Two Harbor Point Square Companion Loans and all amounts attributable thereto will not be assets of the Trust Fund or the Trust
REMICs and will be beneficially owned by the related Companion Loan Noteholders.

 

The portfolio of Mortgaged
Properties that secures the Mortgage Loan identified as Loan No. 26 on the Mortgage Loan Schedule (“AHIP Northeast Portfolio
I Mortgage Loan”) also secures one companion loan to the same Borrower, which is pari passu in right of payment
to the AHIP Northeast Portfolio I Mortgage Loan (“AHIP Northeast Portfolio I Companion Loan”). The AHIP Northeast
Portfolio I Whole Loan is currently serviced pursuant to (i) the Other Pooling and Servicing Agreement related to the Other Securitization
designated as the JPMDB 2017-C7 Mortgage Trust and (ii) the related Intercreditor Agreement. The AHIP Northeast Portfolio I Companion
Loan and all amounts attributable thereto will not be an asset of the Trust Fund or the Trust REMICs and will be beneficially owned
by the related Companion Loan Noteholder.

 

The portfolio of Mortgaged
Properties that secures the Mortgage Loan identified as Loan No. 27 on the Mortgage Loan Schedule (“Starwood Capital Group
Hotel Portfolio Mortgage Loan”) also secures twenty companion loans to the same Borrower, which are pari passu
in right of payment to the Starwood Capital Group Hotel Portfolio Mortgage Loan (“Starwood Capital Group Hotel Portfolio
Companion Loans”). The Starwood Capital Group Hotel Portfolio Whole Loan is currently serviced pursuant to (i) the Other
Pooling and Servicing Agreement related to the Other Securitization designated as the DBJPM 2017-C6 Mortgage Trust and (ii) the
related Intercreditor Agreement. The Starwood Capital Group Hotel Portfolio Companion Loans and all amounts attributable thereto
will not be assets of the Trust Fund or the Trust REMICs and will be beneficially owned by the related Companion Loan Noteholders.

 

In consideration of the
mutual agreements herein contained, the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator, the
Trustee, the Operating

 

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Advisor,
the Asset Representations Reviewer and the other parties hereto hereby agree as follows:

 

Article
I

DEFINITIONS

 

Section 1.01 Defined
Terms. Whenever used in this Agreement, the following words and phrases, unless the context otherwise requires, shall
have the meanings specified in this Article.

 

“8-K Filing
Deadline”: As defined in Section 10.09 of this Agreement.

 

“10-K Filing
Deadline”: As defined in Section 10.07 of this Agreement.

 

“17g-5 Information
Provider”: The Certificate Administrator.

 

“17g-5 Information
Provider’s Website”: The internet website of the 17g-5 Information Provider, initially located at www.ctslink.com,
under the “NRSRO” tab or other applicable tab of the respective transaction, access to which is limited to the Depositor
and to NRSROs who have provided an NRSRO Certification to the 17g-5 Information Provider.

 

“90 Hudson Companion
Loan”: As defined in the Preliminary Statement.

 

“90 Hudson Mortgage
Loan”: As defined in the Preliminary Statement.

 

“90 Hudson Whole
Loan”: The 90 Hudson Companion Loan, together with the 90 Hudson Mortgage Loan. References herein to the 90 Hudson Whole
Loan shall be construed to refer to the aggregate indebtedness under the related notes with respect to the 90 Hudson Mortgage Loan
and the 90 Hudson Companion Loan.

 

“521-523 East
72nd Street Companion Loan”: As defined in the Preliminary Statement.

 

“521-523 East
72nd Street Mortgage Loan”: As defined in the Preliminary Statement.

 

“521-523 East
72nd Street Pooling and Servicing Agreement”: The pooling and servicing agreement, dated as of October 1, 2017 between
J.P. Morgan Chase Commercial Mortgage Securities Corp., as depositor, Midland Loan Services, a Division of PNC Bank, National Association,
as master servicer and as special servicer, Wells Fargo Bank, National Association, as certificate administrator and as trustee,
and Pentalpha Surveillance LLC, as operation advisor and asset representations reviewer and entered into in connection with the
JPMDB Commercial Mortgage Securities Trust 2017-C7.

 

“521-523 East
72nd Street Service Providers”: With respect to the 521-523 East 72nd Street Companion Loan, the related Other Trustee,
Other Servicer, Other Special Servicer and any related sub-servicer, as applicable, and any other Person that makes principal and/or

 

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interest
advances in respect of such mortgage loan pursuant to the related Other Pooling and Servicing Agreement.

 

“521-523 East
72nd Street Whole Loan”: The 521-523 East 72nd Street Companion Loan, together with the 521-523 East 72nd Street Mortgage
Loan. References herein to the 521-523 East 72nd Street Whole Loan shall be construed to refer to the aggregate indebtedness under
the related notes with respect to the 521-523 East 72nd Street Mortgage Loan and the 521-523 East 72nd Street Companion Loan.

 

“AB Modified
Loan” Any Corrected Mortgage Loan (1) that became a Corrected Mortgage Loan (which includes for purposes of this definition
any Non-Serviced Mortgage Loan that became a “corrected loan” (or any term substantially similar thereto) pursuant
to the related Other Pooling and Servicing Agreement) due to a modification thereto that resulted in the creation of an A/B note
structure (or similar structure) and as to which the new junior note(s) did not previously exist or the principal amount of the
new junior note(s) was previously part of either an A note held by the Trust or the original unmodified Mortgage Loan and (2) as
to which an Appraisal Reduction Amount is not in effect.

 

“Acceptable
Insurance Default”: With respect to any Serviced Mortgage Loan and any related Serviced Companion Loan, any Default arising
by reason of the failure of the related Borrower to maintain standard extended coverage casualty insurance or other insurance that
covers acts of terrorism, as to which the Master Servicer or the Special Servicer, as applicable, has determined, in accordance
with the Servicing Standard (and (i) unless a Control Termination Event has occurred and is continuing, with the consent of the
Directing Holder (or, if a Control Termination Event has occurred and is continuing, but prior to the occurrence and continuance
of a Consultation Termination Event, after consulting with the Directing Holder as provided in Section 6.07) and (ii) with
respect to any Specially Serviced Loan, after consultation with the Risk Retention Consultation Party pursuant to Section 6.07
(and, in either case, other than with respect to any Mortgage Loan that is a Conflicted Loan as to any such party)), that either
(x) such insurance is not available at commercially reasonable rates and the subject hazards are not at the time commonly insured
against by for properties similar to the Mortgaged Property and located in or around the geographic region in which such Mortgaged
Property is located (but only by reference to such insurance that has been obtained by such owners at current market rates), or
(y) such insurance is not available at any rate; provided that the Directing Holder and the Risk Retention Consultation
Party, as applicable, will not have more than 30 days to respond to the Master Servicer’s or the Special Servicer’s,
as applicable, request for such consent or consultation, as applicable; provided, further, that upon the Master Servicer’s
or the Special Servicer’s, as applicable, determination, consistent with the Servicing Standard, that exigent circumstances
do not allow the Master Servicer to consult with the Directing Holder or the Risk Retention Consultation Party, as applicable,
the Master Servicer or the Special Servicer, as applicable, will not be required to do so. In making this determination, the Master
Servicer, to the extent consistent with the Servicing Standard, may rely on the opinion of an insurance consultant.

 

“Accrued AB
Loan Interest”: with respect to any AB Modified Loan and any date of determination, the accrued and unpaid interest that
remains unpaid with respect to the junior note(s) of such AB Modified Loan.

 

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“Act”:
The Securities Act of 1933, as it may be amended from time to time.

 

“Action Notice
Response”: As defined in Section 2.03(l)(i).

 

“Actual/360
Basis”: The accrual of interest calculated on the basis of the actual number of days elapsed during any calendar month
(or other applicable accrual period) in a year assumed to consist of 360 days.

 

“Actual/360
Loans”: The Mortgage Loans indicated as such in the Mortgage Loan Schedule and any related Serviced Companion Loan.

 

“Additional
Form 10-D Disclosure”: As defined in Section 10.05(c) of this Agreement.

 

“Additional
Form 10-K Disclosure”: As defined in Section 10.07 of this Agreement.

 

“Additional
Servicer”: Each Affiliate of the Master Servicer, the Special Servicer, the Certificate Administrator, the Trustee, the
Mortgage Loan Sellers or the Underwriters (other than an Affiliate of any such party acting in the capacity of a Mortgage Loan
Seller Sub-Servicer), that Services any of the Mortgage Loans, and each Person, other than the Special Servicer, who is not an
Affiliate of any of the Master Servicer, the Certificate Administrator, the Trustee, the Mortgage Loan Sellers or the Underwriters,
who Services 10% or more of the Mortgage Loans (based on their Stated Principal Balance).

 

“Additional
Trust Fund Expense”: Any expense incurred with respect to the Trust Fund and not otherwise included in the calculation
of a Realized Loss and VRR Realized Loss that would result in the Holders of Regular Certificates or Exchangeable Certificates
receiving less than the full amount of principal and/or the Interest Accrual Amount to which they are entitled on any Distribution
Date.

 

“Administrative
Cost Rate”: As of any date of determination and with respect to each Mortgage Loan, a per annum rate equal to
the sum of the Servicing Fee Rate, any related Non-Serviced Mortgage Loan Primary Servicing Fee Rate, the Certificate Administrator/Trustee
Fee Rate, the Operating Advisor Fee Rate and the CREFC® Intellectual Property Royalty License Fee Rate.

 

“Advance”:
Any P&I Advance or Servicing Advance.

 

“Advance Interest
Amount”: Interest at the Reimbursement Rate on the aggregate amount of P&I Advances and Servicing Advances for which
the Master Servicer or the Trustee, as applicable, has not been reimbursed for the number of days from the date on which such Advance
was made to the date of payment or reimbursement of the related Advance or other such amount, less any amount of interest previously
paid on such Advance; provided that if, during any Collection Period in which an Advance was made, the related Borrower
makes payment of an amount in respect of which such Advance was made with interest at the Default Rate, the Advance Interest Amount
payable to the Master Servicer or the Trustee shall be paid first, from the amount of Default Interest on the related Mortgage
Loan (or Whole Loan, with

 

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respect
to Servicing Advances) actually paid by such Borrower, second, from late payment fees on the related Mortgage Loan (or
Whole Loan, with respect to Servicing Advances) actually paid by the related Borrower, and third, upon determining in accordance
with the Servicing Standard that such Advance Interest Amount is not recoverable from the amounts described in first or
second, from other amounts on deposit in the Collection Account or the Serviced Whole Loan Collection Account, as applicable.

 

“Adverse REMIC
Event”: Any action, that, under the REMIC Provisions, if taken or not taken, as the case may be, could (i) cause either
Trust REMIC to fail to qualify as a REMIC or (ii) result in the imposition of a tax upon any Trust REMIC or the Trust Fund (including
but not limited to the tax on “prohibited transactions” as defined in Section 860F(a)(2) of the Code and the
tax on contributions to a REMIC set forth in Section 860G(d) of the Code, but not including the tax on “net income from
foreclosure property”).

 

“Advisers Act”:
As defined in Section 5.02(k)(1) of this Agreement.

 

“Affiliate”:
With respect to any specified Person, any other Person controlling or controlled by or under common control with such specified
Person. 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. The Trustee and the Certificate Administrator may obtain and rely on an Officer’s Certificate of the Master Servicer,
the Special Servicer, the Operating Advisor, the Asset Representations Reviewer or the Depositor to determine whether any Person
is an Affiliate of such party.

 

“Affiliate Ethical
Wall”: Reasonable policies and procedures to be maintained by an Affiliate of the Depositor, the Master Servicer, any
Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer or the Trustee, as applicable,
taking into account the nature of its business, to ensure (1) that such Affiliate will not use Confidential Information received
from the Depositor, the Master Servicer, such Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset
Representations Reviewer or the Trustee, as applicable, in a manner that violates any applicable law including, but not limited
to, any securities laws and (2) that such Affiliate will not provide to the Depositor, the Master Servicer, such Special Servicer,
the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer or the Trustee, as applicable, information
regarding its decisions relating to Investments in the Certificates from such Affiliate. Under such policies and procedures maintained
by such Affiliate, (i) policies and procedures restricting the flow of information exist, and shall be maintained by such Affiliate,
between such Affiliate, on the one hand and the Depositor, the Master Servicer, such Special Servicer, the Certificate Administrator,
the Operating Advisor, the Asset Representations Reviewer or the Trustee, as applicable, on the other; (ii) such policies and procedures
restricting the flow of information operate in both directions so as to include (a) policies and procedures against the disclosure
of Confidential Information from the Depositor, the Master Servicer, such Special Servicer, the Certificate Administrator, the
Operating Advisor, the Asset Representations Reviewer or the Trustee, as applicable, to such Affiliate, except as such disclosure
is expressly allowed under this Agreement in such affiliate’s capacity as a Controlling Class Certificateholder or a Directing
Holder or otherwise and (b) policies and procedures restricting the disclosure by

 

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such
Affiliate of information regarding its decisions relating to Investments in Certificates to the Depositor, the Master Servicer,
such Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer or the Trustee,
as applicable; (iii) the senior management personnel of such Affiliate who have obtained Confidential Information in the course
of their exercise of general managerial responsibilities may not use that information to influence Investment Decisions with respect
to the Certificates, nor may they pass that information to others for use in such activities, to the extent the use of such Confidential
Information violates the securities laws; and (iv) such senior management personnel who have obtained information regarding Investments
in the course of their exercise of general managerial responsibilities may not use that information to influence servicing recommendations.

 

“Affiliated
Person”: Any Person (other than a Rating Agency) involved in the organization or operation of the Depositor or an affiliate,
as defined in Rule 405 of the Act, of such Person.

 

“Affirmative
Asset Review Vote”: As defined in Section 11.04(a).

 

“Agent Member”:
Members of, or Depository Participants in, the Depository.

 

“Aggregate Available
Funds”: With respect to any Distribution Date, an amount equal to the sum of (without duplication):

 

(a)       the
aggregate amount of all cash received on the Mortgage Loans (in the case of any Non-Serviced Mortgage Loan, only to the extent
received by the Trust pursuant to the related Other Pooling and Servicing Agreement and/or the related Non-Serviced Intercreditor
Agreement) (including the portion of Loss of Value Payments deposited into the Collection Account pursuant to Section 3.06(e)
of this Agreement) and any REO Property (including Compensating Interest Payments with respect to the Mortgage Loans required to
be deposited by the Master Servicer pursuant to Section 3.17(c)) on deposit in the Collection Account (in each case, exclusive
of any amount on deposit in the Collection Account that is held for the benefit of the Companion Loan Noteholders), as of the Master
Servicer Remittance Date, exclusive of (without duplication):

 

(i)       all
Periodic Payments and Balloon Payments paid by the Borrowers that are due on a Due Date (without regard to grace periods) after
the end of the related Collection Period (without regard to grace periods), excluding Excess Interest and interest relating to
periods prior to, but due after, the Cut-off Date;

 

(ii)       all
unscheduled payments of principal (including Principal Prepayments (together with any related payments of interest allocable to
the period following the Due Date for the related Mortgage Loan during the related Collection Period)), unscheduled interest, Liquidation
Proceeds, Insurance Proceeds or Condemnation Proceeds and other unscheduled recoveries received subsequent to the related Determination
Date (or, with respect to voluntary prepayments of principal of each Mortgage Loan with a Due Date occurring after the related
Determination Date, subsequent to the related Due Date) allocable to the Mortgage Loans;

 

    -14-

     

    

 

(iii)       all
amounts in the Collection Account that are due or reimbursable to any Person other than the Certificateholders pursuant to clauses
(ii) through (xv), inclusive, of Section 3.06(a) of this Agreement;

 

(iv)       with
respect to each Actual/360 Loan and any Distribution Date occurring in (1) each February and (2) any January occurring in a year
that is not a leap year (unless, in either case, such Distribution Date is the final Distribution Date), the related Withheld Amount
to the extent such amounts are on deposit in the Collection Account pursuant to Section 3.05(e) of this Agreement;

 

(v)       all
Excess Interest allocable to the Mortgage Loans;

 

(vi)      all
Yield Maintenance Charges and Prepayment Premiums allocable to the Mortgage Loans;

 

(vii)     all
amounts deposited in the Collection Account in error; and

 

(viii)     all
Penalty Charges retained in the Collection Account pursuant to Section 3.05(a)(vii) of this Agreement; and

 

(b)       if
and to the extent not already included in clause (a) hereof, the aggregate amount transferred on or before the applicable Determination
Date from the REO Account allocable to the Mortgage Loans to the Collection Account for such Distribution Date pursuant to Section
3.15(b);

 

(c)       P&I
Advances made by the Master Servicer or the Trustee, as applicable, for such Distribution Date (net of the related Certificate
Administrator/Trustee Fee with respect to the Mortgage Loans for which such P&I Advances are made);

 

(d)       with
respect to each Actual/360 Loan and for the Distribution Date occurring in each March (or February if the final Distribution Date
occurs in such month), the Withheld Amounts remitted to the Lower-Tier Distribution Account pursuant to Section 3.05(e)
of this Agreement;

 

(e)       with
respect to the Distribution Date in March 2018, the Interest Deposit Amount (net of an amount accrued at the Administrative Cost
Rate); and

 

(f)       the
aggregate amount of Gain-on-Sale Proceeds transferred to the Lower Tier Distribution Account from the Gain-on-Sale Reserve Account
for distribution on the subject Distribution Date.

 

Notwithstanding the investment of funds
held in the Collection Account or the Lower-Tier Distribution Account pursuant to Section 3.07 of this Agreement, for purposes
of calculating the Aggregate Available Funds, the amounts so invested shall be deemed to remain on deposit in such account.

 

“Aggregate Principal
Distribution Amount”: For any Distribution Date, an amount equal to the sum of the following amounts:

 

    -15-

     

    

 

(A)       the
Scheduled Principal Distribution Amount for such Distribution Date; and

 

(B)       the
Unscheduled Principal Distribution Amount for such Distribution Date;

 

provided that
the Aggregate Principal Distribution Amount for any Distribution Date shall be reduced, to not less than zero, by the amount of
any reimbursements of:

 

(A)       Nonrecoverable
Advances (including any servicing advance with respect to the Non-Serviced Mortgage Loan under the related Other Pooling and Servicing
Agreement reimbursed out of general collections on the Mortgage Loans), with interest on such Nonrecoverable Advances at the Reimbursement
Rate that are paid or reimbursed from principal collections on the Mortgage Loans in a period during which such principal collections
would have otherwise been included in the Aggregate Principal Distribution Amount for such Distribution Date; and

 

(B)       Workout
Delayed Reimbursement Amounts paid or reimbursed from principal collections on the Mortgage Loans in a period during which such
principal collections would have otherwise been included in the Aggregate Principal Distribution Amount for such Distribution Date;

 

provided that, in the case of clauses
(A) and (B) above, if any of the amounts that were reimbursed from principal collections on the Mortgage Loans are subsequently
recovered on the related Mortgage Loan, such recovery will increase the Aggregate Principal Distribution Amount for the Distribution
Date related to the period in which such recovery occurs.

 

The principal component
of the amounts set forth above shall be determined in accordance with Section 1.02 hereof.

 

“Agreement”:
This Pooling and Servicing Agreement and all amendments hereof and supplements hereto.

 

“AHIP Northeast
Portfolio I Companion Loan”: As defined in the Preliminary Statement.

 

“AHIP Northeast
Portfolio I Mortgage Loan”: As defined in the Preliminary Statement.

 

“AHIP Northeast
Portfolio I Pooling and Servicing Agreement”: The pooling and servicing agreement, dated as of October 1, 2017 between
J.P. Morgan Chase Commercial Mortgage Securities Corp., as depositor, Midland Loan Services, a Division of PNC Bank, National Association,
as master servicer and as special servicer, Wells Fargo Bank, National Association, as certificate administrator and as trustee,
and Pentalpha Surveillance LLC, as operation advisor and asset representations reviewer and entered into in connection with the
JPMDB Commercial Mortgage Securities Trust 2017-C7.

 

    -16-

     

    

 

“AHIP Northeast
Portfolio I Service Providers”: With respect to the AHIP Northeast Portfolio I Companion Loan, the related Other Trustee,
Other Servicer, Other Special Servicer and any related sub-servicer, as applicable, and any other Person that makes principal and/or
interest advances in respect of such mortgage loan pursuant to the related Other Pooling and Servicing Agreement.

 

“AHIP Northeast
Portfolio I Whole Loan”: The AHIP Northeast Portfolio I Companion Loan, together with the AHIP Northeast Portfolio I
Mortgage Loan. References herein to the AHIP Northeast Portfolio I Whole Loan shall be construed to refer to the aggregate indebtedness
under the related notes with respect to the AHIP Northeast Portfolio I Mortgage Loan and the AHIP Northeast Portfolio I Companion
Loan.

 

“Allocated Loan
Amount”: With respect to each Mortgaged Property, the portion of the principal amount of the related Mortgage Loan allocated
to such Mortgaged Property in the applicable Mortgage, Loan Agreement or the Mortgage Loan Schedule.

 

“A.M. Best”:
A.M. Best Company, Inc., or its successor in interest.

 

“Anticipated
Repayment Date”: With respect to any Mortgage Loan that is indicated on the Mortgage Loan Schedule as having a Revised
Rate, the date upon which such Mortgage Loan commences accruing interest at such Revised Rate.

 

“Anticipated
Termination Date”: Any Distribution Date on which it is anticipated that the Trust Fund will be terminated pursuant to
Section 9.01(c) of this Agreement.

 

“Applicable
Law”: As defined in Section 8.02(f) of this Agreement.

 

“Applicable
Procedures”: As defined in Section 5.02(c)(ii)(A) of this Agreement.

 

“Applicable
State and Local Tax Law”: For purposes hereof, the Applicable State and Local Tax Law shall be (a) the tax laws of the
State of New York and Illinois and (b) such state or local tax laws whose applicability shall have been brought to the attention
of the Certificate Administrator by either (i) an opinion of counsel delivered to it or (ii) written notice from the appropriate
taxing authority as to the applicability of such state or local tax laws.

 

“Appraisal”:
An appraisal prepared by an Independent MAI appraiser with at least five years’ experience in properties of like kind and
in the same area.

 

“Appraisal Reduction
Amount”: For any Distribution Date and for any Serviced Mortgage Loan and any related Serviced Companion Loan as to which
any Appraisal Reduction Event has occurred, an amount calculated by the Master Servicer (and, if no Consultation Termination Event
has occurred, in consultation with the Directing Holder, and, if an Operating Advisor Consultation Event has occurred and is continuing,
in consultation with the Operating Advisor to the extent set forth in Section 6.07 of this Agreement) as of the first Determination
Date that is at least 10 Business Days following the later of (i) the date the Master Servicer receives from the Special Servicer
the related Appraisal (and any information reasonably requested by the Master Servicer from the Special Servicer, to the extent
such information is in the possession of the Special Servicer, necessary to calculate the Appraisal Reduction Amount)

 

    -17-

     

    

 

or
the Special Servicer’s Small Loan Appraisal Estimate (and thereafter by the first Determination Date following any material
change in the amounts set forth in the following equation) and (ii) the occurrence of such Appraisal Reduction Event equal to
the excess, if any, of (a) the Stated Principal Balance of such Mortgage Loan or the Stated Principal Balance of the applicable
Serviced Whole Loan, as the case may be, over (b) the excess of (i) the sum of: (A) 90% of the appraised value of the related
Mortgaged Property as determined (1) by one or more Appraisals obtained by the Special Servicer with respect to that Mortgage
Loan or Serviced Whole Loan with an outstanding principal balance equal to or in excess of $2,000,000 (the costs of which shall
be paid by the Master Servicer as a Servicing Advance), minus such downward adjustments as the Special Servicer may make (without
implying any obligation to do so) based upon its review of the Appraisals and any other information it deems relevant, or (2)
by an internal valuation performed by the Special Servicer with respect to any Mortgage Loan or Serviced Whole Loan with an outstanding
principal balance less than $2,000,000, plus (B) all escrows, letters of credit and reserves (other than escrows, letters of credit
and reserves for taxes and insurance), plus (C) all insurance and casualty proceeds and condemnation awards that constitute collateral
for the related Mortgage Loan or Serviced Whole Loan (whether paid or then payable by any insurance company or government authority),
over (ii) the sum as of the Due Date occurring in the month of the date of determination of (without duplication) (A) to the extent
not previously advanced by the Master Servicer or the Trustee, all unpaid interest on such Mortgage Loan or Serviced Whole Loan
at a per annum rate equal to the Mortgage Rate (or with respect to the applicable Serviced Whole Loan, the weighted average
of the Mortgage Rates for the related Mortgage Loan and related Serviced Companion Loans) (and any accrued and unpaid interest
on any Subordinate Companion Loan), (B) all unreimbursed Servicing Advances and the principal portion of all unreimbursed P&I
Advances, and all unpaid interest on Advances at the Reimbursement Rate, in respect of such Mortgage Loan or Serviced Whole Loan,
(C) any other unpaid Additional Trust Fund Expenses in respect of such Mortgage Loan or Serviced Whole Loan (but subject to the
provisions of Section 1.02(e)), (D) all currently due and unpaid real estate taxes, ground rents and assessments and insurance
premiums (net of any escrows or reserves therefor) that have not been the subject of an Advance by the Master Servicer or the
Trustee, as applicable, and (E) all other amounts due and unpaid with respect to such Mortgage Loan or Serviced Whole Loan that,
if not paid by the related Borrower, would result in a shortfall in distributions to the Certificateholders, except for Prepayment
Premiums and Yield Maintenance Charges payable due to an acceleration of such Mortgage Loan or Serviced Whole Loan following a
default thereunder; provided, without limiting the Special Servicer’s obligation to order and obtain such Appraisal,
if the Special Servicer has not obtained an Appraisal, Updated Appraisal or Small Loan Appraisal Estimate, as applicable, referred
to above within 60 days of the Appraisal Reduction Event, the Appraisal Reduction Amount shall be deemed to be an amount equal
to 25% of the current Stated Principal Balance of the related Mortgage Loan or the applicable Serviced Whole Loan until such time
as such Updated Appraisal or Small Loan Appraisal Estimate referred to above is received and the Appraisal Reduction Amount is
recalculated.

 

Notwithstanding anything
herein to the contrary, the aggregate Appraisal Reduction Amount related to a Serviced Mortgage Loan and any related Serviced Companion
Loan or the related REO Property will be reduced to zero as of the date the related Mortgage Loan or Serviced Whole Loan is paid
in full, liquidated, repurchased or otherwise removed from the Trust Fund. In addition, with respect to any Serviced Mortgage Loan
and any related

 

    -18-

     

    

 

Serviced
Companion Loan as to which an Appraisal Reduction Event has occurred, such Serviced Mortgage Loan or related Serviced Companion
Loan shall no longer be subject to the Appraisal Reduction Amount if (a) such Serviced Mortgage Loan or Serviced Companion Loan
has become a Corrected Mortgage Loan (if a Servicing Transfer Event had occurred with respect to the related Mortgage Loan) and
(b) no other Appraisal Reduction Event has occurred and is continuing.

 

Each Serviced Whole Loan
will be treated as a single mortgage loan for purposes of calculating an Appraisal Reduction Amount with respect to the mortgage
loans and companion loans, as applicable, that comprise such Serviced Whole Loan. Any Appraisal Reduction Amount in respect of
a Serviced Whole Loan (other than a Serviced Whole Loan with a related Subordinate Companion Loan) with a Serviced Pari Passu Companion
Loan shall be allocated in accordance with the related Intercreditor Agreement or, if no allocation is specified in the related
Intercreditor Agreement, then, pro rata, between the related Serviced Mortgage Loan and the related Serviced Pari Passu
Companion Loan that is pari passu in right of payment with such Mortgage Loan, if any. Any Appraisal Reduction Amount in
respect of a Serviced Whole Loan with a related Subordinate Companion Loan shall be allocated first, to the Subordinate
Companion Loan (until its principal balance is notionally reduced to zero by such related Appraisal Reduction Amounts) and second,
in accordance with the related Intercreditor Agreement or, if no allocation is specified in the related Intercreditor Agreement,
then, pro rata, between the related Serviced Mortgage Loan and any related Serviced Pari Passu Companion Loans based upon
their respective Stated Principal Balances.

 

For any Distribution
Date and for any Non-Serviced Mortgage Loan as to which an Appraisal Reduction Event has occurred, the Appraisal Reduction Amount
shall be an amount calculated by the applicable servicer in accordance with and pursuant to the terms of the related Other Pooling
and Servicing Agreement.

 

“Appraisal Reduction
Event”: With respect to any Serviced Mortgage Loan and any related Serviced Companion Loan, the earliest of (i) the date
on which such Serviced Mortgage Loan or Serviced Companion Loan becomes a Modified Mortgage Loan, (ii) the 120th day following
the occurrence of any uncured Delinquency in Periodic Payments with respect to such Serviced Mortgage Loan or Serviced Companion
Loan, (iii) the 30th day following the date on which the related Borrower has filed a bankruptcy petition, the 30th day following
the date on which a receiver is appointed and continues in such capacity in respect of a Mortgaged Property securing such Serviced
Mortgage Loan or Serviced Companion Loan or the 60th day following the related Borrower becomes the subject of involuntary bankruptcy
proceedings and such proceedings are not dismissed in respect of a Mortgaged Property securing such Serviced Mortgage Loan or Serviced
Companion Loan, (iv) the date on which the Mortgaged Property securing such Serviced Mortgage Loan or Serviced Companion Loan becomes
a Serviced REO Property and (v) with respect to a Balloon Loan, a payment default shall have occurred with respect to the related
Balloon Payment; provided, however, if (a) the related Borrower is diligently seeking a refinancing or sale of the
related Mortgaged Property or Mortgaged Properties and delivers, on or prior to the related maturity date or extended maturity
date, a statement to that effect, and delivers, within 30 days following the related maturity date or extended maturity date, a
refinancing commitment, letter of intent or otherwise binding application for refinancing from an acceptable lender or a signed
purchase agreement reasonably

 

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acceptable
to the Master Servicer (who shall promptly deliver a copy to the Special Servicer, the Operating Advisor and the Directing Holder
(but only if no Consultation Termination Event has occurred and is continuing)), (b) the related Borrower continues to make its
Assumed Scheduled Payment, and (c) no other Appraisal Reduction Event has occurred with respect to such Serviced Mortgage Loan
or Serviced Companion Loan, then an Appraisal Reduction Event will not occur until the earlier of (1) 120 days beyond the related
Maturity Date (or extended maturity date) and (2) the termination of the refinancing commitment. The Special Servicer shall notify
the Master Servicer promptly upon the occurrence of any of the foregoing events with respect to any Specially Serviced Loan.

 

“Appraised-Out
Class”: As defined in Section 4.08(b) of this Agreement.

 

“Arbitration
Rules”: As defined in Section 2.03(n)(i).

 

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

 

“Asset-Level
Basis”: With respect to the Operating Advisor’s evaluation of the Special Servicer’s performance of its duties
with respect to Specially Serviced Loans (and, after the occurrence and during the continuance of an Operating Advisor Consultation
Event, with respect to Major Decisions on non-Specially Serviced Loans and Serviced Companion Loans) under this Agreement, taking
into account the Special Servicer’s specific duties under this Agreement as well as the extent to which those duties were
performed in accordance with the Servicing Standard, with reasonable consideration by the Operating Advisor of any assessment of
compliance report, attestation report, Major Decision Reporting Package, Asset Status Report (in each case, after the occurrence
and continuance of an Operating Advisor Consultation Event), Final Asset Status Report and other information, in each case delivered
to the Operating Advisor by the Special Servicer or made available to Privileged Persons that are posted on the Certificate Administrator’s
Website during the prior calendar year (together with any additional information and material reviewed by the Operating Advisor)
(other than any communications between the Directing Holder and the Special Servicer that would be Privileged Information) pursuant
to this Agreement.

 

“Asset Representations
Reviewer”: Park Bridge Lender Services LLC, a New York limited liability company, or its successor in interest, or any
successor Asset Representations Reviewer appointed as herein provided.

 

“Asset Representations
Reviewer Asset Review Fee”: As defined in Section 11.02(a).

 

“Asset Representations
Reviewer Fee Cap”: As defined in Section 11.02(a).

 

“Asset Representations
Reviewer Surveillance Personnel”: The divisions and individuals of the Asset Representations Reviewer who are involved
in the performance of the duties of the Asset Representations Reviewer under this Agreement.

 

    -20-

     

    

 

“Asset Representations
Reviewer Termination Event”: As defined in Section 11.05(a).

 

“Asset Review”:
A review of the compliance of each Delinquent Mortgage Loan with certain representations and warranties of the applicable Mortgage
Loan Seller, in accordance with the Asset Review Standard and the procedures set forth on Exhibit JJ hereto.

 

“Asset Review
Notice”: As defined in Section 11.01(b)(i).

 

“Asset Review
Quorum”: In connection with any solicitation of votes to authorize an Asset Review as described in Section 12.01(a),
the Certificateholders evidencing at least 5% of the aggregate Voting Rights represented by all Certificates.

 

“Asset Review
Report”: A report setting forth the results of an Asset Review substantially in the form attached hereto as Exhibit
HH.

 

“Asset Review
Report Summary”: As defined in Section 11.01(a)(ix), a summary report setting forth the conclusions of an Asset
Review Report substantially in the form attached hereto as Exhibit II.

 

“Asset Review
Standard”: The performance of the Asset Representations Reviewer of its duties under this Agreement in good faith subject
to the express terms of this Agreement. All determinations or assumptions made by the Asset Representations Reviewer in connection
with an Asset Review shall be made in the Asset Representations Reviewer’s good faith discretion and judgment based on the
facts and circumstances known to it at the time of such determination or assumption.

 

“Asset Review
Trigger”: Any time that either (1) Mortgage Loans having an aggregate outstanding principal balance of 25.0% or more
of the aggregate outstanding principal balance of all of the Mortgage Loans (including any REO Loans (or a portion of any REO Loan
in the case of a Whole Loan)) held by the Trust as of the end of the applicable Collection Period are Delinquent Mortgage Loans
or (2)(A) prior to and including the second anniversary of the Closing Date, at least 10 Mortgage Loans are Delinquent Mortgage
Loans as of the end of the applicable Collection Period and the outstanding principal balance of such Delinquent Mortgage Loans
in the aggregate constitutes at least 15.0% of the aggregate outstanding principal balance of all of the Mortgage Loans (including
any REO Loans (or a portion of any REO Loan in the case of a Whole Loan)) held by the Trust as of the end of the applicable Collection
Period, or (B) after the second anniversary of the Closing Date, at least 15 Mortgage Loans are Delinquent Mortgage Loans as of
the end of the applicable Collection Period and the aggregate outstanding principal balance of such Delinquent Mortgage Loans in
the aggregate constitutes at least 20.0% of the aggregate outstanding principal balance of all of the Mortgage Loans (including
any REO Loans) (or a portion of any REO Loan in the case of a Whole Loan) held by the Trust as of the end of the applicable Collection
Period.

 

“Asset Review
Vote Election”: As defined in Section 11.01(a).

 

“Asset Status
Report”: As defined in Section 3.23(e) of this Agreement.

 

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“Assignment
of Leases, Rents and Profits”: With respect to any Mortgaged Property, any assignment of leases, rents and profits or
similar agreement executed by the Borrower, assigning to the mortgagee all of the income, rents and profits derived from the ownership,
operation, leasing or disposition of all or a portion of such Mortgaged Property, in the form which was duly executed, acknowledged
and delivered, as amended, modified, renewed or extended through the date hereof and from time to time hereafter.

 

“Assignment
of Mortgage”: An assignment of Mortgage without recourse, notice of transfer or equivalent instrument, in recordable
form, which is sufficient under the laws of the jurisdiction in which the related Mortgaged Property is located to reflect of record
the sale of the Mortgage, which assignment, notice of transfer or equivalent instrument may be in the form of one or more blanket
assignments covering Mortgages encumbering Mortgaged Properties located in the same jurisdiction, if permitted by law and acceptable
for recording.

 

“Assumed Scheduled
Payment”: For any Collection Period with respect to any Mortgage Loan (including any Non-Serviced Mortgage Loan) that
is delinquent in respect of its Balloon Payment or any REO Loan (excluding, for purposes of any P&I Advances, the portion allocable
to any related Companion Loan), is an amount equal to the sum of (a) the principal portion of the Periodic Payment that would have
been due on such Mortgage Loan or REO Loan on the related Due Date based on the constant Periodic Payment or the original amortization
schedule of such Mortgage Loan (as calculated with interest at the related Mortgage Rate) (if any), assuming such Balloon Payment
had not become due, after giving effect to any reduction in the principal balance occurring in connection with a prior modification,
a default or a bankruptcy modification (or similar proceeding), and (b) interest on the Stated Principal Balance of such Mortgage
Loan or REO Loan (excluding, for purposes of any P&I Advances, the portion allocable to any related Companion Loan) at its
applicable Mortgage Rate (net of the related Servicing Fee Rate (other than, in the case of any Non-Serviced Mortgage Loan, the
servicing fee rate pursuant to the related Other Pooling and Servicing Agreement)).

 

“Assumption
Fees”: Any fees (other than assumption application fees) collected by the Master Servicer or the Special Servicer in
connection with an assumption of a Serviced Mortgage Loan or Serviced Companion Loan or related substitution of a Borrower (or
an interest therein) thereunder (in each case, as permitted or set forth in the related Loan Documents or under the provisions
of this Agreement).

 

“Atrium Center
Companion Loan”: As defined in the Preliminary Statement.

 

“Atrium Center
Mortgage Loan”: As defined in the Preliminary Statement.

 

“Atrium Center
Pari Passu Note A-1”: The promissory note designated as Note A-1, which evidences a portion of the Atrium Center Whole
Loan. The Atrium Center Pari Passu Note A-1 is included in the Trust Fund and is pari passu in right of payment to the
Atrium Center Pari Passu Note A-2 and the Atrium Center Pari Passu Note A-3, as set forth in the related Intercreditor Agreement.

 

“Atrium Center
Pari Passu Note A-2”: The promissory note designated as Note A-2, which evidences a portion of the Atrium Center Whole
Loan. The Atrium Center Pari Passu Note A-2 is not included in the Trust Fund and is pari passu in right of payment to
the

 

    -22-

     

    

 

Atrium
Center Pari Passu Note A-1 and the Atrium Center Pari Passu Note A-3, as set forth in the related Intercreditor Agreement. The
Atrium Center Pari Passu Note A-2 is held by JPMCB.

 

“Atrium Center
Pari Passu Note A-3”: The promissory note designated as Note A-3, which evidences a portion of the Atrium Center Whole
Loan. The Atrium Center Pari Passu Note A-3 is not included in the Trust Fund and is pari passu in right of payment to
the Atrium Center Pari Passu Note A-1 and the Atrium Center Pari Passu Note A-2, as set forth in the related Intercreditor Agreement.
The Atrium Center Pari Passu Note A-3 is held by JPMCB.

 

“Atrium Center
Pari Passu Note A-3 Securitization Date”: With respect to the Atrium Center Whole Loan, the date on which the Atrium
Center Pari Passu Note A-3 is included in a securitization trust, provided that the related Companion Loan Noteholder provides
each of the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator and the Trustee (in each case
only to the extent such party will not also be a party to the related Other Securitization) with notice in accordance with the
terms of the related Intercreditor Agreement that the Atrium Center Pari Passu Note A-3 is to be included in such Other Securitization,
which notice shall include contact information for the related Other Servicer, the Other Special Servicer and the Other Trustee.

 

“Atrium Center
Pooling and Servicing Agreement”: This Agreement, for so long as the Atrium Center Whole Loan is serviced pursuant to
this Agreement and, on and after the Atrium Center Pari Passu Note A-3 Securitization Date, the related Other Pooling and Servicing
Agreement for the Atrium Center Pari Passu Note A-3.

 

“Atrium Center
Service Providers”: With respect to the Atrium Center Whole Loan, (i) prior to the Atrium Center Pari Passu Note A-3
Securitization Date, the Trustee, Master Servicer, Special Servicer and any related sub-servicer hereunder and (ii) on and after
the Atrium Center Pari Passu Note A-3 Securitization Date, the related Other Trustee, Other Servicer, Other Special Servicer and
any related sub-servicer, as applicable, and any other Person that makes principal and/or interest advances in respect of the
Atrium Center Companion Loan or property advances in respect of the Atrium Center Whole Loan pursuant to the related Other Pooling
and Servicing Agreement.

 

“Atrium Center
Whole Loan”: The Atrium Center Companion Loan, together with the Atrium Center Mortgage Loan. References herein to the
Atrium Center Whole Loan shall be construed to refer to the aggregate indebtedness under the Atrium Center Pari Passu Note A-1.
The Atrium Center Pari Passu Note A-2 and the Atrium Center Pari Passu Note A-3.

 

“Authenticating
Agent”: Any authenticating agent appointed by the Certificate Administrator pursuant to Section 3.18 of this Agreement.

 

“Available Funds”:
With respect to any Distribution Date, an amount equal to the Non-VRR Interest Percentage of the Aggregate Available Funds for
such Distribution Date.

 

“Balloon Loan”:
Any Mortgage Loan or Serviced Whole Loan that requires a payment of principal on the maturity date in excess of its constant Periodic
Payment.

 

    -23-

     

    

 

“Balloon Payment”:
With respect to each Balloon Loan, the scheduled payment of principal due on the Maturity Date (less principal included in the
applicable amortization schedule or scheduled Periodic Payment).

 

“Base Interest
Fraction”: With respect to any Principal Prepayment on any Mortgage Loan and any of the Class A-1, Class A-2, Class A-3,
Class A-SB, Class A-4, Class A-5, Class A-M, Class B, Class C and Class D Certificates, a fraction (not greater than one) (a) whose
numerator is the greater of zero and the amount, if any, by which (i) the Pass-Through Rate on such Class of Certificates exceeds
(ii) the yield rate (as provided by the Master Servicer) used in calculating the Prepayment Premium or Yield Maintenance Charge,
as applicable, with respect to such Principal Prepayment and (b) whose denominator is the amount, if any, by which (i) the Mortgage
Rate on such Mortgage Loan exceeds (ii) the yield rate (as provided by the Master Servicer) used in calculating the Prepayment
Premium or Yield Maintenance Charge, as applicable, with respect to such Principal Prepayment; provided that if such yield
rate is greater than or equal to the Mortgage Rate on such Mortgage Loan, then the Base Interest Fraction shall be zero; provided,
further, that if such yield rate is greater than or equal to the Mortgage Rate on such Mortgage Loan, but less than the
Pass-Through Rate described in clause (a)(i) above, then the Base Interest Fraction shall be one.

 

To the extent that the
“yield rate” referred to in the immediately preceding paragraph to be provided by the Master Servicer is not provided
in the related Loan Documents, such “yield rate” shall be, when compounded monthly, equivalent to the yield, on the
U.S. Treasury primary issue with a maturity date closest to the Maturity Date or Anticipated Repayment Date, as applicable, for
the prepaid Mortgage Loan. In the event that there are: (a) two or more U.S. Treasury issues with the same coupon, the issue with
the lower yield shall be selected and (b) two or more U.S. Treasury issues with maturity dates equally close to the Maturity Date
or Anticipated Repayment Date, as applicable, for such prepaid Mortgage Loan, the issue with the earlier maturity date shall be
selected.

 

“Bid Allocation”:
With respect to the Master Servicer and each Sub-Servicer therefor and the proceeds of any bid pursuant to Section 7.01(a)
of this Agreement, the amount of such proceeds (net of any expenses incurred in connection with such bid and the transfer of servicing),
multiplied by a fraction equal to (a) the Servicing Fee Amount for the Master Servicer or such Sub-Servicer therefor, as the case
may be, as of such date of determination, over (b) the aggregate of the Servicing Fee Amounts for the Master Servicer and all Sub-Servicers
therefor as of such date of determination.

 

“Book-Entry
Certificate” shall mean any Certificate registered in the name of the Depository or its nominee.

 

“Borrower”:
With respect to any Mortgage Loan, Companion Loan or Serviced Whole Loan, any obligor or obligors on any related Mortgage Note
or Mortgage Notes, including in connection with a Mortgage Loan, Companion Loan or Serviced Whole Loan that utilizes an indemnity
deed of trust (“IDOT”) structure, the borrower and the Mortgaged Property owner / payment guarantor / mortgagor,
individually and collectively, as the context may require.

 

“Borrower Accounts”:
As defined in Section 3.07(a) of this Agreement.

 

    -24-

     

    

 

“Borrower Party”:
A borrower, a mortgagor, a manager of a Mortgaged Property, Restricted Mezzanine Holder or any Borrower Party Affiliate.

 

“Borrower Party
Affiliate”: With respect to a borrower, a mortgagor, a manager of a 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) solely with respect to the 10 largest Mortgage Loans by Stated Principal Balance, 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.

 

“Breach”:
As defined in Section 2.03(e) of this Agreement.

 

“Business Day”:
Any day other than (i) a Saturday or a Sunday, (ii) a legal holiday in New York, New York or the principal cities in which the
Master Servicer, the Special Servicer, the Operating Advisor, the Asset Representations Reviewer, the Trustee or the Certificate
Administrator conduct servicing, trust administration or surveillance operations or (iii) a day on which the Federal Reserve Bank
of New York or banking institutions or savings associations in New York, New York, Charlotte, North Carolina, Oakland, California,
Kansas City, Missouri, Pittsburgh, Pennsylvania, Overland Park, Kansas, Minneapolis, Minnesota or Columbia, Maryland, or the principal
cities in which the Master Servicer, the Special Servicer, the Operating Advisor, the Asset Representations Reviewer, the Trustee
or the Certificate Administrator conduct servicing, trust administration or surveillance operations are authorized or obligated
by law or executive order to be closed.

 

“Calculation
Rate”: A discount rate appropriate for the type of cash flows being discounted, namely (i) for principal and interest
payment on the Mortgage Loan or Serviced Companion Loan or sale of a Defaulted Loan, the highest of (1) the rate determined by
the Master Servicer or Special Servicer, as applicable, that approximates the market rate that would be obtainable by the Borrowers
on similar non-defaulted debt of the Borrowers as of such date of determination, (2) the applicable Mortgage Rate and (3) the yield
on 10-year U.S. treasuries as of such date of determination and (ii) for all other cash flows, including property cash flow, the
“discount rate” set forth in the most recent related Appraisal (or Updated Appraisal).

 

“Cash Collateral
Account”: With respect to any Mortgage Loan or Serviced Whole Loan that has a Lock-Box Account, any account or accounts
created pursuant to the related Mortgage, Loan Agreement, Cash Collateral Account Agreement or other Loan Document into which the
Lock-Box Account monies are swept on a regular basis for the benefit of the Trustee, on behalf of the Certificateholders, as successor
to the related Mortgage Loan Seller. Any Cash Collateral Account shall be beneficially owned for federal income tax purposes by
the Person who is entitled to receive all reinvestment income or gain thereon in accordance with the terms and provisions of the
related Loan Documents and Section 3.07 of this Agreement, which Person shall be taxed on all reinvestment income or gain
thereon in accordance with the terms of the related Mortgage Loan or Serviced Whole Loan. The Master

 

    -25-

     

    

 

Servicer
shall be permitted to make withdrawals therefrom for deposit into the Collection Account or the applicable Serviced Whole Loan
Collection Account, as applicable. To the extent not inconsistent with the terms of the related Loan Documents, each such Cash
Collateral Account shall be an Eligible Account.

 

“Cash Collateral
Account Agreement”: With respect to any Mortgage Loan or Serviced Whole Loan, the cash collateral account agreement,
if any, between the related Originator and the related Borrower, pursuant to which the related Cash Collateral Account, if any,
may have been established.

 

“Certificate”:
Any Class A-1, Class A-2, Class A-3, Class A-SB, Class A-4, Class A-5, Class X-A, Class X-B, Class X-D, Class X-E, Class A-M, Class
B, Class C, Class D, Class E, Class F-RR, Class G-RR, Class V1-A1, Class V1-A2, Class V1-A3, Class V1-ASB, Class V1-A4, Class V1-A5,
Class V1-AM, Class V1-B, Class V1-C, Class V1-D, Class V1-E, Class V1-F, Class V1-G, Class V2, Class S and Class R Certificate
issued, authenticated and delivered hereunder.

 

“Certificate
Administrator”: Wells Fargo Bank, National Association, a national banking association, in its capacity as Certificate
Administrator, or its successor in interest, or any successor Certificate Administrator appointed as herein provided. Wells Fargo
Bank, National Association will perform its obligations as Certificate Administrator hereunder through its Corporate Trust Services
division.

 

“Certificate
Administrator Personnel”: The divisions and individuals of the Certificate Administrator who are involved in the performance
of the duties of the Certificate Administrator under this Agreement.

 

“Certificate
Administrator/Trustee Fee”: With respect to each Mortgage Loan and for any Distribution Date, an amount per Interest
Accrual Period equal to the product of (i) the Certificate Administrator/Trustee Fee Rate (adjusted to a monthly rate) multiplied
by (ii) the Stated Principal Balance of such Mortgage Loan as of the Due Date in the immediately preceding Collection Period (without
giving effect to payments of principal on such Mortgage Loan on such Due Date). The Certificate Administrator/Trustee Fee shall
be calculated in accordance with the provisions of Section 1.02(a) of this Agreement. For the avoidance of doubt, the Certificate
Administrator/Trustee Fee with respect to each Mortgage Loan shall be payable from the Lower-Tier REMIC.

 

“Certificate
Administrator/Trustee Fee Rate”: A rate equal to 0.0060% per annum.

 

“Certificate
Administrator’s Website”: The internet website of the Certificate Administrator, initially located at www.ctslink.com.

 

“Certificate
Balance”: With respect to any Class of Principal Balance Certificates, any Class of Exchangeable Certificates or Class
VRR Upper-Tier Regular Interests, subject to the next sentence, (a) on or prior to the first Distribution Date, an amount (adjusted
in the case of any Class of Exchangeable Certificates to take into account any Certificate exchanges pursuant to Section 5.09
from and including the Closing Date up to and including such date of

 

    -26-

     

    

 

determination)
equal to the aggregate initial Certificate Balance of such Class or Class VRR Upper-Tier Regular Interest, as applicable, as specified
in the Preliminary Statement to this Agreement and (b) as of any date of determination after the first Distribution Date, an amount
(adjusted in the case of any Class of Exchangeable Certificates to take into account any Certificate exchanges pursuant to Section
5.09 from and including the Closing Date up to and including such date of determination) equal to the Certificate Balance
of such Class on the Distribution Date immediately prior to such date of determination less any distributions allocable to principal
and any allocations of Realized Losses or VRR Realized losses, as applicable, made thereon on such prior Distribution Date. The
initial and then current Certificate Balance of each Class of Exchangeable Certificates subject to exchange in accordance with
Section 5.09 will be subject to re-designation as between the applicable Classes pursuant to Section 5.09.

 

“Certificate
Custodian”: Initially, the Certificate Administrator; thereafter, any other Certificate Custodian acceptable to the Depository
and selected by the Certificate Administrator.

 

“Certificate
Factor”: With respect to any Class of Principal Balance Certificates or Class X Certificates, as of any date of determination,
a fraction, expressed as a decimal carried to eight places, the numerator of which is the then related Certificate Balance (or,
in the case of any Class of Class V1 Certificates or the Class V2 Certificates, the then maximum related Certificate Balance) or
the Notional Amount, as the case may be, and the denominator of which is the related initial Certificate Balance (or, in the case
of any Class of Class V1 Certificates or the Class V2 Certificates, the maximum related initial Certificate Balance) or the initial
Notional Amount, as the case may be.

 

“Certificate
Owner”: With respect to a Global Certificate, the Person who is the beneficial owner of such Certificate as reflected
on the books of the Depository or on the books of a Person maintaining an account with such Depository (directly as a Depository
Participant or indirectly through a Depository Participant, in accordance with the rules of such Depository) with respect to such
Classes. Each of the Trustee, the Certificate Administrator and the Master Servicer shall have the right to require, as a condition
to acknowledging the status of any Person as a Certificate Owner under this Agreement, that such Person execute an Investor Certification.

 

“Certificate
Register” and “Certificate Registrar”: The register maintained and the registrar appointed pursuant
to Section 5.02 of this Agreement.

 

“Certificateholder”:
The Person in whose name a Certificate is registered in the Certificate Register or any beneficial owner thereof; provided,
however, that solely for the purposes of giving any consent, approval, waiver or taking any action pursuant to this Agreement,
any Certificate registered in the name of or beneficially owned by (i) the Master Servicer, the Special Servicer, any Non-Conflicted
Special Servicer, the Trustee, the Certificate Administrator, the Depositor, any Mortgage Loan Seller or any Affiliate of any of
such Persons or (ii) any Borrower Party, in each case shall be deemed not to be outstanding (provided that notwithstanding
the foregoing, any Controlling Class Certificates owned by a Conflicted Controlling Class Holder shall not be deemed to be outstanding
as to such Conflicted Controlling Class Holder solely with respect to any related Conflicted Controlling Class Mortgage Loan; and
provided, further, that any Controlling Class Certificates owned by the Special Servicer or an Affiliate thereof
shall not be deemed to be outstanding as to the Special Servicer or such Affiliate

 

    -27-

     

    

 

solely
with respect to any related Conflicted Special Servicer Mortgage Loan), and the Voting Rights to which it is entitled shall not
be taken into account in determining whether the requisite percentage of Voting Rights necessary to effect any such consent, approval,
waiver or take any such action has been obtained; provided, however, that the foregoing restrictions shall not apply
in the case of the Master Servicer, the Special Servicer, any Non-Conflicted Special Servicer, the Trustee, the Certificate Administrator,
the Depositor, any Mortgage Loan Seller or any Affiliate of any of such Persons unless such consent, approval or waiver sought
from such party would in any way increase its compensation or limit its obligations in the named capacities hereunder or waive
a Servicer Termination Event or trigger an Asset Review with respect to such Mortgage Loan; provided, further that
so long as there is no Servicer Termination Event with respect to the Master Servicer or the Special Servicer, the Master Servicer
and the Special Servicer or such Affiliate of either shall be entitled to exercise such Voting Rights with respect to any issue
which could reasonably be believed to adversely affect such party’s compensation or increase its obligations or liabilities
hereunder; and provided, further that such restrictions shall not apply to (i) the exercise of the Special Servicer’s,
the Master Servicer’s or any Mortgage Loan Seller’s rights, if any, or any of their Affiliates as a member of the
Controlling Class or (ii) any Affiliate of the Depositor, the Master Servicer, any Special Servicer, the Trustee or the Certificate
Administrator that has provided an Investor Certification in which it has certified as to the existence of an Affiliate Ethical
Wall between it and the Depositor, the Master Servicer, such Special Servicer, the Trustee or the Certificate Administrator, as
applicable, and any Certificates beneficially owned by such Affiliate shall be deemed to be outstanding. The Trustee and the Certificate
Administrator shall each be entitled to request and rely upon a certificate of the Master Servicer, the Special Servicer or the
Depositor in determining whether a Certificate is registered in the name of an Affiliate of such Person. All references herein
to “Holders” or “Certificateholders” shall reflect the rights of Certificate Owners as they may indirectly
exercise such rights through the Depository and the Depository Participants, except as otherwise specified herein; provided,
however, that the parties hereto shall be required to recognize as a “Holder” or “Certificateholder”
only the Person in whose name a Certificate is registered in the Certificate Register.

 

“Certificateholder
Quorum”: In connection with any solicitation of votes in connection with the replacement of the Special Servicer pursuant
to Section 3.22(d) of this Agreement or the Asset Representations Reviewer pursuant to Section 11.05(b) of this Agreement,
the holders of Principal Balance Certificates evidencing at least 50% of the aggregate Voting Rights (taking into account the application
of any Appraisal Reduction Amounts to notionally reduce the Certificate Balances of the Certificates pursuant to Section 4.08
of this Agreement, except in the case of the termination of the Asset Representations Reviewer pursuant to Section 11.05(b)
of this Agreement) of all Certificates (other than the Class X, Class S and Class R Certificates) on an aggregate basis.

 

“Certificateholder
Repurchase Request”: As defined in Section 2.03(k) of this Agreement.

 

“Certification
Parties”: As defined in Section 10.08 of this Agreement.

 

“Certifying
Certificateholder”: A Certificateholder or Certificate Owner of a Certificate that has provided the Trustee or the Certificate
Administrator with an executed Investor Certification.

 

    -28-

     

    

 

“Certifying
Person”: As defined in Section 10.08 of this Agreement.

 

“Certifying
Servicer”: As defined in Section 10.11 of this Agreement.

 

“Class”:
All of the Certificates that collectively bear the same alphabetical or alphanumeric Class designation, each separately designated
Class VRR Upper-Tier Regular Interest or each separately designated Lower-Tier Regular Interest.

 

“Class A-1 Certificate”:
Any one of the Certificates with a “Class A-1” designation on the face thereof, executed and authenticated by the Certificate
Administrator or the Authenticating Agent on behalf of the Depositor in substantially the form of the Exhibit set forth
next to such Class in the Table of Exhibits of this Agreement.

 

“Class A-1 Pass-Through
Rate”: A per annum rate equal to 2.560%.

 

“Class A-2 Certificate”:
Any one of the Certificates with a “Class A-2” designation on the face thereof, executed and authenticated by the Certificate
Administrator or the Authenticating Agent on behalf of the Depositor in substantially the form of the Exhibit set forth
next to such Class in the Table of Exhibits of this Agreement.

 

“Class A-2 Pass-Through
Rate”: A per annum rate equal to 3.571%.

 

“Class A-3 Certificate”:
Any one of the Certificates with a “Class A-3” designation on the face thereof, executed and authenticated by the Certificate
Administrator or the Authenticating Agent on behalf of the Depositor in substantially the form of the Exhibit set forth
next to such Class in the Table of Exhibits of this Agreement.

 

“Class A-3 Pass-Through
Rate”: A per annum rate equal to 3.355%.

 

“Class A-4 Certificate”:
Any one of the Certificates with a “Class A-4” designation on the face thereof, executed and authenticated by the Certificate
Administrator or the Authenticating Agent on behalf of the Depositor in substantially the form of the Exhibit set forth
next to such Class in the Table of Exhibits of this Agreement.

 

“Class A-4 Pass-Through
Rate”: A per annum rate equal to 3.402%.

 

“Class A-5 Certificate”:
Any one of the Certificates with a “Class A-5” designation on the face thereof, executed and authenticated by the Certificate
Administrator or the Authenticating Agent on behalf of the Depositor in substantially the form of the Exhibit set forth
next to such Class in the Table of Exhibits of this Agreement.

 

“Class A-5 Pass-Through
Rate”: A per annum rate equal to the lesser of the (i) WAC Rate and (ii) 3.666%.

 

“Class A-M Certificate”:
Any one of the Certificates with a “Class A-M” designation on the face thereof, executed and authenticated by the Certificate
Administrator or the Authenticating Agent on behalf of the Depositor in substantially the form of the Exhibit set forth
next to such Class in the Table of Exhibits of this Agreement.

 

    -29-

     

    

 

“Class A-M Pass-Through
Rate”: A per annum rate equal to the lesser of the (i) WAC Rate and (ii) 3.878%.

 

“Class A-SB
Certificate”: Any one of the Certificates with a “Class A-SB” designation on the face thereof, executed and
authenticated by the Certificate Administrator or the Authenticating Agent on behalf of the Depositor in substantially the form
of the Exhibit set forth next to such Class in the Table of Exhibits of this Agreement.

 

“Class A-SB
Pass-Through Rate”: A per annum rate equal to the lesser of the (i) WAC Rate and (ii) 3.602%.

 

“Class A-SB
Planned Principal Balance”: With respect to any Distribution Date, the planned principal amount for such Distribution
Date specified in Schedule III hereto relating to the Class A-SB Certificates.

 

“Class B Certificate”:
Any one of the Certificates with a “Class B” designation on the face thereof, executed and authenticated by the Certificate
Administrator or the Authenticating Agent on behalf of the Depositor in substantially the form of the Exhibit set forth
next to such Class in the Table of Exhibits of this Agreement.

 

“Class B Pass-Through
Rate”: A per annum rate equal to the lesser of the (i) WAC Rate and (ii) 4.059%.

 

“Class C Certificate”:
Any one of the Certificates with a “Class C” designation on the face thereof, executed and authenticated by the Certificate
Administrator or the Authenticating Agent on behalf of the Depositor in substantially the form of the Exhibit set forth
next to such Class in the Table of Exhibits of this Agreement.

 

“Class C Pass-Through
Rate”: A per annum rate equal to the WAC Rate.

 

“Class D Certificate”:
Any one of the Certificates with a “Class D” designation on the face thereof, executed and authenticated by the Certificate
Administrator or the Authenticating Agent on behalf of the Depositor in substantially the form of the Exhibit set forth
next to such Class in the Table of Exhibits of this Agreement.

 

“Class D Pass-Through
Rate”: A per annum rate equal to 2.750%.

 

“Class E Certificate”:
Any one of the Certificates with a “Class E” designation on the face thereof, executed and authenticated by the Certificate
Administrator or the Authenticating Agent on behalf of the Depositor in substantially the form of the Exhibit set forth
next to such Class in the Table of Exhibits of this Agreement.

 

“Class E Pass-Through
Rate”: A per annum rate equal to the lesser of the (i) WAC Rate and (ii) 3.000%.

 

“Class F-RR
Certificate”: Any one of the Certificates with a “Class F-RR” designation on the face thereof, executed and
authenticated by the Certificate Administrator or the Authenticating Agent on behalf of the Depositor in substantially the form
of the Exhibit set forth next to such Class in the Table of Exhibits of this Agreement.

 

    -30-

     

    

 

“Class F-RR
Pass-Through Rate”: A per annum rate equal to the WAC Rate.

 

“Class G-RR
Certificate”: Any one of the Certificates with a “Class G-RR” designation on the face thereof, executed and
authenticated by the Certificate Administrator or the Authenticating Agent on behalf of the Depositor in substantially the form
of the Exhibit set forth next to such Class in the Table of Exhibits of this Agreement.

 

“Class G-RR
Pass-Through Rate”: A per annum rate equal to the WAC Rate.

 

“Class LA-1
Interest,” “Class LA-2 Interest,” “Class LA-3 Interest,” “Class LA-SB
Interest,” “Class LA-4 Interest,” “Class LA-5 Interest”, “Class LA-M Interest,”
“Class LB Interest,” “Class LC Interest,” “Class LD Interest,” “Class
LE Interest,” “Class LFRR Interest”, “Class LGRR Interest”, “Class LVA-1
Interest”, “Class LVA-2 Interest”, “Class LVA-3 Interest”, “Class LVA-SB
Interest”, “Class LVA-4 Interest”, “Class LVA-5 Interest”, “Class LVB
Interest”, “Class LVC Interest”, “Class LVD Interest”, “Class LVE Interest”,
“Class LVF Interest” and “Class LVG Interest”: Each, a regular interest in the Lower-Tier
REMIC entitled to monthly distributions payable thereto pursuant to Section 4.01 of this Agreement.

 

“Class LTR Interest”:
The sole class of “residual interest” in the Lower-Tier REMIC, which will be represented by the Class R Certificates.

 

“Class R Certificate”:
Any one of the Certificates with a “Class R” designation on the face thereof, executed and authenticated by the Certificate
Administrator or the Authenticating Agent on behalf of the Depositor in substantially the form of the Exhibit set forth
next to such Class in the Table of Exhibits of this Agreement. The Class R Certificates have no Pass-Through Rate, Certificate
Balance or Notional Amount.

 

“Class S Certificate”:
Any one of the Certificates with a “Class S” designation on the face thereof, executed and authenticated by the Certificate
Administrator or the Authenticating Agent on behalf of the Depositor in substantially the form of the Exhibit set forth next to
such Class in the Table of Exhibits of this Agreement. The Class S Certificates represent undivided beneficial interests in the
Class S Specific Grantor Trust Assets.

 

“Class S Specific
Grantor Trust Assets”: The portion of the Trust Fund consisting of (i) the Non-VRR Interest Percentage of any Excess
Interest collected on the ARD Loans, and (ii) the Non-VRR Interest Percentage of amounts held from time to time in the Excess Interest
Distribution Account.

 

“Class UTR Interest”:
The sole class of “residual interest” in the Upper-Tier REMIC, which will be represented by the Class R Certificate.

 

“Class V Distribution
Account”: The segregated non-interest bearing trust account or sub-account created and maintained by the Certificate
Administrator pursuant to Section 3.05(m), which shall be entitled “Wells Fargo Bank, National Association, as Certificate
Administrator, for the benefit of the holders of Benchmark 2018-B1 Mortgage Trust Commercial Mortgage Pass-Through Certificates,
Series 2018-B1 – Class V Distribution Account,” and which must be an Eligible Account or a sub-account of an Eligible
Account. The Class V 

 

    -31-

     

    

 

Distribution Account shall not be an asset of any Trust REMIC, but rather shall be an asset of the Grantor
Trust.

 

“Class V-A-1
Upper-Tier Regular Interest”: The uncertificated interest (i) constituting a “regular interest” in the Upper-Tier
REMIC, (ii) having an interest rate equal to the WAC Rate and (iii) having a Certificate Balance as described herein, in each case,
for purposes of the REMIC Provisions.

 

“Class V-A-2
Upper-Tier Regular Interest”: The uncertificated interest (i) constituting a “regular interest” in the Upper-Tier
REMIC, (ii) having an interest rate equal to the WAC Rate and (iii) having a Certificate Balance as described herein, in each case,
for purposes of the REMIC Provisions.

 

“Class V-A-3
Upper-Tier Regular Interest”: The uncertificated interest (i) constituting a “regular interest” in the Upper-Tier
REMIC, (ii) having an interest rate equal to the WAC Rate and (iii) having a Certificate Balance as described herein, in each case,
for purposes of the REMIC Provisions.

 

“Class V-A-SB
Upper-Tier Regular Interest”: The uncertificated interest (i) constituting a “regular interest” in the Upper-Tier
REMIC, (ii) having an interest rate equal to the WAC Rate and (iii) having a Certificate Balance as described herein, in each case,
for purposes of the REMIC Provisions.

 

“Class V-A-4
Upper-Tier Regular Interest”: The uncertificated interest (i) constituting a “regular interest” in the Upper-Tier
REMIC, (ii) having an interest rate equal to the WAC Rate and (iii) having a Certificate Balance as described herein, in each case,
for purposes of the REMIC Provisions.

 

“Class V-A-5
Upper-Tier Regular Interest”: The uncertificated interest (i) constituting a “regular interest” in the Upper-Tier
REMIC, (ii) having an interest rate equal to the WAC Rate and (iii) having a Certificate Balance as described herein, in each case,
for purposes of the REMIC Provisions.

 

“Class V-AM
Upper-Tier Regular Interest”: The uncertificated interest (i) constituting a “regular interest” in the Upper-Tier
REMIC, (ii) having an interest rate equal to the WAC Rate and (iii) having a Certificate Balance as described herein, in each case,
for purposes of the REMIC Provisions.

 

“Class V-B Upper-Tier
Regular Interest”: The uncertificated interest (i) constituting a “regular interest” in the Upper-Tier REMIC,
(ii) having an interest rate equal to the WAC Rate and (iii) having a Certificate Balance as described herein, in each case, for
purposes of the REMIC Provisions.

 

“Class V-C Upper-Tier
Regular Interest”: The uncertificated interest (i) constituting a “regular interest” in the Upper-Tier REMIC,
(ii) having an interest rate equal to the WAC Rate and (iii) having a Certificate Balance as described herein, in each case, for
purposes of the REMIC Provisions.

 

    -32-

     

    

 

“Class V-D Upper-Tier
Regular Interest”: The uncertificated interest (i) constituting a “regular interest” in the Upper-Tier REMIC,
(ii) having an interest rate equal to the WAC Rate and (iii) having a Certificate Balance as described herein, in each case, for
purposes of the REMIC Provisions.

 

“Class V-E Upper-Tier
Regular Interest”: The uncertificated interest (i) constituting a “regular interest” in the Upper-Tier REMIC,
(ii) having an interest rate equal to the WAC Rate and (iii) having a Certificate Balance as described herein, in each case, for
purposes of the REMIC Provisions.

 

“Class V-F Upper-Tier
Regular Interest”: The uncertificated interest (i) constituting a “regular interest” in the Upper-Tier REMIC,
(ii) having an interest rate equal to the WAC Rate and (iii) having a Certificate Balance as described herein, in each case, for
purposes of the REMIC Provisions.

 

“Class V-G Upper-Tier
Regular Interest”: The uncertificated interest (i) constituting a “regular interest” in the Upper-Tier REMIC,
(ii) having an interest rate equal to the WAC Rate and (iii) having a Certificate Balance as described herein, in each case, for
purposes of the REMIC Provisions.

 

“Class V1 Certificates”:
The Class V1-A1 Certificates, the Class V1-A2 Certificates, the Class V1-A3 Certificates, the Class V1-ASB Certificates, the Class
V1-A4 Certificates, the Class V1-A5 Certificates, the Class V1-AM Certificates, the Class V1-B Certificates, the Class V1-C Certificates,
the Class V1-D Certificates, the Class V1-E Certificates, the Class V1-F Certificates and the Class V1-G Certificates, collectively.

 

“Class V1 Percentage”:
As of any date of determination, a percentage equal to 100.0% minus the Class V2 Percentage.

 

“Class V1-A1
Certificate”: Any one of the Certificates executed and authenticated by the Certificate Administrator or the Authenticating
Agent in substantially the form of the Exhibit set forth next to such Class in the Table of Exhibits of this Agreement. The Class
V1-A1 Certificates represent undivided beneficial interests in the V1-A1 Specific Grantor Trust Assets.

 

“Class V1-A1
Specific Grantor Trust Assets”: The portion of the Trust Fund consisting of (i) the Class V1 Percentage of the Class
V-A1 Upper-Tier Regular Interest and (ii) amounts held from time to time in the Class V Distribution Account that represent distributions
of the Class V1 Percentage of the Class V-A1 Upper-Tier Regular Interest.

 

“Class V1-A2
Certificate”: Any one of the Certificates executed and authenticated by the Certificate Administrator or the Authenticating
Agent in substantially the form of the Exhibit set forth next to such Class in the Table of Exhibits of this Agreement. The Class
V1-A2 Certificates represent undivided beneficial interests in the V1-A2 Specific Grantor Trust Assets.

 

“Class V1-A2
Specific Grantor Trust Assets”: The portion of the Trust Fund consisting of (i) the Class V1 Percentage of the Class
V-A2 Upper-Tier Regular Interest and

 

    -33-

     

    

 

(ii)
amounts held from time to time in the Class V Distribution Account that represent distributions of the Class V1 Percentage of
the Class V-A2 Upper-Tier Regular Interest.

 

“Class V1-A3
Certificate”: Any one of the Certificates executed and authenticated by the Certificate Administrator or the Authenticating
Agent in substantially the form of the Exhibit set forth next to such Class in the Table of Exhibits of this Agreement. The Class
V1-A3 Certificates represent undivided beneficial interests in the V1-A3 Specific Grantor Trust Assets.

 

“Class V1-A3
Specific Grantor Trust Assets”: The portion of the Trust Fund consisting of (i) the Class V1 Percentage of the Class
V-A3 Upper-Tier Regular Interest and (ii) amounts held from time to time in the Class V Distribution Account that represent distributions
of the Class V1 Percentage of the Class V-A3 Upper-Tier Regular Interest.

 

“Class V1-A4
Certificate”: Any one of the Certificates executed and authenticated by the Certificate Administrator or the Authenticating
Agent in substantially the form of the Exhibit set forth next to such Class in the Table of Exhibits of this Agreement. The Class
V1-A4 Certificates represent undivided beneficial interests in the V1-A4 Specific Grantor Trust Assets.

 

“Class V1-A4
Specific Grantor Trust Assets”: The portion of the Trust Fund consisting of (i) the Class V1 Percentage of the Class
V-A4 Upper-Tier Regular Interest and (ii) amounts held from time to time in the Class V Distribution Account that represent distributions
of the Class V1 Percentage of the Class V-A4 Upper-Tier Regular Interest.

 

“Class V1-A5
Certificate”: Any one of the Certificates executed and authenticated by the Certificate Administrator or the Authenticating
Agent in substantially the form of the Exhibit set forth next to such Class in the Table of Exhibits of this Agreement. The Class
V1-A5 Certificates represent undivided beneficial interests in the V1-A5 Specific Grantor Trust Assets.

 

“Class V1-A5
Specific Grantor Trust Assets”: The portion of the Trust Fund consisting of (i) the Class V1 Percentage of the Class
V-A5 Upper-Tier Regular Interest and (ii) amounts held from time to time in the Class V Distribution Account that represent distributions
of the Class V1 Percentage of the Class V-A5 Upper-Tier Regular Interest.

 

“Class V1-AM
Certificate”: Any one of the Certificates executed and authenticated by the Certificate Administrator or the Authenticating
Agent in substantially the form of the Exhibit set forth next to such Class in the Table of Exhibits of this Agreement. The Class
V1-AM Certificates represent undivided beneficial interests in the V1-AB Specific Grantor Trust Assets.

 

“Class V1-AM
Specific Grantor Trust Assets”: The portion of the Trust Fund consisting of (i) the Class V1 Percentage of the Class
V-AM Upper-Tier Regular Interest and (ii) amounts held from time to time in the Class V Distribution Account that represent distributions
of the Class V1 Percentage of the Class V-AM Upper-Tier Regular Interest.

 

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“Class V1-ASB
Certificate”: Any one of the Certificates executed and authenticated by the Certificate Administrator or the Authenticating
Agent in substantially the form of the Exhibit set forth next to such Class in the Table of Exhibits of this Agreement. The Class
V1-ASB Certificates represent undivided beneficial interests in the V1-ASB Specific Grantor Trust Assets.

 

“Class V1-ASB
Specific Grantor Trust Assets”: The portion of the Trust Fund consisting of (i) the Class V1 Percentage of the Class
V-ASB Upper-Tier Regular Interest and (ii) amounts held from time to time in the Class V Distribution Account that represent distributions
of the Class V1 Percentage of the Class V-ASB Upper-Tier Regular Interest.

 

“Class V1-B
Certificate”: Any one of the Certificates executed and authenticated by the Certificate Administrator or the Authenticating
Agent in substantially the form of the Exhibit set forth next to such Class in the Table of Exhibits of this Agreement. The Class
V1-B Certificates represent undivided beneficial interests in the V1-B Specific Grantor Trust Assets.

 

“Class V1-B
Specific Grantor Trust Assets”: The portion of the Trust Fund consisting of (i) the Class V1 Percentage of the Class
V-B Upper-Tier Regular Interest and (ii) amounts held from time to time in the Class V Distribution Account that represent distributions
of the Class V1 Percentage of the Class V-B Upper-Tier Regular Interest.

 

“Class V1-C
Certificate”: Any one of the Certificates executed and authenticated by the Certificate Administrator or the Authenticating
Agent in substantially the form of the Exhibit set forth next to such Class in the Table of Exhibits of this Agreement. The Class
V1-C Certificates represent undivided beneficial interests in the V1-C Specific Grantor Trust Assets.

 

“Class V1-C
Specific Grantor Trust Assets”: The portion of the Trust Fund consisting of (i) the Class V1 Percentage of the Class
V-C Upper-Tier Regular Interest and (ii) amounts held from time to time in the Class V Distribution Account that represent distributions
of the Class V1 Percentage of the Class V-C Upper-Tier Regular Interest.

 

“Class V1-D
Certificate”: Any one of the Certificates executed and authenticated by the Certificate Administrator or the Authenticating
Agent in substantially the form of the Exhibit set forth next to such Class in the Table of Exhibits of this Agreement. The Class
V1-D Certificates represent undivided beneficial interests in the V1-D Specific Grantor Trust Assets.

 

“Class V1-D
Specific Grantor Trust Assets”: The portion of the Trust Fund consisting of (i) the Class V1 Percentage of the Class
V-D Upper-Tier Regular Interest and (ii) amounts held from time to time in the Class V Distribution Account that represent distributions
of the Class V1 Percentage of the Class V-D Upper-Tier Regular Interest.

 

“Class V1-E
Certificate”: Any one of the Certificates executed and authenticated by the Certificate Administrator or the Authenticating
Agent in substantially the form of the Exhibit set forth next to such Class in the Table of Exhibits of this Agreement. The Class
V1-E Certificates represent undivided beneficial interests in the V1-E Specific Grantor Trust Assets.

 

“Class V1-E
Specific Grantor Trust Assets”: The portion of the Trust Fund consisting of (i) the Class V1 Percentage of the Class
V-E Upper-Tier Regular Interest and

 

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(ii)
amounts held from time to time in the Class V Distribution Account that represent distributions of the Class V1 Percentage of
the Class V-E Upper-Tier Regular Interest.

 

“Class V1-F
Certificate”: Any one of the Certificates executed and authenticated by the Certificate Administrator or the Authenticating
Agent in substantially the form of the Exhibit set forth next to such Class in the Table of Exhibits of this Agreement. The Class
V1-F Certificates represent undivided beneficial interests in the V1-F Specific Grantor Trust Assets.

 

“Class V1-F
Specific Grantor Trust Assets”: The portion of the Trust Fund consisting of (i) the Class V1 Percentage of the Class
V-F Upper-Tier Regular Interest and (ii) amounts held from time to time in the Class V Distribution Account that represent distributions
of the Class V1 Percentage of the Class V-F Upper-Tier Regular Interest.

 

“Class V1-G
Certificate”: Any one of the Certificates executed and authenticated by the Certificate Administrator or the Authenticating
Agent in substantially the form of the Exhibit set forth next to such Class in the Table of Exhibits of this Agreement. The Class
V1-G Certificates represent undivided beneficial interests in the V1-G Specific Grantor Trust Assets.

 

“Class V1-G
Specific Grantor Trust Assets”: The portion of the Trust Fund consisting of (i) the Class V1 Percentage of the Class
V-G Upper-Tier Regular Interest, (ii) amounts held from time to time in the Class V Distribution Account that represent distributions
of the Class V1 Percentage of the Class V-G Upper-Tier Regular Interest, (iii) the product of (a) the Class V1 Percentage and (b)
the VRR Interest Percentage of any Excess Interest collected on the ARD Loans, and (iv) the product of (a) the Class V1 Percentage
and (b) the VRR Interest Percentage of any amounts held from time to time in the Excess Interest Distribution Account.

 

“Class V2 Certificate”:
Any one of the Certificates executed and authenticated by the Certificate Administrator or the Authenticating Agent in substantially
the form of the Exhibit set forth next to such Class in the Table of Exhibits of this Agreement. The Class V2 Certificates represent
undivided beneficial interests in the V2 Specific Grantor Trust Assets.

 

“Class V2 Percentage”:
As of any date of determination, a fraction, expressed as a percentage, the numerator of which is the Certificate Balance of the
Class V2 Certificates, and the denominator of which is the aggregate Certificate Balance of the Class VRR Upper-Tier Regular Interests.

 

“Class V2 Specific
Grantor Trust Assets”: The portion of the Trust Fund consisting of (i) the Class V2 Percentage of the Class VRR Upper-Tier
Regular Interests, (ii) amounts held from time to time in the Class V Distribution Account that represent distributions of the
Class V2 Percentage of the Class VRR Upper-Tier Regular Interests, (iii) the product of (a) the Class V2 Percentage and (b) the
VRR Interest Percentage of any Excess Interest collected on the ARD Loans, and (iv) the product of (a) the Class V2 Percentage
and (b) the VRR Interest Percentage of any amounts held from time to time in the Excess Interest Distribution Account.

 

“Class VRR Upper-Tier
Regular Interests”: Each of the Class V-A-1, Class V-A-2, Class V-A-3, Class V-A-SB, Class V-A-4, Class V-A-5, Class
V-AM, Class V-B,

 

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Class
V-C, Class V-D, Class V-E, Class V-F and Class V-G Upper-Tier Regular Interests. The Class VRR Upper-Tier Regular Interests will
be held in the Grantor Trust.

 

“Class X Certificates”:
The Class X-A, Class X-B, Class X-D and Class X-E Certificates, collectively.

 

“Class X Component”:
Each of the Class X-A Components, the Class X-B Component, the Class X-D Component and the Class X-E Component.

 

“Class X Component
Notional Amount”: With respect to each Class X Component and any date of determination, an amount equal to the then Lower-Tier
Principal Balance of its Corresponding Lower-Tier Regular Interest.

 

“Class X Notional
Amount”: The Class X-A Notional Amount, the Class X-B Notional Amount, the Class X-D Notional Amount or the Class X-E
Notional Amount, as applicable, and as the context may require.

 

“Class X-A Certificate”:
Any one of the Certificates with a “Class X-A” designation on the face thereof, executed and authenticated by the Certificate
Administrator or the Authenticating Agent on behalf of the Depositor in substantially the form of the Exhibit set forth
next to such Class in the Table of Exhibits of this Agreement.

 

“Class X-A Components”:
Each of Component XA-1, Component XA-2, Component XA-3, Component XA-SB, Component XA-4, Component XA-5 and Component XA-M.

 

“Class X-A Notional
Amount”: As of any date of determination, the sum of the then Class X Component Notional Amounts of all of the Class
X-A Components.

 

“Class X-A Pass-Through
Rate”: With respect to any Distribution Date, the weighted average of the Class X-A Strip Rates for the respective Class
X-A Components for such Distribution Date, weighted on the basis of the respective Class X Component Notional Amounts of such Components
outstanding immediately prior to such Distribution Date. The Class X-A Pass-Through Rate for the initial Distribution Date is 0.530%
per annum.

 

“Class X-A Strip
Rate”: With respect to any Class of Class X-A Components for any Distribution Date, the (i) the WAC Rate for such Distribution
Date over (ii) the Pass-Through Rate for the Corresponding Certificates.

 

“Class X-B Certificate”:
Any one of the Certificates with a “Class X-B” designation on the face thereof, executed and authenticated by the Certificate
Administrator or the Authenticating Agent on behalf of the Depositor in substantially the form of the Exhibit set forth
next to such Class in the Table of Exhibits of this Agreement.

 

“Class X-B Component”:
The Component XB.

 

“Class X-B Notional
Amount”: As of any date of determination, the then Class X Component Notional Amount of the Class X-B Component.

 

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“Class X-B Pass-Through
Rate”: With respect to any Distribution Date, the Class X-B Strip Rate for the Class X-B Component for such Distribution
Date. The Class X-B Pass-Through Rate for the initial Distribution Date is 0.060% per annum.

 

“Class X-B Strip
Rate”: With respect to the Class X-B Component for any Distribution Date, the (i) the WAC Rate for such Distribution
Date over (ii) the Pass-Through Rate for the Corresponding Certificates.

 

“Class X-D Certificate”:
Any one of the Certificates with a “Class X-D” designation on the face thereof, executed and authenticated by the Certificate
Administrator or the Authenticating Agent on behalf of the Depositor in substantially the form of the Exhibit set forth
next to such Class in the Table of Exhibits of this Agreement.

 

“Class X-D Component”:
The Component XD.

 

“Class X-D Notional
Amount”: As of any date of determination, the then Class X Component Notional Amount of the Class X-D Component.

 

“Class X-D Pass-Through
Rate”: With respect to any Distribution Date, the Class X-D Strip Rate for the Class X-D Component for such Distribution
Date. The Class X-D Pass-Through Rate for the initial Distribution Date is 1.369% per annum.

 

“Class X-D Strip
Rate”: With respect to the Class X-D Component for any Distribution Date, the (i) the WAC Rate for such Distribution
Date over (ii) the Pass-Through Rate for the Corresponding Certificates.

 

“Class X-E Certificate”:
Any one of the Certificates with a “Class X-E” designation on the face thereof, executed and authenticated by the Certificate
Administrator or the Authenticating Agent on behalf of the Depositor in substantially the form of the Exhibit set forth
next to such Class in the Table of Exhibits of this Agreement.

 

“Class X-E Component”:
The Component XE.

 

“Class X-E Notional
Amount”: As of any date of determination, the then Class X Component Notional Amount of the Class X-E Component.

 

“Class X-E Pass-Through
Rate”: With respect to any Distribution Date, the Class X-E Strip Rate for the Class X-E Component for such Distribution
Date. The Class X-E Pass-Through Rate for the initial Distribution Date is 1.119% per annum.

 

“Class X-E Strip
Rate”: With respect to the Class X-E Component for any Distribution Date, the (i) the WAC Rate for such Distribution
Date over (ii) the Pass-Through Rate for the Corresponding Certificates.

 

“Clearstream”:
Clearstream Banking Luxembourg, a division of Clearstream International, société anonyme.

 

“Closing Date”:
January 31, 2018.

 

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“Code”:
The Internal Revenue Code of 1986, as amended from time to time, any successor statute thereto, and any temporary or final regulations
of the United States Department of the Treasury promulgated pursuant thereto.

 

“Collateral
Deficiency Amount” With respect to any AB Modified Loan as of any date of determination, the excess of (i) the Stated
Principal Balance of such AB Modified Loan (taking into account the related junior note(s) included therein), over (ii) the sum
of (in the case of a Whole Loan, solely to the extent allocable to the subject Mortgage Loan) (x) the most recent appraised value
for the related Mortgaged Property or Mortgaged Properties, plus (y) solely to the extent not reflected or taken into account in
such appraised value and to the extent on deposit with, or otherwise under the control of, the lender as of the date of such determination,
any capital or additional collateral contributed by the related Borrower at the time the Mortgage Loan became (and as part of the
modification related to) such AB Modified Loan for the benefit of the related Mortgaged Property or Mortgaged Properties (provided,
that in the case of a Non-Serviced Mortgage Loan, the amounts set forth in this clause (y) will be taken into account solely to
the extent relevant information is received by the Master Servicer), plus (z) any other escrows or reserves (in addition to any
amounts set forth in the immediately preceding clause (y)) held by the lender in respect of such AB Modified Loan as of the date
of such determination. The Certificate Administrator shall be entitled to conclusively rely on the Master Servicer’s calculation
or determination of any Collateral Deficiency Amount.

 

“Collection
Account”: The trust account or accounts created and maintained by the Master Servicer pursuant to Section 3.05(a)
of this Agreement, which shall be entitled “Wells Fargo Bank, National Association, as Master Servicer, on behalf of Wilmington
Trust, National Association, as Trustee, for the benefit of the Holders of Deutsche Mortgage & Asset Receiving Corporation,
Benchmark 2018-B1 Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series 2018-B1 Collection Account” and which
must be an Eligible Account.

 

“Collection
Period”: With respect to any Distribution Date and each Mortgage Loan (including any Companion Loan), the period that
begins on the day immediately following the Due Date for such Mortgage Loan (including any related Companion Loan) in the month
preceding the month in which that Distribution Date occurs or the date that would have been the Due Date if such Mortgage Loan
(including any Companion Loan) had a Due Date in such preceding month and ending on and including the Due Date for such Mortgage
Loan (including any Companion Loan) occurring in the month in which that Distribution Date occurs. Notwithstanding the foregoing,
in the event that the last day of a Collection Period (or applicable grace period) is not a business day, any Periodic Payments
received with respect to Mortgage Loans (including any Companion Loan) relating to such Collection Period on the business day immediately
following such day shall be deemed to have been received during such Collection Period and not during any other Collection Period.

 

“Commission”:
The Securities and Exchange Commission.

 

“Communication
Request”: As defined in Section 5.05(a) of this Agreement.

 

“Companion Loan”:
A Serviced Companion Loan or Non-Serviced Companion Loan, as applicable and as the context may require.

 

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“Companion Loan
Noteholder”: A holder of a Companion Loan.

 

“Compensating
Interest Payment”: An amount as of any Distribution Date equal to the lesser of (i) the aggregate amount of Prepayment
Interest Shortfalls incurred in connection with voluntary Principal Prepayments received in respect of the Mortgage Loans or Serviced
Pari Passu Companion Loans (in each case, other than (a) a Non-Serviced Mortgage Loan, (b) a Specially Serviced Loan or (c) a Mortgage
Loan or Serviced Companion Loan with respect to which the Special Servicer has waived or amended the prepayment restrictions such
that the related Borrower is not required to prepay on a Due Date or pay interest that would have accrued on the amount prepaid
through and including the last day of the interest accrual period occurring following the date of such prepayment) for the related
Distribution Date, and (ii) the aggregate of (A) the portion of its Master Servicing Fee (calculated for this purpose at 0.0025%
(0.25 basis points) per annum) that is being paid in such Collection Period with respect to the Mortgage Loans or Serviced
Pari Passu Companion Loans serviced by it (other than a Non-Serviced Mortgage Loan or a Specially Serviced Loan), (B) all Prepayment
Interest Excess received by the Master Servicer during the related Collection Period on the Mortgage Loans or Serviced Pari Passu
Companion Loans (other than a Non-Serviced Mortgage Loan or a Specially Serviced Loan) and (C) to the extent earned on principal
prepayments, net investment earnings payable to the Master Servicer for such Collection Period received by the Master Servicer
during such Collection Period with respect to the Mortgage Loan or any related Serviced Pari Passu Companion Loan, as applicable,
subject to such prepayment; provided that if any Prepayment Interest Shortfall occurs with respect to any Mortgage Loan as a result
of the Master Servicer’s failure to enforce the related Loan Documents (a “Prohibited Prepayment”) regarding
principal prepayments (other than in connection with (a) a Specially Serviced Loan, (b) a Non-Serviced Mortgage Loan, (c) subsequent
to a default under the related Loan Documents (provided that the Master Servicer reasonably believes that acceptance of such prepayment
is consistent with the Servicing Standard), (d) at the request of or with the consent of the Special Servicer or, so long as a
Control Termination Event has not occurred or is not continuing (other than with respect to the Mortgage Loans other than a Conflicted
Loan or a Servicing Shift Whole Loan), the Directing Holder, (e) pursuant to applicable law or a court order, (f) in connection
with the payment of Insurance and Condemnation Proceeds unless the Master Servicer did not apply the proceeds thereof in accordance
with the terms of the related Loan Documents and such failure caused the shortfall or (g) a previously Specially Serviced Loan
with respect to which the Special Servicer has waived or amended the prepayment restriction such that the related Borrower is not
required to prepay on a Due Date or pay interest that would have accrued on the amount prepaid through and including the last day
of the interest accrual period occurring following the date of such prepayment), then for purposes of calculating the Compensating
Interest Payment for the related Distribution Date, the Master Servicer shall pay, without regard to clause (ii) above, the aggregate
amount of Prepayment Interest Shortfalls with respect to such Mortgage Loan or Serviced Companion Loan, otherwise described in
clause (i) above in connection with such Prohibited Prepayments. The Master Servicer’s obligation to pay the Compensating
Interest Payment, and the rights of the Certificateholders to offset of the aggregate Prepayment Interest Shortfalls against those
amounts, shall not be cumulative.

 

“Component XA
Allocation Denominator”: With respect to any date of determination, the sum of (i) the product of the Class X-A Strip
Rate for the Component XA-1 multiplied by the Class X Component Notional Amount for the Component XA-1, (ii) the

 

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product of the
Class X-A Strip Rate for the Component XA-2 multiplied by the Class X Component Notional Amount for the Component XA-2, (iii) the
product of the Class X-A Strip Rate for the Component XA-3 multiplied by the Class X Component Notional Amount for the Component
XA-3, (vi) the product of the Class X-A Strip Rate for the Component XA-SB multiplied by the Class X Component Notional Amount
for the Component XA-SB, (v) the product of the Class X-A Strip Rate for the Component XA-4 multiplied by the Class X Component
Notional Amount for the Component XA-4, (vi) the product of the Class X-A Strip Rate for the Component XA-5 multiplied by the Class
X Component Notional Amount for the Component XA-5, and (vii) the product of the Class X-A Strip Rate for the Component XA-M multiplied
by the Class X Component Notional Amount for the Component XA-M.

 

“Component XA-1”:
One of the components of the Class X-A Certificates having a Class X Component Notional Amount equal to the then current Lower-Tier
Principal Balance of the Class LA-1 Interest as of any date of determination.

 

“Component XA-1
Percentage”: With respect to the Component XA-1 and any date of determination, a fraction, expressed as a percentage,
(i) the numerator of which is the product of the Class X-A Strip Rate for the Component XA-1 multiplied by the Class X Component
Notional Amount for the Component XA-1, and (ii) the denominator of which is the Component XA Allocation Denominator.

 

“Component XA-2”:
One of the components of the Class X-A Certificates having a Class X Component Notional Amount equal to the then current Lower-Tier
Principal Balance of the Class LA-2 Interest as of any date of determination.

 

“Component XA-2
Percentage”: With respect to the Component XA-2 and any date of determination, a fraction, expressed as a percentage,
(i) the numerator of which is the product of the Class X-A Strip Rate for the Component XA-2 multiplied by the Class X Component
Notional Amount for the Component XA-2, and (ii) the denominator of which is the Component XA Allocation Denominator.

 

“Component XA-3”:
One of the components of the Class X-A Certificates having a Class X Component Notional Amount equal to the then current Lower-Tier
Principal Balance of the Class LA-3 Interest as of any date of determination.

 

“Component XA-3
Percentage”: With respect to the Component XA-3 and any date of determination, a fraction, expressed as a percentage,
(i) the numerator of which is the product of the Class X-A Strip Rate for the Component XA-3 multiplied by the Class X Component
Notional Amount for the Component XA-3, and (ii) the denominator of which is the Component XA Allocation Denominator.

 

“Component XA-4”:
One of the components of the Class X-A Certificates having a Class X Component Notional Amount equal to the then current Lower-Tier
Principal Balance of the Class LA-4 Interest as of any date of determination.

 

“Component XA-4
Percentage”: With respect to the Component XA-4 and any date of determination, a fraction, expressed as a percentage,
(i) the numerator of which is the product of the Class X-A Strip Rate for the Component XA-4 multiplied by the Class X

 

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Component
Notional Amount for the Component XA-4, and (ii) the denominator of which is the Component XA Allocation Denominator.

 

“Component XA-5”:
One of the components of the Class X-A Certificates having a Class X Component Notional Amount equal to the then current Lower-Tier
Principal Balance of the Class LA-5 Interest as of any date of determination.

 

“Component XA-5
Percentage”: With respect to the Component XA-5 and any date of determination, a fraction, expressed as a percentage,
(i) the numerator of which is the product of the Class X-A Strip Rate for the Component XA-5 multiplied by the Class X Component
Notional Amount for the Component XA-5, and (ii) the denominator of which is the Component XA Allocation Denominator.

 

“Component XA-M”:
One of the components of the Class X-A Certificates having a Class X Component Notional Amount equal to the then current Lower-Tier
Principal Balance of the Class LA-M Interest as of any date of determination.

 

“Component XA-M
Percentage”: With respect to the Component XA-M and any date of determination, a fraction, expressed as a percentage,
(i) the numerator of which is the product of the Class X-A Strip Rate for the Component XA-M multiplied by the Class X Component
Notional Amount for the Component XA-M, and (ii) the denominator of which is the Component XA Allocation Denominator.

 

“Component XA-SB”:
One of the components of the Class X-A Certificates having a Class X Component Notional Amount equal to the then current Lower-Tier
Principal Balance of the Class LA-SB Interest as of any date of determination.

 

“Component XA-SB
Percentage”: With respect to the Component XA-SB and any date of determination, a fraction, expressed as a percentage,
(i) the numerator of which is the product of the Class X-A Strip Rate for the Component XA-SB multiplied by the Class X Component
Notional Amount for the Component XA-SB, and (ii) the denominator of which is the Component XA Allocation Denominator.

 

“Component XB”:
The component of the Class X-B Certificates having a Class X Component Notional Amount equal to the then current Lower-Tier Principal
Balance of the Class LB Interest as of any date of determination.

 

“Component XD”:
The component of the Class X-D Certificates having a Class X Component Notional Amount equal to the then current Lower-Tier Principal
Balance of the Class LD Interest as of any date of determination.

 

“Component XE”:
The component of the Class X-E Certificates having a Class X Component Notional Amount equal to the then current Lower-Tier Principal
Balance of the Class LE Interest as of any date of determination.

 

“Condemnation
Proceeds”: Any awards resulting from the full or partial condemnation or any eminent domain proceeding or any conveyance
in lieu or in anticipation thereof with respect to a Mortgaged Property by or to any governmental, quasi-governmental

 

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authority
or private entity with condemnation powers (other than amounts to be applied to the restoration, preservation or repair of such
Mortgaged Property or released to the related Borrower in accordance with the terms of the REMIC Provisions and the applicable
Loan Documents for the related Mortgage Loan or Serviced Whole Loan) or, if applicable, with respect to the Mortgaged Property
securing a Serviced Whole Loan, any portion of such amounts payable to the holders of the applicable Mortgage Loan. With respect
to the Mortgaged Property securing any Non-Serviced Mortgage Loan or Non-Serviced Companion Loan, only the portion of such amounts
payable to the holder of the related Non-Serviced Mortgage Loan shall be included in Condemnation Proceeds).

 

“Confidential
Information”: With respect to each of the Depositor, the Master Servicer, any Special Servicer, the Operating Advisor,
the Asset Representations Reviewer, the Certificate Administrator, and the Trustee, all material non-public information obtained
in the course of and as a result of such Person’s performance of its duties under this Pooling and Servicing Agreement with
respect to any Mortgage Loan (or Serviced Whole Loan), any Borrower and any Mortgaged Property, unless such information (i) was
already in the possession of such Person prior to being disclosed to such Person, (ii) is or becomes available to such Person from
a source other than its activities as the Depositor, the Master Servicer, the Special Servicer, the Operating Advisor, the Asset
Representations Reviewer, the Certificate Administrator or the Trustee, as applicable, or (iii) is or becomes generally available
to the public other than as a result of a disclosure by the Master Servicer Servicing Personnel, applicable Special Servicer Servicing
Personnel, the Operating Advisor Surveillance Personnel, the Asset Representations Reviewer Surveillance Personnel, the Certificate
Administrator Personnel or the Trustee Personnel.

 

“Conflicted
Controlling Class Holder”: With respect to any Conflicted Controlling Class Mortgage Loan, the Controlling Class Representative
or any Controlling Class Certificateholder, as applicable, in either case that is a Borrower Party with respect to such Conflicted
Controlling Class Mortgage Loan. Immediately upon obtaining actual knowledge of any such party becoming a “Conflicted Controlling
Class Holder”, the Controlling Class Representative or Controlling Class Certificateholder, as applicable, shall provide
notice in the form of Exhibit L-1E hereto to the Master Servicer, the Special Servicer, the Operating Advisor, the Trustee
and the Certificate Administrator, which such notice shall be physically delivered in accordance with Section 11.05 of this
Agreement and shall specifically identify the Conflicted Controlling Class Holder and the subject Conflicted Controlling Class
Mortgage Loan. Additionally, any Conflicted Controlling Class Holder shall also send to the Certificate Administrator a notice
substantially in the form of Exhibit L-1F hereto, which such notice shall provide each of the CTSLink User ID’s associated
with such Conflicted Controlling Class Holder, and which such notice shall direct the Certificate Administrator to restrict such
Conflicted Controlling Class Holder’s access to the Certificate Administrator’s Website as provided in this Agreement.
As of the Closing Date, there are no Conflicted Controlling Class Holders related to the Trust.

 

“Conflicted
Controlling Class Mortgage Loan”: Any Mortgage Loan or Whole Loan with respect to which, as of any date of determination,
the Controlling Class Representative or any Controlling Class Certificateholder is a Borrower Party. As of the Closing Date, there
are no Conflicted Controlling Class Mortgage Loans related to the Trust.

 

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“Conflicted
Information”: With respect to any Conflicted Controlling Class Mortgage Loan, any information and reports solely relating
to such Conflicted Controlling Class Mortgage Loan(s) and/or the related Mortgaged Properties that is segregated on the Certificate
Administrator’s Website, including, without limitation, any Asset Status Reports, Final Asset Status Reports or summaries
thereof, or any appraisals, inspection reports (related to Specially Serviced Loans conducted by the Special Servicer or the Non-Conflicted
Special Servicer), recoverability officer’s certificates, the Operating Advisor Annual Reports, any determination of the
Special Servicer’s net present value calculation, any appraisal reduction amount calculations, environmental assessments,
seismic reports and property condition reports and such other information and reports designated as Conflicted Information (other
than such information with respect to such Conflicted Controlling Class Mortgage Loan(s) that is aggregated with information of
other Mortgage Loans at a pool level) by the Master Servicer, the Special Servicer and the Operating Advisor, as the case may be.
For the avoidance of doubt, any file or report contained in the CREFC® Investor Reporting Package (CREFC® IRP) (other than
the CREFC® Special Servicer Loan File relating to any Conflicted Controlling Class Mortgage Loan) and any Schedule AL Additional
File shall not be considered “Conflicted Information”. Any Conflicted Information to be delivered to the Certificate
Administrator by the Master Servicer, the Special Servicer or the Operating Advisor shall be delivered in accordance with Section
3.32 hereof. For the avoidance of doubt, the Certificate Administrator’s obligation to segregate any information delivered
to it under the “Conflicted Information” tab on the Certificate Administrator’s Website shall be triggered solely
by such information being delivered in the manner provided in Section 3.32 hereof.

 

“Conflicted
Loan”: With respect to (a) the Controlling Class Representative, any Mortgage Loan or Whole Loan with respect to which,
as of the applicable date of determination, the Controlling Class Representative or the holder of the majority of the Controlling
Class is a Borrower Party, or (b) the Risk Retention Consultation Party, any Mortgage Loan or Whole Loan with respect to which,
as of the applicable date of determination, the Risk Retention Consultation Party or the Person entitled to appoint the Risk Retention
Consultation Party is a Borrower Party. For the avoidance of doubt, any Conflicted Loan as to either the Controlling Class Representative
or any Majority Controlling Class Certificateholder is also a Conflicted Controlling Class Mortgage Loan. As of the Closing Date,
there are no Conflicted Loans related to the Trust.

 

“Conflicted
Special Servicer Mortgage Loan”: Any Serviced Mortgage Loan and any related Serviced Companion Loan with respect to
which, as of any date of determination, the Special Servicer has obtained knowledge that it is a Borrower Party.

 

“Consultation
Termination Event”: At any date at which (i) there is no class of Control Eligible Certificates that has a then-outstanding
Certificate Balance (without regard to the application of any Cumulative Appraisal Reduction Amounts) equal to at least 25% of
the initial Certificate Balance of that Class, or (ii) a Holder of the Class E Certificates is the majority Controlling Class Certificateholder
and has irrevocably waived its right, in writing, to exercise any of the rights of the Controlling Class Certificateholder, and
such rights have not been reinstated to a successor Controlling Class Certificateholder pursuant to Section 3.29(g); provided
that no Consultation Termination Event resulting solely from the operation of clause (ii) shall be deemed to have existed or be
in continuance with respect to a successor holder of

 

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Class E Certificates that has not irrevocably waived its right to exercise
any of the rights of the Controlling Class Certificateholder, provided, further, that prior to the applicable Servicing
Shift Securitization Date, no Consultation Termination Event may occur with respect to the Loan-Specific Directing Holder related
to the related Servicing Shift Whole Loan and the term “Consultation Termination Event” shall not be applicable to
the Loan-Specific Directing Holder related to such Servicing Shift Whole Loan; provided further that a Consultation Termination
Event shall not be deemed to be continuing in the event the Certificate Balances of all Classes of Principal Balance Certificates
other than the Control Eligible Certificates have been reduced to zero. With respect to Conflicted Loans, a Consultation Termination
Event shall be deemed to exist.

 

“Control Eligible
Certificates”: Any of the Class E, Class F-RR and Class G-RR Certificates.

 

“Control Termination
Event”: The occurrence of (i) the Certificate Balance of the Class E Certificates (taking into account the application
of any Cumulative Appraisal Reduction Amounts to notionally reduce the Certificate Balance of such Class in accordance with Section
4.08(a) hereof) being reduced to less than 25% of the initial Certificate Balance of such Class or (ii) a Holder of the Class
E Certificates becoming the majority Controlling Class Certificateholder and has irrevocably waived its right, in writing, to exercise
any of the rights of the Controlling Class Certificateholder and such rights have not been reinstated to a successor Controlling
Class Certificateholder pursuant to Section 3.29(g); provided that prior to the applicable Servicing Shift Securitization
Date, no Control Termination Event may occur with respect to the Loan-Specific Directing Holder related to the related Servicing
Shift Whole Loan and the term “Control Termination Event” shall not be applicable to the Loan-Specific Directing Holder
related to such Servicing Shift Whole Loan; provided further that a Control Termination Event shall not be deemed to be
continuing in the event the Certificate Balances of all Classes of Principal Balance Certificates other than the Control Eligible
Certificates have been reduced to zero. With respect to Conflicted Loans related to the Directing Holder, a Control Termination
Event shall be deemed to exist.

 

“Controlling
Class”: As of any date of determination, the most subordinate Class of Control Eligible Certificates then outstanding
that has a then aggregate Certificate Balance (as notionally reduced by any Cumulative Appraisal Reduction Amounts allocable to
such Class in accordance with Section 4.08(a) of this Agreement) at least equal to 25% of the initial Certificate Balance
of that Class or if no Class of Control Eligible Certificates meets the preceding requirement, the most senior Class of Control
Eligible Certificates. The Controlling Class as of the Closing Date will be the Class G-RR Certificates; provided that if,
at any time, the Certificate Balances of all Control Eligible Certificates, as notionally reduced by any Appraisal Reduction Amounts
(but without regard to any Collateral Deficiency Amount) allocable to such Classes, have been reduced to zero, the Controlling
Class shall be the most subordinate Class of Control Eligible Certificates that has a principal balance greater than zero; provided,
further that if at any time the Certificate Balance of the Class A-1, Class A-2, Class A-3, Class A-SB, Class A-4, Class
A-5, Class A-M, Class B, Class C and Class D certificates have been reduced to zero as a result of the allocation of principal
payments on the Mortgage Loans, then the “Controlling Class” shall be the most subordinate class of Control Eligible
Certificates that has an aggregate Certificate Balance greater than zero without regard to the application of Appraisal Reduction

 

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Amounts (or any Collateral Deficiency Amount) to notionally reduce the Certificate Balance of such Class.

 

“Controlling
Class Certificateholder”: Each Holder (or Certificate Owner, if applicable) of a Certificate of the Controlling Class
as determined by the Certificate Registrar to the Certificate Administrator from time to time.

 

“Controlling
Class Representative”: The Controlling Class Certificateholder (or a representative thereof) selected by more than 50%
of the Controlling Class Certificateholders, by Certificate Balance, as determined by the Certificate Registrar from time to time;
provided, that (i) absent such selection, (ii) until a Controlling Class Representative is so selected, or (iii) upon receipt
of a written notice from a majority of the Controlling Class Certificateholders, by Certificate Balance, that a Controlling Class
Representative is no longer designated, then, in each case, the Controlling Class Certificateholder that represents that it owns
the largest aggregate Certificate Balance of the Controlling Class shall, subject to the terms of Section 3.29(b) of this
Agreement, be the Controlling Class Representative; provided, however, that, in the case of this clause (iii),
in the event that no one Certificateholder represents that it owns the largest aggregate Certificate Balance of the Controlling
Class, then there will be no Controlling Class Representative until appointed in accordance with the terms of this Agreement.

 

The initial Controlling
Class Representative on the Closing Date shall be Eightfold Real Estate Capital, L.P. or its affiliate. The replacement of a Controlling
Class Representative shall be governed by the provisions of Section 3.29 of this Agreement. At any time that no Controlling
Class Representative has been identified to the Certificate Registrar and the other parties hereto, then there will be deemed to
be no Controlling Class Representative for purposes of this Agreement until such time as the Certificate Registrar and the other
parties to this Agreement receive notice of a successor Controlling Class Representative.

 

“Controlling
Companion Loan”: With respect to any Servicing Shift Whole Loan, the related Pari Passu Companion Loan which, upon the
securitization of such Pari Passu Companion Loan, servicing is expected to shift to the pooling and servicing agreement entered
into in connection with such securitization. The Atrium Center Pari Passu Note A-3, Sentinel Square II Pari Passu Note A-1, Rochester
Hotel Portfolio Pari Passu Note A-1, Marriott Charlotte City Center Pari Passu Note A-3, Towers at University Town Center Pari
Passu Note A-1 and Two Harbor Point Square Pari Passu Note A-1-A are the only Controlling Companion Loans related to the Trust.

 

“Corporate Trust
Office”: The offices of the Trustee and Certificate Administrator are located, (i) with respect to the Trustee, at 1100
North Market Street, Wilmington, Delaware 19890, Attention: CMBS Trustee – Benchmark 2018-B1, (ii) with respect to the Certificate
Administrator, at 9062 Old Annapolis Road, Columbia, Maryland 21045-1951, Attention: Corporate Trust Services – Benchmark
2018-B1, and (iii) in the case of any surrender, transfer or exchange, at Wells Fargo Center, 600 South 4th Street, 7th Floor,
MAC N9300-070, Minneapolis, Minnesota 55479, Attention: CTS – Certificate Transfers Services Benchmark 2018-B1, or the principal
trust office of any successor certificate administrator qualified and appointed pursuant to this Agreement.

 

    -46-

     

    

 

“Corrected Mortgage
Loan”: As defined under the definition of Specially Serviced Loan.

 

“Corresponding
Certificates”: As defined in the Preliminary Statement with respect to any Corresponding Lower-Tier Regular Interest
or Corresponding Component.

 

“Corresponding
Components”: As defined in the Preliminary Statement with respect to any Corresponding Certificates or any Corresponding
Lower-Tier Regular Interest.

 

“Corresponding
Lower-Tier Regular Interests”: As defined in the Preliminary Statement with respect to any Corresponding Certificates
or Corresponding Component.

 

“CREFC®”:
Commercial Real Estate Finance Council®, formerly known as Commercial Mortgage Securities Association, or any association
or organization that is a successor thereto. If neither such association nor any successor remains in existence, “CREFC®”
shall be deemed to refer to such other association or organization as may exist whose principal membership consists of servicers,
trustees, certificateholders, issuers, placement agents and underwriters generally involved in the commercial mortgage loan securitization
industry, which is the principal such association or organization in the commercial mortgage loan securitization industry and whose
principal purpose is the establishment of industry standards for reporting transaction-specific information relating to commercial
mortgage pass-through certificates and commercial mortgage-backed bonds and the commercial mortgage loans and foreclosed properties
underlying or backing them to investors holding or owning such certificates or bonds, and any successor to such other association
or organization. If an organization or association described in one of the preceding sentences of this definition does not exist,
“CREFC®” shall be deemed to refer to such other association or organization as shall be selected by
the Master Servicer and reasonably acceptable to the Certificate Administrator, the Trustee, the Special Servicer and, if no Control
Termination Event has occurred and is continuing, the Directing Holder.

 

“CREFC®
Advance Recovery Report”: A monthly report substantially in the form of, and containing the information called for in,
the downloadable form of the “Advance Recovery Report” available as of the Closing Date on the CREFC®
Website, or such other form for the presentation of such information and containing such additional information as may from time
to time be approved by the CREFC® for commercial mortgage securities transactions generally.

 

“CREFC®
Appraisal Reduction Template”: A report substantially in the form of, and containing the information called for in, the
downloadable form of the “Appraisal Reduction Template” available and effective from time to time on the CREFC®
Website.

 

“CREFC®
Bond Level File”: The data file in the “CREFC® Bond Level File” format substantially in the
form of and containing the information called for therein, or such other form for the presentation of such information as may be
approved from time to time by the CREFC® for commercial mortgage securities transactions generally.

 

“CREFC®
Collateral Summary File”: The data file in the “CREFC® Collateral Summary File” format
substantially in the form of and containing the information called for

 

    -47-

     

    

 

therein, or such other form for the presentation of such information as
may be approved from time to time by the CREFC® for commercial mortgage securities transactions generally.

 

“CREFC®
Comparative Financial Status Report”: The monthly report in “Comparative Financial Status Report” format
substantially in the form of and containing the information called for therein for the Mortgage Loans or Serviced Whole Loans,
or such other form for the presentation of such information as may be approved from time to time by the CREFC® for
commercial mortgage securities transactions generally. In connection with preparing the CREFC® Comparative Financial
Status Report, the Master Servicer shall process (a) interim financial statements beginning with interim financial statements for
the fiscal quarter ending June 30, 2018, and (b) annual financial statements beginning with annual financial statements for the
2018 fiscal year.

 

“CREFC®
Delinquent Loan Status Report”: A report substantially in the form of, and containing the information called for in,
the downloadable form of the “Delinquent Loan Status Report” available as of the Closing Date on the CREFC®
Website, or no later than 90 days after its adoption, such other form for the presentation of such information and containing such
additional information as may from time to time be approved by the CREFC® for commercial mortgage securities transactions
generally.

 

“CREFC®
Financial File”: The data file in the “CREFC® Financial File” format substantially in the
form of and containing the information called for therein for the Mortgage Loans or Serviced Whole Loans, or such other form for
the presentation of such information as may be approved from time to time by the CREFC® for commercial mortgage
securities transactions generally. The initial data for this report shall be provided by each Mortgage Loan Seller.

 

“CREFC®
Historical Bond/Collateral Realized Loss Reconciliation Template”: A report substantially in the form of, and containing
the information called for in, the downloadable form of the “Historical Bond/Collateral Realized Loss Reconciliation Template”
available and effective from time to time on the CREFC® Website.

 

“CREFC®
Historical Liquidation Loss Template”: A report substantially in the form of, and containing the information called for
in, the downloadable form of the “Historical Liquidation Loss Template” available and effective from time to time on
the CREFC® Website.

 

“CREFC®
Historical Loan Modification and Corrected Mortgage Loan Report”: The monthly report in the “Historical Loan Modification
and Corrected Mortgage Loan Report” format substantially in the form of and containing the information called for therein
for the Mortgage Loans or Serviced Whole Loans, or such other form for the presentation of such information as may be approved
from time to time by the CREFC® for commercial mortgage securities transactions generally.

 

“CREFC®
Intellectual Property Royalty License Fee”: With respect to each Mortgage Loan (other than the portion of an REO Loan
related to any Serviced Companion Loan) and for any related Interest Accrual Period, the amount of interest accrued during such
Interest Accrual Period at the CREFC® Intellectual Property Royalty License Fee Rate on the same principal balance,
in the same manner, and for the same number of days as any related

 

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interest payment with regards to the Mortgage Loan during which
such Interest Accrual Period is computed. Any payments of the CREFC® Intellectual Property Royalty License Fee shall
be made to “CRE Finance Council” and delivered by wire transfer pursuant to the following instructions (or such other
instructions as may hereafter be furnished by CREFC® to the Master Servicer in writing at least two Business Days
prior to the Master Servicer Remittance Date):

 

Account Name: Commercial
Real Estate Finance Council (CREFC®)

Bank Name: JPMorgan
Chase Bank, National Association

Bank Address: 80 Broadway,
New York, NY 10005

Routing Number: 021000021

Account Number: 213597397

 

“CREFC®
Intellectual Property Royalty License Fee Rate”: A rate equal to 0.0005% per annum.

 

“CREFC®
Interest Shortfall Reconciliation Template”: A report substantially in the form of, and containing the information called
for in, the downloadable form of the “Interest Shortfall Reconciliation Template” available and effective from time
to time on the CREFC® Website.

 

“CREFC®
Investor Reporting Package (CREFC® IRP)”:

 

(a)          The
following seven electronic files: (i) CREFC® Loan Setup File, (ii) CREFC® Loan Periodic Update File,
(iii) CREFC® Property File, (iv) CREFC® Bond Level File, (v) CREFC® Financial File,
(vi) CREFC® Collateral Summary File, (vii) CREFC® Special Servicer Loan File and (viii) CREFC®
Schedule AL File;

 

(b)          The
following eleven supplemental reports: (i) CREFC® Delinquent Loan Status Report, (ii) CREFC® Historical
Loan Modification and Corrected Mortgage Loan Report, (iii) CREFC® REO Status Report, (iv) CREFC®
Operating Statement Analysis Report, (v) CREFC® Comparative Financial Status Report, (vi) CREFC®
Servicer Watch List, (vii) CREFC® Loan Level Reserve/LOC Report, (viii) CREFC® NOI Adjustment Worksheet,
(ix) CREFC® Advance Recovery Report, (x) CREFC® Total Loan Report and (xi) CREFC®
Reconciliation of Funds Report;

 

(c)          the
following eight templates: (i) CREFC® Appraisal Reduction Template, (ii) CREFC® Servicer Realized
Loss Template, (iii) CREFC® Reconciliation of Funds Template, (iv) CREFC® Historical Bond/Collateral
Realized Loss Reconciliation Template, (v) CREFC® Historical Liquidation Loss Template, (vi) CREFC®
Interest Shortfall Reconciliation Template, (vii) CREFC® Servicer Remittance to Trustee Template and (viii) CREFC®
Significant Insurance Event Template; and

 

(d)          such
other reports and data files as CREFC® may designate as part of the “CREFC® Investor Reporting
Package (CREFC® IRP)” from time to time generally.

 

    -49-

     

    

 

“CREFC®
License Agreement”: The License Agreement, in the form set forth on the website of CREFC® on the Closing
Date, relating to the use of the CREFC® trademarks and trade names.

 

“CREFC®
Loan Level Reserve/LOC Report”: A report substantially in the form of, and containing the information called for in,
the downloadable form of the “Loan Level Reserve/LOC Report” available and effective from time to time on the CREFC®
Website.

 

“CREFC®
Loan Periodic Update File”: The monthly data file substantially in the form of, and containing the information called
for in, the downloadable form of the “CREFC® Loan Periodic Update File” available and effective from
time to time on the CREFC® Website and, provided that each CREFC® Loan Periodic Update File
shall be accompanied by a CREFC® Advance Recovery Report, if such report is required for a particular month, and
all references herein to “CREFC® Loan Periodic Update File” shall be construed accordingly.

 

“CREFC®
Loan Setup File”: The data file substantially in the form of, and containing the information called for in, the downloadable
form of the “CREFC® Loan Setup File” available and effective from time to time on the CREFC®
Website.

 

“CREFC®
NOI Adjustment Worksheet”: A report substantially in the form of, and containing the information called for in, the downloadable
form of the “NOI Adjustment Worksheet” available and effective from time to time on the CREFC® Website.

 

“CREFC®
Operating Statement Analysis Report”: A report substantially in the form of, and containing the information called for
in, the downloadable form of the “Operating Statement Analysis Report” available and effective from time to time on
the CREFC® Website.

 

“CREFC®
Property File”: The monthly data file substantially in the form of, and containing the information called for, in the
downloadable form of the “CREFC® Property File” available and effective from time to time on the CREFC®
Website.

 

“CREFC®
Reconciliation of Funds Template”: A report substantially in the form of, and containing the information called for in,
the downloadable form of the “Reconciliation of Funds Template” available and effective from time to time on the CREFC®
Website, or such other form for the presentation of such information and containing such additional information as may from time
to time be recommended by the CREFC® for commercial mortgage securities transactions generally.

 

“CREFC®
REO Status Report”: A monthly report substantially in the form of, and containing the information called for in, the
downloadable form of the “REO Status Report” available and effective from time to time on the CREFC®
Website.

 

“CREFC®
Schedule AL File”: The data file in the “Schedule AL File” format substantially in the form of and containing
the information required by Items 1111(h)(1), 1111(h)(2) and 1111(h)(3) of Regulation AB, Item 1125 of Regulation AB and Item 601(b)(102)
of Regulation S-K and otherwise called for therein, or such other form containing such required information for the presentation
of such information as may be approved from time to time by the CREFC® for commercial mortgage securities transactions
generally.

 

    -50-

     

    

 

“CREFC®
Servicer Realized Loss Template”: A report substantially in the form of, and containing the information called for in,
the downloadable form of the “Servicer Realized Loss Template” available and effective from time to time on the CREFC®
Website.

 

“CREFC®
Servicer Watch List”: A report substantially in the form of, and containing the information called for in, the downloadable
form of the “Servicer Watch List” available and effective from time to time on the CREFC® Website.

 

“CREFC®
Special Servicer Loan File”: The monthly data file substantially in the form of, and containing the information called
for in, the downloadable form of the “Special Servicer Loan File” available and effective from time to time on the
CREFC® Website.

 

“CREFC®
Supplemental Servicer Reports”: The CREFC® Delinquent Loan Status Report, the CREFC® Historical
Loan Modification and Corrected Mortgage Loan Report, the CREFC® REO Status Report, the CREFC® Servicer
Watch List, the CREFC® NOI Adjustment Worksheet, the CREFC® Comparative Financial Status Report,
the CREFC® Operating Statement Analysis Report, the CREFC® Loan Level Reserve/LOC Report, the CREFC®
Advance Recovery Report and the CREFC® Total Loan Report.

 

“CREFC®
Total Loan Report”: The monthly report substantially in the form of, and containing the information called for in, the
downloadable form of the “Total Loan Report” available and effective from time to time on the CREFC®
Website.

 

“CREFC®
Website”: The CREFC®’s Website located at www.crefc.org or such other primary website as
the CREFC® may establish for dissemination of its report forms.

 

“CREFI”:
Citi Real Estate Funding Inc., in its capacity as a Mortgage Loan Seller, and its successors in interest.

 

“CREFI Indemnification
Agreement”: The agreement dated as of the Pricing Date, between CREFI, the Depositor, the Underwriters and the Initial
Purchasers.

 

“CREFI Mortgage
Loans”: Each Mortgage Loan transferred and assigned to the Depositor pursuant to the CREFI Purchase Agreement.

 

“CREFI Purchase
Agreement”: The Mortgage Loan Purchase Agreement dated and effective the Pricing Date, between CREFI and the Depositor.

 

“Cross-Over
Date”: The Distribution Date, if any, on which the Certificate Balance of each of the Class A-M, Class B, Class C, Class
D, Class E, Class F-RR and Class G-RR Certificates is (or will be) reduced to zero.

 

“Cumulative
Appraisal Reduction Amount”: As of any date of determination, the sum of (i) all Appraisal Reduction Amounts then in
effect, and (ii) with respect to any AB Modified Loan, any Collateral Deficiency Amount then in effect. The Certificate Administrator
shall be entitled to conclusively rely on the Master Servicer’s calculation or determination of any Cumulative Appraisal
Reduction Amount.

 

    -51-

     

    

 

“Custodial Agreement”:
The Custodial Agreement, if any, from time to time in effect between the Custodian named therein and the Certificate Administrator,
in the form agreed to by the Certificate Administrator and the Custodian, as the same may be amended or modified from time to time
in accordance with the terms thereof. No Custodial Agreement will be required if the Custodian is the same party as the Certificate
Administrator.

 

“Custodian”:
Any Custodian appointed pursuant to Section 3.19 of this Agreement. If a Custodian is not so appointed, then the Custodian
shall be the Certificate Administrator. The Custodian may (but need not) be the Certificate Administrator, the Trustee or the Master
Servicer or any Affiliate of the Certificate Administrator, the Trustee or the Master Servicer. Wells Fargo Bank, National Association
will perform its obligations as Custodian hereunder through its Document Custody division.

 

“Cut-off Date”:
With respect to each Mortgage Loan, the later of the related Due Date of such Mortgage Loan in January 2018 (or, in the case of
any Mortgage Loan that has its first Due Date subsequent to January 2018, the date that would have been its Due Date in January
2018 under the terms of that Mortgage Loan if a Periodic Payment were scheduled to be due in that month) and the date of origination
of such Mortgage Loan.

 

“DBNY”:
Deutsche Bank AG, acting through its New York Branch, in its capacity as the holder of the VRR Interest, and its successors in
interest.

 

“DBRS”:
DBRS, Inc., or its successor in interest. If neither such rating agency nor any successor remains in existence, “DBRS”
shall be deemed to refer to such other nationally recognized statistical rating agency or other comparable Person reasonably designated
by the Depositor, notice of which designation shall be given to the other parties hereto, and specific ratings of DBRS herein referenced
shall be deemed to refer to the equivalent ratings of the party so designated.

 

“Debt Service
Coverage Ratio”: With respect to any Mortgage Loan or Serviced Whole Loan as of any date of determination and for any
period, the ratio calculated by dividing the net operating income or net cash flow, as applicable, of the related Mortgaged Property
or Mortgaged Properties, as the case may be, for the most recently ended 12-month trailing or one-year period for which data is
available from the related Borrower (or year-to-date until such time that data for the trailing 12-month period is available),
before payment of any scheduled payments of principal and interest on such Mortgage Loan or Serviced Whole Loan but after funding
of required reserves and “normalized” information from the CREFC® NOI Adjustment Worksheet for such
Mortgaged Property by the Master Servicer or Special Servicer, if applicable, pursuant to Section 3.13 of this Agreement,
by the annual debt service required by such Mortgage Loan or Serviced Whole Loan. Annual debt service shall be calculated by multiplying
the Periodic Payment in effect on such date of determination for such Mortgage Loan or Serviced Whole Loan by 12 (or such fewer
number of months for which related information is available).

 

“Default”:
An event of default under the Loan Documents for any Mortgage Loan or Whole Loan, or an event which, with the passage of time or
the giving of notice, or both, would constitute an event of default under the Loan Documents for such Mortgage Loan or Whole Loan.

 

    -52-

     

    

 

“Default Interest”:
With respect to any Mortgage Loan or Serviced Companion Loan, interest accrued on such Mortgage Loan or Serviced Companion Loan
(other than Excess Interest) at the excess of (i) the related Default Rate over (ii) the related Mortgage Rate.

 

“Default Rate”:
With respect to each Mortgage Loan or Serviced Companion Loan, the per annum rate at which interest accrues on such Mortgage
Loan or Serviced Companion Loan following any event of default on such Mortgage Loan or Serviced Companion Loan, including a default
in the payment of a Periodic Payment or a Balloon Payment.

 

“Defaulted Loan”:
A Serviced Mortgage Loan and any related Serviced Companion Loan (i) that is delinquent at least 60 days in respect of its Periodic
Payments or that is more than 60 days delinquent in respect of its Balloon Payment (taking into account any extensions to such
60-day period as provided in the provisos to clause (a) of the definition of “Specially Serviced Loan”), if any, in
either case such Delinquency to be determined without giving effect to any grace period permitted by the related Loan Documents
and without regard to any acceleration of payments under the related Mortgage Loan or Serviced Companion Loan or (ii) as to which
the Master Servicer or Special Servicer has, by written notice to the related borrower, accelerated the maturity of the indebtedness
evidenced by the related Mortgage Note.

 

“Defeasance
Account”: As defined in Section 3.26(j) of this Agreement.

 

“Defect”:
As defined in Section 2.03(e) of this Agreement.

 

“Deficient Exchange
Act Deliverable”: With respect to the Master Servicer, the Special Servicer, the Operating Advisor, the Asset Representations
Reviewer, the Custodian, the Certificate Administrator, the Trustee and each Servicing Function Participant and Additional Servicer
retained by it (other than a Mortgage Loan Seller Sub-Servicer), any item (x) regarding such party, (y) prepared by such party
or any registered public accounting firm, attorney or other agent retained by such party to prepare such information and (z) delivered
by or on behalf of such party pursuant to the delivery requirements under Article X of this Agreement that does not conform
to the applicable reporting requirements under the Securities Act, the Exchange Act, the Sarbanes-Oxley Act and the rules and regulations
promulgated thereunder.

 

“Delinquency”:
Any failure of a Borrower to make a scheduled Periodic Payment or Balloon Payment on a Due Date.

 

“Delinquent
Mortgage Loan”: A Mortgage Loan that is delinquent at least sixty days in respect of its Periodic Payments or Balloon
Payment, if any, in either case such delinquency to be determined without giving effect to any grace period.

 

“Denomination”:
As defined in Section 5.01(a) of this Agreement.

 

“Depositor”:
Deutsche Mortgage & Asset Receiving Corporation, a Delaware corporation, and its successors and assigns.

 

“Depository”:
The Depository Trust Company or a successor appointed by the Certificate Registrar (which appointment shall be at the direction
of the Depositor if the Depositor is legally able to do so).

 

    -53-

     

    

 

“Depository
Participant”: A Person for whom, from time to time, the Depository effects book-entry transfers and pledges of securities
deposited with the Depository.

 

“Determination
Date”: With respect to any Distribution Date, the 11th day of the calendar month of the related Distribution Date or,
if such 11th day is not a Business Day, then the next Business Day, commencing in February 2018.

 

“Diligence File”:
With respect to each Mortgage Loan or Companion Loan, if applicable, collectively the following documents in electronic format:

 

(a)          A
copy of each of the following documents:

 

(i)     the
Mortgage Note, endorsed on its face or by allonge attached to the Mortgage Note, without recourse, to the order of the Trustee
or in blank and further showing a complete, unbroken chain of endorsement from the Originator (or, if the original Mortgage Note
has been lost, an affidavit to such effect from the applicable Mortgage Loan Seller or another prior holder, together with a copy
of the Mortgage Note and an indemnity properly assigned and endorsed to the Trustee);

 

(ii)    the
Mortgage, together with an original or copy of any intervening assignments of the Mortgage, in each case with evidence of recording
indicated thereon or certified to have been submitted for recording;

 

(iii)   assignment
of the Mortgage in favor of the Trustee (or the related Other Trustee, in the case of a Non-Serviced Mortgage Loan) or in blank
and (subject to the completion of certain missing recording information and, if applicable, the assignee’s name) in recordable
form (or, if the related Mortgage Loan Seller is responsible for the recordation of that assignment, a copy of such assignment
to be sent for recordation);

 

(iv)   any
related Assignment of Leases, Rents and Profits of any intervening assignments (if such item is a document separate from the Mortgage),
with evidence of recording indicated thereon or certified to have been submitted for recording;

 

(v)    an
assignment of any related Assignment of Leases, Rents and Profits (if such item is a document separate from the Mortgage) in favor
of the Trustee (or the related Other Trustee, in the case of a Non-Serviced Mortgage Loan) or in blank and (subject to the completion
of certain missing recording information and, if applicable, the assignee’s name) in recordable form (or, if the related
Mortgage Loan Seller is responsible for the recordation of that assignment, a copy of such assignment to be sent for recordation);

 

(vi)   the
assignment of all unrecorded documents relating to the Mortgage Loan or a Serviced Whole Loan, if not already assigned pursuant
to items (iii) or (v) above;

 

    -54-

     

    

 

(vii)  all
modification, consolidation, assumption, written assurance and substitution agreements in those instances in which the terms or
provisions of the Mortgage or Mortgage Note have been modified or the Mortgage Loan has been assumed or consolidated;

 

(viii)          the
policy or certificate of lender’s title insurance issued on the date of the origination of such Mortgage Loan, or, if such
policy has not been issued or located, an irrevocable, binding commitment (which may be a marked version of the policy that has
been executed by an authorized representative of the title company or an agreement to provide the same pursuant to binding escrow
instructions executed by an authorized representative of the title company) to issue such title insurance policy;

 

(ix)   any
UCC financing statements, related amendments and continuation statements in the possession of the applicable Mortgage Loan Seller;

 

(x)     an
original assignment in favor of the Trustee (or the related Other Trustee, in the case of a Non-Serviced Mortgage Loan) or in blank
of any financing statement executed and filed in favor of the applicable Mortgage Loan Seller in the relevant jurisdiction (or,
if the related Mortgage Loan Seller is responsible for the filing of that assignment, a copy of such assignment to be sent for
filing);

 

(xi)   any
Intercreditor Agreement relating to permitted debt of the mortgagor, including any Intercreditor Agreement relating to a Serviced
Whole Loan;

 

(xii)   any
loan agreement, escrow agreement, security agreement or letter of credit relating to a Mortgage Loan or a Serviced Whole Loan;

 

(xiii)           any
ground lease, ground lessor estoppel, indemnity or guaranty relating to a Mortgage Loan or a Serviced Whole Loan;

 

(xiv)           any
property management agreement relating to a Mortgage Loan or a Serviced Whole Loan;

 

(xv)  any
franchise agreements and comfort letters or similar agreements relating to a Mortgage Loan or Serviced Whole Loan and, with respect
to any franchise agreement, comfort letter or similar agreement, any assignment of such agreements or any notice to the franchisor
of the transfer of a Mortgage Loan or Serviced Whole Loan and a request for confirmation that the issuing entity is a beneficiary
of such comfort letter or other agreement, or for the issuance of a new comfort letter in favor of the issuing entity, as the case
may be;

 

(xvi)          any
lock-box or cash management agreement relating to a Mortgage Loan or a Serviced Whole Loan;

 

(xvii)         any
related mezzanine intercreditor agreement;

 

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(xviii)         all
related environmental reports;

 

(xix)           all
related environmental insurance policies;

 

(b)         a
copy of any engineering reports or property condition reports;

 

(c)          other
than with respect to a hotel property (except with respect to tenanted commercial space within a hotel property), copies of a rent
roll;

 

(d)          for
any office, retail, industrial or warehouse property, a copy of all leases and estoppels and subordination and non-disturbance
agreements delivered to the related Mortgage Loan Seller;

 

(e)          copies
of all legal opinions (excluding attorney client communications between the related Mortgage Loan Seller, and its counsel that
are privileged communications or constitute legal or other due diligence analyses), if any, delivered in connection with the closing
of the related Mortgage Loan;

 

(f)           copies
of all mortgagor’s certificates of hazard insurance and/or hazard insurance policies or other applicable insurance policies
(to the extent not previously included as part of this definition), if any, delivered in connection with the origination of the
related Mortgage Loan;

 

(g)          a
copy of the appraisal for the related Mortgaged Property(ies);

 

(h)          for
any Mortgage Loan that the related Mortgaged Property is leased to a single tenant, a copy of the lease;

 

(i)           a
copy of the applicable Mortgage Loan Seller’s asset summary;

 

(j)           copies
of all surveys for the related Mortgaged Property or Mortgaged Properties;

 

(k)          copies
of any zoning reports;

 

(l)           copies
of financial statements of the related mortgagor;

 

(m)         copies
of operating statements for the related Mortgaged Property or Mortgaged Properties;

 

(n)         copies
of all UCC searches;

 

(o)         copies
of all litigation searches;

 

(p)         copies
of all bankruptcy searches;

 

(q)         a
copy of the origination settlement statement;

 

(r)          a
copy of the insurance consultant report;

 

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(s)          copies
of the organizational documents of the related mortgagor and any guarantor;

 

(t)          copies
of the escrow statements;

 

(u)          a
copy of any closure letter (environmental);

 

(v)          a
copy of any environmental remediation agreement for the related Mortgaged Property or Mortgaged Properties; and

 

(w)         a
copy of the payment history with respect to such Mortgage Loan prior to the Closing Date;

 

provided, that
(i) with respect to any Mortgage Loan which is a Non-Serviced Mortgage Loan on the Closing Date, any assignments in favor of the
trustee will be in favor of the trustee under the related Other Pooling and Servicing Agreement and (ii) with respect to any Servicing
Shift Mortgage Loan, any assignments in favor of the trustee may be in blank and may not be recorded or filed until otherwise set
forth in Section 2.01(a);

 

in each case, to the
extent that the Originator received such documents in connection with the origination of such Mortgage Loan. In the event any of
the items identified above were not included in connection with the origination of such Mortgage Loan, the Diligence File shall
include a statement to that effect; provided that the Mortgage Loan Seller shall not deliver information that is proprietary
to the related Originator or Mortgage Loan Seller or any draft documents or privileged or internal communications. The Mortgage
Loan Seller may, without any obligation to do so, include such other documents or information as part of the Diligence File that
such Mortgage Loan Seller believes should be included to enable the Asset Representations Reviewer to perform the Asset Review
on such Mortgage Loan; provided that such documents or information are clearly labeled and identified.

 

“Diligence File
Certification”: As defined in Section 2.01(f).

 

“Directing Holder”:
With respect to (i) any Serviced Mortgage Loan (other than a Servicing Shift Loan) and any related Serviced Companion Loan, the
Controlling Class Representative and (ii) each Servicing Shift Whole Loan, the related Loan-Specific Directing Holder.

 

At such time as there
is no Controlling Class in accordance with the definition thereof, the Controlling Class Representative shall have no rights under
this Agreement.

 

The identification and
contact information of each initial Directing Holder as of the Closing Date is set forth on Schedule I to this Agreement.
The parties to this Agreement may rely on such Schedule in accordance with Section 3.29.

 

For the avoidance of
doubt, notwithstanding anything to the contrary contained in this Agreement, Control Termination Event and Consultation Termination
Event shall not affect the rights of a Non-Directing Holder. Whenever the term “Directing Holder” is used in this

 

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Agreement
without further clarification, the parties hereto intend for such reference to mean the applicable Directing Holder under the circumstances.

 

In the event that no
Directing Holder has been appointed or identified to the Master Servicer or the Special Servicer, as applicable, and the Master
Servicer or the Special Servicer, as applicable, has attempted to obtain such information from the Certificate Administrator and
no such entity has been identified to the Master Servicer or the Special Servicer, as applicable, then until such time as the new
Directing Holder is identified, the Master Servicer or the Special Servicer, as applicable, shall have no duty to consult with,
provide notice to, or seek the approval or consent of any such Directing Holder as the case may be.

 

“Directing Holder
Asset Status Report Review Process”: As defined in Section 3.23(e).

 

“Directly Operate”:
With respect to any Serviced REO Property, the furnishing or rendering of services to the tenants thereof that are not customarily
provided to tenants in connection with the rental of space for occupancy only within the meaning of Treasury Regulations Section
1.512(b)-1(c)(5), the management or operation of such Serviced REO Property, the holding of such Serviced REO Property primarily
for sale to customers in the ordinary course of a trade or business, or any use of such Serviced REO Property in a trade or business
conducted by the Trust Fund, or the performance of any construction work on the Serviced REO Property other than through an Independent
Contractor; provided that the Special Servicer, on behalf of the Trust Fund, shall not be considered to Directly Operate
a Serviced REO Property solely because the Special Servicer, on behalf of the Trust Fund, establishes rental terms, chooses tenants,
enters into or renews leases, deals with taxes and insurance, or makes decisions as to repairs or capital expenditures with respect
to such Serviced REO Property or takes other actions consistent with Treasury Regulations Section l.856-4(b)(5)(ii).

 

“Disclosable
Special Servicer Fees”: With respect to any Serviced Mortgage Loan and any related Serviced Companion Loan or Serviced
REO Property, any compensation and other remuneration (including, without limitation, in the form of commissions, brokerage fees,
rebates, and as a result of any other fee-sharing arrangement) received or retained by the Special Servicer or any of its Affiliates
that is paid by any Person (including, without limitation, the Trust, any Borrower, any Manager, any guarantor or indemnitor in
respect of a Serviced Mortgage Loan and any related Serviced Companion Loan and any purchaser of any Serviced Mortgage Loan and
any related Serviced Companion Loan or Serviced REO Property) in connection with the disposition, workout or foreclosure of any
Serviced Mortgage Loan and any related Serviced Companion Loan, if applicable, the management or disposition of any Serviced REO
Property, and the performance by the Special Servicer or any such Affiliate of any other special servicing duties under this Agreement;
provided that any compensation and other remuneration that the Master Servicer or Certificate Administrator is permitted
to receive or retain pursuant to the terms of this Agreement in connection with its respective duties in such capacity as Master
Servicer or Certificate Administrator under this Agreement shall not be Disclosable Special Servicer Fees.

 

“Disclosure
Parties”: As defined in Section 3.14(e) of this Agreement.

 

“Dispute Resolution
Consultation”: As defined in Section 2.03(l)(i).

 

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“Dispute Resolution
Cut-off Date”: As defined in Section 2.03(l)(i).

 

“Disqualified
Non-U.S. Person”: With respect to a Class R Certificate, any Non-U.S. Person or agent thereof other than (a) a Non-U.S.
Person that holds the Class R Certificate in connection with the conduct of a trade or business within the United States and has
furnished the transferor and the Certificate Registrar with an effective IRS Form W-8ECI (or applicable successor Form promulgated
by the IRS for the purpose of providing and certifying the information provided on Form W-8ECI as of the Closing Date) or (b) a
Non-U.S. Person that has delivered to both the transferor and the Certificate Registrar an opinion of a nationally recognized tax
counsel to the effect that the transfer of the Class R Certificate to it is in accordance with the requirements of the Code and
the regulations promulgated thereunder and that such transfer of the Class R Certificate will not be disregarded for federal income
tax purposes.

 

“Disqualified
Organization”: Any of (a) the United States, a State or any political subdivision thereof or any agency or instrumentality
of any of the foregoing (other than an instrumentality that is a corporation if all of its activities are subject to tax and, except
for the Federal Home Mortgage Corporation, a majority of its board of directors is not selected by any such governmental unit),
(b) a foreign government, International Organization (as defined below) or agency or instrumentality of either of the foregoing,
(c) an organization that is exempt from tax imposed by Code Chapter 1 (including the tax imposed by Section 511 of the Code on
unrelated business taxable income) on any excess inclusions (as defined in Section 860E(c)(1) of the Code) with respect to the
Class R Certificates (except certain farmers’ cooperatives described in Section 521 of the Code), (d) rural electric and
telephone cooperatives described in Section 1381(a)(2)(C) of the Code, or (e) any other Person so designated by the Certificate
Registrar based upon an Opinion of Counsel provided to the Certificate Registrar (which shall be an expense of the Trust) to the
effect that any Transfer to such Person may cause any Trust REMIC to be subject to tax or to fail to qualify as a REMIC at any
time that the Certificates are outstanding. For the purposes of this definition, the terms “United States,” “State”
and “International Organization” shall have the meanings set forth in Section 7701 of the Code or successor provisions.

 

“Distribution
Accounts”: Collectively, the Upper-Tier Distribution Account, the Lower-Tier Distribution Account and the Excess Interest
Distribution Account, each of which may be sub-accounts of a single Eligible Account.

 

“Distribution
Date”: For each Determination Date, the 4th Business Day following such Determination Date in each calendar month, commencing
in February 2018. The first Distribution Date shall be February 16, 2018.

 

“Distribution
Date Statement”: As defined in Section 4.02(a) of this Agreement.

 

“Do Not Hire
List”: The list, as may be updated at any time, provided by the Depositor to the Master Servicer, Special Servicer, the
Certificate Administrator, Trustee or Operating Advisor, the Asset Representations Reviewer, which lists certain parties identified
by the Depositor as having failed to comply (after any applicable cure period) with their respective obligations under Article
X of this Agreement or as having failed to comply (after any applicable

 

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cure period) with any similar Regulation AB reporting
requirements under any other securitization transaction.

 

“Due Date”:
With respect to (i) any Mortgage Loan or Serviced Whole Loan on or prior to its Maturity Date, the day of the month set forth in
the related Mortgage Note on which each Periodic Payment thereon is scheduled to be first due and (ii) any Mortgage Loan or Serviced
Whole Loan after the Maturity Date therefor or any REO Loan, the day of the month set forth in the related Mortgage Note on which
each Periodic Payment on such Mortgage Loan or Serviced Whole Loan had been scheduled to be first due.

 

“Early Termination
Notice Date”: Any date as of which the aggregate Stated Principal Balance of the Mortgage Loans remaining in the Trust
is less than 1.0% of the aggregate Stated Principal Balance of all of the Mortgage Loans as of the Cut-off Date. Solely for purposes
of this calculation, if such right is being exercised after February 2028 and the 156-168 Bleecker Mortgage Loan is still an asset
of the Trust, then such Mortgage Loan will be excluded from the then aggregate Stated Principal Balance and the aggregate Cut-off
Date Principal Balance.

 

“EDGAR Compatible
Format”: (a) With respect to the Initial Schedule AL File, Initial Schedule AL Additional File, CREFC®
Schedule AL File, the Schedule AL Additional File and any other information required pursuant to Item 1111(h) of Regulation AB,
XML Format or such other format as mutually agreed to between the Depositor, Certificate Administrator and the Master Servicer
and (b) with respect to any other document or information, any format compatible with EDGAR, including, without limitation, HTML,
Word, Excel or clean and searchable PDFs.

 

“Eligible Account”:
Any of:

 

(i)           an
account or accounts maintained with a depository institution or trust company (A) the short-term unsecured debt obligations, deposits
or commercial paper of which are rated at least “F1” by Fitch, in the case of accounts in which funds are held for
30 days or less or in the case of accounts in which funds are held for more than 30 days, the long-term unsecured debt obligations
or deposits of which are rated at least “A” by Fitch, and (B) the long-term unsecured debt obligations or deposits
of which are rated at least “BBB+” by S&P, if the deposits are to be held in such account for thirty (30) days
or more, and the short-term unsecured debt obligations or deposits of which are rated at least “A-1” by S&P (or
“A-2” by S&P so long as the long-term unsecured debt obligations or deposits of such depository institution or
trust company are rated no less than “BBB” by S&P), if the deposits are to be held in such account for less than
thirty (30) days),

 

(ii)          an
account or accounts maintained with Wells Fargo Bank, National Association so long as such depository’s long-term unsecured
debt or deposit accounts are rated at least “BBB” from S&P and “A” from Fitch (if the deposits are
to be held in the account for more than thirty (30) days) or Wells Fargo Bank, National Association’s short-term deposit
or short-term unsecured debt rating shall be at least “A-1” from S&P (or “A-2” by S&P so long as
the long-term unsecured debt obligations of such depository institution or trust company are rated no less than “BBB”
by S&P), and “F2” from Fitch (if the deposits are to be held in the account for thirty (30) days or less),

 

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(iii)         a
segregated trust account or accounts maintained with the trust department of a federal or state chartered depository institution
or trust company acting in its fiduciary capacity which institution or trust company has a combined capital and surplus of at least
$50,000,000 and is subject to supervision or examination by federal or state authority and to regulations regarding fiduciary funds
on deposit similar to Title 12 of the Code of Federal Regulations, Section 9.10(b) and the long-term unsecured debt obligations
of which are rated at least “A2” by Moody’s,

 

(iv)         such
other account or accounts that, but for the failure to satisfy one or more of the minimum rating(s) set forth in the applicable
clause, would be listed in clauses (i)-(iii) above, with respect to which a Rating Agency Confirmation has been obtained from each
Rating Agency for which the minimum ratings set forth in the applicable clause is not satisfied with respect to such account, or

 

(v)          any
other account as to which the Certificate Administrator, the Trustee, the Master Servicer or the Special Servicer, as applicable,
receives a Rating Agency Confirmation from each Rating Agency, which may be an account maintained by or with the Certificate Administrator,
the Trustee, the Master Servicer or the Special Servicer.

 

Eligible
Accounts may bear interest.

 

“Eligible Asset
Representations Reviewer”: An institution that (a) is the special servicer, operating advisor or asset representations
reviewer on a transaction rated by any of Moody’s, S&P, Fitch, DBRS, KBRA or Morningstar and that has not been a special
servicer, operating advisor or asset representations reviewer on a transaction for which Moody’s, S&P, Fitch, DBRS, KBRA
or Morningstar has qualified, downgraded or withdrawn its rating or ratings of, one or more classes of certificates for such transaction
citing servicing or other relevant concerns with the special servicer, operating advisor or asset representations reviewer, as
applicable, as the sole or material factor in such rating action, (b) can and will make the representations and warranties of the
Asset Representations Reviewer set forth in Section 2.04(g), (c) is not (and is not affiliated (including Risk Retention Affiliated)
with) any Sponsor, any Mortgage Loan Seller, any Originator, the Master Servicer, the Special Servicer, the Depositor, the Third-Party
Purchaser, the Certificate Administrator, the Trustee, the Directing Holder, the Risk Retention Consultation Party or any of their
respective affiliates (including Risk Retention Affiliates), (d) has not performed (and is not affiliated with any party hired
to perform) any due diligence, loan underwriting, brokerage, borrower advisory or similar services with respect to any Mortgage
Loan or any related Companion Loan prior to the Closing Date for or on behalf of any Sponsor, any Mortgage Loan Seller, any Underwriter,
any party to this Agreement or the Directing Holder, the Risk Retention Consultation Party of any of their respective Affiliates,
or have been paid any fees, compensation or other remuneration by any of them in connection with any such services, and (e) does
not directly or indirectly, through one or more Affiliates or otherwise, own any interest in any Certificates, any Mortgage Loans,
any Companion Loan or any securities backed by a Companion Loan or otherwise have any financial interest in the securitization
transaction to which this Agreement relates, other than in fees from its role as Asset Representations Reviewer (or as Operating
Advisor, if applicable) and except as otherwise set forth in Section 11.04.

 

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“Eligible Investor”:
Any of (i) a Qualified Institutional Buyer that is purchasing for its own account or for the account of a Qualified Institutional
Buyer to whom notice is given that the offer, sale or transfer is being made in reliance on Rule 144A or (ii) (except with respect
to the Class R Certificates) an Institutional Accredited Investor.

 

“Eligible Operating
Advisor”: An institution (i) that is the special servicer or operating advisor on a commercial mortgage-backed securities
transaction rated by the Rating Agencies (including, in the case of Park Bridge Lender Services LLC, this transaction) but has
not been special servicer or operating advisor on a transaction for which any Rating Agency has qualified, downgraded or withdrawn
its rating or ratings of, one or more classes of certificates for such transaction citing servicing concerns with the special servicer
or operating advisor as the sole or material factor in such rating action, (ii) that can and will make the representations and
warranties set forth in Section 2.04(f) of this Agreement, (iii) that is not (and is not affiliated (including Risk Retention
Affiliated) with) the Depositor, the Trustee, the Certificate Administrator, the Master Servicer, the Special Servicer, a Mortgage
Loan Seller, any Borrower Party, the Third-Party Purchaser, the Controlling Class Representative, the Directing Holder, the Risk
Retention Consultation Party, an Other Depositor, Other Trustee, Other Servicer or Other Special Servicer, or an Affiliate of the
Depositor, the Trustee, the Certificate Administrator, the Master Servicer, the Special Servicer, a Mortgage Loan Seller, the Controlling
Class Representative, the Directing Holder or an Other Depositor, Other Trustee, Other Servicer or Other Special Servicer, or any
of their respective Affiliates (including Risk Retention Affiliates), (iv) that has not been paid by any Special Servicer or successor
Special Servicer any fees, compensation or other remuneration (x) in respect of its obligations hereunder or (y) for the appointment
or recommendation for replacement of a successor Special Servicer to become the Special Servicer, (v) that (x) has been regularly
engaged in the business of analyzing and advising clients in commercial mortgage-backed securities matters and has at least five
years of experience in collateral analysis and loss projections, and (y) has at least five years of experience in commercial real
estate asset management and experience in the workout and management of distressed commercial real estate assets, and (vi) that
does not directly or indirectly, through one or more affiliates or otherwise, own or have derivative exposure in any interest in
any certificates, any Mortgage Loans, any Companion Loan or any securities backed by a Companion Loan or otherwise have any financial
interest in the securitization transaction to which this Agreement relates, other than in fees from its role as Operating Advisor
and Asset Representations Reviewer (to the extent it also acts as the Asset Representations Reviewer).

 

“Enforcing Party”:
The Person obligated to or that elects pursuant to the terms of this Agreement to enforce the rights of the issuing entity against
the related Mortgage Loan Seller with respect to the Repurchase Request.

 

“Enforcing Servicer”:
(a) With respect to a Specially Serviced Loan, the Special Servicer, and (b) with respect to a Performing Loan, (i) in the case
of a Repurchase Request made by the Special Servicer, the Controlling Class Representative or a Controlling Class Certificateholder,
the Master Servicer, and (ii) in the case of a Repurchase Request made by any person other than the Special Servicer, the Controlling
Class Representative or a Controlling Class Certificateholder, (A) prior to a Resolution Failure relating to such Performing Loan,
the Master Servicer, and (B) from and after a Resolution Failure relating to such Performing Loan, the Special Servicer.

 

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“Environmental
Insurance Policy”: With respect to any Mortgaged Property or Serviced REO Property, any insurance policy covering pollution
conditions and/or other environmental conditions that is maintained from time to time in respect of such Mortgaged Property or
Serviced REO Property, as the case may be, for the benefit of, among others, the Trustee on behalf of the Certificateholders.

 

“Environmental
Report”: The environmental audit report or reports with respect to each Mortgaged Property delivered to the Mortgage
Loan Sellers in connection with the related Mortgage Loan.

 

“ERISA”:
The Employee Retirement Income Security Act of 1974, as it may be amended from time to time.

 

“ERISA Plan”:
As defined in Section 5.02(k) of this Agreement.

 

“Escrow Account”:
As defined in Section 3.04(b) of this Agreement. Any Escrow Account may be a sub-account of the related Cash Collateral
Account.

 

“Escrow Payment”:
Any payment made by any Borrower to the Master Servicer pursuant to the related Mortgage, Cash Collateral Account Agreement, Lock-Box
Agreement, Loan Agreement or other Loan Document for the account of such Borrower for application toward the payment of taxes,
insurance premiums, assessments, environmental remediation and similar items in respect of the related Mortgaged Property or related
to the satisfaction of closing conditions for the related Mortgage Loan.

 

“Euroclear”:
Euroclear Bank, as operator of the Euroclear System and its successors in interest.

 

“Excess Interest”:
With respect to any ARD Loan, interest collected from the related Borrower at the Revised Rate in respect of such ARD Loan in excess
of the interest accrued at the Initial Rate, plus any related interest accrued on such amounts, to the extent permitted
by applicable law and the related Mortgage Loan documents.

 

“Excess Interest
Certificates”: Any class of commercial mortgage pass-through certificates issued under this Agreement that are designated
as evidencing an interest in the Excess Interest. The Class S, Class V1-G and Class V2 Certificates shall be the only Classes of
Excess Interest Certificates issued under this Agreement.

 

“Excess Interest
Distribution Account”: The segregated non-interest bearing trust account or sub-account created and maintained by the
Certificate Administrator pursuant to Section 3.05(k), which shall be entitled “Wells Fargo Bank, National Association,
as Certificate Administrator, for the benefit of the holders of Benchmark 2018-B1 Mortgage Trust Commercial Mortgage Pass-Through
Certificates, Series 2018-B1 – Excess Interest Distribution Account,” and which must be an Eligible Account or a sub-account
of an Eligible Account. The Excess Interest Distribution Account shall not be an asset of any Trust REMIC, but rather shall be
an asset of the Grantor Trust.

 

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“Excess Prepayment
Interest Shortfall”: With respect to any Distribution Date, the aggregate amount, if any, by which the Prepayment Interest
Shortfalls with respect to all Principal Prepayments received with respect to the Mortgage Loans and Companion Loans during the
related prepayment period exceed the Compensating Interest Payment.

 

“Excess Rate”:
With respect to each of the Mortgage Loans indicated on the Mortgage Loan Schedule as having a Revised Rate, the excess of (i)
the applicable Revised Rate over (ii) the applicable Mortgage Rate, each as set forth in the Mortgage Loan Schedule.

 

“Excess Servicing
Fee Rate”: With respect to each Mortgage Loan and any related Serviced Companion Loan (and any successor REO Loan with
respect thereto), a rate per annum equal to the Servicing Fee Rate (subject to the rights of the Mortgage Loan Seller Sub-Servicers
identified on Exhibit X to this Agreement) minus 0.0025%; provided that such rate shall be subject to reduction pursuant
to Section 7.02 of this Agreement.

 

“Excess Servicing
Fee Right”: With respect to each Mortgage Loan and any related Serviced Companion Loan (and any successor REO Loan with
respect thereto), the right to receive Excess Servicing Fees. In the absence of any transfer of the Excess Servicing Fee Right,
the Master Servicer shall be the owner of such Excess Servicing Fee Right.

 

“Excess Servicing
Fees”: With respect to each Mortgage Loan and any related Serviced Companion Loan (and any successor REO Loan with respect
thereto), that portion of the Servicing Fee that accrues at a per annum rate equal to the Excess Servicing Fee Rate.

 

“Exchange Act”:
The Securities Exchange Act of 1934, as amended and the rules and regulations thereunder.

 

“Exchange Date”:
As defined in Section 5.09(d).

 

“Exchangeable
Certificates”: The Class V1 and Class V2 Certificates, collectively.

 

“Exchangeable
Group”: Each of Exchangeable Group 1 and Exchangeable Group 2.

 

“Exchangeable
Group 1”: The Class V2 Certificates.

 

“Exchangeable
Group 2”: The Class V1 Certificates, collectively.

 

“FDIC”:
The Federal Deposit Insurance Corporation or any successor thereto.

 

“FHLMC”:
The Federal Home Loan Mortgage Corporation, or any successor thereto.

 

“Final Asset
Status Report”: With respect to any Specially Serviced Loan, the initial Asset Status Report (together with such other
data or supporting information provided by the Special Servicer to the Directing Holder that does not include any communication
(other than the related Asset Status Report) between the Special Servicer and the Directing Holder with respect to such Specially
Serviced Loan) required to be delivered by the Special Servicer by the

 

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Initial Delivery Date or any Subsequent Asset Status Report,
in each case, in the form fully approved or deemed approved, if applicable, by the Directing Holder pursuant to the Directing Holder
Asset Status Report Review Process or following completion of the ASR Consultation Process, as applicable. For the avoidance of
doubt, the Special Servicer may issue more than one Final Asset Status Report with respect to any Specially Serviced Loan in in
accordance with the procedures described in Section 3.23(e). Each Final Asset Status Report will be labeled or otherwise
identified or communicated as being final.

 

“Final Dispute
Resolution Election Notice”: As defined in Section 2.03(k)(iii).

 

“Final Recovery
Determination”: With respect to any Specially Serviced Loan, Serviced REO Loan or any Mortgage Loan subject to repurchase
by the related Mortgage Loan Seller pursuant to Section 2.03(e) of this Agreement, or in the case of a Whole Loan, subject
to a purchase pursuant to the applicable Intercreditor Agreement, or any Mortgage Loan or Whole Loan subject to purchase pursuant
to any related mezzanine intercreditor agreement, the recovery of all Insurance Proceeds, Liquidation Proceeds, the related Purchase
Price and other payments or recoveries (including proceeds of the final sale of any Serviced REO Property) which the Master Servicer
(or in the case of a Specially Serviced Loan or Serviced REO Loan, the Special Servicer), in its reasonable judgment, and, if no
Consultation Termination Event has occurred and is continuing, in consultation with the Directing Holder, as evidenced by a certificate
of a Servicing Officer delivered to the Trustee, the Certificate Administrator, the Operating Advisor, the Asset Representations
Reviewer and the Custodian (and the Master Servicer, if the certificate is from the Special Servicer), expects to be finally recoverable.
If no Control Termination Event has occurred and is continuing, the Directing Holder shall have ten (10) Business Days to review
and approve each such recovery determination; provided that if the Directing Holder fails to approve or disapprove any recovery
determination within ten (10) Business Days of receipt of the initial recovery determination, such consent shall be deemed given.
The Master Servicer shall maintain records, prepared by a Servicing Officer, of each Final Recovery Determination until the earlier
of (i) its termination as the Master Servicer hereunder and the transfer of such records to a successor servicer and (ii) five
years following the termination of the Trust Fund.

 

“Financial Market
Publisher”: BlackRock Financial Management, Inc., Moody’s Analytics, Bloomberg Financial Markets, L.P., CMBS.com,
Inc., Trepp, LLC, Intex Solutions, Inc., Interactive Data Corporation, Markit LLC and Thomson Reuters Corporation or any successor
entities thereof.

 

“Fitch”:
Fitch Ratings, Inc. or its successor in interest. If neither such rating agency nor any successor remains in existence, “Fitch”
shall be deemed to refer to such other nationally recognized statistical rating agency or other comparable Person reasonably designated
by the Depositor, notice of which designation shall be given to the other parties hereto, and specific ratings of Fitch herein
referenced shall be deemed to refer to the equivalent ratings of the party so designated.

 

“FNMA”:
The Federal National Mortgage Association or any successor thereto.

 

“Form 8-K”:
A current report on Form 8-K under the Exchange Act or such successor form as the Commission may specify from time to time.

 

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“Form 8-K Disclosure
Information”: As defined in Section 10.09 of this Agreement.

 

“GACC”:
German American Capital Corporation, in its capacity as a Mortgage Loan Seller, and its successors in interest.

 

“GACC Indemnification
Agreement”: The agreement dated as of the Pricing Date, between GACC, the Depositor, the Underwriters and the Initial
Purchasers.

 

“GACC Mortgage
Loans”: Each Mortgage Loan transferred and assigned to the Depositor pursuant to the GACC Purchase Agreement.

 

“GACC Purchase
Agreement”: The Mortgage Loan Purchase Agreement dated and effective the Pricing Date, between GACC and the Depositor.

 

“Gain-on-Sale
Proceeds”: With respect to any Mortgage Loan (and with respect to any Non-Serviced Mortgage Loan only the pro rata
share of such proceeds allocated to the Trust pursuant to the terms of the related Intercreditor Agreement) or Serviced Companion
Loan, the excess of (i) Net Liquidation Proceeds of such Mortgage Loan, Serviced Companion Loan or related Serviced REO Property,
over (ii) the amount that would have been received if a principal payment and all other amounts due in full had been made with
respect to such Mortgage Loan or Serviced Companion Loan on the Due Date immediately following the date on which such proceeds
were received.

 

“Gain-on-Sale
Reserve Account”: The segregated non-interest bearing trust account or sub-account created and maintained by the Certificate
Administrator pursuant to Section 3.05(i) of this Agreement for the Certificateholders and, in the case of a Serviced Companion
Loan, the Serviced Companion Loan Noteholders, which shall be entitled “Wells Fargo Bank, National Association, as Certificate
Administrator, for the benefit of Wilmington Trust, National Association, as Trustee, for the benefit of the Holders of Benchmark
2018-B1 Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series 2018-B1 and, if applicable, Serviced Companion Loan
Noteholders, Gain-on-Sale Reserve Account.” The Gain-on-Sale Reserve Account must be an Eligible Account or a sub-account
of an Eligible Account and will be an asset of the Lower-Tier REMIC.

 

“Gateway Net
Lease Portfolio Companion Loans”: As defined in the Preliminary Statement.

 

“Gateway Net
Lease Portfolio Mortgage Loan”: As defined in the Preliminary Statement.

 

“Gateway Net
Lease Portfolio Pari Passu Companion Loans”: As defined in the Preliminary Statement.

 

“Gateway Net
Lease Portfolio Pooling and Servicing Agreement”: The pooling and servicing agreement, dated as of June 1, 2017 among
Deutsche Mortgage & Asset Receiving Corporation, as depositor, Midland Loan Services, a Division of PNC Bank, National Association,
as master servicer and as special servicer, Wells Fargo Bank, National Association,

 

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as certificate administrator and as trustee,
and Pentalpha Surveillance LLC, as operating advisor and asset representations reviewer, and entered into in connection with the
DBJPM 2017-C6 Mortgage Trust.

 

“Gateway Net
Lease Portfolio Service Providers”: With respect to the Gateway Net Lease Portfolio Companion Loans, the related Other
Trustee, Other Servicer, Other Special Servicer and any related sub-servicer, as applicable, and any other Person that makes principal
and/or interest advances in respect of such mortgage loan pursuant to the related Other Pooling and Servicing Agreement.

 

“Gateway Net
Lease Portfolio Subordinate Companion Loans”: As defined in the Preliminary Statement.

 

“Gateway Net
Lease Portfolio Whole Loan”: The Gateway Net Lease Portfolio Companion Loans, together with the Gateway Net Lease Portfolio
Mortgage Loan. References herein to the Gateway Net Lease Portfolio Whole Loan shall be construed to refer to the aggregate indebtedness
under the related notes with respect to the Gateway Net Lease Portfolio Mortgage Loan and the Gateway Net Lease Portfolio Companion
Loans.

 

“General Special
Servicer”: As defined in Section 3.22(h) of this Agreement.

 

“Global Certificates”:
Each of the Publicly Offered Global Certificates, Regulation S Global Certificates or Rule 144A Global Certificates if and so long
as such class of Certificates is registered in the name of a nominee of the Depository.

 

“Grantor Trust”:
A segregated asset pool within the Trust Fund, which at all times shall be classified as a trust, the beneficial owners of which
are treated as the owners of the assets in the pool under the Grantor Trust Provisions, and beneficial ownership of which is represented
by the Grantor Trust Certificates. The Grantor Trust consists of the VRR Specific Grantor Trust Assets, the Class S Specific Grantor
Trust Assets, the Class V Distribution Account and the Excess Interest Distribution Account.

 

“Grantor Trust
Certificates”: The Class S Certificates, the V2 Certificates and the Class V1 Certificates, collectively.

 

“Grantor Trust
Provisions”: Subpart E of part I of subchapter J of the Code and Treasury Regulations Section 301.7701-4(c).

 

“Griffin Portfolio
Companion Loans”: As defined in the Preliminary Statement.

 

“Griffin Portfolio
Mortgage Loan”: As defined in the Preliminary Statement.

 

“Griffin Portfolio
Pooling and Servicing Agreement”: The pooling and servicing agreement, dated as of November 1, 2017 between Morgan Stanley
Capital I Inc., as depositor, Wells Fargo Bank, National Association, as general master servicer, Midland Loan Services, a Division
of PNC Bank, National Association, as general special servicer, NCB, as NCB master servicer and as NCB special servicer, Park Bridge
Lender Services LLC, as operating advisor and as asset representations reviewer, Wells Fargo Bank, National Association, as certificate

 

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administrator, and Wilmington Trust, National Association, as trustee, and entered into in connection with the BANK 2017-BNK8 trust.

 

“Griffin Portfolio
Service Providers”: With respect to the Griffin Portfolio Companion Loans, the related Other Trustee, Other Servicer,
Other Special Servicer and any related sub-servicer, as applicable, and any other Person that makes principal and/or interest advances
in respect of such mortgage loan pursuant to the related Other Pooling and Servicing Agreement.

 

“Griffin Portfolio
Whole Loan”: The Griffin Portfolio Companion Loans, together with the Griffin Portfolio Mortgage Loan. References herein
to the Griffin Portfolio Whole Loan shall be construed to refer to the aggregate indebtedness under the related notes with respect
to the Griffin Portfolio Mortgage Loan and the Griffin Portfolio Companion Loans.

 

“Hazardous Materials”:
Any dangerous, toxic or hazardous pollutants, chemicals, wastes, or substances, including, without limitation, those so identified
pursuant to the Comprehensive Environmental Response, Compensation and Liability Act, 42 U.S.C. Section 9601 et seq., or
any other environmental laws now existing, and specifically including, without limitation, asbestos and asbestos-containing materials,
polychlorinated biphenyls (“PCBs”), radon gas, petroleum and petroleum products, urea formaldehyde and any substances
classified as being “in inventory,” “usable work in process” or similar classification which would, if
classified as unusable, be included in the foregoing definition.

 

“Holder”:
With respect to any Certificate, a Certificateholder; with respect to any Class VRR Upper-Tier Regular Interest or any Lower-Tier
Regular Interest, the Trustee.

 

“HRR Certificate”:
Individually and collectively the Class F-RR and Class G-RR Certificates.

 

“Impermissible
Asset Representations Reviewer Affiliate”: As defined in Section 3.34.

 

“Impermissible
Operating Advisor Affiliate”: As defined in Section 3.34.

 

“Impermissible
Risk Retention Affiliate”: As defined in Section 3.34.

 

“Impermissible
TPP Affiliate”: As defined in Section 3.34.

 

“Indemnification
Agreements”: Each of the GACC Indemnification Agreement, JPMCB Indemnification Agreement and CREFI Indemnification Agreement.

 

“Indemnified
Party”: As defined in Section 8.05(d), Section 8.05(g) or Section 8.05(h), as applicable, of this
Agreement, as the context requires.

 

“Indemnifying
Party”: As defined in Section 8.05(d), Section 8.05(g) or Section 8.05(h), as applicable, of this
Agreement, as the context requires.

 

“Independent”:
When used with respect to any specified Person, any such Person who (i) does not have any direct financial interest, or any material
indirect financial interest, in

 

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any of the Depositor, the Trustee, the Certificate Administrator, the Master Servicer, the Special
Servicer, any Directing Holder, the Controlling Class Representative, the Risk Retention Consultation Party, any Borrower or Manager
or any Affiliate thereof, and (ii) is not connected with any such Person thereof as an officer, employee, promoter, underwriter,
trustee, partner, director or Person performing similar functions.

 

“Independent
Contractor”: Either (i) any Person that would be an “independent contractor” with respect to the applicable
Trust REMIC within the meaning of Section 856(d)(3) of the Code if such Trust REMIC were a real estate investment trust (except
that the ownership tests set forth in that section shall be considered to be met by any Person that owns, directly or indirectly,
35% or more of any Class or 35% or more of the aggregate value of all Classes of Certificates), provided that such Trust
REMIC does not receive or derive any income from such Person and the relationship between such Person and such Trust REMIC is at
arm’s length, all within the meaning of Treasury Regulations Section 1.856-4(b)(5) (except neither the Master Servicer nor
the Special Servicer shall be considered to be an Independent Contractor under the definition in this clause (i) unless an Opinion
of Counsel (at the expense of the party seeking to be deemed an Independent Contractor) addressed to the Master Servicer or the
Special Servicer, as applicable, the Certificate Administrator and the Trustee has been delivered to the Certificate Administrator
to that effect) or (ii) any other Person (including the Master Servicer and the Special Servicer) if the Master Servicer or the
Special Servicer, as applicable, on behalf of itself, the Certificate Administrator and the Trustee has received an Opinion of
Counsel (at the expense of the party seeking to be deemed an Independent Contractor) to the effect that the taking of any action
in respect of any Serviced REO Property by such Person, subject to any conditions therein specified, that is otherwise herein contemplated
to be taken by an Independent Contractor will not cause such Serviced REO Property to cease to qualify as “foreclosure property”
within the meaning of Section 860G(a)(8) of the Code (determined without regard to the exception applicable for purposes of Section
860D(a) of the Code) or cause any income realized in respect of such Serviced REO Property to fail to qualify as Rents from Real
Property (provided that such income would otherwise so qualify).

 

“Individual
Certificate”: Any Certificate in definitive, fully registered physical form without interest coupons.

 

“Initial Delivery
Date”: As defined in Section 3.23(e).

 

“Initial Purchasers”:
Deutsche Bank Securities Inc., J.P. Morgan Securities LLC and Citigroup Global Markets Inc. and their respective successors in
interest.

 

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

 

“Initial Requesting
Certificateholder”: The first Certificateholder or Certificate Owner (other than a Holder or Certificate Owner of a Class
V1 or Class V2 Certificate) to deliver a Repurchase Request as described in Section 2.03(k) with respect to a Mortgage Loan.
For the avoidance of doubt, there may not be more than one Initial Requesting Certificateholder with respect to any Mortgage Loan,
and a Holder of a Class V1 or Class V2 Certificate may not be an Initial Requesting Certificateholder.

 

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“Initial Resolution
Period”: As defined in Section 2.03(e) of this Agreement.

 

“Initial Schedule
AL Additional File”: The data file containing additional information or schedules regarding data points in the Initial
Schedule AL File and filed as Exhibit 103 to the Form ABS-EE or, if applicable, Form ABS-EE/A incorporated by reference in the
Prospectus.

 

“Initial Schedule
AL File”: The data file prepared by, or on behalf of, the Depositor and filed as Exhibit 102 to the Form ABS-EE or, if
applicable, Form ABS-EE/A incorporated by reference in the Prospectus.

 

“Inquiries”:
As defined in Section 4.02(c) of this Agreement.

 

“Institutional
Accredited Investor”: An institution that is an “accredited investor” within the meaning of Rule 501(a)(l),
(2), (3) or (7) under the Act.

 

“Insurance Proceeds”:
Proceeds of any fire and hazard insurance policy, title policy or other insurance policy relating to a Mortgage Loan or Serviced
Whole Loan (including any amounts paid by the Master Servicer pursuant to Section 3.08 of this Agreement).

 

“Intercreditor
Agreement”: With respect to any Whole Loan, the related intercreditor, co-lender or similar agreement in effect from
time to time by and between (a) the holder of the related Mortgage Loan(s) and the holder of the related Subordinate Companion
Loan(s) relating to the relative rights of such holders or (b) the holders of the related Mortgage Loan and the related Serviced
Pari Passu Companion Loan(s) or Non-Serviced Companion Loan(s) relating to the relative rights of such holders. The intercreditor
or co-lender agreements related to each of the 90 Hudson Whole Loan, The Woods Whole Loan, the Griffin Portfolio Whole Loan, the
Worldwide Plaza Whole Loan, the Station Place III Whole Loan, the Atrium Center Whole Loan, the Sentinel Square II Whole Loan,
the Radisson Blu Aqua Hotel Whole Loan, the Gateway Net Lease Portfolio Whole Loan, the Lehigh Valley Mall Whole Loan, the Rochester
Hotel Portfolio Whole Loan, the 521-523 East 72nd Street Whole Loan, the Marriott Charlotte City Center Whole Loan, the Miracle
Mile Shopping Center Whole Loan, the Towers at University Town Center Whole Loan, the Two Harbor Point Square Whole Loan, the AHIP
Northeast Portfolio I Whole Loan and the Starwood Capital Group Hotel Portfolio Whole Loan, shall each be an Intercreditor Agreement.

 

“Interest Accrual
Amount”: With respect to any Distribution Date and any Class of Regular Certificates or the Class VRR Upper-Tier Regular
Interest (and, therefore, the Exchangeable Certificates), an amount equal to interest for the related Interest Accrual Period accrued
at the Pass-Through Rate for such Class on the related Certificate Balance or Notional Amount, as applicable, outstanding immediately
prior to such Distribution Date. Calculations of interest due in respect of such Classes of Regular Certificates shall be made
on the basis of a 360-day year consisting of twelve 30-day months.

 

“Interest Accrual
Period”: With respect to each Class of Regular Certificates, for each Distribution Date, the calendar month immediately
preceding the month in which such Distribution Date occurs.

 

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“Interest Deposit
Amount”: As defined in Section 3.05(e).

 

“Interest Distribution
Amount”: With respect to any Distribution Date and with respect to each Class of Regular Certificates, an amount equal
to (A) the sum of (i) the Interest Accrual Amount with respect to such Class for such Distribution Date and (ii) the Interest Shortfall,
if any, with respect to such Class for such Distribution Date, less (B) any Excess Prepayment Interest Shortfall allocated to such
Class on such Distribution Date pursuant to Section 4.01(i).

 

“Interest Reserve
Account”: The segregated non-interest bearing trust account or sub-account created and maintained by the Certificate
Administrator pursuant to Section 3.05(e) of this Agreement, which shall be entitled “Wells Fargo Bank, National Association,
as Certificate Administrator, for the benefit of Wilmington Trust, National Association, as Trustee, for the benefit of the Holders
of Benchmark 2018-B1 Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series 2018-B1, Interest Reserve Account”
and which must be an Eligible Account or a sub-account of an Eligible Account. The Interest Reserve Account shall be an asset of
the Lower-Tier REMIC.

 

“Interest Shortfall”:
On any Distribution Date for any Class of Regular Certificates, the amount of interest required to be distributed to the Holders
of such Class pursuant to Section 4.01(b) of this Agreement on such Distribution Date minus the amount of interest actually
distributed to such Holders pursuant to such Section, if any.

 

“Interested
Person”: As of any date of determination, the Depositor, the Master Servicer, the Special Servicer, the Non-Conflicted
Special Servicer, if any, the Certificate Administrator, the Trustee, the Operating Advisor, the Asset Representations Reviewer,
the Controlling Class Representative, the Directing Holder, the Risk Retention Consultation Party, any Companion Loan Noteholder,
any Certificateholder, any Borrower, any Mortgage Loan Seller, any holder of a related mezzanine loan, any Manager, any Independent
Contractor engaged by the Special Servicer pursuant to Section 3.15 of this Agreement, or any Person known to a Servicing
Officer of the Special Servicer to be an Affiliate of any of them, and, with respect to a Whole Loan if it is a Defaulted Loan,
the depositor, the master servicer, the special servicer (or any independent contractor engaged by such special servicer), or the
trustee for the securitization of a Companion Loan, and each related Companion Loan Holder or its representative, any holder of
a related mezzanine loan.

 

“Intralinks
Site”: The internet website, which shall initially be “www.intralinks.com”, used by the Depositor and Mortgage
Loan Sellers to accept and upload the Diligence Files.

 

“Investment”:
Any direct or indirect ownership interest in any security, note or other financial instrument related to the Certificates or issued
or executed by a Borrower, a loan directly or indirectly secured by any of the foregoing or a hedging transaction (however structured)
that references or relates to any of the foregoing.

 

“Investment
Account”: As defined in Section 3.07(a) of this Agreement.

 

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“Investment
Decisions”: Investment, trading, lending or other financial decisions, strategies or recommendations with respect to
Investments, whether on behalf of the Master Servicer or any Affiliate thereof, any Special Servicer or any Affiliate thereof,
the Operating Advisor or any Affiliate thereof, the Asset Representations Reviewer or any Affiliate thereof, the Certificate Administrator
or any Affiliate thereof, or the Trustee or any Affiliate thereof, as applicable, or any Person on whose behalf the Master Servicer
or any Affiliate thereof, any Special Servicer or any Affiliate thereof, the Operating Advisor or any Affiliate thereof, the Asset
Representations Reviewer or any Affiliate thereof, the Certificate Administrator or any Affiliate thereof, or the Trustee or any
Affiliate thereof, as applicable, has discretion in connection with Investments.

 

“Investment
Representation Letter”: As defined in Section 5.02(c)(i)(A) of this Agreement.

 

“Investor Certification”:
A certificate (which may be in electronic form) substantially in the form of Exhibit L-1A, Exhibit L-1B, Exhibit L-1C or Exhibit
L-1D to this Agreement or in the form of an electronic certification on the Certificate Administrator’s Website (which
may be a “click-through confirmation”), representing (i) that such Person executing the certificate is a Certificateholder,
the Directing Holder or the Risk Retention Consultation Party (in each case, to the extent such Person is not a Certificateholder),
a beneficial owner of a Certificate, a prospective purchaser of a Certificate (or any investment advisor or manager or other representative
of the foregoing), (ii) that either (a) such Person is a Risk Retention Consultation Party or is a Person who is not a Borrower
Party, in which case such Person shall have access to all the reports and information made available to Certificateholders via
the Certificate Administrator’s Website hereunder, or (b) such Person is a Borrower Party in which case (1) if such Person
is the Directing Holder or a Controlling Class Certificateholder, such Person shall have access to all the reports and information
made available to Certificateholders via the Certificate Administrator’s Website hereunder other than any Conflicted Information
as set forth herein, or (2) if such Person is not the Directing Holder or a Controlling Class Certificateholder, such Person shall
only receive access to the Distribution Date Statements prepared by the Certificate Administrator, (iii) that such Person has received
a copy of the final Prospectus and (iv) such Person agrees to keep any Privileged Information confidential and will not violate
any securities laws; provided, however, that any Conflicted Controlling Class Holder (i) shall be permitted to obtain,
upon reasonable request in accordance with Section 4.02(b) of this Agreement any Conflicted Information relating to any
Conflicted Controlling Class Mortgage Loan with respect to which such Conflicted Controlling Class Holder is not a Borrower Party
(if such Conflicted Information is not otherwise available to such Conflicted Controlling Class Holder via the Certificate Administrator’s
Website on account of it constituting Conflicted Information) from the Master Servicer (with respect to non-Specially Serviced
Loans) or the Special Servicer (with respect to Specially Serviced Loans), in each case, to the extent in the possession of the
Master Servicer or Special Servicer, as applicable and (ii) shall be considered a Privileged Person for all other purposes, except
with respect to its ability to obtain information with respect to any related Conflicted Controlling Class Mortgage Loan.

 

“Investor Q&A
Forum”: As defined in Section 4.02(c) of this Agreement.

 

“Investor Registry”:
As defined in Section 4.02(d) of this Agreement.

 

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“IO Group YM
Distribution Amount”: As defined in Section 4.01(d) of this Agreement.

 

“IRS”:
The Internal Revenue Service.

 

“Joint Mortgage
Loan”: A Mortgage Loan originated by more than one Mortgage Loan Seller. There is no Joint Mortgage Loan related to the
Trust.

 

“JPMCB”:
JPMorgan Chase Bank, National Association, in its capacity as a Mortgage Loan Seller, and its successors in interest.

 

“JPMCB Indemnification
Agreement”: The agreement dated as of the Pricing Date, among JPMCB, the Depositor, the Underwriters and the Initial
Purchasers.

 

“JPMCB Mortgage
Loans”: Each Mortgage Loan transferred and assigned to the Depositor pursuant to the JPMCB Purchase Agreement.

 

“JPMCB Purchase
Agreement”: The Mortgage Loan Purchase Agreement dated and effective the Pricing Date, between JPMCB and the Depositor.

 

“KBRA”:
Kroll Bond Rating Agency, Inc., or its successor in interest. If neither such rating agency nor any successor remains in existence,
“KBRA” shall be deemed to refer to such other nationally recognized statistical rating agency or other comparable Person
reasonably designated by the Depositor, notice of which designation shall be given to the other parties hereto, and specific ratings
of KBRA herein referenced shall be deemed to refer to the equivalent ratings of the party so designated.

 

“Late Collections”:
With respect to any Mortgage Loan or Serviced Whole Loan, all amounts received thereon during any Collection Period (or the related
grace period), whether as payments, Insurance Proceeds, Condemnation Proceeds, Liquidation Proceeds or otherwise, which represent
late payments or collections of principal or interest due in respect of such Mortgage Loan or Serviced Whole Loan (without regard
to any acceleration of amounts due thereunder by reason of default) on a Due Date in a previous Collection Period and not previously
recovered. With respect to any REO Loan, all amounts received in connection with the related REO Property during any Collection
Period (including any grace period applicable under the original Mortgage Loan or Serviced Whole Loan), whether as Insurance Proceeds,
Condemnation Proceeds, Liquidation Proceeds, REO Proceeds or otherwise, which represent late collections of principal or interest
due or deemed due in respect of such REO Loan or the predecessor Mortgage Loan or Serviced Whole Loan (without regard to any acceleration
of amounts due under the predecessor Mortgage Loan or Serviced Whole Loan by reason of default) on a Due Date in a previous Collection
Period and not previously recovered. The term “Late Collections” shall specifically exclude Penalty Charges.

 

“Legal Fee Reserve
Account”: The account created and maintained by the Certificate Administrator pursuant to Section 3.05(k), in
the name of the “Legal Fee Reserve Account”, into which the amounts set forth in Section 3.05(k) shall be deposited
directly and which must be an Eligible Account.

 

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“Lehigh Valley
Mall Companion Loans”: As defined in the Preliminary Statement.

 

“Lehigh Valley
Mall Mortgage Loan”: As defined in the Preliminary Statement.

 

“Lehigh Valley
Mall Whole Loan”: The Lehigh Valley Mall Companion Loans, together with the Lehigh Valley Mall Mortgage Loan. References
herein to the Lehigh Valley Mall Whole Loan shall be construed to refer to the aggregate indebtedness under the related notes with
respect to the Lehigh Valley Mall Mortgage Loan and the Lehigh Valley Mall Companion Loans.

 

“Liquidation
Expenses”: All customary, reasonable and necessary “out of pocket” costs and expenses incurred by the Master
Servicer, the Special Servicer, the Certificate Administrator and the Trustee in connection with the liquidation of any Mortgage
Loan or Serviced Whole Loan or the liquidation of a Serviced REO Property or the sale of any Mortgage Loan or Serviced Whole Loan
pursuant to Section 3.16 or Section 9.01 of this Agreement (including, without limitation, legal fees and expenses,
committee or referee fees, and, if applicable, brokerage commissions, and conveyance taxes).

 

“Liquidation
Fee”: A fee payable to the Special Servicer (i) with respect to each Specially Serviced Loan or Serviced REO Loan, (ii)
with respect to each Mortgage Loan repurchased by a Mortgage Loan Seller (except as specified in the following paragraph), or (iii)
with respect to each Defaulted Loan that is a Non-Serviced Mortgage Loan sold by the Special Servicer in accordance with Section
3.16(b) of this Agreement; provided, however, for clarification, should such Non-Serviced Mortgage Loan be sold
by the Other Special Servicer, then the Liquidation Fee shall be paid to such Other Special Servicer, in each case as to which
the Special Servicer obtains a full, partial or discounted payoff from the related Borrower, a loan purchaser or Mortgage Loan
Seller, as applicable, or any Liquidation Proceeds with respect thereto (in any case, other than amounts for which a Workout Fee
has been paid, or will be payable), equal to:

 

(a)          the
lesser of:

 

(i)     
     the product of 1.0% (or 0.5% in the case of the Mortgage Loan identified on the Mortgage Loan
Schedule as “Radisson Blu Aqua Hotel”) (or, if such rate would result in an aggregate liquidation fee of less
than $25,000, then such higher rate as would result in an aggregate liquidation fee equal to $25,000) and the proceeds of
such full, partial or discounted payoff or the Net Liquidation Proceeds related to such liquidated or repurchased Mortgage
Loan or Specially Serviced Loan, as the case may be, in each case exclusive of any portion of such payoff or Net Liquidation
Proceeds that represents Penalty Charges;

 

(ii)          $1,000,000;
and

 

(iii)         any
applicable cap pursuant to Section 3.12(c) of this Agreement.

 

(b)          with
respect to any particular liquidation (or partial liquidation), as reduced by the amount of any and all related Offsetting Modification
Fees received by

 

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the Special Servicer as additional servicing compensation relating to such Specially Serviced Loan, Serviced REO
Loan or Mortgage Loan.

 

No Liquidation Fee shall
be payable:

 

(a) with respect to clause
(v) of the definition of Liquidation Proceeds;

 

(b) with respect to (i)
any Serviced Whole Loan with a related Subordinate Companion Loan, in connection with the purchase of such Serviced Whole Loan
by the holders of a Subordinate Companion Loan or (ii) any existing mezzanine indebtedness or any mezzanine indebtedness that may
exist on a future date, in connection with the purchase of the related Mortgage Loan by a mezzanine lender, in each case described
in clause (b)(i) or (ii) above, if the purchase of the Mortgage Loan occurred within 90 days after the first time that such holder’s
option to purchase such Mortgage Loan becomes exercisable; provided, that even if the purchase occurs before such expiration
the Liquidation Fee shall be payable to the extent paid by, and collected from, the related Borrower or the related mezzanine lender;

 

(c) the purchase of the
related Mortgage Loan by the related Companion Loan Noteholder pursuant to the related Intercreditor Agreement within 90 days after
the first time that such Companion Loan Noteholder’s option to purchase such Mortgage Loan becomes exercisable;

 

(d) in the case of a
repurchase or replacement of a Mortgage Loan (other than an REO Loan) by the applicable Mortgage Loan Seller pursuant to the related
Mortgage Loan Purchase Agreement, if the applicable Mortgage Loan Seller repurchases or replaces such Mortgage Loan within the
Initial Resolution Period (and giving effect to any applicable Resolution Extension Period);

 

(e) with respect to any
Serviced Companion Loan that is the subject of an Other Securitization, to the Special Servicer under this Agreement in connection
with (A) a repurchase or replacement of such Serviced Companion Loan by the applicable Mortgage Loan Seller due to a breach of
a representation or warranty or a document defect under the related mortgage loan purchase agreement related to the Other Pooling
and Servicing Agreement prior to the expiration of the cure period (including any applicable extension thereof) set forth therein
or (B) a purchase of the Serviced Companion Loan pursuant to a clean-up call or similar liquidation under the related Other Pooling
and Servicing Agreement;

 

(f) in connection with
the purchase of any Defaulted Loan by the Special Servicer, the Directing Holder or their respective Affiliates (except in the
case of the Directing Holder (or its affiliate), if such purchase occurs more than 90 days after the transfer of the Defaulted
Loan to special servicing);

 

(g) in connection with
a Loss of Value Payment by a Mortgage Loan Seller, if the applicable Mortgage Loan Seller makes such Loss of Value Payment within
the Initial Resolution Period (and giving effect to any applicable extension period beyond the end of the Initial Resolution Period
set forth in Section 2.03(e) of this Agreement); provided that, with respect to a Serviced Companion Loan and any
related Loss of Value Payment made after such Initial Resolution Period and any such extension period, a Liquidation Fee shall
only be payable

 

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to the Special Servicer to the extent that (i) the Special Servicer is enforcing the related Mortgage Loan Seller’s
obligations under the applicable Mortgage Loan Purchase Agreement with respect to such Serviced Companion Loan and (ii) the related
Liquidation Fee is not otherwise required to be paid to the Other Special Servicer relating to such Serviced Companion Loan or
otherwise prohibited from being paid to the Special Servicer (in each case, under the related Other Pooling and Servicing Agreement);
and

 

(h) if a Mortgage Loan
or Serviced Whole Loan becomes a Specially Serviced Loan only because of an event described in clause (a) of the definition of
“Specially Serviced Loan” as a result of a payment default at maturity and the related Liquidation Proceeds are received
within 3 months following the related maturity date as a result of the related Mortgage Loan or Serviced Whole Loan being refinanced
or otherwise repaid in full (provided that the Special Servicer may collect from the related borrower and retain (x) a liquidation
fee, (y) such other fees as are provided for in the related Loan Documents and (z) other appropriate fees in connection with such
liquidation).

 

“Liquidation
Proceeds”: Cash amounts (other than Insurance Proceeds and Condemnation Proceeds and REO Proceeds) received by or paid
to the Master Servicer or the Special Servicer in connection with: (i) the liquidation of a Mortgaged Property or other collateral
constituting security for a Defaulted Loan, through trustee’s sale, foreclosure sale, disposition of REO Property or otherwise,
exclusive of any portion thereof required to be released to the related Borrower in accordance with applicable law and the terms
and conditions of the related Mortgage Note and Mortgage; (ii) the realization upon any deficiency judgment obtained against a
Borrower; (iii) the sale of a Defaulted Loan; (iv) the repurchase of a Mortgage Loan (or related REO Loan) by the applicable Mortgage
Loan Seller pursuant to the related Mortgage Loan Purchase Agreement; (v) the purchase of all the Mortgage Loans and all property
acquired in respect of any Mortgage Loan by the Sole Certificateholder, the Certificateholder owning a majority of the Percentage
Interests in the Controlling Class, the Special Servicer or the Master Servicer pursuant to Section 9.01 of this Agreement;
(vi) with respect to any existing mezzanine indebtedness or any mezzanine indebtedness that may exist on a future date, the purchase
of the related Mortgage Loan by a mezzanine lender; (vii) in the case of a Mortgage Loan that is part of a Whole Loan, the purchase
of such Mortgage Loan by a related Companion Loan Noteholder, or the applicable designee, as applicable, pursuant to the related
Intercreditor Agreement; or (viii) the transfer of any Loss of Value Payments from the Loss of Value Reserve Fund to the Collection
Account in accordance with Section 3.06(e) of this Agreement (provided that, for the purpose of determining the amount
of the Liquidation Fee (if any) payable to the Special Servicer in connection with such Loss of Value Payment, the full amount
of such Loss of Value Payment shall be deemed to constitute “Liquidation Proceeds” from which the Liquidation Fee (if
any) is payable as of such time such Loss of Value Payment is made by the applicable Mortgage Loan Seller). With respect to the
Mortgaged Property or Mortgaged Properties securing any Non-Serviced Mortgage Loan or Non-Serviced Companion Loan, only the portion
of such amounts payable to the holder of the related Non-Serviced Mortgage Loan will be included in Liquidation Proceeds.

 

“Loan Agreement”:
With respect to any Mortgage Loan or Serviced Whole Loan, the loan agreement, if any, between the related Originator and the Borrower,
pursuant to which such Mortgage Loan was made.

 

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“Loan Documents”:
With respect to any Mortgage Loan or Serviced Whole Loan, the documents executed or delivered in connection with the origination
or any subsequent modification of such Mortgage Loan or Serviced Whole Loan or subsequently added to the related Mortgage File.

 

“Loan Number”:
With respect to any Mortgage Loan, the loan number by which such Mortgage Loan was identified on the books and records of the Depositor
or any sub-servicer for the Depositor, as set forth in the Mortgage Loan Schedule.

 

“Loan-Specific
Directing Holder”: With respect to a Servicing Shift Whole Loan, the “controlling holder”, the “directing
holder”, “directing lender” or any analogous concept set forth under the related Intercreditor Agreement. Prior
to the applicable Servicing Shift Securitization Date, the “directing holder” with respect to the related Servicing
Shift Whole Loan will be the holder of the related Controlling Companion Loan. On and after the applicable Servicing Shift Securitization
Date, there will be no Loan-Specific Directing Holder under the Pooling and Servicing Agreement with respect to the related Servicing
Shift Whole Loan. As of the Closing Date, JPMCB is expected to be the Loan-Specific Directing Holder with respect to the Atrium
Center Whole Loan, the Marriott Charlotte City Center Whole Loan and the Towers at University Town Center Whole Loan, DBNY is expected
to be the Loan-Specific Directing Holder with respect to the Sentinel Square II Whole Loan and the Rochester Hotel Portfolio Whole
Loan, and CREFI is expected to be the Loan-Specific Directing Holder with respect to the Two Harbor Point Square Whole Loan.

 

“Lock-Box Account”:
With respect to any Mortgaged Property, if applicable, any account created pursuant to the related Loan Documents to receive revenues
therefrom. Any Lock-Box Account shall be beneficially owned for federal income tax purposes by the Person who is entitled to receive
the reinvestment income or gain thereon in accordance with the terms and provisions of the related Mortgage Loan or Serviced Whole
Loan and Section 3.07 of this Agreement, which Person shall be taxed on all reinvestment income or gain thereon. The Master
Servicer shall be permitted to make withdrawals therefrom for deposit into the related Cash Collateral Accounts in accordance with
the terms of the related Mortgage Loan or Serviced Whole Loan.

 

“Lock-Box Agreement”:
With respect to any Mortgage Loan or Serviced Whole Loan, the lock-box agreement, if any, between the related Originator and the
Borrower, pursuant to which the related Lock-Box Account, if any, may have been established.

 

“Loss of Value
Payment”: As defined in Section 2.03(e) of this Agreement.

 

“Loss of Value
Reserve Fund”: The “outside reserve fund” (within the meaning of Treasury Regulations Section 1.860G-2(h))
designated as such pursuant to Section 3.05(d) of this Agreement. The Loss of Value Reserve Fund will be part of the Trust
Fund but not part of the Grantor Trust or any Trust REMIC.

 

“Lower-Tier
Distribution Account”: The segregated non-interest bearing trust account or sub-account created and maintained by the
Certificate Administrator pursuant to Section 3.05(b) of this Agreement, which shall be entitled “Wells Fargo Bank,
National Association, as Certificate Administrator, for the benefit of Wilmington Trust, National

 

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Association, as Trustee, for
the benefit of the Holders of Benchmark 2018-B1 Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series 2018-B1, Lower-Tier
Distribution Account” and which must be an Eligible Account or a sub-account of an Eligible Account. The Lower-Tier Distribution
Account shall be an asset of the Lower-Tier REMIC.

 

“Lower-Tier
Distribution Amount”: As defined in Section 4.01(a).

 

“Lower-Tier
Principal Balance”: With respect to any Class of Lower-Tier Regular Interests, initially will equal the original principal
balance set forth in the Preliminary Statement herein, and from time to time will equal such amount reduced by the amount of distributions
of the Lower-Tier Distribution Amount allocable to principal and Realized Losses or VRR Realized Losses, as applicable, allocable
thereto in all prior periods as described in Section 4.01(f) of this Agreement, such that at all times the Lower-Tier Principal
Balance of a Lower-Tier Regular Interest shall equal the Certificate Balance of the Corresponding Certificates.

 

“Lower-Tier
Regular Interests”: The Class LA-1 Interest, Class LA-2 Interest, Class LA-3 Interest, Class LA-SB Interest, Class LA-4
Interest, Class LA-5 Interest, Class LA-M Interest, Class LB Interest, Class LC Interest, Class LD Interest, Class LE Interest,
Class LFRR Interest, Class LGRR Interest, Class LVA-1 Interest, Class LVA-2 Interest, Class LVA-3 Interest, Class LVA-SB Interest,
Class LVA-4 Interest, Class LVA-5 Interest, Class LVB Interest, Class LVC Interest, Class LVD Interest, Class LVE Interest, Class
LVF Interest and Class LVG Interest issued by the Lower-Tier REMIC and held by the Trustee as assets of the Upper-Tier REMIC. Each
Lower-Tier Regular Interest (i) is designated as a “regular interest” in the Lower-Tier REMIC, (ii) relates to its
Corresponding Certificates and, if applicable, Corresponding Component, (iii) is uncertificated, (iv) has an initial Lower-Tier
Principal Balance as set forth in the Preliminary Statement herein, (v) has a Pass-Through Rate equal to the WAC Rate, (vi) has
a “latest possible maturity date,” within the meaning of Treasury Regulations Section 1.860G-1(a), that is the Rated
Final Distribution Date and (vii) is entitled to the distributions in the amounts and at the times specified in Section 4.01(d)
of this Agreement.

 

“Lower-Tier
REMIC”: A segregated asset pool within the Trust Fund consisting of the Mortgage Loans (exclusive of Excess Interest),
collections thereon, the Trust’s interest in any REO Property acquired in respect thereof, amounts related thereto held from
time to time in the Collection Account and the Lower-Tier Distribution Account, the REO Account (to the extent of the Trust Fund’s
interest therein), related amounts in the Interest Reserve Account, amounts held from time to time in the Gain-on-Sale Reserve
Account (to the extent of the Trust Fund’s interest therein) in respect thereof and all other property included in the Trust
Fund (other than the Loss-of-Value Reserve Fund) that is not in the Upper-Tier REMIC or the Grantor Trust.

 

“MAI”:
Member of the Appraisal Institute.

 

“Major Decision”:
Shall mean any of the following:

 

(a)          (i)
any modification, consent to a modification or waiver of any monetary term (other than late fees and Default Interest) or material
non-monetary term (including, without limitation, the timing of payments and acceptance of discounted payoffs) of a Serviced Mortgage
Loan and any related Serviced Companion Loan, (ii) any extension of

 

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the Maturity Date of any Serviced Mortgage Loan and any related
Serviced Companion Loan or (iii) any modification, waiver, consent or amendment of a Serviced Mortgage Loan and any related Serviced
Companion Loan in connection with a defeasance if such proposed modification, waiver, consent or amendment is with respect to a
(A) a waiver of a Mortgage Loan event of default (but excluding non-monetary events of default other than defaults relating to
transfers of interest in the Borrower or the existing collateral or material modifications of the existing collateral), (B) a modification
of the type of defeasance collateral required under the Mortgage Loan Documents other than direct, non-callable obligations of
the United States would be permitted or (C) a modification that would permit a principal prepayment instead of defeasance if the
applicable Mortgage Loan Documents do not otherwise permit such principal prepayment;

 

(b)          any
property management company changes for which the lender is required to consent or approve under the Loan Documents with respect
to a Serviced Mortgage Loan and any related Serviced Companion Loan with a Stated Principal Balance greater than $2,500,000 or
franchise changes for which the lender is required to consent or approve under the Loan Documents;

 

(c)          any
determination of an Acceptable Insurance Default;

 

(d)          any
modification, consent to a modification or waiver of any material term of any Intercreditor Agreement or similar agreement related
to a Mortgage Loan, or any action to enforce rights with respect to the Mortgage Loan;

 

(e)          any
sale of a Defaulted Loan (that is not a Non-Serviced Mortgage Loan), an REO Property (in each case, other than in connection with
the termination of the Trust Fund) or a Defaulted Loan that is a Non-Serviced Mortgage Loan that the Special Servicer is permitted
to sell in accordance with the proviso in Section 3.16(b) of this Agreement, in each case for less than the applicable Purchase
Price;

 

(f)      
    any determination to bring an REO Property into compliance with applicable environmental laws or to
otherwise address Hazardous Materials located at an REO Property;

 

(g)          requests
for property releases or substitutions, other than (i) grants of easements or rights of way that do not materially affect the use
or value of a Mortgaged Property or the Borrower’s ability to make any payments with respect to a Serviced Mortgage Loan
and any related Serviced Companion Loan, (ii) release of non-material parcels of a Mortgaged Property (including, without limitation,
any such releases (A) to which the related Mortgage Loan Documents expressly require the mortgagee thereunder to make such releases
upon the satisfaction of certain conditions (and the conditions to the release that are set forth in the related Mortgage Loan
Documents do not include the approval of the lender or the exercise of lender discretion (other than confirming the satisfaction
of such conditions to the release set forth in the related Mortgage Loan Documents that do not include any approval or exercise
of lender discretion)) and such release is made as required by the related Mortgage Loan Documents or (B) that are related to any
condemnation action that is pending, or threatened in writing, and would

 

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affect a non-material portion of the Mortgaged Property),
or (iii) the release of collateral securing any Mortgage Loan in connection with a defeasance of such collateral;

 

(h)          any
waiver of a “due-on-sale” or “due-on-encumbrance” clause with respect to a Serviced Mortgage Loan and any
related Serviced Companion Loan or any consent to such a waiver or consent to a transfer of the Mortgaged Property or direct or
indirect interests in the Borrower (including any interests in any applicable mezzanine borrower) or consent to the incurrence
of additional debt, other than any such transfer or incurrence of debt as may be effected without the consent of the lender under
the related loan agreement;

 

(i)          releases
of any material amount from any escrow accounts, reserve accounts or letters of credit, in each case, held as performance escrows
(or reserves) or earn-out escrows (or reserves), including with respect to certain Mortgage Loans identified on Schedule IX hereto,
other than those required pursuant to the specific terms of the related Serviced Mortgage Loan and any related Serviced Companion
Loan and for which there is no lender discretion;

 

(j)          any
acceptance of an assumption agreement or any other agreement permitting a transfer of interests in the related Borrower or guarantor
releasing such Borrower or guarantor from liability under a Serviced Mortgage Loan and any related Serviced Companion Loan other
than pursuant to the specific terms of such Serviced Mortgage Loan and any related Serviced Companion Loan and for which there
is no lender discretion;

 

(k)          any
exercise of a material remedy with respect to a Serviced Mortgage Loan and any related Serviced Companion Loan following a default
or event of default of such Mortgage Loan or Serviced Whole Loan;

 

(l)          any
proposed or actual foreclosure upon or comparable conversion (which may include acquisition of an REO Property) of the ownership
of properties securing such of the Mortgage Loans (other than a Non-Serviced Mortgage Loan) or Serviced Whole Loan as come into
and continue in default;

 

(m)          any
consent to incurrence of additional debt by a Borrower or mezzanine debt by a direct or indirect parent of a Borrower, to the extent
that the mortgagee’s approval is required under the related Mortgage Loan Documents; and

 

(n)          consents
involving leasing activities (to the extent lender approval is required under the related Mortgage Loan Documents) if (1) such
lease involves a ground lease or lease of an outparcel, (2) such lease affects an area equal to or greater than the lesser of (i)
30,000 square feet and (ii) 30% of the net rentable area of the related Mortgaged Property, or (3) such transaction is not a routine
leasing matter for a customary lease of space for parking, office, retail, warehouse, industrial and/or manufacturing purposes;

 

For the avoidance of
doubt, the Master Servicer and the Special Servicer (each in such capacity) shall not make or be obligated to make any Major Decisions
with respect to any 

 

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Non-Serviced
Mortgage Loans and the Directing Holder shall have no consent and/or consultation rights regarding Major Decisions with
respect to any Non-Serviced Mortgage Loans, Servicing Shift Mortgage Loans and Conflicted Loans under this Agreement.

 

With respect to any Serviced
Whole Loan, for so long as the holder of the related Serviced Companion Loan is the “Controlling Holder”, the “Directing
Holder”, “Directing Lender” or any analogous concept under the related Intercreditor Agreement, then with respect
to such Serviced Whole Loan, the term “Major Decision” shall mean “Major Decision”, “Major Action”
or any analogous concept under the related Intercreditor Agreement.

 

“Major Decision
Reporting Package”: As defined in Section 6.07(a).

 

“Management
Agreement”: With respect to any Mortgage Loan or Serviced Whole Loan, the Management Agreement, if any, by and between
the Manager and the related Borrower, or any successor Management Agreement between such parties.

 

“Manager”:
With respect to any Mortgage Loan or Serviced Whole Loan, any property manager for the related Mortgaged Properties.

 

“Marriott Charlotte
City Center Companion Loans”: As defined in the Preliminary Statement.

 

“Marriott Charlotte
City Center Mortgage Loan”: As defined in the Preliminary Statement.

 

“Marriott Charlotte
City Center Pari Passu Note A-1”: The promissory note designated as Note A-1, which evidences a portion of the Marriott
Charlotte City Center Whole Loan. The Marriott Charlotte City Center Pari Passu Note A-1 is included in the Trust Fund and is
pari passu in right of payment to the Marriott Charlotte City Center Pari Passu Note A-2 and the Marriott Charlotte City
Center Pari Passu Note A-3, as set forth in the related Intercreditor Agreement.

 

“Marriott Charlotte
City Center Pari Passu Note A-3 Securitization Date”: With respect to the Marriott Charlotte City Center Whole Loan,
the date on which the Marriott Charlotte City Center Pari Passu Note A-3 is included in a securitization trust, provided that
the related Companion Loan Noteholder provides each of the Depositor, the Master Servicer, the Special Servicer, the Certificate
Administrator and the Trustee (in each case only to the extent such party will not also be a party to the related Other Securitization)
with notice in accordance with the terms of the related Intercreditor Agreement that the Marriott Charlotte City Center Pari Passu
Note A-3 is to be included in such Other Securitization, which notice shall include contact information for the related Other
Servicer, the Other Special Servicer and the Other Trustee.

 

“Marriott Charlotte
City Center Pari Passu Note A-2”: The promissory note designated as Note A-2, which evidences a portion of the Marriott
Charlotte City Center Whole Loan. The Marriott Charlotte City Center Pari Passu Note A-2 is not included in the Trust Fund and
is pari passu in right of payment to the Marriott Charlotte City Center Pari Passu Note A-1, as set forth in the related
Intercreditor Agreement. The Marriott Charlotte City Center Pari Passu Note A-2 is held by JPMCB.

 

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“Marriott Charlotte
City Center Pari Passu Note A-3”: The promissory note designated as Note A-3, which evidences a portion of the Marriott
Charlotte City Center Whole Loan. The Marriott Charlotte City Center Pari Passu Note A-3 is not included in the Trust Fund and
is pari passu in right of payment to the Marriott Charlotte City Center Pari Passu Note A-1, as set forth in the related
Intercreditor Agreement. The Marriott Charlotte City Center Pari Passu Note A-3 is held by JPMCB.

 

“Marriott Charlotte
City Center Pooling and Servicing Agreement”: This Agreement, for so long as the Marriott Charlotte City Center Whole
Loan is serviced pursuant to this Agreement and, on and after the Marriott Charlotte City Center Pari Passu Note A-3 Securitization
Date, the related Other Pooling and Servicing Agreement for the Marriott Charlotte City Center Pari Passu Note A-3.

 

“Marriott Charlotte
City Center Service Providers”: With respect to the Marriott Charlotte City Center Whole Loan, (i) prior to the
Marriott Charlotte City Center Pari Passu Note A-3 Securitization Date, the Trustee, Master Servicer, Special Servicer and any
related sub-servicer hereunder and (ii) on and after the Marriott Charlotte City Center Pari Passu Note A-3 Securitization Date,
the related Other Trustee, Other Servicer, Other Special Servicer and any related sub-servicer, as applicable, and any other Person
that makes principal and/or interest advances in respect of the Marriott Charlotte City Center Companion Loans or property advances
in respect of the Marriott Charlotte City Center Whole Loan pursuant to the related Other Pooling and Servicing Agreement.

 

“Marriott Charlotte
City Center Whole Loan”: The Marriott Charlotte City Center Companion Loans, together with the Marriott Charlotte City
Center Mortgage Loan. References herein to the Marriott Charlotte City Center Whole Loan shall be construed to refer to the aggregate
indebtedness under the Marriott Charlotte City Center Pari Passu Note A-2, the Marriott Charlotte City Center Pari Passu Note
A-3 and the Marriott Charlotte City Center Pari Passu Note A-1.

 

“Master Servicer”:
Wells Fargo Bank, National Association, a national banking association, or its successor in interest, or any successor master servicer
appointed as provided herein.

 

“Master Servicer
Major Decision”: Any Major Decision under clauses (a)(iii)(A), (a)(iii)(B), and (b) through (d) of the definition of
“Major Decision”.

 

“Master Servicer
Proposed Course of Action Notice”: As defined in Section 2.03(k)(iv) of this Agreement.

 

“Master Servicer
Remittance Date”: With respect to any Distribution Date, the Business Day preceding such Distribution Date.

 

“Master Servicer
Servicing Personnel”: The divisions and individuals of the Master Servicer who are involved in the performance of the
duties of the Master Servicer under this Agreement.

 

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“Master Servicer
Termination Event”: As defined in Section 7.01(a) of this Agreement.

 

“Master Servicer
Website”: The internet website maintained by the Master Servicer; initially located at “www.wellsfargo.com/com/comintro”.

 

“Master Servicing
Fee”: With respect to each Mortgage Loan and for any Distribution Date, an amount per interest accrual period related
to such Mortgage Loan equal to the product of (i) the respective Master Servicing Fee Rate (adjusted to a monthly rate) and (ii)
the Stated Principal Balance of such Mortgage Loan as of the Due Date in the immediately preceding Collection Period (without giving
effect to payments of principal on such Mortgage Loan on such Due Date). For the avoidance of doubt, with respect to any Subordinate
Companion Loan, no Master Servicing Fee shall accrue or be payable on the principal balance thereof.

 

“Master Servicing
Fee Rate”: With respect to each Mortgage Loan, the rate per annum set forth on Exhibit B to this Agreement.

 

“Material Breach”:
As defined in Section 2.03(e) of this Agreement.

 

“Material Defect”:
As defined in Section 2.03(e) of this Agreement.

 

“Maturity Date”:
With respect to any Mortgage Loan or Serviced Companion Loan as of any date of determination, the date on which the last payment
of principal is due and payable under the related Mortgage Note, after taking into account all Principal Prepayments received prior
to such date of determination, but without giving effect to (i) any acceleration of the principal of such Mortgage Loan or Serviced
Companion Loan by reason of default thereunder or (ii) any grace period permitted by the related Mortgage Note.

 

“Mediation Rules”:
As defined in Section 2.03(m)(i).

 

“Miracle Mile
Shopping Center Companion Loan”: As defined in the Preliminary Statement.

 

“Miracle Mile
Shopping Center Mortgage Loan”: As defined in the Preliminary Statement.

 

“Miracle Mile
Shopping Center Pooling and Servicing Agreement”: The pooling and servicing agreement, dated as of November 1, 2017 between
Credit Suisse Commercial Mortgage Securities Corp., as depositor, KeyBank National Association, as master servicer, CWCapital Asset
Management LLC, as special servicer, Wells Fargo Bank, National Association, as certificate administrator and as trustee, and Park
Bridge Lender Services LLC, as operating advisor and as asset representations reviewer, and entered into in connection with the
CSAIL 2017-CX10 Commercial Mortgage Trust.

 

“Miracle Mile
Shopping Center Service Providers”: With respect to the Miracle Mile Shopping Center Companion Loan, the related Other
Trustee, Other Servicer, Other Special Servicer and any related sub-servicer, as applicable, and any other Person that makes principal

 

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and/or interest advances in respect of such mortgage loan pursuant to the related Other Pooling and Servicing Agreement.

 

“Miracle Mile
Shopping Center Whole Loan”: The Miracle Mile Shopping Center Companion Loan, together with the Miracle Mile Shopping
Center Mortgage Loan. References herein to the Miracle Mile Shopping Center Whole Loan shall be construed to refer to the aggregate
indebtedness under the related notes with respect to the Miracle Mile Shopping Center Mortgage Loan and the Miracle Mile Shopping
Center Companion Loan.

 

“Modification
Fees”: With respect to any Serviced Mortgage Loan and any Serviced Companion Loan, any and all fees with respect to a
modification, restructure, extension, waiver or amendment that modifies, restructures, extends, amends or waives any term of the
related Loan Documents (as evidenced by a signed writing) agreed to by the Master Servicer or the Special Servicer (other than
all Assumption Fees, consent fees, assumption application fees, defeasance fees and fees similar to the foregoing). For the avoidance
of doubt, Special Servicing Fees, Workout Fees and Liquidation Fees due to the Special Servicer in connection with a modification,
restructure, extension, waiver or amendment shall not be considered Modification Fees. For each modification, restructure, extension,
waiver or amendment in connection with the working out of a Specially Serviced Loan, the Modification Fees collected from the related
Borrower shall be subject to a cap of 1.0% of the outstanding principal balance of such Mortgage Loan or Serviced Companion Loan
on the closing date of the related modification, restructure, extension, waiver or amendment (prior to giving effect to such modification,
restructure, extension, waiver or amendment); provided that no aggregate cap shall exist in connection with the amount of
Modification Fees which may be collected from the related Borrower with respect to any Specially Serviced Loan or REO Loan.

 

“Modified Mortgage
Loan”: Any Specially Serviced Loan which has been modified by the Special Servicer pursuant to Section 3.26 of
this Agreement in a manner that:

 

(a)          reduces
or delays the amount or timing of any payment of principal or interest due thereon (other than, or in addition to, bringing current
Periodic Payments with respect to such Mortgage Loan or Serviced Companion Loan), including any reduction in the Periodic Payment;

 

(b)          except
as expressly contemplated by the related Mortgage, results in a release of the lien of the Mortgage on any material portion of
the related Mortgaged Property without a corresponding Principal Prepayment in an amount not less than the fair market value (as
is), as determined by an Appraisal delivered to the Special Servicer (at the expense of the related Borrower and upon which the
Special Servicer may conclusively rely), of the property to be released; or

 

(c)          in
the reasonable good faith judgment of the Special Servicer, otherwise materially impairs the value of the security for such Mortgage
Loan or Serviced Companion Loan or reduces the likelihood of timely payment of amounts due thereon.

 

“Moody’s”:
Moody’s Investors Service, Inc., or its successor in interest. If neither such rating agency nor any successor remains in
existence, “Moody’s” shall be deemed to refer to such other nationally recognized statistical rating agency or
other comparable Person

 

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reasonably designated by the Depositor, notice of which designation shall be given to the other parties
hereto, and specific ratings of Moody’s herein referenced shall be deemed to refer to the equivalent ratings of the party
so designated.

 

“Morningstar”:
Morningstar Credit Ratings, LLC, or any successor in interest. If neither such rating agency nor any successor remains in existence,
“Morningstar” shall be deemed to refer to such other nationally recognized statistical rating agency or other comparable
Person reasonably designated by the Depositor, notice of which designation shall be given to the other parties hereto, and specific
ratings of Morningstar herein referenced shall be deemed to refer to the equivalent ratings of the party so designated.

 

“Mortgage”:
The mortgage, deed of trust or other instrument creating a first lien on or first priority ownership interest in a Mortgaged Property
securing a Mortgage Note.

 

“Mortgage File”:
With respect to any Mortgage Loan or Serviced Companion Loan, collectively, the mortgage documents listed in Section 2.01(a)(i)
through Section 2.01(a)(xxi) of this Agreement pertaining to such particular Mortgage Loan or Serviced Companion Loan and
any additional documents required to be added to such Mortgage File pursuant to the express provisions of this Agreement; provided
that whenever the term “Mortgage File” is used to refer to documents actually received by the Depositor, Trustee, or
Custodian, such term shall not be deemed to include such documents and instruments required to be included therein unless they
are actually so received.

 

“Mortgage Loan”:
Each of the mortgage loans transferred and assigned to the Trustee pursuant to Section 2.01 of this Agreement and from time
to time held in the Trust Fund. The Mortgage Loans originally so transferred, assigned and held are identified on the Mortgage
Loan Schedule as of the Closing Date. Such term shall include any REO Loan, Specially Serviced Loan or any Mortgage Loan that has
been defeased in whole or in part. Such term shall not include Serviced Companion Loans or Non-Serviced Companion Loans but shall
include Non-Serviced Mortgage Loans.

 

“Mortgage Loan
Purchase Agreements”: Each of the GACC Purchase Agreement, the JPMCB Purchase Agreement and the CREFI Purchase Agreement.

 

“Mortgage Loan
Schedule”: The list of Mortgage Loans included in the Trust Fund as of the Closing Date being attached as Exhibit
B to this Agreement, which list shall set forth the following information with respect to each Mortgage Loan:

 

(a)          the
Loan Number;

 

(b)          the
Mortgage Loan name;

 

(c)          the
street address (including city, state and zip code) of the related Mortgaged Property;

 

(d)          the
Mortgage Rate in effect as of the Cut-off Date;

 

(e)          the
original principal balance;

 

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(f)          the
Stated Principal Balance as of the Cut-off Date;

 

(g)          the
Maturity Date or Anticipated Repayment Date for each Mortgage Loan;

 

(h)          the
Due Date;

 

(i)          the
amount of the Periodic Payment due on the first Due Date following the Cut-off Date;

 

(j)          the
Servicing Fee Rate;

 

(k)          whether
the Mortgage Loan is an Actual/360 Loan;

 

(l)          whether
any letter of credit is held by the lender as a beneficiary or is assigned as security for such Mortgage Loan;

 

(m)          the
Revised Rate of such Mortgage Loan, if any;

 

(n)          whether
the Mortgage Loan is part of a Whole Loan;

 

(o)          whether
the Mortgage Loan is secured in any part by a leasehold interest; and

 

(p)          whether
the Mortgage Loan has any related mezzanine debt or other subordinate debt.

 

Such list may be in the form of more than
one list, collectively setting forth all of the information required. A comparable list shall be prepared with respect to each
Serviced Companion Loan.

 

“Mortgage Loan
Seller Sub-Servicer”: A Servicing Function Participant or Sub-Servicer required to be retained by the Master Servicer
by a Mortgage Loan Seller, as listed on Exhibit X to this Agreement, or any successor thereto.

 

“Mortgage Loan
Sellers”: Each of GACC, JPMCB and CREFI.

 

“Mortgage Note”:
With respect to any Mortgage Loan or Serviced Companion Loan as of any date of determination, the note or other evidence of indebtedness
and/or agreements evidencing the indebtedness of a Borrower under such Mortgage Loan or Serviced Companion Loan including any amendments
or modifications, or any renewal or substitution notes, as of such date.

 

“Mortgage Pool”:
All of the Mortgage Loans and any successor REO Loans, collectively. The Mortgage Pool does not include the Companion Loans or
any related REO Loans.

 

“Mortgaged Property”:
The underlying property securing a Mortgage Loan including any REO Property, consisting of a fee simple estate, and, with respect
to certain Mortgage Loans, a leasehold estate or both a leasehold estate and a fee simple estate, or a

 

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leasehold estate in a portion
of the property and a fee simple estate in the remainder, in a parcel of land improved by a commercial, multifamily or manufactured
housing community property, together with any personal property, fixtures, leases and other property or rights pertaining thereto.

 

“Mortgage Rate”:
With respect to each Mortgage Loan or any related Companion Loan, as applicable, and any Interest Accrual Period, the per annum
rate at which interest accrues on such Mortgage Loan or Serviced Companion Loan, as applicable, during such period (in the
absence of a default), as set forth in the related Mortgage Note from time to time, without giving effect to any Default Rate or
any Revised Rate.

 

“Net Condemnation
Proceeds”: Condemnation Proceeds, to the extent such proceeds are not to be applied to the restoration, preservation
or repair of the related Mortgaged Property or released to the Borrower in accordance with the express requirements of the Loan
Documents or other documents included in the Mortgage File or in accordance with the Servicing Standard.

 

“Net Default
Interest”: With respect to any Distribution Date, an amount equal to the sum of (i) the amount of the aggregate collected
Default Interest allocable to the Mortgage Loans received during the preceding Collection Period, minus (ii) any portions thereof
withdrawn from (A) the Collection Account pursuant to Section 3.06(a)(ix) of this Agreement for Advance Interest Amounts
and unreimbursed Additional Trust Fund Expenses (including Special Servicing Fees, Liquidation Fees and Workout Fees) incurred
on the related Mortgage Loan during or prior to such Collection Period and (B) each Serviced Whole Loan Collection Account pursuant
to Section 3.06(b)(ix) for Advance Interest Amounts and unreimbursed Additional Trust Fund Expenses incurred on the related
Serviced Whole Loan during or prior to such Collection Period.

 

“Net Insurance
Proceeds”: Insurance Proceeds, to the extent such proceeds are not to be applied to the restoration of the related Mortgaged
Property or released to the Borrower in accordance with the express requirements of the Loan Documents or other documents included
in the Mortgage File or in accordance with prudent and customary servicing practices.

 

“Net Liquidation
Proceeds”: The Liquidation Proceeds received with respect to any Mortgage Loan or Serviced Whole Loan net of the amount
of (i) Liquidation Expenses incurred with respect thereto and (ii) with respect to proceeds received in connection with the taking
of a Mortgaged Property (or portion thereof) by the power of eminent domain in condemnation, amounts required to be applied to
the restoration or repair of the related Mortgaged Property.

 

“Net Mortgage
Rate”: With respect to any Mortgage Loan and any Distribution Date, the per annum rate equal to the Mortgage Rate
for such Mortgage Loan for the related Interest Accrual Period (without regard to any increase in the interest of any ARD Loan
after the related Anticipated Repayment Date), minus, for any such Mortgage Loan, the aggregate of the applicable Servicing Fee
Rate, Certificate Administrator/Trustee Fee Rate, Operating Advisor Fee Rate, CREFC® Intellectual Property Royalty
License Fee Rate, the fee rate paid to the Sub-Servicer, if any, with respect to any Non-Serviced Mortgage Loan and the related
Non-Serviced Mortgage Loan Primary Servicing Fee Rate. The “Net Mortgage Rate” for purposes of

 

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calculating Pass-Through
Rates and Withheld Amounts shall be the Net Mortgage Rate of such Mortgage Loan without taking into account any modification, waiver
or amendment of the terms of the related Mortgage Loan, whether agreed to by the Master Servicer or the Special Servicer or resulting
from a bankruptcy, insolvency or similar proceeding involving the related Borrower.

 

Notwithstanding the foregoing,
if any such Mortgage Loan does not accrue interest on the basis of a 360-day year consisting of twelve 30-day months, then, solely
for purposes of calculating the Pass-Through Rate on the Regular Certificates and the Class VRR Upper-Tier Regular Interests, the
Net Mortgage Rate of such Mortgage Loan for any Interest Accrual Period will be the annualized rate at which interest would have
to accrue in respect of such Mortgage Loan or Serviced Companion Loan on the basis of a 360-day year consisting of twelve 30-day
months in order to produce the aggregate amount of interest actually accrued in respect of such Mortgage Loan at the related Net
Mortgage Rate during such Interest Accrual Period; provided, however, that with respect to each such Mortgage Loan, the
Net Mortgage Rate for the one-month period (i) prior to the Due Dates in (a) January and February in each year that is not a leap
year or (b) February only in each year that is a leap year (in either case, unless the related Distribution Date is the final Distribution
Date) shall be determined net of any Withheld Amounts from that month and (ii) preceding the Due Date in March (or February if
the related Distribution Date is the final Distribution Date) (commencing in 2018), shall be determined inclusive of the Withheld
Amounts, if applicable, from the immediately preceding February, and, if applicable, January; provided, further,
that, for purposes of calculating the Pass-Through Rates and the WAC Rate with respect to the Distribution Date in March 2018,
the Interest Deposit Amount shall be included in determining the Net Mortgage Rate of the Mortgage Loans that accrue interest based
on the actual number of days elapsed during any calendar month (or other applicable accrual period) in a year assumed to consist
of 360 days.

 

“Net Prepayment
Interest Excess”: The excess amount, if any, that the aggregate of all Prepayment Interest Excess for all Serviced Mortgage
Loans and any related Serviced Companion Loans that the Master Servicer is servicing exceeds the aggregate of all Compensating
Interest Payments for such Serviced Mortgage Loans and related Serviced Companion Loans as of any related Distribution Date.

 

“Net Prepayment
Interest Shortfall”: With respect to the Mortgage Loans or Serviced Companion Loans that the Master Servicer is servicing,
the aggregate Prepayment Interest Shortfalls in excess of the Compensating Interest Payments on such Mortgage Loan or Serviced
Companion Loan.

 

“Net REO Proceeds”:
With respect to each Serviced REO Property, REO Proceeds with respect to such REO Property net of any insurance premiums, taxes,
assessments and other costs and expenses permitted to be paid therefrom pursuant to Section 3.15(b) of this Agreement.

 

“New Lease”:
Any lease of a Serviced REO Property entered into on behalf of the Lower-Tier REMIC if such Trust REMIC has the right to renegotiate
the terms of such lease, including any lease renewed or extended on behalf of such Trust REMIC.

 

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“Non-Conflicted
Special Servicer”: With respect any Conflicted Special Servicer Mortgage Loan, a special servicer that is not a Borrower
Party and satisfies all of the eligibility requirements applicable to the special servicer set forth in this Agreement.

 

“Non-Directing
Holder”: With respect to any Companion Loan, the “Non-Directing Holder”, “Non-Controlling Note Holder”
or any analogous concept under the related Intercreditor Agreement.

 

“Non-Reduced
Certificates”: As of any date of determination, any Class of Principal Balance Certificates and any Class of Exchangeable
Certificates then outstanding for which (a)(1) the initial Certificate Balance of such Class of Certificates (or, in the case of
a Class of Exchangeable Certificates, the aggregate of the initial Certificate Balances of all of the Classes of the Exchangeable
Certificates (collectively)) minus (2) the sum (without duplication) of (x) the aggregate payments of principal (whether as principal
prepayments or otherwise) distributed to the Holders of such Class of Certificates (or, in the case of a Class of Exchangeable
Certificates, to all of the Classes of the Exchangeable Certificates (collectively)) as of such date of determination, (y) any
Appraisal Reduction Amounts allocated to such Class of Certificates as of such date of determination and (z) any Realized Losses
or VRR Realized Losses, as applicable, previously allocated to such Class of Certificates (or, in the case of a Class of Exchangeable
Certificates, to all Classes of the Exchangeable Certificates (collectively)) as of such date of determination, is equal to or
greater than (b) 25% of the remainder of (i) the initial Certificate Balance of such Class of Certificates (or, in the case of
a Class of Exchangeable Certificates, the aggregate of the initial Certificate Balances of all of the Classes of the Exchangeable
Certificates (collectively)) less (ii) any payments of principal (whether as principal prepayments or otherwise) previously distributed
to that Class of Certificates (or, in the case of a Class of Exchangeable Certificates, to all Classes of the Exchangeable Certificates
(collectively)) as of such date of determination. For avoidance of doubt, if some or all of the Class V2 Certificates are exchanged
for Class V1 Certificates, all such Class V1 Certificates will be Non-Reduced Certificates if such portion (which may be all) of
the Class V2 Certificates that have been exchanged, if it were outstanding, would have been (or been part of) a Class of Non-Reduced
Certificates.

 

“Non-Serviced
Companion Loan”: With respect to any Non-Serviced Whole Loan, any related mortgage loan not included in the Trust that
is serviced under another agreement and that is generally (a) payable on a pari passu basis with the related Mortgage Loan
included in the Trust to the extent set forth in the related Intercreditor Agreement or (b) subordinated in right of payment to
the related Mortgage Loan included in the Trust to the extent set forth in the related Intercreditor Agreement. The Woods Companion
Loans, The Griffin Portfolio Companion Loans, the Worldwide Plaza Companion Loans, the Station Place III Companion Loans, the Atrium
Center Companion Loans, on and after the Atrium Center Pari Passu Note A-3 Securitization Date, the Sentinel Square II Companion
Loan, on and after the Sentinel Square II Pari Passu Note A-1 Securitization Date, the Gateway Net Lease Portfolio Companion Loans,
the Rochester Hotel Portfolio Companion Loans, on and after the Rochester Hotel Portfolio Pari Passu Note A-1 Securitization Date,
the 521-523 East 72nd Street Companion Loan, the Marriott Charlotte City Center Companion Loans, on and after the Marriott Charlotte
City Center Pari Passu Note A-3 Securitization Date, the Miracle Mile Shopping Center Companion Loans, the Towers at University
Town Center Companion Loan, on

 

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and after the Towers at University Town Center Pari Passu Note A-1 Securitization Date, the Two
Harbor Point Square Companion Loans, on and after the Two Harbor Point Square Pari Passu Note A-1-A Securitization Date, the AHIP
Northeast Portfolio I Companion Loan and the Starwood Capital Group Hotel Portfolio Companion Loans, are the only Non-Serviced
Companion Loans related to the Trust.

 

“Non-Serviced
Mortgage Loan”: With respect to any Non-Serviced Whole Loan, a Mortgage Loan included in the Trust but serviced under
another agreement. The Woods Mortgage Loan, The Griffin Portfolio Mortgage Loan, the Worldwide Plaza Mortgage Loan, the Station
Place III Mortgage Loan, the Atrium Center Mortgage Loan, on and after the Atrium Center Pari Passu Note A-3 Securitization Date,
the Sentinel Square II Mortgage Loan, on and after the Sentinel Square II Pari Passu Note A-1 Securitization Date, the Gateway
Net Lease Portfolio Mortgage Loan, the Rochester Hotel Portfolio Mortgage Loan, on and after the Rochester Hotel Portfolio Pari
Passu Note A-1 Securitization Date, the 521-523 East 72nd Street Mortgage Loan, the Marriott Charlotte City Center Mortgage Loan,
on and after the Marriott Charlotte City Center Pari Passu Note A-3 Securitization Date, the Miracle Mile Shopping Center Mortgage
Loan, the Towers at University Town Center Mortgage Loan, on and after the Towers at University Town Center Pari Passu Note A-1
Securitization Date, the Two Harbor Point Square Mortgage Loan, on and after the Two Harbor Point Square Pari Passu Note A-1-A
Securitization Date, the AHIP Northeast Portfolio I Mortgage Loan and the Starwood Capital Group Hotel Portfolio Mortgage Loan,
are the only Non-Serviced Mortgage Loans related to the Trust.

 

“Non-Serviced
Mortgage Loan Primary Servicing Fee Rate”: The “primary servicing fee rate” or “pari passu primary
servicing rate” (each as defined or set forth in the applicable Other Pooling and Servicing Agreement) and any other servicing
fee rate (other than those payable to the applicable Other Special Servicer) applicable to any Non-Serviced Mortgage Loan. The
Non-Serviced Mortgage Loan Primary Servicing Fee Rate for (A) each Servicing Shift Mortgage Loan will be such amount as set forth
in the related Other Pooling and Servicing Agreement for such Servicing Shift Whole Loan, (B) The Woods Mortgage Loan will be 0.02000%,
(C) the Griffin Portfolio Mortgage Loan will be 0.00250%, (D) the Worldwide Plaza Mortgage Loan will be 0.00125%, (E) the Station
Place III Mortgage Loan will be 0.00250%, (F) the Gateway Net Lease Portfolio Mortgage Loan will be 0.00250%, (G) the 521-523 East
72nd Street Mortgage Loan will be 0.00250%, (H) the Miracle Mile Shopping Center Mortgage Loan will be 0.01250%, (I) the AHIP Northeast
Portfolio I Mortgage Loan will be 0.00250% and (J) the Starwood Capital Group Hotel Portfolio Mortgage Loan will be 0.00250%.

 

“Non-Serviced
Mortgage Loan Service Providers”: With respect to (A) The Woods Whole Loan, The Woods Service Providers, (B) the Griffin
Portfolio Whole Loan, the Griffin Portfolio Service Providers, (C) the Worldwide Plaza Whole Loan, the Worldwide Plaza Service
Providers, (D) the Station Place III Whole Loan, the Station Place III Service Providers, (E) the Atrium Center Whole Loan, on
and after the Atrium Center Pari Passu Note A-3 Securitization Date, the Atrium Center Service Providers, (F) the Sentinel Square
II Whole Loan, on and after the Sentinel Square II Pari Passu Note A-1 Securitization Date, the Sentinel Square II Service Providers,
(G) the Gateway Net Lease Portfolio Whole Loan, the Gateway Net Lease Portfolio Service Providers, (H) the Rochester Hotel Portfolio
Whole Loan, on and after the Rochester Hotel Portfolio Pari Passu Note A-1 Securitization Date, the Rochester Hotel Portfolio

 

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Service Providers, (I)
the 521-523 East 72nd Street Whole Loan, the 521-523 East 72nd Street Service Providers, (J) the Marriot Charlotte City Center
Whole Loan, on and after the Marriott Charlotte City Center Pari Passu Note A-3 Securitization Date, the Marriott Charlotte City
Center Service Providers, (K) the Miracle Mile Shopping Center Whole Loan, the Miracle Mile Shopping Center Service Providers,
(L) the Towers at University Town Center Whole Loan, on and after the Towers at University Town Center Pari Passu Note A-1 Securitization
Date, the Towers at University Town Center Service Providers, (M) the Two Harbor Point Square Whole Loan, on and after the Two
Harbor Point Square Pari Passu Note A-1-A Securitization Date, the Two Harbor Point Square Service Providers (N) the AHIP Northeast
Portfolio I Whole Loan, the AHIP Northeast Portfolio I Service Providers and (O) the Starwood Capital Group Hotel Portfolio Whole
Loan, the Starwood Capital Group Hotel Portfolio Service Providers.

 

“Non-Serviced
Whole Loan Custodian”: With respect to any Non-Serviced Mortgage Loan, the applicable other “custodian” under
the Other Pooling and Servicing Agreement that governs the servicing and administration of the related Non-Serviced Whole Loan.

 

“Non-Serviced
Whole Loans”: Any mortgage loan that is not serviced under this Agreement that is divided into two or more notes, which
includes a Mortgage Loan included in the Trust but serviced under another agreement and one or more mortgage notes not included
in the Trust and serviced under another agreement. References herein to a Non-Serviced Whole Loan shall be construed to refer
to the aggregate indebtedness under the related notes. The Woods Whole Loan, The Griffin Portfolio Whole Loan, the Worldwide Plaza
Whole Loan, the Station Place III Whole Loan, on and after the Atrium Center Pari Passu Note A-3 Securitization Date, the Atrium
Center Whole Loan, on and after the Sentinel Square II Pari Passu Note A-1 Securitization Date, the Sentinel Square II Whole Loan,
the Gateway Net Lease Portfolio Whole Loan, on and after the Rochester Hotel Portfolio Pari Passu Note A-1 Securitization Date,
the Rochester Hotel Portfolio Whole Loan, the 521-523 East 72nd Street Whole Loan, on and after the Marriott Charlotte City Center
Pari Passu Note A-3 Securitization Date, the Marriott Charlotte City Center Whole Loan, the Miracle Mile Shopping Center Whole
Loan, on and after the Towers at University Town Center Pari Passu Note A-1 Securitization Date, the Towers at University Town
Center Whole Loan, on and after the Two Harbor Point Square Pari Passu Note A-1-A Securitization Date, the Two Harbor Point Square
Whole Loan, the AHIP Northeast Portfolio I Whole Loan and the Starwood Capital Group Hotel Portfolio Whole Loan are the only Non-Serviced
Whole Loans related to the Trust.

 

“Non-U.S. Person”:
A person that is not a U.S. Person.

 

“Non-VRR Certificates”:
The Class A-1, Class A-2, Class A-3, Class A-SB, Class A-4, Class A-5, Class X-A, Class X-B, Class X-D, Class X-E, Class A-M, Class
B, Class C, Class D, Class E, Class F-RR, Class G-RR and Class S Certificates.

 

“Non-VRR Interest
Percentage”: An amount expressed as a percentage equal to 100% less the VRR Interest Percentage. For the avoidance of
doubt, at all times, the sum of the VRR Interest Percentage and the Non-VRR Interest Percentage shall equal 100%.

 

“Non-VRR Prepayment
Premiums and Yield Maintenance Charges”: As defined in Section 4.01(d).

 

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“Nonrecoverable
Advance”: Any Nonrecoverable P&I Advance, Nonrecoverable Servicing Advance or Nonrecoverable Workout-Delayed Reimbursement
Amounts.

 

“Nonrecoverable
P&I Advance”: Any P&I Advance previously made or proposed to be made in respect of a Mortgage Loan or REO Loan
which the Master Servicer, the Special Servicer, in each case in accordance with the Servicing Standard and Sections 4.07(c),
or the Trustee, in its good faith business judgment, as applicable, determines would not be ultimately recoverable, together with
any accrued and unpaid interest thereon, from late payments, Condemnation Proceeds, Insurance Proceeds, Liquidation Proceeds and
other collections on or in respect of the related Mortgage Loan or REO Loan, which shall be evidenced by an Officer’s Certificate
as provided by Section 4.07(c) of this Agreement.

 

“Nonrecoverable
Servicing Advance”: Any Servicing Advance previously made or proposed to be made in respect of a Serviced Mortgage Loan
and any related Serviced Companion Loan or any Serviced REO Property that the Master Servicer, the Special Servicer, in each case
in accordance with the Servicing Standard and Section 3.21(d) of this Agreement, or the Trustee, in its good faith business
judgment, as applicable, determines would not be ultimately recoverable, together with any accrued and unpaid interest thereon,
from late payments, Condemnation Proceeds, Insurance Proceeds, Liquidation Proceeds and other collections on or in respect of the
related Mortgage Loan, Serviced Whole Loan or Serviced REO Loan, which shall be evidenced by an officer certificate as provided
by Section 3.21(d) of this Agreement. The determination as to the recoverability of any Servicing Advance previously made
or proposed to be made in respect of any Non-Serviced Whole Loan (or related REO Property) shall be made by the applicable servicer
under, and in accordance with the terms of, the related Other Pooling and Servicing Agreement. Any such determination made by any
such party shall be conclusive and binding on the Certificateholders and may, in all cases, be conclusively relied upon by the
Master Servicer, the Special Servicer and the Trustee, as applicable.

 

“Nonrecoverable
Workout-Delayed Reimbursement Amounts”: Any Workout-Delayed Reimbursement Amounts when the Person making such determination
in accordance with the procedures specified for Nonrecoverable Servicing Advances or Nonrecoverable P&I Advances, as applicable,
and taking into account factors such as all other outstanding Advances, either (a) has determined that such Workout-Delayed Reimbursement
Amounts, would not ultimately be recoverable from late payments or any other recovery on or in respect of the related Mortgage
Loan, Serviced Whole Loan or REO Loans or (b) has determined that such Workout-Delayed Reimbursement Amounts would not ultimately
be recoverable, along with any other Workout-Delayed Reimbursement Amounts and Nonrecoverable Advances, out of the principal portion
of future collections on all of the Mortgage Loans and REO Properties and from general principal collections in the Collection
Account.

 

“Notice of Termination”:
Any of the notices given to the Trustee, the Certificate Administrator and the Master Servicer by the Certificateholder owning
a majority of the Percentage Interests in the Controlling Class, the Special Servicer or the Master Servicer pursuant to Section
9.01(c) of this Agreement.

 

“Notice to Refer”:
As defined in Section 2.03(k)(ii).

 

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“Notional Amount”:
As of any date of determination: (i) with respect to each of the Class X-A, Class X-B, Class X-D and Class X-E Certificates as
a Class, the related Class X Notional Amount as of such date of determination and (ii) with respect to any Class X Certificate,
the product of the Percentage Interest evidenced by such Certificate and the related Class X Notional Amount as of such date of
determination.

 

“NRSRO”:
Any nationally recognized statistical ratings organization.

 

“NRSRO Certification”:
A certification (a) executed by a NRSRO in favor of the 17g-5 Information Provider substantially in the form attached hereto as
Exhibit Z or (b) provided electronically and executed by such NRSRO by means of a “click-through” confirmation
on the 17g-5 Information Provider’s Website, in either case in favor of the 17g-5 Information Provider that states that such
NRSRO is a Rating Agency under this Agreement, or that such NRSRO has been engaged to rate any securities backed, in whole or in
part, by a Serviced Pari Passu Companion Loan, or that such NRSRO has provided the Depositor with the appropriate certifications
pursuant to paragraph (e) of Rule 17g-5 of the Exchange Act, such NRSRO has access to the Depositor’s 17g-5 website and such
NRSRO will keep such information confidential, except to the extent such information has been made available to the general public.

 

“Officer’s
Certificate”: A certificate signed by the Chairman of the Board, the Vice Chairman of the Board, the President or a Vice
President (however denominated) and by the Treasurer, the Secretary, one of the Assistant Treasurers or Assistant Secretaries,
any Trust Officer or other officer of the Master Servicer, Special Servicer, Additional Servicer, Operating Advisor or Asset Representations
Reviewer customarily performing functions similar to those performed by any of the above designated officers, any Servicing Officer
and also with respect to a particular matter, any other officer to whom such matter is referred because of such officer’s
knowledge of and familiarity with the particular subject, or an authorized officer of the Depositor, and delivered to the Depositor,
the Trustee, the Certificate Administrator, the Special Servicer or the Master Servicer, as the case may be.

 

“Offsetting
Modification Fees”: With respect to any Serviced Mortgage Loan and any related Serviced Companion Loan or Serviced REO
Loan and with respect to any Workout Fee or Liquidation Fee payable by the Trust, any and all Modification Fees collected by the
Special Servicer as additional servicing compensation, but only to the extent that (1) such Modification Fees were earned and collected
by the Special Servicer (A) in connection with the workout or liquidation (including partial liquidation) of a Specially Serviced
Loan or Serviced REO Loan as to which the subject Workout Fee or Liquidation Fee became payable or (B) in connection with any workout
of a Specially Serviced Loan that closed within the prior 18 months (determined as of the closing day of the workout or liquidation
as to which the subject Workout Fee or Liquidation Fee became payable) and (2) such Modification Fees were earned in connection
with a modification, restructure, extension, waiver or amendment of such Mortgage Loan, Serviced Whole Loan or Serviced REO Loan
at a time when such Mortgage Loan, Serviced Whole Loan or Serviced REO Loan was a Specially Serviced Loan.

 

“Operating Advisor”:
Park Bridge Lender Services LLC, a New York limited liability company, or its successors in interest and assigns, or any successor
Operating Advisor appointed as herein provided.

 

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“Operating Advisor
Annual Report”: As defined in Section 3.31(c) of this Agreement.

 

“Operating Advisor
Consultation Event”: The event that occurs the earlier of when (i) the aggregate Certificate Balances of the HRR Certificates
(taking into account the application of any Cumulative Appraisal Reduction Amounts to notionally reduce the Certificate Balances
of such classes) is 25% or less of the initial aggregate Certificate Balances of the HRR Certificates and (ii) a Control Termination
Event has occurred and is continuing (or a Control Termination Event would occur and be continuing if not for the last proviso
in the definition thereof).

 

“Operating Advisor
Consulting Fee”: A fee for each Major Decision on which the Operating Advisor has consulting rights equal to $10,000
with respect to any Mortgage Loan or such lesser amount as the related Borrower agrees to pay, payable pursuant to Section 3.06
of this Agreement; provided, no such fee shall be payable unless paid by the related Borrower. The Operating Advisor may
in its sole discretion reduce the Operating Advisor Consulting Fee with respect to any Major Decision. The Master Servicer or Special
Servicer, as applicable, may waive or reduce the amount of any Operating Advisor Consulting Fee payable by the related Borrower
if it determines that such full or partial waiver is in accordance with the Servicing Standard; provided, that the Master
Servicer or the Special Servicer, as applicable, shall consult with the Operating Advisor prior to any such waiver or reduction.
No Operating Advisor Consulting Fee shall be payable with respect to any Subordinate Companion Loan, any Non-Serviced Whole Loan
or any Servicing Shift Whole Loan.

 

“Operating Advisor
Fee”: With respect to each Mortgage Loan and REO Loan (including Non-Serviced any Mortgage Loans and Servicing Shift
Mortgage Loans, but excluding any Companion Loans) and any Distribution Date, an amount per Interest Accrual Period equal to the
product of (i) the applicable Operating Advisor Fee Rate and (ii) the Stated Principal Balance of such Mortgage Loan as of the
Due Date in the immediately preceding Collection Period (without giving effect to payments of principal on such Mortgage Loan on
such Due Date). Such fee shall be in addition to, and not in lieu of, any other fee or other sum payable to the Operating Advisor
under this Agreement. The Operating Advisor Fee shall be calculated in accordance with the provisions of Section 1.02(a)
of this Agreement. For the avoidance of doubt, the Operating Advisor Fee shall be payable from the Lower-Tier REMIC. For the avoidance
of doubt, no Operating Advisor Fee shall accrue on the principal balance of, or be payable with respect to, any Companion Loan.

 

“Operating Advisor
Fee Rate”: For each Interest Accrual Period, a per annum rate equal to (i) 0.0016% with respect to all Mortgage
Loans and REO Loans (including any Non-Serviced Mortgage Loans and Servicing Shift Mortgage Loans, but excluding any Companion
Loans) (except the 90 Hudson Mortgage Loan, the Radisson Blu Aqua Hotel Mortgage Loan and the Lehigh Valley Mall Mortgage Loan),
(ii) 0.0030% with respect to the 90 Hudson Mortgage Loan, (iii) 0.0039% with respect to the Radisson Blu Aqua Hotel Mortgage Loan,
and (iv) 0.0040% with respect to the Lehigh Valley Mall Mortgage Loan. At any time there is no Operating Advisor, the Operating
Advisor Fee Rate shall be 0%.

 

“Operating Advisor
Standard”: The requirement that the Operating Advisor shall act solely on behalf of the Trust and in the best interest
of, and for the benefit of, the

 

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Certificateholders and, with respect to any Serviced Whole Loan (other than any Servicing Shift
Whole Loan) for the benefit of the related Companion Loan Noteholders (as a collective whole as if such Certificateholders and
Companion Loan Noteholders constituted a single lender, taking into account the pari passu nature of any related pari
passu Companion Loan (and with respect to any Serviced Whole Loan with a related Subordinate Companion Loan, taking into account
the subordinate nature of such Subordinate Companion Loan)), and not to Holders of any particular Class of Certificateholders (as
determined by the Operating Advisor in the exercise of its good faith and reasonable judgment), and without regard to any conflict
of interest arising from any relationship that the Operating Advisor or any of its affiliates may have with any of the Borrowers,
property managers, any Mortgage Loan Seller, the Depositor, the Master Servicer, the Special Servicer, the Asset Representations
Reviewer, the Directing Holder, the Risk Retention Consultation Party, any Certificateholder, or any of their respective affiliates.

 

“Operating Advisor
Surveillance Personnel”: The divisions and individuals of the Operating Advisor who are involved in the performance of
the duties of the Operating Advisor under this Agreement.

 

“Operating Advisor
Termination Event”: As defined in Section 7.07(a) of this Agreement.

 

“Opinion of
Counsel”: A written opinion of counsel, who may, without limitation, be counsel for the Depositor, the Special Servicer
or the Master Servicer, as the case may be, acceptable to the Certificate Administrator and the Trustee, except that any opinion
of counsel relating to (a) qualification of any Trust REMIC as a REMIC or the imposition of tax under the REMIC Provisions on any
income or property of any Trust REMIC, (b) compliance with the REMIC Provisions (including application of the definition of “Independent
Contractor”), (c) qualification of the Grantor Trust as a grantor trust or (d) a resignation of the Master Servicer or
the Special Servicer pursuant to Section 6.04(b) of this Agreement, must be an opinion of counsel who is Independent of
the Depositor, the Master Servicer and the Special Servicer.

 

“Originator”:
Any of (i) the Mortgage Loan Sellers and (ii) with respect to any Mortgage Loan acquired by a Mortgage Loan Seller, the originator
of such Mortgage Loan.

 

“Other 17g-5
Information Provider”: The applicable other “17g-5 information provider” under an Other Pooling and Servicing
Agreement relating to a Serviced Companion Loan. The Depositor shall inform the other parties hereto of the name and contact information
for any Other 17g-5 Information Provider existing as of the Closing Date. The name and contact information of any such Other 17g-5
Information Provider as of the Closing Date is set forth on Schedule VIII hereto. Each party hereto shall be entitled to conclusively
rely upon the information set forth on Schedule VIII until such party receives notice of any change thereto.

 

“Other Asset
Representations Reviewer”: The applicable other “asset representations reviewer” under an Other Pooling and
Servicing Agreement relating to a Serviced Companion Loan or a Non-Serviced Companion Loan, as applicable.

 

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“Other Custodian”:
The applicable other “custodian” under an Other Pooling and Servicing Agreement relating to a Serviced Companion Loan
or a Non-Serviced Companion Loan, as applicable.

 

“Other Depositor”:
The applicable other “depositor” under an Other Pooling and Servicing Agreement relating to a Serviced Companion Loan
or a Non-Serviced Companion Loan, as applicable.

 

“Other Indemnified
Parties”: As defined in Section 1.04 of this Agreement.

 

“Other Operating
Advisor”: The applicable other “operating advisor” or “trust advisor” under an Other Pooling
and Servicing Agreement relating to a Serviced Companion Loan or a Non-Serviced Companion Loan, as applicable.

 

“Other Pooling
and Servicing Agreement”: A pooling and servicing agreement or other applicable servicing agreement relating to a Serviced
Companion Loan or a Non-Serviced Whole Loan, as applicable. The Other Pooling and Servicing Agreements related to the Trust as
of the Closing Date are (i) with respect to The Woods Whole Loan, The Woods Pooling and Servicing Agreement, (ii) with respect
to the Griffin Portfolio Whole Loan, the Griffin Portfolio Pooling and Servicing Agreement, (iii) with respect to the Worldwide
Plaza Whole Loan, the Worldwide Plaza Trust and Servicing Agreement, (iv) with respect to the Station Place III Whole Loan, the
Station Place III Pooling and Servicing Agreement, (v) with respect to the Atrium Center Whole Loan, on and after the Atrium Center
Pari Passu Note A-3 Securitization Date, the Atrium Center Pooling and Servicing Agreement, (vi) with respect to the Sentinel Square
II Whole Loan, on and after the Sentinel Square II Pari Passu Note A-1 Securitization Date, the Sentinel Square II Pooling and
Servicing Agreement, (vii) with respect to the Gateway Net Lease Portfolio Whole Loan, the Gateway Net Lease Portfolio Pooling
and Servicing Agreement, (viii) with respect to the Rochester Hotel Portfolio Whole Loan, on and after the Rochester Hotel Portfolio
Pari Passu Note A-1 Securitization Date, the Rochester Hotel Portfolio Pooling and Servicing Agreement, (ix) with respect to the
521-523 East 72nd Street Whole Loan, the 521-523 East 72nd Street Pooling and Servicing Agreement, (x) with respect to the Marriott
Charlotte City Center Whole Loan, on and after the Marriott Charlotte City Center Pari Passu Note A-3 Securitization Date,
the Marriott Charlotte City Center Pooling and Servicing Agreement, (xi) with respect to the Miracle Mile Shopping Center Whole
Loan, the Miracle Mile Shopping Center Pooling and Servicing Agreement, (xii) with respect to the Towers at University Town Center
Whole Loan, on and after the Towers at University Town Center Pari Passu Note A-1 Securitization Date, the Towers at University
Town Center Pooling and Servicing Agreement, (xiii) with respect to the Two Harbor Point Square Whole Loan, on and after the Two
Harbor Point Square Pari Passu Note A-1-A Securitization Date, the Two Harbor Point Square Pooling and Servicing Agreement, (xiv)
with respect to the AHIP Northeast Portfolio I Whole Loan, the AHIP Northeast Portfolio I Pooling and Servicing Agreement and (xv)
with respect to the Starwood Capital Group Hotel Portfolio Whole Loan, the Starwood Capital Group Hotel Portfolio Pooling and Servicing
Agreement.

 

“Other Securitization”:
Any commercial mortgage securitization trust that holds a Serviced Companion Loan or Non-Serviced Companion Loan or any successor
REO Loan with respect thereto. The initial Other Securitizations related to the Trust as of the Closing Date are (i) with respect
to The Woods Companion Loan evidenced by promissory note A-1, the Morgan

 

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Stanley Capital I Trust 2017-HR2 securitization, (ii)
with respect to the Griffin Portfolio Companion Loans evidenced by promissory notes A-1-1 and A-1-3, the BANK 2017-BNK8 securitization,
(iii) with respect to the Griffin Portfolio Companion Loan evidenced by promissory note A-1-2, the BANK 2017-BNK9 securitization,
(iv) with respect to the Griffin Portfolio Companion Loans evidenced by promissory notes A-2-3 and A-2-5, the UBS 2017-C5 securitization
(v) with respect to the Griffin Portfolio Companion Loans evidenced by promissory notes A-2-2 and A-2-6, the UBS 2017-C6 securitization
(vi) with respect to the Griffin Portfolio Companion Loan evidenced by promissory note A-3, the UBS 2017-C7 securitization (vii)
with respect to the Worldwide Plaza Pari Passu Companion Loans evidenced by promissory notes A-1-S and A-2-S and the Worldwide
Plaza Subordinate Companion Loans evidenced by promissory notes B-1-S and B-2-S, the WPT 2017-WWP securitization, (viii) with respect
to the Worldwide Plaza Pari Passu Companion Loan evidenced by promissory note A-1-C1, the GSMS 2017-GS8 securitization, (ix) with
respect to the Station Place III Companion Loan evidenced by promissory note A-1, the JPMDB 2017-C7 securitization, (x) with respect
to the Station Place III Companion Loan evidenced by promissory note A-4, the CGCMT 2017-C4 securitization, (xi) with respect to
the Station Place III Companion Loan evidenced by promissory note A-5, the CD 2017-CD6 securitization, (xii) with respect to the
Gateway Net Lease Portfolio Companion Loan evidenced by promissory note A-1-3, the JPMDB 2017-C7 securitization, (xiii) with respect
to the Gateway Net Lease Portfolio Companion Loan evidenced by promissory note A-1-2, the JPMCC 2017-JP7 securitization, (xiv)
with respect to the Gateway Net Lease Portfolio Companion Loans evidenced by promissory notes A-2-2 and A-2-3, the BANK 2017-BNK6
securitization, (xv) with respect to the Gateway Net Lease Portfolio Companion Loan evidenced by promissory note A-2-1, the BANK
2017-BNK5 securitization, (xvi) with respect to the Gateway Net Lease Portfolio Companion Loan evidenced by promissory note A-1-1,
the DBJPM 2017-C6 securitization, (xvii) with respect to the Lehigh Valley Mall Companion Loan evidenced by promissory note A-1-B,
the CSAIL 2017-CX10 securitization, (xviii) with respect to the 521-523 East 72nd Street Companion Loan, the JPMDB 2017-C7 securitization,
(xix) with respect to the Miracle Mile Shopping Center Companion Loans, the CSAIL 2017-CX10 securitization, (xx) with respect to
the AHIP Northeast Portfolio I Companion Loan, the JPMDB 2017-C7 securitization, (xxi) with respect to the Starwood Capital Group
Hotel Portfolio Companion Loans evidenced by promissory notes A-1 and A-7, the DBJPM 2017-C6 securitization, (xxii) with respect
to the Starwood Capital Group Hotel Portfolio Companion Loans evidenced by promissory notes A-2-1 and A-16-1, the JPMCC 2017-JP7
securitization, (xxiii) with respect to the Starwood Capital Group Hotel Portfolio Companion Loan evidenced by promissory note
A-3, the BANK 2017-BNK5 securitization, (xxiv) with respect to the Starwood Capital Group Hotel Portfolio Companion Loan evidenced
by promissory note A-4, the BANK 2017-BNK6 securitization, (xxv) with respect to the Starwood Capital Group Hotel Portfolio Companion
Loan evidenced by promissory note A-5, the WFCM 2017-C38 securitization, (xxvi) with respect to the Starwood Capital Group Hotel
Portfolio Companion Loan evidenced by promissory note A-6-1, the WFCM 2017-C39 securitization, (xxvii) with respect to the Starwood
Capital Group Hotel Portfolio Companion Loans evidenced by promissory notes A-11, A-12 and A-13-2, the UBS 2017-C2 securitization,
(xxviii) with respect to the Starwood Capital Group Hotel Portfolio Companion Loans evidenced by promissory notes A-8 and A-10,
the CD 2017-CD5 securitization, (xxix) with respect to the Starwood Capital Group Hotel Portfolio Companion Loans evidenced by
promissory notes A-2-2, A-9 and A-14, the JPMDB 2017-C7 securitization, and (xxx) with respect to the Starwood Capital Group Hotel
Portfolio Companion Loans evidenced by promissory notes A-16-2 and A-

 

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17, the CGCMT 2017-P8 securitization. With respect to each
Servicing Shift Whole Loan, on and after the related Servicing Shift Securitization Date, the related securitization shall also
be an Other Securitization. In addition, with respect to each Companion Loan that is included in a future securitization, such
future securitization shall also be an Other Securitization.

 

“Other Servicer”:
The applicable other “master servicer” under an Other Pooling and Servicing Agreement relating to a Serviced Companion
Loan or a Non-Serviced Companion Loan, as applicable.

 

“Other Special
Servicer”: The applicable other “special servicer” under an Other Pooling and Servicing Agreement relating
to a Serviced Companion Loan or a Non-Serviced Companion Loan, as applicable.

 

“Other Trustee”:
The applicable other “trustee” or, if applicable, the other “certificate administrator” or, if applicable,
the other “custodian” under an Other Pooling and Servicing Agreement relating to a Serviced Companion Loan or a Non-Serviced
Companion Loan, as applicable.

 

“Ownership Interest”:
Any record or beneficial interest in a Class R Certificate.

 

“P&I Advance”:
As to any Mortgage Loan, any advance made by the Master Servicer or the Trustee pursuant to Section 4.07 of this Agreement.
Each reference to the payment or reimbursement of a P&I Advance shall be deemed to include, whether or not specifically referred
to and without duplication, payment or reimbursement of interest thereon at the Reimbursement Rate. Neither the Master Servicer
nor the Trustee will be required to make P&I Advances with respect to any delinquent payment amounts due on any Companion Loan.

 

“P&I Advance
Determination Date”: With respect to any Distribution Date, the second Business Day prior to such Distribution Date.

 

“Pass-Through
Rate”: (a) With respect to each Class of Regular Certificates set forth below, the following rates:

 

	
        Class
	 	
        Pass-Through
Rate

	Class A-1	 	Class A-1 Pass-Through Rate
	Class A-2	 	Class A-2 Pass-Through Rate
	Class A-3	 	Class A-3 Pass-Through Rate
	Class A-SB	 	Class A-SB Pass-Through Rate
	Class A-4	 	Class A-4 Pass-Through Rate
	Class A-5	 	Class A-5 Pass-Through Rate
	Class X-A	 	Class X-A Pass-Through Rate
	Class X-B	 	Class X-B Pass-Through Rate
	Class X-D	 	Class X-D Pass-Through Rate
	Class X-E	 	Class X-E Pass-Through Rate
	Class A-M	 	Class A-M Pass-Through Rate
	Class B	 	Class B Pass-Through Rate
	Class C	 	Class C Pass-Through Rate
	Class D	 	Class D Pass-Through Rate

 

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        Class
	 	
        Pass-Through
Rate

	Class E	 	Class E Pass-Through Rate
	Class F-RR	 	Class F-RR Pass-Through Rate
	Class G-RR	 	Class G-RR Pass-Through Rate

 

(b)          With
respect to each Class of Class VRR Upper-Tier Regular Interest, the WAC Rate.

 

None of the Class R,
Class S, Class V1 or Class V2 Certificates have Pass-Through Rates.

 

“Paying Agent”:
The paying agent appointed pursuant to Section 5.04 of this Agreement.

 

“PCAOB”:
The Public Company Accounting Oversight Board.

 

“Penalty Charges”:
With respect to any Mortgage Loan or Serviced Companion Loan (or successor REO Loan), any amounts collected thereon from the Borrower
that represent default charges, penalty charges, late fees and/or Default Interest, and excluding any Yield Maintenance Charge
and any Excess Interest.

 

“Percentage
Interest”: As to any Certificate (except the Class R and Class S Certificates), the percentage interest evidenced thereby
in distributions required to be made with respect to the related Class. With respect to any Certificate (except the Class R and
Class S Certificates), the percentage interest is equal to the initial denomination of such Certificate divided by the initial
Certificate Balance or Notional Amount, as applicable, of such Class of Certificates. With respect to the Class R and Class S Certificate,
the percentage interest is set forth on the face thereof.

 

“Performance
Certification”: As defined in Section 10.08 of this Agreement.

 

“Performing
Loan”: A Mortgage Loan or Serviced Whole Loan that is not a Specially Serviced Loan or REO Loan.

 

“Performing
Party”: As defined in Section 10.14 of this Agreement.

 

“Periodic Payment”:
With respect to any Mortgage Loan or Serviced Companion Loan (other than any REO Loan) and any Due Date, the scheduled monthly
payment of principal, if any, and interest at the Mortgage Rate, excluding any Balloon Payment (but not excluding any constant
Periodic Payment due on a Balloon Loan), which is payable by the related Borrower on such Due Date under the related Mortgage Note.
The Periodic Payment with respect to an REO Loan is the monthly payment that would otherwise have been payable on the related Due
Date had the related Mortgage Note not been discharged, determined as set forth in the preceding sentence and on the assumption
that all other amounts, if any, due thereunder are paid when due.

 

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“Permitted Investments”:
Any one or more of the following obligations or securities payable on demand or having a scheduled maturity on or before the Business
Day preceding the date upon which such funds are required to be drawn, regardless of whether issued by the Depositor, the Master
Servicer, the Special Servicer, the Certificate Administrator or the Trustee or any of their respective Affiliates and having at
all times the required ratings, if any, provided for in this definition, unless each Rating Agency shall have provided a Rating
Agency Confirmation relating to the Certificates and Serviced Companion Loan Securities:

 

(A)          direct
obligations of, and obligations fully guaranteed as to timely payment of principal and interest by, the United States of America,
Fannie Mae, Freddie Mac or any agency or instrumentality of the United States of America, the obligations of which are backed by
the full faith and credit of the United States of America that mature in one (1) year or less from the date of acquisition; provided
that any obligation of, or guarantee by, any agency or instrumentality of the United States of America shall be a Permitted Investment
only if such investment would not result in the downgrading, withdrawal or qualification of the then-current rating assigned by
each Rating Agency to any Certificate (or, insofar as there is then outstanding any class of Serviced Companion Loan Securities
that are then rated by such Rating Agency, such class of securities) as evidenced in writing, other than (a) unsecured senior debt
obligations of the U.S. Treasury (direct or fully funded obligations), U.S. Department of Housing and Urban Development public
housing agency bonds, Federal Housing Administration debentures, Government National Mortgage Association guaranteed mortgage-backed
securities or participation certificates, RefCorp debt obligations and SBA-guaranteed participation certificates and guaranteed
pool certificates and (b) Farm Credit System consolidated systemwide bonds and notes, Federal Home Loan Banks’ consolidated
debt obligations, Freddie Mac debt obligations, and Fannie Mae debt obligations rated at least “A-1” by S&P, if
such obligations mature in sixty (60) days or less, or rated at least “AA-”, “A-1+” or (with respect to
money market fund investments only) “AAAm” by S&P, if such obligations mature in 365 days or less;

 

(B)          repurchase
agreements or obligations specified in clause (A) of this definition, with a party agreeing to repurchase such obligations (1)
in the case of such investments with maturities of thirty (30) days or less, (x) the short-term obligations of which are rated
at least “F1” by Fitch or the long-term obligations of which are rated at least “A” by Fitch, and (y) the
short-term obligations of which are rated “A-1+” (or the equivalent) by S&P, (2) in the case of such investments
with maturities of three (3) months or less, but more than thirty (30) days, (x) the short-term obligations of which are rated
at least “F1+” by Fitch or the long-term obligations of which are rated at least “AA-” by Fitch, and (y)
the short-term obligations of which are rated “A-1+” (or the equivalent) by S&P, (3) in the case of such investments
with maturities of six (6) months or less, but more than three (3) months, (x) the short-term obligations of which are rated at
least “F1+” by Fitch and the long-term obligations of which are rated at least “AA-” by Fitch, and (y)
the long-term obligations of which are rated “AAA” (or the equivalent) by S&P, and (4) in the case of such investments
with maturities of

 

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more than six (6) months, (x) the short-term obligations of which are rated at least “F1+” by Fitch
and the long-term obligations of which are rated “AA-” by Fitch, and (y) the long-term obligations of which are rated
“AAA” (or the equivalent) by S&P (or, in the case of any such Rating Agency as set forth above, such lower rating
as is the subject of a Rating Agency Confirmation by such Rating Agency relating to the Certificates and any Companion Loan Securities);

 

(C)          federal
funds, unsecured uncertificated certificates of deposit, time deposits, demand deposits and bankers’ acceptances of any bank
or trust company organized under the laws of the United States or any state thereof, (1) in the case of such investments with maturities
of thirty (30) days or less, (x) the short-term obligations of which are rated at least “F1” by Fitch or the long-term
obligations of which are rated at least “A” by Fitch, and (y) the short-term obligations of which are rated “A-1+”
(or the equivalent) by S&P, (2) in the case of such investments with maturities of three (3) months or less, but more than
thirty (30) days, (x) the short-term obligations of which are rated at least “F1+” by Fitch or the long-term obligations
of which are rated at least “AA-” by Fitch, and (y) the short-term obligations of which are rated “A-1+”
(or the equivalent) by S&P, (3) in the case of such investments with maturities of six (6) months or less, but more than three
(3) months, (x) the short-term obligations of which are rated at least “F1+” by Fitch and the long-term obligations
of which are rated at least “AA-” by Fitch, and (y) the long-term debt obligations of which are “AAA” (or
the equivalent) by S&P, and (4) in the case of such investments with maturities of more than six (6) months, (x) the short-term
obligations of which are rated at least “F1+” by Fitch and the long-term obligations of which are rated “AA-”
by Fitch and (y) the long-term obligations of which are “AAA” (or the equivalent) by S&P, (or, in the case of any
such Rating Agency as set forth above, such lower rating as is the subject of a Rating Agency Confirmation by such Rating Agency
relating to the Certificates and any Companion Loan Securities);

 

(D)          commercial
paper of any corporation incorporated under the laws of the United States or any state thereof (or of any corporation not so incorporated,
provided that the commercial paper is United States Dollar denominated and amounts payable thereunder are not subject to
any withholding imposed by any non-United States jurisdiction) (a)(1) in the case of such investments with maturities of thirty
(30) days or less, (x) the short-term obligations of which corporation are rated at least “F1” by Fitch or the long-term
obligations of which corporation are rated at least “A” by Fitch, and (y) the short-term obligations of which corporation
are rated at least “A-1” by S&P, (2) in the case of such investments with maturities of three (3) months or less,
but more than thirty (30) days, the short-term obligations of which are rated at least “A-1+” by S&P (or “A-1”
by S&P if the obligations mature within sixty (60) days) and “F1+” by Fitch, or the long-term obligations of which
are rated at least “AA-” by Fitch (with a short-term rating of “F1” by Fitch) and “AA-” by
S&P (with a short-term rating of “A-1” by S&P), (3)(A) in the case of such investments with maturities of six
(6) months or less, but more than three (3) months, the short-term obligations of which are rated at least “F1+” by
Fitch, or

 

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the long-term obligations of which corporation are rated at least “AA-” by Fitch (with a short-term rating
of “F1” by Fitch) and (B) the short-term obligations of which are rated at least “A-1+” (or the equivalent)
by S&P, or the long-term obligations of which corporation are rated at least “AA-” by S&P (with a short-term
rating of “A-1” by S&P), and (4)(A) in the case of such investments with maturities of more than six (6) months,
the short-term obligations of which are rated at least “F1+” by Fitch, or the long-term obligations of which are rated
at least “AA-” by Fitch (with a short-term rating of “F1” by Fitch) and (B) the short-term obligations
of which are rated at least “A-1+” (or the equivalent) by S&P, or the long-term obligations of which corporation
are rated at least “AA-” by S&P (with a short-term rating of “A-1” by S&P), and (b) the short-term
obligations of which corporation are rated in the highest short-term debt rating category of KBRA (or, if not rated by KBRA, an
equivalent (or higher) rating by any two other NRSROs (which may include Fitch)) and, if it has a term in excess of six months,
the long-term debt obligations of which are rated “AAA” (or the equivalent) by KBRA (or, if not rated by KBRA, an equivalent
(or higher) rating by any two other NRSROs (which may include Fitch)) (or, in the case of any such Rating Agency as set forth in
subclauses (a) – (b) above, such lower rating as is the subject of a Rating Agency Confirmation by such Rating
Agency relating to the Certificates and any Serviced Companion Loan Securities);

 

(E)          (1)
units of taxable money market mutual funds, issued by regulated investment companies, which seek to maintain a constant net asset
value per share (including the Federated Prime Obligation Money Market Fund, US Bank Long Term Eurodollar Sweep or the Wells Fargo
Money Market Funds) so long as any such fund is rated in the highest short-term unsecured debt ratings category by each of Fitch,
S&P and KBRA (or, if not rated by KBRA, an equivalent rating (or higher) by at least two (2) NRSROs (which may include any
of the Rating Agencies) or otherwise acceptable to such Rating Agency, in any such case, as confirmed in a Rating Agency Confirmation)
relating to the Certificates and any Serviced Companion Loan Securities, or (2) units of money market funds, which seek to maintain
a constant net asset value per share, that (a) have substantially all of its assets invested continuously in the types of investments
referred to in clause (A) above, and (b) has the highest rating obtainable for money market funds from each of Fitch, S&P
and KBRA (or, if not rated by KBRA, an equivalent rating (or higher) by at least two (2) NRSROs (which may include any of the Rating
Agencies) or otherwise acceptable to such Rating Agency, in any such case, as confirmed in a Rating Agency Confirmation);

 

(F)          an
obligation or security that, but for the failure to satisfy one or more of the minimum rating(s) set forth in the applicable clause,
would be listed in clauses (B) – (E) above, and is the subject of a Rating Agency Confirmation relating to the Certificates
and any Serviced Companion Loan Securities from each Rating Agency for which the minimum rating(s) set forth in the applicable
clause is not satisfied with respect to such obligation or security; or

 

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(G)          any
other obligation or security other than one listed in clauses (A) – (E) above, that is the subject of a Rating Agency
Confirmation relating to the Certificates and any Serviced Companion Loan Securities from each and every Rating Agency;

 

provided, however,
that with respect to any Permitted Investment for which a rating by S&P is required as set forth above, such rating must be
an unqualified rating (i.e., one with no qualifying suffix), with the exception of ratings with regulatory indicators, such
as the (sf) subscript, and unsolicited ratings; provided, further, that each investment described hereunder shall
not (A) evidence either the right to receive (1) only interest with respect to such investment or (2) a yield to maturity greater
than 120% of the yield to maturity at par of the underlying obligations, (B) be purchased at a price greater than par, (C) be sold
prior to stated maturity if such sale would result in a loss of principal on the instrument or a tax on “prohibited transactions”
under Section 860F of the Code or (D) have an “r” highlighter or other comparable qualifier attached to its rating;
and provided, further, that each investment described hereunder must have (X) a predetermined fixed amount of principal
due at maturity (that cannot vary or change), (Y) an original maturity of not more than 365 days and a remaining maturity of not
more than thirty (30) days and (Z) except in the case of a Permitted Investment described in clause (E) of this definition,
a fixed interest rate or an interest rate that is tied to a single interest rate index plus a single fixed spread and moves
proportionately with that index; and provided, further, that each investment described hereunder must be a “cash
flow investment” (within the meaning of the REMIC Provisions).

 

“Permitted Special
Servicer/Affiliate Fees”: Any commercially reasonable treasury management fees, banking fees, customary title agent fees
and insurance commissions or fees received or retained by the Special Servicer or any of its Affiliates in connection with any
services performed by such party with respect to any Mortgage Loan, Serviced Whole Loan or REO Property, in each case, in accordance
with Article III of this Agreement.

 

“Permitted Transferee”:
With respect to a Class R Certificate, any Person or agent thereof that is a Qualified Institutional Buyer, other than (a) a Disqualified
Organization, (b) any other Person so designated by the Certificate Registrar who is unable to provide an Opinion of Counsel (provided
at the expense of such Person or the Person requesting the Transfer) to the effect that the Transfer of an Ownership Interest in
any Class R Certificate to such Person will not cause any Trust REMIC to fail to qualify as a REMIC at any time that the Certificates
or the Class VRR Upper-Tier Regular Interests are outstanding, (c) a Person that is a Disqualified Non-U.S. Person, (d) a Plan
or any Person investing the assets of a Plan, (e) an entity treated as a domestic partnership for U.S. federal income tax purposes,
one or more of the direct or indirect beneficial owners (other than through a U.S. corporation) of which is (or is permitted under
the applicable partnership agreement to be) a Disqualified Non-U.S. Person or (f) a U.S. Person with respect to whom income on
the Class R Certificate is attributable to a fixed base or foreign permanent establishment, within the meaning of an applicable
income tax treaty, of such transferee or any other U.S. Person.

 

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

 

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“Plan”:
As defined in Section 5.02(k) of this Agreement.

 

“Plan Fiduciary”:
As defined in Section 5.02(k) of this Agreement.

 

“Preliminary
Dispute Resolution Election Notice”: As defined in Section 2.03(l)(i).

 

“Prepayment
Assumption”: The assumption that (i) each Mortgage Loan (other than an ARD Loan) does not prepay prior to its respective
Maturity Date and (ii) each ARD Loan prepays on its Anticipated Repayment Date.

 

“Prepayment
Interest Excess”: With respect to any Distribution Date, the aggregate amount, with respect to all Mortgage Loans or
Serviced Companion Loans serviced by the Master Servicer that were subject to Principal Prepayment in full or in part, or as to
which Insurance Proceeds, Liquidation Proceeds or Condemnation Proceeds, as applicable, were received by the Master Servicer or
Special Servicer for application to such Mortgage Loans or Serviced Companion Loans, in each case after the Due Date in the month
of such Distribution Date and on or prior to the related Determination Date, the amount of interest accrued at the Mortgage Rate
for such Mortgage Loans or Serviced Companion Loans on the amount of such Principal Prepayments, Insurance Proceeds, Liquidation
Proceeds and Condemnation Proceeds after the Due Date relating to such Collection Period and accruing in the manner set forth in
the related Loan Documents, to the extent such interest is collected by the Master Servicer or the Special Servicer (without regard
to any Prepayment Premium, Yield Maintenance Charge or Excess Interest actually collected).

 

“Prepayment
Interest Shortfall”: With respect to any Distribution Date, for each Mortgage Loan or Serviced Companion Loan serviced
by the Master Servicer that was subject to a Principal Prepayment in full or in part and which did not include a full month’s
interest, or as to which Insurance Proceeds, Liquidation Proceeds or Condemnation Proceeds, as applicable, were received by the
Master Servicer or Special Servicer for application to such Mortgage Loan or Serviced Companion Loan, in each case after the Determination
Date in the calendar month preceding such Distribution Date but prior to the Due Date in the related Collection Period, the amount
of interest that would have accrued at the Net Mortgage Rate for such Mortgage Loan or Serviced Companion Loan on the amount of
such Principal Prepayment, Insurance Proceeds, Liquidation Proceeds or Condemnation Proceeds during the period commencing on the
date as of which such Principal Prepayment, Insurance Proceeds, Liquidation Proceeds or Condemnation Proceeds, as applicable, were
applied to the unpaid principal balance of the Mortgage Loan or Serviced Companion Loan and ending on (and including) the day immediately
preceding such Due Date (without regard to any Prepayment Premium, Yield Maintenance Charge or Excess Interest actually collected).

 

“Prepayment
Premium”: Any premium, fee or other additional amount (other than a Yield Maintenance Charge) paid or payable on a Mortgage
Loan or Serviced Companion Loan by a Borrower as the result of a Principal Prepayment thereon, not otherwise due thereon, in respect
of principal or interest, which is intended to compensate the holder of the related Mortgage Note for prepayment.

 

“Pricing Date”:
January 19, 2018.

 

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“Primary Servicing
Fee Rate”: With respect to each Serviced Mortgage Loan (other than any Servicing Shift Mortgage Loans), the rate per
annum set forth on Exhibit B to this Agreement. With respect to a Servicing Shift Mortgage Loan, prior to the related
Servicing Shift Securitization Date, the applicable rate per annum set forth on Exhibit B to this Agreement. With
respect to Non-Serviced Mortgage Loans, except as provided for on Exhibit B to this Agreement, no Primary Servicing Fee
Rate will be charged by the Master Servicer, but the Non-Serviced Mortgage Loan Primary Servicing Fee Rate is charged by the applicable
Other Servicer pursuant to the related Other Pooling and Servicing Agreement. For the avoidance of doubt, the Primary Servicing
Fee Rate includes any fee rate payable to a Mortgage Loan Seller Sub-Servicer.

 

“Prime Rate”:
The “Prime Rate” as published in the “Money Rates” section of The Wall Street Journal, Eastern
edition (or, if such section or publication is no longer available, such other comparable publication as determined by the Certificate
Administrator in its reasonable discretion) as may be in effect from time to time, or, if the “Prime Rate” no longer
exists, such other comparable rate (as determined by the Certificate Administrator in its reasonable discretion) as may be in effect
from time to time. The Certificate Administrator shall notify in writing the Master Servicer and the Special Servicer with regard
to any determination of the Prime Rate in accordance with the parenthetical in the preceding sentence.

 

“Principal Balance
Certificate”: The Class A-1, Class A-2, Class A-3, Class A-SB, Class A-4, Class A-5, Class A-M, Class B, Class C, Class
D, Class E, Class F-RR and Class G-RR Certificates.

 

“Principal Distribution
Amount”: For any Distribution Date and the Principal Balance Certificates, the sum of (i) the Non-VRR Interest Percentage
of the Aggregate Principal Distribution Amount for such Distribution Date and (ii) the Principal Shortfall, if any, for the prior
Distribution Date.

 

“Principal Prepayment”:
Any payment of principal made by a Borrower on a Mortgage Loan or Serviced Companion Loan which is received in advance of its scheduled
due date and which is not accompanied by an amount of interest representing the full amount of scheduled interest due on any date
or dates in any month or months subsequent to the month of prepayment.

 

“Principal Shortfall”:
For any Distribution Date, the amount, if any, by which (i) the Principal Distribution Amount for the preceding Distribution Date
exceeds (ii) the aggregate amount actually distributed on such preceding Distribution Date to holders of the Principal Balance
Certificates in respect of such Principal Distribution Amount.

 

“Private Certificate”:
Each of the Class X-B, Class X-D, Class X-E, Class D, Class E, Class F-RR, Class G-RR, Class V1-A1, Class V1-A2, Class V1-A3, Class
V1-ASB, Class V1-A4, Class V1-A5, Class V1-AM, Class V1-B, Class V1-C, Class V1-D, Class V1-E, Class V1-F, Class V1-G, Class V2,
Class S and Class R Certificates, collectively.

 

“Private Global
Certificate”: Each of the Regulation S Global Certificates or Rule 144A Global Certificates with respect to the Private
Certificates if and so long as such class of Certificates is registered in the name of a nominee of the Depository.

 

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“Private Placement
Memorandum”: Means the Private Placement Memorandum, dated January 22, 2018, pursuant to which the Private Certificates
(other than the Class V1 and Class V2 Certificates) will be offered for sale.

 

“Privileged
Information”: Any (i) correspondence or other communications between a Directing Holder or the Risk Retention Consultation
Party and the Special Servicer related to any Specially Serviced Loan (other than any applicable Conflicted Loan) or the exercise
of the consent or consultation rights of a Directing Holder or consultation rights of the Risk Retention Consultation Party under
this Agreement or any related Intercreditor Agreement, (ii) strategically sensitive information that the Special Servicer has reasonably
determined could compromise the Trust Fund’s position in any ongoing or future negotiations with the related Borrower or
other interested party and that is labeled or otherwise identified as Privileged Information by the Special Servicer, (iii) information
subject to attorney-client privilege and (iv) any Asset Status Report or Final Asset Status Report. The Master Servicer, the Special
Servicer, the Operating Advisor and the Asset Representations Reviewer shall be entitled to rely on any identification of materials
as “attorney-client privileged” without liability for any such reliance hereunder.

 

“Privileged
Information Exception”: With respect to any Privileged Information, at any time (a) such Privileged Information becomes
generally available and known to the public other than as a result of a disclosure directly or indirectly by the party restricted
from disclosing such Privileged Information (the “Restricted Party”), (b) it is reasonable and necessary for
the Restricted Party to disclose such Privileged Information in working with legal counsel, auditors, arbitration parties, taxing
authorities or other governmental agencies, (c) such Privileged Information was already known to such Restricted Party and not
otherwise subject to a confidentiality obligation and/or (d) the Restricted Party is required by law, rule, regulation, order,
judgment or decree to disclose such information.

 

“Privileged
Person”: The Depositor and its designees, the Initial Purchasers, the Underwriters, the Mortgage Loan Sellers, the Master
Servicer, the Special Servicer (including, for the avoidance of doubt, any Non-Conflicted Special Servicer), the Trustee, the Certificate
Administrator, any Additional Servicer designated by the Master Servicer or the Special Servicer, the Operating Advisor, any Affiliate
of the Operating Advisor designated by the Operating Advisor, the Asset Representations Reviewer, any Serviced Companion Loan Noteholder
who provides a certification substantially in the form of Exhibit FF hereto, any Person (including the Directing Holder)
who provides the Certificate Administrator with an Investor Certification and any NRSRO (including any Rating Agency) that provides
the Certificate Administrator with a NRSRO Certification, which Investor Certification and NRSRO Certification may be submitted
electronically via the Certificate Administrator’s Website; provided, however, that in no event may a Borrower
Party (other than a Borrower Party that is a Risk Retention Consultation Party or the Special Servicer) be entitled to receive
(i) if such party is the Directing Holder or any Controlling Class Certificateholder, any Conflicted Information via the Certificate
Administrator’s Website (unless a loan-by-loan segregation is later performed by the Certificate Administrator in which case
such access shall only be prohibited with respect to the related Conflicted Controlling Class Mortgage Loan(s)), and (ii) if such
party is not the Directing Holder or any Controlling Class Certificateholder, any information other than the Distribution Date
Statement.

 

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Notwithstanding anything
to the contrary in this Agreement, if the Special Servicer obtains knowledge that it is a Borrower Party, the Special Servicer
shall nevertheless be a Privileged Person; provided that the Special Servicer (i) shall not directly or indirectly provide
any information solely related to the related Conflicted Special Servicer Mortgage Loan (which may include any Asset Status Reports,
Final Asset Status Reports (or summaries thereof)) to (A) the related Borrower Party, (B) any of the Special Servicer’s employees
or personnel or any of its Affiliates involved in the management of any investment in the related Borrower Party or the related
Mortgaged Property or (C) to its actual knowledge, any non-Affiliate that holds a direct or indirect ownership interest in the
related Borrower Party, and (ii) shall maintain sufficient internal controls and appropriate policies and procedures in place in
order to comply with the obligations described in clause (i) above; provided, further, that nothing in this Agreement shall be
construed as an obligation of the Master Servicer or the Certificate Administrator to restrict the Special Servicer’s access
to any information on the Master Servicer’s website or the Certificate Administrator’s Website and in no case shall
the Master Servicer or the Certificate Administrator be held liable if the Special Servicer accesses any of the items listed in
the definition of Conflicted Information relating to the Conflicted Special Servicer Mortgage Loans.

 

“Prohibited
Party”: Any proposed Servicing Function Participant that is listed on the Depositor’s Do Not Hire List.

 

“Property Protection
Expenses”: With respect to any Serviced Mortgage Loan and any related Serviced Companion Loan, any costs and expenses
incurred by the Master Servicer or the Special Servicer pursuant to Section 3.04, Section 3.08(a), Section 3.10,
Section 3.11, Section 3.15(a), Section 3.15(b), Section 3.15(c), 0 or Section 3.24(a)
of this Agreement or indicated herein as being payable as a Servicing Advance or as a cost or expense of the Trust Fund (and, in
the case of the Serviced Whole Loans, the Serviced Companion Loan Noteholders but subject to the provisions of Section 1.02(e))
or the Lower-Tier REMIC or Upper-Tier REMIC to be paid out of the Collection Account.

 

“Proposed Course
of Action Notice”: As defined in Section 2.03(l)(i).

 

“Prospectus”:
The Depositor’s Prospectus dated January 22, 2018, relating to the offering of the Publicly Offered Certificates.

 

“PTCE”:
Prohibited Transaction Class Exemption.

 

“Publicly Offered
Certificates”: Each of the Class A-1, Class A-2, Class A-3, Class A-SB, Class A-4, Class A-5, Class X-A, Class A-M, Class
B and Class C Certificates.

 

“Publicly Offered
Global Certificates”: Each of the Publicly Offered Certificates, if and so long as the applicable Class of Publicly Offered
Certificates is registered in the name of the Depository.

 

“Purchase Price”:
With respect to (i) any Mortgage Loan to be repurchased or purchased pursuant to Section 2.03(e) or Section 9.01
of this Agreement, (ii) any Specially Serviced Loan or any Serviced REO Loan to be sold pursuant to Section 3.16 of this
Agreement or (iii) any Defaulted Loan that is a Non-Serviced Mortgage Loan to be sold by the Special Servicer in accordance with
the proviso in Section 3.16(b) of this Agreement, an amount, 

 

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calculated by the Master Servicer (with respect to Performing
Loans) or the Special Servicer (with respect to Specially Serviced Loans or Serviced REO Loans), as applicable, equal to:

 

(a)          the
outstanding principal balance of such Mortgage Loan (or related REO Loan) (including, to the extent required pursuant to the final
sentence of this definition, any related Companion Loan) as of the date of purchase; plus

 

(b)          all
accrued and unpaid interest on such Mortgage Loan (or any related REO Loan) (including, to the extent required pursuant to the
final sentence of this definition, any related Companion Loan) at the related Mortgage Rate in effect from time to time to but
not including the Due Date immediately preceding or coinciding with the Determination Date for the Collection Period of purchase,
but excluding any Default Interest or Excess Interest; plus

 

(c)          all
related unreimbursed Servicing Advances plus accrued and unpaid interest on related Advances at the Reimbursement Rate, and all
Special Servicing Fees (whether paid or unpaid) and Workout Fees allocable to such Mortgage Loan (and, in the case of a Non-Serviced
Mortgage Loan, unpaid fees payable to the applicable servicer, Other Servicer, the Other Special Servicer or the Other Trustee
allocable to such Mortgage Loan); plus

 

(d)          any
Liquidation Fee due pursuant to Section 3.12 of this Agreement allocable to such Mortgage Loan (or related REO Loan) (including,
to the extent required pursuant to the final sentence of this definition, any related Companion Loan) (which shall not include
any Liquidation Fees if such affected Mortgage Loan is repurchased prior to the expiration of the additional 90-day period immediately
following the initial 90-day period under Section 2.03 of this Agreement); plus

 

(e)          all
Additional Trust Fund Expenses allocable to such Mortgage Loan; plus

 

(f)     
     if such Mortgage Loan (or related REO Loan) is being purchased or substituted by a Mortgage
Loan Seller pursuant to the related Mortgage Loan Purchase Agreement, to the extent not otherwise included in the amount
described in clause (c) of this definition, any unpaid Asset Representations Reviewer Asset Review Fee related to such
Mortgage Loan and all reasonable out-of-pocket expenses reasonably incurred or to be incurred by the Master Servicer, the
Special Servicer, the Depositor, the Certificate Administrator and the Trustee in respect of the Breach or Defect giving rise
to the repurchase obligation, including any such expenses arising out of the enforcement of the repurchase obligation,
including, without duplication, any such expenses previously reimbursed from the Collection Account or the applicable
Serviced Whole Loan Collection Account, as applicable, plus accrued and unpaid interest thereon at the Reimbursement Rate, to
the extent payable to the Master Servicer, the Special Servicer, the Certificate Administrator, the Asset
Representations Reviewer or the Trustee; provided, however, that such out-of-pocket expenses shall not include
expenses incurred by Certificateholders or Certificate Owners in instituting an Asset Review Vote Election, in taking part in
an Asset Review vote or in exercising such Certificateholder’s or Certificate Owner’s, as applicable, rights
under the dispute resolution mechanics pursuant to Section 2.03(k) hereof.

 

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For purposes of this Agreement,
(i) the “Purchase Price” in respect of a Serviced Companion Loan that is purchased by the related Mortgage Loan Seller
shall be the purchase price paid by the related Mortgage Loan Seller under the related Other Pooling and Servicing Agreement or
the applicable servicing agreement, (ii) with respect to a sale of an REO Property securing a Serviced Whole Loan, the term Mortgage
Loan or REO Loan shall be construed to include any related Companion Loans and (iii) with respect to a Joint Mortgage Loan, the
“Purchase Price” for each of the applicable Mortgage Loan Sellers shall be its respective percentage interest as of
the Closing Date of the total Repurchase Price for such Joint Mortgage Loan.

 

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

 

“Qualified Institutional
Buyer”: A “qualified institutional buyer” within the meaning of Rule 144A.

 

“Qualified Insurer”:
As used in Section 3.08 of this Agreement,

 

(i) in the
case of each Mortgage Loan or Serviced Pari Passu Whole Loan, an insurance company or security or bonding company qualified to
write the related insurance policy in the relevant jurisdiction and whose claims paying ability is rated (a) at least “A”
by Fitch (or, if not rated by Fitch, at least “A-” or an equivalent (or higher) rating by (x) at least two NRSROs (which
may include S&P, and/or KBRA) or (y) one NRSRO (which may include S&P, and/or KBRA) and AM Best) and (b) at least “A-”
by S&P (or, if not rated by S&P, an equivalent rating by (x) at least two NRSROs (which may include Fitch and/or KBRA)
or (y) one NRSRO (which may include Fitch or KBRA) and A.M. Best Company, Inc.), and

 

(ii) in the
case of the fidelity bond and the errors and omissions insurance required to be maintained pursuant to Section 3.08(d) of this
Agreement, a company that shall have a claims paying ability rated at least equal to any one of the following: (1) “A-”
or better by S&P, (2) “A3” or better by Moody’s, (3) “A-” or better by Fitch, (4) “A (low)”
or better by DBRS or (5) “A-:X” or better by A.M. Best,

 

or, in the
case of clauses (i) and (ii), such other rating as to which the related Rating Agency (and, if applicable, the related Serviced
Companion Rating Agency) has provided a Rating Agency Confirmation relating to the Certificates and any Serviced Companion Loan
Securities (subject to the foregoing exceptions).

 

“Qualified Mortgage”:
A Mortgage Loan that is a “qualified mortgage” within the meaning of Section 860G(a)(3) of the Code (but without regard
to the rule in Treasury

 

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Regulations Section 1.860G-2(f)(2) that treats a defective obligation as a qualified mortgage), or any
substantially similar successor provision.

 

“Qualified Replacement
Special Servicer”: A replacement special servicer that (i) satisfies all of the eligibility requirements applicable to
special servicers in this Agreement, (ii) is not the Operating Advisor, the Asset Representations Reviewer or an affiliate of the
Operating Advisor or the Asset Representations Reviewer, (iii) is not obligated to pay the Operating Advisor (x) any fees or otherwise
compensate the Operating Advisor in respect of its obligations under this Agreement, or (y) for the appointment of the successor
special servicer or the recommendation by the Operating Advisor for the replacement special servicer to become the special servicer,
(iv) is not entitled to receive any compensation from the Operating Advisor other than compensation that is not material and is
unrelated to the Operating Advisor’s recommendation that such party be appointed as the replacement special servicer, (v)
is not entitled to receive any fee from the Operating Advisor for its appointment as successor special servicer, in each case,
unless expressly approved by 100% of the Certificateholders, (vi) currently has a special servicer rating of at least “CSS3”
from Fitch, (vii) is included on S&P’s Select Servicer List as a U.S. Commercial Mortgage Special Servicer and (viii)
is not a special servicer that has been cited by KBRA as having servicing concerns as the sole or a 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 the applicable servicer prior to the time of determination.

 

“Qualified Substitute
Mortgage Loan”: A substitute mortgage loan (other than with respect to the Whole Loans, for which no substitution shall
be permitted) replacing a Mortgage Loan with respect to which a Material Breach or Material Defect exists that must, on the date
of substitution: (i) have an outstanding Stated Principal Balance, after application of all scheduled payments of principal and/or
interest due during or prior to the month of substitution, whether or not received, not in excess of the Stated Principal Balance
of the Removed Mortgage Loan as of the Due Date in the calendar month during which the substitution occurs; (ii) have a fixed Mortgage
Rate not less than the Mortgage Rate of the Removed Mortgage Loan (determined without regard to any prior modification, waiver
or amendment of the terms of the removed Mortgage Loan); (iii) have the same Due Date and a grace period no longer than that of
the Removed Mortgage Loan; (iv) accrue interest on the same basis as the Removed Mortgage Loan (for example, on the basis of a
360-day year and the actual number of days elapsed); (v) have a remaining term to stated maturity not greater than, and not more
than five years less than, the remaining term to stated maturity of the Removed Mortgage Loan; (vi) have a then-current loan to
value ratio equal to or less than the lesser of (1) the loan to value ratio for the Removed Mortgage Loan as of the Closing Date
and (2) 75%, in each case using the “value” for the Mortgaged Property as determined using an Appraisal prepared in
accordance with the requirements of the FIRREA; (vii) comply as of the date of substitution in all material respects with all of
the representations and warranties set forth in the applicable Mortgage Loan Purchase Agreement; (viii) have an Environmental Report
that indicates no material adverse environmental conditions with respect to the related Mortgaged Property and that will be delivered
as a part of the related Servicing File; (ix) have a then-current Debt Service Coverage Ratio at least equal to the greater of
(1) the original Debt Service Coverage Ratio of the Removed Mortgage Loan as of the Closing Date and (2) 1.25x; (x) be determined
by an Opinion of Counsel (at the applicable Mortgage Loan Seller’s expense) to be a “qualified replacement

 

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mortgage”
within the meaning of Section 860G(a)(4) of the Code; (xi) not have a maturity date or an amortization period that extends to a
date that is after the date that is two years prior to the Rated Final Distribution Date; (xii) have comparable prepayment restrictions
to those of the Replaced Mortgage Loan; (xiii) not be substituted for a Removed Mortgage Loan unless the Certificate Administrator
and the Trustee have received a Rating Agency Confirmation from each of the Rating Agencies (the cost, if any, of obtaining such
Rating Agency Confirmation to be paid by the applicable Mortgage Loan Seller; (xiv) have been approved, so long as no Control Termination
Event has occurred and is not continuing, by the Directing Holder; (xv) prohibit defeasance within two years after the Closing
Date; (xvi) not be substituted for a Removed Mortgage Loan if it would result in the termination of the REMIC status of any Trust
REMIC or the imposition of tax on any Trust REMIC other than a tax on income expressly permitted or contemplated to be received
by the terms of this Agreement, as determined by an Opinion of Counsel (at the cost of the applicable Mortgage Loan Seller); (xvii)
have an engineering report that indicates no material adverse property condition or deferred maintenance with respect to the related
Mortgaged Property that will be delivered as a part of the related Servicing File; and (xviii) be current in the payment of all
scheduled payments of principal and interest then due. In the event that one or more mortgage loans are substituted for one or
more Removed Mortgage Loans, then the amounts described in clause (i) shall be determined on the basis of aggregate Stated Principal
Balances and each such proposed Qualified Substitute Mortgage Loan must individually satisfy each of the requirements specified
in clauses (ii) through (xviii) above, except the rates referred to in clause (ii) above and the remaining term to stated maturity
referred to in clause (v) above shall be determined on a weighted average basis; provided that no individual Mortgage Rate
shall be lower than the highest Pass-Through Rate (that is a fixed rate not subject to a cap equal to the WAC Rate) of any Class
of Principal Balance Certificates having an outstanding Certificate Balance. When a Qualified Substitute Mortgage Loan is substituted
for a Removed Mortgage Loan, the applicable Mortgage Loan Seller shall certify that the Mortgage Loan meets all of the requirements
of the above definition and shall send such certification to the Certificate Administrator, the Operating Advisor, the Asset Representations
Reviewer, the Trustee and, for so long as no Consultation Termination Event has occurred and is continuing, the Directing Holder.

 

“RAC No-Response
Scenario”: As defined in Section 3.30(a).

 

“Radisson Blu
Aqua Hotel Companion Loan”: As defined in the Preliminary Statement.

 

“Radisson Blu
Aqua Hotel Mortgage Loan”: As defined in the Preliminary Statement.

 

“Radisson Blu
Aqua Hotel Whole Loan”: The Radisson Blu Aqua Hotel Companion Loan, together with the Radisson Blu Aqua Hotel Mortgage
Loan. References herein to the Radisson Blu Aqua Hotel Whole Loan shall be construed to refer to the aggregate indebtedness under
the related notes with respect to the Radisson Blu Aqua Hotel Mortgage Loan and the Radisson Blu Aqua Hotel Companion Loan.

 

“Rated Final
Distribution Date”: The Distribution Date in January 2051. The Class S and Class R Certificates will not have a Rated
Final Distribution Date.

 

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“Rating Agency”:
Any of S&P, Fitch or KBRA; provided, that with respect to any matter affecting a Non-Serviced Mortgage Loan or any Serviced
Whole Loan, “Rating Agency” shall also refer to any rating agency engaged to rate the Serviced Companion Loan Securities
related to such Serviced Whole Loan or securities related to such Non-Serviced Mortgage Loan, as applicable.

 

“Rating Agency
Confirmation” shall mean, with respect to any matter, confirmation in writing (which may be in electronic form) by each
applicable Rating Agency that a proposed action, failure to act or other event so specified will not, in and of itself, result
in the downgrade, withdrawal or qualification of the then-current rating assigned to any Class of Certificates if then rated by
the Rating Agency; provided that a written waiver or other acknowledgment from any Rating Agency indicating its decision
not to review the matter for which the Rating Agency Confirmation is sought shall be deemed to satisfy the requirement for the
Rating Agency Confirmation from such Rating Agency with respect to such matter. At any time during which no Certificates are rated
by a Rating Agency, no Rating Agency Confirmation shall be required from that Rating Agency. With respect to any matter affecting
any Serviced Pari Passu Companion Loan, any Rating Agency Confirmation shall also refer to a comparable confirmation from the nationally
recognized statistical rating organizations then rating the securities representing an interest in such loan with respect to such
rating organizations’ respective ratings of such securities.

 

“Rating Agency
Q&A Forum and Document Request Tool”: As defined in Section 3.14(d) of this Agreement.

 

“Real Property”:
Land or improvements thereon such as buildings or other inherently permanent structures thereon (including items that are structural
components of the buildings or structures), in each such case as such terms are used in the REMIC Provisions.

 

“Realized Loss”:
With respect to any Distribution Date, the amount, if any, by which (i) the aggregate Certificate Balance of the Principal Balance
Certificates, after giving effect to distributions of principal on such Distribution Date, exceeds (ii) the product of (A) the
Non-VRR Interest Percentage and (B) the aggregate Stated Principal Balance of the Mortgage Loans in the Mortgage Pool (for purposes
of this calculation, the aggregate Stated Principal Balance will not be reduced by the amount of principal payments received on
the Mortgage Loans that were used to reimburse the Master Servicer or the Trustee from general collections of principal on the
Mortgage Loans for Workout-Delayed Reimbursement Amounts, to the extent those amounts are not otherwise determined to be Nonrecoverable
Advances), including any REO Loans (but in each case, excluding any Companion Loan), as of the end of the last day of the related
Collection Period.

 

“Reassignment
of Assignment of Leases, Rents and Profits”: As defined in Section 2.01(a)(viii) of this Agreement.

 

“Record Date”:
With respect to each Distribution Date, the close of business on the last Business Day of the calendar month immediately preceding
the month in which such Distribution Date occurs.

 

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“Regular Certificates”:
The Class A-1, Class A-2, Class A-3, Class A-SB, Class A-4, Class A-5, Class X-A, Class X-B, Class X-D, Class X-E, Class A-M, Class
B, Class C, Class D, Class E, Class F-RR and Class G-RR Certificates.

 

“Regulation
AB”: 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.

 

“Regulation
D”: Regulation D under the Act.

 

“Regulation
S”: Regulation S under the Act.

 

“Regulation
S Global Certificate”: Each of the Class X-B, Class X-D, Class X-E, Class D, Class E, Class F-RR and Class G-RR Certificates
issued as such on the Closing Date.

 

“Regulation
S Investor”: With respect to a transferee of an interest in a Regulation S Global Certificate, a transferee that acquires
such interest pursuant to Regulation S.

 

“Regulation
S Transfer Certificate”: As defined in Section 5.02(c)(i)(B) of this Agreement.

 

“Regulatory
Agencies” As defined in the definition of “Risk Retention Rule”.

 

“Reimbursement
Rate”: The rate per annum applicable to the accrual of interest on Servicing Advances in accordance with Section
3.21(e) and P&I Advances in accordance with Section 4.07(h), which rate per annum shall equal the Prime Rate.
Interest at the Reimbursement Rate will accrue from (and including) the date on which the related Advance is made or the related
expense incurred to (but excluding) the date on which such amounts are recovered out of amounts received on the Mortgage Loan as
to which such Advances were made or servicing expenses incurred or the first Master Servicer Remittance Date after a determination
of non-recoverability, as the case may be, is made; provided that such interest at the Reimbursement Rate will continue
to accrue to the extent funds are not available in the Collection Accounts for such reimbursement of such Advance; provided,
further, that no interest will accrue on any P&I Advance (i) made with respect to a Mortgage Loan until after the related
Due Date has passed and any applicable Grace Period has expired or (ii) if the related Periodic Payment is received after the Determination
Date but on or prior to the Business Day immediately prior to the related Distribution Date.

 

“Related Regular
Certificates”: With respect to: (i) the Class V1-A1 Certificates, the Class A-1 Certificates and the Class X-A Certificates
(but only the Component XA-1 Percentage thereof); (ii) the Class V1-A2 Certificates, the Class A-2 Certificates and the Class X-A
Certificates (but only the Component XA-2 Percentage thereof); (iii) the Class V1-A3 Certificates, the Class A-3 Certificates and
the Class X-A Certificates (but only the Component XA-3 Percentage thereof); (iv) the Class V1-ASB Certificates, the Class A-SB
Certificates and the Class X-A Certificates (but only the Component XA-SB Percentage thereof); (v) the Class V1-A4 Certificates,
the Class A-4 Certificates and the Class X-A Certificates (but

 

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only the Component XA-4 Percentage thereof); (vi) the Class V1-A5
Certificates, the Class A-5 Certificates and the Class X-A Certificates (but only the Component XA-5 Percentage thereof), (vii)
the Class V1-AM Certificates, the Class A-M Certificates and the Class X-A Certificates (but only the Component XA-M Percentage
thereof); (vii) the Class V1-B Certificates, the Class B Certificates and the Class X-B Certificates; (viii) the Class V1-C Certificates,
the Class C Certificates; (ix) the Class V1-D Certificates, the Class D and Class X-D Certificates; (x) the Class V1-E Certificates,
the Class E Certificates and the Class X-E Certificates; (xi) the Class V1-F Certificates, the Class F-RR Certificates; (xii) the
Class V1-G Certificates, the Class G-RR Certificates; and (xiii) the Class V2 Certificates, all of the Regular Certificates.

 

“Relevant Distribution
Date”: With respect to (a) any Significant Obligor with respect to the Trust, the Distribution Date, and (b) any “significant
obligor” (within the meaning of Item 1101(k) of Regulation AB) with respect to an Other Securitization holding a Serviced
Companion Loan, the “Distribution Date” (or analogous concept) under the related Other Pooling and Servicing Agreement.

 

“Relevant Servicing
Criteria”: The Servicing Criteria applicable to each Reporting Servicer (as set forth, with respect to the Master Servicer,
the Special Servicer, the Certificate Administrator and the Trustee on Schedule II to this Agreement). For clarification
purposes, multiple Reporting Servicers can have responsibility for the same Relevant Servicing Criteria and some of the Servicing
Criteria will not be applicable to certain Reporting Servicers. With respect to a Servicing Function Participant engaged by the
Master Servicer, the Special Servicer, the Certificate Administrator or the Trustee, the term “Relevant Servicing Criteria”
refers to the items of the Relevant Servicing Criteria applicable to the Master Servicer, the Special Servicer, the Certificate
Administrator or the Trustee that engaged such Servicing Function Participant that are applicable to such Servicing Function Participant
based on the functions it has been engaged to perform.

 

“REMIC”:
A “real estate mortgage investment conduit” within the meaning of Section 860D of the Code and the REMIC Provisions.

 

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

 

“Removed Mortgage
Loan”: A Mortgage Loan which is repurchased from the Trust Fund pursuant to the terms hereof or as to which one or more
Qualified Substitute Mortgage Loans are substituted.

 

“Rents from
Real Property”: With respect to any Serviced REO Property, gross income of the character described in Section 856(d)
of the Code, which income, subject to the terms and conditions of that Section of the Code in its present form, does not include:

 

(a)          except
as provided in Section 856(d)(4) or Section 856(d)(6) of the Code, any amount received or accrued, directly or indirectly, with
respect to such Serviced REO Property, if the determination of such amount depends in whole or in part on the income

 

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or profits
derived by any Person from such property (unless such amount is a fixed percentage or percentages of receipts or sales and otherwise
constitutes Rents from Real Property);

 

(b)          any
amount received or accrued, directly or indirectly, from any Person if the Trust Fund owns directly or indirectly (including by
attribution) a ten percent or greater interest in such Person determined in accordance with Sections 856(d)(2)(B) and Section 856(d)(5)
of the Code;

 

(c)          any
amount received or accrued, directly or indirectly, with respect to such Serviced REO Property if any Person Directly Operates
such Serviced REO Property;

 

(d)          any
amount charged for services that are not customarily furnished in connection with the rental of property to tenants in buildings
of a similar class in the same geographic market as such Serviced REO Property within the meaning of Treasury Regulations Section
1.856-4(b)(1) (whether or not such charges are separately stated); and

 

(e)          rent
attributable to personal property unless such personal property is leased under, or in connection with, the lease of such Serviced
REO Property and, for any taxable year of the Trust Fund, such rent is no greater than 15 percent of the total rent received or
accrued under, or in connection with, the lease.

 

“REO Account”:
As defined in Section 3.15(b) of this Agreement.

 

“REO Loan”:
Any Mortgage Loan (excluding any Non-Serviced Mortgage Loan) or Serviced Whole Loan as to which the related Mortgaged Property
has become an REO Property.

 

“REO Proceeds”:
With respect to any Serviced REO Property and the related Serviced REO Loan, all revenues received by the Special Servicer with
respect to such Serviced REO Property or Serviced REO Loan which do not constitute Liquidation Proceeds.

 

“REO Property”:
A Mortgaged Property title to which has been acquired by the Special Servicer on behalf of the Trust Fund through foreclosure,
deed-in-lieu of foreclosure or otherwise, or in the case of a Non-Serviced Mortgage Loan, the Trust Fund’s beneficial interest
in the Mortgaged Property acquired by the Other Trustee pursuant to the Other Pooling and Servicing Agreement.

 

“Replacement
Mortgage Loan”: Any Qualified Substitute Mortgage Loan that is substituted for one or more Removed Mortgage Loans.

 

“Reporting Servicer”:
As defined in Section 10.12 of this Agreement.

 

“Repurchase
Communication”: For purposes of Section 2.03(d) of this Agreement only, any communication, whether oral or written,
which need not be in any specific form.

 

“Repurchase”:
As defined in Section 2.03(d) of this Agreement.

 

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“Repurchase
Request”: As defined in Section 2.03(d) of this Agreement.

 

“Repurchase
Request Recipient”: As defined in Section 2.03(d) of this Agreement.

 

“Repurchase
Request Rejection”: As defined in Section 2.03(d) of this Agreement.

 

“Repurchase
Request Withdrawal”: As defined in Section 2.03(d) of this Agreement.

 

“Request for
Release”: A request for a release signed by a Servicing Officer, substantially in the form of Exhibit E to this
Agreement.

 

“Requesting
Certificateholder”: As defined in Section 2.03(l)(iii).

 

“Requesting
Holders”: As defined in Section 4.08(b) of this Agreement.

 

“Requesting
Investor”: As defined in Section 5.05(a) of this Agreement.

 

“Reserve Accounts”:
With respect to any Serviced Mortgage Loan and any related Serviced Companion Loan, reserve accounts, if any, established pursuant
to the Mortgage or the Loan Agreement and any Escrow Account. Any Reserve Account may be a sub-account of a related Cash Collateral
Account. Any Reserve Account shall be beneficially owned for federal income tax purposes by the Person who is entitled to receive
the reinvestment income or gain thereon in accordance with the terms and provisions of the related Mortgage Loan or Serviced Whole
Loan and Section 3.07 of this Agreement, which Person shall be taxed on all reinvestment income or gain thereon. The Master
Servicer shall be permitted to make withdrawals therefrom for deposit into the related Cash Collateral Account, if applicable,
or the Collection Account or for the purposes set forth under the related Loan Documents for the related Mortgage Loan or Serviced
Whole Loan.

 

“Resolution
Extension Period” shall mean:

 

(a)          for
purposes of remediating a Material Breach with respect to any Mortgage Loan, the 90-day period following the end of the applicable
Initial Resolution Period;

 

(b)          for
purposes of remediating a Material Defect with respect to any Mortgage Loan that is a Performing Loan at the commencement of, and
does not become a Specially Serviced Loan during, the applicable Initial Resolution Period, the period commencing at the end of
the applicable Initial Resolution Period and ending on, and including, the earlier of (i) the 90th day following the end of such
Initial Resolution Period and (ii) the 45th day following the applicable Mortgage Loan Seller’s receipt of written notice
from the Master Servicer or the Special Servicer of the occurrence of any Servicing Transfer Event with respect to such Mortgage
Loan subsequent to the end of such Initial Resolution Period;

 

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(c)          for
purposes of remediating a Material Defect with respect to any Mortgage Loan that is a Performing Loan as of the commencement of
the applicable Initial Resolution Period, but as to which a Servicing Transfer Event occurs during such Initial Resolution Period,
the period commencing at the end of the applicable Initial Resolution Period and ending on, and including, the 90th day following
the earlier of the end of such Initial Resolution Period and the applicable Mortgage Loan Seller’s receipt of written notice
from the Master Servicer or the Special Servicer of the occurrence of such Servicing Transfer Event; and

 

(d)          for
purposes of remediating a Material Defect with respect to any Mortgage Loan that is a Specially Serviced Loan as of the commencement
of the applicable Initial Resolution Period, zero (-0-) days; provided that, if the applicable Mortgage Loan Seller did
not receive written notice from the Master Servicer or the Special Servicer of the relevant Servicing Transfer Event as of the
commencement of the applicable Initial Resolution Period, then such Servicing Transfer Event shall be deemed to have occurred during
such Initial Resolution Period and clause (c) of this definition will be deemed to apply.

 

“Resolution
Failure”: As defined in Section 2.03(k).

 

“Resolved”:
With respect to a Repurchase Request, (i) that the related Defect or Breach has been cured, (ii) the related Mortgage Loan has
been repurchased in accordance with the related Mortgage Loan Purchase Agreement, (iii) a mortgage loan has been substituted for
the related Mortgage Loan in accordance with the related Mortgage Loan Purchase Agreement, (iv) the applicable Mortgage Loan Seller
made the Loss of Value Payment, (v) a contractually binding agreement entered into between the Enforcing Servicer, on behalf of
the Trust, and the related Mortgage Loan Seller that settles the related Mortgage Loan Seller’s obligations under the related
Mortgage Loan Purchase Agreement, or (vi) the related Mortgage Loan is no longer property of the Trust as a result of a sale or
other disposition in accordance with this Agreement.

 

“Responsible
Officer”: When used with respect to the Trustee or the Certificate Administrator, any officer of the Trustee or the Certificate
Administrator, as the case may be, assigned to the Corporate Trust Office of such party; in each case, with direct responsibility
for the administration of this Agreement and also, with respect to a particular matter, any other officer to whom such matter is
referred because of such officer’s knowledge of and familiarity with the particular subject, and, in the case of any certification
required to be signed by a Responsible Officer, such an officer whose name and specimen signature appears on a list of corporate
trust officers furnished to the Master Servicer by the Trustee and the Certificate Administrator, as such list may from time to
time be amended.

 

“Restricted
Certificate”: As defined in Section 5.02(k) of this Agreement.

 

“Restricted
Mezzanine Holder”: A holder of a related mezzanine loan 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.

 

“Restricted
Period”: The 40-day period prescribed by Regulation S commencing on the later of (a) the date upon which the Certificates
are first offered to persons other than the

 

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Initial Purchasers and any other distributor (as defined in Regulation S) of the Certificates
and (b) the Closing Date.

 

“Retained Certificate”:
Individually and collectively (i) the HRR Certificates and (ii) any Class V1 and Class V2 Certificate that comprises the VRR Interest.

 

“Retained Defeasance
Rights and Obligations”: Any of the rights and obligations of GACC and CREFI defined in Section 3.26(i).

 

“Retained Interest
Safekeeping Account”: An account maintained by the Certificate Administrator, which account shall be deemed to be owned
by the Holder(s) of the Retained Certificates in proportions equal to their respective Percentage Interests.

 

“Retaining Parties”:
Any Holder of a Retained Certificate and any successor Holder of such Retained Certificate.

 

“Retaining Sponsor”:
GACC.

 

“Revised Rate”:
With respect to those Mortgage Loans on the Mortgage Loan Schedule indicated as having a revised rate, the increased interest rate
after the Anticipated Repayment Date (in the absence of a default) for each applicable Mortgage Loan, as calculated and as set
forth in the related Mortgage Loan.

 

“Risk Retention
Affiliate” or “Risk Retention Affiliated”: An “affiliate of” or “affiliated with”,
as such terms are defined in 12 C.F.R. 244.2 of the Risk Retention Rule.

 

“Risk Retention
Consultation Party”: The party selected by DBNY. The Certificate Administrator and the other parties hereto shall be
entitled to assume that the identity of the Risk Retention Consultation Party has not changed until such parties receive written
notice of a replacement of the Risk Retention Consultation Party from DBNY, as confirmed by the Certificate Registrar. Notwithstanding
the foregoing, the Risk Retention Consultation Party shall not have any consultation rights with respect to any related Conflicted
Loan. The initial Risk Retention Consultation Party shall be DBNY.

 

In the event that no
Risk Retention Consultation Party has been appointed or identified to the Master Servicer or the Special Servicer, as applicable,
and the Master Servicer or the Special Servicer, as applicable, has attempted to obtain such information from the Certificate Administrator
and no such entity has been identified to the Master Servicer or the Special Servicer, as applicable, then until such time as a
new Risk Retention Consultation Party is identified, the Master Servicer or the Special Servicer, as applicable, shall have no
duty to consult with, provide notice to, or seek the approval or consent of any the Risk Retention Consultation Party, as the case
may be.

 

“Risk Retention
Rule”: The Credit Risk Retention regulations, 79 Fed. Reg. 77601, pages 77740-77766 (Dec. 24, 2014), jointly promulgated
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 Securities and Exchange Commission, and the Department of Housing and Urban
Development (the

 

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“Regulatory Agencies”) to implement the credit risk retention requirements under Section 15G
of the Securities Exchange Act of 1934 (as added by Section 941 of the Dodd-Frank Wall Street Reform and Consumer Protection Act),
as such regulations may be amended from time to time by such Regulatory Agencies, and subject to such clarification and interpretation
as have been provided by such Regulatory Agencies, whether in the adopting release, or as may be provided by any such Regulatory
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.

 

“Rochester Hotel
Portfolio Companion Loans”: As defined in the Preliminary Statement.

 

“Rochester Hotel
Portfolio Mortgage Loan”: As defined in the Preliminary Statement.

 

“Rochester
Hotel Portfolio Pari Passu Note A-1”: The promissory note designated as Note A-1, which evidences a portion of the Rochester
Hotel Portfolio Whole Loan. The Rochester Hotel Portfolio Pari Passu Note A-1 is not included in the Trust Fund and is pari
passu in right of payment to the Rochester Hotel Portfolio Pari Passu Note A-2 and the Rochester Hotel Portfolio Pari Passu
Note A-4-A, as set forth in the related Intercreditor Agreement. The Rochester Hotel Portfolio Pari Passu Note A-1 is held by
DBNY.

 

“Rochester
Hotel Portfolio Pari Passu Note A-1 Securitization Date”: With respect to the Rochester Hotel Portfolio Whole Loan,
the date on which the Rochester Hotel Portfolio Pari Passu Note A-1 is included in a securitization trust, provided that the related
Companion Loan Noteholder provides each of the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator
and the Trustee (in each case only to the extent such party will not also be a party to the related Other Securitization) with
notice in accordance with the terms of the related Intercreditor Agreement that the Rochester Hotel Portfolio Pari Passu Note
A-1 is to be included in such Other Securitization, which notice shall include contact information for the related Other Servicer,
the Other Special Servicer and the Other Trustee.

 

“Rochester
Hotel Portfolio Pari Passu Note A-2”: The promissory note designated as Note A-2, which evidences a portion of the Rochester
Hotel Portfolio Whole Loan. The Rochester Hotel Portfolio Pari Passu Note A-2 is included in the Trust Fund and is pari passu
in right of payment to the Rochester Hotel Portfolio Pari Passu Note A-1, the Rochester Hotel Portfolio Pari Passu Note A-3
and the Rochester Hotel Portfolio Pari Passu Note A-4-B, as set forth in the related Intercreditor Agreement.

 

“Rochester
Hotel Portfolio Pari Passu Note A-3”: The promissory note designated as Note A-3, which evidences a portion of the Rochester
Hotel Portfolio Whole Loan. The Rochester Hotel Portfolio Pari Passu Note A-3 is not included in the Trust Fund and is pari
passu in right of payment to the Rochester Hotel Portfolio Pari Passu Note A-2 and the Rochester Hotel Portfolio Pari Passu
Note A-4-A, as set forth in the related Intercreditor Agreement. The Rochester Hotel Portfolio Pari Passu Note A-3 is held by
DBNY.

 

“Rochester
Hotel Portfolio Pari Passu Note A-4-A”: The promissory note designated as Note A-4-A, which evidences a portion of the
Rochester Hotel Portfolio Whole Loan. The Rochester Hotel Portfolio Pari Passu Note A-4-A is included in the Trust Fund and is

 

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pari passu in right
of payment to the Rochester Hotel Portfolio Pari Passu Note A-1, the Rochester Hotel Portfolio Pari Passu Note A-3 and the Rochester
Hotel Portfolio Pari Passu Note A-4-B, as set forth in the related Intercreditor Agreement.

 

“Rochester
Hotel Portfolio Pari Passu Note A-4-B”: The promissory note designated as Note A-4-B, which evidences a portion of the
Rochester Hotel Portfolio Whole Loan. The Rochester Hotel Portfolio Pari Passu Note A-4-B is not included in the Trust Fund and
is pari passu in right of payment to the Rochester Hotel Portfolio Pari Passu Note A-2 and the Rochester Hotel Portfolio
Pari Passu Note A-4-A, as set forth in the related Intercreditor Agreement. The Rochester Hotel Portfolio Pari Passu Note A-4-B
is held by DBNY.

 

“Rochester
Hotel Portfolio Pooling and Servicing Agreement”: This Agreement, for so long as the Rochester Hotel Portfolio Center
Whole Loan is serviced pursuant to this Agreement and, on and after the Rochester Hotel Portfolio Pari Passu Note A-1 Securitization
Date, the related Other Pooling and Servicing Agreement for the Rochester Hotel Portfolio Pari Passu Note A-1.

 

“Rochester
Hotel Portfolio Service Providers”: With respect to the Rochester Hotel Portfolio Whole Loan, (i) prior to the Rochester
Hotel Portfolio Pari Passu Note A-1 Securitization Date, the Trustee, Master Servicer, Special Servicer and any related sub-servicer
hereunder and (ii) on and after the Rochester Hotel Portfolio Pari Passu Note A-1 Securitization Date, the related Other Trustee,
Other Servicer, Other Special Servicer and any related sub-servicer, as applicable, and any other Person that makes principal
and/or interest advances in respect of the Rochester Hotel Portfolio Companion Loan or property advances in respect of the Rochester
Hotel Portfolio Whole Loan pursuant to the related Other Pooling and Servicing Agreement.

 

“Rochester
Hotel Portfolio Whole Loan”: The Rochester Hotel Portfolio Companion Loan, together with the Rochester Hotel Portfolio
Mortgage Loan. References herein to the Rochester Hotel Portfolio Whole Loan shall be construed to refer to the aggregate indebtedness
under the Rochester Hotel Portfolio Pari Passu Note A-1, the Rochester Hotel Portfolio Pari Passu Note A-2, the Rochester Hotel
Portfolio Pari Passu Note A-3, the Rochester Hotel Portfolio Pari Passu Note A-4-A and the Rochester Hotel Portfolio Pari Passu
Note A-4-B.

 

“Rule 144A”:
Rule 144A under the Act.

 

“Rule 144A Global
Certificate”: Each of the Class X-B, Class X-D, Class X-E, Class D, Class E, Class F-RR and Class G-RR Certificates issued
as such on the Closing Date.

 

“Rule 15Ga-1
Notice”: As defined in Section 2.03(d) of this Agreement.

 

“Rule 15Ga-1
Notice Provider”: As defined in Section 2.03(d) of this Agreement.

 

“S&P”:
S&P Global, a Standard and Poor’s Ratings Services, a Standard & Poor’s Financial Services LLC business, or
its successor in interest. If neither such rating agency nor any successor remains in existence, “S&P” shall be
deemed to refer to such other nationally recognized statistical rating agency or other comparable Person reasonably designated
by the Depositor, notice of which designation shall be given to the other parties hereto, and

 

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specific ratings of S&P herein
referenced shall be deemed to refer to the equivalent ratings of the party so designated.

 

“Sarbanes Oxley
Act”: The Sarbanes Oxley Act of 2002 and the rules and regulations of the Commission promulgated thereunder (including
any interpretations thereof by the Commission’s staff).

 

“Sarbanes Oxley
Certification”: As defined in Section 10.08 of this Agreement.

 

“Schedule AL
Additional File”: With respect to each CREFC® Schedule AL File prepared by the Master Servicer pursuant
to Section 3.13(a), any data file containing additional information or schedules regarding data points in such CREFC®
Schedule AL File required by Items 1111(h)(4) and/or 1111(h)(5) of Regulation AB and Item 601(b)(103) of Regulation S-K.

 

“Scheduled Principal
Distribution Amount”: With respect to any Distribution Date and the Mortgage Loans, the aggregate of the principal portions
of the following: (a) all Periodic Payments (excluding Balloon Payments) with respect to the Mortgage Loans due during or, if and
to the extent not previously received or advanced pursuant to Section 4.07 in respect of a preceding Distribution Date (and
not previously distributed to Certificateholders), prior to, the related Collection Period, and all Assumed Scheduled Payments
with respect to the Mortgage Loans for the related Collection Period, in each case to the extent either (i) paid by the Borrower
as of the Determination Date (or, with respect to each Mortgage Loan with a Due Date occurring or a grace period ending after the
related Determination Date, the related Due Date or last day of such grace period, as applicable, to the extent received by the
Master Servicer as of the Business Day preceding the Master Servicer Remittance Date) or (ii) advanced by the Master Servicer or
the Trustee, as applicable, pursuant to Section 4.07 in respect of such Distribution Date, and (b) all Balloon Payments
with respect to the Mortgage Loans to the extent received on or prior to the related Determination Date (or, with respect to each
Mortgage Loan with a Due Date occurring or a grace period ending after the related Determination Date, the related Due Date or
last day of such grace period, as applicable, to the extent received by the Master Servicer as of the Business Day preceding the
Master Servicer Remittance Date), and to the extent not included in clause (a) above.

 

“Secure Data
Room”: The “Secure Data Room” tab, which shall initially be located within the Certificate Administrator’s
Website (initially “www.ctslink.com”) on the page relating to this transaction.

 

“Securities
Legend”: As defined in Section 5.02(c)(iii) of this Agreement.

 

“Sentinel Square
II Companion Loan”: As defined in the Preliminary Statement.

 

“Sentinel Square
II Mortgage Loan”: As defined in the Preliminary Statement.

 

“Sentinel Square
II Pari Passu Note A-1”: The promissory note designated as Note A-1, which evidences a portion of the Sentinel Square
II Whole Loan. The Sentinel Square II Pari Passu Note A-1 is not included in the Trust Fund and is pari passu in right
of payment to the Sentinel Square II Pari Passu Note A-2, as set forth in the related Intercreditor Agreement. The Sentinel Square
II Pari Passu Note A-1 is held by DBNY.

 

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“Sentinel Square
II Pari Passu Note A-1 Securitization Date”: With respect to the Sentinel Square II Whole Loan, the date on which the
Sentinel Square II Pari Passu Note A-1 is included in a securitization trust, provided that the related Companion Loan Noteholder
provides each of the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator and the Trustee (in each
case only to the extent such party will not also be a party to the related Other Securitization) with notice in accordance with
the terms of the related Intercreditor Agreement that the Sentinel Square II Pari Passu Note A-1 is to be included in such Other
Securitization, which notice shall include contact information for the related Other Servicer, the Other Special Servicer and
the Other Trustee.

 

“Sentinel Square
II Pari Passu Note A-2”: The promissory note designated as Note A-2, which evidences a portion of the Sentinel Square
II Whole Loan. The Sentinel Square II Pari Passu Note A-2 is included in the Trust Fund and is pari passu in right of payment
to the Sentinel Square II Pari Passu Note A-2, as set forth in the related Intercreditor Agreement.

 

“Sentinel Square
II Pooling and Servicing Agreement”: This Agreement, for so long as the Sentinel Square II Center Whole Loan is serviced
pursuant to this Agreement and, on and after the Sentinel Square II Pari Passu Note A-1 Securitization Date, the related Other
Pooling and Servicing Agreement for the Sentinel Square II Pari Passu Note A-1.

 

“Sentinel Square
II Service Providers”: With respect to the Sentinel Square II Whole Loan, (i) prior to the Sentinel Square II
Pari Passu Note A-1 Securitization Date, the Trustee, Master Servicer, Special Servicer and any related sub-servicer hereunder
and (ii) on and after the Sentinel Square II Pari Passu Note A-1 Securitization Date, the related Other Trustee, Other Servicer,
Other Special Servicer and any related sub-servicer, as applicable, and any other Person that makes principal and/or interest
advances in respect of the Sentinel Square II Companion Loan or property advances in respect of the Sentinel Square II Whole Loan
pursuant to the related Other Pooling and Servicing Agreement.

 

“Sentinel Square
II Whole Loan”: The Sentinel Square II Companion Loan, together with the Sentinel Square II Mortgage Loan. References
herein to the Sentinel Square II Whole Loan shall be construed to refer to the aggregate indebtedness under the Sentinel Square
II Pari Passu Note A-1 and the Sentinel Square II Pari Passu Note A-2.

 

“Serviced Companion
Loan”: With respect to any Serviced Whole Loan, any related mortgage note not included in the Trust that is serviced
under this Agreement and that is generally (a) payable on a pari passu basis with the related Mortgage Loan included in
the Trust to the extent set forth in the related Intercreditor Agreement or (b) subordinated in right of payment to the related
Mortgage Loan included in the Trust to the extent set forth in the related Intercreditor Agreement. The 90 Hudson Companion Loan,
the Radisson Blu Aqua Hotel Companion Loan and the Lehigh Valley Mall Companion Loans are the Serviced Companion Loans. With respect
to the Atrium Center Companion Loans, (i) prior to the Atrium Center Pari Passu Note A-3 Securitization Date, each Atrium Center
Companion Loan shall be a Serviced Companion Loan and (ii) on and after the Atrium Center Pari Passu Note A-3 Securitization Date,
each Atrium Center Companion Loan shall be a Non-Serviced Companion Loan. With respect to the Sentinel Square II Companion Loan,
(i) prior to the Sentinel Square II Pari Passu Note A-1 Securitization Date, the Sentinel Square II Companion Loan shall be a Serviced
Companion Loan and (ii) on and after the Sentinel Square II Pari Passu Note A-1 Securitization

 

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Date, the Sentinel Square
II Companion Loan shall be a Non-Serviced Companion Loan. With respect to the Rochester Hotel Portfolio Companion Loan, (i) prior
to the Rochester Hotel Portfolio Pari Passu Note A-1 Securitization Date, the Rochester Hotel Portfolio Companion Loan shall be
a Serviced Companion Loan and (ii) on and after the Rochester Hotel Portfolio Pari Passu Note A-1 Securitization Date, the Rochester
Hotel Portfolio Companion Loan shall be a Non-Serviced Companion Loan. With respect to the Marriott Charlotte City Center Companion
Loans, (i) prior to the Marriott Charlotte City Center Pari Passu Note A-3 Securitization Date, each Marriott Charlotte City Center
Companion Loan shall be a Serviced Companion Loan and (ii) on and after the Marriott Charlotte City Center Pari Passu Note A-3
Securitization Date, each Marriott Charlotte City Center Companion Loan shall be a Non-Serviced Companion Loan. With respect to
the Towers at University Town Center Companion Loan, (i) prior to the Towers at University Town Center Pari Passu Note A-1 Securitization
Date, the Towers at University Town Center Companion Loan shall be a Serviced Companion Loan and (ii) on and after the Towers
at University Town Center Pari Passu Note A-1 Securitization Date, the Towers at University Town Center Companion Loan shall be
a Non-Serviced Companion Loan. With respect to the Two Harbor Point Square Companion Loans, (i) prior to the Two Harbor Point
Square Pari Passu Note A-1-A Securitization Date, each Two Harbor Point Square Companion Loan shall be a Serviced Companion Loan
and (ii) on and after the Two Harbor Point Square Pari Passu Note A-1 Securitization Date, each Two Harbor Point Square Companion
Loan shall be a Non-Serviced Companion Loan.

 

“Serviced Companion
Loan Noteholder”: Any holder of a Serviced Companion Loan; provided that for so long as a Serviced Companion Loan
is included in an Other Securitization, for purposes of providing or distributing any reports, statements, notices or other information
required or permitted to be provided to a Serviced Companion Loan Noteholder hereunder, “Serviced Companion Loan Noteholder”
shall also include the related Other Servicer.

 

“Serviced Companion
Loan Noteholder Register”: As defined in Section 3.27(b) of this Agreement.

 

“Serviced Companion
Loan Rating Agency”: With respect to any Serviced Companion Loan, any rating agency that was engaged by a participant
in the securitization of such Serviced Companion Loan to assign a rating to the related Serviced Companion Loan Securities.

 

“Serviced Companion
Loan Rating Agency Confirmation”: With respect to any matter involving the servicing and administration of a Serviced
Companion Loan or Serviced REO Loan as to which any Serviced Companion Loan Securities exist, confirmation in writing (which may
be in electronic form) by each applicable Serviced Companion Loan Rating Agency that a proposed action, failure to act or other
event so specified will not, in and of itself, result in the downgrade, withdrawal or qualification of the then current rating
assigned to any class of such Serviced Companion Loan Securities (if then rated by such Serviced Companion Loan Rating Agency);
provided that upon receipt of a written waiver or other acknowledgment from a Serviced Companion Loan Rating Agency indicating
its decision not to review or declining to review the matter for which the Serviced Companion Loan Rating Agency Confirmation is
sought (such written notice, a “Serviced Companion Loan Rating Agency Declination”), or as otherwise provided
in Section 3.30 of this Agreement, the requirement for the Serviced

 

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Companion Loan Rating Agency Confirmation from the applicable
Serviced Companion Loan Rating Agency with respect to such matter shall not apply.

 

“Serviced Companion
Loan Securities”: With respect to any Serviced Companion Loan so long as the related Mortgage Loan or any successor Serviced
REO Loan is part of the Mortgage Pool, any class of securities backed by such Serviced Companion Loan. Any reference herein to
a “series” of Serviced Companion Loan Securities shall refer to separate securitizations of one or more of the Serviced
Companion Loans.

 

“Serviced Companion
Loan Service Provider”: With respect to any Serviced Pari Passu Companion Loan that has been deposited into a securitization
trust, the related Other Trustee, Other Servicer, Other Special Servicer, any sub-servicer and any other Person that makes principal
and/or interest advances in respect of such mortgage loan pursuant to the related Other Pooling and Servicing Agreement.

 

“Serviced Mortgage
Loan”: Any Mortgage Loan that is included in the Trust and serviced under this Agreement. For the avoidance of doubt,
“Serviced Mortgage Loans” exclude any Non-Serviced Mortgage Loan.

 

“Serviced Pari
Passu Companion Loan”: With respect to any Serviced Whole Loan, any related mortgage note not included in the Trust
that is serviced under this Agreement and that is generally payable on a pari passu basis with the related Mortgage Loan
included in the Trust to the extent set forth in the related Intercreditor Agreement. The 90 Hudson Companion Loan, the Radisson
Blu Aqua Hotel Companion Loan and the Lehigh Valley Mall Companion Loans are the Serviced Pari Passu Companion Loans related to
the Trust. With respect to the Atrium Center Companion Loans, (i) prior to the Atrium Center Pari Passu Note A-3 Securitization
Date, each Atrium Center Companion Loan shall be a Serviced Pari Passu Companion Loan and (ii) on and after the Atrium Center
Pari Passu Note A-3 Securitization Date, each Atrium Center Companion Loan shall be a Non-Serviced Pari Passu Companion Loan.
With respect to the Sentinel Square II Companion Loan, (i) prior to the Sentinel Square II Pari Passu Note A-1 Securitization
Date, the Sentinel Square II Companion Loan shall be a Serviced Pari Passu Companion Loan and (ii) on and after the Sentinel Square
II Pari Passu Note A-1 Securitization Date, the Sentinel Square II Companion Loan shall be a Non-Serviced Pari Passu Companion
Loan. With respect to the Rochester Hotel Portfolio Companion Loan, (i) prior to the Rochester Hotel Portfolio Pari Passu Note
A-1 Securitization Date, the Rochester Hotel Portfolio Companion Loan shall be a Serviced Pari Passu Companion Loan and (ii) on
and after the Rochester Hotel Portfolio Pari Passu Note A-1 Securitization Date, the Rochester Hotel Portfolio Companion Loan
shall be a Non-Serviced Pari Passu Companion Loan. With respect to the Marriott Charlotte City Center Companion Loans, (i) prior
to the Marriott Charlotte City Center Pari Passu Note A-3 Securitization Date, each Marriott Charlotte City Center Companion Loan
shall be a Serviced Pari Passu Companion Loan and (ii) on and after the Marriott Charlotte City Center Pari Passu Note A-3
Securitization Date, each Marriott Charlotte City Center Companion Loan shall be a Non-Serviced Pari Passu Companion Loan.
With respect to the Towers at University Town Center Companion Loan, (i) prior to the Towers at University Town Center Pari Passu
Note A-1 Securitization Date, the Towers at University Town Center Companion Loan shall be a Serviced Pari Passu Companion Loan
and (ii) on and after the Towers at University Town Center Pari Passu Note A-1 Securitization Date, the Towers at University Town
Center Companion Loan shall be a Non-Serviced Pari Passu Companion Loan.

 

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With respect to the Two Harbor Point Square Companion Loans, (i) prior to the Two Harbor Point Square
Pari Passu Note A-1-A Securitization Date, each Two Harbor Point Square Companion Loan shall be a Serviced Pari Passu Companion
Loan and (ii) on and after the Two Harbor Point Square Pari Passu Note A-1-A Securitization Date, each Two Harbor Point Square
Companion Loan shall be a Non-Serviced Pari Passu Companion Loan.

 

“Serviced Pari
Passu Companion Loan Noteholder”: Any holder of a Serviced Pari Passu Companion Loan.

 

“Serviced Pari
Passu Whole Loan”: Any Whole Loan serviced under this Agreement that is divided into one or more notes, which includes
a mortgage note that is included in the Trust and one or more pari passu mortgage notes not included in the Trust. References
herein to a Serviced Pari Passu Whole Loan shall be construed to refer to the aggregate indebtedness under the related notes.
The 90 Hudson Whole Loan, the Radisson Blu Aqua Hotel Whole Loan and the Lehigh Valley Mall Whole Loan are Serviced Pari Passu
Whole Loans related to the Trust. With respect to the Atrium Center Whole Loan, (i) prior to the Atrium Center Pari Passu Note
A-3 Securitization Date, the Atrium Center Whole Loan shall be a Serviced Pari Passu Whole Loan and (ii) on and after the Atrium
Center Pari Passu Note A-3 Securitization Date, the Atrium Center Whole Loan shall be a Non-Serviced Whole Loan. With respect
to the Sentinel Square II Whole Loan, (i) prior to the Sentinel Square II Pari Passu Note A-1 Securitization Date, the Sentinel
Square II Whole Loan shall be a Serviced Pari Passu Whole Loan and (ii) on and after the Sentinel Square II Pari Passu Note A-1
Securitization Date, the Sentinel Square II Whole Loan shall be a Non-Serviced Whole Loan. With respect to the Rochester Hotel
Portfolio Whole Loan, (i) prior to the Rochester Hotel Portfolio Pari Passu Note A-1 Securitization Date, the Rochester Hotel
Portfolio Whole Loan shall be a Serviced Pari Passu Whole Loan and (ii) on and after the Rochester Hotel Portfolio Pari Passu
Note A-1 Securitization Date, the Rochester Hotel Portfolio Whole Loan shall be a Non-Serviced Whole Loan. With respect to the
Marriott Charlotte City Center Whole Loan, (i) prior to the Marriott Charlotte City Center Pari Passu Note A-3 Securitization
Date, the Marriott Charlotte City Center Whole Loan shall be a Serviced Pari Passu Whole Loan and (ii) on and after the Marriott
Charlotte City Center Pari Passu Note A-3 Securitization Date, the Marriott Charlotte City Center Whole Loan shall be a Non-Serviced
Whole Loan. With respect to the Towers at University Town Center Whole Loan, (i) prior to the Towers at University Town Center
Pari Passu Note A-1 Securitization Date, the Towers at University Town Center Whole Loan shall be a Serviced Pari Passu Whole
Loan and (ii) on and after the Towers at University Town Center Pari Passu Note A-1 Securitization Date, the Towers at University
Town Center Whole Loan shall be a Non-Serviced Whole Loan. With respect to the Two Harbor Point Square Whole Loan, (i) prior to
the Two Harbor Point Square Pari Passu Note A-1-A Securitization Date, the Two Harbor Point Square Whole Loan shall be a Serviced
Pari Passu Whole Loan and (ii) on and after the Two Harbor Point Square Pari Passu Note A-1-A Securitization Date, the Two Harbor
Point Square Whole Loan shall be a Non-Serviced Whole Loan.

 

“Serviced REO
Loan”: Any REO Loan that is serviced by the Special Servicer pursuant to this Agreement.

 

“Serviced REO
Property”: Any REO Property that is serviced by the Special Servicer pursuant to this Agreement.

 

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“Serviced Subordinate
Companion Loan”: With respect to any Serviced Whole Loan, any related mortgage note not included in the Trust that is
serviced under this Agreement and that is generally subordinated in right of payment to the related Mortgage Loan included in the
Trust to the extent set forth in the related Intercreditor Agreement. There are no Serviced Subordinate Companion Loans related
to the Trust.

 

“Serviced Whole
Loan”: Any Whole Loan serviced under this Agreement that is divided into one or more notes, which includes a mortgage
note that is included in the Trust and (a) one or more Subordinate Companion Loans not included in the Trust and/or (b) one or
more pari passu mortgage notes not included in the Trust. References herein to a Serviced Whole Loan shall be construed
to refer to the aggregate indebtedness under the related notes. The 90 Hudson Whole Loan, the Radisson Blu Aqua Hotel Whole Loan
and the Lehigh Valley Mall Whole Loan are Serviced Whole Loans related to the Trust. With respect to the Atrium Center Whole Loan,
(i) prior to the Atrium Center Pari Passu Note A-3 Securitization Date, the Atrium Center Whole Loan shall be a Serviced Whole
Loan and (ii) on and after the Atrium Center Pari Passu Note A-3 Securitization Date, the Atrium Center Whole Loan shall be a
Non-Serviced Whole Loan. With respect to the Sentinel Square II Whole Loan, (i) prior to the Sentinel Square II Pari Passu Note
A-1 Securitization Date, the Sentinel Square II Whole Loan shall be a Serviced Whole Loan and (ii) on and after the Sentinel Square
II Pari Passu Note A-1 Securitization Date, the Sentinel Square II Whole Loan shall be a Non-Serviced Whole Loan. With respect
to the Rochester Hotel Portfolio Whole Loan, (i) prior to the Rochester Hotel Portfolio Pari Passu Note A-1 Securitization Date,
the Rochester Hotel Portfolio Whole Loan shall be a Serviced Whole Loan and (ii) on and after the Rochester Hotel Portfolio Pari
Passu Note A-1 Securitization Date, the Rochester Hotel Portfolio Whole Loan shall be a Non-Serviced Whole Loan. With respect
to the Marriott Charlotte City Center Whole Loan, (i) prior to the Marriott Charlotte City Center Pari Passu Note A-3 Securitization
Date, the Marriott Charlotte City Center Whole Loan shall be a Serviced Whole Loan and (ii) on and after the Marriott Charlotte
City Center Pari Passu Note A-3 Securitization Date, the Marriott Charlotte City Center Whole Loan shall be a Non-Serviced Whole
Loan. With respect to the Towers at University Town Center Whole Loan, (i) prior to the Towers at University Town Center Pari
Passu Note A-1 Securitization Date, the Towers at University Town Center Whole Loan shall be a Serviced Whole Loan and (ii) on
and after the Towers at University Town Center Pari Passu Note A-1 Securitization Date, the Towers at University Town Center Whole
Loan shall be a Non-Serviced Whole Loan. With respect to the Two Harbor Point Square Whole Loan, (i) prior to the Two Harbor Point
Square Pari Passu Note A-1-A Securitization Date, the Two Harbor Point Square Whole Loan shall be a Serviced Whole Loan and (ii)
on and after the Two Harbor Point Square Pari Passu Note A-1-A Securitization Date, the Two Harbor Point Square Whole Loan shall
be a Non-Serviced Whole Loan.

 

“Serviced Whole
Loan Collection Account”: With respect to each Serviced Whole Loan, the separate account or sub-account created and maintained
by the Master Servicer pursuant to Section 3.05(g) on behalf of the Certificateholders and the related Serviced Companion
Loan Noteholders, which shall be entitled “Wells Fargo Bank, National Association, as Master Servicer, on behalf of Wilmington
Trust, National Association, as Trustee, for the benefit of the Holders of Deutsche Mortgage & Asset Receiving Corporation,
Benchmark 2018-

 

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B1 Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series 2018-B1, Serviced Whole Loan Collection
Account.” Amounts in any Serviced Whole Loan Collection Account applicable to the related Serviced Companion Loans shall
not be assets of the Trust Fund, but instead shall be held by the Master Servicer on behalf of the Trust Fund (in respect of amounts
reimbursable therefrom) and, the related Serviced Companion Loan Noteholders. Any such account or sub-account shall be an Eligible
Account or a sub-account of an Eligible Account (including a sub-account of the Collection Account).

 

“Serviced Whole
Loan Remittance Amount”: For each distribution date that a Master Servicer is required to make a distribution to a Serviced
Companion Loan Noteholder pursuant to Section 3.05(h) and with respect to each Serviced Whole Loan and related Mortgaged
Property (if it becomes a Serviced REO Property), any amount received by the Master Servicer (or, with respect to a Serviced REO
Property, the Special Servicer) during the related Collection Period that is payable to the Serviced Companion Loan Noteholder(s)
pursuant to the related Intercreditor Agreement or to be remitted to the Collection Account.

 

“Serviced Whole
Loan Remittance Date”: With respect to any Serviced Companion Loan, (x) prior to contribution of such Serviced Companion
Loan to an Other Securitization, a date as set forth in the related Intercreditor Agreement (or if no such date is specified, the
Master Servicer Remittance Date) and (y) following contribution of such Serviced Companion Loan to an Other Securitization, the
earlier of (A) the Master Servicer Remittance Date or (B) the Business Day immediately succeeding the “determination date”
set forth in the related Other Pooling and Servicing Agreement, or such earlier date as required by the related Intercreditor Agreement;
provided, however, that, unless otherwise required under the related Intercreditor Agreement, no remittance is required
to be made until two (2) Business Days after receipt of the related Periodic Payment with respect to the related Serviced Whole
Loan.

 

“Serviced Whole
Loan REO Account”: As defined in Section 3.15(b) of this Agreement.

 

“Serviced Whole
Loan Special Servicer”: Any Person responsible for performing the duties of Special Servicer hereunder with respect to
a Serviced Whole Loan or any related Serviced REO Property.

 

“Service(s)(ing)”:
In accordance with Regulation AB, the act of servicing and administering the Mortgage Loans or any other assets of the Trust by
an entity that meets the definition of “servicer” set forth in Item 1101 of Regulation AB and is referenced in the
disclosure requirements set forth in Item 1108 of Regulation AB. For clarification purposes, any uncapitalized occurrence of this
term shall have the meaning commonly understood by participants in the commercial mortgage-backed securities market.

 

“Servicer Termination
Event”: A Master Servicer Termination Event or Special Servicer Termination Event, as applicable.

 

“Servicing Advance”:
All customary, reasonable and necessary “out of pocket” costs and expenses (including attorneys’ fees and expenses
and fees of real estate brokers) incurred by the Master Servicer, the Special Servicer, Certificate Administrator, or the Trustee,
as applicable, in connection with the servicing and administering of (a) a Serviced Mortgage

 

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Loan and any related Serviced Companion
Loan, in respect of which a default, delinquency or other unanticipated event has occurred or as to which a default is reasonably
foreseeable or (b) a Mortgaged Property securing a Serviced Mortgage Loan or an REO Property, including, in the case of each of
such clause (a) and clause (b), but not limited to, (x) the cost of (i) compliance with the Master Servicer’s
obligations set forth in Section 3.04, (ii) the preservation, restoration and protection of a Mortgaged Property, (iii)
obtaining any Insurance and Condemnation Proceeds or any Liquidation Proceeds of the nature described in clauses (i) –
(vi) of the definition of “Liquidation Proceeds,” (iv) any enforcement or judicial proceedings with respect
to a Mortgaged Property, including foreclosures and (v) the operation, leasing, management, maintenance and liquidation of any
REO Property and (y) any amount specifically designated herein to be paid as a “Servicing Advance”. Notwithstanding
anything to the contrary, “Servicing Advances” shall not include allocable overhead of the Master Servicer or the Special
Servicer, such as costs for office space, office equipment, supplies and related expenses, employee salaries and related expenses
and similar internal costs and expenses or costs and expenses incurred by any such party in connection with its purchase of a Mortgage
Loan or REO Property. None of the Master Servicer, the Special Servicer or the Trustee shall make any Servicing Advance in connection
with the exercise of any cure rights or purchase rights granted to the holder of a Companion Loan under the related Intercreditor
Agreement or this Agreement.

 

“Servicing Compensation”:
With respect to any Collection Period, the related Servicing Fee, Net Prepayment Interest Excess, if any, and any other fees, charges
or other amounts payable to the Master Servicer under this Agreement for such period.

 

“Servicing Criteria”:
The criteria set forth in paragraph (d) of Item 1122 of Regulation AB as such may be amended from time to time.

 

“Servicing Fee”:
With respect to each Mortgage Loan or Serviced Companion Loan and for any Distribution Date, an amount per Interest Accrual Period
equal to the product of (i) the respective Servicing Fee Rate (adjusted to a monthly rate) and (ii) the Stated Principal Balance
of such Mortgage Loan or Serviced Companion Loan as of the Due Date in the immediately preceding Collection Period (without giving
effect to payments of principal on such Mortgage Loan or Serviced Pari Passu Companion Loan on such Due Date). The Servicing Fee
shall be calculated in accordance with the provisions of Section 1.02(a) of this Agreement. For the avoidance of doubt,
with respect to each Mortgage Loan, the Servicing Fee shall be deemed payable from the Lower-Tier REMIC.

 

“Servicing Fee
Amount”: With respect to the Master Servicer and any date of determination, the aggregate of the products obtained by
multiplying, for each Mortgage Loan or Serviced Pari Passu Companion Loan, (a) the Stated Principal Balance of such Mortgage Loan
or Serviced Pari Passu Companion Loan as of the end of the immediately preceding Collection Period and (b) the difference between
the Servicing Fee Rate for such Mortgage Loan or Serviced Pari Passu Companion Loan over the servicing fee rate (if any) applicable
to such Mortgage Loan or Serviced Pari Passu Companion Loan as specified in any Sub-Servicing Agreement related to such Mortgage
Loan or Serviced Pari Passu Companion Loan. With respect to each Sub-Servicer and any date of determination, the aggregate of the
products obtained by multiplying, for each Mortgage Loan or Serviced Pari Passu Companion Loan serviced by such Sub-Servicer, (a)
the Stated Principal Balance of such Mortgage Loan or Serviced Pari Passu Companion Loan as of the end of the immediately preceding
Collection

 

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Period and (b) the servicing fee rate specified in the related Sub-Servicing Agreement for such Mortgage Loan or the
Serviced Pari Passu Whole Loan.

 

“Servicing Fee
Rate”: (A) With respect to each Mortgage Loan, the sum of the Master Servicing Fee Rate and the related Primary Servicing
Fee Rate, if any, which rates per annum are set forth on Exhibit B to this Agreement, (B) with respect to the 90
Hudson Companion Loan, 0.0025%, (C) with respect to the Radisson Blu Aqua Hotel Companion Loan, 0.0125%, (D) with respect to each
Lehigh Valley Mall Companion Loan, 0.0025%, (E) with respect to each Companion Loan that is part of a Servicing Shift Whole Loan
(other than the Atrium Center Companion Loan), 0.0025% prior to the related Servicing Shift Securitization Date, and (F) with respect
to the Atrium Center Companion Loan, 0.0125% prior to the related Servicing Shift Securitization Date.

 

“Servicing File”:
As defined in the related Mortgage Loan Purchase Agreement and including any original or copy of any replacement comfort letter
related to any hospitality property following receipt thereof by the Master Servicer.

 

“Servicing Function
Participant”: Any Person, other than the Master Servicer, the Special Servicer, the Certificate Administrator, the Trustee,
the Operating Advisor or the Asset Representations Reviewer, that, within the meaning of Item 1122 of Regulation AB, is performing
activities that address the Servicing Criteria, unless such Person’s activities relate only to 5% or less of the Mortgage
Loans (based on their Stated Principal Balance) or the Master Servicer has assumed responsibility for the servicing activity, as
provided for under Regulation AB. No Non-Serviced Mortgage Loan Service Provider shall be a Servicing Function Participant retained
by any Servicing Function Participant that is a party to this Agreement, unless such party is a Servicing Function Participant
in connection with its servicing obligations under this Agreement.

 

“Servicing Officer”:
Any officer or employee of the Master Servicer or the Special Servicer, as applicable, involved in, or responsible for, the administration
and servicing of the Mortgage Loans and/or Serviced Companion Loans, or this Agreement and also, with respect to a particular matter,
any other officer to whom such matter is referred because of such officer’s or employee’s knowledge of and familiarity
with the particular subject, and, in the case of any certification required to be signed by a Servicing Officer, such an officer
or employee whose name and specimen signature appears on a list of servicing officers furnished to the Certificate Administrator,
the Operating Advisor, the Asset Representations Reviewer and the Trustee by the Master Servicer or the Special Servicer, as applicable,
as such list may from time to time be amended.

 

“Servicing Shift
Lead Note”: With respect to any Servicing Shift Whole Loan, as of any date of determination, the note or other evidence
of indebtedness and/or agreements evidencing the indebtedness of a Borrower under such Servicing Shift Whole Loan including any
amendments or modifications, or any renewal or substitution notes, as of such date, the sale of which to the related Other Securitization
will cause servicing to shift from this Agreement to the related Other Pooling and Servicing Agreement pursuant to the terms of
the related Intercreditor Agreement for such Servicing Shift Whole Loan. The Atrium Center Pari Passu Note A-3, Sentinel Square
II Pari Passu Note A-1, Rochester Hotel Portfolio Pari Passu Note A-1, Marriot Charlotte City Center Pari Passu Note A-1, Towers
at University Town Center Pari Passu Note

 

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A-1 and Two Harbor Point Square Pari Passu Note A-1-A are the only Servicing Shift Lead
Notes related to the Trust.

 

“Servicing Shift
Mortgage Loan” With respect to any Servicing Shift Whole Loan, a Mortgage Loan included in the Trust Fund that will be
serviced under this Agreement as of the Closing Date, but the servicing of which is expected to shift to the pooling and servicing
agreement entered into in connection with the securitization of the related Controlling Companion Loan on and after the date of
such securitization. The Atrium Center Mortgage Loan, Sentinel Square II Mortgage Loan, Rochester Hotel Portfolio Mortgage Loan,
Marriot Charlotte City Center Mortgage Loan, Towers at University Town Center Mortgage Loan and Two Harbor Point Square Mortgage
Loan are the only Servicing Shift Mortgage Loans related to the Trust.

 

“Servicing Shift
Securitization Date”: With respect to any Servicing Shift Whole Loan, the date on which the related Servicing Shift Lead
Note is included in a related Other Securitization, provided that such holder of a Servicing Shift Lead Note provides each
of the parties to this Agreement (in each case only to the extent such party will not also be a party to the related Other Securitization)
with notice in accordance with the terms of the related Intercreditor Agreement that such Servicing Shift Lead Note is to be included
in such Other Securitization, which notice shall include contact information for each party to the related Other Pooling and Servicing
Agreement and the identity of the other related “controlling class representative” (or analogous term). The Atrium
Center Pari Passu Note A-3 Securitization Date, Sentinel Square II Pari Passu Note A-1 Securitization Date, Rochester Hotel Portfolio
Pari Passu Note A-1 Securitization Date, Marriot Charlotte City Center Pari Passu Note A-1 Securitization Date, Towers at University
Town Center Pari Passu Note A-1 Securitization Date and Two Harbor Point Square Pari Passu Note A-1-A Securitization Date are the
only Servicing Shift Securitization Dates related to the Trust.

 

“Servicing Shift
Whole Loan”: Any Whole Loan serviced under this Agreement as of the Closing Date, which includes the related Servicing
Shift Mortgage Loan included in the Trust Fund and one or more Pari Passu Companion Loans not included in the Trust Fund, but the
servicing of which is expected to shift to the pooling and servicing agreement entered into in connection with the securitization
of the related Controlling Companion Loan on and after the date of such securitization. The Atrium Center Whole Loan, Sentinel
Square II Whole Loan, Rochester Hotel Portfolio Whole Loan, Marriot Charlotte City Center Whole Loan, Towers at University Town
Center Whole Loan and Two Harbor Point Square Whole Loan are the only Servicing Shift Whole Loans related to the Trust.

 

“Servicing Standard”:
With respect to the Master Servicer and the Special Servicer, to diligently service and administer the applicable Serviced Mortgage
Loans and any related Serviced Companion Loans, Specially Serviced Loans and Serviced REO Loans for which each is responsible in
the best interests of and for the benefit of all of the Certificateholders and, in the case of any Serviced Whole Loan, the related
Serviced Companion Loan Noteholders (as a collective whole as if such Certificateholders and Serviced Companion Loan Noteholders
constituted a single lender (and with respect to any Serviced Whole Loan with any related Subordinate Companion Loan(s), taking
into account the subordinate nature of such Subordinate Companion Loan(s)), as determined by the Master Servicer or the Special
Servicer, as the case may be, in the exercise of its reasonable judgment) in accordance with applicable law,

 

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the terms of this
Agreement, the applicable Loan Documents and any related Intercreditor Agreement, and to the extent consistent with the foregoing,
in accordance with the higher of the following standards of care:

 

(a)          the
same manner in which, and with the same care, skill, prudence and diligence with which the Master Servicer or the Special Servicer,
as the case may be, services and administers similar mortgage loans for other third-party portfolios, and

 

(b)          the
same care, skill, prudence and diligence with which the Master Servicer or the Special Servicer, as the case may be, services and
administers similar mortgage loans owned, if any, by the Master Servicer or the Special Servicer, as the case may be.

 

In either case, with
a view to the timely recovery of all payments of principal and interest under the applicable Mortgage Loans or Serviced Whole Loans
or, in the case of a Specially Serviced Loan or an REO Property, the maximization of timely recovery of principal and interest
on a net present value basis (determined in accordance with the Loan Documents or, if the Loan Documents are silent, at the Calculation
Rate) on the applicable Mortgage Loans or Serviced Whole Loans, and the best interests of the Trust and the Certificateholders
and, in the case of any Serviced Whole Loan, the related Serviced Companion Loan Noteholders, (as a collective whole as if such
Certificateholders and Serviced Companion Loan Noteholders, as applicable, constituted a single lender (and with respect to any
Serviced Whole Loan with a related Subordinate Companion Loan, taking into account the pari passu or subordinate nature of such
Subordinate Companion Loan), as determined by the Master Servicer or the Special Servicer, as the case may be, in its reasonable
judgment in either case, giving due consideration to the customary and usual standards of practice of prudent institutional commercial,
multifamily and manufactured housing community mortgage loan servicers, but without regard to any potential conflict of interest
arising from (a) any relationship that the Master Servicer or the Special Servicer, as the case may be, or any Affiliate of the
Master Servicer or the Special Servicer, may have with the related Borrower, any Mortgage Loan Seller, any other party to this
Agreement or any Affiliate of the foregoing; (b) the ownership of any Certificate or any interest in any Non-Serviced Companion
Loan, Serviced Companion Loan or any mezzanine loan or subordinate debt relating to a Mortgage Loan by the Master Servicer or the
Special Servicer, as the case may be, or any Affiliate thereof; (c) the Master Servicer’s obligation, if any, to make Advances;
(d) the Master Servicer’s or the Special Servicer’s, as the case may be, right to receive compensation or reimbursement
of costs for its services hereunder or with respect to any particular transaction; (e) the ownership, servicing or management for
others of any other mortgage loans, subordinate debt, mezzanine loans or mortgaged properties not covered by this Agreement or
held by the Trust Fund by the Master Servicer or the Special Servicer or any Affiliate of the Master Servicer or the Special Servicer,
as applicable; (f) any debt that the Master Servicer or the Special Servicer or any Affiliate of the Master Servicer or the Special
Servicer, as applicable, has extended to any Borrower or an Affiliate of any Borrower (including, without limitation, any mezzanine
financing); (g) any option to purchase any Mortgage Loan or the related Companion Loan the Master Servicer or Special Servicer,
as the case may be, or any of its affiliates may have; (h) any obligation of the Master Servicer, the Special Servicer or one of
their respective Affiliates, to repurchase or substitute for a Mortgage Loan as Mortgage Loan

 

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Seller (if the Master Servicer or
the Special Servicer or one of their respective affiliates is a Mortgage Loan Seller).

 

“Servicing Transfer
Event”: An event specified in the definition of Specially Serviced Loan.

 

“Significant
Obligor”: (a) Any obligor (as defined in Item 1101(i) of Regulation AB) or group of affiliated obligors on any Mortgage
Loan or group of Mortgage Loans that represent, as of the Closing Date, 10% or more of the Mortgage Pool (by principal balance
as of the Cut-off Date); or (b) any single Mortgaged Property or group of Mortgaged Properties securing any Mortgage Loan or group
of cross-collateralized and/or cross-defaulted Mortgage Loans that represent, as of the Closing Date, 10% or more of the Mortgage
Pool (by principal balance as of the Cut-off Date. For the avoidance of doubt, as of the Closing Date, there are no Significant
Obligors relating to the Trust.

 

“Significant
Obligor NOI Quarterly Filing Deadline”: With respect to each calendar quarter (other than the fourth calendar quarter
of any calendar year), the date that is fifteen (15) days after the Relevant Distribution Date occurring on or immediately following
the date on which financial statements for such calendar quarter are required to be delivered to the related lender under the related
Loan Documents. The parties to this Agreement acknowledge that in the event the Mortgaged Property securing any related Serviced
Companion Loan is a “significant obligor” (within the meaning of Item 1101(k) of Regulation AB) with respect to an
Other Securitization that includes such Serviced Companion Loan, the date on which such quarterly financial statements are required
to be delivered to the related lender under the related Mortgage Loan documents is, with respect to net operating income information,
for (A) the 90 Hudson Companion Loan, 45 days following the end of each fiscal quarter, (B) each Atrium Center Companion Loan,
30 days following the end of each fiscal quarter, (C) the Sentinel Square II Companion Loan, 30 days following the end of each
fiscal quarter, (D) the Radisson Blu Aqua Hotel Companion Loan, 45 days following the end of each fiscal quarter, (E) each Lehigh
Valley Mall Companion Loan, 45 days following the end of each fiscal quarter, (F) the Rochester Hotel Portfolio Companion Loan,
30 days following the end of each fiscal quarter, (G) each Marriott Charlotte City Center Companion Loan, 45 days following the
end of each fiscal quarter, (H) the Towers at University Town Center Companion Loan, 45 days following the end of each fiscal quarter
and (I) each Two Harbor Point Square Companion Loan, 30 days following the end of each fiscal quarter.

 

“Significant
Obligor NOI Yearly Filing Deadline”: With respect to each calendar year, the date that is the 90th day after the end
of such calendar year.

 

“Similar Law”:
As defined in Section 5.02(k) of this Agreement.

 

“Small Loan
Appraisal Estimate”: With respect to any Serviced Mortgage Loan and any related Serviced Companion Loan having a Stated
Principal Balance of less than $2,000,000, the Special Servicer’s good faith estimate of the value of the Mortgaged Property
securing such Mortgage Loan or Serviced Whole Loan, as certified to the Master Servicer by the Special Servicer.

 

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“Sole Certificateholder”:
Any Holder (or Holders, provided they act in unanimity) holding 100% of the then outstanding Certificates (including Certificates
with Certificate Balances that have been actually or notionally reduced by any Realized Losses or VRR Realized Losses, as applicable,
or Appraisal Reduction Amounts, but excluding the Class S and Class R Certificates) or an assignment of the Voting Rights thereof;
provided, that the Notional Amounts or the Certificate Balances, as applicable, of the Class X-A, Class X-B and Class X-D
Certificates and the Certificate Balances of the Class A-1, Class A-2, Class A-3, Class A-SB, Class A-4, Class A-5, Class A-M,
Class B, Class C and Class D Certificates have been reduced to zero.

 

“Special Notice”:
Any (a) notice transmitted to Certificateholders pursuant to Section 5.05(c) of this Agreement, (b) notice of any request
by at least 25% of the Voting Rights of the Certificates to terminate and replace the Special Servicer pursuant to Section 3.22(d)
of this Agreement, (c) notice of any request by at least 15% of the Voting Rights of the Certificates to terminate and replace
the Operating Advisor pursuant to Section 7.07(b) of this Agreement and (d) notice transmitted to Certificateholders pursuant
to Section 3.22(c) of this Agreement.

 

“Special Servicer”:
With respect to (i) each of the Serviced Mortgage Loans (other than any Conflicted Special Servicer Mortgage Loan) and any related
Serviced Companion Loans, Midland Loan Services, a Division of PNC Bank, National Association, or its successor in interest, or
any successor special servicer appointed as provided herein and (ii) with respect to any Conflicted Special Servicer Mortgage Loan,
if any, the related Non-Conflicted Special Servicer appointed pursuant to Section 3.22(j) of this Agreement, as applicable
and as the context may require.

 

“Special Servicer
Major Decision”: Any Major Decision under clauses (a)(i), (a)(ii), (a)(iii)(C), and (e) through (n) of the definition
of “Major Decision”.

 

“Special Servicer
Servicing Personnel”: The divisions and individuals of any Special Servicer who are involved in the performance of the
duties of such Special Servicer under this Agreement.

 

“Special Servicer
Termination Event”: As defined in Section 7.01(b) of this Agreement.

 

“Special Servicing
Compensation”: With respect to any Serviced Mortgage Loan and any related Serviced Companion Loan, any of the Special
Servicing Fee, Workout Fee, Liquidation Fee and any other fees, charges or other amounts which shall be due to the Special Servicer
that are expressly provided for in Section 3.12 of this Agreement.

 

“Special Servicing
Fee”: With respect to each Specially Serviced Loan (or Serviced REO Loan) for each calendar month (or portion thereof),
the fraction of the Special Servicing Fee Rate applicable to such month, or portion thereof (determined using the same interest
accrual methodology that is applied with respect to the Mortgage Rate for such Mortgage Loan for such month) multiplied by the
Stated Principal Balance of such Specially Serviced Loan as of the Due Date (without giving effect to all payments of principal
on such Specially Serviced Loan or Serviced REO Loan on such Due Date) in the Collection Period prior to such Distribution Date
(or, in the event that a Principal Prepayment in full or an event described in

 

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clauses
(i)-(vii) under the definition of Liquidation Proceeds has occurred with respect to any such Specially Serviced Loan or Serviced
REO Loan on a date that is not a Due Date, on the basis of the actual number of days to elapse from and including the most recently
preceding related Due Date to but excluding the date of such Principal Prepayment or Liquidation Proceeds event in a month consisting
of 30 days). For the avoidance of doubt, the Special Servicing Fee shall be deemed to be paid from the Lower-Tier REMIC with respect
to the Mortgage Loans.

 

“Special Servicing
Fee Rate”: A rate equal to 0.25% per annum.

 

“Specially Serviced
Loan”: Subject to Section 3.23 of this Agreement, any Mortgage Loan (other than a Non-Serviced Mortgage Loan)
or Serviced Companion Loan with respect to which:

 

(a)       either
(i) with respect to such Mortgage Loan or Serviced Companion Loan, other than a Balloon Loan, a payment default shall have occurred
on such Mortgage Loan or Serviced Companion Loan at its Maturity Date or, if the Maturity Date of such Mortgage Loan or Serviced
Companion Loan has been extended in accordance herewith, a payment default occurs on such Mortgage Loan or Serviced Companion Loan
at its extended Maturity Date or (ii) with respect to a Balloon Loan, a payment default shall have occurred with respect to the
related Balloon Payment; provided, that if (A) the related Borrower is diligently seeking a refinancing or sale of the related
Mortgaged Property or Mortgaged Properties and delivers, on or prior to the related Maturity Date or extended Maturity Date, a
statement to that effect, and delivers, within 30 days following the related Maturity Date or extended Maturity Date, a refinancing
commitment, letter of intent or otherwise binding application for refinancing from an acceptable lender or a signed purchase agreement
reasonably acceptable to the Master Servicer (who shall promptly deliver a copy to the Special Servicer, the Operating Advisor
and the Directing Holder (but only for so long as no Consultation Termination Event has occurred and is continuing), (B) the related
Borrower continues to make its Assumed Scheduled Payment, and (C) no other Servicing Transfer Event shall have occurred with respect
to such Mortgage Loan or Serviced Companion Loan, then a Servicing Transfer Event will not occur until the earlier of (1) 120 days
beyond the related Maturity Date or extended Maturity Date and (2) the termination of the refinancing commitment;

 

(b)       any
Periodic Payment (other than a Balloon Payment or any other payment due under clause (a)(i) above in this definition), or any amount
due on a monthly basis as an Escrow Payment or reserve funds, is 60 days or more delinquent;

 

(c)       the
Master Servicer determines in its reasonable business judgment, exercised in accordance with the Servicing Standard, that (x) 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 (y) any other default that is likely to impair the use or marketability of the related Mortgaged Property
or the value of the Mortgaged Property as security for the Mortgage Loan or, if applicable, Serviced Companion Loan is reasonably
foreseeable or there is a significant risk of such default, which monetary or other default, in either case, would likely continue
unremedied beyond the applicable grace period (or, if no grace period is specified, for a period of 60 days) and is not likely

 

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to be cured by the related Borrower within 60 days or, except as provided in clause (a)(ii) above, in the case of a Balloon Payment,
for at least 30 days;

 

(d)       the
related Borrower has become the subject of a decree or order of a court or agency or supervisory authority having jurisdiction
in the premises in an involuntary case under any present or future federal or state bankruptcy, insolvency or similar law, or the
appointment of a conservator, receiver or liquidator in any insolvency, readjustment of debt, marshaling of assets and liabilities
or similar proceedings, or for the winding-up or liquidation of its affairs;

 

(e)       the
related Borrower consents to the appointment of a conservator or receiver or liquidator in any insolvency, readjustment of debt,
marshaling of assets and liabilities or similar proceedings of or relating to such Borrower of or relating to all or substantially
all of its property;

 

(f)       the
related Borrower admits in writing its inability to pay its debts generally as they become due, files a petition to take advantage
of any applicable insolvency or reorganization statute, makes an assignment for the benefit of its creditors, or voluntarily suspends
payment of its obligations;

 

(g)       a
default, of which the Master Servicer or Special Servicer has notice (other than a failure by such related Borrower to pay principal
or interest) and which in the opinion of the Master Servicer materially and adversely affects the interests of the Certificateholders
or any holder of a Serviced Companion Loan, if applicable, occurs and remains unremedied for the applicable grace period specified
in the Loan Documents for such Mortgage Loan or Serviced Companion Loan (or if no grace period is specified for those defaults
which are capable of cure, 60 days); or

 

(h)       the
Master Servicer or Special Servicer receives notice of the foreclosure or proposed foreclosure of any lien on the related Mortgaged
Property (each of clause (a) through (h), a “Servicing Transfer Event”);

 

provided, that such
Mortgage Loan or Serviced Companion Loan will cease to be a Specially Serviced Loan (each, a “Corrected Mortgage Loan”)
(i) with respect to the circumstances described in clauses (a) and (b) above, when the related Borrower thereunder has brought
such Mortgage Loan or Serviced Companion Loan current and thereafter made three consecutive full and timely Periodic Payments,
including pursuant to any workout of such Mortgage Loan or Serviced Companion Loan, (ii) with respect to the circumstances described
in clauses (c), (d), (e), (f) and (h) above, when such circumstances cease to exist in the good faith judgment of the Special
Servicer, or (iii) with respect to the circumstances described in clause (g) above, when such default is cured (as determined
by the Special Servicer in accordance with the Servicing Standard) or waived by the Special Servicer; provided, in each
case, that at that time no circumstance exists (as described above) that would cause such Mortgage Loan or Serviced Companion
Loan to continue to be characterized as a Specially Serviced Loan.

 

Notwithstanding
the foregoing, the Special Servicer may elect to deliver a written notice to the Master Servicer that a Mortgage Loan should be
a Specially Serviced Loan

 

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as a result of reasonably foreseeable default under clause (c) above. Upon receipt of any such written
notice, the Master Servicer shall deliver an Officer’s Certificate to each of the depositor and the special servicer with
its determination of whether to transfer such Mortgage Loan to special servicing under clause (c) above and the reasons for such
determination, and such determination will be conclusive with respect to a servicing transfer at that time.

 

If a Servicing
Transfer Event exists with respect to any Mortgage Loan included in a Serviced Whole Loan, then it will also be deemed to exist
with respect to the related Serviced Companion Loans, and vice versa.

 

“Specific Grantor
Trust Assets”: The Class S Specific Grantor Trust Assets, the Class V1-A1 Specific Grantor Trust Assets, the Class V1-A2
Specific Grantor Trust Assets, the Class V1-A3 Specific Grantor Trust Assets, the Class V1-ASB Specific Grantor Trust Assets, the
Class V1-A4 Specific Grantor Trust Assets, the Class V1-A5 Specific Grantor Trust Assets, the Class V1-AM Specific Grantor Trust
Assets, the Class V1-B Specific Grantor Trust Assets, the Class V1-C Specific Grantor Trust Assets, the Class V1-D Specific Grantor
Trust Assets, the Class V1-E Specific Grantor Trust Assets, the Class V1-F Specific Grantor Trust Assets, the Class V1-G Specific
Grantor Trust Assets, and the Class V2 Specific Grantor Trust Assets.

 

“Startup Day”:
In the case of the Upper-Tier REMIC and the Lower-Tier REMIC, the day designated as such pursuant to Section 2.06(a) of
this Agreement.

 

“Starwood Capital
Group Hotel Portfolio Companion Loans”: As defined in the Preliminary Statement.

 

“Starwood Capital
Group Hotel Portfolio Mortgage Loan”: As defined in the Preliminary Statement.

 

“Starwood Capital
Group Hotel Portfolio Service Providers”: With respect to the Starwood Capital Group Hotel Portfolio Companion Loans,
the related Other Trustee, Other Servicer, Other Special Servicer and any related sub-servicer, as applicable, and any other Person
that makes principal and/or interest advances in respect of such mortgage loan pursuant to the related Other Pooling and Servicing
Agreement.

 

“Starwood Capital
Group Hotel Portfolio Pooling and Servicing Agreement”: The pooling and servicing agreement, dated as of June 1, 2017
among Deutsche Mortgage & Asset Receiving Corporation, as depositor, Midland Loan Services, a Division of PNC Bank, National
Association, as master servicer and as special servicer, Wells Fargo Bank, National Association, as certificate administrator and
as trustee, and Pentalpha Surveillance LLC, as operating advisor and asset representations reviewer, and entered into in connection
with the DBJPM 2017-C6 Mortgage Trust.

 

“Starwood Capital
Group Hotel Portfolio Whole Loan”: The Starwood Capital Group Hotel Portfolio Companion Loans, together with the Starwood
Capital Group Hotel Portfolio Mortgage Loan. References herein to the Starwood Capital Group Hotel Portfolio Whole Loan shall
be construed to refer to the aggregate indebtedness under the related notes

 

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with
respect to the Starwood Capital Group Hotel Portfolio Mortgage Loan and the Starwood Capital Group Hotel Portfolio Companion Loans.

 

“Stated Principal
Balance”: With respect to any Mortgage Loan, Serviced Companion Loan or Serviced Whole Loan, as applicable, on any date
of determination, the principal balance as of the Cut-off Date of such Mortgage Loan, Serviced Companion Loan or Serviced Whole
Loan (or in the case of a Replacement Mortgage Loan, the outstanding principal balance as of the related date of substitution and
after application of all scheduled payments of principal and interest due on or before the related Due Date in the month of substitution,
whether or not received), as reduced (to not less than zero) on each Distribution Date by (i) all payments (or P&I Advances
in lieu thereof) of, and all other collections allocated as provided in Section 1.02 of this Agreement to, principal of
or with respect to such Mortgage Loan, the Serviced Companion Loan or Serviced Whole Loan, as applicable, that are distributed
to the Certificateholders on such Distribution Date or Serviced Companion Loan Noteholders on the related remittance date in the
same calendar month as such Distribution Date or applied to any other payments required under this Agreement or related Intercreditor
Agreement on or prior to such Distribution Date, and (ii) any principal forgiven by the Special Servicer (or with respect to a
Non-Serviced Mortgage Loan, by the related Other Special Servicer or other applicable servicer) and other principal losses realized
in respect of such Mortgage Loan, Serviced Companion Loan or Serviced Whole Loan during the related Collection Period (or with
respect to a Non-Serviced Mortgage Loan, other principal losses realized in respect of such Non-Serviced Mortgage Loan during the
related Collection Period as determined in accordance with the terms of the Other Pooling and Servicing Agreement).

 

A Mortgage Loan or any
related REO Loan shall be deemed to be part of the Trust Fund and to have an outstanding Stated Principal Balance until the Distribution
Date on which Liquidation Proceeds, if any, are to be (or, if no such Liquidation Proceeds are received, would have been) distributed
to Certificateholders. The Stated Principal Balance of any Mortgage Loan or Serviced Whole Loan with respect to which the Master
Servicer or Special Servicer has made a Final Recovery Determination is zero.

 

“Station Place
III Companion Loans”: As defined in the Preliminary Statement.

 

“Station Place
III Mortgage Loan”: As defined in the Preliminary Statement.

 

“Station Place
III Pooling and Servicing Agreement”: The pooling and servicing agreement, dated as of October 1, 2017 between J.P. Morgan
Chase Commercial Mortgage Securities Corp., as depositor, Midland Loan Services, a Division of PNC Bank, National Association,
as master servicer and as special servicer, Wells Fargo Bank, National Association, as certificate administrator and as trustee,
and Pentalpha Surveillance LLC, as operating advisor and asset representations reviewer and entered into in connection with the
JPMDB Commercial Mortgage Securities Trust 2017-C7.

 

“Station Place
III Service Providers”: With respect to the Station Place III Companion Loans, the related Other Trustee, Other Servicer,
Other Special Servicer and any related sub-servicer, as applicable, and any other Person that makes principal and/or interest advances
in respect of such mortgage loan pursuant to the related Other Pooling and Servicing Agreement.

 

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“Station Place
III Whole Loan”: The Station Place III Companion Loans, together with the Station Place III Mortgage Loan. References
herein to the Station Place III Whole Loan shall be construed to refer to the aggregate indebtedness under the related notes with
respect to the Station Place III Mortgage Loan and the Station Place III Companion Loans.

 

“Sub-Servicer”:
Any Person engaged by the Master Servicer or the Special Servicer (including, for the avoidance of doubt, each Mortgage Loan Seller
Sub-Servicer and any primary servicer) to perform servicing activities with respect to one or more Mortgage Loans or REO Loans.

 

“Sub-Servicing
Agreement”: The written contract between the Master Servicer or the Special Servicer, on the one hand, and any Sub-Servicer,
on the other hand, relating to servicing and administration of the Mortgage Loans as provided in Section 3.01(c) of this
Agreement.

 

“Subcontractor”:
Any vendor, subcontractor or other Person that is not responsible for the overall servicing (as “servicing”
is commonly understood by participants in the mortgage-backed securities market) of Mortgage Loans but performs one or more discrete
functions identified in Item 1122(d) of Regulation AB with respect to Mortgage Loans under the direction or authority of the Master
Servicer or a Servicing Function Participant.

 

“Subject Loans”:
As defined in Section 11.02(a).

 

“Subordinate
Companion Loan”: With respect to any Whole Loan, any related subordinated loan not included in the Trust, which is subordinated
in right of payment to the related Mortgage Loan to the extent set forth in the related Intercreditor Agreement. The Worldwide
Plaza Subordinate Companion Loans and the Gateway Net Lease Portfolio Subordinate Companion Loans are the only Subordinate Companion
Loans related to the Trust.

 

“Subsequent
Asset Status Report”: As defined in Section 3.23(e).

 

“Substitution
Shortfall Amount”: In connection with the substitution of one or more Replacement Mortgage Loans for one or more Removed
Mortgage Loans, the amount, if any, by which the Purchase Price or aggregate Purchase Price, as the case may be, for such Removed
Mortgage Loan(s) exceeds the initial Stated Principal Balance or aggregate initial Stated Principal Balance, as the case may be,
of such Replacement Mortgage Loan(s).

 

“Tax Returns”:
The federal income tax returns on IRS Form 1066, U.S. Real Estate Mortgage Investment Conduit (REMIC) Income Tax Return, including
Schedule Q thereto, Quarterly Notice to Residual Interest Holders of REMIC Taxable Income or Net Loss Allocation, or any successor
forms, to be filed by the Certificate Administrator on behalf of each of the Upper-Tier REMIC and the Lower-Tier REMIC due to its
classification as a REMIC under the REMIC Provisions and the federal income tax return to be filed by the Certificate Administrator
on behalf of the Grantor Trust due to its classification as a grantor trust under subpart E, part I of subchapter J of the Code,
together with any and all other information, reports or returns that may be required to be furnished to the Certificateholders
or filed with the IRS or any other governmental taxing authority under any applicable provisions of federal law or Applicable State
and Local Tax Law.

 

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“Terminated
Party”: As defined in Section 7.01(e) of this Agreement.

 

“Terminating
Party”: As defined in Section 7.01(e) of this Agreement.

 

“Termination
Date”: The Distribution Date on which the Trust Fund is terminated pursuant to Section 9.01 of this Agreement.

 

“Test”:
As defined in Section 11.01(b)(iii).

 

“The Woods Companion
Loans”: As defined in the Preliminary Statement.

 

“The Woods Mortgage
Loan”: As defined in the Preliminary Statement.

 

“The Woods Service
Providers”: With respect to The Woods Companion Loans, the related Other Trustee, Other Servicer, Other Special Servicer
and any related sub-servicer, as applicable, and any other Person that makes principal and/or interest advances in respect of such
mortgage loan pursuant to the related Other Pooling and Servicing Agreement.

 

“The Woods Pooling
and Servicing Agreement”: The pooling and servicing agreement, dated as of December 1, 2017 among Morgan Stanley Capital
I Inc., as depositor, Wells Fargo Bank, National Association, as master servicer, LNR Partners, LLC, as special servicer, Wilmington
Trust, National Association, as trustee, Wells Fargo Bank, National Association, as certificate administrator, custodian, certificate
registrar and authenticating agent, and Park Bridge Lender Services LLC, as operating advisor and as asset representations reviewer,
and entered into in connection with the Morgan Stanley Capital I Trust 2017-HR2.

 

“The Woods Whole
Loan”: The Woods Companion Loans, together with The Woods Mortgage Loan. References herein to The Woods Whole Loan shall
be construed to refer to the aggregate indebtedness under the related notes with respect to The Woods Mortgage Loan and The Woods
Companion Loans.

 

“Third Party
Appraiser”: A Person performing an Appraisal.

 

“Third-Party
Purchaser”: Eightfold Real Estate Capital Fund V, L.P., or any Person that purchases the HRR Certificates in accordance
with this Agreement and applicable laws and regulations.

 

“Third Party
Reports”: With respect to any Mortgaged Property, the related Appraisal, Phase I environmental report, Phase II environmental
report, seismic report, engineering report, structural report, property condition report or similar report, if any.

 

“Towers at University
Town Center Companion Loan”: As defined in the Preliminary Statement.

 

“Towers at University
Town Center Mortgage Loan”: As defined in the Preliminary Statement.

 

“Towers at
University Town Center Pari Passu Note A-1”: The promissory note designated as Note A-1, which evidences a portion of
the Towers at University Town Center

 

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Whole
Loan. The Towers at University Town Center Pari Passu Note A-1 is not included in the Trust Fund and is pari passu in right
of payment to the Towers at University Town Center Pari Passu Note A-2, as set forth in the related Intercreditor Agreement. The
Towers at University Town Center Pari Passu Note A-1 is held by JPMCB.

 

“Towers at
University Town Center Pari Passu Note A-1 Securitization Date”: With respect to the Towers at University Town Center
Whole Loan, the date on which the Towers at University Town Center Pari Passu Note A-1 is included in a securitization trust,
provided that the related Companion Loan Noteholder provides each of the Depositor, the Master Servicer, the Special Servicer,
the Certificate Administrator and the Trustee (in each case only to the extent such party will not also be a party to the related
Other Securitization) with notice in accordance with the terms of the related Intercreditor Agreement that the Towers at University
Town Center Pari Passu Note A-1 is to be included in such Other Securitization, which notice shall include contact information
for the related Other Servicer, the Other Special Servicer and the Other Trustee.

 

“Towers at
University Town Center Pari Passu Note A-2”: The promissory note designated as Note A-2, which evidences a portion of
the Towers at University Town Center Whole Loan. The Towers at University Town Center Pari Passu Note A-2 is included in the Trust
Fund and is pari passu in right of payment to the Towers at University Town Center Pari Passu Note A-1, as set forth in
the related Intercreditor Agreement.

 

“Towers at
University Town Center Pooling and Servicing Agreement”: This Agreement, for so long as the Towers at University Town
Center Whole Loan is serviced pursuant to this Agreement and, on and after the Towers at University Town Center Pari Passu Note
A-1 Securitization Date, the related Other Pooling and Servicing Agreement for the Towers at University Town Center Pari Passu
Note A-1.

 

“Towers at
University Town Center Service Providers”: With respect to the Towers at University Town Center Whole Loan, (i) prior
to the Towers at University Town Center Pari Passu Note A-1 Securitization Date, the Trustee, Master Servicer, Special Servicer
and any related sub-servicer hereunder and (ii) on and after the Towers at University Town Center Pari Passu Note A-1 Securitization
Date, the related Other Trustee, Other Servicer, Other Special Servicer and any related sub-servicer, as applicable, and any other
Person that makes principal and/or interest advances in respect of the Towers at University Town Center Companion Loan or property
advances in respect of the Towers at University Town Center Whole Loan pursuant to the related Other Pooling and Servicing Agreement.

 

“Towers at
University Town Center Whole Loan”: The Towers at University Town Center Companion Loan, together with the Towers at
University Town Center Mortgage Loan. References herein to the Towers at University Town Center Whole Loan shall be construed
to refer to the aggregate indebtedness under the Towers at University Town Center Pari Passu Note A-1 and the Towers at University
Town Center Pari Passu Note A-2.

 

“Transaction
Parties”: As defined in Section 5.02(k)(1) of this Agreement.

 

“Transfer”:
Any direct or indirect transfer or other form of assignment of any Ownership Interest in a Class R Certificate.

 

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“Transfer Restriction
Period”: The period from the Closing Date to the earlier of:

 

(a) the latest of (i)
the date on which the aggregate unpaid principal balance of all outstanding Mortgage Loans has been reduced to 33.0% of the aggregate
Cut-off Date Balance of the Mortgage Loans; (ii) the date on which the aggregate outstanding principal balance of the Principal
Balance Certificates has been reduced to 33.0% of the aggregate outstanding principal balance of the Principal Balance Certificates
as of the Cut-off Date; and (iii) two years after the Closing Date; and

 

(b) such time as when
the Risk Retention Rule ceases to require the retention of risk with respect to the securitization of the Mortgage Loans contemplated
by this Agreement, resulting from the repeal, amendment or modification of all or any portion of the Risk Retention Rule.

 

“Transferee
Affidavit”: As defined in Section 5.02(l)(ii) of this Agreement.

 

“Transferor
Letter”: As defined in Section 5.02(l)(ii) of this Agreement.

 

“Trust”
or “Trust Fund”: The corpus of the trust created hereby and to be administered hereunder, consisting of (in
each case, to the extent of the Trust Fund’s interest therein and specifically excluding any interest of any Serviced Companion
Loan Noteholder therein): (i) such Mortgage Loans as from time to time are subject to this Agreement, together with the Mortgage
Files relating thereto; (ii) all scheduled or unscheduled payments on or collections in respect of the Mortgage Loans due after
the Cut-off Date; (iii) the Trust Fund’s interest in any REO Property; (iv) all revenues received in respect of any REO Property;
(v) any Assignments of Leases, Rents and Profits and any security agreements related to the Mortgage Loans; (vi) any indemnities
or guaranties given as additional security for any Mortgage Loans; (vii) a security interest in all assets deposited in the Lock-Box
Accounts, Cash Collateral Accounts, Escrow Accounts and Reserve Accounts; (viii) the Loss of Value Reserve Fund; (ix) the Collection
Account, the Serviced Whole Loan Collection Accounts, the Distribution Accounts, any Gain-on-Sale Reserve Account, the Interest
Reserve Account and the Trust’s interest in any REO Account, including any amounts on deposit therein, assets credited thereto
and any reinvestment income, as applicable; (x) a security interest in any environmental indemnity agreements relating to the Mortgaged
Properties; (xi) a security interest in all insurance policies with respect to the Mortgage Loans and the Mortgaged Properties;
(xii) the rights and remedies under the Mortgage Loan Purchase Agreements relating to document delivery requirements with respect
to the Mortgage Loans and the representations and warranties of the related Mortgage Loan Seller regarding its Mortgage Loans;
(xiii) the Lower-Tier Regular Interests; (xiv) the Class VRR Upper-Tier Regular Interests; and (xv) the proceeds of the foregoing
(other than any interest earned on deposits in the Lock-Box Accounts, Cash Collateral Accounts, Escrow Accounts and any Reserve
Accounts, to the extent such interest belongs to the related Borrower). For the avoidance of doubt, no Retained Defeasance Rights
and Obligations will be an asset of the Trust.

 

“Trust Ledger”:
Amounts deposited in the Collection Account or a Serviced Whole Loan Collection Account and attributable to the Mortgage Loans
or related Serviced Whole Loan, respectively, which are maintained pursuant to Section 3.06(a) and Section 3.06(b)
of this Agreement, as applicable, and held on behalf of the Trustee on behalf of

 

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the
Certificateholders or held on behalf of the Trustee on behalf of the Certificateholders and related Companion Loan Noteholders,
as applicable.

 

“Trust REMICs”:
The Lower-Tier REMIC and the Upper-Tier REMIC.

 

“Trustee”:
Wilmington Trust, National Association, in its capacity as Trustee, or its successor in interest, or any successor Trustee appointed
as herein provided.

 

“Trustee Personnel”:
The divisions and individuals of the Trustee who are involved in the performance of the duties of the Trustee under this Agreement.

 

“Two Harbor
Point Square Companion Loans”: As defined in the Preliminary Statement.

 

“Two Harbor
Point Square Mortgage Loan”: As defined in the Preliminary Statement.

 

“Two Harbor
Point Square Pari Passu Note A-1-A”: The promissory note designated as Note A-1-A, which evidences a portion of the
Two Harbor Point Square Whole Loan. The Two Harbor Point Square Pari Passu Note A-1-A is not included in the Trust Fund and is
pari passu in right of payment to the Two Harbor Point Square Pari Passu Note A-1-B and the Two Harbor Point Square Pari
Passu Note A-2, as set forth in the related Intercreditor Agreement. The Two Harbor Point Square Pari Passu Note A-1-A is held
by CREFI.

 

“Two Harbor
Point Square Pari Passu Note A-1-A Securitization Date”: With respect to the Two Harbor Point Square Whole Loan, the
date on which the Two Harbor Point Square Pari Passu Note A-1-A is included in a securitization trust, provided that the related
Companion Loan Noteholder provides each of the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator
and the Trustee (in each case only to the extent such party will not also be a party to the related Other Securitization) with
notice in accordance with the terms of the related Intercreditor Agreement that the Two Harbor Point Square Pari Passu Note A-1-A
is to be included in such Other Securitization, which notice shall include contact information for the related Other Servicer,
the Other Special Servicer and the Other Trustee.

 

“Two Harbor
Point Square Pari Passu Note A-1-B”: The promissory note designated as Note A-1-B, which evidences a portion of the
Two Harbor Point Square Whole Loan. The Two Harbor Point Square Pari Passu Note A-1-B is included in the Trust Fund and is pari
passu in right of payment to the Two Harbor Point Square Pari Passu Note A-1-A and the Two Harbor Point Square Pari Passu
Note A-2, as set forth in the related Intercreditor Agreement.

 

“Two Harbor
Point Square Pari Passu Note A-2”: The promissory note designated as Note A-2, which evidences a portion of the Two
Harbor Point Square Whole Loan. The Two Harbor Point Square Pari Passu Note A-2 is not included in the Trust Fund and is pari
passu in right of payment to the Two Harbor Point Square Pari Passu Note A-1-A and the Two Harbor Point Square Pari Passu
Note A-1-B, as set forth in the related Intercreditor Agreement. The Two Harbor Point Square Pari Passu Note A-2 is held by DBNY.

 

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“Two Harbor
Point Square Pooling and Servicing Agreement”: This Agreement, for so long as the Two Harbor Point Square Center Whole
Loan is serviced pursuant to this Agreement and, on and after the Two Harbor Point Square Pari Passu Note A-1-A Securitization
Date, the related Other Pooling and Servicing Agreement for the Two Harbor Point Square Pari Passu Note A-1-A.

 

“Two Harbor
Point Square Service Providers”: With respect to the Two Harbor Point Square Whole Loan, (i) prior to the Two Harbor
Point Square Pari Passu Note A-1-A Securitization Date, the Trustee, Master Servicer, Special Servicer and any related sub-servicer
hereunder and (ii) on and after the Two Harbor Point Square Pari Passu Note A-1-A Securitization Date, the related Other Trustee,
Other Servicer, Other Special Servicer and any related sub-servicer, as applicable, and any other Person that makes principal
and/or interest advances in respect of the Two Harbor Point Square Companion Loans or property advances in respect of the Two
Harbor Point Square Whole Loan pursuant to the related Other Pooling and Servicing Agreement.

 

“Two Harbor
Point Square Whole Loan”: The Two Harbor Point Square Companion Loans, together with the Two Harbor Point Square Mortgage
Loan. References herein to the Two Harbor Point Square Whole Loan shall be construed to refer to the aggregate indebtedness under
the Two Harbor Point Square Pari Passu Note A-1-A, the Two Harbor Point Square Pari Passu Note A-1-B and the Two Harbor Point
Square Pari Passu Note A-2.

 

“UCC”:
Uniform Commercial Code.

 

“Underwriters”:
Deutsche Bank Securities Inc., J.P. Morgan Securities LLC, Citigroup Global Markets Inc. and Academy Securities, Inc. and their
respective successors in interest.

 

“Unliquidated
Advance”: Any Advance previously made by a party hereto that has been previously reimbursed, as between the Person that
made the Advance hereunder, on the one hand, and the Trust Fund, on the other, as part of a Workout-Delayed Reimbursement Amount
pursuant to Section 3.06(a) of this Agreement, as applicable, but that has not been recovered from the related Borrower
or otherwise from collections on or the proceeds of the Mortgage Loan or the applicable Serviced Whole Loan or Serviced REO Property
in respect of which the Advance was made.

 

“Unscheduled
Payments”: With respect to a Mortgage Loan and a Collection Period, all Net Liquidation Proceeds, Net Condemnation Proceeds
and Net Insurance Proceeds payable under such Mortgage Loan, the Purchase Price of any Mortgage Loan that is repurchased or purchased
pursuant to Section 2.03(e), Section 3.16 or Section 9.01 of this Agreement, the Substitution Shortfall Amount
with respect to any substitution pursuant to Section 2.03(g) of this Agreement and any other payments under or with respect
to such Mortgage Loan not scheduled to be made, including Principal Prepayments received by the Master Servicer (but excluding
Prepayment Premiums or Yield Maintenance Charges, if any) during such Collection Period.

 

“Updated Appraisal”:
An Appraisal of a Mortgaged Property or Serviced REO Property, as the case may be, conducted subsequent to any appraisal performed
on or prior to the

 

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Cut-off
Date and in accordance with Appraisal Institute standards, the costs of which shall be paid as a Servicing Advance by the Master
Servicer. Updated Appraisals shall be conducted by an Independent MAI appraiser selected by the Special Servicer.

 

“Updated Valuation”:
With respect to a Mortgage Loan (other than a Non-Serviced Mortgage Loan) or Serviced Whole Loan having a Stated Principal Balance
of $2,000,000 or higher, an Updated Appraisal. With respect to a Mortgage Loan having a Stated Principal Balance of less than $2,000,000,
an updated Small Loan Appraisal Estimate or an Updated Appraisal.

 

“Unscheduled
Principal Distribution Amount”: With respect to any Distribution Date and the Mortgage Loans, the aggregate of the following:
(a) all Principal Prepayments received on such Mortgage Loan on or prior to the Determination Date and (b) the principal portion
of any other collections (exclusive of payments by Borrowers) received on the Mortgage Loans and any REO Properties on or prior
to the related Determination Date whether in the form of Liquidation Proceeds, Insurance Proceeds and Condemnation Proceeds, net
income, rents, and profits from REO Property or otherwise, that were identified and applied by the master servicer as recoveries
of previously unadvanced principal of the related Mortgage Loan; provided, that all such Liquidation Proceeds and Insurance
Proceeds and Condemnation Proceeds will be reduced by any unpaid Special Servicing Fees, Liquidation Fees, any amount related to
the Loss of Value Payments to the extent that such amount was transferred into the Collection Account during the related Collection
Period, accrued interest on Advances and other additional trust fund expenses incurred in connection with the related Mortgage
Loan, thus reducing the Unscheduled Principal Distribution Amount.

 

“Upper-Tier
Distribution Account”: The segregated non-interest bearing trust account or sub-account created and maintained by the
Certificate Administrator pursuant to Section 3.05(f) of this Agreement, which shall be entitled “Wells Fargo Bank,
National Association, as Certificate Administrator, for the benefit of Wilmington Trust, National Association, as Trustee, for
the benefit of the Holders of Benchmark 2018-B1 Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series 2018-B1, Upper-Tier
Distribution Account” and which must be an Eligible Account or a sub-account of an Eligible Account. The Upper-Tier Distribution
Account shall be an asset of the Upper-Tier REMIC.

 

“Upper-Tier
REMIC”: A segregated asset pool within the Trust Fund consisting of the Lower-Tier Regular Interests, the Upper-Tier
Distribution Account and amounts held therein from time to time.

 

“U.S. Person”:
A citizen or resident of the United States, a corporation, partnership (except to the extent provided in applicable Treasury Regulations),
or other entity 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, 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, certain trusts in existence
on August 20, 1996 that have elected to be treated as U.S. Persons).

 

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“Voting Rights”:
The portion of the voting rights of all of the Certificates that is allocated to any Certificateholder or Class of Certificateholders.
At all times during the term of this Agreement, the percentage of Voting Rights assigned to each Class shall be: (a) 98% to be
allocated among the Certificateholders of the respective Classes of Principal Balance Certificates and Classes of Exchangeable
Certificates in proportion to the Certificate Balances (and solely in connection with any vote for purposes of determining whether
to remove the Special Servicer pursuant to Section 7.01(a) and the Operating Advisor pursuant to Section 7.07(a),
taking into account any notional reduction in the Certificate Balance for Appraisal Reduction Amounts allocated to the Certificates
pursuant to Section 4.08(a) hereof) of their Certificates, (b) 2% to be allocated among the Certificateholders of the Class
X-A, Class X-B, Class X-D and Class X-E Certificates (allocated to the Class X-A, Class X-B, Class X-D and Class X-E Certificates
on a pro rata basis based on their respective outstanding Notional Amounts at the time of determination) and (c) 0%, in
the case of the Class S and Class R Certificates.

 

“VRR Allocation
Percentage”: A fraction, expressed as a percentage, equal to the VRR Interest Percentage divided by the Non-VRR Interest
Percentage.

 

“VRR Available
Funds”: With respect to any Distribution Date, an amount equal to the VRR Interest Percentage of the Aggregate Available
Funds for such Distribution Date.

 

“VRR Interest”:
All of the Class V1 and Class V2 Certificates collectively. The VRR Interest represents undivided beneficial interests in the VRR
Specific Grantor Trust Assets.

 

“VRR Interest
Distribution Amount”: With respect to any Distribution Date, an amount equal to the product of (A) the VRR Allocation
Percentage and (B) the aggregate amount of interest distributed to the Holders of the Non-VRR Certificates pursuant to Section
4.01(b)(i), (iv), (vii), (x), (xiii), (xvi), (xix) and (xxii) on such Distribution
Date.

 

“VRR Interest
Percentage”: As of any date of determination, a fraction, expressed as a percentage, the numerator of which is the aggregate
Certificate Balance of the Class VRR Upper-Tier Regular Interests, and the denominator of which is the aggregate Certificate Balance
of all of the Classes of Principal Balance Certificates and the Certificate Balance of the Class VRR Upper-Tier Regular Interests.

 

“VRR Principal
Distribution Amount”: With respect to any Distribution Date, an amount equal to the product of (A) the VRR Allocation
Percentage and (B) the aggregate amount of principal distributed to the Holders of the Non-VRR Certificates pursuant to Section
4.01(b)(ii), (v), (viii), (xi), (xiv), (xvii), (xx) and (xxiii) and the last
paragraph of Section 4.01(b) on such Distribution Date.

 

“VRR Realized
Loss”: With respect to any Distribution Date, the amount, if any, by which (i) the aggregate Certificate Balance of the
Class V1 and Class V2 Certificates, after giving effect to distributions of principal on such Distribution Date, exceeds (ii) the
product of (A) the VRR Interest Percentage and (B) the aggregate Stated Principal Balance of the Mortgage Loans (for purposes of
this calculation, the aggregate Stated Principal Balance will not be reduced by the amount of principal payments received on the
Mortgage Loans that were used to reimburse the Master Servicer, the Special Servicer or the Trustee from general collections of
principal on the Mortgage Loans for Workout-Delayed Reimbursement Amounts, to the extent

 

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those
amounts are not otherwise determined to be Nonrecoverable Advances), including any REO Loans (but in each case, excluding any
Companion Loan), as of the end of the last day of the related Collection Period.

 

“VRR Retained
Prepayment Premiums and Yield Maintenance Charges”: As defined in Section 4.01(d) of this Agreement.

 

“VRR Specific
Grantor Trust Assets”: The Specific Grantor Trust Assets other than the Class S Specific Grantor Trust Assets.

 

“WAC Rate”:
With respect to any Distribution Date, a per annum rate equal to the fraction (expressed as a percentage) the numerator
of which is the sum for all Mortgage Loans of the product of (i) the Net Mortgage Rate for each such Mortgage Loan as of the first
day of the related Collection Period and (ii) the Stated Principal Balance of each such Mortgage Loan as of the first day of the
related Collection Period, and the denominator of which is the sum of the Stated Principal Balances of all Mortgage Loans as of
the first day of the related Collection Period (after giving effect to any payments received during any applicable grace period).

 

“WHFIT”:
A “Widely Held Fixed Investment Trust” as that term is defined in Treasury Regulations 1.671-5(b)(22) or successor
provisions.

 

“WHFIT Regulations”:
Treasury Regulations Section 1.671-5, as amended.

 

“WHMT”:
A “Widely Held Mortgage Trust” as that term is defined in Treasury Regulations 1.671-5(b)(23) or successor provisions.

 

“Whole Loan”:
Each of the 90 Hudson Whole Loan, The Woods Whole Loan, the Griffin Portfolio Whole Loan, the Worldwide Plaza Whole Loan, the Station
Place III Whole Loan, the Atrium Center Whole Loan, the Sentinel Square II Whole Loan, the Radisson Blu Aqua Hotel Whole Loan,
the Gateway Net Lease Portfolio Whole Loan, , the Lehigh Valley Mall Whole Loan, the Rochester Hotel Portfolio Whole Loan, the
521-523 East 72nd Street Whole Loan, the Marriott Charlotte City Center Whole Loan, the Miracle Mile Shopping Center Whole Loan,
the Towers at University Town Center Whole Loan, the Two Harbor Point Square Whole Loan, the AHIP Northeast Portfolio I Whole Loan
and the Starwood Capital Group Hotel Portfolio Whole Loan.

 

“Withheld Amount”:
With respect to each Mortgage Loan that accrues interest on an Actual/360 Basis, and with respect to each Distribution Date occurring
in January of each calendar year that is not a leap year and February of each calendar year, unless in either case such Distribution
Date is the final Distribution Date, an amount equal to one day’s interest at the Net Mortgage Rate on the respective Stated
Principal Balance as of the Due Date in the month preceding the month in which such Distribution Date occurs, to the extent that
a Periodic Payment or a P&I Advance is made in respect thereof.

 

The Withheld Amount for
each applicable Distribution Date for each Mortgage Loan that does not accrue interest on a 30/360 basis will be equal to 1/31
of the interest accrued

 

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in
respect of the immediately preceding Due Date, to the extent a Periodic Payment or P&I Advance is made in respect thereof.

 

“Workout-Delayed
Reimbursement Amounts”: With respect to any Mortgage Loan or, with respect to Servicing Advances, any Serviced Whole
Loan, the amount of any Advance made with respect to such Mortgage Loan or Serviced Whole Loan on or before the date such Mortgage
Loan or Serviced Whole Loan becomes (or, but for the making of three monthly payments under its modified terms, would then constitute)
a Corrected Mortgage Loan, together with (to the extent accrued and unpaid) interest on such Advances, to the extent that (i) such
Advance is not reimbursed to the Person who made such Advance on or before the date, if any, on which such Mortgage Loan or Serviced
Whole Loan becomes a Corrected Mortgage Loan and (ii) the amount of such Advance becomes an obligation of the related Borrower
to pay such amount under the terms of the modified Loan Documents.

 

“Workout Fee”:
An amount equal to the lesser of (1) 1.0% (or 0.5% in the case of the Mortgage Loan identified on the Mortgage Loan Schedule as
Radisson Blu Aqua Hotel) of each collection of interest and principal (including scheduled payments, prepayments (provided
that a repurchase or substitution by a Mortgage Loan Seller of a Mortgage Loan due to a Material Defect or a Material Breach
shall not be considered a prepayment for purposes of this definition), Balloon Payments and payments at maturity, but excluding
late payment charges, Default Interest and Excess Interest) received on a Specially Serviced Loan that becomes a Corrected Mortgage
Loan for so long as it remains a Corrected Mortgage Loan, pursuant to Section 3.12(c) of this Agreement and (2) $1,000,000,
in the aggregate with respect to any particular workout of a Specially Serviced Loan; provided that in the event the Workout
Fee with respect to a Corrected Mortgage Loan is less than $25,000, then the Special Servicer shall be entitled to an amount from
the final payment on the related Corrected Mortgage Loan (including any related Serviced Companion Loan) that would result in
the total Workout Fees payable to the Special Servicer in respect of that Corrected Mortgage Loan (including any related Serviced
Companion Loan) to be equal to $25,000; provided, further, that the Workout Fee with respect to any Corrected Mortgage
Loan shall be capped in accordance with Section 3.12(c) of this Agreement; provided, further that no Workout
Fee shall be payable by the Trust with respect to any Corrected Mortgage Loan if and to the extent that the Corrected Mortgage
Loan became a Specially Serviced Loan under clause (c) of the definition of “Specially Serviced Loan” (and no other
clause of such definition) and no event of default actually occurs, unless the Mortgage Loan or Serviced Companion Loan is modified
by the Special Servicer in accordance with the terms of this Agreement; provided, further that if a Mortgage Loan
or Serviced Companion Loan becomes a Specially Serviced Loan only because of an event described in clause (a) of the definition
of “Specially Serviced Loan” and the related collection of principal and interest is received within 4 months following
the related maturity date as a result of the related Mortgage Loan or Serviced Companion Loan being refinanced or otherwise repaid
in full, the Special Servicer shall not be entitled to collect a Workout Fee out of the proceeds received in connection with such
workout if such fee would reduce the amount available for distributions to Certificateholders, but the Special Servicer may collect
from the related Borrower and retain (x) a workout fee, (y) such other fees as are provided for in the related Loan Documents
and (z) other appropriate fees in connection with such workout. After receipt by the Special Servicer of Workout Fees with respect
to a Corrected Mortgage Loan in an amount equal to $25,000, the total amount of Workout Fees in excess of such $25,000 payable
by the Trust with respect to

 

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such
Corrected Mortgage Loan and with respect to any particular workout (assuming, for the purposes of this calculation, that such
Corrected Mortgage Loan continues to perform throughout its term in accordance with the terms of the related workout) shall be
reduced by the amount of any and all related Offsetting Modification Fees received by the Special Servicer as additional servicing
compensation relating to such Corrected Mortgage Loan; provided that the Special Servicer shall be entitled to collect
such Workout Fees from the Trust until such time it has been fully paid such reduced amount. For the avoidance of doubt, the Mortgage
Loan Seller will be required to pay a Workout Fee in connection with a repurchase or substitution to the extent the Special Servicer
was entitled to such a fee and such fee was unpaid immediately prior to such repurchase or substitution or was previously paid
by the Trust and was not reimbursed by the related Borrower immediately prior to such repurchase or substitution. In furtherance
of the foregoing, upon a Specially Serviced Loan becoming a Corrected Mortgage Loan, the Special Servicer shall provide the Master
Servicer with a calculation of the total amount of Workout Fees expected to be payable by the Trust with respect to such Corrected
Mortgage Loan throughout its term (which calculation shall be reasonably acceptable to the Master Servicer) and the total amount
of related Offsetting Modification Fees received by the Special Servicer.

 

“Worldwide Plaza
Companion Loans”: As defined in the Preliminary Statement.

 

“Worldwide Plaza
Mortgage Loan”: As defined in the Preliminary Statement.

 

“Worldwide Plaza
Pari Passu Companion Loans”: As defined in the Preliminary Statement.

 

“Worldwide Plaza
Service Providers”: With respect to the Worldwide Plaza Companion Loans, the related Other Trustee, Other Servicer, Other
Special Servicer and any related sub-servicer, as applicable, and any other Person that makes principal and/or interest advances
in respect of such mortgage loan pursuant to the related Other Pooling and Servicing Agreement.

 

“Worldwide Plaza
Subordinate Companion Loans”: As defined in the Preliminary Statement.

 

“Worldwide Plaza
Trust and Servicing Agreement”: The trust and servicing agreement, dated as of November 10, 2017 between GS Mortgage
Securities Corporation II, as depositor, Wells Fargo Bank, National Association, as servicer, Cohen Financial, a Division of SunTrust
Bank, as special servicer, Wilmington Trust, National Association, as trustee, Wells Fargo Bank, National Association, as certificate
administrator and custodian and Park Bridge Lender Services LLC, as operating advisor, and entered into in connection with the
Worldwide Plaza Trust 2017-WWP.

 

“Worldwide Plaza
Whole Loan”: The Worldwide Plaza Companion Loans, together with the Worldwide Plaza Mortgage Loan. References herein
to the Worldwide Plaza Whole Loan shall be construed to refer to the aggregate indebtedness under the related notes with respect
to the Worldwide Plaza Mortgage Loan and the Worldwide Plaza Companion Loans.

 

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“Yield Maintenance
Charge”: With respect to any Mortgage Loan or Serviced Companion Loan, the yield maintenance charge set forth in the
related Loan Documents; provided that, amounts shall be considered Yield Maintenance Charges pursuant to the allocation
set forth under Section 1.02(f) or Section 1.02(g), as applicable.

 

Section 1.02 Certain
Calculations. Unless otherwise specified herein, the following provisions shall apply:

 

(a)       All
calculations of interest with respect to the Mortgage Loans and Serviced Companion Loans (other than the Actual/360 Loans) and
of Advances in respect thereof provided for herein shall be made on the basis of a 360-day year consisting of twelve 30-day months.
All calculations of interest with respect to the Actual/360 Loans and of Advances provided in respect thereof provided for herein
shall be made as set forth in the Loan Documents for such Mortgage Loans and, if applicable, Serviced Companion Loans, with respect
to the calculation of the related Mortgage Rate. The Servicing Fee, the Certificate Administrator/Trustee Fee, the CREFC®
Intellectual Property Royalty License Fee and the Operating Advisor Fee for each Mortgage Loan or Serviced Whole Loan, as applicable,
shall accrue on the same basis as interest accrues on such Mortgage Loan or Serviced Whole Loan, as applicable.

 

(b)       Any
Mortgage Loan or Serviced Whole Loan payment is deemed to be received on the date such payment is actually received by the Master
Servicer or the Certificate Administrator; provided, that for purposes of calculating distributions on the Certificates,
Principal Prepayments with respect to any Mortgage Loan or Serviced Whole Loan are deemed to be received on the date they are applied
in accordance with Section 3.01(b) of this Agreement to reduce the Stated Principal Balance of such Mortgage Loan or Serviced
Whole Loan on which interest accrues.

 

(c)       Except
as otherwise provided in the related Loan Documents or Intercreditor Agreement, any amounts received in respect of a Mortgage Loan
or Serviced Whole Loan as to which a default has occurred and is continuing in excess of Periodic Payments shall be applied to
Default Interest and other amounts due on such Mortgage Loan or Serviced Whole Loan prior to the application to late fees.

 

(d)       Allocations
of payments between a Mortgage Loan and the related Serviced Companion Loans in a Whole Loan shall be made in accordance with the
related Intercreditor Agreement.

 

(e)       If
an expense under this Agreement relates in the reasonable judgment of the Master Servicer, the Special Servicer, the Certificate
Administrator, the Trustee or the Paying Agent, as applicable, primarily to the administration of the Trust Fund, any Trust REMIC
or the Grantor Trust 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, or Grantor Trust tax or expense or this Agreement states that any expense is
solely “an expense of the Trust Fund” or words of similar import, then such expense shall not be allocated to, deducted
or reimbursed from, or otherwise charged against any Serviced Companion Loan Noteholder and such Serviced Companion Loan Noteholder
shall not suffer any adverse consequences as a result of the payment of such expense.

 

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(f)       All
amounts collected by or on behalf of the Trust in respect of any Mortgage Loan (other than an REO Loan) in the form of payments
from the related Borrower, Liquidation Proceeds, Condemnation Proceeds or Insurance Proceeds (exclusive, if applicable, in the
case of a Mortgage Loan that is part of a Serviced Whole Loan, of any amounts payable to the holder of the related Serviced Companion
Loan, pursuant to the related Intercreditor Agreement) shall be allocated to amounts due and owing under the related Loan Documents
(including for principal and accrued and unpaid interest) in accordance with the express provisions of the related Loan Documents
and, with respect to any Mortgage Loan that is part of a Serviced Whole Loan, the related Intercreditor Agreement; provided
that, absent such express provisions, all such amounts collected (exclusive, if applicable, in the case of a Mortgage Loan that
is part of a Serviced Whole Loan, of any amounts payable to the holder of the related Serviced Companion Loan pursuant to the related
Intercreditor Agreement) shall be deemed to be allocated for purposes of collecting amounts due under the Mortgage Loan in the
following order of priority:

 

(i)       as
a recovery of any unreimbursed Advances (including any Workout-Delayed Reimbursement Amount) with respect to such Mortgage Loan
and unpaid interest at the Reimbursement Rate on such Advances and, if applicable, unreimbursed and unpaid Additional Trust Fund
Expenses with respect to such Mortgage Loan;

 

(ii)       as
a recovery of Nonrecoverable Advances and any interest at the Reimbursement Rate thereon to the extent previously paid or reimbursed
from principal collections on the Mortgage Loans (as described in the first proviso in the definition of Aggregate Principal Distribution
Amount);

 

(iii)       to
the extent not previously allocated pursuant to clause (i) above, as a recovery of accrued and unpaid interest on such Mortgage
Loan (exclusive of Default Interest and Excess Interest) to the extent of the excess of (A) accrued and unpaid interest on such
Mortgage Loan at the related Mortgage Rate in effect from time to time through the end of the applicable Mortgage Loan Interest
Accrual Period, over (B) the sum of (x) the cumulative amount of the reductions (if any) in the amount of related P&I Advances
for such Mortgage Loan that have theretofore occurred under Section 4.07(d) of this Agreement in connection with Appraisal
Reduction Amounts (to the extent that collections have not been allocated as a recovery of accrued and unpaid interest pursuant
to clause (v) below on earlier dates) and (y) Accrued AB Loan Interest;

 

(iv)       to
the extent not previously allocated pursuant to clause (i) above, as a recovery of principal of such Mortgage Loan then due and
owing, including by reason of acceleration of such Mortgage Loan following a default thereunder (or, if such Mortgage Loan has
been liquidated, as a recovery of principal to the extent of its entire remaining unpaid principal balance);

 

(v)       as
a recovery of (i) accrued and unpaid interest on such Mortgage Loan to the extent of the cumulative amount of the reductions (if
any) in the amount of related P&I Advances for such Mortgage Loan that have theretofore occurred under Section 4.07(d)
of this Agreement in connection with related Appraisal Reduction Amounts and (ii) Accrued AB Loan Interest (in each of clause (i)
and (ii), to the extent that collections have not been

 

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allocated as recovery of accrued and unpaid interest pursuant to this clause
(v) on earlier dates);

 

(vi)      as a recovery of amounts to be currently allocated to the payment of, or escrowed for the future payment of, real estate
taxes, assessments and insurance premiums and similar items relating to such Mortgage Loan;

 

(vii)     as
a recovery of any other reserves to the extent then required to be held in escrow with respect to such Mortgage Loan;

 

(viii)    as
a recovery of any Yield Maintenance Charge or Prepayment Premium then due and owing under such Mortgage Loan;

 

(ix)       as a recovery of any late payment charges and Default Interest and Excess Interest then due and owing under such Mortgage
Loan;

 

(x)        as
a recovery of any Assumption Fees and Modification Fees then due and owing under such Mortgage Loan;

 

(xi)       as
a recovery of any other amounts then due and owing under such Mortgage Loan other than remaining unpaid principal (if both consent
fees and Operating Advisor Consulting Fees are due and owing, first, allocated to consent fees and then, allocated
to Operating Advisor Consulting Fees);

 

(xii)      as
a recovery of any remaining principal of such Mortgage Loan to the extent of its entire remaining unpaid principal balance; and

 

(xiii)     in
the case of an ARD Loan after the related Anticipated Repayment Date, any accrued but unpaid Excess Interest;

 

provided that,
to the extent required under the REMIC Provisions, payments or proceeds received (or receivable by exercise of the Mortgage Loan
Seller’s rights under the related Loan Documents) with respect to any partial release of a Mortgaged Property (including
in connection with a condemnation) at a time when the loan-to-value ratio of the related Mortgage Loan (or Serviced Whole Loan)
exceeds 125% or would exceed 125% following any partial release (based solely on the value of real property and excluding personal
property and going concern value, if any) must be collected and allocated to reduce the Stated Principal Balance of the Mortgage
Loan (or Serviced Whole Loan) in the manner permitted by the REMIC Provisions.

 

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(g)       Collections
by or on behalf of the Trust in respect of any REO Property (exclusive of amounts to be allocated to the payment of the costs of
operating, managing, leasing, maintaining and disposing of such REO Property and, if applicable, in the case of an REO Property
related to a Serviced Whole Loan, exclusive of any amounts payable to the holder of the related Serviced Companion Loan pursuant
to the related Intercreditor Agreement) shall be deemed to be allocated for purposes of collecting amounts due under the Mortgage
Loan in the following order of priority:

 

(i)       as
a recovery of any unreimbursed Advances (including any Workout-Delayed Reimbursement Amount) with respect to such Mortgage Loan
and unpaid interest at the Reimbursement Rate on such Advances and, if applicable, unreimbursed and unpaid Additional Trust Fund
Expenses with respect to such Mortgage Loan;

 

(ii)       as
a recovery of Nonrecoverable Advances and any interest at the Reimbursement Rate thereon to the extent previously allocated to
principal collections on the Mortgage Loans (as described in the first proviso in the definition of Aggregate Principal Distribution
Amount);

 

(iii)       to
the extent not previously allocated pursuant to clause (i) above, as a recovery of accrued and unpaid interest on the related Mortgage
Loan (exclusive of Default Interest and Excess Interest) to the extent of the excess of (A) accrued and unpaid interest on such
Mortgage Loan at the related Mortgage Rate in effect from time to time through the end of the applicable Mortgage Loan Interest
Accrual Period, over (B) the sum of (x) the cumulative amount of the reductions (if any) in the amount of related P&I Advances
for such Mortgage Loan that have theretofore occurred under Section 4.07(d) of this Agreement in connection with Appraisal
Reduction Amounts (to the extent that collections have not been allocated as a recovery of accrued and unpaid interest pursuant
to clause (v) below or clause (v) of Section 1.02(f) on earlier dates) and (y) Accrued AB Loan Interest;

 

(iv)       to
the extent not previously allocated pursuant to clause (i)-(ii) above, as a recovery of principal of the related Mortgage Loan
to the extent of its entire unpaid principal balance;

 

(v)       as
a recovery of (i) accrued and unpaid interest on the related Mortgage Loan to the extent of the cumulative amount of the reductions
(if any) in the amount of related P&I Advances for such Mortgage Loan that have theretofore occurred under Section 4.07(d)
of this Agreement in connection with related Appraisal Reduction Amounts and (ii) Accrued AB Loan Interest (in each of clause (i)
and (ii), to the extent that collections have not theretofore been allocated as a recovery of accrued and unpaid interest pursuant
to this clause (v) or clause (v) of Section 1.02(f) on earlier dates);

 

(vi)      as
a recovery of any Yield Maintenance Charge or Prepayment Premium then due and owing under the related Mortgage Loan;

 

(vii)     as
a recovery of any late payment charges and Default Interest and Excess Interest then due and owing under the related Mortgage Loan;

 

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(viii)    as
a recovery of any Assumption Fees and Modification Fees then due and owing under the related Mortgage Loan;

 

(ix)       as
a recovery of any other amounts then due and owing under the related Mortgage Loan other than remaining unpaid principal (if both
consent fees and Operating Advisor Consulting Fees are due and owing, first, allocated to consent fees and then,
allocated to Operating Advisor Consulting Fees); and

 

(x)       in
the case of an ARD Loan after the related Anticipated Repayment Date, any accrued but unpaid Excess Interest.

 

(h)       The
applications of amounts received in respect of any Mortgage Loan pursuant to paragraph (f) of this Section 1.02 shall be
determined by the Master Servicer in accordance with the Servicing Standard. The applications of amounts received in respect of
any Mortgage Loan, or any REO Property pursuant to paragraph (g) of this Section 1.02 shall be determined by the Special
Servicer in accordance with the Servicing Standard.

 

(i)       All
net present value calculations and determinations made hereunder with respect to the Mortgage Loans or a Mortgaged Property or
REO Property (including for purposes of the definition of “Servicing Standard”) shall be made in accordance
with the Loan Documents or, if the Loan Documents are silent, using the Calculation Rate.

 

(j)       For
purposes of calculations required herein, Excess Interest shall not be added to the outstanding principal balance of the Mortgage
Loans notwithstanding that the related Loan Documents may provide otherwise.

 

Section 1.03 Certain
Constructions. For purposes of this Agreement, references to the most or next most subordinate Class of Non-VRR Certificates
outstanding at any time shall mean the most or next most subordinate Class of Non-VRR Certificates then outstanding as among the
Class A-1, Class A-2, Class A-3, Class A-SB, Class A-4, Class A-5, Class A-M, Class B, Class C, Class D, Class E, Class F-RR and
Class G-RR Certificates. For purposes of this Agreement, each Class of Principal Balance Certificates and the Class V2 Certificates
shall be deemed to be outstanding only to the extent its respective Certificate Balance has not been reduced to zero. For purposes
of this Agreement, the Excess Interest Certificates shall be outstanding so long as any of the ARD Loans are outstanding. For
purposes of this Agreement, the Class R Certificates shall be outstanding so long as the Trust Fund has not been terminated pursuant
to Section 9.01 of this Agreement or any other Class of Certificates remains outstanding. For purposes of this Agreement,
each of the Class X-A, Class X-B, Class X-D and Class X-E Certificates shall be deemed to be outstanding until their respective
Notional Amounts have been reduced to zero. For purposes of this Agreement, in the case of a Class of Exchangeable Certificates,
assuming that the maximum related Certificate Balance is issued on the Closing Date and no exchanges in accordance with Section
5.09 subsequently occur, each of the Class of Exchangeable Certificates shall be deemed to be outstanding until the respective
Certificate Balances or Notional Amounts, as applicable, of each of their Related Regular Certificates has been reduced to zero.

 

Notwithstanding anything
to the contrary contained herein, for purposes of this Agreement, each reference to any action by the Master Servicer or Special
Servicer that is

 

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subject
to the consent or approval of the Directing Holder, or consultation with the Directing Holder, the Risk Retention Consultation
Party or the Operating Advisor, shall in each case be further subject to the determination by the Master Servicer or Special Servicer
that taking or refraining from taking the action as proposed by the Directing Holder, the Risk Retention Consultation Party or
the Operating Advisor or not taking such action as proposed by the Master Servicer or Special Servicer if the Directing Holder
fails to grant its consent or approval, or if the Directing Holder, the Risk Retention Consultation Party or the Operating Advisor,
as applicable, fail to express their concurrence, to any action proposed to be taken by the Master Servicer or Special Servicer,
in each case, is consistent with the Servicing Standard. In each case, (a) if the response by the Directing Holder, the Risk Retention
Consultation Party or the Operating Advisor hereunder is inconsistent with the Servicing Standard, the Master Servicer or the
Special Servicer shall take such action as is consistent with the Servicing Standard, and (b) if the Master Servicer or Special
Servicer determines that immediate action is necessary to protect the interests of the Certificateholders and, in the case of
any Serviced Whole Loan, the related Serviced Companion Loan Noteholders, (as a collective whole as if such Certificateholders
and Serviced Companion Loan Noteholders, as applicable, constituted a single lender (and with respect to any Serviced Whole Loan
with a related Subordinate Companion Loan, taking into account the subordinate nature of such Subordinate Companion Loan)), and
the Master Servicer or Special Servicer, as applicable, has made a reasonable effort to contact the Directing Holder, the Risk
Retention Consultation Party or the Operating Advisor, as applicable, it may take such action without waiting for a response from
the Directing Holder, the Risk Retention Consultation Party or the Operating Advisor, as applicable; provided that the
Special Servicer or Master Servicer, as applicable, shall provide the Directing Holder, the Risk Retention Consultation Party
or the Operating Advisor, if applicable) with prompt written notice following such action including a reasonably detailed explanation
of the basis for such action.

 

Section 1.04 Certain
Matters Relating to the Non-Serviced Mortgage Loans. Each Other Servicer, Other Special Servicer, Other Depositor, Other
Operating Advisor, Other Asset Representations Reviewer and Other Trustee, and any of their respective directors, officers, employees
or agents (as and to the same extent the securitization trust formed under the related Other Pooling and Servicing Agreement is
required to indemnify such parties in respect of other Mortgage Loans in the securitization trust formed under the related Other
Pooling and Servicing Agreement pursuant to the terms of the Other Pooling and Servicing Agreement) and each Other Securitization
(collectively, the “Other Indemnified Parties”), shall be indemnified by the Trust and held harmless against
the Trust’s pro rata share (subject to the related Intercreditor Agreement) of any and all claims, losses, damages,
penalties, fines, forfeitures, reasonable legal fees and related costs, judgments and any other costs, liabilities, fees and expenses
incurred in connection with servicing and administration of or any actual or threatened legal action or claim relating to the
related Non-Serviced Mortgage Loan and the related non-serviced Mortgaged Property under the related Other Pooling and Servicing
Agreement, this Agreement or the related Intercreditor Agreement (but excluding any such losses allocable to the related Companion
Loans); provided that such indemnification will not extend to any losses, liabilities, costs or expenses: (i) specifically
required to be borne by such party, without right of reimbursement, pursuant to the terms of the related Other Pooling and Servicing
Agreement; (ii) incurred in connection with any legal action or claim against such party resulting from any breach of a representation
or warranty made by such person under the related Other Pooling and Servicing Agreement or (iii) incurred in connection with any
legal action or claim against such party

 

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resulting
from any willful misfeasance, bad faith or negligence in the performance of such Person’s obligations and duties under the
related Other Pooling and Servicing Agreement or the related Intercreditor Agreement or resulting from negligent disregard of
such obligations and duties.

 

In connection with the
securitization of any Serviced Companion Loan while it is a Serviced Companion Loan, upon the request of (and at the expense of)
the related Companion Loan Noteholders, each of the Master Servicer, the Special Servicer, the Certificate Administrator and the
Trustee, as applicable, shall use reasonable efforts to cooperate with such Companion Loan Noteholders in attempting to cause the
related Borrower to provide information relating to the related Serviced Whole Loan and the related notes, and that such holders
reasonably determine to be necessary or appropriate, for inclusion in any disclosure document(s) relating to such Other Securitization.

 

On and after the Atrium
Center Pari Passu Note A-3 Securitization Date, the Atrium Center Whole Loan shall be a “Non-Serviced Whole Loan”,
each Atrium Center Companion Loan shall be a “Non-Serviced Companion Loan” and the Atrium Center Mortgage Loan shall
be a “Non-Serviced Mortgage Loan”.

 

On and after the Sentinel
Square II Pari Passu Note A-1 Securitization Date, the Sentinel Square II Whole Loan shall be a “Non-Serviced Whole Loan”,
the Sentinel Square II Companion Loan shall be a “Non-Serviced Companion Loan” and the Sentinel Square II Mortgage
Loan shall be a “Non-Serviced Mortgage Loan”.

 

On and after the Rochester
Hotel Portfolio Pari Passu Note A-1 Securitization Date, the Rochester Hotel Portfolio Whole Loan shall be a “Non-Serviced
Whole Loan”, the Rochester Hotel Portfolio Companion Loan shall be a “Non-Serviced Companion Loan” and the Rochester
Hotel Portfolio Mortgage Loan shall be a “Non-Serviced Mortgage Loan”.

 

On and after the Marriott
Charlotte City Center Pari Passu Note A-3 Securitization Date, the Marriott Charlotte City Center Whole Loan shall be a “Non-Serviced
Whole Loan”, each Marriott Charlotte City Center Companion Loan shall be a “Non-Serviced Companion Loan” and
the Marriott Charlotte City Center Mortgage Loan shall be a “Non-Serviced Mortgage Loan”.

 

On and after the Towers
at University Town Center Pari Passu Note A-1 Securitization Date, the Towers at University Town Center Whole Loan shall be a “Non-Serviced
Whole Loan”, the Towers at University Town Center Companion Loan shall be a “Non-Serviced Companion Loan” and
the Towers at University Town Center Mortgage Loan shall be a “Non-Serviced Mortgage Loan”.

 

On and after the Two
Harbor Point Square Pari Passu Note A-1-A Securitization Date, the Two Harbor Point Square Whole Loan shall be a “Non-Serviced
Whole Loan”, each Two Harbor Point Square Companion Loan shall be a “Non-Serviced Companion Loan” and the Two
Harbor Point Square Mortgage Loan shall be a “Non-Serviced Mortgage Loan”.

 

On each Servicing Shift
Securitization Date (i) the Custodian shall, upon receipt of a Request for Release transfer the related Mortgage File (other than
the note(s) designating the

 

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related
Servicing Shift Mortgage Loan), the original of which shall be retained by the Custodian) for the related Servicing Shift Whole
Loan to the related Other Trustee under the related Other Pooling and Servicing Agreement and retain a copy of such Mortgage File
and (ii) the Master Servicer shall, upon receipt of notice from the applicable Mortgage Loan Seller or the holder of the applicable
Controlling Companion Loan that the applicable Servicing Shift Lead Note has been or is being securitized on the related Servicing
Shift Securitization Date, transfer (and cooperate with reasonable requests in connection with such transfer of) the Servicing
File for the related Servicing Shift Whole Loan, and any Escrow Payments, reserve funds and originals of items specified in Sections
2.01(a)(xix) and (xx) for the related Servicing Shift Whole Loan, to the related Other Servicer on the related Servicing
Shift Securitization Date.

 

Upon receipt of notice
from the applicable Mortgage Loan Seller or the holder of the applicable Controlling Companion Loan that the applicable Servicing
Shift Lead Note has been or is being securitized on the related Servicing Shift Securitization Date, the Master Servicer shall
provide the Custodian with a Request for Release of the Mortgage File on the related Servicing Shift Securitization Date and transfer
(and cooperate with reasonable requests in connection with such transfer of) the Servicing File to the related Other Servicer identified
to it pursuant to the related notice from the related Mortgage Loan Seller on the related Servicing Shift Securitization Date.

 

Article
II

CONVEYANCE OF MORTGAGE LOANS;

ORIGINAL ISSUANCE OF CERTIFICATES

 

Section 2.01 Conveyance
of Mortgage Loans; Assignment of Mortgage Loan Purchase Agreements. (a) The Depositor, concurrently with the execution
and delivery hereof on the Closing Date, does hereby establish a trust designated as “Benchmark 2018-B1 Mortgage Trust,”
appoint the Trustee as trustee of the Trust Fund and sell, transfer, assign, set over and otherwise convey to the Trustee without
recourse (except to the extent herein provided) all the right, title and interest of the Depositor in and to the Mortgage Loans,
including all rights to payment in respect thereof, except as set forth below, and any security interest thereunder (whether in
real or personal property and whether tangible or intangible) in favor of the Depositor, and a security interest in all Reserve
Accounts, Lock-Box Accounts, Cash Collateral Accounts and all other assets to the extent included or to be included in the Trust
Fund for the benefit of the Certificateholders. Such transfer and assignment includes all interest and principal due on or with
respect to the Mortgage Loans after the Cut-off Date and, in the case of a Mortgage Loan included in a Whole Loan, is subject
to the related Intercreditor Agreement. Transfer and assignment of a Non-Serviced Mortgage Loan and the right to service a Non-Serviced
Mortgage Loan is further subject to the terms and conditions of the Other Pooling and Servicing Agreement and the related Intercreditor
Agreement. The Depositor, concurrently with the execution and delivery hereof, does also hereby transfer, assign, set over and
otherwise convey to the Trustee without recourse (except to the extent provided herein), for the benefit of the Certificateholders
and the Serviced Companion Loan Noteholders, all the right, title and interest of the Depositor in, to and under the Mortgage
Loan Purchase Agreements as provided therein (excluding Sections 6(e)-(g) of each Mortgage Loan Purchase Agreement, the representations,
warranties and covenants in favor of the Depositor set forth in clause (viii) of

 

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Section
4(b) of each Mortgage Loan Purchase Agreement and the Depositor’s rights and remedies with respect to a breach thereof,
and excluding the Depositor’s rights and remedies under the Indemnification Agreements) to the extent related to any Mortgage
Loan. The Depositor shall cause the Reserve Accounts, Cash Collateral Accounts and Lock-Box Accounts relating to the Mortgage
Loans to be transferred to and held in the name of the Master Servicer on behalf of the Trustee as successor to the Mortgage Loan
Sellers.

 

With respect to any Mortgage
Loan that is subject to an Intercreditor Agreement, the parties hereto intend that the provisions of this Section 2.01(a)
serve as an assignment and assumption agreement between the Depositor, as the assignor, and the Trustee on behalf of the Trust,
as the assignee. Accordingly, the Depositor hereby (and in accordance with and subject to all other applicable provisions of this
Agreement) assigns, grants, sells, transfers, delivers, sets over, and conveys to the Trustee all right, title and interest of
the Depositor in, to and arising out of the related Intercreditor Agreement and the Trustee on behalf of the Trust hereby accepts
(subject to applicable provisions of this Agreement) the foregoing assignment and assumes all of the rights and obligations of
the Depositor with respect to related Intercreditor Agreement from and after the Closing Date. In addition, the Trustee acknowledges
that any such Mortgage Loan that is part of a Serviced Whole Loan shall be serviced pursuant to the terms of this Agreement.

 

In connection with such
transfer and assignment, the Depositor does hereby deliver to, and deposit with, the Custodian, with copies to the Master Servicer
and the Special Servicer, the following documents or instruments with respect to each Mortgage Loan and each Serviced Companion
Loan (which, except for the Mortgage Note referred to in clause (i) below, relate to the Serviced Whole Loan) so assigned (provided,
the original of documents specified in clauses (xix) and (xx) shall be delivered to the Master Servicer):

 

(i)       (A)
the original Mortgage Note, bearing, or accompanied by, all prior or intervening endorsements, endorsed by the most recent endorsee
prior to the Trustee or, if none, by the Originator, without recourse, either in blank and further showing a complete, unbroken
chain of endorsement from the Originator or to the order of the Trustee in the following form: “Pay to the order of Wilmington
Trust, National Association, as Trustee, for the benefit of the Holders of Benchmark 2018-B1 Mortgage Trust Commercial Mortgage
Pass-Through Certificates, Series 2018-B1, without recourse”; and (B) in the case of each related Serviced Companion Loan,
a copy of the executed Mortgage Note for such Serviced Companion Loan;

 

(ii)       (A)
the original (or a copy thereof certified from the applicable recording office) of the Mortgage and, (B) if applicable, the originals
(or copies thereof certified from the applicable recording office) of any intervening assignments thereof showing a complete chain
of assignment from the Originator of the Mortgage Loan or Serviced Whole Loan to the most recent assignee of record thereof prior
to the Trustee, if any, in each case with evidence of recording indicated thereon;

 

(iii)       an
original or copy (if the related Mortgage Loan Seller or its designee, rather than the Custodian and its designee, is responsible
for the recording thereof) of an Assignment of Mortgage, in recordable form (except for missing recording information and, if delivered
in blank, except for the name of the assignee), executed by the most recent assignee of record thereof prior to the Trustee or,
if none, by the Originator, either

  

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in blank or in favor of the Trustee in the following form: “Wilmington Trust, National
Association, as Trustee, for the benefit of the Holders of Benchmark 2018-B1 Mortgage Trust Commercial Mortgage Pass-Through Certificates,
Series 2018-B1” (in such capacity and, with respect to any Serviced Whole Loan, on behalf of any related Serviced Companion
Loan Noteholders);

 

(iv)       (A)
an original or copy of any related security agreement (if such item is a document separate from the Mortgage) and, if
applicable, the originals or copies of any intervening assignments thereof showing a complete chain of assignment from the
Originator of the related Mortgage Loan or Serviced Whole Loan to the most recent assignee thereof prior to the Trustee, if
any; and (B) an original assignment of any related security agreement (if such item is a document separate from the related
Mortgage) executed by the most recent assignee thereof prior to the Trustee or, if none, by the Originator, either in blank
or in favor of the Trustee in the following form: “Wilmington Trust, National Association, as Trustee, for the benefit
of the Holders of Benchmark 2018-B1 Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series 2018-B1” (in
such capacity and, with respect to any Serviced Whole Loan, on behalf of any related Serviced Companion Loan Noteholders),
which assignment may be included as part of the corresponding Assignment of Mortgage referred to in clause (iii) above;

 

(v)       (A)
stamped or certified copies of any UCC financing statements and continuation statements which were filed in order to perfect (and
maintain the perfection of) any security interest held by the Originator of the Mortgage Loan or Serviced Whole Loan (and each
assignee of record prior to the Trustee) in and to the personalty of the Borrower at the Mortgaged Property (in each case with
evidence of filing or recording thereon) and which were in the possession of the related Mortgage Loan Seller (or its agent) at
the time the Mortgage Files were delivered to the Custodian, together with original UCC-3 assignments of financing statements showing
a complete chain of assignment from the secured party named in such UCC-1 financing statement to the most recent assignee of record
thereof prior to the Trustee, if any, and (B) if any such security interest is perfected and the earlier UCC financing statements
and continuation statements were in the possession of the related Mortgage Loan Seller, an assignment of UCC financing statement
by the most recent assignee of record prior to the Trustee or, if none, by the Originator, evidencing the transfer of such security
interest, either in blank or in favor of the Trustee in the following form: “Wilmington Trust, National Association, as Trustee,
for the benefit of the Holders of Benchmark 2018-B1 Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series 2018-B1”
(in such capacity and, with respect to any Serviced Whole Loan, on behalf of any related Serviced Companion Loan Noteholders);
provided that other evidence of filing or recording reasonably acceptable to the Trustee may be delivered in lieu of delivering
such UCC financing statements including, without limitation, evidence of such filed or recorded UCC Financing Statement as shown
on a written UCC search report from a reputable search firm, such as CSC/LexisNexis Document Solutions, Corporation Service Company,
CT Corporation System and the like or printouts of on-line confirmations from such UCC filing or recording offices or authorized
agents thereof;

 

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(vi)      the
original or a copy of the Loan Agreement relating to such Mortgage Loan, if any;

 

(vii)     the
original or a copy of the lender’s title insurance policy (which may be in electronic form) issued in connection with the
origination of the Mortgage Loan, together with all endorsements or riders (or copies thereof) that were issued with or subsequent
to the issuance of such policy, insuring the priority of the Mortgage as a first lien on the Mortgaged Property, or, subject to
Section 2(d) of the applicable Mortgage Loan Purchase Agreement, a “marked up” commitment to insure marked as binding
and countersigned by the related insurer or its authorized agent (which may be a pro forma or specimen title insurance policy
which has been accepted or approved as binding in writing by the related title insurance company), or, subject to Section 2(d)
of the applicable Mortgage Loan Purchase Agreement, an agreement to provide the same pursuant to binding escrow instructions executed
by an authorized representative of the title company;

 

(viii)    (A)
the original or a copy of the related Assignment of Leases, Rents and Profits (if such item is a document separate from the Mortgage)
and, if applicable, the originals or copies of any intervening assignments thereof showing a complete chain of assignment from
the Originator of the Mortgage Loan or Serviced Whole Loan to the most recent assignee of record thereof prior to the Trustee,
if any, in each case with evidence of recording thereon; and (B) an original or copy (if the related Mortgage Loan Seller or its
designee, rather than the Custodian and its designee, is responsible for the recording thereof) of an assignment of any related
Assignment of Leases, Rents and Profits (a “Reassignment of Assignment of Leases, Rents and Profits”) (if such
item is a document separate from the Mortgage), in recordable form (except for missing recording information and, if delivered
in blank, except for the name of the assignee), executed by the most recent assignee of record thereof prior to the Trustee or,
if none, by the Originator, either in blank or in favor of the Trustee in the following form: “Wilmington Trust, National
Association, as Trustee, for the benefit of the Holders of Benchmark 2018-B1 Mortgage Trust Commercial Mortgage Pass-Through Certificates,
Series 2018-B1” (in such capacity and, with respect to any Serviced Whole Loan, on behalf of any related Serviced Companion
Loan Noteholders), which assignment may be included as part of the corresponding Assignment of Mortgage referred to in clause (iii)
above;

 

(ix)       the
original or copy of any environmental indemnity agreements and copies of any environmental insurance policies pertaining to the
related Mortgaged Property required in connection with origination of the related Mortgage Loan or Serviced Whole Loan and copies
of Environmental Reports;

 

(x)       copies
of the currently effective Management Agreements, if any, for the Mortgaged Properties;

 

(xi)       if
the Borrower has a leasehold interest in the related Mortgaged Property, the original or copy of the ground lease (or, with respect
to a leasehold interest where the Borrower is a lessee and that is a space lease or an air rights lease, the original of such space
lease or air rights lease), and any related lessor estoppel or similar agreement or a copy thereof; if any;

 

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(xii)      if
the related assignment of contracts is separate from the Mortgage, the original executed version of such assignment of contracts
and the assignment thereof, if any, to the Trustee;

 

(xiii)     if
any related Lock-Box Agreement or Cash Collateral Account Agreement is separate from the Mortgage or Loan Agreement, a copy thereof;
with respect to the Reserve Accounts, Cash Collateral Accounts and Lock-Box Accounts, if any, a stamped or certified copy of the
UCC-1 financing statements, if any, submitted for filing with respect to the related mortgagee’s security interest in the
Reserve Accounts, Cash Collateral Accounts and Lock-Box Accounts and all funds contained therein (and UCC-3 assignments of financing
statements assigning such UCC-1 financing statements to the Trustee in the following form: “Wilmington Trust, National Association,
as Trustee, for the benefit of the Holders of Benchmark 2018-B1 Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series
2018-B1” (in such capacity and, with respect to any Serviced Whole Loan, on behalf of any related Serviced Companion Loan
Noteholders));

 

(xiv)    originals
or copies of all assumption, modification, written assurance and substitution agreements, if any, with evidence of recording thereon
if appropriate, in those instances where the terms or provisions of the Mortgage, the Mortgage Note or any related security document
have been modified or the Mortgage Loan or Serviced Whole Loan has been assumed;

 

(xv)     the
original or a copy of any guaranty of the obligations of the Borrower under the Mortgage Loan or Serviced Whole Loan together with,
as applicable, (A) the original or copies of any intervening assignments of such guaranty showing a complete chain of assignment
from the Originator of the Mortgage Loan or Serviced Whole Loan to the most recent assignee thereof prior to the Trustee, if any,
and (B) an original assignment of such guaranty executed by the most recent assignee thereof prior to the Trustee or, if none,
by the Originator;

 

(xvi)    the
original or a copy of the power of attorney (with evidence of recording thereon, if appropriate) granted by the related Borrower
if the Mortgage, Mortgage Note or other document or instrument referred to above was signed on behalf of the Borrower pursuant
to such power of attorney;

 

(xvii)   with
respect to each Whole Loan, a copy of the related Intercreditor Agreement and, if applicable, a copy of the related Other Pooling
and Servicing Agreement;

 

(xviii)   with
respect to hospitality properties, a copy of the franchise agreement, if any, an original or copy of the comfort letter, if any,
and if, pursuant to the terms of such comfort letter, the general assignment of the Mortgage Loan is not sufficient to transfer
or assign the benefits of such comfort letter to the Trust, a copy of the notice to the franchisor of the transfer of such Mortgage
Loan and/or a copy of the request for the issuance of a new comfort letter in favor of the Trust (in each case, as and to the extent
required pursuant to the terms of such comfort letter), with the original of any replacement comfort letter to be included in the
Mortgage File following receipt thereof by the Master Servicer;

 

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(xix)     the
original (or copy, if the original is held by the Master Servicer or applicable Other Servicer pursuant to (c) of this Agreement)
of any letter of credit held by the lender as beneficiary or assigned as security for such Mortgage Loan or Serviced Whole Loan;

 

(xx)      the
appropriate assignment or amendment documentation related to the assignment to the Trust of any letter of credit securing such
Mortgage Loan or Serviced Whole Loan (or copy thereof, if the original is held by the Master Servicer or applicable Other Servicer
pursuant to Section 2.01(c) of this Agreement) which entitles the Master Servicer on behalf of the Trust and the Companion
Loan Noteholders (with respect to any Serviced Whole Loan) to draw thereon; and

 

(xxi)     with
respect to any Mortgage Loan with related mezzanine debt or other subordinate debt (other than a Companion Loan), a copy of the
related co-lender agreement, subordination agreement or other intercreditor agreement.

 

The original assignments
referred to in clauses (iii), (iv)(B), (viii)(B) and (xv)(B), may be in the form of one or more instruments
in recordable form in any applicable filing or recording offices.

 

Notwithstanding anything
to the contrary contained in this Section 2.01(a) or in Section 2.01(b), Section 2.01(c), or Section 2.02, in connection
with a Servicing Shift Whole Loan (1) instruments of assignment to the Trustee may be in blank and need not be recorded or filed
pursuant to this Agreement until the earliest of (i) the related Servicing Shift Securitization Date, in which case such instruments
shall be assigned and recorded in accordance with the related Other Pooling and Servicing Agreement, (ii) the date such Servicing
Shift Whole Loan becomes a Specially Serviced Loan, in which case assignments and recordations shall be effected in accordance
with this Section 2.01(a), and (iii) 90 days following the Closing Date, in which case assignments and recordations shall
be effected in accordance with this Section 2.01(a), (2) no letter of credit need be amended (including, without limitation,
to change the beneficiary thereon) until the earliest of (i) the related Servicing Shift Securitization Date, in which case such
amendment shall be in accordance with the related Other Pooling and Servicing Agreement and (ii) the date such Servicing Shift
Whole Loan becomes a Specially Serviced Loan, in which case such amendment shall be effected in accordance with the terms of this
Section 2.01, and (iii) 90 days following the closing Date, in which case such amendment shall be effected in accordance
with the terms of this Section 2.01, and (3) on and following such Servicing Shift Securitization Date, the Person selling
the related Servicing Shift Lead Note to the related Other Depositor, at its own expense, shall be (a) entitled to direct in writing,
which may be conclusively relied upon by the Custodian, the Custodian to deliver the originals of all the Loan Documents relating
to such Servicing Shift Whole Loan in its possession (other than the original Note(s) evidencing such Servicing Shift Mortgage
Loan) to the related Other Trustee or the related Other Custodian, (b) if the right under clause (a) is exercised, required
to cause the retention by or delivery to the Custodian of photocopies of Loan Documents related to such Servicing Shift Whole Loan
so delivered to such Other Trustee or such Other Custodian, (c) entitled to cause the completion (or, in the event of a recordation
as contemplated by clause (1)(ii) of this paragraph, the preparation, execution and delivery) and recordation of instruments
of assignment in the name of the related Other Trustee or related Other Custodian, (d) if the right under clause (c) is
exercised, required to deliver to the Trustee or Custodian photocopies of any instruments of assignment so completed

 

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and
recorded, and (e) entitled to require the Master Servicer to transfer, and to cooperate with all reasonable requests in connection
with the transfer of, the Servicing File, and any Escrow Payments, reserve funds and items specified in clauses (xix) and
(xx) of (a) for such Servicing Shift Whole Loan to the related Other Servicer.

 

With respect to Serviced
Whole Loans, except for the Mortgage Note referred to in clause (i)(B) of the second preceding paragraph, only a single
original set of the Loan Documents specified above is required to be delivered. Notwithstanding anything herein to the contrary,
with respect to a Non-Serviced Mortgage Loan, any assignments or other transfer documents referred to in the third preceding paragraph
as being in favor of the Trustee shall instead be in favor of the applicable Other Trustee and (1) if the Custodian is not also
the related Non-Serviced Whole Loan Custodian, the preceding document delivery requirements will be met by the delivery by the
applicable Mortgage Loan Seller to the Custodian of copies of the documents specified above (other than the Mortgage Note and intervening
endorsements evidencing a Non-Serviced Mortgage Loan, with respect to which the originals shall be required), including a copy
of the Mortgage securing the applicable Non-Serviced Mortgage Loan and copies of the companion notes or (2) if the Custodian is
also the related Non-Serviced Whole Loan Custodian, the preceding document delivery requirements shall be met by the delivery by
the Mortgage Loan Seller to the Custodian of only the original Mortgage Note and intervening endorsements evidencing such Non-Serviced
Mortgage Loan (and, if any document specified in Section 2.01(a) of this Agreement was not required to be delivered in connection
with the related Other Securitization, a copy of such document); provided that with respect to such Non-Serviced Mortgage
Loan, if Wells Fargo Bank, National Association ceases to be Custodian with respect to such Non-Serviced Mortgage Loan, it shall,
upon receipt of a request for release, provide the original note, allonge and intercreditor agreement and copies of all other Loan
Documents specified above to the successor Custodian.

 

With respect to the Mortgage
Loans, within 45 days after the Closing Date or, without limiting the requirements of the third paragraph of (b), after
such later date on which the Mortgage Loan Seller has received all the missing recording/filing information, each Mortgage Loan
Seller will, or will at the expense of such Mortgage Loan Seller retain a third party vendor to, except in the case of any Mortgage
Loan that is a Non-Serviced Mortgage Loan, (1) complete (to the extent necessary) and submit for recording in favor of the Trustee
in the following form: “Wilmington Trust, National Association, as Trustee, for the benefit of the Holders of Benchmark 2018-B1
Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series 2018-B1” (and with respect to a Serviced Whole Loan,
the related Serviced Companion Loan Noteholders) in the appropriate public recording office (a) each Assignment of Mortgage referred
to in Section 2.01(a)(iii) which has not yet been submitted for recording and (b) each Reassignment of Assignment of Leases, Rents
and Profits referred to in Section 2.01(a)(viii)(B) (if not otherwise included in the related Assignment of Mortgage) which
has not yet been submitted for recordation; and (2) complete (to the extent necessary) and file in the appropriate public filing
office each UCC assignment of financing statement referred to in Section 2.01(a)(v)(B) and (xiii) which has not yet been
submitted for filing or recording. Each such document shall reflect that the recorded original should be returned by the public
recording office to the Custodian or its designee (or to the Mortgage Loan Seller or its designee as an alternative) following
recording, and each such document shall reflect that the file copy thereof should be returned to the Custodian or its designee
(or to the Mortgage Loan Seller or its

 

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designee
as an alternative) following filing; provided that in those instances where the public recording office retains the original
Assignment of Mortgage or Reassignment of Assignment of Leases, Rents and Profits, the Custodian shall use commercially reasonable
efforts to obtain therefrom a certified copy of the recorded original, at the expense of the Depositor. In the event that any
such document or instrument in respect of any Mortgage Loan is lost or returned unrecorded or unfiled, as the case may be, because
of a defect therein, the related Mortgage Loan Seller shall promptly prepare or cause the preparation of a substitute thereof
or cure or cause the curing of such defect, as the case may be, and shall thereafter deliver the substitute or corrected document
to or at the direction of the Custodian or such other third party vendor as retained by the Mortgage Loan Seller for recording
or filing, as appropriate, at such Mortgage Loan Seller’s expense (as set forth in the related Mortgage Loan Purchase Agreement).
In the event that any Mortgage Loan Seller receives the original recorded or filed copy, each Mortgage Loan Seller will, promptly
upon receipt of the original recorded or filed copy (and in no event later than five Business Days following such receipt) deliver
such original to the Custodian, with evidence of filing or recording thereon. Notwithstanding anything to the contrary contained
in this Section 2.01, in those instances where the public recording office retains the original Mortgage, Assignment of
Mortgage, Assignment of Leases, Rents and Profits or Reassignment of Assignment of Leases, Rents and Profits, if applicable, after
any has been recorded, the obligations of the related Mortgage Loan Seller under the applicable Mortgage Loan Purchase Agreement
shall be deemed to have been satisfied upon delivery to the Custodian of a copy of the recorded original of such Mortgage, Assignment
of Mortgage, Assignment of Leases, Rents and Profits or Reassignment of Assignment of Leases, Rents and Profits, if applicable.

 

If a Mortgage Loan Seller
cannot deliver, or cause to be delivered, as to any Mortgage Loan, the original or a copy of the related lender’s title insurance
policy referred to in Section 2.01(a)(vii) solely because such policy has not yet been issued, the delivery requirements
of this Section 2.01 will be deemed to be satisfied as to such missing item, and such missing item will be deemed to have
been included in the related Mortgage File by delivery to the Custodian of a binder marked as binding and countersigned by the
title insurer or its authorized agent (which may be a pro forma or specimen title insurance policy which has been accepted
or approved as binding in writing by the related title insurance company) or an acknowledged closing instruction or escrow letter,
and the Mortgage Loan Seller will be required to deliver to the Custodian, promptly following the receipt thereof, the original
related lender’s title insurance policy (or a copy thereof). Copies of recorded or filed Assignments of Mortgage, Reassignments
of Assignment of Leases, Rents and Profits and UCC assignments of financing statements shall be held by the Custodian.

 

Subject to the third
preceding paragraph, all original documents relating to the Mortgage Loans which are not delivered to the Custodian are and shall
be held by the Depositor or the Master Servicer (or a sub-servicer on its behalf), as the case may be, in trust for the benefit
of the Certificateholders and, insofar as they also relate to the Serviced Companion Loans, on behalf of and for the benefit of
the related Serviced Companion Loan Noteholders. In the event that any such original document, or in the case of a Serviced Companion
Loan, the original Mortgage Note, is required pursuant to the terms of this Section to be a part of a Mortgage File in order to
effectuate the purposes of this Agreement, such document shall be delivered promptly to the Custodian.

 

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(b)       In
connection with the Depositor’s assignment pursuant to subsection (a) above, the Depositor shall direct, and hereby represents
and warrants that it has directed, each of the Mortgage Loan Sellers pursuant to the applicable Mortgage Loan Purchase Agreement
to deliver to and deposit with or cause to be delivered to and deposited with, (i) the Custodian, on or before the Closing Date,
subject to Section 2.01(a), for each Mortgage Loan so assigned the Mortgage Note (or a copy of the Mortgage Note evidencing
each related Serviced Companion Loan), the original or a copy of the related Mortgage, the original or a copy of the title policy
for each Mortgage Loan (subject to the second-to-last paragraph under Section 2.01(a)), a copy of the related ground lease
(or, with respect to a leasehold interest with respect to a space lease or air rights, a copy of the related space lease or air
rights lease), if applicable, for each Mortgage Loan and an original (or copy, if the original is held by the Master Servicer pursuant
to Section 2.01(c) or the Mortgage Loan is a Non-Serviced Mortgage Loan) of any letters of credit held by the lender as
beneficiary or assigned as security for the Mortgage Loan, and, except as otherwise provided in the following paragraph, within
30 days following the Closing Date, the remaining applicable documents referred to in Section 2.01(a) for each such Mortgage
Loan or Serviced Companion Loan, in each case, with copies to the Master Servicer and (ii) the Master Servicer, on or before the
Closing Date, all documents and records that are part of each applicable Servicing File. If the applicable Mortgage Loan Seller
cannot deliver, or cause to be delivered, as to any Mortgage Loan, the original Mortgage Note, such Mortgage Loan Seller shall
deliver a copy or duplicate original of such Mortgage Note, together with an affidavit certifying that the original thereof has
been lost or destroyed and an indemnification in favor of the Certificate Administrator, the Trustee and the Custodian.

 

If the applicable Mortgage
Loan Seller or the Depositor cannot deliver, or cause to be delivered, as to any Mortgage Loan (subject to any qualifications provided
for herein or in the related Mortgage Loan Purchase Agreement with respect to a Non-Serviced Mortgage Loan), the original or a
copy of any of the documents and/or instruments referred to in Section 2.01(a)(ii), Section 2.01(a)(iii), (a)(v),
Section 2.01(a)(viii), Section 2.01(a)(xiv) and Section 2.01(a)(xvi) and the UCC financing statements and
UCC assignments of financing statements referred to in Section 2.01(a)(xiii), with evidence of recording or filing thereon,
solely because of a delay caused by the public recording or filing office where such document or instrument has been delivered
for recordation or filing, or because such original recorded or filed document has been lost or returned from the recording or
filing office and subsequently lost, as the case may be, the delivery requirements of Section 2.01 shall be deemed to have
been satisfied as to such missing item, and such missing item shall be deemed to have been included in the related Mortgage File,
provided that a copy of such document or instrument (without evidence of recording or filing thereon, but certified (which
certificate may relate to multiple documents and/or instruments) by the applicable public recording or filing office, the applicable
title insurance company or the related Mortgage Loan Seller to be a true and complete copy of the original thereof submitted for
recording or filing, as the case may be) has been delivered to the Custodian within 60 days after the Closing Date, and either
the original of such missing document or instrument, or a copy thereof, with evidence of recording or filing, as the case may be,
thereon, is delivered to the Custodian within 180 days after the Closing Date (or within such longer period after the Closing Date
so long as the related Mortgage Loan Seller has provided the Custodian with evidence of such recording or filing, as the case may
be, or has certified to the Custodian as to the occurrence of such recording or filing, as the case may be, and is, as certified
to the Custodian no less often than quarterly, in good faith attempting to obtain from the

 

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appropriate
county recorder’s or filing office such original or copy, provided such extensions do not exceed 24 months in the aggregate).

 

(c)       Notwithstanding
anything herein to the contrary, with respect to the documents referred to in Section 2.01(a)(xix) and Section 2.01(a)(xx)
of this Agreement, the Master Servicer shall hold (or the applicable Other Servicer with respect to any Non-Serviced Mortgage Loan
will hold) the original of each such document in trust on behalf of the Trust (or the applicable Other Trust with respect to any
Non-Serviced Mortgage Loan) in order to draw on such letter of credit on behalf of the Trust (or the applicable Other Trust with
respect to any Non-Serviced Mortgage Loan) and the applicable Mortgage Loan Seller shall be deemed to have satisfied the delivery
requirements of the related Mortgage Loan Purchase Agreement and this Section 2.01 of this Agreement by delivering the original
of each such document to the Master Servicer (or the applicable Other Servicer with respect to any Non-Serviced Mortgage Loan)
who shall forward a copy of the applicable document to the Custodian (or the custodian in the applicable Other Securitization with
respect to any Non-Serviced Mortgage Loan). The applicable Mortgage Loan Seller shall pay any costs of assignment or amendment
of such letter of credit (which amendment shall change the beneficiary of the letter of credit to the Trust (or the applicable
Other Trust with respect to any Non-Serviced Mortgage Loan) in care of the Master Servicer (or the applicable Other Servicer with
respect to any Non-Serviced Mortgage Loan)) required in order for the Master Servicer (or the applicable Other Servicer with respect
to any Non-Serviced Mortgage Loan) to draw on such letter of credit on behalf of the Trust (or the applicable Other Trust with
respect to any Non-Serviced Mortgage Loan). In the event that the documents specified in Section 2.01(a)(xx) of this Agreement
are missing with respect to any Serviced Mortgage Loan because the related assignment or amendment documents have not been completed,
the applicable Mortgage Loan Seller shall take all necessary steps to enable the Master Servicer to draw on the related letter
of credit on behalf of the Trust including, if necessary, drawing on the letter of credit in its own name pursuant to written instructions
from the Master Servicer and immediately remitting such funds (or causing such funds to be remitted) to the Master Servicer.

 

(d)       With
respect to the Serviced Mortgage Loans secured by the Mortgaged Properties identified as Loan Nos. 10, 14, 34, 35, 37 and 42 on
the Mortgage Loan Schedule, each of which is subject to a franchise agreement with a related comfort letter in favor of the respective
Mortgage Loan Seller that requires notice to or request of the related franchisor to transfer or assign any related comfort letter
to the Trust or otherwise have a new comfort letter issued in the name of the Trust, the related Mortgage Loan Seller or its designee
will be required to provide any such required notice or make any such required request to the related franchisor, with a copy of
such notice or request to the Master Servicer, or take any such other required action, in any event, within 45 days of the Closing
Date (or any shorter period if required by the applicable comfort letter), notify the related franchisor that such Mortgage Loan
has been transferred to the Trust and request a replacement comfort letter (or any such new document or acknowledgement as may
be contemplated under the existing comfort letter), and the Master Servicer shall use reasonable efforts in accordance with the
Servicing Standard to acquire such replacement comfort letter, if necessary (or to acquire any such new document or acknowledgement
as may be contemplated under the existing comfort letter).

 

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(e)       Notwithstanding
anything to the contrary contained herein, with respect to any Joint Mortgage Loan, the obligations of the related Mortgage Loan
Seller to deliver a Note to the Trustee, or a Custodian on its behalf, shall be limited to delivery of only the Note held by such
party to the Trustee, or Custodian on its behalf. With respect to any Joint Mortgage Loan, the obligations of each Mortgage Loan
Seller to deliver the remaining portion of the related Mortgage File or any document required to be delivered with respect thereto
shall be joint and several, provided that either of the related Mortgage Loan Sellers may deliver one Mortgage File or one of any
other document required to be delivered with respect to any Joint Mortgage Loan hereunder and such delivery shall satisfy such
delivery requirements for each of the related Mortgage Loan Sellers.

 

(f)       Each
Mortgage Loan Purchase Agreement shall provide that within 60 days after the Closing Date, each Mortgage Loan Seller shall deliver
or cause to be delivered an electronic copy of the Diligence File for each of its Mortgage Loans to (or as instructed by) the Depositor,
together with an index identifying each such document delivered, each such Diligence File being organized and categorized in accordance
with the electronic file structure reasonably agreed to by the Depositor and the related Mortgage Loan Seller. Each Mortgage Loan
Purchase Agreement shall further provide that within 60 days after the Closing Date, the applicable Mortgage Loan Seller shall
provide to the Depositor (together with copies (which may be sent by electronic mail) to the Master Servicer, the Special Servicer,
the Trustee, the Certificate Administrator and the Asset Representations Reviewer) with a certificate stating that (i) the applicable
Mortgage Loan Seller has delivered or caused to be delivered an electronic copy of the Diligence File for each of its Mortgage
Loans, (ii) the Diligence File contains all documents and information required under the definition of “Diligence File”
and (iii) the Diligence File is organized and categorized in accordance with the electronic file structure reasonably agreed to
by the Depositor and the related Mortgage Loan Seller (the “Diligence File Certification”).

 

(g)       Within
3 Business Days of the Closing Date, the Depositor shall deliver to the Master Servicer the Initial Schedule AL File and the Initial
Schedule AL Additional File in XML Format and Excel format and the Annex A-1 to the Prospectus at the following email address:
ssreports@wellsfargo.com.

 

Section 2.02 Acceptance
by Custodian and the Trustee. By its execution and delivery of this Agreement, the Trustee acknowledges the assignment
to it of the Mortgage Loans in good faith without notice of adverse claims and declares that the Custodian holds and will hold
such documents and all others delivered to it constituting the Mortgage File (to the extent the documents constituting the Mortgage
File are actually delivered to the Custodian) for any Mortgage Loan assigned to the Trustee hereunder in trust, upon the conditions
herein set forth, for the use and benefit of all present and future Certificateholders and Serviced Companion Loan Noteholders.

 

The Custodian hereby
certifies to each of the Directing Holder, the Depositor, the Certificate Administrator, the Trustee, the Master Servicer, the
Special Servicer, the Operating Advisor and each Mortgage Loan Seller that except as identified in the Custodian’s closing
date certification, which shall be delivered no later than two Business Days after the Closing Date substantially in the form attached
as Exhibit N-1 to this Agreement, (i) each Mortgage Note (or copy thereof, with respect to any Serviced Companion Loan)
is in its possession and has been reviewed by the Custodian and (A) appears regular on its face (handwritten additions, changes
or

 

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corrections
shall not constitute irregularities if initialed by the Borrower), (B) appears to have been executed (where appropriate) and (C)
purports to relate to such Mortgage Loan and (ii) each of the documents specified in Section 2.01(a)(ii), Section 2.01(a)(vii),
Section 2.01(a)(xi) and Section 2.01(a)(xix) of this Agreement have been received, have been executed, appear to
be what they purport to be, purport to be recorded or filed (as applicable) and have not been torn in any materially adverse manner
or mutilated or otherwise defaced, and that such documents relate to the Mortgage Loans identified in the Mortgage Loan Schedule.
If the Custodian does not send a closing date certification on the Closing Date, it shall send an email confirmation to the Trustee
that it has received all of the Mortgage Notes (or copies or lost note affidavits as permitted), subject to any exceptions noted
therein, on the Closing Date.

 

On or about the 60th
day following the Closing Date (and, if any exceptions are noted, again on or about the 90th day following the Closing Date and
monthly thereafter until the earliest of (i) the second anniversary of the Closing Date, (ii) the day on which all material exceptions
have been removed and (iii) the day on which the applicable Mortgage Loan Seller has repurchased or substituted for the last affected
Mortgage Loan), the Custodian shall review each Mortgage File and shall certify to each of the Controlling Class Representative,
the Depositor, the Certificate Administrator, the Trustee, the Master Servicer, the Special Servicer, the Operating Advisor, the
Asset Representations Reviewer and each Mortgage Loan Seller in the form attached as Exhibit N-2 to this Agreement that
all documents (other than documents referred to in clauses (xix) and (xx) of Section 2.01(a) of this Agreement, which shall
be delivered to the Master Servicer, and the documents referred to in clauses (iii), (iv)(B), (v)(B) and (viii)(B)
of Section 2.01(a) of this Agreement and the assignments of financing statements referred to in clause (xiii) of
Section 2.01(a) of this Agreement, which shall be delivered for filing or recording by the related Mortgage Loan Seller
as provided herein) referred to in Section 2.01(a) above (in the case of the documents referred to in Section 2.01(a)(iv),
Section 2.01(a)(vi), Section 2.01(a)(viii), Section 2.01(a)(ix), Section 2.01(a)(x), Section 2.01(a)(xi),
Section 2.01(a)(xii) through Section 2.01(a)(xvi) and Section 2.01(a)(xviii) through Section 2.01(a)(xx)
of this Agreement, as identified to it in writing as a document required to be delivered by the related Mortgage Loan Seller) and
any original recorded documents included in the delivery of a Mortgage File have been received, have been executed, appear to be
what they purport to be, purport to be recorded or filed (as applicable) and have not been torn in any materially adverse manner
or mutilated or otherwise defaced, and that such documents relate to the Mortgage Loans identified in the Mortgage Loan Schedule.
In so doing, the Custodian may rely on the purported due execution and genuineness of any such document and on the purported genuineness
of any signature thereon. With respect to any Non-Serviced Mortgage Loan, the Custodian shall only be required to certify to each
of the Controlling Class Representative, the Depositor, the Certificate Administrator, the Trustee, the Master Servicer, the Special
Servicer, the Operating Advisor, the Asset Representations Reviewer and each Mortgage Loan Seller that the document set forth in
Section 2.01(a)(i) has been received, subject to the preceding provisions of this Section 2.02.

 

If at the conclusion
of such review any document or documents constituting a part of a Mortgage File have not been executed or received, have not been
recorded or filed (if required), are unrelated to the Mortgage Loans identified in the Mortgage Loan Schedule, appear not to be
what they purport to be or have been torn in any materially adverse manner or mutilated or otherwise defaced, the Custodian shall
promptly so notify (in the form attached as Exhibit M

 

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to
this Agreement) the Trustee, the Directing Holder (but only if no Consultation Termination Event has occurred and is continuing),
the Depositor, the Certificate Administrator, the Master Servicer, the Special Servicer, the Operating Advisor, the Asset Representations
Reviewer and the related Mortgage Loan Seller by providing a written report, setting forth for each affected Mortgage Loan, with
particularity, the nature of the defective or missing document. The Depositor shall or shall cause the related Mortgage Loan Seller
to deliver to the Custodian an executed, recorded or undamaged document, as applicable, or, if the failure to deliver such document
in such form constitutes a Material Defect, the Depositor shall cause the related Mortgage Loan Seller to cure, repurchase or
substitute for the related Mortgage Loan in the manner provided in Section 2.03(e) of this Agreement. None of the Master
Servicer, the Special Servicer, the Certificate Administrator, the Custodian or the Trustee shall be responsible for any loss,
cost, damage or expense to the Trust Fund resulting from any failure to receive any document constituting a portion of a Mortgage
File noted on such a report or for any failure by the Depositor to use its best efforts to deliver any such document.

 

Contemporaneously with
its execution of this Agreement, the Depositor shall cause each Mortgage Loan Seller to deliver a power of attorney substantially
in the form of Exhibit C to the applicable Mortgage Loan Purchase Agreement to the Master Servicer and Special Servicer,
that permits such parties to take such other action as is necessary to effect the delivery, assignment and/or recordation of any
documents and/or instruments relating to any Mortgage Loan which have not been delivered, assigned or recorded at the time required
for enforcement by the Trust Fund. Pursuant to the related Mortgage Loan Purchase Agreement, each of the Mortgage Loan Sellers
will be required to effect (at the expense of the applicable Mortgage Loan Seller) the assignment and recordation of its respective
Loan Documents until the assignment and recordation of all such Loan Documents has been completed.

 

In reviewing any Mortgage
File pursuant to the third preceding paragraph or Section 2.01 of this Agreement, the Master Servicer shall have no responsibility
to cause the Custodian or Trustee to, and the Custodian or Trustee will have no responsibility to, examine any opinions or determine
whether any document is legal, valid, binding, sufficient, duly authorized or enforceable, whether the text of any assignment or
endorsement is in proper or recordable form (except, if applicable, to determine if the Trustee is the assignee or endorsee), whether
any document has been recorded in accordance with the requirements of any applicable jurisdiction, whether a blanket assignment
is permitted in any applicable jurisdiction, or whether any Person executing any document or rendering any opinion is authorized
to do so or whether any signature thereon is genuine.

 

The Custodian shall hold
that portion of the Trust Fund delivered to the Custodian consisting of “instruments” (as such term is defined in Section
9-102 of the Uniform Commercial Code as in effect in Minnesota on the date hereof) in Minnesota and, except as otherwise specifically
provided in this Agreement, shall not remove such instruments from Minnesota unless it receives an Opinion of Counsel (obtained
and delivered at the expense of the Person requesting the removal of such instruments from Minnesota) that if the transfer of the
Mortgage Loans to the Trustee is deemed not to be a sale, after such removal, the Trustee will possess a first priority perfected
security interest in such instruments.

 

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Section 2.03 Representations,
Warranties and Covenants of the Depositor; Repurchase and Substitution of Mortgage Loans. (a) The Depositor hereby represents
and warrants that:

 

(i)     
  The Depositor is a corporation duly organized, validly existing and in good standing under the laws of the State
of Delaware;

 

(ii)       The
Depositor has taken all necessary action to authorize the execution, delivery and performance of this Agreement by it, and has
the power and authority to execute, deliver and perform this Agreement and all the transactions contemplated hereby, including,
but not limited to, the power and authority to sell, assign and transfer the Mortgage Loans in accordance with this Agreement;

 

(iii)       This
Agreement has been duly and validly executed and delivered by the Depositor and assuming the due authorization, execution and delivery
of this Agreement by each other party hereto, this Agreement and all of the obligations of the Depositor hereunder are the legal,
valid and binding obligations of the Depositor, enforceable in accordance with the terms of this Agreement, except as such enforcement
may be limited by bankruptcy, insolvency, reorganization, liquidation, receivership, moratorium or other laws relating to or affecting
creditors’ rights generally, or by general principles of equity (regardless of whether such enforceability is considered
in a proceeding in equity or at law);

 

(iv)       The
execution and delivery of this Agreement and the performance of its obligations hereunder by the Depositor will not conflict with
any provision of its certificate of incorporation or bylaws, or any law or regulation to which the Depositor is subject, or conflict
with, result in a breach of or constitute a default under (or an event which with notice or lapse of time or both would constitute
a default under) any of the terms, conditions or provisions of any agreement or instrument to which the Depositor is a party or
by which it is bound, or any law, order or decree applicable to the Depositor, or result in the creation or imposition of any lien
on any of the Depositor’s assets or property, which would materially and adversely affect the ability of the Depositor to
carry out the transactions contemplated by this Agreement;

 

(v)       The
certificate of incorporation of the Depositor provides that the Depositor is permitted to engage in only the following activities:

 

(A)       to
acquire, own, hold, sell, transfer, assign, pledge and otherwise deal with the following: (I) “fully-modified pass-through”
certificates (“GNMA Certificates”) issued and guaranteed as to timely payment of principal and interest by the
Government National Mortgage Association (“GNMA”), a wholly-owned corporate instrumentality of the United States
within the Department of Housing and Urban Development organized and existing under Title III of the National Housing Act of 1934;
(II) Guaranteed Mortgage Pass-Through Certificates (“FNMA Certificates”) issued and guaranteed as to timely
payment of principal and interest by FNMA; (III) Mortgage Participation Certificates (“FHLMC Certificates”)
issued and guaranteed as to timely payment of interest and ultimate or full payment of principal by FHLMC; (IV) any other participation
certificates,

 

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pass-through certificates or other obligations or interests backed directly or indirectly by mortgage loans and issued
or guaranteed by GNMA, FNMA or FHLMC (collectively with the GNMA Certificates, FNMA Certificates and FHLMC Certificates, the “Agency
Securities”); (V) mortgage-backed securities, which securities need not be issued or guaranteed, in whole or in part,
by any governmental entity, issued by one or more private entities (hereinafter referred to as “Private Securities”);
(VI) mortgage loans secured by first, second or more junior liens on one-to-four family residential properties, multifamily properties
that are either rental apartment buildings or projects containing five or more residential units or commercial properties, regardless
of whether insured or guaranteed in whole or in part by any governmental entity, or participation interests or stripped interests
in such mortgage loans (“Mortgage Loans”); (VII) conditional sales contracts and installment sales or loan agreements
or participation interests therein secured by manufactured housing (“Contract”); and (VIII) receivables of third-parties
or other financial assets of third-parties, either fixed or revolving, that by their terms convert into cash within a finite time
period (“Other Assets”);

 

(B)       to
loan its funds to any person under loan agreements and other arrangements which are secured by Agency Securities, Private Securities,
Mortgage Loans, Contracts and/or Other Assets;

 

(C)       to
authorize, issue, sell and deliver bonds or other evidences of indebtedness that are secured by Agency Securities, Private Securities,
Mortgage Loans, Contracts and/or Other Assets;

 

(D)       to
authorize, issue, sell and deliver certificates evidencing beneficial ownership interests in pools of Agency Securities, Private
Securities, Mortgage Loans, Contracts and/or Other Assets; and

 

(E)       to
engage in any activity and to exercise any powers permitted to corporations under the laws of the State of Delaware that are incident
to the foregoing and necessary or convenient to accomplish the foregoing.

 

Capitalized terms defined in
this clause (v) shall apply only to such clause;

 

(vi)       There
is no action, suit, proceeding or investigation pending or threatened against the Depositor in any court or by or before any other
governmental agency or instrumentality which would materially and adversely affect the ability of the Depositor to carry out its
obligations under this Agreement;

 

(vii)       No
consent, approval, authorization or order of, or registration or filing with, or notice to any court or governmental agency or
body, is required for the execution, delivery and performance by the Depositor of or compliance by the Depositor with this Agreement,
or if required, such approval has been obtained prior to the Cut-off Date; and

 

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(viii)     The
Trustee, if not the owner of the related Mortgage Loan, will have a valid and perfected security interest of first priority in
each of the Mortgage Loans and any proceeds thereof.

 

(b)       The
Depositor hereby represents and warrants with respect to each Mortgage Loan that:

 

(i)        Immediately
prior to the transfer and assignment to the Trustee by the Depositor, the Mortgage Note and the Mortgage were not subject to an
assignment or pledge, and the Depositor had good title to, and was the sole owner of, the Mortgage Loan and had full right to transfer
and sell the Mortgage Loan to the Trustee free and clear of any encumbrance, equity, lien, pledge, charge, claim or security interest;
provided, that, in the case of a Non-Serviced Mortgage Loan, the related Mortgage has been (or will be) assigned to the
Other Trustee under the Other Pooling and Servicing Agreement for the benefit of the holders of securities issued in connection
with the related Other Securitization, as applicable;

 

(ii)       The
Depositor is transferring such Mortgage Loan free and clear of any and all liens, pledges, charges or security interests of any
nature encumbering such Mortgage Loan;

 

(iii)       The
related Assignment of Mortgage constitutes the legal, valid and binding assignment of such Mortgage from the Depositor to the Trustee,
and any related Reassignment of Assignment of Leases, Rents and Profits constitutes the legal, valid and binding assignment from
the Depositor to the Trustee; and

 

(iv)       No
claims have been made by the Depositor under the lender’s title insurance policy, and the Depositor has not done anything
which would impair the coverage of such lender’s title insurance policy.

 

(c)       It
is understood and agreed that the representations and warranties set forth in this Section 2.03 shall survive delivery of
the respective Mortgage Files to the Custodian until the termination of this Agreement, and shall inure to the benefit of the Certificateholders,
any Serviced Companion Loan Noteholders, Certificate Administrator, the Trustee, the Custodian, the Master Servicer and the Special
Servicer.

 

(d)       If
the Master Servicer or the Special Servicer (i) receives a Repurchase Communication of a request or demand for repurchase or replacement
of a Mortgage Loan because of a Breach or a Defect (each as defined below) (any such request or demand, a “Repurchase
Request”, and the Master Servicer or the Special Servicer, as applicable, to the extent it receives a Repurchase Request,
the “Repurchase Request Recipient” with respect to such Repurchase Request); (ii) receives a Repurchase Communication
of a withdrawal of a Repurchase Request by the Person making such Repurchase Request (a “Repurchase Request Withdrawal”),
(iii) receives a Repurchase Communication that any Mortgage Loan that was subject to a Repurchase Request has been repurchased
or replaced (a “Repurchase”), or (iv) receives a Repurchase Communication of the rejection of a Repurchase Request
(a “Repurchase Request Rejection”), then such Person shall deliver written notice of such Repurchase Request,
Repurchase Request Withdrawal, Repurchase or Repurchase Request Rejection (each such

 

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notice,
a “Rule 15Ga-1 Notice”) to the Depositor, the Master Servicer, the Special Servicer and the related Mortgage
Loan Seller, in each case within ten Business Days from such party’s receipt of a Repurchase Communication of such Repurchase
Request, Repurchase Request Withdrawal, Repurchase or Repurchase Request Rejection, as applicable; provided however, if the Master
Servicer or the Special Servicer receives notice of a Repurchase Request Withdrawal or Repurchase Request Rejection from the Special
Servicer or the Master Servicer, as applicable, then such receiving party shall have no obligation to deliver such notice to any
other party.

 

Each Rule 15Ga-1 Notice
shall include (i) the identity of the related Mortgage Loan, (ii) the date the Repurchase Communication of the Repurchase Request,
Repurchase Request Withdrawal, Repurchase or Repurchase Request Rejection, as applicable, was received and (iii) in the case of
a Repurchase Request, (A) the identity of the Person making such Repurchase Request, (B) if known, the basis for the Repurchase
Request (as asserted in the Repurchase Request) and (C) a statement from the Repurchase Request Recipient as to whether it currently
plans to pursue such Repurchase Request.

 

No Person that is required
to provide a Rule 15Ga-1 Notice pursuant to this Section 2.03(d) (a “Rule 15Ga-1 Notice Provider”) shall
be required to provide any information in a Rule 15Ga-1 Notice protected by the attorney-client privilege or attorney work product
doctrines. Each Mortgage Loan Purchase Agreement will provide that (i) any Rule 15Ga-1 Notice provided pursuant to this Section
2.03(d) is so provided only to assist the related Mortgage Loan Seller, the Depositor and its Affiliates to comply with Rule
15Ga-1 under the Exchange Act, Items 1104 and 1121 of Regulation AB and any other requirement of law or regulation and (ii) (A)
no action taken by, or inaction of, a Rule 15Ga-1 Notice Provider and (B) no information provided pursuant to this Section 2.03(d)
by a Rule 15Ga-1 Notice Provider, shall be deemed to constitute a waiver or defense to the exercise of any legal right the Rule
15Ga-1 Notice Provider may have with respect to the related Mortgage Loan Purchase Agreement, including with respect to any Repurchase
Request that is the subject of a Rule 15Ga-1 Notice.

 

In the event that the
Depositor, the Trustee, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer or the Custodian
receives a Repurchase Communication of a Repurchase Request or a Repurchase Request Withdrawal, then such party shall promptly
forward such Repurchase Communication of such Repurchase Request or Repurchase Request Withdrawal to the Master Servicer, if relating
to a Performing Loan, or to the Special Servicer, if relating to a Specially Serviced Loan or REO Property, and include the following
statement in the related correspondence: “This is a “Repurchase Request [Withdrawal]” under Section 2.03(d)
of the Pooling and Servicing Agreement relating to the Benchmark 2018-B1 Mortgage Trust Commercial Mortgage Pass-Through Certificates,
Series 2018-B1 requiring action by you as the recipient of such Repurchase Request or Repurchase Request Withdrawal thereunder”.
Upon receipt of such Repurchase Communication of such Repurchase Request or Repurchase Request Withdrawal by the Master Servicer
or the Special Servicer, as applicable, such party shall be deemed to be the Repurchase Request Recipient of such Repurchase Communication
of such Repurchase Request or Repurchase Request Withdrawal, and such party shall comply with the procedures set forth in this
Section 2.03(d) with respect to such Repurchase Request or Repurchase Request Withdrawal. In no event shall

 

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the
Custodian, by virtue of this provision, be required to provide any notice other than as set forth in Section 2.02 of this
Agreement in connection with its review of the Mortgage File.

 

(e)       A
“Defect” shall exist with respect to a Mortgage Loan if any document constituting a part of the related Mortgage File
has not been delivered within the time periods provided for in the related Mortgage Loan Purchase Agreement, has not been properly
executed, is missing, does not appear to be regular on its face or contains information that does not conform in any material respect
with the corresponding information set forth in the Mortgage Loan Schedule. A “Breach” shall mean a breach of
any representation or warranty of any Mortgage Loan Seller made pursuant to the related Mortgage Loan Purchase Agreement with respect
to any Mortgage Loan. If any party hereto discovers or receives notice of a Defect or a Breach, and if such Defect is a Material
Defect or such Breach is a Material Breach, as applicable, then such party, on behalf of the Trust Fund, shall give prompt written
notice thereof (which notice shall be accompanied by a written demand to cure, repurchase or substitute in accordance with the
applicable Mortgage Loan Purchase Agreement) to the related Mortgage Loan Seller, the other parties hereto, the 17g-5 Information
Provider (who shall promptly post such notice to the 17g-5 Information Provider’s Website pursuant to Section 3.14(d)
of this Agreement), the related Serviced Companion Loan Noteholder (if any) and, for so long as no Consultation Termination Event
has occurred and is continuing, the Directing Holder. If any such Defect or Breach materially and adversely affects the value of
any Mortgage Loan, the value of the related Mortgaged Property or the interests of the Trustee in any Mortgage Loan or Mortgaged
Property, or causes the related Mortgage Loan to be other than a Qualified Mortgage, then such Defect shall constitute a “Material
Defect” or such Breach shall constitute a “Material Breach,” as the case may be; provided, that if any
of the documents specified in Section 2.01(a)(i), Section 2.01(a)(ii), Section 2.01(a)(vii), Section 2.01(a)(xi)
and Section 2.01(a)(xix) of this Agreement are not delivered as required in the related Mortgage Loan Purchase Agreement,
it shall be deemed a Material Defect. The Custodian, the Certificate Administrator and the Trustee shall not be required to make
any such determination. Promptly upon receiving written notice of any such Material Defect or Material Breach with respect to a
Mortgage Loan, accompanied by a written demand to take the actions contemplated by this sentence from the Depositor, the Master
Servicer, the Special Servicer, the Trustee, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer
or the Custodian, on behalf of the Trust Fund, the applicable Mortgage Loan Seller shall, not later than 90 days from the applicable
Mortgage Loan Seller’s receipt of such notice of such Material Defect or Material Breach, as the case may be (or, in the
case of a Material Defect or Material Breach relating to a Mortgage Loan not being a Qualified Mortgage, not later than 90 days
after the Mortgage Loan Seller or any party hereto discovering such Material Defect or Material Breach, provided that the related
Mortgage Loan Seller has received notice in accordance with the terms of the related Mortgage Loan Purchase Agreement) (any such
90-day period, the “Initial Resolution Period”), (i) cure the same in all material respects, (ii) repurchase
the affected Mortgage Loan at the applicable Purchase Price in conformity with the applicable Mortgage Loan Purchase Agreement
or (iii) substitute a Qualified Substitute Mortgage Loan (other than with respect to the Whole Loans, as applicable, for which
no substitution will be permitted) for such affected Mortgage Loan (provided that, in no event shall such substitution occur
later than the second anniversary of the Closing Date) and pay to the Master Servicer for deposit into the Collection Account (or,
with respect to any Serviced Whole Loan, the applicable Serviced Whole Loan Collection Account) any Substitution Shortfall Amount
in connection therewith;

 

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provided
that if (i) such Material Defect or Material Breach is capable of being cured but not within the Initial Resolution Period
or, with respect to the immediately preceding proviso, the time period set forth therein, (ii) such Material Defect or Material
Breach is not related to any Mortgage Loan’s not being a Qualified Mortgage, (iii) the Mortgage Loan Seller has commenced
and is diligently proceeding with the cure of such Material Defect or Material Breach within the Initial Resolution Period and
(iv) the Mortgage Loan Seller has delivered to the Master Servicer, the Special Servicer, the Asset Representations Reviewer,
the Certificate Administrator (who will promptly deliver a copy of such officer’s certificate to the 17g-5 Information Provider),
the Trustee, the Operating Advisor and, prior to the occurrence of a Consultation Termination Event, the Directing Holder, an
officer’s certificate that describes the reason the cure was not effected within the initial 90-day period, then the Mortgage
Loan Seller shall have an additional period equal to the applicable Resolution Extension Period to complete such cure or, failing
such cure, to repurchase the Mortgage Loan or substitute a Qualified Substitute Mortgage Loan. Notwithstanding the foregoing,
if a Mortgage Loan is not secured by a Mortgaged Property that is, in whole or in part, a hotel, restaurant (operated by a Borrower),
healthcare facility, nursing home, assisted living facility, theatre or fitness center (operated by a Borrower), then the failure
to deliver to the Custodian copies of the UCC financing statements with respect to such Mortgage Loan shall not be a Material
Defect. With respect to any Joint Mortgage Loan, each applicable Mortgage Loan Seller’s obligation shall be such Mortgage
Loan Seller’s pro rata share based on such Mortgage Loan Seller’s percentage interest as of the date of the applicable
Mortgage Loan Purchase Agreement in such Joint Mortgage Loan. With respect to the Non-Serviced Mortgage Loans, the related Mortgage
Loan Seller agrees that any Defect as such term is defined in the related Other Pooling and Servicing Agreement (other than a
Defect related to the promissory note for the related Companion Loan) will constitute a Defect under the related Mortgage Loan
Purchase Agreement.

 

Notwithstanding the foregoing,
if there is a Material Breach or Material Defect with respect to one or more Mortgaged Properties with respect to a Mortgage Loan,
the applicable Mortgage Loan Seller will not be obligated to repurchase the Mortgage Loan and such Material Breach or Material
Defect will be considered Resolved if (i) the affected Mortgaged Property may be released pursuant to the terms of any partial
release provisions in the related Loan Documents (and such Mortgaged Property is, in fact, released), (ii) the remaining Mortgaged
Property(ies) satisfy the requirements, if any, set forth in the Loan Documents and the Mortgage Loan Seller provides an Opinion
of Counsel to the effect that such release would not cause an Adverse REMIC Event to occur and (iii) each applicable Rating Agency
has provided a Rating Agency Confirmation.

 

If a Mortgage Loan Seller,
in connection with a Material Defect or a Material Breach (or an allegation of a Material Defect or a Material Breach) pertaining
to a Mortgage Loan, makes a cash payment pursuant to an agreement or a settlement between the applicable Mortgage Loan Seller and
the Special Servicer on behalf of the Trust (and with the consent of the Directing Holder if no Control Termination Event has occurred
and is continuing) (each such payment, a “Loss of Value Payment”) with respect to such Mortgage Loan, the amount
of such Loss of Value Payment shall be deposited into the Loss of Value Reserve Fund to be applied in accordance with Section
3.06(e) of this Agreement. In connection with any such determination with respect to any Performing Loan, the Master Servicer
shall promptly provide the Special Servicer, but in any event within the time frame and in the manner set forth in Section 3.23,
with

 

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the
Servicing File and all information, documents (but excluding the original documents constituting the Mortgage File) and records
(including records stored electronically) relating to such Mortgage Loan or Serviced Whole Loan, as applicable, and reasonably
requested by the Special Servicer pursuant to Section 2.03 in order to permit the Special Servicer to calculate the Loss
of Value Payment. If such Loss of Value Payment is made, the Loss of Value Payment shall serve as the sole remedy available to
the Certificateholders and the Trustee on their behalf regarding any such Material Breach or Material Defect in lieu of any obligation
of the Mortgage Loan Seller to otherwise cure such Material Breach or Material Defect or repurchase or substitute for the affected
Mortgage Loan based on such Material Breach or Material Defect under any circumstances. This paragraph is intended to apply only
to a mutual agreement or settlement between the applicable Mortgage Loan Seller and the Trust, provided, that (i) prior
to any such agreement or settlement nothing in this paragraph shall preclude the Mortgage Loan Seller or the Trustee from exercising
any of its rights related to a Material Defect or a Material Breach in the manner and timing set forth in the related Mortgage
Loan Purchase Agreement or this Section 2.03 (excluding this paragraph) (including any right to cure, repurchase or substitute
for such Mortgage Loan); (ii) such Loss of Value Payment shall not be greater than the Purchase Price of the affected Mortgage
Loan; and (iii) a Material Defect or a Material Breach as a result of a Mortgage Loan not constituting a Qualified Mortgage may
not be cured by a Loss of Value Payment. With respect to any Joint Mortgage Loan, each applicable Mortgage Loan Seller’s
obligation shall be such Mortgage Loan Seller’s pro rata share based on such Mortgage Loan Seller’s percentage
interest as of the date of the applicable Mortgage Loan Purchase Agreement in such Joint Mortgage Loan.

 

If any Breach pertains
to a representation or warranty to the effect that the related Mortgage Loan documents or any particular Mortgage Loan document
requires the related Borrower to bear the costs and expenses associated with any particular action or matter under such Mortgage
Loan document(s), then the related Mortgage Loan Seller may cure such Breach within the applicable cure period (as the same may
be extended) by reimbursing the Trust Fund (by wire transfer of immediately available funds) the reasonable amount of any such
costs and expenses incurred by the Master Servicer, the Special Servicer, the Certificate Administrator, the Trustee or the Trust
Fund that are incurred as a result of such Breach and have not been reimbursed by the related Borrower; provided, however,
that in the event any such costs and expenses exceed $10,000, the related Mortgage Loan Seller shall have the option to either
repurchase or substitute for the related Mortgage Loan as provided above or pay such costs and expenses. Except as provided in
the proviso to the immediately preceding sentence, the related Mortgage Loan Seller shall remit the amount of such costs and expenses
and upon its making such remittance, the related Mortgage Loan Seller shall be deemed to have cured such Breach in all respects.
To the extent any fees or expenses that are the subject of a cure by the related Mortgage Loan Seller are subsequently obtained
from the related Borrower, the portion of the cure payment made by the related Mortgage Loan Seller equal to such fees or expenses
obtained from the related Borrower shall promptly be returned to the related Mortgage Loan Seller. With respect to any Joint Mortgage
Loan, each applicable Mortgage Loan Seller’s obligation shall be such Mortgage Loan Seller’s pro rata share
based on such Mortgage Loan Seller’s percentage interest as of the date of the applicable Mortgage Loan Purchase Agreement
in such Joint Mortgage Loan.

 

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(f)       In
connection with any repurchase of or substitution for a Mortgage Loan contemplated by this Section 2.03, (A) the Custodian,
the Master Servicer (with respect to any Performing Loan) and the Special Servicer (with respect to any Specially Serviced Loan)
shall each tender to the applicable Mortgage Loan Seller all portions of the Mortgage File (in the case of the Custodian) and the
Servicing File (in the case of the Master Servicer and the Special Servicer, as applicable) and other documents pertaining to such
Mortgage Loan possessed by it (other than attorney-client communications that are privileged communications), upon delivery (i)
to each of the Master Servicer or the Special Servicer, as applicable, of a trust receipt and (ii) to the Custodian by the Master
Servicer or the Special Servicer, as applicable, of a Request for Release and an acknowledgement by the Master Servicer or Special
Servicer, as applicable, of its receipt of the Purchase Price or the Substitution Shortfall Amount from the applicable Mortgage
Loan Seller, (B) each document that constitutes a part of the Mortgage File that was endorsed or assigned to the Trustee shall
be endorsed or assigned without recourse in the form of endorsement or assignment provided to the Custodian by the applicable Mortgage
Loan Seller, as the case may be, to the applicable Mortgage Loan Seller as shall be necessary to vest in the applicable Mortgage
Loan Seller the legal and beneficial ownership of such Mortgage Loan to the extent such ownership was transferred to the Trustee
(provided, that the Master Servicer or Special Servicer, as applicable, shall use reasonable efforts to cooperate in furnishing
necessary information to the extent in its possession to the Mortgage Loan Seller in connection with such Mortgage Loan Seller’s
preparation of such endorsement or assignment) and (C) the Trustee, the Certificate Administrator, the Master Servicer and the
Special Servicer shall release, or cause a release of, any escrow payments and reserve funds held by the Trustee, the Certificate
Administrator, the Master Servicer and the Special Servicer, as applicable, or on the Trustee’s, the Certificate Administrator’s,
the Master Servicer’s and the Special Servicer’s, as applicable, behalf, in respect of such Mortgage Loan to the applicable
Mortgage Loan Seller.

 

(g)       The
Enforcing Servicer shall, for the benefit of the Certificateholders and the Trustee, use reasonable efforts to enforce the obligations
of the applicable Mortgage Loan Seller under Section 6 of the applicable Mortgage Loan Purchase Agreement. Such enforcement, including,
without limitation, the legal prosecution of claims, shall be carried out in accordance with the Servicing Standard. The Trustee,
the Certificate Administrator, the Master Servicer and the Special Servicer, as the case may be, shall be reimbursed for the reasonable
costs of such enforcement: first, pursuant to Section 3.06 of this Agreement (with respect to the related Mortgage
Loan), out of the related Purchase Price or Substitution Shortfall Amount, as applicable, to the extent that such expenses are
a specific component thereof; and second, if at the conclusion of such enforcement action it is determined that the amounts
described in clause first are insufficient, then pursuant to Section 3.06 of this Agreement, out of general collections
on the Mortgage Loans on deposit in the Collection Account in each case with interest thereon at the Reimbursement Rate from the
time such expense was incurred to, but excluding, the date such expense was reimbursed. To the extent the applicable Mortgage Loan
Seller prevails in such proceeding, such Mortgage Loan Seller shall be entitled to reimbursement from the Trust for all necessary
and reasonable costs and expenses incurred in connection with such proceeding, including reasonable attorneys’ fees.

 

So long as document exceptions
are outstanding, on each anniversary of the Closing Date, the Custodian shall prepare and forward to the Depositor, the Trustee,
the Certificate Administrator, the Master Servicer, the Special Servicer, the Operating Advisor, the

 

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Asset
Representations Reviewer, the Controlling Class Representative (as identified to the Custodian by the Certificate Administrator)
and the applicable Mortgage Loan Seller, a document exception report setting forth the then current status of any Defects related
to the Mortgage Files pertaining to the Mortgage Loans sold by such Mortgage Loan Seller.

 

As to any Qualified Substitute
Mortgage Loan, the Master Servicer (with respect to Performing Loans) or the Special Servicer (with respect to Specially Serviced
Loans and REO Properties) shall direct the related Mortgage Loan Seller to deliver to the Custodian for such Qualified Substitute
Mortgage Loan (with a copy to the Master Servicer), the related Mortgage File with the related Mortgage Note endorsed as required
by Section 2.01(a)(i) hereof. Periodic Payments due with respect to Qualified Substitute Mortgage Loans in or prior to the
month of substitution shall not be part of the Trust Fund and, if received by the Master Servicer, shall be remitted by the Master
Servicer to the related Mortgage Loan Seller on the next succeeding Distribution Date. For the month of repurchase or substitution,
distributions to Certificateholders will include the Periodic Payment(s) due on the related Removed Mortgage Loan, if and to the
extent received by the Master Servicer or the Special Servicer on behalf of the Trust on or prior to the related date of repurchase
or substitution, as applicable, and such Mortgage Loan Seller shall be entitled to retain all amounts received thereafter in respect
of such Removed Mortgage Loan.

 

In any month in which
a Mortgage Loan Seller substitutes one or more Qualified Substitute Mortgage Loans for one or more Removed Mortgage Loans, the
Master Servicer will determine the applicable Substitution Shortfall Amount and promptly notify the Certificate Administrator thereof.
Promptly upon receipt of such notice, the Certificate Administrator shall direct such Mortgage Loan Seller to deposit into the
Collection Account and/or the applicable Serviced Whole Loan Collection Account, as applicable, cash equal to such amount concurrently
with the delivery of the Mortgage Files for such Qualified Substitute Mortgage Loans, without any reimbursement thereof. The Certificate
Administrator shall also direct such Mortgage Loan Seller to give written notice to the Depositor, the Trustee and the Master Servicer
of such deposit. The Certificate Administrator shall cause its Distribution Date Statement to reflect the removal of each Removed
Mortgage Loan and, if applicable, the substitution of the Qualified Substitute Mortgage Loan. Upon any such substitution, the Qualified
Substitute Mortgage Loans shall be subject to the terms of this Agreement in all respects.

 

It is understood and
agreed that Section 6 of the Mortgage Loan Purchase Agreements provides the sole remedy available to the Certificateholders and
the Trustee on behalf of the Certificateholders respecting any Breach (including a Breach with respect to a Mortgage Loan failing
to constitute a Qualified Mortgage) or any Defect.

 

(h)       In
the event that any litigation is commenced which alleges facts which, in the judgment of the Depositor, could constitute a breach
of any of the Depositor’s representations and warranties relating to the Mortgage Loans, the Depositor hereby reserves the
right to conduct the defense of such litigation at its expense and shall not be required to obtain any consent from the Master
Servicer, the Special Servicer or the Directing Holder, unless such defense results in any liability of the Master Servicer, the
Special Servicer or the Directing Holder, as applicable.

 

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(i)       If
for any reason a Mortgage Loan Seller fails to fulfill its obligations under the related Mortgage Loan Purchase Agreement with
respect to any Mortgage Loan, the Master Servicer (with respect to Performing Loans) and the Special Servicer (with respect to
Specially Serviced Loans) shall use reasonable efforts in enforcing any obligation of such Mortgage Loan Seller (including but
not limited to) to cure, repurchase or substitute for such Mortgage Loan under the terms of the related Mortgage Loan Purchase
Agreement all at the expense of such Mortgage Loan Seller.

 

(j)       Notwithstanding
anything to the contrary contained in this Agreement, for the purposes of Section 2.03 of this Agreement and any provision
relating to repurchase and substitution obligations for a Material Breach or Material Defect, with respect to any Joint Mortgage
Loan, the obligations of each of the applicable Mortgage Loan Sellers to repurchase or substitute such Joint Mortgage Loan shall
be limited to a repurchase, substitution or Loss of Value Payment with respect to the Note it sold to the Depositor in accordance
with the related Mortgage Loan Purchase Agreement. With respect to any Joint Mortgage Loan, any cure by either of the applicable
Mortgage Loan Sellers with respect to the Note sold by it to the Depositor in accordance with the related Mortgage Loan Purchase
Agreement that also cures the Material Defect or Material Breach with respect to the entire related Joint Mortgage Loan shall satisfy
the cure obligations of both Mortgage Loan Sellers with respect to such Joint Mortgage Loan.

 

(k)       (i)
In the event an Initial Requesting Certificateholder delivers a written request to the Depositor, the Master Servicer, the Special
Servicer, the Trustee, the Certificate Administrator or the Operating Advisor (solely in its capacity as Operating Advisor) that
a Mortgage Loan be repurchased by the applicable Mortgage Loan Seller alleging the existence of a Material Breach or Material Defect
with respect to such Mortgage Loan and setting forth the basis for such allegation (a “Certificateholder Repurchase Request”),
such party shall promptly forward that Certificateholder Repurchase Request to the Master Servicer and the Special Servicer, and
the Enforcing Servicer shall promptly forward that Repurchase Request to the related Mortgage Loan Seller and each other party
to this Agreement and take the actions required under Section 2.03(e). Subject to Section 2.03(l), the Enforcing
Servicer shall be the Enforcing Party with respect to the Certificateholder Repurchase Request. If a Resolution Failure occurs
with respect to the Certificateholder Repurchase Request, the provisions described below under Section 2.03(l) shall apply.

 

(ii)       In
the event that the Depositor, the Master Servicer, the Special Servicer, the Trustee, the Certificate Administrator or the Operating
Advisor (solely in its capacity as Operating Advisor) has knowledge of a Material Breach or Material Defect with respect to a Mortgage
Loan, that party shall deliver prompt written notice of such Material Breach or Material Defect to the Master Servicer and the
Special Servicer, and the Enforcing Servicer shall promptly forward to each other party to this Agreement and the related Mortgage
Loan Seller, identifying the applicable Mortgage Loan and setting forth the basis for such allegation (a “PSA Party Repurchase
Request” and, each of a Certificateholder Repurchase Request or a PSA Party Repurchase Request, a “Repurchase
Request”). Subject to Section 2.03(l), the Enforcing Servicer shall be the Enforcing Party with respect to the
PSA Party Repurchase Request. If a Resolution Failure occurs with

 

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respect to the PSA Party Repurchase Request, the provisions described
below under Section 2.03(l) shall apply.

 

(iii)       In
the event the Repurchase Request is not Resolved within 180 days after the Mortgage Loan Seller receives the Repurchase Request
(such event, a “Resolution Failure”), and for all purposes herein, such Resolution Failure shall be deemed to
have occurred. Receipt of the Repurchase Request shall be deemed to occur two (2) Business Days after the Repurchase Request
is sent to the related Mortgage Loan Seller.

 

(iv)       Within
two (2) Business Days after a Resolution Failure occurs with respect to a PSA Party Repurchase Request made by any party other
than the Special Servicer or a Certificateholder Repurchase Request made by any Certificateholder other than the Controlling Class
Representative or a Controlling Class Certificateholder, in each case, related to a Performing Loan, the Master Servicer shall
send a written notice (a “Master Servicer Proposed Course of Action Notice”) to the Special Servicer, indicating
the Master Servicer’s analysis and recommended course of action with respect to such Repurchase Request, along with the Servicing
File and all information, documents (but excluding the original documents constituting the Mortgage File) and records (including
records stored electronically on computer tapes, magnetic discs and the like) relating to such Performing Loan and, if applicable,
the related Serviced Companion Loan, either in the Master Servicer’s possession or otherwise reasonably available to the
Master Servicer, and reasonably requested by the Special Servicer to enable it to assume its duties hereunder to the extent set
forth hereunder for such Performing Loan. Upon receipt of such Master Servicer Proposed Course of Action Notice and such Servicing
File, the Special Servicer shall become the Enforcing Servicer with respect to such Repurchase Request.

 

(l)       (i)
After a Resolution Failure occurs with respect to a Repurchase Request regarding a Mortgage Loan (whether the Repurchase Request
was initiated by an Initial Requesting Certificateholder or by a party to this Agreement), the Enforcing Servicer shall send a
notice (a “Proposed Course of Action Notice”) to the Initial Requesting Certificateholder, if any, to the address
specified in the Initial Requesting Certificateholder’s Repurchase Request, and to the Certificate Administrator, who shall
make such notice available to all other Certificateholders and Certificate Owners (by posting such notice on the Certificate Administrator’s
Website) indicating the Enforcing Servicer’s intended course of action with respect to the Repurchase Request (the “Proposed
Course of Action”). If the Master Servicer is the Enforcing Servicer, the Master Servicer may (but shall not be obligated
to) consult with the Special Servicer and (for so long as no Consultation Termination Event has occurred and is continuing) the
Directing Holder regarding any Proposed Course of Action. Such notice shall include (a) a request to Certificateholders to indicate
their agreement with or dissent from such Proposed Course of Action by clearly marking “agree” or “disagree”
to the Proposed Course of Action on such notice within 30 days of the date of such notice and a disclaimer that responses received
after such 30-day period will not be taken into consideration, (b) a statement that in the event any Certificateholder disagrees
with the Proposed Course of Action, the Enforcing Servicer (either as the Enforcing Party or as the Enforcing Servicer in circumstances
where a Certificateholder is acting as the Enforcing Party) shall be compelled to follow the course of action agreed to and/or
proposed by the majority of the responding Certificateholders that

 

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involves
referring the matter to mediation or arbitration, as the case may be, (c) a statement that responding Certificateholders will
be required to certify their holdings in connection with such response, (d) a statement that only responses clearly marked “agree”
or “disagree” with such Proposed Course of Action will be taken into consideration and (e) instructions for responding
Certificateholders to send their responses to the applicable Enforcing Servicer and the Certificate Administrator. The Certificate
Administrator shall within three (3) Business Days after the expiration of the 30-day response period, tabulate the responses
received from the Certificateholders and share the results with the Enforcing Servicer. The Certificate Administrator shall only
count responses timely received and clearly indicating agreement or dissent with the related Proposed Course of Action and additional
verbiage or qualifying language shall not be taken into consideration for purposes of determining whether the related Certificateholder
agrees or disagrees with the Proposed Course of Action. The Certificate Administrator shall be under no obligation to answer any
questions from Certificateholders regarding such Proposed Course of Action. For the avoidance of doubt, the Certificate Administrator’s
obligations in connection with this Section 2.03(l) shall be limited solely to tabulating Certificateholder responses of
“agree” or “disagree” to the Proposed Course of Action, and such obligation shall not be construed to
impose any enforcement obligation on the Certificate Administrator. The Enforcing Servicer may conclusively rely (without investigation)
on the Certificate Administrator’s tabulation of the majority of the responding Certificateholders. If (a) the Enforcing
Servicer’s intended course of action with respect to the Repurchase Request does not involve pursuing further action to
exercise rights against the applicable Mortgage Loan Seller with respect to the Repurchase Request and the Initial Requesting
Certificateholder, if any, or any other Certificateholder or Certificate Owner wishes to exercise its right to refer the matter
to mediation (including nonbinding arbitration) or arbitration, or (b) the Enforcing Servicer’s intended course of action
is to pursue further action to exercise rights against the applicable Mortgage Loan Seller with respect to the Repurchase Request
but the Initial Requesting Certificateholder, if any, or any other Certificateholder (other than a Holder of the Class V1 or Class
V2 Certificate) or Certificate Owner does not agree with the dispute resolution method selected by the Enforcing Servicer, then
the Initial Requesting Certificateholder, if any, or such other Certificateholder or Certificate Owner may deliver to the Enforcing
Servicer a written notice (a “Preliminary Dispute Resolution Election Notice”) within 30 days from the date
the Proposed Course of Action Notice is posted on the Certificate Administrator’s Website (the “Dispute Resolution
Cut-off Date”) indicating its intent to exercise its right to refer the matter to either mediation or arbitration. In
the event any Certificateholder or Certificate Owner entitled to do so delivers a Preliminary Dispute Resolution Election Notice,
and the Enforcing Servicer has also received responses from other Certificateholders or Certificate Owners supporting the Enforcing
Servicer’s initial Proposed Course of Action, such responses shall be considered Preliminary Dispute Resolution Election
Notices supporting the Proposed Course of Action for purposes of determining the course of action proposed by the majority of
Certificateholders.

 

(ii)       If
neither the Initial Requesting Certificateholder, if any, nor any other Certificateholder or Certificate Owner entitled to do so
delivers a Preliminary Dispute Resolution Election Notice prior to the Dispute Resolution Cut-off Date, no Certificateholder or
Certificate Owner otherwise entitled to do so shall have the right to refer the Repurchase Request to mediation or arbitration,
and the Enforcing Servicer shall be the sole party obligated and entitled to determine a course of action, including but not

 

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limited
to, enforcing the Trust’s rights against the related Mortgage Loan Seller, subject to any consent or consultation rights
of the Directing Holder pursuant to Section 6.08.

 

(iii)       Promptly
and in any event within 10 Business Days following receipt of a Preliminary Dispute Resolution Election Notice from (a) the Initial
Requesting Certificateholder, if any, or (b) any other Certificateholder or Certificate Owner (each of clauses (a) and (b), a “Requesting
Certificateholder”, provided that a Holder of a Class V1 or Class V2 Certificate may not be a Requesting Certificateholder),
the Enforcing Servicer will be required to consult with each Requesting Certificateholder regarding such Requesting Certificateholder’s
intention to elect either mediation (including nonbinding arbitration) or arbitration as the dispute resolution method with respect
to the Repurchase Request (the “Dispute Resolution Consultation”) so that such Requesting Certificateholder
may consider the views of the Enforcing Servicer as to the claims underlying the Repurchase Request and possible dispute resolution
methods, such discussions to occur and be completed no later than 10 Business Days following the Dispute Resolution Cut-off Date.
The Enforcing Servicer shall be entitled to establish procedures the Enforcing Servicer deems to be in accordance with the Servicing
Standard relating to the timing and extent of such consultations. No later than 5 Business Days after completion of the Dispute
Resolution Consultation, a Requesting Certificateholder may provide a final notice to the Enforcing Servicer indicating its decision
to exercise its right to refer the matter to either mediation or arbitration (“Final Dispute Resolution Election Notice”).

 

(iv)       If,
following the Dispute Resolution Consultation, no Requesting Certificateholder timely delivers a Final Dispute Resolution Election
Notice to the Enforcing Servicer, then the Enforcing Servicer will continue to act as the Enforcing Party and will remain obligated
under this Agreement to determine a course of action, including but not limited to, enforcing the rights of the Trust with respect
to the Repurchase Request and no Certificateholder or Certificate Owner shall have any further right to elect to refer the matter
to mediation or arbitration.

 

(v)       If
a Requesting Certificateholder timely delivers a Final Dispute Resolution Election Notice to the Enforcing Servicer, then such
Requesting Certificateholder shall become the Enforcing Party and must promptly submit the matter to mediation (including nonbinding
arbitration) or arbitration. If there is more than one Requesting Certificateholder that timely delivers a Final Dispute Resolution
Election Notice, then such Requesting Certificateholders will collectively become the Enforcing Party, and the holder or holders
of a majority of the Voting Rights among such Requesting Certificateholders will be entitled to make all decisions relating to
such mediation or arbitration. If, however, no Requesting Certificateholder commences arbitration or mediation pursuant to the
terms of this Agreement within 30 days after delivery of its Final Dispute Resolution Election Notice to the Enforcing Servicer,
then (i) the rights of a Requesting Certificateholder to act as the Enforcing Party shall terminate and no Certificateholder or
Certificate Owner shall have any further right to elect to refer the matter to mediation or arbitration, (ii) if the Proposed Course
of Action Notice indicated that the Enforcing Servicer shall take no further action with respect to the Repurchase Request, then
the related Material Breach or Material Defect shall be deemed waived for all purposes under this Agreement and the related Mortgage
Loan Purchase Agreement;

 

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provided, however, that such Material Breach or Material Defect shall not be deemed waived
with respect a Requesting Certificateholder, any other Certificateholder or Certificate Owner or the Enforcing Servicer to the
extent there is a material change in the facts and circumstances known to such party at the time when the Proposed Course of Action
Notice is posted on the Certificate Administrator’s Website and (iii) if the Proposed Course of Action Notice had indicated
a course of action other than the course of action under clause (ii), then the Enforcing Servicer shall again become the Enforcing
Party and, as such, shall be the sole party obligated and entitled to determine a course of action including, but not limited to,
enforcing the Trust’s rights against the related Mortgage Loan Seller.

 

(vi)       Notwithstanding
the foregoing, the dispute resolution provisions described above under this Section 2.03(l) will not apply, and the Enforcing
Servicer shall remain the Enforcing Party, if the Enforcing Servicer has commenced litigation with respect to the Repurchase Request,
or determines in accordance with the Servicing Standard that it is in the best interest of Certificateholders to commence litigation
with respect to the Repurchase Request to avoid the running of any applicable statute of limitations.

 

(vii)       In
the event a Requesting Certificateholder becomes the Enforcing Party, the Enforcing Servicer, on behalf of the Trust, shall remain
a party to any proceedings against the related Mortgage Loan Seller; provided that the degree and extent to which the Enforcing
Servicer actively prepares for and participates in such proceeding shall be determined by such Enforcing Servicer (in consultation
with the Directing Holder for so long as no Consultation Termination Event has occurred and is continuing), and in accordance with
the Servicing Standard. For the avoidance of doubt, the Depositor, the Mortgage Loan Sellers and any of their respective Affiliates
shall not be entitled to be an Initial Requesting Certificateholder or a Requesting Certificateholder.

 

(viii)       The
Requesting Certificateholder is entitled to elect either mediation or arbitration in its sole discretion; however, the Requesting
Certificateholder may not elect to then utilize the alternative method in the event that the initial method is unsuccessful.

 

(ix)       If
(i) a Repurchase Request is made with respect to any Mortgage Loan based on any particular alleged Material Breach or Material
Defect, (ii) a Resolution Failure is deemed to occur with respect to such Repurchase Request, and (iii) if either (A) a mediation
or arbitration is undertaken with respect to such Repurchase Request or (B) the Certificateholders and Certificate Owners cease
to have a right to refer such Repurchase Request to mediation or arbitration, in either case in accordance with the provisions
of this Agreement, then no Certificateholder or Certificate Owner may make any subsequent Repurchase Request with respect to such
Mortgage Loan based on the same alleged Material Breach or Material Defect unless there is a material change in the facts and circumstances
known to such party.

 

(x)       The
Depositor, the Mortgage Loan Seller and any of their respective Affiliates shall not be entitled to be an Initial Requesting Certificateholder
or a Requesting Certificateholder.

 

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(m)       If
the Enforcing Party selects mediation (including nonbinding arbitration), the following provisions shall apply:

 

(i)       The
mediation shall be administered by a nationally recognized mediation services provider selected by the related Mortgage Loan Seller
in accordance with published mediation procedures (the “Mediation Rules”) promulgated by a nationally recognized
mediation services provider selected by the Mortgage Loan Seller (such provider, the “Meditation Services Provider”).

 

(ii)       The
mediator shall be impartial, an attorney admitted to practice in the State of New York and have at least 15 years of experience
in commercial litigation, and commercial real estate finance or commercial mortgage-backed securitization matters or other complex
commercial transactions, and who will be appointed from a list of neutrals maintained by the Mediation Services Provider. Upon
being supplied a list of at least ten potential qualified mediators by the Mediation Services Provider each party will have the
right to exercise two peremptory challenges within 14 days and to rank the remaining potential mediators in order of preference.
The Mediation Services Provider shall select the mediator from the remaining attorneys on the list respecting the preference choices
of the parties to the extent possible.

 

(iii)       The
parties shall use commercially reasonable efforts to conduct an organizational conference to begin the mediation within 10 Business
Days of the selection of the mediator and to conclude the mediation within 60 days thereafter.

 

(iv)       The
expenses of any mediation shall be allocated among the parties to the mediation, including, if applicable, between the Enforcing
Party and the Enforcing Servicer, as mutually agreed by the parties as part of the mediation.

 

(n)       If
the Enforcing Party selects third-party arbitration, the following provisions will apply:

 

(i)       The
arbitration shall be administered by a nationally recognized arbitration services provider selected by the related Mortgage Loan
Seller in accordance with published arbitration procedures (the “Arbitration Rules”) promulgated by a nationally
recognized arbitration services provider selected by the Mortgage Loan Seller (such provider, the “Arbitration Services
Provider”).

 

(ii)       The
arbitrator shall be impartial, an attorney admitted to practice in the State of New York and have at least 15 years of experience
in commercial litigation and commercial real estate finance or commercial mortgage-backed securitization matters or other complex
commercial transactions, and who will be appointed from a list of neutrals maintained by the Arbitration Services Provider. Upon
being supplied a list of at least ten potential arbitrators by the Arbitration Services Provider each party will have the right
to exercise two peremptory challenges within 14 days and to rank the remaining potential arbitrators in order of preference. The
Arbitration Services Provider will select the arbitrator from the remaining attorneys on the list respecting the preference choices
of the parties to the extent possible.

 

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(iii)       Prior
to accepting an appointment, the arbitrator must promptly disclose any circumstances likely to create a reasonable inference of
bias or conflict of interest or likely to preclude completion of the hearings within the prescribed time schedule.

 

(iv)       After
consulting with the parties at an organizational conference held not later than 10 Business Days after its appointment, the arbitrator
shall devise procedures and deadlines for the arbitration, to the extent not already agreed to by the parties, with the goal of
expediting the proceeding and completing the arbitration within 120 days. The arbitrator shall have the authority to schedule,
hear, and determine any and all motions, including dispositive and discovery motions, in accordance with the Federal Rules of Civil
Procedure for non-jury matters (the “Rules”) (including summary judgment and other prehearing and post hearing
motions), and will do so by reasoned decision on the motion of any party to the arbitration.

 

(v)       Notwithstanding
whatever other discovery may be available under the Rules, unless otherwise agreed by the parties, each party to the arbitration
will be presumptively limited to the following discovery in the arbitration: (A) the parties shall reasonably and in good faith
voluntarily produce to all other parties all documents upon which they intend to rely and all documents they reasonably and in
good faith believe to be relevant to the claims or defenses asserted by any of the parties, (B) party witness depositions (excluding
Rule 30b-6 witnesses), and (C) expert witness depositions, provided, that the arbitrator shall have the ability to grant
the parties, or either of them, additional discovery to the extent that the arbitrator determines good cause is shown that such
additional discovery is reasonable and necessary.

 

(vi)       The
arbitrator shall make its final determination no later than 30 days after the conclusion of the hearings and submission of any
post-hearing submissions. The arbitrator shall resolve the dispute in accordance with the terms of the related Mortgage Loan Purchase
Agreement and this Agreement, and may not modify or change those agreements in any way or award remedies not consistent with those
agreements. The arbitrator will not have the power to award punitive damages or consequential damages in any arbitration conducted
by them. Interest on any monetary award shall bear interest from the date of the Final Dispute Resolution Election Notice at the
Prime Rate. In its final determination, the arbitrator shall determine and award the costs of the arbitration (including the fees
of the arbitrator, cost of any record or transcript of the arbitration, and administrative fees) and shall award reasonable attorneys’
fees to the parties to the arbitration as determined by the arbitrator in its reasonable discretion. The determination of the arbitrator
shall be by a reasoned decision in writing and counterpart copies will be promptly delivered to the parties. The final determination
of the arbitrator shall be final and non-appealable, except for actions to confirm or vacate the determination permitted under
federal or state law, and may be enforced in any court of competent jurisdiction.

 

(vii)       By
selecting arbitration, the selecting party is giving up the right to sue in court, including the right to a trial by jury.

 

(viii)       No
person may bring a putative or certificated class action to arbitration.

 

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(o)       The
following provisions will apply to both mediation and third-party arbitration:

 

(i)       Any
mediation or arbitration will be held in New York, New York unless another location is agreed by all parties.

 

(ii)       If
the dispute involves a matter that cannot effectively be remedied by the payment of damages, or if there be any dispute relating
to arbitration or the arbitrators that cannot be resolved promptly by the arbitrators or the Arbitration Services Provider, then
any party in such instance may during the pendency of the arbitration proceedings seek temporary equitable remedies, pending the
final decision of the arbitration panel, solely by application in the Southern District if such court shall have subject matter
jurisdiction, or if the Southern District has no jurisdiction, then it the Supreme Court of the State of New York for the County
of New York. The arbitration proceedings shall not be stayed unless so ordered by the court.

 

(iii)       The
details and/or existence of any Repurchase Request, any informal meetings, mediations or arbitration proceedings conducted under
this Section 2.03, including all offers, promises, conduct and statements, whether oral or written, made in the course of
the parties’ attempt to informally resolve any Repurchase Request, will be confidential, privileged and inadmissible for
any purpose, including impeachment, in any mediation, arbitration or litigation, or other proceeding (including any proceeding
under this Section 2.03). Such information will be kept strictly confidential and will not be disclosed or shared with any
third party (other than a party’s attorneys, experts, accountants and other agents and representatives, as reasonably required
in connection with any resolution procedure under this Section 2.03), except as otherwise required by law, regulatory requirement
or court order. If any party to a resolution procedure receives a subpoena or other request for information from a third party
(other than a governmental regulatory body) for such confidential information, the recipient will promptly notify the other party
to the resolution procedure and will provide the other party with a reasonable opportunity to object to the production of its confidential
information.

 

(iv)       In
the event a Requesting Certificateholder is the Enforcing Party, the agreement with the arbitrator or mediator, as the case may
be, shall be required contain an acknowledgment that the Trust, or the Enforcing Servicer on its behalf, shall be a party to any
arbitration or mediation proceedings solely for the purpose of being the beneficiary of any award in favor of the Enforcing Party;
provided that the degree and extent to which the Enforcing Servicer actively prepares for and participates in such proceedings
shall be determined by such Enforcing Servicer in consultation with the Directing Holder, provided that a Consultation Termination
Event has not occurred and is continuing, and in accordance with the Servicing Standard. All amounts recovered by the Enforcing
Party shall be paid to the Trust, or the Enforcing Servicer on its behalf, and deposited in the Collection Account. The agreement
with the arbitrator or mediation, as the case may be, will provide that in the event a Requesting Certificateholder is allocated
any related costs and expenses pursuant to the terms of the arbitrator’s decision or the agreement reached in mediation,
neither the Trust nor the Enforcing Servicer acting on its

 

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behalf shall be responsible for any such costs and expenses allocated
to the Requesting Certificateholder.

 

(v)       In
the event a Requesting Certificateholder is the Enforcing Party, the Requesting Certificateholder shall be required to pay any
expenses allocated to the Enforcing Party in the arbitration proceedings or any expenses that the Enforcing Party agrees to bear
in the mediation proceedings.

 

(vi)       The
Trust (or the Trustee or the Enforcing Party acting on its behalf), the Depositor or any Mortgage Loan Seller shall be permitted
to redact any personally identifiable customer information included in any information provided for purposes of any mediation or
arbitration. Each party to the proceedings shall be required to agree to keep confidential the details related to the Repurchase
Request and the dispute resolution identified in connection with such procedures; provided, however, that the Certificateholders
shall be permitted to communicate prior to the commencement of any such proceedings to the extent provided in Section 5.06.

 

(vii)       For
the avoidance of doubt, in no event shall the exercise of any right of a Requesting Certificateholder to refer a Repurchase Request
to mediation or arbitration or participation in such mediation or arbitration affect in any manner the ability of the Enforcing
Servicer to perform its obligations with respect to a Mortgage Loan or the exercise of any rights of a Directing Holder (including
without limitation, a liquidation, foreclosure, negotiation of a loan modification or workout, acceptance of a discounted pay off
or deed in lieu, or bankruptcy or other litigation).

 

(viii)       For
the avoidance of doubt, any expenses required to be borne by or allocated to the Enforcing Servicer in mediation or arbitration
or related responsibilities under this Agreement shall be reimbursable as Additional Trust Fund Expenses.

 

Section 2.04 Representations,
Warranties and Covenants of the Master Servicer, the Special Servicer, the Certificate Administrator, the Trustee, the Operating
Advisor and the Asset Representations Reviewer. (a) The Master Servicer, as Master Servicer, hereby represents and warrants
with respect to itself to the Trustee, for its own benefit and the benefit of the Certificateholders, and to the Depositor, the
Certificate Administrator, the Special Servicer, the Asset Representations Reviewer and the Operating Advisor and the Serviced
Companion Loan Noteholders, as of the Closing Date, that:

 

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

 

(ii)       The
execution and delivery of this Agreement by the Master Servicer, and the performance and compliance with the terms of this Agreement
by the Master Servicer, do not (A) violate the Master Servicer’s organizational documents, (B) constitute a default (or an
event which, with notice or lapse of time, or both, would constitute a default) under, or result in the breach of, any material
agreement or other

 

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material instrument to which it is a party or which is applicable to it or any of its assets, or (C) violate
any law, rule, regulation, order, judgment or decree to which the Master Servicer or its property is subject, which, in the case
of either (B) or (C), is likely to materially and adversely affect either the ability of the Master Servicer to perform its obligations
under this Agreement or its financial condition;

 

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

 

(iv)       This
Agreement, assuming due authorization, execution and delivery by the Trustee, the Paying Agent, the Certificate Administrator,
the Operating Advisor, the Asset Representations Reviewer, the Special Servicer and the Depositor, constitutes a valid, legal and
binding obligation of the Master Servicer, enforceable against the Master Servicer in accordance with the terms hereof, subject
to applicable bankruptcy, insolvency, reorganization, receivership, moratorium and other laws affecting the enforcement of creditors’
rights generally, and general principles of equity, regardless of whether such enforcement is considered in a proceeding in equity
or at law;

 

(v)       The
Master Servicer is not in default with respect to any law, any order or decree of any court, or any order, regulation or demand
of any federal, state, municipal or governmental agency, which default, in the Master Servicer’s reasonable judgment is likely
to materially and adversely affect the financial condition or operations of the Master Servicer or its properties taken as a whole
or its ability to perform its duties and obligations hereunder;

 

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

 

(vii)       No
consent, approval, authorization or order of any court or governmental agency or body is required for the execution, delivery and
performance by the Master Servicer of, or compliance by the Master Servicer with, this Agreement or the consummation of the transactions
of the Master Servicer contemplated by this Agreement, except for any consent, approval, authorization or order which has been
obtained, or which, if not obtained would not have a materially adverse effect on the ability of the Master Servicer to perform
its obligations hereunder;

 

(viii)       Each
officer and employee of the Master Servicer that has responsibilities concerning the servicing and administration of Mortgage Loans
or Serviced Whole Loans is covered by errors and omissions insurance and the fidelity bond in the amounts and with the coverage
required by this Agreement or the Master Servicer self-insures for such risks in compliance with the requirements of Section
3.08(d) of this Agreement; and

 

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(ix)       To
the actual knowledge of the Master Servicer, the Master Servicer is not a Risk Retention Affiliate of the Third-Party Purchaser.

 

(b)       The
Special Servicer, as Special Servicer, hereby represents and warrants to and covenants with the Trustee, for its own benefit and
the benefit of the Certificateholders, and to the Depositor, the Certificate Administrator, the Master Servicer, the Operating
Advisor, the Asset Representations Reviewer and the Serviced Companion Loan Noteholders, as of the Closing Date, that:

 

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

 

(ii)       The
execution and delivery of this Agreement by the Special Servicer, and the performance and compliance with the terms of this Agreement
by the Special Servicer, do not (A) violate the Special Servicer’s organizational documents or (B) constitute a default (or
an event which, with notice or lapse of time, or both, would constitute a default) under, or result in the breach of, any material
agreement or other material instrument to which it is a party or which is applicable to it or any of its assets, or (C) violate
any law, rule, regulation, order, judgment or decree to which the Special Servicer or its property is subject, which, in the case
of either (B) or (C), is likely to materially and adversely affect either the ability of the Special Servicer to perform its obligations
under this Agreement or its financial condition;

 

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

 

(iv)       This
Agreement, assuming due authorization, execution and delivery by the Trustee, the Operating Advisor, the Asset Representations
Reviewer, the Certificate Administrator, the Master Servicer and the Depositor, constitutes a valid, legal and binding obligation
of the Special Servicer, enforceable against the Special Servicer in accordance with the terms hereof, subject to applicable bankruptcy,
insolvency, reorganization, receivership, moratorium and other laws affecting the enforcement of creditors’ rights generally,
and general principles of equity, regardless of whether such enforcement is considered in a proceeding in equity or at law;

 

(v)       The
Special Servicer is not in default with respect to any law, any order or decree of any court, or any order, regulation or demand
of any federal, state, municipal or governmental agency, which default, in the Special Servicer’s reasonable judgment is
likely to materially and adversely affect the financial condition or operations of the Special Servicer or its properties taken
as a whole or its ability to perform its duties and obligations hereunder;

 

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

 

(vii)       No
consent, approval, authorization or order of any court or governmental agency or body is required for the execution, delivery and
performance by the Special Servicer of, or compliance by the Special Servicer with, this Agreement or the consummation of the transactions
of the Special Servicer contemplated by this Agreement, except for any consent, approval, authorization or order which has been
obtained, or which, if not obtained would not have a materially adverse effect on the ability of the Special Servicer to perform
its obligations hereunder; and

 

(viii)       Each
officer and employee of the Special Servicer that has responsibilities concerning the servicing and administration of Mortgage
Loans or Serviced Whole Loans is covered by errors and omissions insurance and the fidelity bond in the amounts and with the coverage
required by this Agreement or the Special Servicer self-insures for such risks in compliance with the requirements of Section
3.08(d) of this Agreement.

 

(c)       [Reserved].

 

(d)       The
Trustee hereby represents and warrants to the Depositor, the Master Servicer, the Special Servicer, the Operating Advisor, the
Asset Representations Reviewer, the Certificate Administrator and the Serviced Companion Loan Noteholders as of the Closing Date,
that:

 

(i)       The
Trustee is a national banking association, duly organized, validly existing and in good standing under the laws of the United States
of America and has full power, authority and legal right to own its properties and conduct its business as presently conducted
and to execute, deliver and perform the terms of this Agreement;

 

(ii)       This
Agreement has been duly authorized, executed and delivered by the Trustee and, assuming due authorization, execution and delivery
by the other parties hereto, constitutes a legal, valid and binding instrument enforceable against the Trustee in accordance with
its terms, except as such enforcement may be limited by bankruptcy, insolvency, reorganization or other similar laws affecting
the enforcement of creditors’ rights in general and by general equity principles (regardless of whether such enforcement
is considered in a proceeding in equity or at law);

 

(iii)       Neither
the execution and delivery of this Agreement by the Trustee nor the consummation by the Trustee of the transactions herein contemplated
to be performed by the Trustee, nor compliance by the Trustee with the provisions hereof, will conflict with or result in a breach
of, or constitute a default under, any of the provisions of any applicable law (subject to the appointment in accordance with such
applicable law of any co-Trustee or separate Trustee required pursuant to this Agreement), governmental rule, regulation, judgment,
decree or order binding on the Trustee or its properties or the organizational

 

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documents of the Trustee or the terms of any material
agreement, instrument or indenture to which the Trustee is a party or by which it is bound which, in the Trustee’s good faith
and reasonable judgment, is likely to affect materially and adversely the ability of the Trustee to perform its obligations under
this Agreement;

 

(iv)       The
Trustee is not in violation of, and the execution and delivery of this Agreement by the Trustee and its performance and compliance
with the terms of this Agreement will not constitute a violation with respect to, any order or decree of any court binding on the
Trustee or any law, order or regulation of any federal, state, municipal or governmental agency having jurisdiction, or result
in the creation or imposition of any lien, charge or encumbrance which, in any such event, would have consequences that would materially
and adversely affect the condition (financial or otherwise) or operation of the Trustee or its properties;

 

(v)       No
consent, approval, authorization or order of, or registration or filing with, or notice to any court or governmental agency or
body, is required for the execution, delivery and performance by the Trustee of or compliance by the Trustee with this Agreement,
or if required, such approval has been obtained prior to the Cut-off Date or which, if not obtained, would have a materially adverse
effect on the Trustee’s ability to perform its obligations hereunder;

 

(vi)       To
the best of the Trustee’s knowledge, no litigation is pending or threatened against the Trustee which would prohibit its
entering into or materially and adversely affect its ability to perform its obligations under this Agreement or the Indemnification
Agreement, dated and effective the Pricing Date, between the Trustee, the Depositor, the Underwriters and the Initial Purchasers;
and

 

(vii)       To
the actual knowledge of the Trustee, the Trustee is not a Risk Retention Affiliate of the Third-Party Purchaser.

 

(e)       The
Certificate Administrator hereby represents and warrants to the Depositor, the Trustee, the Master Servicer, the Special Servicer,
the Operating Advisor, the Asset Representations Reviewer and the Serviced Companion Loan Noteholders, as of the Closing Date,
that:

 

(i)       The
Certificate Administrator is a national banking association, duly organized, validly existing and in good standing under the laws
of the United States of America and has full power, authority and legal right to own its properties and conduct its business as
presently conducted and to execute, deliver and perform the terms of this Agreement;

 

(ii)       This
Agreement has been duly authorized, executed and delivered by the Certificate Administrator and, assuming due authorization, execution
and delivery by the other parties hereto, constitutes a legal, valid and binding instrument enforceable against the Certificate
Administrator in accordance with its terms, except as such enforcement may be limited by bankruptcy, insolvency, reorganization
or other similar laws affecting the enforcement of creditors’ rights in general and by general equity principles (regardless
of whether such enforcement is considered in a proceeding in equity or at law);

 

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(iii)       Neither
the execution and delivery of this Agreement by the Certificate Administrator nor the consummation by the Certificate Administrator
of the transactions herein contemplated to be performed by the Certificate Administrator, nor compliance by the Certificate Administrator
with the provisions hereof, will conflict with or result in a breach of, or constitute a default under, any of the provisions of
any applicable law, governmental rule, regulation, judgment, decree or order binding on the Certificate Administrator or its properties
or the organizational documents of the Certificate Administrator or the terms of any material agreement, instrument or indenture
to which the Certificate Administrator is a party or by which it is bound which, in the Certificate Administrator’s good
faith and reasonable judgment, is likely to affect materially and adversely the ability of the Certificate Administrator to perform
its obligations under this Agreement;

 

(iv)       The
Certificate Administrator is not in violation of, and the execution and delivery of this Agreement by the Certificate Administrator
and its performance and compliance with the terms of this Agreement will not constitute a violation with respect to, any order
or decree of any court binding on the Certificate Administrator or any law, order or regulation of any federal, state, municipal
or governmental agency having jurisdiction, or result in the creation or imposition of any lien, charge or encumbrance which, in
any such event, would have consequences that are likely to affect materially and adversely the ability of the Certificate Administrator
to perform its obligations under this Agreement;

 

(v)       No
consent, approval, authorization or order of, or registration or filing with, or notice to any court or governmental agency or
body, is required for the execution, delivery and performance by the Certificate Administrator of or compliance by the Certificate
Administrator with this Agreement, or if required, such approval has been obtained prior to the Cut-off Date or which, if not obtained,
would have a materially adverse effect on the Certificate Administrator’s ability to perform its obligations hereunder;

 

(vi)       To
the best of the Certificate Administrator’s knowledge, no litigation is pending or threatened against the Certificate Administrator
which would prohibit its entering into or materially and adversely affect its ability to perform its obligations under this Agreement
or the Indemnification Agreement, dated and effective the Pricing Date, between the Certificate Administrator, the Depositor, the
Underwriters and the Initial Purchasers; and

 

(vii)       To
the actual knowledge of the Certificate Administrator, the Certificate Administrator is not a Risk Retention Affiliate of the Third-Party
Purchaser.

 

(f)       The
Operating Advisor hereby represents and warrants to the Trustee, the Depositor, the Certificate Administrator, the Master Servicer,
the Special Servicer, the Asset Representations Reviewer and the Serviced Companion Loan Noteholders, as of the Closing Date, that:

 

(i)       The
Operating Advisor is a limited liability company, duly organized, validly existing and in good standing under the laws of the State
of New York and has full

 

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power, authority and legal right to own its properties and conduct its business as presently conducted
and to execute, deliver and perform the terms of this Agreement;

 

(ii)       The
execution and delivery of this Agreement by the Operating Advisor, and the performance and compliance with the terms of this Agreement
by the Operating Advisor, do not (A) violate the Operating Advisor’s organizational documents or (B) constitute a default
(or an event which, with notice or lapse of time, or both, would constitute a default) under, or result in the breach of, any material
agreement or other material instrument to which it is a party or which is applicable to it or any of its assets, or (C) violate
any law, rule, regulation, order, judgment or decree to which the Operating Advisor or its property is subject, which, in the case
of either (B) or (C), is likely to materially and adversely affect either the ability of the Operating Advisor to perform its obligations
under this Agreement or its financial condition;

 

(iii)       The
Operating Advisor has the full limited liability company power and authority to enter into and consummate all transactions to be
performed by it contemplated by this Agreement, has duly authorized the execution, delivery and performance by it of this Agreement,
and has duly executed and delivered this Agreement;

 

(iv)       This
Agreement, assuming due authorization, execution and delivery by the Trustee, the Certificate Administrator, the Master Servicer,
the Special Servicer, and the Depositor, constitutes a valid, legal and binding obligation of the Operating Advisor, enforceable
against the Operating Advisor in accordance with the terms hereof, subject to applicable bankruptcy, insolvency, reorganization,
receivership, moratorium and other laws affecting the enforcement of creditors’ rights generally, and general principles
of equity, regardless of whether such enforcement is considered in a proceeding in equity or at law;

 

(v)       The
Operating Advisor is not in default with respect to any law, any order or decree of any court, or any order, regulation or demand
of any federal, state, municipal or governmental agency, which default, in the Operating Advisor’s reasonable judgment, is
likely to materially and adversely affect the financial condition or operations of the Operating Advisor or its properties taken
as a whole or its ability to perform its duties and obligations hereunder;

 

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

 

(vii)       No
consent, approval, authorization or order of any court or governmental agency or body is required for the execution, delivery and
performance by the Operating Advisor, or compliance by the Operating Advisor with, this Agreement or the consummation of the transactions
of the Operating Advisor contemplated by this Agreement, except for any consent, approval, authorization or order which has been

 

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obtained, or which, if not obtained would not have a materially adverse effect on the ability of the Operating Advisor to perform
its obligations hereunder;

 

(viii)       The
Operating Advisor possesses sufficient financial strength to fulfill its duties and responsibilities pursuant to this Agreement
over the life of the Trust Fund; and

 

(ix)       
The Operating Advisor is an Eligible Operating Advisor.

 

(g)         The
Asset Representations Reviewer hereby represents and warrants to the Trustee, for its own benefit and the benefit of the Certificateholders,
and to the Depositor, the Master Servicer, the Special Servicer, the Operating Advisor and the Certificate Administrator, as of
the Closing Date, that:

 

(i)       The
Asset Representations Reviewer is a limited liability company, duly organized, validly existing and in good standing under the
laws of the State of New York, and the Asset Representations Reviewer is in compliance with the laws of each State in which any
Mortgaged Property is located to the extent necessary to perform its obligations under this Agreement;

 

(ii)       The
execution and delivery of this Agreement by the Asset Representations Reviewer, and the performance and compliance with the terms
of this Agreement by the Asset Representations Reviewer, do not (A) violate the Asset Representations Reviewer’s organizational
documents, (B) constitute a default (or an event which, with notice or lapse of time, or both, would constitute a default) under,
or result in the breach of, any material agreement or other material instrument to which it is a party or which is applicable to
it or any of its assets, or (C) violate any law, rule, regulation, order, judgment or decree to which the Asset Representations
Reviewer or its property is subject, which, in the case of either (B) or (C), is likely to materially and adversely affect either
the ability of the Asset Representations Reviewer to perform its obligations under this Agreement or its financial condition;

 

(iii)       The
Asset Representations Reviewer has the full limited liability company power and authority to enter into and consummate all transactions
to be performed by it contemplated by this Agreement, has duly authorized the execution, delivery and performance by it of this
Agreement, and has duly executed and delivered this Agreement;

 

(iv)       This
Agreement, assuming due authorization, execution and delivery by the other parties hereto, constitutes a valid, legal and binding
obligation of the Asset Representations Reviewer, enforceable against the Asset Representations Reviewer in accordance with the
terms hereof, subject to (A) applicable bankruptcy, insolvency, reorganization, receivership, moratorium and other laws affecting
the enforcement of creditors’ rights generally, and (B) general principles of equity, regardless of whether such enforcement
is considered in a proceeding in equity or at law;

 

(v)       The
Asset Representations Reviewer is not in violation of, and its execution and delivery of this Agreement and its performance and
compliance with the terms of this Agreement will not constitute a violation of, any law, order or decree of any

 

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court or arbiter,
or any order regulation or demand of any federal, state or local governmental or regulatory authority, which violation, in the
Asset Representations Reviewer’s good faith and reasonable judgment, is likely to materially and adversely affect either
the ability of the Asset Representations Reviewer to perform its obligations under this Agreement or the financial condition of
the Asset Representations Reviewer;

 

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

 

(vii)       No
consent, approval, authorization or order of any court or governmental agency or body is required under federal or state law for
the execution, delivery and performance by the Asset Representations Reviewer of, or compliance by the Asset Representations Reviewer
with, this Agreement or the consummation of the transactions of the Asset Representations Reviewer contemplated by this Agreement,
except for any consent, approval, authorization or order which has been obtained or can be obtained prior to the actual performance
by the Asset Representations Reviewer of its obligations under this Agreement, or which, if not obtained would not have a materially
adverse effect on the ability of the Asset Representations Reviewer to perform its obligations hereunder; and

 

(viii)       The
Asset Representations Reviewer is an Eligible Asset Representations Reviewer.

 

(h)       It
is understood and agreed that the representations and warranties set forth in this Section shall survive delivery of the respective
Mortgage Files to the Custodian on behalf of the Trustee until the termination of this Agreement, and shall inure to the benefit
of the Trustee, the Depositor, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer, the Serviced
Companion Loan Noteholders and the Master Servicer or Special Servicer, as the case may be. Upon discovery by the Depositor, the
Certificate Administrator, the Master Servicer, the Special Servicer, the Operating Advisor, the Asset Representations Reviewer
or a Responsible Officer of the Trustee (or upon written notice thereof from any Certificateholder) of a breach of any of the representations
and warranties set forth in this Section which materially and adversely affects the interests of the Certificateholders, the Certificate
Administrator, the Master Servicer, Special Servicer, the Operating Advisor, the Asset Representations Reviewer, the Serviced Companion
Loan Noteholders or the Trustee in any Mortgage Loan, the party discovering such breach shall give prompt written notice to the
other parties hereto, the Serviced Companion Loan Noteholders and the Mortgage Loan Sellers.

 

Section 2.05 Execution
and Delivery of Certificates; Issuance of Upper-Tier Regular Interests; Issuance of Lower-Tier Regular Interests. The
Trustee acknowledges the assignment to it of the Mortgage Loans and the delivery of the Mortgage Files to the Custodian (to the
extent the documents constituting the Mortgage Files are actually delivered to the Custodian), subject to the provisions of Section
2.01 and Section 2.02 of this Agreement and, concurrently with such delivery, (i) acknowledges and hereby declares
that it holds the Mortgage

 

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Loans
(excluding the Excess Interest) for the benefit of (y) the Holders of the Class R Certificates (in respect of the Class LTR Interest)
and (z) the Holder of the Lower-Tier Regular Interests; (ii) acknowledges and hereby declares that it holds the Excess Interest
for the benefit of the Holders of the Excess Interest Certificates; (iii) in exchange for the Mortgage Loans, acknowledges the
issuance of the Lower-Tier Regular Interests and the Class LTR Interest represented by the Class R Certificates; (iv) acknowledges
the contribution by the Depositor of the Lower-Tier Regular Interests to the Upper-Tier REMIC and hereby declares that it holds
the Lower-Tier Regular Interests on behalf of the Upper-Tier REMIC and the Holders of the Regular Certificates and the Class VRR
Upper-Tier Regular Interests; and (v) in exchange for the Lower-Tier Regular Interests, has caused to be executed and caused to
be authenticated and delivered to or upon the order of the Depositor, or as directed by the terms of this Agreement, the Class
VRR Upper-Tier Regular Interests, the Regular Certificates and the Class UTR Interest represented by the Class R Certificates,
in authorized denominations; and the Depositor hereby acknowledges the receipt by it or its designees of the Certificates, which
Certificates evidence ownership of the entire Trust Fund.

 

The Depositor, as of
the Closing Date, and concurrently with the execution and delivery of this Agreement, does hereby assign without recourse all the
right, title and interest of the Depositor in and to the Class VRR Upper-Tier Regular Interests, the Excess Interest and any other
property constituting the Grantor Trust to the Trustee for the benefit of the Holders of the Grantor Trust Certificates. The Trustee
(i) acknowledges the assignment to it of the VRR Specific Grantor Trust Assets and the Class S Specific Grantor Trust Assets, (ii)
declares that it holds and will hold such VRR Specific Grantor Trust Assets and the Class S Specific Grantor Trust Assets in trust
for the exclusive use and benefit of all present and future Holders of the Grantor Trust Certificates, and (iii) has caused to
be executed and caused to be authenticated and delivered to or upon the order of the Depositor, in exchange for the VRR Specific
Grantor Trust Assets and the Class S Specific Grantor Trust Assets, and the Depositor hereby acknowledges the receipt by it or
its designees of, the Grantor Trust Certificates in authorized Denominations.

 

Section 2.06 Miscellaneous
REMIC and Grantor Trust Provisions. (a) The Lower-Tier Regular Interests issued hereunder are hereby designated as the
“regular interests” in the Lower-Tier REMIC within the meaning of Section 860G(a)(1) of the Code, and the Class LTR
Interest, represented by the Class R Certificates, is hereby designated as the sole class of “residual interests”
in the Lower-Tier REMIC within the meaning of Section 860G(a)(2) of the Code. The Regular Certificates are hereby designated as
“regular interests” in the Upper-Tier REMIC within the meaning of Section 860G(a)(1) of the Code, and the Class UTR
Interest, represented by the Class R Certificates, is hereby designated as the sole class of “residual interests”
in the Upper-Tier REMIC within the meaning of Section 860G(a)(2) of the Code. The Closing Date is hereby designated as the “Startup
Day” of each Trust REMIC within the meaning of Section 860G(a)(9) of the Code. The “latest possible maturity date”
of the Lower-Tier Regular Interests and the Regular Certificates for purposes of Section 860G(a)(l) of the Code is the Rated Final
Distribution Date.

 

(b)       None
of the Depositor, the Trustee, the Certificate Administrator, the Master Servicer or the Special Servicer shall enter into any
arrangement by which the Trust Fund will receive a fee or other compensation for services other than as specifically contemplated
herein.

 

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(c)       Each
Class of Grantor Trust Certificates shall represent undivided beneficial interests in the portion of the Grantor Trust consisting
of the Specific Grantor Trust Assets with the corresponding alphabetic or alphanumeric designation. The Grantor Trust shall be
treated as a “grantor trust” within the meaning of the Grantor Trust Provisions.

 

Article
III

ADMINISTRATION AND SERVICING

OF THE TRUST FUND

 

Section 3.01 The
Master Servicer To Act as Master Servicer; Special Servicer To Act as Special Servicer; Administration of the Mortgage Loans and
the Serviced Companion Loans. (a) The Master Servicer (generally with respect to Serviced Mortgage Loans and any related
Serviced Companion Loans that are not Specially Serviced Loans) and the Special Servicer (generally with respect to Specially
Serviced Loans and Serviced REO Loans), each as an independent contractor servicer, shall service and administer the Serviced
Mortgage Loans and any related Serviced Companion Loans on behalf of the Trust Fund and the Trustee (as Trustee for the Certificateholders)
and, in the case of any Serviced Whole Loan, the related Serviced Companion Loan Noteholder(s), (as a collective whole as if such
Certificateholders and Serviced Companion Loan Noteholder(s), as applicable, constituted a single lender (and with respect to
any Serviced Whole Loan with a related Serviced Subordinate Companion Loan, taking into account the subordinate nature of such
Serviced Subordinate Companion Loan)), in each case, in accordance with the Servicing Standard.

 

The Master Servicer’s
or Special Servicer’s liability for actions and omissions in its capacity as Master Servicer or Special Servicer, as the
case may be, hereunder is limited as provided herein (including, without limitation, pursuant to Section 6.03 hereof). To
the extent consistent with the foregoing and subject to any express limitations set forth in this Agreement, the Master Servicer
and Special Servicer shall seek to maximize the timely and complete recovery of principal and interest on the Mortgage Notes; provided, that nothing herein contained shall be construed as an express or implied guarantee by the Master Servicer or Special Servicer
of the collectability of the Mortgage Loans or the Serviced Companion Loans. Subject only to the Servicing Standard, the Master
Servicer and Special Servicer shall have full power and authority, acting alone or through sub-servicers (subject to paragraph
(c) of this Section 3.01, to the related sub-servicing agreement with each sub-servicer and to Section 3.02 of this
Agreement), to do or cause to be done any and all things in connection with such servicing and administration that it may deem
consistent with the Servicing Standard and, in its reasonable judgment, in the best interests of the Certificateholders, including,
without limitation, with respect to each Serviced Mortgage Loan and, in the case of any Serviced Whole Loan, in the best interests
of the Certificateholders and the Serviced Companion Loan Noteholder(s), as a collective whole as if such Certificateholders and
(with respect to a Serviced Whole Loan) Serviced Companion Loan Noteholder(s) constituted a single lender (and with respect to
any Serviced Whole Loan with any related Serviced Subordinate Companion Loan, taking into account the subordinate nature of such
Serviced Subordinate Companion Loan)) to prepare, execute and deliver, on behalf of the Certificateholders and Serviced Companion
Loan Noteholders and the Trustee or any of them: (i) any and all financing statements, continuation statements and other documents
or instruments necessary to maintain the lien on each Mortgaged

 

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Property
and related collateral; (ii) any modifications, waivers, consents or amendments to or with respect to any documents contained
in the related Mortgage File; and (iii) any and all instruments of satisfaction or cancellation, or of partial or full release
or discharge, and all other comparable instruments, with respect to such Mortgage Loans and the Mortgaged Properties. Notwithstanding
the foregoing, neither the Master Servicer nor the Special Servicer shall modify, amend, waive or otherwise consent to any change
of the terms of any Mortgage Loan except under the circumstances described in Section 3.03, Section 3.09, Section
3.10, Section 3.24, Section 3.25, Section 3.26 and Section 3.27 hereof. The Master Servicer (with
respect to Serviced Mortgage Loans and any related Serviced Companion Loans that are non-Specially Serviced Loans) and the Special
Servicer (with respect to Specially Serviced Loans and Serviced REO Loans) shall provide to the Borrowers related to such Mortgage
Loans that it is servicing any reports required to be provided to them pursuant to the related Loan Documents. Subject to Section
3.11 of this Agreement, the Trustee shall, upon the receipt of a written request of a Servicing Officer, execute and deliver
to the Master Servicer and Special Servicer, as applicable, any powers of attorney (in the form attached hereto as Exhibit
DD, or such other form as mutually agreed to by the Trustee and the Master Servicer or the Special Servicer, as applicable)
and other documents (including but not limited to other powers of attorney) prepared by the Master Servicer and Special Servicer,
as applicable, and necessary or appropriate (as certified in such written request) to enable the Master Servicer and Special Servicer,
as applicable, to carry out their servicing and administrative duties hereunder. The Trustee shall not be held liable for any
misuse of any such power of attorney or such other documents by the Master Servicer and Special Servicer, as applicable. Notwithstanding
anything contained herein to the contrary, none of the Master Servicer or the Special Servicer shall, without the Trustee’s
written consent: (i) initiate any action, suit or proceeding solely under the Trustee’s name without indicating the Master
Servicer’s or the Special Servicer’s, as the case may be, representative capacity (unless prohibited by any requirement
of the applicable jurisdiction in which any such action, suit or proceeding is brought and if so prohibited, in the manner required
by such jurisdiction (provided that the Master Servicer or the Special Servicer, as applicable, shall then provide five (5) Business
Days’ written notice to the Trustee of the initiation of such action, suit or proceeding (or such shorter time period as
is reasonably required in the judgment of the Master Servicer or the Special Servicer, as applicable, made in accordance with
the Servicing Standard) prior to filing such action, suit or proceeding), and shall not be required to obtain the Trustee’s
consent or indicate the Master Servicer’s or the Special Servicer’s, as applicable, representative capacity); or (ii)
take any action with the intent to cause, and that actually causes, the Trustee to be registered to do business in any state.

 

(b)       Unless
otherwise provided in the related Mortgage Note or related Intercreditor Agreement, the Master Servicer shall apply any partial
Principal Prepayment received on a Serviced Mortgage Loan or Serviced Companion Loan, as applicable, on a date other than a Due
Date to the Stated Principal Balance of such Serviced Mortgage Loan or Serviced Companion Loan, as applicable, as of the Due Date
immediately following the date of receipt of such partial Principal Prepayment. Unless otherwise provided in the related Mortgage
Note or related Intercreditor Agreement, the Master Servicer shall apply any amounts received on U.S. Treasury obligations in respect
of a Serviced Mortgage Loan or Serviced Companion Loan, as applicable, being defeased pursuant to its terms to the Stated Principal
Balance of and interest on such Mortgage Loan or Serviced Companion Loan, as applicable, as of the Due Date immediately following
the receipt of such amounts.

 

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(c)       The
Master Servicer and the Special Servicer, may enter into Sub-Servicing Agreements with third parties with respect to any of its
respective obligations hereunder, provided that (i) any such agreement requires the Sub-Servicer to comply in all material
respects with all of the applicable terms and conditions of this Agreement and shall be consistent with the provisions of this
Agreement, the terms of the respective Loan Documents and, in the case of a Serviced Companion Loan, the related Intercreditor
Agreement, (ii) if such Sub-Servicer is a Servicing Function Participant or an Additional Servicer, any such agreement provides
that (x) the failure of such Sub-Servicer to comply with any of the requirements under Article X of this Agreement applicable
to such Sub-Servicer, including the failure to deliver any reports or certificates at the time such report or certification is
required under Article X and (y) the failure of such Sub-Servicer to comply with any requirements to deliver any items required
by Items 1122 and 1123 of Regulation AB under any other pooling and servicing agreement relating to any other series of certificates
offered by the Depositor shall constitute an event of default by such Sub-Servicer upon the occurrence of which (following the
expiration of any applicable grace period) the Master Servicer shall (and the Depositor may) immediately terminate the related
Sub-Servicer under the related Sub-Servicing Agreement, which termination shall be deemed for cause, (iii) no Sub-Servicer retained
by the Master Servicer or the Special Servicer, as applicable, shall grant any modification, waiver or amendment to any Mortgage
Loan or Serviced Companion Loan, as applicable, or foreclose any Mortgage without the approval of the Master Servicer or the Special
Servicer, as applicable, which approval shall be given or withheld in accordance with the procedures set forth in Section 3.09,
Section 3.10, Section 3.24, Section 3.25, Section 3.26, Section 3.27, (as applicable), (iv)
such Sub-Servicing Agreement shall be consistent with the Servicing Standard, (v) such Sub-Servicing Agreement shall be terminable
if at any time the related Sub-Servicer is a Risk Retention Affiliate of the Third-Party Purchaser and such Sub-Servicer is a servicer
as contemplated by Item 1108(a)(2) of Regulation AB, and (vi) with respect to any Sub-Servicing Agreement entered into after the
Closing Date, if such Sub-Servicer is a Servicing Function Participant or an Additional Servicer, such Sub-Servicer, at the time
the related Sub-Servicing Agreement is entered into, is not a Prohibited Party. Any such Sub-Servicing Agreement may permit the
Sub-Servicer to delegate its duties to agents or Subcontractors so long as the related agreements or arrangements with such agents
or Subcontractors are consistent with the provisions of this Section 3.01(c) (including, for the avoidance of doubt, that
no such agent or Subcontractor is a Prohibited Party, if such agent or Subcontractor would be a Servicing Function Participant,
at the time the related sub-servicing agreement is entered into). Any monies received by a Sub-Servicer pursuant to a Sub-Servicing
agreement (other than sub-servicing fees) shall be deemed to be received by the Master Servicer on the date received by such Sub-Servicer.

 

Any Sub-Servicing Agreement
entered into by the Master Servicer or the Special Servicer, as applicable, shall provide that it may be assumed or terminated
by the Trustee (in its sole discretion, but must be assumed with respect to any Mortgage Loan Seller Sub-Servicer so long as such
Mortgage Loan Seller Sub-Servicer is not in default under the applicable Sub-Servicing Agreement) if the Trustee has assumed the
duties of the Master Servicer or the Special Servicer, respectively, or any successor Master Servicer or Special Servicer, as applicable,
without cost or obligation to the assuming party or the Trust Fund, upon the assumption by such party of the obligations, except
to the extent they arose prior to the date of assumption, of the Master Servicer or the Special Servicer, as applicable, pursuant
to Section 7.02 (it being

 

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understood
that any such obligations shall be the obligations of the terminated Master Servicer or Special Servicer, as applicable, only).

 

Any Sub-Servicing Agreement,
and any other transactions or services relating to the Mortgage Loans or the Serviced Companion Loans involving a Sub-Servicer,
shall be deemed to be between the Master Servicer or the Special Servicer, as applicable, and such Sub-Servicer alone, and the
Trustee, the Certificate Administrator, the Trust Fund, the Operating Advisor, the Asset Representations Reviewer, the Certificateholders
and, if applicable, Serviced Companion Loan Noteholders shall not be deemed parties thereto and shall have no claims, rights (except
as specified below), obligations, duties or liabilities with respect to the Sub-Servicer, except as set forth in Section 3.01(c)(ii)
and Section 3.01(d).

 

Any Sub-Servicing Agreement
as to which a Mortgage Loan Seller required the Master Servicer to enter into shall provide that the Master Servicer (and any successor
Master Servicer) or Trustee may only terminate the related Mortgage Loan Seller Sub-Servicer for cause pursuant to such Sub-Servicing
Agreement and as otherwise specified in such Sub-Servicing Agreement.

 

Notwithstanding any other
provision of this Agreement, the Special Servicer shall not enter into any Sub-Servicing Agreement which provides for the performance
by third parties of any or all of its obligations herein, without the consent of the Directing Holder for so long as no Control
Termination Event has occurred and is continuing, except to the extent necessary for the Special Servicer to comply with applicable
regulatory requirements.

 

The Master Servicer or
the Special Servicer, as applicable, shall monitor the performance and enforce the obligations of each Mortgage Loan Seller Sub-Servicer
and each Sub-Servicer that it retains under a related Sub-Servicing Agreement, except that the Master Servicer shall only be required
to use commercially reasonable efforts to cause any Mortgage Loan Seller Sub-Servicer to comply with Article X hereof. No Sub-Servicer
shall be permitted under any Sub-Servicing Agreement to make material servicing decisions, such as loan modifications or determinations
as to the manner or timing of enforcing remedies under the Mortgage Loan documents, without the consent of the Master Servicer
or Special Servicer, as applicable. The Master Servicer’s consent may also be required for certain other servicing decisions
as provided in the related Sub-Servicing Agreement.

 

Except with respect to
the Special Servicer, no party shall enter into a Sub-Servicing Agreement with a Sub-Servicer that is a Risk Retention Affiliate
of the Third-Party Purchaser if such Sub-Servicer would be a servicer as contemplated by Item 1108(a)(2) of Regulation AB. Notwithstanding
the preceding sentence, the parties to this Agreement, absent actual knowledge to the contrary, may conclusively rely upon a representation
of any Mortgage Loan Seller Sub-Servicer that such Sub-Servicer is not, to its actual knowledge, a Risk Retention Affiliate of
the Third-Party Purchaser. If at any time a party to this transaction obtains actual knowledge that such Sub-Servicer is a servicer
as contemplated by Item 1108(a)(2) of Regulation AB and is a Risk Retention Affiliate of the Third-Party Purchaser, such party
shall terminate such Sub-Servicer in accordance with the related Sub-Servicing Agreement.

 

(d)       If
the Trustee or any successor Master Servicer assumes the obligations of the Master Servicer, or if the Trustee or any successor
Special Servicer assumes the obligations

 

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of
the Special Servicer, in each case in accordance with Section 7.02, the Trustee, the successor Master Servicer or such
successor Special Servicer, as applicable, to the extent necessary to permit the Trustee, the successor Master Servicer or such
successor Special Servicer, as applicable, to carry out the provisions of Section 7.02, shall, without act or deed on the
part of the Trustee, the successor Master Servicer or such successor Special Servicer, as applicable, succeed to all of the rights
and obligations of the Master Servicer or the Special Servicer, as applicable, under any Sub-Servicing Agreement entered into
by the Master Servicer or the Special Servicer, as applicable, pursuant to Section 3.01(c). In such event, such successor
shall be deemed to have assumed all of the Master Servicer’s or the Special Servicer’s interest, as applicable, therein
(but not any liabilities or obligations in respect of acts or omissions of the Master Servicer or the Special Servicer, as applicable,
prior to such deemed assumption) and to have replaced the Master Servicer or the Special Servicer, as applicable, as a party to
such Sub-Servicing Agreement to the same extent as if such Sub-Servicing Agreement had been assigned to such successor, except
that the Master Servicer or the Special Servicer, as applicable, shall not thereby be relieved of any liability or obligations
under such Sub-Servicing Agreement that accrued prior to the succession of such successor.

 

If the Trustee or any
successor Master Servicer or Special Servicer, as applicable, assumes the servicing obligations of the Master Servicer or the Special
Servicer, as applicable, then upon request of such successor, the Master Servicer or Special Servicer, as applicable, shall at
its own expense (except (i) in the event that the Special Servicer is terminated pursuant to Section 3.22(b), at the expense
of the Certificateholders effecting such termination, as applicable; or (ii) in the event that the Master Servicer or the Special
Servicer is terminated pursuant to Section 6.04(c), at the expense of the Trust) deliver to such successor all documents
and records relating to any Sub-Servicing Agreement and the Mortgage Loans and/or the Serviced Companion Loans, as applicable,
then being serviced hereunder or thereunder and an accounting of amounts collected and held by it, if any, and shall otherwise
use commercially reasonable efforts to effect the orderly and efficient transfer of any Sub-Servicing Agreement to such successor.
The Master Servicer shall not be required to assume the obligations of the Special Servicer and nothing in this paragraph shall
imply otherwise.

 

(e)       The
parties hereto acknowledge that each Whole Loan is subject to the terms and conditions of the related Intercreditor Agreement and,
with respect to a Non-Serviced Mortgage Loan, further subject to the servicing under and all other terms and conditions of the
Other Pooling and Servicing Agreement. The parties hereto further recognize the respective rights and obligations of each Companion
Loan Noteholder under the related Intercreditor Agreement, including, without limitation with respect to (A) the allocation of
collections (and all other amounts received in connection with the related Whole Loan) on or in respect of the related Mortgage
Loan and (B) the allocation of Default Interest on or in respect of the related Mortgage Loan.

 

Notwithstanding anything
herein to the contrary, the parties hereto acknowledge and agree that the Master Servicer’s and the Special Servicer’s
obligations and responsibilities hereunder and the Master Servicer’s and the Special Servicer’s authority with respect
to the Serviced Whole Loans are limited by and subject to the terms of the related Intercreditor Agreement and, with respect to
any Non-Serviced Mortgage Loan, the rights of the Other Servicer and the Other Special Servicer under the Other Pooling and Servicing
Agreement. The

 

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Master
Servicer shall, consistent with the applicable Servicing Standard, enforce the rights of the Trustee (as holder of a Non-Serviced
Mortgage Loan) under the related Intercreditor Agreement and the Other Pooling and Servicing Agreement. The parties hereto acknowledge
that each Non-Serviced Whole Loan and any related REO Property are being serviced and administered under the related Other Pooling
and Servicing Agreement and the Other Servicer will make any Servicing Advances required thereunder in respect of such Non-Serviced
Whole Loan and remit collections on the Non-Serviced Mortgage Loan to or on behalf of the Trust. None of the Master Servicer,
the Special Servicer, the Certificate Administrator or the Trustee shall have any obligation or authority to supervise the related
Other Servicer, the related Other Special Servicer or the related Other Trustee or to make Servicing Advances with respect to
any such Non-Serviced Whole Loan. Although each Non-Serviced Whole Loan is being serviced under the related Other Pooling and
Servicing Agreement, the Controlling Class Representative may have certain information and consultation rights relating to the
servicing of the Non-Serviced Whole Loan pursuant to the terms of the related Intercreditor Agreement and the related Other Pooling
and Servicing Agreement. Any obligation of the Master Servicer or Special Servicer, as applicable, to provide information and
collections to the Trustee, the Certificate Administrator and the Certificateholders with respect to any Non-Serviced Whole Loan
shall be dependent on its receipt of the corresponding information and collections from the related Other Servicer or the related
Other Special Servicer. Nothing herein shall be deemed to override the provisions of an Intercreditor Agreement with respect to
the rights of the related noteholders thereunder and with respect to the servicing and administrative duties and obligations with
respect to such Non-Serviced Whole Loans. In the event of any inconsistency or discrepancy between the provisions, terms or conditions
of an Intercreditor Agreement related to a Non-Serviced Whole Loan and the provisions, terms or conditions of this Agreement,
the related Intercreditor Agreement shall govern.

 

If any Mortgage Loan
included in any Serviced Whole Loan is no longer part of the Trust Fund and the servicing and administration of such Serviced Whole
Loan is to be governed by a separate servicing agreement and not by this Agreement, the Master Servicer and, if such Serviced Whole
Loan is then being specially serviced hereunder, the Special Servicer, shall continue to act in such capacities under such separate
servicing agreement, which agreement shall be reasonably acceptable to the Master Servicer and/or the Special Servicer, as the
case may be, and shall contain servicing and administration, limitation of liability, indemnification and servicing compensation
provisions substantially similar to the corresponding provisions of this Agreement, except that such Serviced Whole Loan and the
related Mortgaged Property shall be serviced as if they were the sole assets serviced and administered thereunder and the sole
source of funds thereunder and except that there shall be no further obligation of any Person to make P&I Advances. All amounts
due the Master Servicer, the Trustee and the Special Servicer (including Advances and interest thereon) pursuant to this Agreement
and the applicable Intercreditor Agreement shall be paid to the Master Servicer, the Trustee and the Special Servicer by the successor
Master Servicer or Special Servicer, as applicable, or as an Additional Trust Fund Expense on the first Master Servicer Remittance
Date following termination. In addition, until such time as a separate servicing agreement with respect to such Serviced Whole
Loan and any related Serviced REO Property has been entered into and, notwithstanding that neither such Mortgage Loan nor any related
Serviced REO Property is part of the Trust Fund, the Custodian shall continue to hold the Mortgage File and the Master Servicer
and, if applicable, the Special Servicer shall (subject to the preceding sentence) continue

 

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to
service such Serviced Whole Loan or any related Serviced REO Property, as the case may be, under this Agreement as if it were
a separate servicing agreement. Nothing herein shall be deemed to override the provisions of an Intercreditor Agreement with respect
to the rights of the related noteholders thereunder and with respect to the servicing and administrative duties and obligations
with respect to such Serviced Whole Loans. In the event of any inconsistency or discrepancy between the provisions, terms or conditions
of an Intercreditor Agreement related to a Serviced Whole Loan and the provisions, terms or conditions of this Agreement, the
related Intercreditor Agreement shall govern, and as to any matter on which such Intercreditor Agreement is silent or makes reference
to this Agreement, this Agreement shall govern.

 

(f)       Except
as otherwise expressly set forth in this Agreement, Wells Fargo Bank, National Association acting in any particular capacity hereunder
will not be deemed to be imputed with knowledge of (a) Wells Fargo Bank, National Association, acting in a capacity that is unrelated
to the transactions contemplated by this Agreement, or (b) Wells Fargo Bank, National Association, acting in any other capacity
hereunder, except, in the case of either clause (a) or clause (b), where some or all of the obligations performed
in such capacities are performed by one or more employees within the same group or division of Wells Fargo Bank, National Association,
or where the groups or divisions responsible for performing the obligations in such capacities have one or more of the same Responsible
Officers, provided in any event, however, the knowledge of employees performing special servicing functions shall not be
imputed to employees performing master servicing functions, and the knowledge of employees performing master servicing functions
shall not be imputed to employees performing special servicing functions.

 

Section 3.02 Liability
of the Master Servicer and the Special Servicer When Sub-Servicing. Notwithstanding any Sub-Servicing Agreement, any
of the provisions of this Agreement relating to agreements or arrangements between the Master Servicer or Special Servicer, as
applicable, and any Person acting as sub-servicer (or its agents or Subcontractors) or any reference to actions taken through
any Person acting as sub-servicer or otherwise, the Master Servicer or the Special Servicer, as applicable, shall remain obligated
and primarily liable to the Trustee (on behalf of the Certificateholders), the Certificateholders the Certificateholders and,
with respect to the Serviced Whole Loans, the Serviced Companion Loan Noteholders, for the servicing and administering of the
Mortgage Loans and Serviced Companion Loans in accordance with the provisions of this Agreement without diminution of such obligation
or liability by virtue of such sub-servicing agreements or arrangements or by virtue of indemnification from the Depositor or
any other Person acting as sub-servicer (or its agents or Subcontractors) to the same extent and under the same terms and conditions
as if the Master Servicer or the Special Servicer, as applicable, alone were servicing and administering the Mortgage Loans and
Serviced Companion Loans. Each of the Master Servicer and the Special Servicer shall be entitled to enter into an agreement with
any sub-servicer providing for indemnification of the Master Servicer or the Special Servicer, as applicable, by such sub-servicer,
and nothing contained in this Agreement shall be deemed to limit or modify such indemnification, but no such agreement for indemnification
shall be deemed to limit or modify this Agreement.

 

Section 3.03 Collection
of Mortgage Loan and Serviced Companion Loan Payments. The Master Servicer (with respect to all the Serviced Mortgage
Loans and any related

 

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Serviced
Companion Loans (other than Specially Serviced Loans) that the Master Servicer is servicing) and the Special Servicer (with respect
to Specially Serviced Loans) shall use reasonable efforts to collect all payments called for under the terms and provisions of
the Serviced Mortgage Loans and any related Serviced Companion Loans each is obligated to service hereunder, and shall follow
the Servicing Standard with respect to such collection procedures; provided, that nothing herein contained shall be construed
as an express or implied guarantee by the Master Servicer or the Special Servicer of the collectability of the Mortgage Loans
or the Serviced Companion Loans; provided, further, that with respect to such Serviced Mortgage Loans and any related
Serviced Companion Loans, as applicable, that have Anticipated Repayment Dates, so long as the related Borrower is in compliance
with each provision of the related Loan Documents, the Master Servicer and Special Servicer (including the Special Servicer in
its capacity as a Certificateholder, if applicable) shall not take any enforcement action with respect to the failure of the related
Borrower to make any payment of Excess Interest, other than requests for collection, until the final maturity date of such Mortgage
Loan or Serviced Whole Loan, as applicable, or the outstanding principal balance of such Mortgage Loan or Serviced Whole Loan,
as applicable, has been paid in full, however, consistent with the applicable Servicing Standard, the Master Servicer, or the
Special Servicer each may in its discretion waive the Excess Interest (even at the final maturity date) in connection with any
Mortgage Loan it is obligated to service hereunder if taking such action is in the best interest of the Certificateholders as
a collective whole. With respect to each Performing Loan (other than a Non-Serviced Mortgage Loan), the Master Servicer shall
use its reasonable efforts, consistent with the Servicing Standard, to collect income statements and rent rolls from Borrowers
as required by the Loan Documents and the terms hereof. The Master Servicer shall provide at least 90 days’ notice (with
a copy to the Special Servicer) to the Borrowers of Balloon Payments coming due on Performing Loans (other than a Non-Serviced
Mortgage Loan). Consistent with the foregoing, the Master Servicer (with respect to each Performing Loan) or the Special Servicer
(with respect to Specially Serviced Loans) may in their discretion waive any late payment charge or Default Interest it is entitled
to receive in connection with any delinquent Periodic Payment or Balloon Payment with respect to any Mortgage Loan or Serviced
Companion Loan that it is servicing. In addition, the Special Servicer shall be entitled to take such actions with respect to
the collection of payments on the Mortgage Loans and the Serviced Companion Loans as are permitted or required under this Agreement.

 

Section 3.04 Collection
of Taxes, Assessments and Similar Items; Escrow Accounts. (a) The Master Servicer, in the case of all Serviced Mortgage
Loans that it is servicing, shall maintain accurate records with respect to each related Mortgaged Property reflecting the status
of taxes, assessments and other similar items that are or may become a lien thereon and the status of insurance premiums payable
with respect thereto. With respect to each Specially Serviced Loan, the Special Servicer shall use its reasonable efforts, consistent
with the Servicing Standard, to collect income statements and rent rolls from Borrowers as required by the Loan Documents. The
Special Servicer, in the case of Serviced REO Loans, and the Master Servicer, in the case of all Serviced Mortgage Loans that
it is servicing, shall use reasonable efforts consistent with the Servicing Standard to, from time to time, (i) obtain all bills
for the payment of such items (including renewal premiums), and (ii) effect, or, if the Special Servicer, to use reasonable efforts
to cause the Master Servicer to effect, payment of all such bills with respect to such Mortgaged Properties prior to the applicable
penalty or termination date, in each case employing for such purpose Escrow Payments as allowed under the terms of the related

 

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Loan
Documents for the related Mortgage Loan or Serviced Companion Loan. If a Borrower under a Serviced Mortgage Loan fails to make
any such payment on a timely basis or collections from the Borrower are insufficient to pay any such item before the applicable
penalty or termination date, the Master Servicer shall advance the amount of any shortfall as a Servicing Advance unless the Master
Servicer determines in accordance with the Servicing Standard that such Advance would be a Nonrecoverable Advance (provided
that with respect to advancing insurance premiums or delinquent tax assessments the Master Servicer shall comply with the
provisions of the second to last paragraph in Section 3.21(d) of this Agreement). The Master Servicer shall be entitled
to reimbursement of Servicing Advances, with interest thereon at the Reimbursement Rate, that it makes pursuant to this Section
3.04 of this Agreement from amounts received on or in respect of the related Mortgage Loan or Serviced Whole Loan respecting
which such Advance was made or if such Advance has become a Nonrecoverable Advance, to the extent permitted by Section 3.06
of this Agreement. No costs incurred by the Master Servicer in effecting the payment of taxes and assessments on the Mortgaged
Properties shall, for the purpose of calculating distributions to Certificateholders or Serviced Companion Loan Noteholders, be
added to the amount owing under the related Mortgage Loans or Serviced Companion Loans, notwithstanding that the terms of such
Mortgage Loans or Serviced Companion Loans so permit.

 

The parties acknowledge
that with respect to Non-Serviced Mortgage Loans, the Other Servicer is obligated to make (or any other service provider provided
for in the related Other Pooling and Servicing Agreement may make) Servicing Advances with respect to such Non-Serviced Mortgage
Loans pursuant to the related Other Pooling and Servicing Agreement. The Other Servicer (or other service provider) shall be entitled
to reimbursement for nonrecoverable Servicing Advances (as such term or similar term may be defined in the related Other Pooling
and Servicing Agreement) with, in each case, any accrued and unpaid interest thereon provided for under the related Other Pooling
and Servicing Agreement in the manner set forth in such Other Pooling and Servicing Agreement, the related Intercreditor Agreement
and Section 3.06(a)(v) of this Agreement.

 

(b)       The
Master Servicer shall segregate and hold all funds collected and received pursuant to any Serviced Mortgage Loan or any Serviced
Companion Loan that it is servicing constituting Escrow Payments separate and apart from any of its own funds and general assets
and shall establish and maintain one or more segregated custodial accounts (each, an “Escrow Account”) into
which all Escrow Payments shall be deposited within two (2) Business Days after receipt of properly identified funds and maintained
in accordance with the requirements of the related Mortgage Loan or Serviced Whole Loan, as applicable, and in accordance with
the Servicing Standard. The Master Servicer shall also deposit into each Escrow Account any amounts representing losses on Permitted
Investments to the extent required pursuant to Section 3.07(b) of this Agreement and any Insurance Proceeds or Liquidation
Proceeds which are required to be applied to the restoration or repair of any Mortgaged Property pursuant to the related Mortgage
Loan or Serviced Whole Loan. Escrow Accounts shall be Eligible Accounts (except to the extent the related Loan Documents require
it to be held in an account that is not an Eligible Account); provided, if the ratings of the financial institution holding
such account are downgraded to a ratings level below that of an Eligible Account (except to the extent the related Loan Documents
require it to be held in an account that is not an Eligible Account), the Master Servicer shall have 30 days (or such longer time
as

 

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confirmed
by a Rating Agency Confirmation, obtained at the expense of the Master Servicer relating to the Certificates and any related Serviced
Companion Loan Securities) to transfer such account to an Eligible Account. Escrow Accounts shall be entitled, “Wells Fargo
Bank, National Association, as Master Servicer, on behalf of Wilmington Trust, National Association, as Trustee, for the benefit
of the Holders of Deutsche Mortgage & Asset Receiving Corporation, Benchmark 2018-B1 Mortgage Trust Commercial Mortgage Pass-Through
Certificates, Series 2018-B1 and Various Borrowers and, if applicable, Serviced Companion Loan Noteholders”. Withdrawals
from an Escrow Account may be made by the Master Servicer only:

 

(i)     
  to effect timely payments of items constituting Escrow Payments for the related Mortgage;

 

(ii)       to
transfer funds to the Collection Account and/or the applicable Serviced Whole Loan Collection Account (or any sub-account thereof)
to reimburse the Master Servicer or the Trustee for any Servicing Advance (with interest thereon at the Reimbursement Rate) relating
to Escrow Payments, but only from amounts received with respect to the related Mortgage Loan and/or Serviced Whole Loan, as applicable,
which represent late collections of Escrow Payments thereunder;

 

(iii)       for
application to the restoration or repair of the related Mortgaged Property in accordance with the related Mortgage Loan and/or
Serviced Whole Loan, as applicable, and the Servicing Standard;

 

(iv)      to
clear and terminate such Escrow Account upon the termination of this Agreement or pay-off of the related Mortgage Loan and/or Serviced
Whole Loan, as applicable;

 

(v)       to
pay from time to time to the related Borrower any interest or investment income earned on funds deposited in the Escrow Account
if such income is required to be paid to the related Borrower under law or by the terms of the Loan Documents for such Mortgage
Loan or Serviced Whole Loan, or otherwise to the Master Servicer; or

 

(vi)       to
remove any funds deposited in an Escrow Account that were not required to be deposited therein or to refund amounts to Borrowers
determined to be overages.

 

(c)       The
Master Servicer shall, as to each Serviced Mortgage Loan and each Serviced Companion Loan that it is servicing, (i) maintain accurate
records with respect to the related Mortgaged Property reflecting the status of real estate taxes, assessments and other similar
items that are or may become a lien thereon and the status of insurance premiums and any ground rents payable in respect thereof
and (ii) use reasonable efforts to obtain, from time to time, all bills for (or otherwise confirm) the payment of such items (including
renewal premiums) and, for such Mortgage Loans and Serviced Companion Loans that require the related Borrower to escrow for such
items, shall effect payment thereof prior to the applicable penalty or termination date. For purposes of effecting any such payment
for which it is responsible, the Master Servicer shall apply Escrow Payments as allowed under the terms of the related Loan Documents
for such Mortgage Loan and Serviced Companion Loan (or, if such Mortgage Loan or Serviced Companion Loan does not require the related
Borrower to escrow for the payment of

 

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real
estate taxes, assessments, insurance premiums, ground rents (if applicable) and similar items, the Master Servicer shall use reasonable
efforts consistent with the Servicing Standard to cause the related Borrower to comply with the requirement of the related Loan
Documents that the Borrower make payments in respect of such items at the time they first become due and, in any event, prior
to the institution of foreclosure or similar proceedings with respect to the related Mortgaged Property for nonpayment of such
items). Subject to Section 3.21 of this Agreement, the Master Servicer shall timely make a Servicing Advance with respect
to the Serviced Mortgage Loans and any related Serviced Companion Loans that it is servicing, if any, to cover any such item which
is not so paid, including any penalties or other charges arising from the Borrower’s failure to timely pay such items.

 

Section 3.05 Collection
Accounts; Gain-on-Sale Reserve Account; Distribution Accounts; Interest Reserve Account and Serviced Whole Loan Collection Accounts.
(a) The Master Servicer shall establish and maintain a Collection Account, for the benefit of the Certificateholders and the Trustee
as the Holder of the Lower-Tier Regular Interests with respect to the Mortgage Loans that it is servicing. The Collection Account
shall be established and maintained as an Eligible Account. Amounts attributable to Excess Interest will be assets of the Grantor
Trust. Amounts attributable to the Companion Loans will not be assets of the Trust Fund.

 

Within two (2) Business
Days following receipt of properly identified funds, the Master Servicer shall deposit or cause to be deposited in the Collection
Account the following payments and collections received or made by or on behalf of it on or with respect to the Mortgage Loans
subsequent to the Cut-off Date:

 

(i)       all
payments on account of principal on the Mortgage Loans (other than any Mortgage Loan related to a Serviced Whole Loan), including
the principal component of all Unscheduled Payments;

 

(ii)       all
payments on account of interest on the Mortgage Loans (other than any Mortgage Loan related to a Serviced Whole Loan) (net of the
related Servicing Fees), including Prepayment Premiums, Default Interest, Yield Maintenance Charges, Excess Interest and the interest
component of all Unscheduled Payments;

 

(iii)       any
amounts required to be deposited pursuant to Section 3.07(b) of this Agreement, in connection with net losses realized on
Permitted Investments with respect to funds held in the Collection Account;

 

(iv)       all
Net REO Proceeds withdrawn from the related REO Account (other than the Serviced Whole Loan REO Account) pursuant to Section
3.15(b) of this Agreement;

 

(v)       any
amounts received from Borrowers which represent recoveries of Property Protection Expenses and are allocable to the Mortgage Loans
(other than any Mortgage Loan related to a Serviced Whole Loan), to the extent not permitted to be retained by the Master Servicer
as provided herein;

 

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(vi)      all
Insurance Proceeds, Condemnation Proceeds and Liquidation Proceeds received in respect of any Mortgage Loan (other than any Mortgage
Loan related to a Serviced Whole Loan) or any REO Property (other than a Serviced REO Property related to a Serviced Whole Loan),
other than Gain-on-Sale Proceeds and Liquidation Proceeds that are received in connection with a purchase of all the Mortgage Loans
and any REO Properties in the Trust Fund and that are to be deposited in the Lower-Tier Distribution Account pursuant to Section
9.01 of this Agreement, together with any amounts representing recoveries of Nonrecoverable Advances, including any recovery
of Unliquidated Advances, in respect of the related Mortgage Loans (other than any Mortgage Loan related to a Serviced Whole Loan);
provided, that any Liquidation Proceeds related to a sale, pursuant to Section 3.16 hereof or pursuant to the related
Intercreditor Agreement, of a Mortgage Loan included in a Serviced Whole Loan shall be deposited directly into the Collection Account
and applied solely to pay expenses relating to that Mortgage Loan and to Aggregate Available Funds;

 

(vii)     Penalty
Charges on the Mortgage Loans (other than any Mortgage Loan related to a Serviced Whole Loan) to the extent required to offset
interest on Advances and Additional Trust Fund Expenses pursuant to Section 3.12(d) of this Agreement;

 

(viii)    any
amounts required to be deposited by the Master Servicer or the Special Servicer pursuant to Section 3.08(b) of this Agreement
in connection with losses resulting from a deductible clause in a blanket or master force-placed policy in respect of the Mortgage
Loans (other than any Mortgage Loan related to a Serviced Whole Loan);

 

(ix)       any
other amounts required by the provisions of this Agreement (including without limitation any amounts to be transferred from the
Serviced Whole Loan Collection Account pursuant to Section 3.06(b)(i)(B) and, with respect to the Companion Loans or any
mezzanine indebtedness that may exist on a future date, all amounts received pursuant to the cure and purchase rights or reimbursement
obligations set forth in the related Intercreditor Agreement or mezzanine intercreditor agreement, as applicable, other than in
respect of a Serviced Whole Loan) to be deposited into the Collection Account by the Master Servicer or Special Servicer;

 

(x)       any
Compensating Interest Payments in respect of the Mortgage Loans that the Master Servicer is servicing (other than any Non-Serviced
Mortgage Loan or any Mortgage Loan related to a Serviced Whole Loan) pursuant to Section 3.17(c) of this Agreement;

 

(xi)       any
Loss of Value Payments, as set forth in Section 3.06(e) of this Agreement; and

 

(xii)       in
the case of any Mortgage Loan that is part of a Serviced Whole Loan, the amounts to be withdrawn from the related Serviced Whole
Loan Collection Account and deposited into the Collection Account pursuant to Section 3.06(b)(i).

 

In the case of Gain-on-Sale
Proceeds, the Master Servicer shall make appropriate ledger entries received with respect thereto, which the Master Servicer shall
hold for (i) the Trustee for the benefit of the Lower-Tier Regular Interests, (ii) for the benefit of the

 

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Certificateholders
(other than the Class S Certificates) and the Trustee as the Holder of the Lower-Tier Regular Interests and (iii) for the benefit
of any Serviced Companion Loan Noteholder entitled thereto. Any Gain-on-Sale Proceeds shall be identified separately from any
other amounts held in the Collection Account (with amounts attributable to each Class or Classes and any Serviced Companion Loan
also identified separately).

 

The foregoing requirements
for deposits in the Collection Account shall be exclusive, it being understood and agreed that, without limiting the generality
of the foregoing, payments in the nature of late payment charges (subject to Section 3.12 and the related Intercreditor
Agreement), Assumption Fees, assumption application fees, Modification Fees and consent fees, loan service transaction fees, extension
fees, demand fees, beneficiary statement charges and similar fees need not be deposited in the Collection Account by the Master
Servicer or the Special Servicer, as applicable, and, to the extent permitted by applicable law, the Master Servicer or the Special
Servicer, as applicable in accordance with Section 3.12 hereof, shall be entitled to retain any such charges and fees received
with respect to the Mortgage Loans that it is servicing as additional compensation.

 

If the Master Servicer
deposits in the Collection Account any amount not required to be deposited therein, it may at any time withdraw such amount from
the Collection Account, any provision herein to the contrary notwithstanding.

 

Upon receipt of any of
the amounts described in clauses (i), (ii), (v) and (vi) above with respect to any Specially Serviced Loan which is not a Serviced
REO Loan, the Special Servicer shall remit such amounts within one Business Day after receipt thereof (except, if such amounts
are not properly identified, the Special Servicer shall promptly identify such amounts and shall remit such amounts within one
Business Day after such identification) to the Master Servicer for deposit into the Collection Account in accordance with the second
paragraph of this Section 3.05 of this Agreement, unless the Special Servicer determines, consistent with the Servicing
Standard, that a particular item should not be deposited because of a restrictive endorsement or other appropriate reason. Any
such amounts received by the Special Servicer with respect to a Serviced REO Property (other than any Serviced REO Property related
to the Serviced Whole Loans) shall be deposited by the Special Servicer into the REO Account and remitted to the Master Servicer
for deposit into the Collection Account pursuant to Section 3.15(b) of this Agreement. With respect to any related Serviced
Whole Loan, the Special Servicer shall comply with Section 3.05(g) of this Agreement. With respect to any such amounts paid
by check to the order of the Special Servicer, the Special Servicer shall endorse without recourse or warranty such check to the
order of the Master Servicer and shall promptly deliver any such check to the Master Servicer by overnight courier.

 

(b)       The
Certificate Administrator shall establish and maintain the Lower-Tier Distribution Account in its own name for the benefit of the
Trustee, for the benefit of the Certificateholders (other than the Holders of the Class S Certificates) and the Trustee as the
Holder of the Lower-Tier Regular Interests. The Lower-Tier Distribution Account shall be established and maintained as an Eligible
Account or as a sub-account of an Eligible Account.

 

(c)       With
respect to each Distribution Date, the Master Servicer shall deliver to the Certificate Administrator on or before the Master Servicer
Remittance Date the funds then on deposit in the Collection Account after giving effect to withdrawals of funds pursuant to

 

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Section
3.06(a) of this Agreement and deposits from the Serviced Whole Loan Collection Account pursuant to Section 3.06 of this
Agreement. Upon receipt from the Master Servicer of such amounts held in the Collection Account, the Certificate Administrator
shall deposit in (A) the Lower-Tier Distribution Account (i) the amount of Aggregate Available Funds to be distributed pursuant
to Section 4.01 of this Agreement on such Distribution Date and (ii) the amount of Gain-on-Sale Proceeds allocable to any
Mortgage Loan to be deposited into the Lower-Tier Distribution Account (which the Certificate Administrator shall then deposit
in the Gain-on-Sale Reserve Account) pursuant to Section 3.06 of this Agreement, (B) the Interest Reserve Account as part
of the Lower-Tier REMIC, the amount of any Withheld Amounts to be deposited pursuant to Section 3.05(e) of this Agreement
and (C) in the Excess Interest Distribution Account, the Excess Interest to be distributed to the Holders of the Excess Interest
Certificates.

 

(d)       If
any Loss of Value Payments are received in connection with a Material Defect or Material Breach, as the case may be, pursuant to
or as contemplated by Section 2.03(e) of this Agreement, the Special Servicer shall establish and maintain one or more non-interest
bearing accounts (collectively, the “Loss of Value Reserve Fund”) to be held for the benefit of the Certificateholders,
for purposes of holding such Loss of Value Payments. Each account that constitutes the Loss of Value Reserve Fund shall be an Eligible
Account or a sub-account of an Eligible Account. The Special Servicer shall, upon receipt, deposit in the Loss of Value Reserve
Fund all Loss of Value Payments received by it. The Certificate Administrator shall account for the Loss of Value Reserve Fund
as an outside reserve fund within the meaning of Treasury Regulations Section 1.860G-2(h) and not an asset of any Trust REMIC or
the Grantor Trust. Furthermore, for all federal tax purposes, the Certificate Administrator shall (i) treat amounts paid out of
the Loss of Value Reserve Fund through the Collection Account to the Certificateholders as contributed to and distributed by the
Trust REMICs and (ii) treat any amounts paid out of the Loss of Value Reserve Fund through the Collection Account to a Mortgage
Loan Seller as distributions by the Trust Fund to such Mortgage Loan Seller as beneficial owner of the Loss of Value Reserve Fund.
The applicable Mortgage Loan Seller will be the beneficial owner of the Loss of Value Reserve Fund for all federal income tax purposes,
and shall be taxable on all income earned thereon.

 

(e)       The
Certificate Administrator shall establish and maintain the Interest Reserve Account in its own name for the benefit of the Trustee,
for the benefit of the Certificateholders (other than the Holders of the Class S Certificates) and the Trustee as the Holder of
the Lower-Tier Regular Interests. The Interest Reserve Account shall be established and maintained as an Eligible Account or as
a sub-account of an Eligible Account.

 

On each Master Servicer
Remittance Date occurring in (i) January of each calendar year that is not a leap year and (ii) February of each calendar year,
unless in either case such Master Servicer Remittance Date is the final Master Servicer Remittance Date, the Certificate Administrator
shall calculate the Withheld Amounts. On each such Master Servicer Remittance Date, the Certificate Administrator shall, with respect
to each Mortgage Loan that does not accrue interest on the basis of a 360-day year of twelve 30-day months, withdraw or be deemed
to withdraw from the Lower-Tier Distribution Account and deposit or be deemed to deposit in the Interest Reserve Account an amount
equal to the aggregate of the Withheld Amounts calculated in accordance with the previous sentence. If the Certificate Administrator

 

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shall deposit in the Interest Reserve Account any amount not required to be deposited therein, it may at any time withdraw such
amount from the Interest Reserve Account any provision herein to the contrary notwithstanding. On or prior to the Master Servicer
Remittance Date in March of each calendar year (or in February if the final Distribution Date will occur in such month), the Certificate
Administrator shall transfer to the Lower-Tier Distribution Account the aggregate of all Withheld Amounts on deposit in the Interest
Reserve Account.

 

With respect to the Distribution
Date in March 2018, for each Mortgage Loan that accrues interest based on an Actual/360 Basis, the related Mortgage Loan Seller
shall remit to the Depositor on the Closing Date for deposit into the Interest Reserve Account an amount equal to one day of interest
at the related Net Mortgage Rate (the “Interest Deposit Amount”). The Interest Deposit Amount shall be included
in the Withheld Amounts for the Distribution Date in March 2018.

 

(f)       The
Certificate Administrator shall establish and maintain the Upper-Tier Distribution Account in its own name for the benefit of the
Trustee and for the benefit of the Certificateholders (other than the Holders of the Class S Certificates). The Upper-Tier Distribution
Account shall be established and maintained as an Eligible Account or a sub-account of an Eligible Account. Promptly on each Distribution
Date, the Certificate Administrator shall withdraw or be deemed to withdraw from the Lower-Tier Distribution Account and deposit
or be deemed to deposit in the Upper-Tier Distribution Account on or before such date the Lower-Tier Distribution Amount and the
amount of any Prepayment Premiums and Yield Maintenance Charges for such Distribution Date to be distributed in respect of the
Lower-Tier Regular Interests pursuant to Section 4.01(a) and Section 4.01(d) of this Agreement on such date.

 

(g)       With
respect to each Serviced Whole Loan or any related Serviced REO Property, the Master Servicer shall maintain, or cause to be maintained,
a Serviced Whole Loan Collection Account in which the Master Servicer shall deposit or cause to be deposited within two Business
Days following receipt of properly identified funds the following payments and collections received or made by or on behalf of
it on such Serviced Whole Loan or Serviced REO Property subsequent to the Cut-off Date:

 

(i)       all
payments on account of principal on such Serviced Whole Loan, including the principal component of Unscheduled Payments;

 

(ii)       all
payments on account of interest on such Serviced Whole Loan (net of the related Servicing Fees), including Prepayment Premiums,
Default Interest, Yield Maintenance Charges and the interest component of all Unscheduled Payments;

 

(iii)       any
amounts required to be deposited pursuant to Section 3.07(b), in connection with net losses realized on Permitted Investments
with respect to funds held in such Serviced Whole Loan Collection Account;

 

(iv)       all
Net REO Proceeds withdrawn from the related REO Account in respect of such Serviced Whole Loan pursuant to Section 3.15(b);

 

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(v)       any
amounts received from Borrowers which represent recoveries of Property Protection Expenses and are allocable to such Serviced
Whole Loan, to the extent not permitted to be retained by the Master Servicer as provided herein;

 

(vi)      all
Insurance Proceeds, Condemnation Proceeds and Liquidation Proceeds received in respect of such Serviced Whole Loan or any related
Serviced REO Property (other than Gain-on-Sale Proceeds and Liquidation Proceeds that are received in connection with a purchase
of all the Mortgage Loans and any REO Properties in the Trust Fund and that are to be deposited in the Lower-Tier Distribution
Account pursuant to Section 9.01), together with any amounts representing recoveries of Nonrecoverable Advances, including
any recovery of Unliquidated Advances, in respect of such Serviced Whole Loan; provided, that any Liquidation Proceeds
related to a sale pursuant to Section 3.16 hereof or pursuant to the related Intercreditor Agreement of a Mortgage Loan
included in a Serviced Whole Loan shall be deposited directly into the Collection Account and applied solely to pay expenses relating
to that Mortgage Loan and to Aggregate Available Funds and any Liquidation Proceeds related to a sale of a related Serviced Companion
Loan included in a Serviced Whole Loan shall be deposited into the Serviced Whole Loan Collection Account and applied solely to
pay expenses relating to that Serviced Companion Loan and to pay amounts due to the related Serviced Companion Loan Noteholder;

 

(vii)     Penalty
Charges on such Serviced Whole Loan to the extent required to offset interest on Advances and debt service advances made by a
Serviced Companion Loan Service Provider and Additional Trust Fund Expenses pursuant to Section 3.12(d);

 

(viii)    any
amounts required to be deposited by the Master Servicer or the Special Servicer pursuant to Section 3.08(b) in connection
with losses resulting from a deductible clause in a blanket or master force placed policy in respect of such Serviced Whole Loan;

 

(ix)       any
other amounts required by the provisions of this Agreement (including with respect to the Companion Loans or any mezzanine indebtedness
that may exist on a future date, all amounts received pursuant to the cure and purchase rights or reimbursement obligations set
forth in the related Intercreditor Agreement or mezzanine intercreditor agreement, as applicable) to be deposited into the applicable
Serviced Whole Loan Collection Account by the Master Servicer or the Special Servicer;

 

(x)        any
cure payments remitted by any Serviced Companion Loan Noteholder pursuant to the related Intercreditor Agreement; and

 

(xi)       any
Compensating Interest Payments in respect of such Serviced Whole Loan pursuant to Section 3.17(c).

 

The
foregoing requirements for deposits into the applicable Serviced Whole Loan Collection Account shall be exclusive, it being understood
and agreed that, without limiting the generality of the foregoing, payments in the nature of late payment charges (subject to
Section 3.12 hereof), Assumption Fees, assumption application fees, Modification Fees, consent fees, loan service transaction
fees, extension fees, demand fees, beneficiary statement charges and similar fees need not be deposited into the

 

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applicable
Serviced Whole Loan Collection Account by the Master Servicer or the Special Servicer, as applicable, and, to the extent permitted
by applicable law, the Master Servicer or the Special Servicer, as applicable in accordance with Section 3.12 hereof, shall
be entitled to retain any such charges and fees received with respect to the Serviced Whole Loans as additional compensation.
If the Master Servicer deposits in the applicable Serviced Whole Loan Collection Account any amount not required to be deposited
therein, it may at any time withdraw such amount from such Serviced Whole Loan Collection Account, any provision herein to the
contrary notwithstanding.

 

Each
Serviced Whole Loan Collection Account shall be maintained as a segregated account, separate and apart from any trust fund created
for mortgage backed securities of other series and the other accounts of the Master Servicer; provided, that such Serviced
Whole Loan Collection Account may be a sub-account of the Master Servicer’s Collection Account or may be maintained on a
ledger basis but shall, for purposes of this Agreement, be treated as a separate account. Each Serviced Whole Loan Collection
Account shall be established and maintained as an Eligible Account or as a sub-account of an Eligible Account.

 

Upon
receipt of any of the foregoing amounts described in clauses (i), (ii), (v) and (vi) above with respect to each Serviced Whole
Loan for so long as it is a Specially Serviced Loan but is not a Serviced REO Loan, the Special Servicer shall remit within one
Business Day such amounts to the Master Servicer for deposit into the applicable Serviced Whole Loan Collection Account in accordance
with the first paragraph of this Section 3.05(g), unless the Special Servicer determines, consistent with the applicable
Servicing Standard, that a particular item should not be deposited because of a restrictive endorsement or other appropriate reason.
Any such amounts received by the Special Servicer with respect to a Serviced REO Property related to any Serviced Whole Loan shall
initially be deposited by the Special Servicer into the related Serviced Whole Loan REO Account and remitted to the Master Servicer
for deposit into the applicable Serviced Whole Loan Collection Account pursuant to Section 3.15(b). With respect to any
such amounts paid by check to the order of the Special Servicer, the Special Servicer (A) with respect to any Specially Serviced
Loan shall endorse without recourse or warranty such check to the order of the Master Servicer and shall promptly deliver any
such check to the Master Servicer by overnight courier and (B) with respect to any REO Loan shall deposit such check into the
applicable Whole Loan REO Account.

 

(h)           Except
as otherwise set forth in Section 3.06(b), with respect to each Due Date and any related Serviced Companion Loan, on each
Serviced Whole Loan Remittance Date, the Master Servicer shall remit, from amounts on deposit in the applicable Serviced Whole
Loan Collection Account in accordance with Section 3.06(b)(i)(A), to the applicable Serviced Companion Loan Noteholder
by wire transfer in immediately available funds to the account of such Serviced Companion Loan Noteholder or an agent therefor
appearing on the Serviced Companion Loan Noteholder Register on the related date such amounts as are required to be remitted (or,
if no such account so appears or information relating thereto is not provided at least five (5) Business Days prior to the date
such amounts are required to be remitted, by check sent by first class mail to the address of such Serviced Companion Loan Noteholder
or its agent appearing on the Serviced Companion Loan Noteholder Register) the portion of the applicable

 

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Serviced
Whole Loan Remittance Amount allocable to such Serviced Companion Loan Noteholder.

 

(i)            Prior
to the Master Servicer Remittance Date relating to any Collection Period in which Gain-on-Sale Proceeds are received, the Certificate
Administrator shall establish and maintain the Gain-on-Sale Reserve Account, which may have one or more sub-accounts, to be held
in its own name for the benefit of the Trustee, for the benefit of the Certificateholders (other than the Holders of the Class
S Certificates), and with respect to each Serviced Whole Loan, the related Serviced Companion Loan Noteholders, and the Trustee
as holder of the Lower-Tier Regular Interests. Each account that constitutes a Gain-on-Sale Reserve Account shall be an Eligible
Account or a sub-account of an Eligible Account. On each Master Servicer Remittance Date, the Master Servicer shall withdraw from
the Collection Account or, if allocable to any Serviced Whole Loan, the Master Servicer shall withdraw from the applicable Serviced
Whole Loan Collection Account, and remit to the Certificate Administrator (i) in the case of the Mortgage Loans (other than the
Serviced Whole Loans), for deposit in the Lower-Tier Distribution Account, as applicable (which the Certificate Administrator
shall then deposit in the Gain-on-Sale Reserve Account), and (ii) in the case of the Serviced Whole Loans, for deposit in the
Gain-on-Sale Reserve Account, all Gain-on-Sale Proceeds received during the Collection Period ending on the Determination Date
immediately prior to such Master Servicer Remittance Date which are allocable to a Mortgage Loan or Serviced Whole Loan; provided
that on the Business Day prior to the final Distribution Date, the Certificate Administrator shall withdraw from the Gain-on-Sale
Reserve Account and deposit in the Lower-Tier Distribution Account (after allocation to any related Serviced Companion Loan as
provided in Section 4.01(e)), for distribution on such Distribution Date, any and all amounts then on deposit in the Gain-on-Sale
Reserve Account attributable to the Mortgage Loans.

 

(j)            Funds
in the Collection Account, the Serviced Whole Loan Collection Account, the Distribution Accounts, the Interest Reserve Account,
the Gain-on-Sale Reserve Account and the REO Account may be invested in Permitted Investments in accordance with the provisions
of Section 3.07 of this Agreement; provided, however, that for so long as Wells Fargo Bank, National Association
is the Certificate Administrator, funds on deposit in the Distribution Accounts, the Interest Reserve Account and the Gain-on-Sale
Reserve Account shall not be invested.

 

The
Master Servicer shall give written notice to the Depositor, the Trustee, the Certificate Administrator and the Special Servicer
of the location and account number of the Collection Account and, if applicable, the Serviced Whole Loan Collection Accounts as
of the Closing Date and shall notify the Depositor, the Special Servicer, the Certificate Administrator and the Trustee, as applicable,
in writing on or prior to the Closing Date and prior to any subsequent change thereof. In addition, the Master Servicer shall
provide notice to each affected holder of a Serviced Companion Loan of the location and account number of the relevant Serviced
Whole Loan Collection Account as well as notice in writing on or prior to the Closing Date and prior to any subsequent change
thereof. The Certificate Administrator shall give written notice to the Depositor, the Trustee, the Special Servicer and the Master
Servicer of the location and account number of the Interest Reserve Account and the Distribution Accounts as of the Closing Date
and shall notify the Depositor, the Trustee, the Special Servicer and the Master Servicer, as applicable, in writing prior to
any subsequent change thereof.

 

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(k)           The
Certificate Administrator shall establish and maintain the Excess Interest Distribution Account, in its own name, for the benefit
of the Holders of the Excess Interest Certificates, with respect to the Excess Interest, which shall be an asset of the Grantor
Trust and beneficially owned by the Holders of the Excess Interest Certificates and shall not be an asset of any Trust REMIC.
The Excess Interest Distribution Account shall be established and maintained as an Eligible Account or as a subaccount of an Eligible
Account. Following the distribution of the applicable portions of Excess Interest to the Holders of the Excess Interest Certificates,
as applicable, on the first Distribution Date after which there are no longer any Mortgage Loans outstanding which pursuant to
their terms could pay Excess Interest, the Certificate Administrator shall terminate the Excess Interest Distribution Account.

 

(l)            The
Certificate Administrator shall establish and maintain the Legal Fee Reserve Account. On the Closing Date, the Depositor shall
deposit $250,000 with the Certificate Administrator, to be credited to the Legal Fee Reserve Account. Funds held in the Legal
Fee Reserve Account shall remain uninvested. Annually, on or about April 1, beginning 2018, upon receipt by the Certificate Administrator
from the Depositor of a legal invoice related to Commission compliance matters, the Certificate Administrator shall pay such legal
invoice from and solely to the extent of funds then on deposit in the Legal Fee Reserve Account. Any such instruction shall be
sent by email to cts.cmbs.bond.admin@wellsfargo.com, along with a copy of the invoice, and a subject line reference of “Benchmark
2018-B1 - Legal Fee Reserve Account”. The Legal Fee Reserve Account will not be a part of the Trust Fund, either Trust REMIC
or the Grantor Trust. The Depositor will be the beneficial owner of the Legal Fee Reserve Account for all federal income tax purposes,
and shall be taxable on all income earned therefrom.

 

Upon
the depletion of the Legal Fee Reserve Account, or if there are insufficient funds to pay any invoice, the Certificate Administrator
shall notify the Depositor, and thereafter the Depositor shall pay any additional legal invoices from its own funds and the Certificate
Administrator shall have no responsibility in connection therewith.

 

The
Certificate Administrator shall have no responsibility for verifying the accuracy, reasonableness, or appropriateness of any invoice
received. On the final Distribution Date, the Certificate Administrator shall pay to the Depositor any funds then remaining in
the Legal Fee Reserve Account in accordance with directions provided by the Depositor.

 

(m)          The
Certificate Administrator shall establish and maintain the Class V Distribution Account in its own name for the benefit of the
Trustee, for the benefit of the Holders of the Exchangeable Certificates, which shall be an asset of the Grantor Trust and beneficially
owned by the Holders of the Exchangeable Certificates and shall not be an asset of any Trust REMIC. The Class V Distribution Account
shall be established and maintained as an Eligible Account or as a sub-account of an Eligible Account.

 

Section
3.06     Permitted Withdrawals from the Collection Accounts, the Serviced Whole Loan Collection
Accounts and the Distribution Accounts; Trust Ledger. (a) The Master Servicer shall maintain a separate Trust Ledger with
respect to the Mortgage Loans that it is servicing on which it shall make ledger entries as to amounts deposited (or
credited) or withdrawn (or debited) with respect thereto. On each Master Servicer Remittance Date (or such other date as may
be specified below or on which funds are available for such purpose as specified below), with respect to each Mortgage Loan
(other than any Mortgage Loan related to a

 

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Serviced
Whole Loan unless otherwise specified in clauses (i), (ii), (v), (vi), (x), (xi), (xii),
(xiii), (xv), (xvi) and (xvii) of this (a)), the Master Servicer shall make withdrawals from
amounts allocated thereto in the Collection Account (and may debit the Trust Ledger) for the purposes listed below (the order
set forth below not constituting an order of priority for such withdrawals):

 

(i)        on
or before 3:00 p.m. (New York City time) on each Master Servicer Remittance Date, to remit to the Certificate Administrator the
amounts to be deposited into the Lower-Tier Distribution Account (including any amount transferred from the Serviced Whole Loan
Collection Account in respect of each Mortgage Loan that is part of a Serviced Whole Loan) (including without limitation the aggregate
of the Available Funds, Prepayment Premiums, Yield Maintenance Charges and Gain-on-Sale Proceeds) which the Certificate Administrator
shall then deposit into the Upper-Tier Distribution Account, the Interest Reserve Account and the Gain-on-Sale Reserve Account,
pursuant to Section 3.05(f), Section 3.05(e) and Section 3.05(i) of this Agreement, respectively;

 

(ii)       to
pay (A) itself unpaid Servicing Fees (or, with respect to any Excess Servicing Fee Rights, to pay any Excess Servicing Fees to
the holder of such Excess Servicing Fee Rights pursuant to Section 3.12(a) of this Agreement); the Operating Advisor, unpaid
Operating Advisor Fees; and the Special Servicer, unpaid Special Servicing Fees, Liquidation Fees and Workout Fees in respect
of each Mortgage Loan, Specially Serviced Loan and Serviced REO Loan (exclusive of each Mortgage Loan or Serviced REO Loan included
in a Serviced Whole Loan), as applicable, the Master Servicer’s, the Operating Advisor’s or Special Servicer’s,
as applicable, rights to payment of Servicing Fees, Operating Advisor Fees and Special Servicing Fees, Liquidation Fees and Workout
Fees pursuant to this clause (ii)(A) with respect to any Mortgage Loan, Specially Serviced Loan or Serviced REO Loan (exclusive
of each Mortgage Loan or Serviced REO Loan included in a Serviced Whole Loan), as applicable, being limited to amounts received
on or in respect of such Mortgage Loan, Specially Serviced Loan or REO Loan, as applicable (whether in the form of payments, Liquidation
Proceeds, Insurance Proceeds or Condemnation Proceeds), that are allocable as recovery of interest thereon, (B) the Special Servicer,
any unpaid Special Servicing Fees, Liquidation Fees and Workout Fees in respect of each Specially Serviced Loan or Serviced REO
Loan, as applicable, remaining unpaid out of general collections on the
Mortgage Loans, Specially Serviced Loans and REO Properties, but in the case of each Serviced Whole Loan, only to the extent that
amounts on deposit in the applicable Serviced Whole Loan Collection Account are insufficient therefor (provided that the
Master Servicer shall, after receiving payment from amounts on deposit in the Collection Account, if any, (i) promptly notify
the related Companion Loan Noteholder and (ii) use commercially reasonable efforts to exercise on behalf of the Trust any rights
under the related Intercreditor Agreement to obtain reimbursement for a pro rata portion of such amount allocable to the
related Serviced Companion Loans from the related Companion Loan Noteholders), (C) each month to the Other Servicer or Other Special
Servicer (or Other Indemnified Party under Section 1.04 of this Agreement), as applicable, the Trust’s pro rata portion
(based on the related Mortgage Loan’s Stated Principal Balance) of any unpaid special servicing fees, liquidation fees,
workout fees and additional trust expenses in respect of a Non-Serviced Mortgage Loan remaining unpaid (including amounts payable
to such parties and Other Indemnified Parties under Section 1.04 of this Agreement), out of general collections on 

 

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the
Mortgage Loans, Specially Serviced Loans and REO Properties, (D) the Operating Advisor, any unpaid Operating Advisor Consulting
Fees (but only to the extent such Operating Advisor Consulting Fees were received from the related Borrower) and (E) the Asset
Representations Reviewer, the unpaid Asset Representations Reviewer Asset Review Fee (to the extent such fee is to be paid by
the Trust Fund) payable in connection with any Asset Review that was performed as a result of an Affirmative Asset Review Vote;

 

(iii)      to
reimburse the Trustee or itself, in that order, for unreimbursed P&I Advances (other than Nonrecoverable Advances, which are
reimbursable pursuant to clause (v) below, and exclusive of the Mortgage Loans or Serviced REO Loans included in the Serviced
Whole Loans) the Master Servicer’s or the Trustee’s right to reimbursement pursuant to this clause (iii) being limited
to amounts received which represent Late Collections for the applicable Mortgage Loan (exclusive of the Mortgage Loan or Serviced
REO Loan included in the Serviced Whole Loan; provided, that to the extent such amounts are insufficient to repay such P&I
Advances on any Mortgage Loan as to which there is a related Serviced Subordinate Companion Loan, such P&I Advances may be
reimbursed, on a pro rata basis with any reimbursement to the related Serviced Companion Loan Service Provider for unreimbursed
principal and/or interest advances with respect to any related Serviced Pari Passu Companion Loan, from collections on the related
Serviced Whole Loan allocable to such Serviced Subordinate Companion Loan) during the applicable period; provided, further,
that if such P&I Advance becomes a Workout-Delayed Reimbursement Amount, then such P&I Advance shall thereafter be reimbursed
from amounts recovered on the related Mortgage Loan intended by the modified loan documents to be applied to reimburse such Workout-Delayed
Reimbursement Amount and then from the portion of general collections and recoveries on or in respect of all of the Mortgage Loans
and REO Properties on deposit in the Collection Account from time to time that represent collections or recoveries of principal
to the extent provided in clause (v) below;

 

(iv)      to
reimburse the Trustee or itself, in that order, (with respect to any Mortgage Loan or Serviced REO Property) (exclusive of the
Mortgage Loans or Serviced REO Loans included in the Serviced Whole Loans or any Serviced REO Property securing any Serviced Whole
Loan), for unreimbursed Servicing Advances, the Master Servicer’s or the Trustee’s respective rights to receive payment
pursuant to this clause (iv) with respect to any Mortgage Loan or Serviced REO Property being limited to, as applicable, payments
received from the related Borrower which represent reimbursements of such Servicing Advances, Liquidation Proceeds, Insurance
Proceeds, Condemnation Proceeds and REO Proceeds with respect to the applicable Mortgage Loan or Serviced REO Property; provided,
that if such Servicing Advance becomes a Workout-Delayed Reimbursement Amount, then such Servicing Advance shall thereafter be
reimbursed from amounts recovered on the related Mortgage Loan intended by the modified loan documents to be applied to reimburse
such Workout-Delayed Reimbursement Amount and then from the portion of general collections and recoveries on or in respect of
the Mortgage Loans and REO Properties on deposit in the Collection Account from time to time that represent collections or recoveries
of principal to the extent provided in clause (v) below;

 

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(v)       (A)
to reimburse the Trustee or itself, in that order (with respect to any Mortgage Loan or Serviced REO Property), (1) with
respect to Nonrecoverable Advances, first, out of Liquidation Proceeds, Insurance Proceeds, Condemnation Proceeds and
REO Proceeds, if any, received on the related Mortgage Loan and related REO Properties, second, out of the principal
portion of general collections on the Mortgage Loans and REO Properties, and then, to the extent the principal portion
of general collections is insufficient and with respect to such deficiency only, subject to any election at its sole
discretion (or at the Trustee’s sole discretion for the reimbursement of the Trustee) to defer reimbursement thereof
pursuant to this Section 3.06(a) of this Agreement, out of other collections on the Mortgage Loans and REO Properties
and (2) with respect to the Workout-Delayed Reimbursement Amounts, out of the principal portion of the general collections on
the Mortgage Loans and REO Properties, net of such amounts being reimbursed pursuant to the preceding clause (1) above, but
in the case of either clause (1) or (2) above with respect to each Serviced Whole Loan, only to the extent that amounts on
deposit in the applicable Serviced Whole Loan Collection Account are insufficient therefor after taking into account any
allocation set forth in the related Intercreditor Agreement (provided that the Master Servicer shall, after receiving
payment from amounts on deposit in the Collection Account, if any, (i) promptly notify the related Companion Loan Noteholder
and (ii) use commercially reasonable efforts to exercise on behalf of the Trust any rights under the related Intercreditor
Agreement to obtain reimbursement for a pro rata portion (or such other amount as may be set forth in the related
Intercreditor Agreement) of such amount representing Servicing Advances allocable to the related Serviced Companion Loans
from the related Companion Loan Noteholders), and (B) to pay itself or the Special Servicer out of general collections on the
Mortgage Loans and REO Properties, with respect to any Mortgage Loan or Serviced REO Property any related earned Servicing
Fee, Special Servicing Fee, Liquidation Fee or Workout Fee, as applicable, that remained unpaid in accordance with
clause (ii) above following a Final Recovery Determination made with respect to such Mortgage Loan or Serviced REO Property
and the deposit into the Collection Account of all amounts received in connection therewith, but in the case of each Serviced
Whole Loan, only to the extent that amounts on deposit in the applicable Serviced Whole Loan Collection Account are
insufficient therefor (provided that the Master Servicer shall, after receiving payment from amounts on deposit in the
Collection Account, if any, (i) promptly notify the related Companion Loan Noteholder and (ii) use commercially reasonable
efforts to exercise on behalf of the Trust any rights under the related Intercreditor Agreement to obtain reimbursement for a pro
rata portion of such amount allocable to the related Serviced Companion Loans from the related Companion Loan
Noteholders) and (C) to reimburse the related Other Servicer, the related Other Special Servicer and the related Other
Trustee, as applicable, out of general collections on the Mortgage Loans and REO Properties for the Trust’s pro
rata portion (based on the related Non-Serviced Mortgage Loan’s Stated Principal Balance) of nonrecoverable
servicing advances previously made with respect to the related Non-Serviced Mortgage Loans;

 

(vi)      (A)
at such time as it reimburses the Trustee or itself, in that order (with respect to any Mortgage Loan or Serviced REO Property),
for (1) any unreimbursed P&I Advance (including any such P&I Advance that constitutes a Workout-Delayed Reimbursement
Amount) made with respect to a Mortgage Loan pursuant to clause (iii)

 

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above,
to pay itself or the Trustee, as applicable, any Advance Interest Amounts accrued and payable thereon, (2) any unreimbursed Servicing
Advances (including any such Advance that constitutes a Workout-Delayed Reimbursement Amount) made with respect to a Mortgage
Loan or Serviced REO Property pursuant to clause (iv) above, to pay itself or the Trustee, as the case may be, any Advance Interest
Amounts accrued and payable thereon or (3) any Nonrecoverable P&I Advances made with respect to a Mortgage Loan or Serviced
REO Property and any Nonrecoverable Servicing Advances made with respect to a Mortgage Loan or REO Property or any Workout-Delayed
Reimbursement Amounts pursuant to clause (v) above, to pay itself or the Trustee, as the case may be, any Advance Interest Amounts
accrued and payable thereon, in each case, first, from Penalty Charges as provided in Section 3.12(d) and then, from general collections,
but in the case of a Serviced Whole Loan only to the extent that such Nonrecoverable Advance has been reimbursed and only to the
extent that amounts on deposit in the applicable Serviced Whole Loan Collection Account are insufficient therefor after taking
into account any allocation set forth in the related Intercreditor Agreement (provided that the Master Servicer shall,
after receiving payment from amounts on deposit in the Collection Account, if any, (i) promptly notify the related Companion Loan
Noteholder and (ii) use commercially reasonable efforts to exercise on behalf of the Trust any rights under the related Intercreditor
Agreement to obtain reimbursement for a pro rata portion of such amount representing Advance Interest Amounts on Servicing
Advances allocable to the related Serviced Companion Loans from the related Companion Loan Noteholders) and (B) at such time as
it reimburses the related Other Servicer, the related Other Special Servicer and the related Other Trustee, as applicable, for
any nonrecoverable servicing advances made with respect to any related Non-Serviced Mortgage Loan or the related REO Property
pursuant to clause (v) above, to pay the related Other Servicer, the related Other Special Servicer and the related Other Trustee,
as applicable, any interest accrued and payable thereon;

 

(vii)     to
reimburse itself, the Special Servicer, the Custodian, the Certificate Administrator or the Trustee, as the case may be, for any
unreimbursed expenses reasonably incurred by such Person in respect of any Breach or Defect giving rise to a repurchase or substitution
obligation of the applicable Mortgage Loan Seller or any other obligation of the applicable Mortgage Loan Seller under Section
6 of the applicable Mortgage Loan Purchase Agreement, including, without limitation, any expenses arising out of the performance
of its duties under Section 2.03 of this Agreement or out of the enforcement of the repurchase or substitution obligation
of the applicable Mortgage Loan Seller or any other obligation of the applicable Mortgage Loan Seller under Section 6 of the applicable
Mortgage Loan Purchase Agreement, together with interest thereon at the Reimbursement Rate, each such Person’s right to
reimbursement pursuant to this clause (vii) with respect to any Mortgage Loan exclusive of any Mortgage Loan included in the Serviced
Whole Loan) subject to the following: (a) if the Purchase Price is paid for such Mortgage Loan, then such Person’s right
to reimbursement shall be limited to that portion of the Purchase Price that represents such expense in accordance with clause
(f) of the definition of Purchase Price, or (b) if no Purchase Price is paid or if an amount less than the Purchase Price is paid
and proceedings are instituted to enforce the related Mortgage Loan Seller’s payment or performance pursuant to the applicable
Mortgage Loan Purchase Agreement or if a Loss of Value Payment is made, then such Person shall

 

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be
entitled to reimbursement from the Trust following the adjudication of such proceedings in favor of such Mortgage Loan Seller,
settlement of the Breach or Defect claim, or payment of such Loss of Value Payment, as the case may be;

 

(viii)    to
pay itself all Prepayment Interest Excesses on the Mortgage Pool (exclusive of any Mortgage Loan or Serviced REO Loan included
in the Serviced Whole Loan) not required to be used pursuant to Section 3.17(c) of this Agreement;

 

(ix)       (A)
to pay itself, as additional servicing compensation in accordance with Section 3.12(a) of this Agreement, (1) interest
and investment income earned in respect of amounts relating to the Trust Fund held in the Collection Account as provided in Section
3.12(b) of this Agreement (but only to the extent of the net investment earnings with respect to such Collection Account for
any period from any Distribution Date to the immediately succeeding Master Servicer Remittance Date) and (2) Penalty Charges on
the Mortgage Loans that are non-Specially Serviced Loans (exclusive of any Mortgage Loan or Serviced REO Loan included in a Serviced
Whole Loan), but only to the extent collected from the related Borrower and only to the extent that all amounts then due and payable
with respect to the related Mortgage Loan have been paid and are not needed to pay interest on Advances in accordance with Section
3.12 and/or pay or reimburse the Trust for Additional Trust Fund Expenses incurred with respect to such Mortgage Loan during
or prior to the related Collection Period (including Special Servicing Fees, Workout Fees or Liquidation Fees); and (B) to pay
the Special Servicer, as additional servicing compensation in accordance with Section 3.12(b), Net Default Interest and
any other Penalty Charges on Specially Serviced Loans (exclusive of any Mortgage Loan or Serviced REO Loan included in the Serviced
Whole Loan), but only to the extent collected from the related Borrower and only to the extent that all amounts then due and payable
with respect to the related Specially Serviced Loan have been paid and are not needed to pay interest on Advances or Additional
Trust Fund Expenses (including Special Servicing Fees, Workout Fees or Liquidation Fees), all in accordance with Section 3.12;

 

(x)        to
pay itself, the Special Servicer, the Depositor, the Operating Advisor or any of their respective directors, officers, members,
managers, employees and agents, as the case may be, any amounts payable to any such Person pursuant to Section 6.03(a)
of this Agreement (and in the case of a Serviced Whole Loan, only to the extent that such amounts on deposit in the applicable
Serviced Whole Loan Collection Account are insufficient therefor after taking into account any allocation set forth in the related
Intercreditor Agreement (provided that the Master Servicer shall, after receiving payment from amounts on deposit in the
Collection Account, if any, (i) promptly notify the related Companion Loan Noteholder and (ii) use commercially reasonable efforts
to exercise on behalf of the Trust any rights under the related Intercreditor Agreement to obtain reimbursement for a pro rata
portion of such amount allocable to the related Serviced Companion Loans from the related Companion Loan Noteholders)); provided,
that for the purposes of allocating Additional Trust Fund Expenses, (i) any amounts so paid shall be deemed allocated, (a) if
relating to a particular Mortgage Loan, to such Mortgage Loan and (b) if not related to any particular Mortgage Loan, pro rata,
among all Mortgage Loans based on the respective Stated Principal Balances of the Mortgage Loans;

 

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(xi)       to
pay for the cost of the Opinions of Counsel contemplated by Sections 3.10(d), 3.10(e), 3.15(a), 3.15(b)
and 12.08 of this Agreement (and in the case of a Serviced Whole Loan, only to the extent that such amounts on deposit
in the applicable Serviced Whole Loan Collection Account are insufficient therefor after taking into account any allocation set
forth in the related Intercreditor Agreement (provided that the Master Servicer shall, after receiving payment from amounts
on deposit in the Collection Account, if any, (i) promptly notify the related Companion Loan Noteholder and (ii) use commercially
reasonable efforts to exercise on behalf of the Trust any rights under the related Intercreditor Agreement to obtain reimbursement
for a pro rata portion of such amount allocable to the related Serviced Companion Loans from the related Companion Loan
Noteholders)); provided, that for the purposes of allocating Additional Trust Fund Expenses, (i) any amounts so paid shall
be deemed allocated, (a) if relating to a particular Mortgage Loan, to such Mortgage Loan and (b) if not related to any particular
Mortgage Loan, pro rata, among all Mortgage Loans based on the respective Stated Principal Balances of the Mortgage Loans;

 

(xii)      to
pay out of general collections on the Mortgage Loans and REO Properties any and all federal, state and local taxes imposed on
the Lower-Tier REMIC, the Upper-Tier REMIC or any of their assets or transactions, together with all incidental costs and expenses,
to the extent that none of the Master Servicer, the Special Servicer or the Trustee is liable therefor pursuant to this Agreement,
except to the extent such amounts relate solely to the Serviced Whole Loans, in which case, such amounts will be reimbursed, first,
out of the related Serviced Whole Loan Collection Account from collections on the related Serviced Companion Loan and the related
Mortgage Loan on a pro rata basis by principal balance, and second, to the extent any such costs and expenses remain
unreimbursed, out of the Collection Account; provided, that for the purposes of allocating Additional Trust Fund Expenses,
(i) any amounts so paid shall be deemed allocated, (a) if relating to a particular Mortgage Loan, to such Mortgage Loan and (b)
if not related to any particular Mortgage Loan, pro rata, among all Mortgage Loans based on the respective Stated Principal
Balances of the Mortgage Loans;

 

(xiii)     to
reimburse the Trustee, the Custodian or the Certificate Administrator out of general collections on the Mortgage Loans and REO
Properties for expenses incurred by and reimbursable to it by the Trust Fund, except to the extent such amounts relate solely
to a Serviced Whole Loan, in which case, such amounts will be reimbursed first, from the applicable Serviced Whole Loan
Collection Account(s) in accordance with Section 3.06(b) and then, out of general collections on the Mortgage Loans;
provided, that for the purposes of allocating Additional Trust Fund Expenses, (i) any amounts so paid shall be deemed allocated,
(a) if relating to a particular Mortgage Loan, to such Mortgage Loan and (b) if not related to any particular Mortgage Loan, pro
rata, among all Mortgage Loans based on the respective Stated Principal Balances of the Mortgage Loans;

 

(xiv)     to
pay any Person permitted to purchase a Mortgage Loan under Section 3.16 of this Agreement with respect to each Mortgage
Loan (exclusive of any Mortgage Loan included in the Serviced Whole Loan), if any, previously purchased by such Person pursuant
to this Agreement, all amounts received thereon subsequent to the date of purchase relating to periods after the date of purchase;

 

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(xv)         (A)
to pay to itself, the Special Servicer, the Trustee, the Certificate Administrator, the Custodian, the Operating Advisor, the
Asset Representations Reviewer or the Depositor, as the case may be, any amount specifically required to be paid to such Person
at the expense of the Trust Fund under any provision of this Agreement to which reference is not made in any other clause of this
Section 3.06(a) of this Agreement and (B) to reimburse or pay any party to this Agreement any unpaid expenses specifically
reimbursable from the Collection Account under this Agreement (and, in the case of an amount specifically related to a Serviced
Whole Loan, only to the extent that such amounts on deposit in the applicable Serviced Whole Loan Collection Account are insufficient
therefor after taking into account any allocation set forth in the related Intercreditor Agreement (provided that the Master
Servicer shall, after receiving payment from amounts on deposit in the Collection Account, if any, (i) promptly notify the related
Companion Loan Noteholder and (ii) use commercially reasonable efforts to exercise on behalf of the Trust any rights under the
related Intercreditor Agreement to obtain reimbursement for a pro rata portion of such amount allocable to the related
Serviced Companion Loans from the related Companion Loan Noteholders)), it being acknowledged that this clause (xv) shall not
be construed to modify any limitation or requirement otherwise set forth in this Agreement as to the time at which any Person
is entitled to payment or reimbursement of any amount or as to the funds from which any such payment or reimbursement is permitted
to be made; provided, that (i) any amounts so paid shall be deemed allocated, (a) if relating to a particular Mortgage
Loan, to such Mortgage Loan and (b) if not related to any particular Mortgage Loan, pro rata, among all Mortgage Loans
based on the respective Stated Principal Balances of the Mortgage Loans;

 

(xvi)        to
withdraw from the Collection Account any sums deposited therein in error and pay such sums to the Persons entitled thereto (including
any amounts relating to a Mortgage Loan that is part of a Serviced Whole Loan);

 

(xvii)       to
pay from time to time to itself in accordance with Section 3.07(b) of this Agreement any interest or investment income
earned on funds deposited in the Collection Account;

 

(xviii)      to
transfer Gain-on-Sale Proceeds allocable to Mortgage Loans to the Lower-Tier Distribution Account for deposit by the Certificate
Administrator into the Gain-on-Sale Reserve Account in accordance with Section 3.05(i) of this Agreement;

 

(xix)         to
pay itself, the Special Servicer or the related Mortgage Loan Seller, as the case may be, with respect to each Mortgage Loan,
if any, previously purchased or substituted (i.e., replaced) by such Person pursuant to or as contemplated by this Agreement,
all amounts received on such Mortgage Loan subsequent to the date of purchase or substitution, and, in the case of a substitution,
with respect to the related Qualified Substitute Mortgage Loan(s), all Periodic Payments due thereon during or prior to the month
of substitution, in accordance with the third paragraph of Section 2.03(g) of this Agreement;

 

(xx)          to
pay to the Certificate Administrator, the Trustee, the Custodian or any of their directors, officers, employees, representatives
and agents, as the case may be, any amounts payable or reimbursable to any such Person pursuant to Section 8.05(d) of this

 

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Agreement;
provided, that any amounts so paid shall be deemed allocated, (a) if relating to a particular Mortgage Loan, to such Mortgage
Loan and (b) if not related to any particular Mortgage Loan, pro rata, among all Mortgage Loans based on the respective
Stated Principal Balances of the Mortgage Loans;

 

(xxi)         pursuant
to the CREFC® License Agreement, to pay the CREFC® Intellectual Property Royalty License Fee
to CREFC® on a monthly basis; and

 

(xxii)        to
clear and terminate the Collection Account at the termination of this Agreement pursuant to Section 9.01 of this Agreement.

 

The
Master Servicer shall also be entitled to make withdrawals from time to time, from the Collection Account of amounts necessary
for the payments or reimbursement of amounts required to be paid to the applicable Non-Serviced Mortgage Loan Service Providers
and the related trust of the applicable Other Securitization by the holder of a Non-Serviced Mortgage Loan pursuant to the applicable
Intercreditor Agreement and the applicable Other Pooling and Servicing Agreement.

 

The
Master Servicer shall pay to the Special Servicer from the Collection Account amounts permitted to be paid to it therefrom promptly
upon receipt of a certificate of a Servicing Officer of the Special Servicer describing the item and amount to which the Special
Servicer is entitled. The Master Servicer may rely conclusively on any such certificate and shall have no duty to re-calculate
the amounts stated therein. The Special Servicer shall keep and maintain separate accounting for each Specially Serviced Loan
and Serviced REO Loan and any related Serviced Companion Loan, on a loan-by-loan and property-by-property basis, for the purpose
of justifying any request for withdrawal from the Collection Account.

 

The
Master Servicer shall keep and maintain separate accounting records, on a Mortgage Loan by Mortgage Loan basis, reflecting amounts
allocable to each Mortgage Loan, and on a property-by-property basis when appropriate, for the purpose of justifying any withdrawal,
debit or credit from the Collection Account or the Trust Ledger. Upon written request, the Master Servicer shall provide to the
Certificate Administrator such records and any other information in the possession of the Master Servicer to enable the Certificate
Administrator to determine the amounts attributable to (i) the Lower-Tier REMIC with respect to the Mortgage Loans, (ii) the Excess
Interest and (iii) the Companion Loans.

 

The
Master Servicer shall pay to the Trustee, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer,
the Special Servicer, the Other Trustee, the Other Servicer or the Other Special Servicer, from the Collection Account amounts
permitted to be paid to such Person therefrom, promptly upon receipt of a certificate of a Responsible Officer of the Trustee,
a responsible officer of the Other Trustee, a Responsible Officer of the Certificate Administrator, a certificate of an officer
of the Operating Advisor, a certificate of an officer of the Asset Representations Reviewer, a certificate of a Servicing Officer
or a certificate of the Other Servicer or Other Special Servicer, as applicable, describing the item and amount to which such
Person is entitled (unless such payment to the Trustee, the Certificate Administrator, the Operating Advisor, the Asset Representations
Reviewer, the Special Servicer, the Other Trustee, the Other Servicer or Other Special Servicer, as the case may be, is specifically
required pursuant to this Agreement and the timing and the amount of payment is specified in, or

 

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calculable
pursuant to, this Agreement, in which case a certificate is not required). The Master Servicer may rely conclusively on any such
certificate and shall have no duty to recalculate the amounts stated therein.

 

The
Trustee, the Certificate Administrator, the Custodian, the Special Servicer, the Master Servicer, CREFC®, the Operating
Advisor, the Asset Representations Reviewer and the Non-Serviced Mortgage Loan Service Providers (to the extent specified in Section
12.12) shall in all cases have a right prior to the Certificateholders to any funds on deposit in the Collection Account from
time to time for the reimbursement or payment of the Servicing Compensation (including investment income), Certificate Administrator/Trustee
Fees, Special Servicing Compensation (including investment income), the CREFC® Intellectual Property Royalty License
Fee, Operating Advisor Fees, Operating Advisor Consulting Fees (but only to the extent such Operating Advisor Consulting Fees
are actually received from the Borrowers), the Asset Representations Reviewer Asset Review Fee (to the extent owed by the Trust
pursuant to Section 11.02(c) of this Agreement), Advances, Advance Interest Amounts (for each of such Persons other than
CREFC®), their respective indemnification payments (if any) pursuant to Section 6.03, Section 8.05
or Section 12.02 of this Agreement (for each of such Persons other than CREFC®), their respective expenses
hereunder to the extent such fees and expenses are to be reimbursed or paid from amounts on deposit in the Collection Account
pursuant to this Agreement. For the avoidance of doubt, any fees or expenses (including legal fees) for which a party is to be
indemnified pursuant to Section 6.03 herein may be submitted directly to the Trust Fund and paid from amounts on deposit
in the Collection Account on behalf of such party pursuant to this Agreement. In addition, the Certificate Administrator, the
Trustee, the Special Servicer, the Master Servicer, the Operating Advisor and the Asset Representations Reviewer shall in all
cases have a right prior to the Certificateholders to any funds on deposit in the Collection Account from time to time for the
reimbursement and payment of any federal, state or local taxes imposed on any Trust REMIC.

 

Upon
the determination that a previously made Advance is a Nonrecoverable Advance, to the extent that the reimbursement thereof would
exceed the full amount of the principal portion of general collections on the Mortgage Loans (or with respect to Servicing Advances,
the Serviced Whole Loans) deposited in the Collection Account and available for distribution on the next Distribution Date, the
Master Servicer or the Trustee, each at its own option and in its sole discretion, as applicable, instead of obtaining reimbursement
for the remaining amount of such Nonrecoverable Advance pursuant to Section 3.06(a) or Section 3.06(b) of this Agreement
immediately, may elect to refrain from obtaining such reimbursement for such portion of the Nonrecoverable Advance during the
Collection Period ending on the then-current Determination Date for successive one-month periods for a total period not to exceed
12 months (with the consent of the Directing Holder, for so long as no Control Termination Event has occurred and is continuing,
for any deferral in excess of 6 months). If the Master Servicer or the Trustee makes such an election at its sole option and in
its sole discretion to defer reimbursement with respect to all or a portion of a Nonrecoverable Advance (together with interest
thereon), then such Nonrecoverable Advance (together with interest thereon) or portion thereof shall continue to be fully reimbursable
in the subsequent Collection Period (subject, again, to the same sole discretion to elect to defer; it is acknowledged that, in
such a subsequent period, such Nonrecoverable Advance shall again be payable first from principal collections as described
above prior to payment from other collections). In connection

 

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with
a potential election by the Master Servicer or the Trustee to refrain from the reimbursement of a particular Nonrecoverable
Advance or portion thereof during the one-month Collection Period ending on the related Determination Date for any
Distribution Date, the Master Servicer or the Trustee shall further be authorized (in its sole discretion) to wait for
principal collections on the Mortgage Loans and Serviced Companion Loans to be received before making its determination of
whether to refrain from the reimbursement of a particular Nonrecoverable Advance (or portion thereof) until the end of such
Collection Period; provided, the Master Servicer or the Trustee shall use reasonable efforts to give notice of its
election to the 17g-5 Information Provider (who shall promptly post such notice to the 17g-5 Information Provider’s
Website pursuant to Section 3.14(d) of this Agreement), at least 15 days prior to any reimbursement to it of
Nonrecoverable Advances from amounts in the Collection Account allocable to interest on the Mortgage Loans unless (1) the
Master Servicer or the Trustee determines in its sole discretion that waiting 15 days after such a notice could jeopardize
its ability to recover Nonrecoverable Advances, (2) changed circumstances or new or different information becomes known to
the Master Servicer or the Trustee that could affect or cause a determination of whether any Advance is a Nonrecoverable
Advance, whether to defer reimbursement of a Nonrecoverable Advance or the determination in clause (1) above, or (3) the
Master Servicer or the Trustee has not timely received from the Certificate Administrator information requested by the Master
Servicer or the Trustee to consider in determining whether to defer reimbursement of a Nonrecoverable Advance; provided
that, if clause (1), (2) or (3) apply, the Master Servicer or the Trustee shall give notice of an anticipated
reimbursement to it of Nonrecoverable Advances from amounts in the Collection Account allocable to interest on the Mortgage
Loans as soon as reasonably practicable in such circumstances to the 17g-5 Information Provider (who shall promptly post such
notice to the 17g-5 Information Provider’s Website pursuant to Section 3.14(d) of this Agreement). Neither the
Master Servicer nor the Trustee shall have any liability for any loss, liability or expense resulting from any notice
provided to each Rating Agency contemplated by the immediately preceding sentence.

 

The
foregoing shall not, however, be construed to limit any liability that may otherwise be imposed on such Person for any failure
by such Person to comply with the conditions to making such an election under this Section 3.06(a) or to comply with the
terms of this Section 3.06(a) and the other provisions of this Agreement that apply once such an election, if any, has
been made. If the Master Servicer or the Trustee, as applicable, determines, in its sole discretion, that it should recover the
Nonrecoverable Advances without deferral as described above, then the Master Servicer or the Trustee, as applicable, shall be
entitled to immediate reimbursement of Nonrecoverable Advances with interest thereon at the Reimbursement Rate from all amounts
in the Collection Accounts for such Distribution Date. Any such election by any such party to refrain from reimbursing itself
or obtaining reimbursement for any Nonrecoverable Advance or portion thereof with respect to any one or more Collection Periods
shall not limit the accrual of interest at the Reimbursement Rate on such Nonrecoverable Advance for the period prior to the actual
reimbursement of such Nonrecoverable Advance. The Master Servicer’s or the Trustee’s, as applicable, election to defer
reimbursement of such Nonrecoverable Advances as set forth above is an accommodation to the Certificateholders and, as applicable,
the Serviced Companion Loan Noteholders and shall not be construed as an obligation on the part of the Master Servicer or the
Trustee, as applicable, or a right of the Certificateholders or the Serviced Companion Loan Noteholders. Nothing herein shall
be deemed to create in the Certificateholders or the Serviced Companion Loan Noteholders a right

 

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to
prior payment of distributions over the Master Servicer’s or the Trustee’s, as applicable, right to reimbursement
for Advances (deferred or otherwise). In all events, the decision to defer reimbursement or to seek immediate reimbursement of
Nonrecoverable Advances shall be deemed to be in accordance with the Servicing Standard and neither the Master Servicer, the Trustee
nor the other parties to this Agreement shall have any liability to one another or to any of the Certificateholders or any of
the Serviced Companion Loan Noteholders for any such election that such party makes as contemplated by this Section 3.06(a)
or for any losses, damages or other adverse economic or other effects that may arise from such an election.

 

None
of the Master Servicer, the Special Servicer or the Trustee shall be permitted to reverse any other Person’s determination,
or to prohibit any such other authorized Person from making a determination, that an Advance constitutes, or would constitute
a Nonrecoverable Advance.

 

If
the Master Servicer, the Trustee or any Non-Serviced Mortgage Loan Service Provider, as applicable, is reimbursed out of general
collections for any unreimbursed Advances that are determined to be Nonrecoverable Advances (together with any Advance Interest
Amount), then (for purposes of calculating distributions on the Certificates) such reimbursement and payment of interest shall
be deemed to have been made: first, out of the Principal Distribution Amount, which, but for its application to reimburse
a Nonrecoverable Advance and/or to pay the Advance Interest Amount, would be included in Available Funds for any subsequent Distribution
Date and, second, out of other amounts which, but for their application to reimburse a Nonrecoverable Advance and/or to
pay the Advance Interest Amount, would be included in Available Funds for any subsequent Distribution Date.

 

If
and to the extent that any payment is deemed to be applied as contemplated in the paragraph above to reimburse a Nonrecoverable
Advance or to pay the Advance Interest Amount, then the Principal Distribution Amount for such Distribution Date shall be reduced,
to not less than zero, by the amount of such reimbursement. If and to the extent (i) any Advance is determined to be a Nonrecoverable
Advance, (ii) such Advance and/or the Advance Interest Amount is reimbursed out of the Principal Distribution Amount as contemplated
above and (iii) the particular item for which such Advance was originally made is subsequently collected out of payments or other
collections in respect of the related Mortgage Loan, then the Principal Distribution Amount for the Distribution Date that corresponds
to the Collection Period in which such item was recovered shall be increased by an amount equal to the lesser of (A) the amount
of such item and (B) any previous reduction in the Principal Distribution Amount for a prior Distribution Date as contemplated
in the paragraph above resulting from the reimbursement of the subject Advance and/or the payment of the Advance Interest Amount.

 

(b)           The
Master Servicer shall maintain a separate Trust Ledger with respect to each Serviced Whole Loan that it is servicing on which
it shall make ledger entries as to amounts deposited (or credited) or withdrawn (or debited) with respect thereto. On each Master
Servicer Remittance Date (or such other date as may be specified below or on which funds are available for such purpose as specified
below), with respect to each Serviced Whole Loan, the Master Servicer shall make withdrawals from amounts allocated thereto in
the related Serviced Whole Loan Collection Account (and may debit the Trust Ledger) for any of the following purposes (the order
set forth below not constituting an order of priority for such withdrawals):

 

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(i)         to
make remittances each month in an aggregate amount of immediately available funds equal to the allocable portion of the applicable
Serviced Whole Loan Remittance Amount (A) to the related Serviced Companion Loan Noteholders within the time frame specified in,
and otherwise in accordance with Section 3.05(h) and (B) to the Collection Account for the benefit of the Trust in respect
of amounts allocable to the related Mortgage Loan, in each case in accordance with the related Intercreditor Agreement (after
taking into account the amounts permitted to be withdrawn from the Serviced Whole Loan Collection Account pursuant to this Section
3.06(b)) provided that Liquidation Proceeds relating to the repurchase of any Serviced Companion Loan by the related seller
thereof shall be remitted solely to the holder of such Serviced Companion Loan, as the case may be, and Liquidation Proceeds relating
to the repurchase of a Mortgage Loan related to a Serviced Whole Loan by the related Mortgage Loan Seller shall be remitted solely
to the Collection Account;

 

(ii)        to
pay (A) to itself unpaid Servicing Fees (or, with respect to any Excess Servicing Fee Rights, to pay any Excess Servicing Fees
to the holder of such Excess Servicing Fee Rights pursuant to Section 3.12(a) of this Agreement) and to the Special Servicer
unpaid Special Servicing Fees, Liquidation Fees and Workout Fees in respect of such Serviced Whole Loan or related Serviced REO
Loan, as applicable, the Master Servicer’s or the Special Servicer’s, as applicable, rights to payment of Servicing
Fees, Special Servicing Fees, Liquidation Fees and Workout Fees, as applicable, pursuant to this clause (ii)(A) with respect to
such Serviced Whole Loan or related Serviced REO Loan, as applicable, being limited to amounts received on or in respect of such
Serviced Whole Loan (whether in the form of payments, Liquidation Proceeds, Insurance Proceeds or Condemnation Proceeds), or such
Serviced REO Loan (whether in the form of REO Proceeds, Liquidation Proceeds, Insurance Proceeds or Condemnation Proceeds), that
are allocable as recovery of interest thereon and (B) to the Special Servicer, each month to the extent not covered by clause
(ii)(A) above, any unpaid Special Servicing Fees, Liquidation Fees and Workout Fees in respect of such Serviced Whole Loan or
related Serviced REO Loan, as applicable, remaining unpaid out of general collections in the Collection Account as provided in
Section 3.06(a)(ii) of this Agreement;

 

(iii)       to
reimburse the Trustee or itself, in that order, for unreimbursed P&I Advances with respect to the applicable Mortgage Loan
and to reimburse the related Serviced Companion Loan Service Provider for unreimbursed principal and/or interest advances with
respect to the applicable Serviced Companion Loan, the Master Servicer’s, the Trustee’s and the applicable Serviced
Companion Loan Service Provider’s right to reimbursement pursuant to this clause (iii) being limited to amounts received
in the applicable Serviced Whole Loan Collection Account which represent Late Collections received in respect of such Mortgage
Loan or Serviced Companion Loan, as applicable (as allocable thereto pursuant to the related Loan Documents and the related Intercreditor
Agreement), during the applicable period; provided, that to the extent such amounts are insufficient to repay such P&I
Advances on any Mortgage Loan as to which there is a related Serviced Subordinate Companion Loan, such P&I Advances may be
reimbursed, from collections on the related Serviced Whole Loan allocable to such Subordinate Companion Loan; provided,
further, that if such P&I Advance on the applicable Mortgage Loan becomes a Nonrecoverable Advance or a Workout-Delayed
Reimbursement

 

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Amount,
then such P&I Advance shall thereafter be reimbursed in accordance with clause (v) below;

 

(iv)       to
reimburse the Trustee or itself, in that order, as applicable (with respect to such Serviced Whole Loan or Serviced REO Property),
for unreimbursed Servicing Advances with respect to such Serviced Whole Loan or related Serviced REO Property, the Master Servicer’s
or the Trustee’s respective rights to receive payment pursuant to this clause (iv) being limited to, as applicable, related
payments by the applicable Borrower with respect to such Servicing Advance, Liquidation Proceeds, Insurance Proceeds and Condemnation
Proceeds and REO Proceeds with respect to such Serviced Whole Loan; provided, that if such Servicing Advance becomes a
Nonrecoverable Advance or a Workout-Delayed Reimbursement Amount, then such Servicing Advance shall thereafter be reimbursed in
accordance with clause (v) below;

 

(v)        (A)
to reimburse the Trustee or itself, in that order, (with respect to such Serviced Whole Loan or related REO Property), as applicable
(x) with respect to Nonrecoverable Advances, first, out of Liquidation Proceeds, Insurance Proceeds, Condemnation Proceeds
and REO Proceeds received on the related Serviced Whole Loan and related REO Properties, and second, out of general collections
in the Collection Account as provided in Section 3.06(a) and (y) with respect to the Workout-Delayed Reimbursement Amounts,
first, out of the principal portion of the general collections on the Serviced Whole Loan and related REO Properties, net
of such amounts being reimbursed pursuant to the subclause first in the preceding clause (x) above and second out
of general collections in the Collection Account as provided in Section 3.06(a); provided that in the case of both
clause (x) and clause (y) of this clause (v), prior to making any reimbursement from general collections, such reimbursements
shall be made first, from collections on, and proceeds of the applicable Subordinate Companion Loan, if any, and then from collections
on, and proceeds of the related Mortgage Loan, or in the case of a Serviced Pari Passu Whole Loan with a Serviced Pari Passu Companion
Loan, on a pro rata basis as between the Mortgage Loan and any related Serviced Pari Passu Companion Loans (based on the
Mortgage Loan’s Stated Principal Balance or related Serviced Pari Passu Companion Loan’s principal balance) and then
from general collections of the Trust (provided that, in the case of a Servicing Advance that is a Nonrecoverable Advance,
the Master Servicer shall, after receiving payment from amounts on deposit in the Collection Account, if any, (i) promptly notify
the related Companion Loan Noteholder and (ii) use commercially reasonable efforts to exercise on behalf of the Trust any rights
under the related Intercreditor Agreement to obtain reimbursement for a pro rata portion of such amount allocable to the
related Serviced Companion Loans from the related Companion Loan Noteholders) or (B) to pay itself or the Special Servicer out
of general collections on such Serviced Whole Loan and related REO Properties, any related earned Servicing Fee, Special Servicing
Fee, Liquidation Fee or Workout Fee, as applicable, that remained unpaid in accordance with clause (ii) above following a Final
Recovery Determination made with respect to such Serviced Whole Loan or related REO Property and the deposit into the applicable
Serviced Whole Loan Collection Account of all amounts received in connection therewith; provided that, notwithstanding
the foregoing, such party’s rights to reimbursement pursuant to this clause (v) with respect to any such Nonrecoverable
Advance or Workout-Delayed

 

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Reimbursement
Amount that is a P&I Advance, being limited (except to the extent set forth in Section 3.06(a)) to amounts on deposit
in the applicable Serviced Whole Loan Collection Account that were received in respect of the particular Mortgage Loan (as allocable
thereto pursuant to the related Loan Documents and the related Intercreditor Agreement) in the related Serviced Whole Loan as
to which such Nonrecoverable Advance or such Workout-Delayed Reimbursement Amount were incurred (provided, that to the
extent such amounts are insufficient to repay such Advances on any Mortgage Loan as to which there is a related Subordinate Companion
Loan, such P&I Advances may be reimbursed from collections on the related Serviced Whole Loan allocable to such Subordinate
Companion Loan);

 

(vi)      at
such time as it reimburses the Trustee or itself, in that order, as applicable, for (A) any unreimbursed P&I Advance with
respect to the applicable Mortgage Loan (including any such Advance that constitutes a Workout-Delayed Reimbursement Amount) or
any unreimbursed principal and/or interest advance with respect to the related Serviced Companion Loan pursuant to clause (iii)
above, to pay itself, the Trustee or such Serviced Companion Loan Service Provider, as applicable, any Advance Interest Amounts
accrued and payable thereon, (B) any unreimbursed Servicing Advances (including any such Advance that constitutes a Workout-Delayed
Reimbursement Amount) pursuant to clause (iv) above, to pay itself, the Special Servicer or the Trustee, as the case may be, any
Advance Interest Amounts accrued and payable thereon or (C) any Nonrecoverable Advances pursuant to clause (v) above, to pay itself,
the Special Servicer, the Trustee or any Serviced Companion Loan Service Provider, as the case may be, any Advance Interest Amounts
accrued and payable thereon, with such amounts payable in the case of clauses (A), (B) and (C) above, first, from Penalty
Charges pursuant to Section 3.12(d), then, from collections on, and proceeds of the applicable Subordinate Companion Loan,
if any, and then, from collections on, and proceeds of on a pro rata basis as between the Mortgage Loan and any related other
Serviced Pari Passu Companion Loans (based on the Mortgage Loan’s Stated Principal Balance or related Serviced Pari Passu
Companion Loan’s principal balance), provided that, notwithstanding the foregoing, such party’s rights to reimbursement
pursuant to this clause (vi) with respect to any such interest on P&I Advances (including any such P&I Advance that is
a Nonrecoverable Advance or a Workout-Delayed Reimbursement Amount) being limited to amounts on deposit in the applicable Serviced
Whole Loan Collection Account that were received in respect of the particular Mortgage Loan (as allocable thereto pursuant to
the related Loan Documents and the related Intercreditor Agreement) in the related Serviced Whole Loan as to which such advance
relates (provided, that any Mortgage Loan as to which there is a related Subordinate Companion Loan, such interest on P&I
Advances may be reimbursed from collections on the related Serviced Whole Loan allocable to such Subordinate Companion Loan);

 

(vii)     to
reimburse itself, the Special Servicer, the Custodian, the Certificate Administrator or the Trustee, as the case may be, as applicable,
for any unreimbursed expenses reasonably incurred by such Person in respect of any Breach or Defect with respect to the Mortgage
Loan giving rise to a repurchase obligation of the applicable Mortgage Loan Seller under Section 6 of the applicable Mortgage
Loan Purchase Agreement or, with respect to a Serviced Companion Loan, under the related mortgage

 

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loan
purchase agreement, including, without limitation, any expenses arising out of the enforcement of the repurchase obligation, each
such Person’s right to reimbursement pursuant to this clause (vii) with respect to such Serviced Whole Loan being limited
to that portion of the Purchase Price paid for the related Mortgage Loan that represents such expense in accordance with clause
(e) of the definition of Purchase Price (or, with respect to a Serviced Companion Loan, a comparable expense);

 

(viii)    to
pay itself all Prepayment Interest Excesses on any related Mortgage Loan or Serviced Companion Loan included in the Serviced Whole
Loans not required to be used pursuant to Section 3.17(c) of this Agreement;

 

(ix)       (A)
to pay itself, as additional servicing compensation in accordance with Section 3.12(a), (1) interest and investment income
earned in respect of amounts relating to such Serviced Whole Loan held in the applicable Serviced Whole Loan Collection Account
as provided in Section 3.07(b) (but only to the extent of the net investment earnings with respect to such Serviced Whole
Loan Collection Account for any period from any Distribution Date to the immediately succeeding Master Servicer Remittance Date)
and (2) any Penalty Charges on the related Mortgage Loan and Serviced Companion Loan (except to the extent prohibited by the related
Intercreditor Agreement and other than Specially Serviced Loans) but only to the extent collected from the related Borrower and
to the extent that all amounts then due and payable with respect to the Serviced Whole Loans have been paid and are not needed
to pay Advance Interest Amounts, interest on debt service advances made by the related Serviced Companion Loan Service Provider
and/or Additional Trust Fund Expenses in accordance with Section 3.12 and the related Intercreditor Agreement; and (B)
to pay the Special Servicer, as additional servicing compensation in accordance with the second paragraph of Section 3.12,
the portion of any Penalty Charges on the related Mortgage Loan and Serviced Companion Loan (except to the extent prohibited by
the related Intercreditor Agreement), during the period it is a Specially Serviced Loan (but only to the extent collected from
the related Borrower and to the extent that all amounts then due and payable with respect to the related Specially Serviced Loan
have been paid and are not needed to pay interest on Advances, interest on debt service advances made by the related Serviced
Companion Loan Service Provider and/or Additional Trust Fund Expenses in accordance with Section 3.12 and the related Intercreditor
Agreement);

 

(x)        to
recoup any amounts deposited in such Serviced Whole Loan Collection Account in error;

 

(xi)       to
pay itself, the Special Servicer, the Depositor or any of their respective directors, officers, members, managers, employees and
agents, as the case may be, any amounts payable to any such Person pursuant to Section 6.03(a) or 6.03(b), to the
extent that such amounts relate to such Serviced Whole Loan;

 

(xii)      to
pay for the cost of the Opinions of Counsel contemplated by Section 3.10(d), 3.10(e), 3.15(a), 3.15(b)
and 12.08 to the extent that such opinions specifically relate to such Serviced Whole Loan;

 

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(xiii)        to
pay out of general collections on such Serviced Whole Loan and related Serviced REO Property any and all federal, state and local
taxes imposed on the Upper-Tier REMIC, the Lower-Tier REMIC or any of their assets or transactions, together with all incidental
costs and expenses, in each case to the extent that neither the Master Servicer, the Special Servicer, the Certificate Administrator
nor the Trustee is liable therefor pursuant to this Agreement and only to the extent that such amounts relate to the related Mortgage
Loan or to the related Serviced Companion Loans (but only to the extent that any related Serviced Companion Loan is included in
a REMIC);

 

(xiv)        to
reimburse the Trustee and the Certificate Administrator out of general collections on such Serviced Whole Loan and related REO
Properties for expenses incurred by and reimbursable to it by the Trust Fund specifically related to such Serviced Whole Loan;

 

(xv)         to
pay any Person permitted to purchase a Mortgage Loan under Section 3.16 with respect to the Mortgage Loan included in such
Serviced Whole Loan, if any, previously purchased by such Person pursuant to this Agreement, all amounts received thereon subsequent
to the date of purchase relating to periods after the date of purchase;

 

(xvi)        to
deposit in the Interest Reserve Account the amounts with respect to the Mortgage Loan included in such Serviced Whole Loan required
to be deposited in the Interest Reserve Account pursuant to Section 3.05(e);

 

(xvii)       to
pay to the Master Servicer, the Special Servicer, the Certificate Administrator, the Trustee or the Depositor, as the case may
be, to the extent that such amounts relate to the Mortgage Loan included in such Serviced Whole Loan, any amount specifically
required to be paid to such Person at the expense of the Trust Fund under any provision of this Agreement to which reference is
not made in any other clause of this Section 3.06(b), it being acknowledged that this clause (xvii) shall not be construed
to modify any limitation or requirement otherwise set forth in this Agreement or in the related Intercreditor Agreement as to
the time at which any Person is entitled to payment or reimbursement of any amount or as to the funds from which any such payment
or reimbursement is permitted to be made;

 

(xviii)      to
pay the related Mortgage Loan Seller with respect to the Mortgage Loan included in such Serviced Whole Loan, if any, previously
purchased or substituted (i.e., replaced) by such Person pursuant to or as contemplated by this Agreement, all amounts
received on such Mortgage Loan subsequent to the date of purchase or substitution, and, in the case of a substitution, with respect
to the related Qualified Substitute Mortgage Loan(s), all Periodic Payments due thereon during or prior to the month of substitution,
in accordance with the third paragraph of Section 2.03(g); and

 

(xix)         to
clear and terminate such Serviced Whole Loan Collection Account at the termination of this Agreement pursuant to Section 9.01.

 

In
the case of the amounts payable as set forth above in this Section 3.06(b) with respect to any Serviced Whole Loan, if
such amount is not specifically payable, pursuant to the

 

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terms
of this Agreement or the related Intercreditor Agreement, out of collections or proceeds allocable to any particular note that
is a part of such Serviced Whole Loan, such amount shall be paid from collections on, and proceeds of the related Serviced Subordinate
Companion Loan, if any, and then, from collections on, and proceeds of, on a pro rata basis as between, the related Mortgage
Loan and any related Serviced Pari Passu Companion Loans (based on the related Mortgage Loan’s principal balance or the
related Serviced Pari Passu Companion Loan’s principal balance), and then, to the extent provided for in this Agreement,
from general collections.

 

The
Master Servicer shall keep and maintain separate accounting records, on a loan by loan and property by property basis when appropriate,
for the purpose of justifying any withdrawal from any Serviced Whole Loan Collection Account. All withdrawals with respect to
any Serviced Whole Loan shall be made first, from the applicable Serviced Whole Loan Collection Account and then,
from the Master Servicer’s Collection Account to the extent permitted by Section 3.06(a). Upon request, the Master
Servicer shall provide to the Certificate Administrator such records and any other information in the possession of the Master
Servicer to enable the Certificate Administrator to determine the amounts attributable to the Lower-Tier REMIC and the Companion
Loans.

 

The
Master Servicer shall pay to the Special Servicer from the Serviced Whole Loan Collection Accounts amounts permitted to be paid
to it therefrom promptly upon receipt of a certificate of a Servicing Officer of such Special Servicer describing the item and
amount to which the Special Servicer is entitled. The Master Servicer may rely conclusively on any such certificate and shall
have no duty to recalculate the amounts stated therein. The Special Servicer shall keep and maintain separate accounting for each
Specially Serviced Loan included in the Serviced Whole Loan and related REO Loan, on a loan by loan and property by property basis,
for the purpose of justifying any request for withdrawal from any Serviced Whole Loan Collection Account.

 

Any
permitted withdrawals under this Section 3.06(b) with respect to reimbursement for advances or other amounts payable to
an Other Trustee shall, if applicable, also be deemed to be a permitted withdrawal for similar amounts owed to the fiscal agent
of the Other Trustee, if any.

 

Notwithstanding
anything to the contrary contained herein, with respect to each Serviced Companion Loan, the Master Servicer shall withdraw from
the related Serviced Whole Loan Collection Account and remit to the related Serviced Companion Loan Noteholders, within (x) with
respect to any Serviced Subordinate Companion Loan, if required pursuant to the terms of the related Intercreditor Agreement,
two (2) Business Days of receipt of properly identified funds and (y) with respect to any Serviced Pari Passu Companion Loan,
one (1) Business Day of receipt of properly identified funds, any amounts that represent Late Collections or Principal Prepayments
on such Serviced Companion Loan or any successor REO Loan with respect thereto, that are received by the Master Servicer prior
to 3:00 p.m. (New York City time) on any given Business Day (and to the extent any such amounts are received after 3:00 p.m. Eastern
time on any given Business Day, the Master Servicer shall use commercially reasonable efforts to remit such Late Collections or
Principal Prepayments to the related Serviced Companion Loan Noteholders within one (1) Business Day of receipt of properly identified
funds but, in any event, the Master Servicer shall remit such amounts within two (2) Business Days of receipt of

 

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properly
identified funds) (exclusive of any portion of such amount payable or reimbursable to any third party in accordance with the related
Intercreditor Agreement or this Agreement), unless such amount would otherwise be included in the monthly remittance to the holder
of such Serviced Companion Loan for such month.

 

If
the Master Servicer fails, as of 5:00 p.m. (New York City time) on any Master Servicer Remittance Date, any related Serviced Whole
Loan Remittance Date or any other date a remittance is required to be made, as applicable, to remit to the Certificate Administrator
(in respect of the related Mortgage Loan) or the Serviced Companion Loan Noteholders (in respect of any related Serviced Companion
Loan) any amounts required to be so remitted hereunder by such date (including any P&I Advance pursuant to Section 4.07
and any Gain-on-Sale Proceeds allocable to the Serviced Companion Loans pursuant to Section 4.01(d)(i)), the Master
Servicer shall pay to the Certificate Administrator (in respect of the Mortgage Loan) or the Serviced Companion Loan Noteholders
(in respect of the Serviced Companion Loan), for the account of the Certificate Administrator (in respect of the Mortgage Loan)
or the Serviced Companion Loan Noteholders (in respect of the Serviced Companion Loans), interest, calculated at the Prime Rate,
on such amount(s) not timely remitted, from the time such payment was required to be made (without regard to any grace period)
until (but not including) the date such late payment is received by the Certificate Administrator or the Serviced Companion Loan
Noteholders, as applicable.

 

(c)           On
each Master Servicer Remittance Date, all net income and gain realized from investment of funds to which the Master Servicer or
the Special Servicer is entitled pursuant to Section 3.07(b) of this Agreement shall be subject to withdrawal by the Master
Servicer or the Special Servicer, as applicable.

 

(d)           With
respect to the Serviced Whole Loans, if amounts required to pay the expenses allocable to any related Serviced Companion Loan
exceed amounts on deposit in the Serviced Whole Loan Collection Account, the Master Servicer, the Special Servicer, the Certificate
Administrator or the Trustee, as applicable, may seek reimbursement from the Trust Fund with respect to such expenses allocable
to such Serviced Companion Loan. The Master Servicer or Special Servicer, as applicable, shall seek (on behalf of the Trust Fund,
subject to the related Intercreditor Agreement) payment or reimbursement from the holder of the related Serviced Subordinate Companion
Loan, if any, and then for the pro rata portion of such expenses allocable to a related Serviced Pari Passu Companion Loan
from the related Serviced Companion Loan Noteholder or, if such Serviced Companion Loan has been deposited into a securitization,
out of general collections in the collection account established pursuant to the related Other Pooling and Servicing Agreement.

 

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(e)            If
any Loss of Value Payments are deposited into the Loss of Value Reserve Fund with respect to any Mortgage Loan or any related
Serviced REO Property, then the Special Servicer shall (provided that, (1) with respect to clause (iv) below, the Special Servicer
shall have provided notice to the Master Servicer of the occurrence of such liquidation event and (2) with respect to clause (v)
below, the Certificate Administrator shall have provided the Master Servicer and the Special Servicer with five Business Days’
prior notice of such final Distribution Date), transfer such Loss of Value Payments (up to the remaining portion thereof) from
the Loss of Value Reserve Fund to the Master Servicer for deposit into the Collection Account for the following purposes:

 

(i)         to
reimburse the Master Servicer or the Trustee, in accordance with Section 3.06(a) of this Agreement, for any Nonrecoverable
Advance made by such party with respect to such Mortgage Loan or any related Serviced REO Property (together with the Advance
Interest Amount);

 

(ii)        to
pay, in accordance with Section 3.06(a) of this Agreement, or to reimburse the Trust for the prior payment of, any expense
relating to such Mortgage Loan or any related Serviced REO Property that constitutes or, if not paid out of such Loss of Value
Payments, would constitute an Additional Trust Fund Expense;

 

(iii)       to
offset any portion of Realized Losses and VRR Realized Losses that are attributable to such Mortgage Loan or related REO Property,
as the case may be (as calculated without regard to the application of such Loss of Value Payments), incurred with respect to
such Mortgage Loan or any related successor REO Loan;

 

(iv)      following
the occurrence of a liquidation event with respect to such Mortgage Loan or any related Serviced REO Property and any related
transfers from the Loss of Value Reserve Fund with respect to the items contemplated by the immediately preceding clauses (i)-(iii)
as to such Mortgage Loan, to cover the items contemplated by the immediately preceding clauses (i)-(iii) in respect of any other
Mortgage Loan or Serviced REO Loan; and

 

(v)       On
the final Distribution Date after all distributions have been made as set forth in clauses (i)-(iv) above, to each Mortgage
Loan Seller, its pro rata share, based on the amount that it contributed, net of any amount contributed by such Mortgage
Loan Seller that was used pursuant to clauses (i)-(iii) to offset any portion of Realized Losses and VRR Realized Losses,
that are attributable to such Mortgage Loan or related REO Property, Additional Trust Fund Expenses or any Nonrecoverable Advances
incurred with respect to the Mortgage Loan related to such contribution.

 

Any
Loss of Value Payments transferred to the Collection Account pursuant to clauses (i)-(iii) of the prior paragraph shall be treated
as Liquidation Proceeds received by the Trust in respect of the related Mortgage Loan or any successor REO Loan with respect thereto
for which such Loss of Value Payments were received; and any Loss of Value Payments transferred to the Collection Account pursuant
to clause (iv) of the prior paragraph shall be treated as Liquidation Proceeds received by the Trust in respect of the Mortgage
Loan or REO Loan for which such Loss of Value Payments are being transferred to the Collection Account to cover an item contemplated
by clauses (i)-(iv) of the prior paragraph.

 

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(f)            The
Certificate Administrator may, from time to time, make withdrawals from the Lower-Tier Distribution Account for any of the following
purposes (the order set forth below shall not indicate any order of priority), in each case to the extent not previously paid
from the Collection Account:

 

(i)            to
make deposits of the Lower-Tier Distribution Amount and the amount of any Prepayment Premium and Yield Maintenance Charges distributable
pursuant to Section 4.01(a) of this Agreement in the Upper-Tier Distribution Account, and to make distributions on the
Class R Certificates in respect of the Class LTR Interest pursuant to Section 4.01(a) of this Agreement;

 

(ii)           to
pay itself, the Trustee and the Custodian respective portions of any accrued but unpaid Trustee/Certificate Administrator Fees;

 

(iii)          to
pay itself an amount equal to all net income and gain realized from investment of funds in the Lower-Tier Distribution Account
pursuant to Section 3.07(b) of this Agreement;

 

(iv)          to
pay to itself, the Trustee, the Custodian or any of their directors, officers, employees, representatives and agents, as the case
may be, any amounts payable or reimbursable to any such Person pursuant to Section 8.05(b), Section 8.05(c) and
Section 8.05(d) of this Agreement;

 

(v)           to
recoup any amounts deposited in the Lower-Tier Distribution Account in error; and

 

(vi)          to
clear and terminate the Lower-Tier Distribution Account at the termination of this Agreement pursuant to Section 9.01 of
this Agreement.

 

(g)           The
Certificate Administrator may make withdrawals from the Upper-Tier Distribution Account for any of the following purposes:

 

(i)            to
make (A) distributions to Certificateholders (other than Holders of the Grantor Trust Certificates) on each Distribution Date
pursuant to Section 4.01 or Section 9.01 of this Agreement (in the case of Holders of the Class R Certificates,
in respect of the Class UTR Interest), as applicable, and (B) deposits of the VRR Available Funds and any VRR Retained Prepayment
Premiums and Yield Maintenance Charges into the Class V Distribution Account on each Distribution Date pursuant to Section
4.01 of this Agreement;

 

(ii)           to
recoup any amounts deposited in the Upper-Tier Distribution Account in error; and

 

(iii)          to
clear and terminate the Upper-Tier Distribution Account at the termination of this Agreement pursuant to Section 9.01 of
this Agreement.

 

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(h)           The
Certificate Administrator may make withdrawals from the Class V Distribution Account for any of the following purposes:

 

(i)            to
make distributions to Holders of Class V1 and Class V2 Certificates on each Distribution Date pursuant to Section 4.01
or Section 9.01 of this Agreement, as applicable;

 

(ii)           to
recoup any amounts deposited in the Class V Distribution Account in error;

 

(iii)          to
clear and terminate the Class V Distribution Account at the termination of this Agreement pursuant to Section 9.01 of this
Agreement.

 

Section
3.07     Investment of Funds in the Collection Accounts, the Serviced Whole Loan Collection Accounts,
the Distribution Accounts, the Interest Reserve Account, the Gain-on-Sale Reserve Account, the REO Account, the Lock-Box Accounts,
the Cash Collateral Accounts and the Reserve Accounts. (a) The Master Servicer (with respect to the Collection Account, and
any Serviced Whole Loan Collection Account and any Borrower Accounts (as defined below and subject to the second succeeding sentence)),
the Special Servicer (with respect to any REO Account and any Loss of Value Reserve Fund) and the Certificate Administrator (with
respect to the Distribution Accounts, the Interest Reserve Account and the Gain-on-Sale Reserve Account) may direct any depository
institution maintaining the Collection Account, any Serviced Whole Loan Collection Account, the Gain-on-Sale Reserve Account,
any Borrower Accounts, any REO Account, any Loss of Value Reserve Fund, the Interest Reserve Account and the Distribution Accounts
(each such account, for purposes of this Section 3.07, an “Investment Account”), to invest the funds
in such Investment Account in one or more Permitted Investments that bear interest or are sold at a discount, and that mature,
unless payable on demand, no later than the Business Day preceding the date on which such funds are required to be withdrawn from
such Investment Account pursuant to this Agreement. Any investment of funds on deposit in an Investment Account by the Master
Servicer, the Special Servicer or the Certificate Administrator shall be documented in writing and shall provide evidence that
such investment is a Permitted Investment which matures at or prior to the time required hereby or is payable on demand. In the
case of any Escrow Account, Lock-Box Account, Cash Collateral Account or Reserve Account (the “Borrower Accounts”),
the Master Servicer shall act upon the written request of the related Borrower or Manager to the extent that the Master Servicer
is required to do so under the terms of the respective Loan Documents, provided that in the absence of appropriate written
instructions from the related Borrower or Manager meeting the requirements of this Section 3.07, the Master Servicer shall
have no obligation to, but will be entitled to, direct the investment of funds in such accounts in Permitted Investments. All
such Permitted Investments shall be held to maturity, unless payable on demand. Any investment of funds in an Investment Account
shall be made in the name of the Trustee (in its capacity as such) or in the name of a nominee of the Trustee. The Certificate
Administrator shall have sole control (except with respect to investment direction which shall be in the control of the Master
Servicer or the Special Servicer, with respect to any REO Accounts, as an independent contractor to the Trust Fund) over each
such investment and any certificate or other instrument evidencing any such investment shall be delivered directly to the Certificate
Administrator or its agent (which shall initially be the Master Servicer), together with any document of transfer, if any, necessary
to transfer title to such investment to the Trustee or its nominee. Neither the Certificate Administrator nor the Trustee

 

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shall
have any responsibility or liability with respect to the investment directions of the Master Servicer, the Special Servicer, any
Borrower or Manager or any losses resulting therefrom, whether from Permitted Investments or otherwise. The Master Servicer shall
have no responsibility or liability with respect to the investment directions of the Special Servicer, the Certificate Administrator,
the Trustee, any Borrower or Manager or any losses resulting therefrom, whether from Permitted Investments or otherwise. The Special
Servicer shall have no responsibility or liability with respect to the investment directions of the Master Servicer, the Certificate
Administrator, the Trustee, any Borrower or Manager or any losses resulting therefrom, whether from Permitted Investments or otherwise.
In the event amounts on deposit in an Investment Account are at any time invested in a Permitted Investment payable on demand,
the Master Servicer (or the Special Servicer or the Certificate Administrator, as applicable) shall:

 

(x)           consistent
with any notice required to be given thereunder, demand that payment thereon be made on the last day such Permitted Investment
may otherwise mature hereunder in an amount equal to the lesser of (1) all amounts then payable thereunder and (2) the amount
required to be withdrawn on such date; and

 

(y)          demand
payment of all amounts due thereunder promptly upon determination by the Master Servicer (or the Special Servicer or the Certificate
Administrator, as applicable) that such Permitted Investment would not constitute a Permitted Investment in respect of funds thereafter
on deposit in the related Investment Account.

 

(b)           All
income and gain realized from investment of funds deposited in any Investment Account shall be for the benefit of the Master Servicer
(except with respect to the investment of funds deposited in (i) any Borrower Account, which shall be for the benefit of the related
Borrower to the extent required under the related Loan Documents for the Mortgage Loan or applicable law, (ii) any REO Account
and the Loss of Value Reserve Fund, which shall be for the benefit of the Special Servicer or (iii) the Gain-on-Sale Reserve Account,
the Interest Reserve Account and the Distribution Accounts, which shall be for the benefit of the Certificate Administrator) and,
if held in the Collection Account, any Serviced Whole Loan Collection Account, REO Account or Distribution Account shall be subject
to withdrawal by the Master Servicer, the Special Servicer or the Certificate Administrator, as applicable, in accordance with
Section 3.06 or Section 3.15(b) of this Agreement, as applicable. The Master Servicer, or with respect to any REO
Account or Loss of Value Reserve Fund, the Special Servicer, or with respect to the Gain-on-Sale Reserve Account or the Distribution
Accounts, the Certificate Administrator, shall deposit from its own funds into the Collection Account, applicable Serviced Whole
Loan Collection Account, any REO Account or Loss of Value Reserve Fund, the Gain-on-Sale Reserve Account, the Interest Reserve
Account or the Distribution Accounts, as applicable, the amount of any loss incurred in respect of any such Permitted Investment
immediately upon realization of such loss; provided, that the Master Servicer, the Special Servicer or the Certificate
Administrator, as applicable, may reduce the amount of such payment to the extent it forgoes any investment income in such Investment
Account otherwise payable to it. The Master Servicer shall also deposit from its own funds in any Borrower Account immediately
upon realization of such loss the amount of any loss incurred in respect of Permitted Investments, except to the extent that amounts
are invested at the direction of or for the benefit of the Borrower under the terms of the related Loan Documents for the Mortgage
Loan, Serviced

 

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Whole
Loan or applicable law; provided that neither the Master Servicer nor the Special Servicer shall be required to deposit
any loss on an investment of funds in an Investment Account if such loss is incurred solely as a result of the insolvency of the
federal or state chartered depository institution or trust company that holds such Investment Account, so long as such depository
institution or trust company has satisfied the qualifications set forth in the definition of Eligible Account both (x) at the
time the investment was made and (y) 30 days prior to such insolvency.

 

(c)           Except
as otherwise expressly provided in this Agreement, if any default occurs in the making of a payment due under any Permitted Investment,
or if a default occurs in any other performance required under any Permitted Investment, in either case as a result of an action
or inaction of the Master Servicer, the Special Servicer or the Certificate Administrator, as applicable, the Trustee may, and
upon the request of Holders of Certificates entitled to a majority of the Voting Rights allocated to any Class shall, take such
action as may be appropriate to enforce such payment or performance, including the institution and prosecution of appropriate
proceedings. If the Trustee takes any such action, (i) the Master Servicer, if such Permitted Investment was for the benefit of
the Master Servicer, (ii) the Special Servicer, if such Permitted Investment was for the benefit of the Special Servicer or (iii)
the Certificate Administrator, if such Permitted Investment was for the benefit of the Certificate Administrator, shall pay or
reimburse the Trustee for all reasonable out-of-pocket expenses, disbursements and advances incurred or made by the Trustee in
connection therewith.

 

Section
3.08     Maintenance of Insurance Policies and Errors and Omissions and Fidelity Coverage. (a)
In the case of each Serviced Mortgage Loan and any related Serviced Companion Loan, as applicable (but excluding any REO Loan),
the Master Servicer shall use commercially reasonable efforts consistent with the Servicing Standard to cause the related Borrower,
with respect to the Serviced Mortgage Loans and any related Serviced Companion Loans that it is servicing, to maintain the following
insurance coverage (including identifying the extent to which such Borrower is maintaining insurance coverage and, if such Borrower
does not so maintain, the Master Servicer will itself cause to be maintained with Qualified Insurers) for the related Mortgaged
Property: (x) except where the Loan Documents permit a Borrower to rely on self-insurance provided by a tenant, a fire and casualty
extended coverage insurance policy, which does not provide for reduction due to depreciation, in an amount that is at least equal
to the lesser of (i) the full replacement cost of improvements securing such Mortgage Loan or Serviced Whole Loan and (ii) the
Stated Principal Balance of such Mortgage Loan or Serviced Whole Loan, as applicable, but, in any event, in an amount sufficient
to avoid the application of any co-insurance clause and (y) all other insurance coverage (including, but not limited to, coverage
for acts of terrorism) that is required, subject to applicable law, under the related Loan Documents; provided, that:

 

(i)        the
Master Servicer shall not be required to maintain any earthquake or environmental insurance policy on any Mortgaged Property unless
the Trustee has an insurable interest and (x) such insurance policy was in effect at the time of the origination of the related
Mortgage Loan or Serviced Whole Loan, as applicable, or (y) such insurance policy was required by the related Loan Documents and
is available at commercially reasonable rates, provided that the Master Servicer shall require the related Borrower to
maintain such insurance in the amount, in the case of clause (x), maintained at origination, and in the case of clause (y), required
by such Mortgage Loan or Serviced

 

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Whole
Loan, in each case, to the extent such amounts are available at commercially reasonable rates and to the extent the Trustee has
an insurable interest;

 

(ii)       if
and to the extent that any Loan Document grants the lender thereunder any discretion (by way of consent, approval or otherwise)
as to the insurance provider from whom the related Borrower is to obtain the requisite insurance coverage, the Master Servicer
shall (to the extent consistent with the Servicing Standard) require the related Borrower to obtain the requisite insurance coverage
from Qualified Insurers;

 

(iii)      the
Master Servicer shall have no obligation beyond using its reasonable efforts consistent with the Servicing Standard to cause any
Borrower to maintain the insurance required to be maintained under the Loan Documents; provided, that this clause shall
not limit the Master Servicer’s obligation to obtain and maintain a force-placed insurance policy, as provided herein;

 

(iv)      except
as provided below (including under clause (vi) below), in no event shall the Master Servicer be required to cause the Borrower
to maintain, or itself obtain, insurance coverage to the extent that the failure of such Borrower to maintain insurance coverage
is an Acceptable Insurance Default (as determined by the Master Servicer or the Special Servicer, as applicable);

 

(v)       to
the extent that the Master Servicer itself is required to maintain insurance that the Borrower does not maintain, the Master Servicer
will not be required to maintain insurance other than what is available to the Master Servicer on a force-placed basis at commercially
reasonable rates, and only to the extent the Trust as lender has an insurable interest thereon; and

 

(vi)      any
explicit terrorism insurance requirements contained in the related Loan Documents shall be enforced by the Master Servicer in
accordance with the Servicing Standard (unless the Master Servicer or the Special Servicer, as applicable, with the consent of,
if no Control Termination Event has occurred and is continuing, the Directing Holder, and after consultation with the Risk Retention
Consultation Party and the Operating Advisor pursuant to Section 6.07, has consented to a waiver (including a waiver to
permit the Master Servicer to accept insurance that does not comply with specific requirements contained in the Loan Documents)
in writing of that provision in accordance with the Servicing Standard); provided that the Master Servicer or the Special
Servicer, as applicable, shall promptly notify the Other Servicer in writing of such waiver.

 

The
Master Servicer shall notify the Special Servicer, the Certificate Administrator, the Trustee and the Directing Holder if the
Master Servicer determines in accordance with the Servicing Standard that a Borrower under a Serviced Mortgage Loan has failed
to maintain insurance required under the Loan Documents and such failure materially and adversely affects the interests of the
Certificateholders or if a Borrower under a Serviced Mortgage Loan has notified the Master Servicer in writing that the Borrower
does not intend to maintain such insurance and that the Master Servicer has determined in accordance with the Servicing Standard
that such failure materially and adversely affects the interests of the Certificateholders.

 

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Subject
to Section 3.15(b) of this Agreement, with respect to each Serviced REO Property, the Special Servicer shall use reasonable
efforts and only if the Trustee has an insurable interest, consistent with the Servicing Standard, to maintain (subject to the
right of the Special Servicer to direct the Master Servicer to make a Servicing Advance for the costs associated with coverage
that the Special Servicer determines to maintain, in which case the Master Servicer shall make such Servicing Advance) with Qualified
Insurers to the extent reasonably available at commercially reasonable rates and to the extent the Trustee has an insurable interest,
(a) a fire and casualty extended coverage insurance policy, which does not provide for reduction due to depreciation, in an amount
that is at least equal to the lesser of the full replacement value of the Mortgaged Property or the Stated Principal Balance of
the Mortgage Loan, Serviced REO Loan or the Serviced Whole Loan, as applicable (or such greater amount of coverage required by
the related Loan Documents (unless such amount is not available or, if no Control Termination Event has occurred and is continuing,
the Directing Holder has consented to a lower amount)), but, in any event, in an amount sufficient to avoid the application of
any co-insurance clause, (b) a comprehensive general liability insurance policy with coverage comparable to that which would be
required under prudent lending requirements and in an amount not less than $1.0 million per occurrence, and (c) to the extent
consistent with the Servicing Standard, a business interruption or rental loss insurance covering revenues or rents for a period
of at least 12 months; provided, that the Special Servicer shall not be required in any event to maintain or obtain insurance
coverage described in this paragraph beyond what is reasonably available at a commercially reasonable rate and consistent with
the Servicing Standard.

 

All
such insurance policies maintained as described above shall contain (if they insure against loss to property) a “standard”
mortgagee clause, with loss payable to the Master Servicer (on behalf of the Trustee on behalf of Certificateholders and, with
respect to a Serviced Whole Loan, the related Serviced Companion Loan Noteholders), or shall name the Trustee as the insured,
with loss payable to the Special Servicer on behalf of the Trustee (on behalf of Certificateholders and, with respect to a Serviced
Whole Loan, the related Serviced Companion Loan Noteholders) (in the case of insurance maintained in respect of an REO Property).
Any amounts collected by the Master Servicer or Special Servicer, as applicable, under any such policies (other than amounts to
be applied to the restoration or repair of the related Mortgaged Property or Serviced REO Property or amounts to be released to
the related Borrower, in each case in accordance with the Servicing Standard) shall be deposited in the Collection Account (or,
in the case of the Serviced Whole Loans, in the applicable Serviced Whole Loan Collection Account), subject to withdrawal pursuant
to Section 3.06 of this Agreement, in the case of amounts received in respect of a Serviced Mortgage Loan and any related
Serviced Companion Loan, or in the applicable REO Account of the Special Servicer, subject to withdrawal pursuant to Section
3.15 of this Agreement, in the case of amounts received in respect of a Serviced REO Property. Any cost incurred by the Master
Servicer or the Special Servicer in maintaining any such insurance shall not, for purposes hereof, including calculating monthly
distributions to Certificateholders or Serviced Companion Loan Noteholders, be added to the Stated Principal Balance of the related
Mortgage Loan or Serviced Whole Loan, notwithstanding that the terms of such Mortgage Loan or Serviced Whole Loan so permit; provided,
that this sentence shall not limit the rights of the Master Servicer or Special Servicer on behalf of the Trust Fund to enforce
any obligations of the related Borrower under such Serviced Mortgage Loan and any related Serviced Companion Loan. Any costs incurred
by the Master Servicer in maintaining any such

 

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insurance
policies in respect of the Mortgage Loans or Specially Serviced Loans (other than REO Properties) (i) if the Borrower defaults
on its obligation to do so, shall be advanced by the Master Servicer as a Servicing Advance and will be charged to the related
Borrower and (ii) shall not, for purposes of calculating monthly distributions to Certificateholders, be added to the Stated Principal
Balance of the related Mortgage Loan, notwithstanding that the terms of such Mortgage Loan so permit. Any cost incurred by the
Special Servicer in maintaining any such insurance policies with respect to Serviced REO Properties shall be an expense of the
Trust Fund (and in the case of any Serviced Whole Loan, such expense shall be allocated in accordance with the allocation provisions
of the related Intercreditor Agreement) payable out of the related REO Account (or Serviced Whole Loan REO Account, as applicable)
or, if the amount on deposit therein is insufficient therefor, advanced by the Master Servicer as a Servicing Advance (or paid
from the Collection Account if the Master Servicer determines such Advance would be a Nonrecoverable Advance, subject to Section
3.21(d) of this Agreement).

 

(b)           If
either:

 

(x)
the Master Servicer or Special Servicer obtains and maintains, or causes to be obtained and maintained, a blanket policy or master
force-placed policy insuring against hazard losses on all of the Serviced Mortgage Loans and any related Serviced Companion Loans
or Serviced REO Properties, as applicable, then, to the extent such policy

 

(i)          is
obtained from a Qualified Insurer, and

 

(ii)         provides
protection equivalent to the individual policies otherwise required, or

 

(y)
the Master Servicer or the Special Servicer (or, in each case, its corporate parent), as applicable, has long-term unsecured debt
obligations or deposit accounts that are rated not lower than “A-” by Fitch and “A-” or its equivalent
by S&P and the Master Servicer or Special Servicer self-insures for its obligation to maintain the individual policies otherwise
required,

 

then
the Master Servicer or the Special Servicer shall conclusively be deemed to have satisfied its obligation to cause hazard insurance
to be maintained on the related Mortgaged Properties or Serviced REO Properties, as applicable.

 

Such
a blanket or master force-placed policy may contain a deductible clause (not in excess of a customary amount), in which case the
Master Servicer or Special Servicer, as the case may be, that maintains such policy shall, if there shall not have been maintained
on any Mortgaged Property securing a Serviced Mortgage Loan or Serviced REO Property thereunder a hazard insurance policy complying
with the requirements of Section 3.08(a) of this Agreement, and there shall have been one or more losses that would have
been covered by such an individual policy, promptly deposit into the Collection Account (or, in the case of a Serviced Whole Loan,
in the related Serviced Whole Loan Collection Account), from its own funds, the amount not otherwise payable under the blanket
or master force-placed policy in connection with such loss or losses because of such deductible clause to the extent that any
such deductible exceeds the deductible limitation that pertained to the related Mortgage Loan or the related Serviced Whole Loan,
as applicable (or, in the absence of any such deductible limitation, the deductible

 

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limitation
for an individual policy which is consistent with the Servicing Standard). The Master Servicer and Special Servicer shall prepare
and present, on behalf of itself, the Trustee, Certificateholders and, if applicable the Serviced Companion Loan Noteholders,
claims under any such blanket or master force-placed policy maintained by it in a timely fashion in accordance with the terms
of such policy. If the Master Servicer or Special Servicer, as applicable, causes any Mortgaged Property securing a Serviced Mortgage
Loan or Serviced REO Property to be covered by such “force-placed” insurance policy, the incremental costs of such
insurance applicable to such Mortgaged Property or Serviced REO Property (i.e., other than any minimum or standby premium
payable for such policy whether or not any Mortgaged Property or Serviced REO Property is covered thereby) shall be paid as a
Servicing Advance.

 

(c)           With
respect to each Serviced Mortgage Loan and any related Serviced Companion Loan that is subject to an Environmental Insurance Policy,
if the Master Servicer has actual knowledge of any event giving rise to a claim under an Environmental Insurance Policy, the Master
Servicer shall notify the Special Servicer to such effect and the Master Servicer shall take reasonable actions as are in accordance
with the Servicing Standard and the terms and conditions of such Environmental Insurance Policy to make a claim thereunder and
achieve the payment of all amounts to which the Trust is entitled thereunder. With respect to each Specially Serviced Loan and
Serviced REO Property that is subject to an Environmental Insurance Policy, if the Special Servicer has actual knowledge of any
event giving rise to a claim under an Environmental Insurance Policy, such Special Servicer shall take reasonable actions as are
in accordance with the Servicing Standard and the terms and conditions of such Environmental Insurance Policy to make a claim
thereunder and achieve the payment of all amounts to which the Trust, on behalf of the Certificateholders and, if applicable,
the Serviced Companion Loan Noteholders (giving due regard to the junior nature of the related Subordinate Companion Loan, if
any), is entitled thereunder. Any legal fees or other out-of-pocket costs incurred in accordance with the Servicing Standard in
connection with any claim under an Environmental Insurance Policy described above (whether by the Master Servicer or Special Servicer)
shall be paid by, and reimbursable to, the Master Servicer as a Servicing Advance.

 

(d)           The
Master Servicer and the Special Servicer shall at all times during the term of this Agreement (or, in the case of the Special
Servicer, at all times during the term of this Agreement during which Specially Serviced Loans and/or Serviced REO Properties
as to which it is the Special Servicer are included in the Trust Fund) keep in force with a Qualified Insurer, a fidelity bond
in such form and amount as are consistent with the Servicing Standard. The Master Servicer and Special Servicer, as applicable,
shall be deemed to have complied with the foregoing provision if an Affiliate thereof has such fidelity bond coverage and, by
the terms of such fidelity bond, the coverage afforded thereunder extends to the Master Servicer and Special Servicer, as the
case may be. Such fidelity bond shall provide that it may not be canceled without ten days’ prior written notice to the
Trustee. So long as the long-term unsecured debt obligations or deposit accounts of the Master Servicer (or its corporate parent
if such insurance is guaranteed by its parent) or the Special Servicer (or its corporate parent), as applicable, are rated not
lower than “A-” by Fitch, “A-” or its equivalent by S&P), the Master Servicer or the Special Servicer,
as applicable, may self-insure with respect to the fidelity bond coverage required as described above, in which case it shall
not be required to maintain an insurance policy with respect to such coverage.

 

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The
Master Servicer and Special Servicer, as applicable, shall at all times during the term of this Agreement (or, in the case of
the Special Servicer, at all times during the term of this Agreement during which Specially Serviced Loans and/or Serviced REO
Properties exist as part of the Trust Fund) also keep in force with a Qualified Insurer a policy or policies of insurance covering
loss occasioned by the errors and omissions of its officers and employees in connection with their servicing obligations hereunder,
which policy or policies shall be in such form and amount as are consistent with the Servicing Standard. The Master Servicer or
the Special Servicer, as applicable, shall be deemed to have complied with the foregoing provisions if an Affiliate thereof has
such insurance and, by the terms of such policy or policies, the coverage afforded thereunder extends to the Master Servicer or
Special Servicer, as the case may be. Any such errors and omissions policy shall provide that it may not be canceled without ten
days’ prior written notice to the Trustee. So long as the long-term unsecured debt obligations or deposit accounts of the
Master Servicer (or its corporate parent if such insurance is guaranteed by its parent) or the Special Servicer (or its corporate
parent), as applicable, are rated not lower than “A-” by Fitch, “A-” or its equivalent by S&P, the
Master Servicer or the Special Servicer, as applicable, may self-insure with respect to the errors and omissions coverage required
as described above, in which case it shall not be required to maintain an insurance policy with respect to such coverage.

 

Section
3.09     Enforcement of Due-on-Sale Clauses; Assumption Agreements; Defeasance Provisions.     (a)
If any Serviced Mortgage Loan and any related Serviced Companion Loan contains a provision in the nature of a “due-on-sale”
clause (including, without limitation, sales or transfers of Mortgaged Properties (in full or part) or the sale, transfer, pledge
or hypothecation of direct or indirect interests in the Borrower or its owners), which by its terms:

 

(i)        provides
that such Serviced Mortgage Loan and any related Serviced Companion Loan will (or may at the mortgagee’s option) become
due and payable upon the sale or other transfer of an interest in the related Mortgaged Property (including, without limitation,
the sale, transfer, pledge or hypothecation of direct or indirect interests in the Borrower or its owners),

 

(ii)       provides
that such Serviced Mortgage Loan and any related Serviced Companion Loan may not be assumed without the consent of the related
mortgagee in connection with any such sale or other transfer, or

 

(iii)      provides
that such Serviced Mortgage Loan and any related Serviced Companion Loan may be assumed or transferred without the consent of
the mortgagee, provided certain conditions set forth in the Loan Documents are satisfied,

 

then,
the Master Servicer (with respect to Performing Loans (other than Non-Serviced Mortgage Loans), to the extent such action is not
a Special Servicer Major Decision) or the Special Servicer (with respect to Specially Serviced Loans and, to the extent such action
is a Special Servicer Major Decision, Performing Loans (other than Non-Serviced Mortgage Loans)) shall determine, in each case
in a manner consistent with the Servicing Standard, on behalf of the Trustee as the mortgagee of record, whether to (a) exercise
any right it may have with respect to such Serviced Mortgage Loan or Serviced Whole Loan (x) to accelerate the payments thereon
or (y) to grant or withhold its consent to any sale or transfer, consistent with the Servicing Standard or (b) waive any right
to exercise such rights; provided that, (i) with respect to such consent or

 

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waiver
of rights that is a Major Decision, prior to itself taking such an action, the Master Servicer or the Special Servicer, as applicable,
shall obtain, prior to the occurrence and continuance of a Control Termination Event, the prior written consent (or deemed consent)
of the Directing Holder pursuant to Section 6.07 (or (A)(1) after the occurrence and during the continuance of a Control
Termination Event, but prior to a Consultation Termination Event and (2) other than with respect to any applicable Conflicted
Loan, upon consultation with the Directing Holder and the Risk Retention Consultation Party pursuant to Section 6.07 and
(B) after the occurrence and during the continuance of an Operating Advisor Consultation Event, upon consultation with the Operating
Advisor pursuant to Section 6.07), and (ii) the Master Servicer or the Special Servicer processing such action, prior to
consenting to such action, shall obtain, a Rating Agency Confirmation from each Rating Agency with respect to the Certificates
and Serviced Companion Loan Securities, if any, in the case of any such Mortgage Loan that (1) represents more than 5% of the
aggregate Stated Principal Balance of the Mortgage Loans then outstanding and has a Stated Principal Balance of at least $10,000,000,
(2) has a Stated Principal Balance that is more than $35,000,000, (3) represents one of the ten largest Mortgage Loans or groups
of cross-collateralized Mortgage Loans based on Stated Principal Balance and has a Stated Principal Balance of at least $10,000,000,
or (4) is a Mortgage Loan as to which the related Serviced Companion Loan (A) represents one of the ten largest mortgage loans
in the related Other Securitization based on outstanding principal balance and has an outstanding principal balance of at least
$10,000,000, (B) represents more than 5% of the aggregate outstanding principal balance of the mortgage loans then outstanding
in the related Other Securitization and has an outstanding principal balance of at least $10,000,000 or (C) has an outstanding
principal balance that is more than $35,000,000 (provided that the Master Servicer or Special Servicer, as applicable,
shall be entitled to request and reasonably rely upon the written notification provided by the master servicer, special servicer,
trustee or certificate administrator of the applicable Other Securitization as to whether any condition in clause (4)(A) or (B)
is met, or if no timely response is received, entitled to reasonably rely on the most recent CREFC® reports related to the
applicable Other Securitization).

 

The
Master Servicer or the Special Servicer processing such action shall notify the Trustee, the Certificate Administrator, the Directing
Holder and the Master Servicer or the Special Servicer, as applicable, that any such assumption or substitution agreement has
been completed by forwarding to the Custodian (with a copy to the Master Servicer, the Certificate Administrator, the Trustee
and the Directing Holder, as applicable) the original copy of such agreement, which copies shall be added to the related Mortgage
File and shall, for all purposes, be considered a part of such Mortgage File to the same extent as all other documents and instruments
constituting a part thereof. To the extent not precluded by the Loan Documents, neither the Master Servicer nor the Special Servicer
shall approve an assumption or substitution without requiring the related Borrower to pay any fees owed to the Rating Agencies
associated with the approval of such assumption or substitution. However, if the related Borrower is required but fails to pay
such fees, such fees shall be an expense of the Trust Fund (and in the case of any Serviced Whole Loan, such expense shall be
allocated in accordance with the allocation provisions of the related Intercreditor Agreement); provided that in the case
of a Serviced Whole Loan the Master Servicer or the Special Servicer processing such action shall be required, after receiving
payment from amounts on deposit in the Collection Account, if any, to (i) promptly notify the holder of the related Companion
Loan and (ii) use commercially reasonable efforts to exercise on behalf of the Trust Fund the rights of the Trust Fund under the

 

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related
Intercreditor Agreement to obtain reimbursement for a pro rata portion of such amount allocable to the related Serviced
Companion Loan from the holders of such Serviced Companion Loan.

 

Notwithstanding
anything herein to the contrary, with respect to any applicable Conflicted Loan relating to the Controlling Class Representative
(regardless of whether an Operating Advisor Consultation Event has occurred and is continuing), the Master Servicer or the Special
Servicer, as applicable, shall consult with the Operating Advisor, on a non-binding basis, in connection with the related transactions
involving proposed Major Decisions that it is processing and consider alternative actions recommended by the Operating Advisor,
in respect thereof, in accordance with the procedures set forth in Section 6.07 for consulting with the Operating Advisor.

 

(b)           If
any Serviced Mortgage Loan and any related Serviced Companion Loan contains a provision in the nature of a “due-on-encumbrance”
clause, which by its terms:

 

(i)          provides
that such Serviced Mortgage Loan and any related Serviced Companion Loan shall (or may at the mortgagee’s option) become
due and payable upon the creation of any lien or other encumbrance on the related Mortgaged Property or any direct or indirect
ownership interest in the borrower (including, unless specifically permitted, any mezzanine financing of the Borrower or the Mortgaged
Property or any sale or transfer of preferred equity in the Borrower or its owners),

 

(ii)          requires
the consent of the related mortgagee to the creation of any such lien or other encumbrance on the related Mortgaged Property (including,
without limitation, any mezzanine financing of the Borrower or the Mortgaged Property or any sale or transfer of preferred equity
in the Borrower or its owners), or

 

(iii)        provides
that such Mortgaged Property may be further encumbered without the consent of the mortgagee (including, without limitation, any
mezzanine financing of the Borrower or the Mortgaged Property or any sale or transfer of preferred equity in the Borrower or its
owners), provided certain conditions set forth in the Loan Documents are satisfied,

 

then,
the Master Servicer (with respect to Performing Loans (other than Non-Serviced Mortgage Loans), to the extent such action is not
a Special Servicer Major Decision) or the Special Servicer (with respect to Specially Serviced Loans and, to the extent such action
is a Special Servicer Major Decision, Performing Loans (other than Non-Serviced Mortgage Loans)) shall determine, in each case
in a manner consistent with the Servicing Standard, on behalf of the Trustee as the mortgagee of record, whether to (a) exercise
any right it may have with respect to such Serviced Mortgage Loan or Serviced Whole Loan (x) to accelerate the payments thereon
or (y) to withhold its consent to the creation of any additional lien or other encumbrance, consistent with the Servicing Standard
or (b) grant or waive its right to exercise such rights; provided that, (i) with respect to such consent or waiver of rights
that is a Major Decision, prior to itself taking such an action, the Master Servicer or the Special Servicer, as applicable, shall
obtain, prior to the occurrence and continuance of a Control Termination Event, the prior written consent (or deemed consent)
of the Directing Holder pursuant to Section 6.07 (or (A)(1) after the occurrence and during the continuance of a Control
Termination Event, but prior to a Consultation

 

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Termination
Event and (2) other than with respect to any applicable Conflicted Loan, upon consultation with the Directing Holder and Risk
Retention Consultation Party pursuant to Section 6.07 and (B) after the occurrence and during the continuance of an Operating
Advisor Consultation Event, upon consultation with the Operating Advisor pursuant to Section 6.07), and (ii) the Master
Servicer or the Special Servicer processing such action, prior to consenting to such action, shall obtain, a Rating Agency Confirmation
from each Rating Agency with respect to the Certificates and Serviced Companion Loan Securities, if any, in the case of any such
Mortgage Loan that (1) represents more than 2% of the aggregate Stated Principal Balance of the Mortgage Loans then outstanding,
(2) has a Stated Principal Balance that is more than $20,000,000, (3) represents one of the ten largest Mortgage Loans or groups
of cross-collateralized Mortgage Loans based on Stated Principal Balance, (4) has an aggregate loan-to-value ratio (including
any existing and proposed additional debt) that is equal to or greater than 85%, (5) has an aggregate Debt Service Coverage Ratio
(in each case, determined based upon the aggregate of the Stated Principal Balance of the related Mortgage Loan, any existing
additional debt and the principal amount of the proposed additional lien) that is less than 1.20x or (6) is a Mortgage Loan as
to which the related Serviced Companion Loan (A) represents one of the ten largest mortgage loans in the related Other Securitization
based on outstanding principal balance, (B) represents more than 2% of the aggregate outstanding principal balance of the mortgage
loans then outstanding in the related Other Securitization or (C) has an outstanding principal balance that is more than $20,000,000
(provided, that the Special Servicer shall be entitled to request and reasonably rely upon the written notification provided by
the master servicer, special servicer, trustee or certificate administrator of the applicable Other Securitization as to whether
any condition in clause (6)(A) or (B) is met, or if no timely response is received, entitled to reasonably rely on the most recent
CREFC® reports related to the applicable Other Securitization); provided that with respect to clauses (1), (3), (4) and (5),
such Mortgage Loan shall have a Stated Principal Balance of at least $10,000,000 for the requirement of a Rating Agency Confirmation
to apply.

 

The
Master Servicer or the Special Servicer processing such action shall notify the Trustee, the Certificate Administrator, the Directing
Holder and the Master Servicer or the Special Servicer, as applicable, that the creation of any lien or other encumbrance has
been completed by forwarding to the Custodian (with a copy to the Master Servicer, the Certificate Administrator, the Trustee
and the Directing Holder, as applicable) the original copy (if available, and otherwise, a copy) of the document creating such
lien or encumbrance, which copies shall be added to the related Mortgage File and shall, for all purposes, be considered a part
of such Mortgage File to the same extent as all other documents and instruments constituting a part thereof. To the extent not
precluded by the Loan Documents, neither the Master Servicer nor the Special Servicer shall approve the creation of any lien or
other encumbrance without requiring the related Borrower to pay any fees owed to the Rating Agencies associated with the approval
of such lien or encumbrance. However, if the related Borrower is required but fails to pay such fees, such fees shall be an expense
of the Trust Fund (and in the case of any Serviced Whole Loan, such expense shall be allocated in accordance with the allocation
provisions of the related Intercreditor Agreement); provided that in the case of a Serviced Whole Loan the Master Servicer
or the Special Servicer processing such action shall be required, after receiving payment from amounts on deposit in the Collection
Account, if any, to (i) promptly notify the holder of the related Companion Loan and (ii) use commercially reasonable efforts
to exercise on behalf of the Trust Fund the rights of the Trust Fund under the related Intercreditor Agreement to obtain

 

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reimbursement
for a pro rata portion of such amount allocable to the related Serviced Companion Loan from the holders of such Serviced
Companion Loan.

 

Notwithstanding
anything herein to the contrary, with respect to any applicable Conflicted Loan relating to the Controlling Class Representative
(regardless of whether an Operating Advisor Consultation Event has occurred and is continuing), the Master Servicer or the Special
Servicer, as applicable, shall consult with the Operating Advisor, on a non-binding basis, in connection with the related transactions
involving proposed Major Decisions that it is processing and consider alternative actions recommended by the Operating Advisor,
in respect thereof, in accordance with the procedures set forth in Section 6.07 for consulting with the Operating Advisor.

 

(c)           Notwithstanding
any other provision of this Agreement, neither the Master Servicer nor the Special Servicer may waive its rights or grant its
consent under any “due-on-sale” or “due-on-encumbrance” clause relating to any Mortgage Loan without,
if no Control Termination Event has occurred and is continuing, the consent of the Directing Holder. The Directing Holder shall
have 10 Business Days (or longer period provided by the related Intercreditor Agreement) after receipt of notice along with the
Special Servicer’s recommendation and analysis with respect to such waiver and any additional information the Directing
Holder may reasonably request from the Special Servicer of a proposed waiver or consent under any “due-on-sale” or
“due-on-encumbrance” clause in which to grant or withhold its consent (provided that if the Special Servicer fails
to receive a response to such notice from the Directing Holder in writing within such period, then the Directing Holder shall
be deemed to have consented to such proposed waiver or consent).

 

(d)           The
Master Servicer and the Special Servicer, as applicable, shall provide copies of any waivers it effects pursuant to Section
3.09(a) or (b) of this Agreement to the other party, the 17g-5 Information Provider (who shall promptly post such waivers
to the 17g-5 Information Provider’s Website pursuant to Section 3.14(d) of this Agreement) and the related Other
17g-5 Information Provider (if any) with respect to each Mortgage Loan or Serviced Whole Loan.

 

(e)           Nothing
in this Section 3.09 shall constitute a waiver of the Trustee’s right, as the mortgagee of record, to receive notice
of any assumption of a Mortgage Loan, any sale or other transfer of the related Mortgaged Property or the creation of any lien
or other encumbrance with respect to such Mortgaged Property.

 

(f)            In
connection with the taking of, or the failure to take, any action pursuant to this Section 3.09, the Special Servicer shall
not agree to modify, waive or amend, and no assumption or substitution agreement entered into pursuant to Section 3.09(a)
of this Agreement shall contain any terms that are different from, any term of any Serviced Mortgage Loan and any related Serviced
Companion Loan or the related Mortgage Note, other than pursuant to Section 3.26 hereof, as applicable.

 

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(g)          With
respect to any Serviced Mortgage Loan and any related Serviced Companion Loan which permits release of Mortgaged Properties through
defeasance:

 

(i)        Subject
to the consent rights and processes set forth in Section 6.07 with respect to Major Decisions, the Master Servicer shall
process all defeasances of Serviced Mortgage Loans and Serviced Companion Loans in accordance with the terms of the related Loan
Documents, and shall be entitled to any defeasance fees paid relating thereto (provided that for the avoidance of doubt, any such
defeasance fee shall not include the Special Servicer’s portion of any Modification Fees or waiver fees in connection with
a defeasance that the Special Servicer is entitled to under this Agreement).

 

(ii)       If
such Serviced Mortgage Loan and any related Serviced Companion Loan requires that the lender purchase the required government
securities, then the Master Servicer shall purchase, or shall cause the purchase of, such obligations on behalf of the Trust,
at the related Borrower’s expense, in accordance with the terms of such Mortgage Loan; provided that the Master Servicer
shall not accept the amounts paid by the related Borrower to effect defeasance until acceptable government securities have been
identified.

 

(iii)      To
the extent not inconsistent with such Mortgage Loan or Serviced Whole Loan, the Master Servicer shall require the related Borrower
to provide an Opinion of Counsel (which shall be an expense of the related Borrower) to the effect that the Trustee has a first
priority perfected security interest in the defeasance collateral (including the government securities) and the assignment of
the defeasance collateral is valid and enforceable; such opinion, together with any other certificates or documents to be required
in connection with such defeasance shall be in form and substance acceptable to each Rating Agency.

 

(iv)      To
the extent not inconsistent with such Mortgage Loan or Serviced Whole Loan, the Master Servicer shall require a certificate at
the related Borrower’s expense from an Independent certified public accountant certifying to the effect that the government
securities will provide cash flows sufficient to meet all payments of interest and principal (including payments at maturity)
on such Mortgage Loan or Serviced Whole Loan in compliance with the requirements of the terms of the related Loan Documents.

 

(v)       Prior
to permitting the release of any Mortgaged Property through defeasance, the Master Servicer shall obtain, at the related Borrower’s
expense, a Rating Agency Confirmation; provided, the Master Servicer shall not be required to obtain such Rating Agency
Confirmation from any Rating Agency if such Mortgage Loan at the time of such defeasance is not (x) a Mortgage Loan that (together
with any Mortgage Loans cross-collateralized with such Mortgage Loan) is one of the ten largest Mortgage Loans by Stated Principal
Balance, (y) a Mortgage Loan with a Stated Principal Balance equal to or greater than $20,000,000 or (z) a Mortgage Loan that
represents 5% or more of the Stated Principal Balance of all Mortgage Loans.

 

(vi)      Prior
to permitting release of any Mortgaged Property through defeasance, the Master Servicer shall require an Opinion of Counsel to
the effect that such release will not cause any Trust REMIC to fail to qualify as a REMIC at any time that any Certificates are
outstanding or cause a tax to be imposed on the Trust Fund under the REMIC

 

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Provisions;
provided that to the extent not inconsistent with the Mortgage Loan or Serviced Whole Loan, the related Borrower shall
pay the cost related to the Opinion of Counsel (and shall otherwise be a Servicing Advance).

 

(vii)        No
defeasance shall occur on or prior to the second anniversary of the Startup Day of the Trust REMICs, or in the case of any Companion
Loan, the later of the second anniversary of the Startup Day of the Trust REMICs and the second anniversary of the startup day
of any REMIC holding such Companion Loan.

 

(viii)       The
Trustee shall at the expense of the related Borrower (to the extent not inconsistent with the related Loan Documents) hold the
U.S. government securities as pledgee for the benefit of the Certificateholders and, if applicable, the Serviced Companion Loan
Noteholders, and the Certificate Administrator shall apply payments of principal and interest received on the government obligations
to the Collection Account (or Serviced Whole Loan Collection Account) in respect of the defeased Mortgage Loan or Serviced Whole
Loan according to the payment schedule existing immediately prior to the defeasance.

 

(ix)          The
Master Servicer shall, in accordance with the Servicing Standard, enforce provisions in the Mortgage Loans that it is servicing
requiring Borrowers to pay all reasonable expenses associated with a defeasance.

 

(x)           To
the extent not inconsistent with such Mortgage Loan, or to the extent the related Loan Documents provide the lender with discretion,
the Master Servicer shall require a single purpose entity, formed solely for the purpose of owning and pledging the government
securities related to one or more of the Mortgage Loans, to act as a successor borrower.

 

(xi)          The
Master Servicer may accept as defeasance collateral of any “government security,” within the meaning of Treasury Regulation’s
Section 1.860G-(2)(a)(8)(ii), notwithstanding any more restrictive requirements in the Loan Documents; provided, that the
Master Servicer has received an Opinion of Counsel that acceptance of such defeasance collateral will not cause an Adverse REMIC
Event.

 

(xii)         Neither
the Master Servicer nor the Special Servicer shall charge a fee for defeasance in excess of that permitted under the Loan Documents
in the event that the Loan Documents provide for such a fee limitation.

 

(h)          When
the Special Servicer’s consent is requested under this Section 3.09, such consent shall be deemed given 15 Business
Days (or such longer time period pursuant to the terms of the related Intercreditor Agreement but not less than five (5) Business
Days after the time period set forth therein for Directing Holder approval) after receipt (unless earlier objected to) by the
Special Servicer from the Master Servicer of the Master Servicer’s written analysis and recommendation with respect to such
proposed action together with such other information reasonably requested by the Special Servicer.

 

Section
3.10     Appraisals; Realization upon Defaulted Loans. (a) Other than with respect to a
Non-Serviced Mortgage Loan, contemporaneously with the earliest of (i) the

 

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effective
date of any (A) modification of the Maturity Date or extended Maturity Date, a Mortgage Rate, principal balance or amortization
terms of any Mortgage Loan or Serviced Whole Loan or any other term of a Mortgage Loan or Serviced Whole Loan, (B) extension of
the Maturity Date or extended Maturity Date of a Mortgage Loan or Serviced Whole Loan as described below in Section 3.26
of this Agreement, or (C) consent to the release of any Mortgaged Property from the lien of the related Mortgage other than pursuant
to the terms of the related Mortgage Loan or Serviced Whole Loan, (ii) the occurrence of an Appraisal Reduction Event, (iii) a
default in the payment of a Balloon Payment for which an extension is not granted, or (iv) the date on which the Special Servicer,
consistent with the Servicing Standard, requests an Updated Valuation, the Special Servicer shall use commercially reasonable
efforts to obtain an Updated Valuation (or a letter update for an existing appraisal which is less than two years old) within
60 days of such request, the cost of which shall constitute a Servicing Advance; provided, that the Special Servicer shall
not be required to obtain an Updated Valuation pursuant to clauses (i) through (iv) above with respect to any Mortgaged Property
for which there exists an Appraisal, Updated Appraisal or Small Loan Appraisal Estimate which is less than nine months old unless
the Special Servicer has actual knowledge of a material adverse change in circumstances that, consistent with the Servicing Standard,
would call into question the validity of such Appraisal, Updated Appraisal or Small Loan Appraisal Estimate. For so long as such
Mortgage Loan or Serviced Whole Loan is a Specially Serviced Loan, (i) the Special Servicer shall, within 30 days of the end of
each 9-month period following the related Appraisal Reduction Event, use commercially reasonable efforts to order an Appraisal
(which may be an update of a prior Appraisal), the cost of which shall constitute a Servicing Advance and (ii) the Master Servicer
shall recalculate the Appraisal Reduction Amount prior to the Special Servicer granting extensions beyond one year or any subsequent
extension after granting a one year extension with respect to the same Mortgage Loan or Serviced Whole Loan. Subject to any required
consent from the Directing Holder and consultation with the Risk Retention Consultation Party and Operating Advisors pursuant
to Section 6.07, nothing herein is intended to limit the Special Servicer’s ability to pursue multiple strategies
contemporaneously if the Special Servicer deems such actions appropriate under the Servicing Standard. The Special Servicer shall
update, in accordance with the timing described above, each Small Loan Appraisal Estimate or Updated Appraisal for so long as
an Appraisal Reduction Event exists with respect to the related Mortgage Loan or Serviced Whole Loan and the Master Servicer shall
recalculate the Appraisal Reduction Amount based on such updated Small Loan Appraisal Estimate or Updated Appraisal and receipt
of information reasonably requested by the Master Servicer from the Special Servicer to the extent such information is in the
possession of the Special Servicer, reasonably necessary to calculate the Appraisal Reduction Amount. The Special Servicer shall
send all such letter updates and Updated Valuations to the Master Servicer, the Trustee, the Operating Advisor, the 17g-5 Information
Provider (who shall promptly post such materials to the 17g-5 Information Provider’s Website pursuant to Section 3.14(d)
of this Agreement), the related Serviced Companion Loan Noteholder (if any), the Risk Retention Consultation Party and, for
so long as no Consultation Termination Event has occurred and is continuing, the Directing Holder.

 

The
Special Servicer shall monitor each Specially Serviced Loan, evaluate whether the causes of the default can be corrected over
a reasonable period without significant impairment of the value of the related Mortgaged Property, initiate corrective action
in cooperation with the Borrower if, in the Special Servicer’s judgment, cure is likely, and take

 

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such
other actions (including without limitation, negotiating and accepting a discounted payoff of a Mortgage Loan or Serviced Whole
Loan) as are consistent with the Servicing Standard. If, in the Special Servicer’s judgment, such corrective action has
been unsuccessful, no satisfactory arrangement can be made for collection of delinquent payments, and the Specially Serviced Loan
has not been released from the Trust Fund pursuant to any provision hereof, and except as otherwise specifically provided in Section
3.09(a) and 3.09(b) of this Agreement, the Special Servicer may, to the extent consistent with the Asset Status Report
(and with the consent of the Directing Holder, if no Control Termination Event has occurred and is continuing, and after consultation
with the Risk Retention Consultation Party pursuant to Section 6.07) and with the Servicing Standard, accelerate such Specially
Serviced Loan and commence a foreclosure or other acquisition with respect to the related Mortgaged Property or Properties, provided
that the Special Servicer determines that such acceleration and foreclosure are more likely to produce a greater recovery
to Certificateholders and, if applicable, Serviced Companion Loan Noteholders (as a collective whole as if such Certificateholders
and, if applicable, Serviced Companion Loan Noteholders, constituted a single lender) (and with respect to any Serviced Whole
Loan with a related Subordinate Companion Loan, taking into account the subordinate nature of such Subordinate Companion Loan)
on a present value basis (discounting at the related Calculation Rate) than would a waiver of such default or an extension or
modification in accordance with the provisions of Section 3.26 hereof. In connection with causing the Trust to foreclose
on collateral that consists of multiple properties held for sale to customers by the related Borrower (such as unsold condominium
units in a single project), the Special Servicer directing such foreclosure shall consider the effect of the bidding price for
the properties on the tax basis of such properties if such properties are likely to be treated in the hands of the Trust as properties
held for sale to customers. The Master Servicer shall pay the costs and expenses in any such proceedings as a Servicing Advance
unless the Master Servicer or the Special Servicer, as applicable, determines, in its good faith judgment, that such Servicing
Advance would constitute a Nonrecoverable Advance; provided, if such Servicing Advance would constitute a Nonrecoverable
Advance but the Special Servicer determines that such payment would be in the best interests of the Certificateholders and, if
applicable, Serviced Companion Loan Noteholders (as a collective whole as if such Certificateholders and Serviced Companion Loan
Noteholders, as applicable, constituted a single lender (and with respect to any Serviced Whole Loan with a related Serviced Subordinate
Companion Loan, taking into account the subordinate nature of such Serviced Subordinate Companion Loan) (with the Master Servicer
permitted to conclusively rely upon any such determination by the Special Servicer), the Special Servicer shall direct the Master
Servicer to make such payment from the Collection Account (or, if applicable, the applicable Serviced Whole Loan Collection Account),
which payment shall be an Additional Trust Fund Expense. The Trustee shall be entitled to conclusively rely upon any determination
of the Master Servicer or Special Servicer that a Servicing Advance, if made, would constitute a Nonrecoverable Advance. If the
Master Servicer does not make such Servicing Advance in violation of the second preceding sentence, the Trustee shall make such
Servicing Advance, unless the Trustee determines that such Servicing Advance would be a Nonrecoverable Advance. The Master Servicer
and the Trustee, as applicable, shall be entitled to reimbursement of Servicing Advances (with interest at the Reimbursement Rate)
made pursuant to this paragraph to the extent permitted by Section 3.06 of this Agreement.

 

(b)          If
the Special Servicer elects to proceed with a non-judicial foreclosure in accordance with the laws of the state where the Mortgaged
Property is located, the Special

 

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Servicer
shall not be required to pursue a deficiency judgment against the related Borrower or any other liable party if (i) the laws of
the state do not permit such a deficiency judgment after a non-judicial foreclosure or (ii) if the Special Servicer determines,
in its best judgment, that the likely recovery if a deficiency judgment is obtained will not be sufficient to warrant the cost,
time, expense and/or exposure of pursuing the deficiency judgment and such determination is evidenced by an Officer’s Certificate
delivered to the Trustee and the Certificate Administrator.

 

(c)           In
the event that title to any Mortgaged Property is acquired in foreclosure or by deed in lieu of foreclosure, the deed or certificate
of sale shall be issued to the Trustee (on behalf of the Trust Fund), or to its nominee (which shall not include the Special Servicer)
or a separate Trustee or co-Trustee on behalf of the Trustee as Holder of the Lower-Tier Regular Interests and the Certificateholders
and, if applicable, the Serviced Companion Loan Noteholders. Notwithstanding any such acquisition of title and cancellation of
the related Mortgage Loan or Serviced Whole Loan, as applicable, such Mortgage Loan or Serviced Whole Loan, as applicable, shall
(except for purposes of Section 9.01 of this Agreement) be considered to be a Serviced REO Loan until such time as the
related Serviced REO Property shall be sold by the Trust Fund and shall be reduced only by collections net of expenses. Consistent
with the foregoing, for purposes of all calculations hereunder, so long as such Mortgage Loan or Serviced Whole Loan, as applicable,
shall be considered to be an outstanding Mortgage Loan or Serviced Whole Loan, as applicable:

 

(i)        it
shall be assumed that, notwithstanding that the indebtedness evidenced by the related Mortgage Note shall have been discharged,
such Mortgage Note and, for purposes of determining the Stated Principal Balance thereof, the related amortization schedule in
effect at the time of any such acquisition of title shall remain in effect; and

 

(ii)       subject
to Section 1.02(g) of this Agreement, Net REO Proceeds received in any month shall be applied to amounts that would have
been payable under the related Mortgage Note(s) in accordance with the terms of such Mortgage Note(s) and any applicable Intercreditor
Agreement. In the absence of such terms, Net REO Proceeds shall, subject to Section 1.02(g) of this Agreement, be deemed
to have been received first, in payment of the accrued interest that remained unpaid on the date that the related Serviced
REO Property was acquired by the Trust Fund; second, in respect of the delinquent principal installments that remained
unpaid on such date; and thereafter, Net REO Proceeds received in any month shall be applied to the payment of installments
of principal and accrued interest on such Mortgage Loan or Serviced Companion Loan, as applicable, deemed to be due and payable
in accordance with the terms of such Mortgage Note(s) and such amortization schedule until such principal has been paid in full
and then to other amounts due under such Mortgage Loan or Serviced Companion Loan, as applicable. If such Net REO Proceeds exceed
the Periodic Payment then payable, the excess shall be treated as a Principal Prepayment received in respect of such Mortgage
Loan or Serviced Companion Loan, as applicable.

 

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(d)           Notwithstanding
any provision herein to the contrary, the Special Servicer shall not acquire for the benefit of the Trust Fund any personal property
pursuant to this Section 3.10 unless either:

 

(i)           such
personal property is incident to real property (within the meaning of Section 856(e)(l) of the Code) so acquired by the Special
Servicer for the benefit of the Trust Fund; or

 

(ii)          the
Special Servicer shall have requested and received an Opinion of Counsel (which opinion shall be an expense of the Lower-Tier
REMIC) to the effect that the holding of such personal property by the Lower-Tier REMIC will not cause the imposition of a tax
on any Trust REMIC under the REMIC Provisions or cause any Trust REMIC to fail to qualify as a REMIC at any time that any Certificate
is outstanding (and such Opinion of Counsel may be premised on the designation hereby of any such personal property as being deemed
part of an “outside reserve fund” (within the meaning of Treasury Regulations Section 1.860G-2(h)) with the owner
of such personal property for federal income tax purposes to be designated at such time).

 

(e)           Notwithstanding
any provision to the contrary in this Agreement, the Special Servicer shall not, on behalf of the Trust Fund, obtain title to
any direct or indirect partnership interest or other equity interest in any Borrower pledged pursuant to any pledge agreement
unless the Special Servicer shall have requested and received an Opinion of Counsel (which opinion shall be an expense of the
Trust Fund (and in the case of any Serviced Whole Loan, such expense shall be allocated in accordance with the allocation provisions
of the related Intercreditor Agreement)) to the effect that the holding of such partnership interest or other equity interest
by the Trust Fund will not cause the imposition of a tax on any Trust REMIC under the REMIC Provisions or cause any Trust REMIC
to fail to qualify as a REMIC at any time that any Certificate is outstanding.

 

(f)           Notwithstanding
any provision to the contrary contained in this Agreement, the Special Servicer shall not cause the Trustee, on behalf of the
Trust Fund, to obtain title to a Mortgaged Property as a result of or in lieu of foreclosure or otherwise, to obtain title to
any direct or indirect partnership interest in any Borrower pledged pursuant to a pledge agreement and thereby be the beneficial
owner of a Mortgaged Property, have a receiver of rents appointed with respect to, and shall not otherwise cause the Trustee to
acquire possession of, or take any other action with respect to, any Mortgaged Property if, as a result of any such action, the
Trustee, for the Trust Fund, the Certificateholders or Serviced Companion Loan Noteholders, if applicable, would be considered
to hold title to, to be a “mortgagee-in-possession” of, or to be an “owner” or “operator”
of such Mortgaged Property within the meaning of the Comprehensive Environmental Response, Compensation and Liability Act of 1980,
as amended from time to time, or any comparable law, unless the Special Servicer has previously determined in accordance with
the Servicing Standard, based on an updated environmental assessment report prepared by an Independent Person who regularly conducts
environmental audits (which report shall be an expense of the Trust), performed within six months prior to any such acquisition
of title or other action that:

 

(i)        such
Mortgaged Property is in compliance with applicable environmental laws or, if not, after consultation with an environmental consultant,
that it would be in the

 

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best
economic interest of the Certificateholders (and with respect to the Serviced Whole Loans, the Serviced Companion Loan Noteholders),
as a collective whole as if such Certificateholders and, if applicable, Serviced Companion Loan Noteholders constituted a single
lender (and with respect to any Serviced Whole Loan with a related Serviced Subordinate Companion Loan, taking into account the
subordinate nature of such Serviced Subordinate Companion Loan), to take such actions as are necessary to bring such Mortgaged
Property in compliance therewith, and

 

(ii)       there
are no circumstances present at such Mortgaged Property relating to the use, management or disposal of any Hazardous Materials
for which investigation, testing, monitoring, containment, clean-up or remediation could be required under any currently effective
federal, state or local law or regulation, or that, if any such Hazardous Materials are present for which such action could be
required, after consultation with an environmental consultant, it would be in the best economic interest of the Certificateholders
(and with respect to any Serviced Whole Loan, the Serviced Companion Loan holders), as a collective whole as if such Certificateholders
and, if applicable, Serviced Companion Loan holders constituted a single lender (and with respect to any Serviced Whole Loan with
a related Subordinate Companion Loan, taking into account the subordinate nature of such Subordinate Companion Loan), to take
such actions with respect to the affected Mortgaged Property.

 

In
the event that the environmental assessment first obtained by the Special Servicer with respect to a Mortgaged Property indicates
that such Mortgaged Property may not be in compliance with applicable environmental laws or that Hazardous Materials may be present
but does not definitively establish such fact, the Special Servicer shall cause such further environmental tests to be conducted
by an Independent Person who regularly conducts such tests as the Special Servicer shall deem prudent to protect the interests
of Certificateholders and, if applicable, the Serviced Companion Loan Noteholders. Any such tests shall be deemed part of the
environmental assessment obtained by the Special Servicer for purposes of this Section 3.10.

 

(g)          The
environmental assessment contemplated by Section 3.10(f) of this Agreement shall be prepared within three months (or as
soon thereafter as practicable) of the determination that such assessment is required by any Independent Person who regularly
conducts environmental audits for purchasers of commercial property where the Mortgaged Property is located, as determined by
the Special Servicer in a manner consistent with the Servicing Standard. Upon the written direction of the Special Servicer and
delivery by the Special Servicer to the Master Servicer of pertinent back-up information the Master Servicer shall advance the
cost of preparation of such environmental assessments as a Servicing Advance unless the Master Servicer determines, in its good
faith judgment, that such Servicing Advance would be a Nonrecoverable Advance. The Master Servicer shall be entitled to reimbursement
of Servicing Advances (with interest at the Reimbursement Rate) made pursuant to the preceding sentence to the extent permitted
by Section 3.06. The Special Servicer shall provide written reports and a copy of any environmental assessments in electronic
format to the Directing Holder (if no Consultation Termination Event has occurred and is continuing), the Risk Retention Consultation
Party, the Operating Advisor, the Master Servicer, the related Serviced Companion Loan Noteholder (if any) and the 17g-5 Information
Provider (who shall promptly post such materials to the 17g-5 Information Provider’s Website pursuant to Section 3.14(d)
of this

 

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Agreement),
monthly regarding any actions taken by the Special Servicer with respect to any Mortgaged Property securing a Defaulted Loan or
defaulted Serviced Companion Loan as to which the environmental testing contemplated by Section 3.10(f) of this Agreement
has revealed that either of the conditions set forth in clauses (i) and (ii) of the first sentence thereof has not been satisfied,
in each case until the earlier to occur of (i) satisfaction of both such conditions, (ii) repurchase of the related Mortgage Loan
by the Mortgage Loan Seller or (iii) release of the lien of the related Mortgage on such Mortgaged Property.

 

(h)          If
the Special Servicer determines pursuant to Section 3.10(f)(i) of this Agreement that a Mortgaged Property is not in compliance
with applicable environmental laws but that it is in the best economic interest of the Trust Fund (and with respect to the Serviced
Whole Loans, the Serviced Companion Loan Noteholders), as a collective whole as if such Certificateholders and, if applicable,
Serviced Companion Loan Noteholders constituted a single lender (and with respect to any Serviced Whole Loan with a related Serviced
Subordinate Companion Loan, taking into account the subordinate nature of such Serviced Subordinate Companion Loan), to take such
actions as are necessary to bring such Mortgaged Property in compliance therewith, or if the Special Servicer determines pursuant
to Section 3.10(f)(ii) of this Agreement that the circumstances referred to therein relating to Hazardous Materials are
present but that it is in the best economic interest of the Trust Fund (and with respect to the Serviced Whole Loans, the Serviced
Companion Loan Noteholders), as a collective whole as if such Certificateholders and, if applicable, Serviced Companion Loan Noteholders
constituted a single lender (and with respect to any Serviced Whole Loan with a related Serviced Subordinate Companion Loan, taking
into account the subordinate nature of such Serviced Subordinate Companion Loan), to take such action with respect to the containment,
clean-up or remediation of Hazardous Materials affecting such Mortgaged Property as is required by law or regulation, the Special
Servicer shall (with the consent of the Directing Holder (if no Control Termination Event has occurred and is continuing) and
after consultation with the Risk Retention Consultation Party and the Operating Adviser pursuant to Section 6.07) take
such action as it deems to be in the best economic interest of the Trust Fund (and with respect to the Serviced Whole Loans, the
Serviced Companion Loan Noteholders), as a collective whole as if such Certificateholders and, if applicable, Serviced Companion
Loan Noteholders constituted a single lender (and with respect to any Serviced Whole Loan with a related Serviced Subordinate
Companion Loan, taking into account the subordinate nature of such Serviced Subordinate Companion Loan), but only if the Certificate
Administrator has mailed notice to the Holders of the Regular Certificates, the Exchangeable Certificates and the related Serviced
Companion Loan Noteholders of such proposed action, which notice shall be prepared by the Special Servicer, and only if the Certificate
Administrator does not receive, within 30 days of such notification, instructions from the Holders of Regular Certificates and
Exchangeable Certificates entitled to a majority of the Voting Rights and, with respect to Serviced Whole Loans, the applicable
Serviced Companion Loan Noteholders directing the Special Servicer not to take such action. Notwithstanding the foregoing, if
the Special Servicer reasonably determines that it is likely that within such 30-day period irreparable environmental harm to
such Mortgaged Property would result from the presence of such Hazardous Materials and provides a prior written statement to the
Trustee and the Certificate Administrator setting forth the basis for such determination, then the Special Servicer may take or
cause to be taken such action to remedy such condition as may be consistent with the Servicing Standard. None of the Trustee,
the Certificate Administrator, the Master Servicer or the Special Servicer shall be obligated to take

 

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any
action or not take any action pursuant to this Section 3.10(g) at the direction of the Certificateholders or with respect
to any Serviced Whole Loan, at the direction of the Certificateholders and the related Serviced Companion Loan Noteholders unless
the Certificateholders and, with respect to any Serviced Companion Loan, the Serviced Companion Loan Noteholders agree to indemnify
the Trustee, the Certificate Administrator, the Master Servicer and the Special Servicer with respect to such action or inaction.
The Master Servicer shall advance the cost of any such compliance, containment, clean-up or remediation as a Servicing Advance
unless the Master Servicer determines, in its good faith judgment, that such Advance would constitute a Nonrecoverable Advance.

 

(i)           The
Special Servicer shall notify the Master Servicer of any Mortgaged Property (other than a Mortgaged Property securing a Non-Serviced
Mortgage Loan) which is abandoned or foreclosed that requires reporting to the IRS and shall provide the Master Servicer with
all information regarding forgiveness of indebtedness and required to be reported with respect to any Serviced Mortgage Loan and
any related Serviced Companion Loan which is abandoned or foreclosed and the Master Servicer shall report to the IRS and the related
Borrower, in the manner required by applicable law, such information and the Master Servicer shall report, via Form 1099C or Form
1099A, all forgiveness of indebtedness to the extent such information has been provided to the Master Servicer by the Special
Servicer. The Master Servicer shall deliver a copy of any such report to the Trustee and the Certificate Administrator.

 

(j)           The
costs of any Updated Valuation obtained pursuant to this Section 3.10 shall be paid by the Master Servicer as a Servicing
Advance and shall be reimbursable from the Collection Account or, with respect to the Serviced Whole Loans, first, from
the applicable Serviced Whole Loan Collection Account and second, to the extent amounts in the Serviced Whole Loan Collection
Accounts are insufficient therefor, from the Collection Account in accordance with Section 3.06(a); provided that
the Master Servicer shall, after receiving payment from amounts on deposit in the Collection Account, if any, (i) promptly notify
the related Companion Loan Noteholder and (ii) use commercially reasonable efforts to exercise on behalf of the Trust any rights
under the related Intercreditor Agreement to obtain reimbursement for a pro rata portion of such amount allocable to the
related Serviced Companion Loans from the related Companion Loan Noteholders.

 

Section
3.11     Custodian to Cooperate; Release of Mortgage Files.     Upon
the payment in full of any Mortgage Loan or Serviced Whole Loan, or the receipt by the Master Servicer of a notification that
payment in full has been escrowed in a manner customary for such purposes, the Master Servicer shall immediately notify the Custodian
by a certification (which certification shall include a statement to the effect that all amounts received or to be received in
connection with such payment which are required to be deposited in the Collection Account or the applicable Serviced Whole Loan
Collection Account, as applicable, pursuant to Section 3.05 of this Agreement have been or will be so deposited) of a Servicing
Officer and shall request delivery to it of the related Mortgage File. Any expense incurred in connection with any instrument
of satisfaction or deed of reconveyance that is not paid by the related Borrower shall be chargeable to the Trust Fund. The Master
Servicer agrees to use reasonable efforts in accordance with the Servicing Standard to enforce any provision in the relevant Loan
Documents that require the Borrower to pay such amounts. No expenses incurred in connection with any instrument of satisfaction
or deed of reconveyance shall be an expense of the Custodian.

 

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From time to time upon
request of the Master Servicer or the Special Servicer and delivery to the Custodian of a Request for Release, the Custodian shall
promptly release the Mortgage File (or any portion thereof) designated in such Request for Release to the Master Servicer or the
Special Servicer, as applicable. Upon return of the foregoing to the Custodian, or in the event of a liquidation or conversion
of the Mortgage Loan or the Serviced Whole Loan into a Serviced REO Property, or in the event of a substitution of a Mortgage Loan
pursuant to Section 2.03 of this Agreement, or receipt by the Custodian of a certificate of a Servicing Officer stating
that such Mortgaged Property was liquidated and that all amounts received or to be received in connection with such liquidation
which are required to be deposited into the Collection Account or the applicable Serviced Whole Loan Collection Account, as applicable,
have been so deposited, or that such Mortgage Loan or Serviced Whole Loan has become a Serviced REO Property, or that the Master
Servicer has received a Qualified Substitute Mortgage Loan and the applicable Substitution Shortfall Amount, the Custodian shall
deliver a copy of the Request for Release to the Master Servicer or the Special Servicer, as applicable. If from time to time,
pursuant to the terms of the applicable Intercreditor Agreement or Other Pooling and Servicing Agreement, and as appropriate for
enforcing the terms of the related Non-Serviced Mortgage Loan, the Other Servicer or the Other Special Servicer requests delivery
to it of the original Mortgage Note by providing the Trustee and the Custodian a Request for Release, then the Custodian shall
release or cause the release of such original Mortgage Note to the Other Servicer or the Other Special Servicer or its designee.

 

Within five (5) Business
Days (or, in case of an emergency, within such shorter period as is reasonable under the circumstances) after receipt of a written
certification of a Servicing Officer, the Trustee shall execute and deliver to the Master Servicer (with respect to Performing
Loans) and the Special Servicer (with respect to Specially Serviced Loans and REO Loans) any court pleadings, requests for a trustee’s
sale or other documents prepared by the Special Servicer, its agents or attorneys, necessary to the foreclosure or trustee’s
sale in respect of a Mortgaged Property or to any legal action brought to obtain judgment against any Borrower on the Mortgage
Note or Mortgage or to obtain a deficiency judgment, or to enforce any other remedies or rights provided by the Mortgage Note or
Mortgage or otherwise available at law or in equity. Each such certification shall include a request that such pleadings or documents
be executed by the Trustee and a statement as to the reason such documents or pleadings are required, that the proposed action
is consistent with the Servicing Standard and that the execution and delivery thereof by the Trustee will not invalidate or otherwise
affect the lien of the Mortgage, except for the termination of such a lien upon completion of the foreclosure or trustee’s
sale.

 

With respect to each
Servicing Shift Whole Loan, on and after the related Servicing Shift Securitization Date, if pursuant to the related Intercreditor
Agreement and the related Other Pooling and Servicing Agreement, and as appropriate for enforcing the terms of such Servicing Shift
Whole Loan, as applicable, the related Other Servicer requests in writing delivery to it of the original Note, then the Custodian
shall release or cause the release of such original Note to the related Other Servicer or its designee.

 

Section
3.12      Servicing Fees, Certificate Administrator/Trustee Fees and Special Servicing
Compensation. (a) As compensation for its activities hereunder, the Master Servicer shall be entitled to the Servicing
Fee with respect to each Mortgage Loan and Serviced

 

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Companion Loan. The Master Servicer’s rights to the Servicing Fee
may not be transferred in whole or in part except in connection with the transfer of all of the Master Servicer’s
responsibilities and obligations under this Agreement or as provided in the second succeeding paragraph with respect to the
Excess Servicing Fee.

 

In addition, the Master
Servicer shall be entitled to receive, as additional Servicing Compensation, to the extent not prohibited by applicable law and
the related Loan Documents and any related Intercreditor Agreement, (i) all investment income earned on amounts on deposit in the
Collection Account (and with respect to each Serviced Whole Loan, the related Serviced Whole Loan Collection Account) and certain
Reserve Accounts (to the extent consistent with the related Loan Documents); (ii) any Net Default Interest and any other Penalty
Charges collected by the Master Servicer or the Special Servicer during a Collection Period accrued on any Performing Loan (and
the related Serviced Companion Loan, if applicable), in each case, remaining after application thereof during such Collection Period
to pay the Advance Interest Amount relating to such Performing Loan and to pay or reimburse the Trust for any unreimbursed Additional
Trust Fund Expenses (including Special Servicing Fees, Workout Fees and Liquidation Fees) relating to such Performing Loan incurred
during or prior to such Collection Period, and, in the case of the Serviced Whole Loans, to the extent allocated to the related
Mortgage Loan in the related Intercreditor Agreement and as further described in Section 3.12(d); (iii) any amounts collected
for checks returned for insufficient funds (with respect to any Performing Loan or Specially Serviced Loan); and (iv) 100% of any
Modification Fees and consent fees (or similar fees) related to any consents, modifications, waivers, extensions or amendments
of any Serviced Mortgage Loans (and any related Serviced Companion Loan) that are non-Specially Serviced Loans that do not involve
a Special Servicer Major Decision, 50% of any Modification Fees and consent fees (or similar fees) related to any consents, modifications,
waivers, extensions or amendments of any Serviced Mortgage Loans (and any related Serviced Companion Loan) that are non-Specially
Serviced Loans that involve one or more Special Servicer Major Decisions (whether or not processed by the Special Servicer), 100%
of any defeasance fees (provided that for the avoidance of doubt, any such defeasance fee shall not include the Special Servicer’s
portion of any Modification Fees or waiver fees in connection with a defeasance that the Special Servicer is entitled to under
this Agreement), 100% of Assumption Fees with respect to Serviced Mortgage Loans (and any related Serviced Companion Loan) that
do not involve a Special Servicer Major Decision, 50% of Assumption Fees with respect to Serviced Mortgage Loans (and any related
Serviced Companion Loan) that involve one or more Special Servicer Major Decisions (whether or not processed by the Special Servicer),
100% of beneficiary statement charges to the extent such beneficiary statements are prepared by the Master Servicer (but not including
Prepayment Premiums or Yield Maintenance Charges), 100% of assumption application fees with respect to Serviced Mortgage Loans
(and any related Serviced Companion Loan) for which the Master Servicer is processing the underlying assumption-related transaction
(whether or not the consent of the Special Servicer is required), and 0% of assumption application fees with respect to Specially
Serviced Loans, in each case to the extent received and not required to be deposited or retained in the Collection Account (or
Serviced Whole Loan Collection Account), in each case pursuant to Section 3.05 of this Agreement. The Master Servicer shall
also be entitled pursuant to, and to the extent provided in, Section 3.06(a)(viii) or 3.07(b) of this Agreement,
as applicable, to withdraw from the Collection Account and to receive from any Borrower Accounts (to the extent not payable to
the related Borrower under the Mortgage Loan or applicable law),

 

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Net Prepayment Interest Excess, if any, that accrue on the Mortgage
Loans that it is servicing and any interest or other income earned on deposits therein. In addition, the Master Servicer shall
be entitled to the portion of Net Default Interest and any late payment fees or penalty charges collected by the Other Servicer
servicing a Non-Serviced Mortgage Loan that are allocated to such Non-Serviced Mortgage Loan remaining after application thereof
to reimburse interest on related P&I Advances and to reimburse the Trust for certain expenses of the Trust, if applicable,
as provided in this Agreement. Except as specified in the preceding sentence and except with respect to clause (i) in this paragraph,
the Master Servicer will not be entitled to the compensation set forth in clauses (iii) and (iv) in this paragraph with respect
to a Non-Serviced Mortgage Loan.

 

Notwithstanding anything
to the contrary, the Master Servicer and the Special Servicer will each be entitled to charge the related Borrower reasonable review
fees in connection with any borrower request to the extent such fees are not prohibited under the related Loan Documents and are
actually paid by or on behalf of the related Borrower.

 

With respect to any of
the preceding fees as to which both the Master Servicer and the Special Servicer are entitled to receive a portion thereof, the
Master Servicer and the Special Servicer shall each have the right, in their sole discretion, but not any obligation, to reduce
or elect not to charge its respective portion of such fee; provided that (A) neither the Master Servicer nor the Special Servicer
shall have the right to reduce or elect not to charge the portion of any such fee due to the other and (B) to the extent either
the Master Servicer or the Special Servicer exercises its right to reduce or elect not to charge its respective portion in any
such fee, the party that reduced or elected not to charge its respective portion of such fee shall not have any right to share
in any part of the other party’s portion of such fee. If the Master Servicer decides not to charge any fee, the Special Servicer
shall nevertheless be entitled to charge its portion of the related fee to which the Special Servicer would have been entitled
if the Master Servicer had charged a fee and the Master Servicer shall not be entitled to any of such fee charged by the Special
Servicer.

 

The Master Servicer and
any successor holder of the Excess Servicing Fee Rights that relate to the Mortgage Loans (and any successor REO Loans with respect
to such Mortgage Loans) shall be entitled, at any time, at its own expense, to transfer, sell, pledge or otherwise assign such
Excess Servicing Fee Rights in whole (but not in part), in either case, to any Qualified Institutional Buyer or Institutional Accredited
Investor (other than a Plan); provided that no such transfer, sale, pledge or other assignment shall be made unless (i)
that transfer, sale, pledge or other assignment is exempt from the registration and/or qualification requirements of the Act and
any applicable state securities laws and is otherwise made in accordance with the Act and such state securities laws, (ii) the
prospective transferor shall have delivered to the Depositor a certificate substantially in the form attached as Exhibit AA-1
hereto and (iii) the prospective transferee shall have delivered to the Master Servicer and the Depositor a certificate substantially
in the form attached as Exhibit AA-2 hereto. None of the Depositor, the Trustee, the Certificate Administrator, the Operating
Advisor, the Asset Representations Reviewer or the Certificate Registrar is obligated to register or qualify an Excess Servicing
Fee Right under the Act or any other securities law or to take any action not otherwise required under this Agreement to permit
the transfer, sale, pledge or assignment of an Excess Servicing Fee Right without registration or qualification. The Master Servicer
and each holder of an Excess Servicing Fee Right desiring to

 

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effect a transfer, sale, pledge or other assignment of such Excess
Servicing Fee Right shall, and the Master Servicer hereby agrees, and each such holder of an Excess Servicing Fee Right by its
acceptance of such Excess Servicing Fee Right shall be deemed to have agreed, in connection with any transfer of such Excess Servicing
Fee Right effected by such Person, to indemnify the Certificateholders, the Trust, the Depositor, the Underwriters, the Certificate
Administrator, the Trustee, the Master Servicer, the Certificate Registrar, the Operating Advisor, the Asset Representations Reviewer
and the Special Servicer against any liability that may result if such transfer is not exempt from registration and/or qualification
under the Act or other applicable federal and state securities laws or is not made in accordance with such federal and state laws
or in accordance with the foregoing provisions of this paragraph. By its acceptance of an Excess Servicing Fee Right, the holder
thereof shall be deemed to have agreed not to use or disclose such information in any manner that could result in a violation of
any provision of the Act or other applicable securities laws or that would require registration of such Excess Servicing Fee Right
or any Certificate pursuant to the Act. From time to time following any transfer, sale, pledge or assignment of an Excess Servicing
Fee Right, the Master Servicer with respect to the related Mortgage Loan or successor REO Loan with respect thereto to which the
Excess Servicing Fee Right relates, shall pay, out of each amount paid to the Master Servicer as Servicing Fee with respect to
such Mortgage Loan or REO Loan, as the case may be, the related Excess Servicing Fees to the holder of such Excess Servicing Fee
Right within one Business Day following the payment of such Servicing Fee to the Master Servicer, in each case in accordance with
payment instructions provided by such holder in writing to the Master Servicer. The holder of an Excess Servicing Fee Right shall
not have any rights under this Agreement except as set forth in the preceding sentences of this paragraph. None of the Certificate
Administrator, the Certificate Registrar, the Operating Advisor, the Asset Representations Reviewer, the Depositor, the Special
Servicer or the Trustee shall have any obligation whatsoever regarding payment of the Excess Servicing Fee or the assignment or
transfer of the Excess Servicing Fee Right.

 

As compensation for its
activities hereunder on each Distribution Date, the Certificate Administrator shall be entitled with respect to each Mortgage Loan
to its portion of the Certificate Administrator/Trustee Fee, which shall be payable from amounts on deposit in the Lower-Tier Distribution
Account. The Certificate Administrator shall pay the Trustee the Trustee’s portion of the Certificate Administrator/Trustee
Fee. The Certificate Administrator’s rights to the Certificate Administrator/Trustee Fee may not be transferred in whole
or in part except in connection with the transfer of all of its responsibilities and obligations under this Agreement.

 

Except as otherwise provided
herein, the Master Servicer shall pay all of its overhead expenses incurred by it in connection with its servicing activities hereunder,
including all fees of any sub-servicers retained by it (but excluding Mortgage Loan Seller Sub-Servicers). Except as otherwise
provided herein, the Trustee and the Certificate Administrator shall each pay all expenses incurred by it in connection with its
activities hereunder.

 

(b)          As
compensation for its activities hereunder, the Special Servicer shall be entitled with respect to each Specially Serviced Loan
and Serviced REO Loan to the Special Servicing Compensation, which shall be payable from amounts on deposit in the Collection Account
or the Serviced Whole Loan Collection Account, as applicable, as set forth in Section 3.06 of this Agreement. The Special
Servicer’s rights to the Special Servicing Fee may

 

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not be transferred in whole or in part except in connection with the transfer
of all of the Special Servicer’s responsibilities and obligations under this Agreement. In addition, the Special Servicer
shall be entitled to receive, as Special Servicing Compensation, to the extent permitted by applicable law and the related Loan
Documents, (i) any Net Default Interest and any other Penalty Charges collected by the Master Servicer or the Special Servicer
during a Collection Period accrued on any Specially Serviced Loan remaining after application thereof during such Collection Period
(and in the case of the Serviced Whole Loans, as set forth in and subject to the terms of the related Intercreditor Agreement and
Section 3.12(d) herein) to pay the Advance Interest Amount relating to such Specially Serviced Loan and any unreimbursed
Additional Trust Fund Expenses (including Special Servicing Fees, Workout Fees and Liquidation Fees) incurred during or prior to
such Collection Period on such related Specially Serviced Loan (but not nonsufficient funds check fees and the like, which shall
be paid to the Master Servicer) as further described below in this subsection (b); (ii) 100% of any Modification Fees and consent
fees (or similar fees) related to any Specially Serviced Loan or Serviced REO Loan; (iii) 50% of any Modification Fees and consent
fees (or similar fees) related to any consents, modifications, waivers, extensions or amendments of any Mortgage Loans (and the
related Serviced Companion Loans) that are non-Specially Serviced Loans that involve one or more Special Servicer Major Decisions
(whether or not processed by the Special Servicer); (iv) 100% of Assumption Fees on any Specially Serviced Loan or Serviced REO
Loan; (v) 50% of Assumption Fees and consent fees with respect to Serviced Mortgage Loans (and any related Serviced Companion Loan)
that involve one or more Special Servicer Major Decisions (whether or not processed by the Special Servicer); (vi) any interest
or other income earned on deposits in the REO Accounts; (vii) 100% of assumption application fees received with respect to Serviced
Mortgage Loans (and any related Serviced Companion Loan) that are Performing Loans for which the Special Servicer is processing
the underlying assumption-related transaction and 100% of assumption application fees received with respect to Specially Serviced
Loans; and (viii) 100% of beneficiary statement charges to the extent such beneficiary statements are prepared by the special servicer
(but not including Prepayment Premiums or Yield Maintenance Charges).

 

Notwithstanding anything
to the contrary, the Master Servicer and the Special Servicer will each be entitled to charge the related Borrower reasonable review
fees in connection with any borrower request.

 

With respect to any of
the preceding fees as to which both the Master Servicer and the Special Servicer are entitled to receive a portion thereof, the
Master Servicer and the Special Servicer shall each have the right, in their sole discretion, but not any obligation, to reduce
or elect not to charge its respective portion of such fee; provided that (A) neither the Master Servicer nor the Special Servicer
shall have the right to reduce or elect not to charge the portion of any such fee due to the other and (B) to the extent either
the Master Servicer or the Special Servicer exercises its right to reduce or elect not to charge its respective portion in any
such fee, the party that reduced or elected not to charge its respective portion of such fee shall not have any right to share
in any part of the other party’s portion of such fee. If the Master Servicer decides not to charge any fee, the Special Servicer
shall nevertheless be entitled to charge its portion of the related fee to which the Special Servicer would have been entitled
if the Master Servicer had charged a fee and the Master Servicer shall not be entitled to any of such fee charged by the Special
Servicer.

 

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Except as otherwise provided
herein, the Special Servicer shall pay all expenses incurred by it in connection with its servicing activities hereunder, including
all fees of any sub-servicers retained by it.

 

In addition, the Special
Servicer shall be entitled to the portion of Net Default Interest and any other Penalty Charges collected by the Other Special
Servicer servicing the related Non-Serviced Mortgage Loan and that are allocated to such Non-Serviced Mortgage Loan remaining after
application thereof during such Collection Period to pay the Advance Interest Amount relating to such Non-Serviced Mortgage Loan
and any unreimbursed Additional Trust Fund Expenses (including Special Servicing Fees, Workout Fees and Liquidation Fees) incurred
during or prior to such Collection Period on such related Non-Serviced Mortgage Loan (but not nonsufficient funds check fees and
similar fees, which shall be paid to the Master Servicer) as provided in this Agreement. Except as specified in the preceding sentence,
the Special Servicer will not be entitled to the compensation set forth in this Section 3.12(b) with respect to a Non-Serviced
Mortgage Loan.

 

(c)          In
addition, a Workout Fee will be payable to the Special Servicer with respect to each Serviced Mortgage Loan and any related Serviced
Companion Loan that ceases to be a Specially Serviced Loan pursuant to the definition thereof. As to each such Mortgage Loan or
Serviced Whole Loan, the Workout Fee will be payable out of each collection of interest and principal (including scheduled payments,
prepayments, Balloon Payments and payments at maturity) received on such Mortgage Loan or Serviced Whole Loan for so long as it
remains a Corrected Mortgage Loan. The Workout Fee with respect to any such Mortgage Loan or Serviced Whole Loan will cease to
be payable if such loan again becomes a Specially Serviced Loan or if the related Mortgaged Property becomes a Serviced REO Property;
provided that a new Workout Fee will become payable if and when such Mortgage Loan or Serviced Whole Loans again ceases
to be a Specially Serviced Loan. If the Special Servicer is terminated (other than for cause) or resigns with respect to any or
all of its servicing duties, it shall retain the right to receive any and all Workout Fees payable with respect to the Mortgage
Loans that cease to be a Specially Serviced Loan during the period that it had responsibility for servicing such Specially Serviced
Loan (or for any Specially Serviced Loan that had not yet become a Corrected Mortgage Loan because as of the time that the Special
Servicer is terminated the borrower has not made three consecutive monthly debt service payments and subsequently the Specially
Serviced Loan becomes a Corrected Mortgage Loan) at the time of such termination or resignation (and the successor Special Servicer
shall not be entitled to any portion of such Workout Fees), in each case until the Workout Fee for any such loan ceases to be payable
in accordance with the preceding sentence.

 

A Liquidation Fee will
be payable to the Special Servicer, except as described below, with respect to (i) each Mortgage Loan repurchased by a Mortgage
Loan Seller after the Initial Resolution Period (and giving effect to any Resolution Extension Period) in accordance with Section
2.03(e) of this Agreement, (ii) each Specially Serviced Loan as to which the Special Servicer obtains a full, partial or discounted
payoff from the related Borrower, (iii) any Specially Serviced Loan or Serviced REO Property as to which the Special Servicer recovered
any Liquidation Proceeds and (iv) each Defaulted Loan that is a Non-Serviced Mortgage Loan sold by the Special Servicer in accordance
with the proviso in Section 3.16(b) of this Agreement as to which the Special Servicer recovered any Liquidation Proceeds;
provided, however, for

 

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clarification, in the case of clause (iv), should the Non-Serviced Mortgage Loan be sold by the Other Special
Servicer, then the Liquidation Fee shall be paid to such Other Special Servicer. As to each such Mortgage Loan repurchased by a
Mortgage Loan Seller after the Initial Resolution Period (and giving effect to any Resolution Extension Period) in accordance with
Section 2.03(e) of this Agreement or Specially Serviced Loan and Serviced REO Property, the Liquidation Fee will be payable
from the related payment or proceeds. Notwithstanding anything to the contrary described above, no Liquidation Fee will be payable
based on, or out of, Liquidation Proceeds to the extent set forth in the definition of “Liquidation Fee” herein. With
respect to any future mezzanine debt, to the extent not prohibited by the Loan Documents, the Master Servicer or Special Servicer,
as applicable, shall require that the related mezzanine intercreditor agreement provide that if a Mortgage Loan is purchased by
the related mezzanine lender on a date that is more than 90 days following the date that the related option first becomes exercisable,
such mezzanine lender shall be required to pay a Liquidation Fee equal to the amount that the Special Servicer would otherwise
be entitled to under this Agreement with respect to a liquidation of such Mortgage Loan (provided, that such Liquidation
Fee shall in all circumstances be payable by the related mezzanine lender and shall not, under any circumstances, be payable out
of the Trust unless the Master Servicer fails to require the related mezzanine intercreditor agreement to require the mezzanine
lender to pay such amounts in breach of its obligation to do so under this paragraph). If Liquidation Proceeds are received with
respect to any Specially Serviced Loan as to which the Special Servicer is properly entitled to a Workout Fee, such Workout Fee
will be payable based on and out of the portion of such Liquidation Proceeds that constitute principal and/or interest. Notwithstanding
anything herein to the contrary, the Special Servicer shall only be entitled to receive a Liquidation Fee or a Workout Fee, but
not both, with respect to Liquidation Proceeds received on any Mortgage Loan or any Specially Serviced Loan. If (i) the Special
Servicer resigns or has been terminated, and (ii) either prior or subsequent to such resignation or termination, either (A) a Specially
Serviced Loan was liquidated or modified pursuant to an action plan submitted by the initial Special Servicer and approved (or
deemed approved) by the Directing Holder or the Special Servicer has determined to grant a forbearance, or (B) a Specially Serviced
Loan being monitored by the Special Servicer subsequently became a Corrected Mortgage Loan, then in either such event the Special
Servicer shall be paid the related Workout Fee or Liquidation Fee, as applicable.

 

The total amount of Workout
Fees and Liquidation Fees that are payable by the Trust with respect to each Mortgage Loan, Serviced Whole Loan or Serviced REO
Loan through the period such Mortgage Loan is an asset of the Trust shall be subject to an aggregate cap of $1,000,000. For the
purposes of determining whether any such cap has been reached with respect to a Special Servicer and a Mortgage Loan, Serviced
Whole Loan or Serviced REO Loan, only the Workout Fees and Liquidation Fees paid to such Special Servicer with respect to such
Mortgage Loan, Serviced Whole Loan or Serviced REO Loan shall be taken into account, and any Workout Fees or Liquidation Fees for
any other Mortgage Loans, Serviced Whole Loans or Serviced REO Loans shall not be taken into account (and any Workout Fees or Liquidation
Fees paid to a predecessor or successor special servicer or Other Special Servicer shall also not be taken into account).

 

The Special Servicer
shall be required to pay out of its own funds all expenses incurred by it in connection with its servicing activities hereunder
(including, without limitation, any amounts, other than management fees in respect of REO Properties, due and owing to any of

 

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its
sub-servicers, any amounts due and owing to any of its Affiliates, and the premiums for any blanket insurance policy obtained by
it insuring against hazard losses pursuant to Section 3.08 of this Agreement, except to the extent such premiums are reimbursable
pursuant to Section 3.08 of this Agreement), if and to the extent such expenses are not expressly payable directly out of
the Collection Account or if a Serviced Whole Loan is involved, the applicable Serviced Whole Loan Collection Account or the applicable
REO Account or as a Servicing Advance, and the Special Servicer shall not be entitled to reimbursement therefor except as expressly
provided in this Agreement.

 

The Special Servicer
and its Affiliates shall be prohibited from receiving or retaining any compensation or any other remuneration (including, without
limitation, in the form of commissions, brokerage fees, rebates, or as a result of any other fee-sharing arrangement) from any
Person (including, without limitation, the Trust, any Borrower, any Manager, any guarantor or indemnitor in respect of a Mortgage
Loan or Serviced Whole Loan and any purchaser of any Mortgage Loan, Serviced Companion Loan or REO Property) in connection with
the disposition, workout or foreclosure of any Mortgage Loan or Serviced Whole Loan, the management or disposition of any REO Property,
or the performance of any other special servicing duties under this Agreement, other than as expressly provided in this Section
3.12; provided that such prohibition shall not apply to Permitted Special Servicer/Affiliate Fees.

 

(d)          In
determining the compensation of the Master Servicer or Special Servicer, as applicable, with respect to Penalty Charges, on any
Distribution Date, the aggregate Penalty Charges collected on any Mortgage Loan or, unless prohibited by the related Intercreditor
Agreement to be so applied, any Serviced Companion Loan, during the related Collection Period shall be applied (as between Default
Interest and late payment charges, in the priority set forth in the definition of “Advance Interest Amount”)
to reimburse (i) the Master Servicer or the Trustee for interest on Advances at the Reimbursement Rate with respect to such Mortgage
Loan that accrued in the period that such Penalty Charges were collected and advance interest to any related Serviced Companion
Loan Service Provider for any debt service advance made by such party with respect to any related Serviced Companion Loan that
accrued in the period that such Penalty Charges were collected, (ii) the Trust Fund for all interest on Advances with respect to
such Mortgage Loan or Serviced Whole Loan previously paid to the Master Servicer, the Trustee or to any Serviced Companion Loan
Service Provider pursuant to Section 3.06(a)(vi) or Section 3.06(b)(vi) of this Agreement and (iii) the Trust Fund
for any Additional Trust Fund Expenses (including Special Servicing Fees, Workout Fees and Liquidation Fees) with respect to such
Mortgage Loan or Serviced Whole Loan paid in the Collection Period that such Penalty Charges were collected and not previously
paid out of Penalty Charges, and any Penalty Charges remaining thereafter shall be distributed pro rata to the Master Servicer
and the Special Servicer based upon the amount of Penalty Charges the Master Servicer or the Special Servicer would otherwise have
been entitled to receive during such period with respect to such Mortgage Loan without any such application. Except as set forth
in this Agreement, the Special Servicer shall not be entitled to any Special Servicing Fees, Workout Fees or Liquidation Fees with
respect to any Non-Serviced Mortgage Loan or any related REO Property. For the avoidance of doubt, the portion of Penalty Charges
allocated to a Mortgage Loan that is part of a Non-Serviced Whole Loan (in accordance with the applicable Intercreditor Agreement
and, if applicable, the Other Pooling and Servicing Agreement) shall be

 

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allocated in accordance with clauses (i), (ii) and (iii)
above (except that, Advances in clauses (i) and (ii) shall mean P&I Advances).

 

If a Servicing Shift
Whole Loan becomes a Specially Serviced Loan prior to the applicable Servicing Shift Securitization Date, the Special Servicer
shall service and administer such Servicing Shift Whole Loan and any related REO Property in the same manner as any other Specially
Serviced Loan or Serviced REO Property and shall be entitled to all rights and compensation earned with respect to such Serviced
Whole Loan as Special Servicer of such Serviced Whole Loan. With respect to a Servicing Shift Mortgage Loan, prior to the applicable
Servicing Shift Securitization Date, no other special servicer will be entitled to any such compensation or have such rights and
obligations. If a Servicing Shift Whole Loan is still a Specially Serviced Loan on the applicable Servicing Shift Securitization
Date, the Other Special Servicer and the Special Servicer shall be entitled to compensation with respect to such Servicing Shift
Whole Loan as if the Special Servicer were being terminated as the Special Servicer with respect to such Servicing Shift Whole
Loan and the Other Special Servicer were replacing the Special Servicer as the successor Special Servicer with respect to such
Servicing Shift Whole Loan.

 

If a Servicing Shift
Whole Loan is being specially serviced on the applicable Servicing Shift Securitization Date, the Special Servicer shall be entitled
to compensation for the period during which it acted as Special Servicer with respect to such Whole Loan, including its share of
any liquidation or workout fees and any additional servicing compensation as well as all surviving indemnity and other rights in
respect of such special servicing role under this Agreement.

 

(e)          The
Master Servicer, the Special Servicer, the Certificate Administrator and the Trustee shall be entitled to reimbursement from the
Trust Fund (and, prior to recovery from the Trust Fund, in the case of any Serviced Whole Loans, subject to the related Intercreditor
Agreement, first, from the related Subordinate Companion Loan up to the full principal balance thereof, if any, and second,
to the extent any such costs and expenses remain unreimbursed, from the related Mortgage Loan and the Collection Account, or in
the case of a Serviced Whole Loan with a Serviced Pari Passu Companion Loan, first, out of the related Serviced Whole Loan
Collection Account from collections on the related Serviced Pari Passu Companion Loan and the related Mortgage Loan on a pro
rata basis by principal balance, and second, to the extent any such costs and expenses remain unreimbursed, out of the
Collection Account) for the costs and expenses incurred by them in the performance of their duties under this Agreement which are
“unanticipated expenses incurred by the REMIC” within the meaning of Treasury Regulations Section 1.860G-1(b)(3)(iii).
Such expenses shall include, by way of example and not by way of limitation, environmental assessments, Updated Appraisals and
appraisals in connection with foreclosure, the fees and expenses of any administrative or judicial proceeding and expenses expressly
identified as reimbursable in Section 3.06(a)(xv) of this Agreement. All such costs and expenses shall be treated as costs
and expenses of the Lower-Tier REMIC and the related Serviced Whole Loan, if applicable.

 

(f)     
     No provision of this Agreement or of the Certificates shall require the Master Servicer, the
Special Servicer, the Operating Advisor, the Asset Representations Reviewer, the Certificate Administrator or the Trustee to
expend or risk their own funds or otherwise incur any financial liability in the performance of any of their duties hereunder
or

 

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thereunder, or in the exercise of any of their
rights or powers, if, in the good faith business judgment of the Master Servicer, the Special Servicer, the Operating Advisor,
the Asset Representations Reviewer, the Certificate Administrator or the Trustee, as the case may be, repayment of such funds would
not be ultimately recoverable from late payments, Net Insurance Proceeds, Net Liquidation Proceeds and other collections on or
in respect of the Mortgage Loans, or from adequate indemnity from other assets comprising the Trust Fund against such risk or liability.

 

If the Master Servicer,
the Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer or the Trustee receives
a request or inquiry from a Borrower, any Certificateholder or any other Person the response to which would, in the Master Servicer’s,
the Special Servicer’s, the Certificate Administrator’s, the Operating Advisor’s, the Asset Representations Reviewer’s
or the Trustee’s good faith business judgment require the assistance of Independent legal counsel or other consultant to
the Master Servicer, the Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer
or the Trustee, the cost of which would not be an expense of the Trust Fund or any Serviced Companion Loan Noteholder hereunder,
then the Master Servicer, the Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations
Reviewer or the Trustee, as the case may be, shall not be required to take any action in response to such request or inquiry unless
such Borrower, such Certificateholder, or such other Person, as applicable, makes arrangements for the payment of the Master Servicer’s,
the Special Servicer’s, the Certificate Administrator’s, the Operating Advisor’s, the Asset Representations Reviewer’s
or the Trustee’s reasonable expenses associated with such counsel (including, without limitation, posting an advance payment
for such expenses) satisfactory to the Master Servicer, the Special Servicer, the Certificate Administrator, the Operating Advisor,
the Asset Representations Reviewer or the Trustee, as the case may be, in its sole discretion. Unless such arrangements have been
made, the Master Servicer, the Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations
Reviewer or the Trustee, as the case may be, shall have no liability to any Person for the failure to respond to such request or
inquiry.

 

Section
3.13     Reports to the Certificate Administrator; Collection Account Statements. (a) The
Master Servicer shall deliver to the Certificate Administrator no later than 3:00 p.m. (New York City time) one Business Day
prior to the Master Servicer Remittance Date prior to each Distribution Date (beginning February 2018), the
CREFC® Appraisal Reduction Template, if any for such Distribution Date and the CREFC® Loan
Periodic Update File with respect to all of the Mortgage Loans that it is servicing for the related Distribution Date (which
shall include, without limitation, the amount of Available Funds allocable to the Mortgage Loans) including information
therein that states the anticipated P&I Advances for the related Distribution Date. The Master
Servicer’s responsibilities under this Section 3.13(a) with respect to Serviced REO Loans shall be subject to
the satisfaction of the Special Servicer’s obligations under Section 3.23 of this Agreement. The Master Servicer
shall (no later than the applicable Serviced Whole Loan Remittance Date) make available to each Serviced Companion Loan
Noteholder with respect to the related Whole Loan or, if such Serviced Companion Loan is securitized, the respective Other
Servicer and Other Trustee, the CREFC® Investor Reporting Package (CREFC® IRP) (excluding any
templates) pursuant to the terms of this Agreement on a monthly basis.

 

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Not later than 5:00 p.m.
(New York City time) on the Master Servicer Remittance Date beginning December 2017, the Master Servicer shall deliver to the Certificate
Administrator the CREFC® Schedule AL File in EDGAR-Compatible Format and Excel format; provided, that the Master Servicer shall
have no obligation to prepare or deliver any such CREFC® Schedule AL File unless the Depositor has delivered the items required
by Section 2.01(f); and provided, further, that, if the Master Servicer has not received the items required pursuant to Section
2.01(f) from the Depositor prior to the time it would need such items in order for the Master Servicer to prepare the CREFC®
Schedule AL File with respect to the first Distribution Date, the Master Servicer shall request such items from the Depositor,
including by email to the email addresses for the Depositor set forth in Section 12.05. If the CREFC® Schedule AL File is not
provided by the date specified in the immediately preceding sentence, the Certificate Administrator shall request such CREFC®
Schedule AL File from the Master Servicer via email at ssreports@wellsfargo.com, with a copy to the Depositor to the email addresses
for the Depositor set forth in Section 12.05. In preparing the CREFC® Schedule AL File and any Schedule AL Additional File
for any given Distribution Date, and without any due diligence, investigation or verification, the Master Servicer shall be entitled
to conclusively rely, absent manifest error, on the content, completeness, accuracy and compliance with any applicable requirements
of Items 1111(h) and 1125 of Regulation AB and Item 601(b) of Regulation S-K under the Securities Act as in effect on the Closing
Date of the Initial Schedule AL File, Initial Schedule AL Additional File and the Annex A-1 to the Prospectus. The Master Servicer
may concurrently with the delivery of the related CREFC® Schedule AL File, deliver any related Schedule AL Additional File
in EDGAR-Compatible Format to the Certificate Administrator. The CREFC® Schedule AL File and the Schedule AL Additional File
shall each be a single file. Neither the Certificate Administrator nor the Master Servicer shall be required to combine multiple
CREFC® Schedule AL Files or Schedule AL Additional Files, unless, solely with respect to the Master Servicer, multiple Sub-Servicers
prepare and submit such CREFC® Schedule AL Files or Schedule AL Additional Files to the Master Servicer. The Certificate Administrator
shall not be required to review, redact, reconcile, edit or verify the content, completeness or accuracy of the information contained
in any CREFC® Schedule AL File or any Schedule AL Additional File.

 

In the absence of manifest
error, the Master Servicer shall be entitled to conclusively rely upon, without investigation or inquiry, any information and reports
delivered to it by any third party, and the Certificate Administrator shall be entitled to conclusively rely upon the Master Servicer’s
reports and any information provided by the Trustee, without any duty or obligation to recompute, verify or recalculate any of
the amounts and other information stated therein.

 

(b)          For
so long as the Master Servicer makes deposits into or credits to and withdrawals or debits from the Collection Account or any Serviced
Whole Loan Collection Account, not later than 15 days after each Distribution Date, the Master Servicer shall forward to the Certificate
Administrator and, upon request (but not more frequently than once per month), each Serviced Companion Loan Noteholder with respect
to the related Whole Loan and related Serviced Whole Loan Collection Account (or, if such Serviced Companion Loan is securitized,
the respective Other Servicer and Other Trustee) a statement prepared by the Master Servicer setting forth the status of each of
the Collection Account and each Serviced Whole Loan Collection Account as of the close of business on the last Business Day of
the prior Collection

 

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Period and showing the aggregate amount of deposits into and withdrawals from the Collection Account and each
Serviced Whole Loan Collection Account of each category of deposit (or credit) specified in Section 3.05 of this Agreement
and each category of withdrawal (or debit) specified in Section 3.06 of this Agreement for the related Collection Period,
in each case for the Mortgage Loans (including the Non-Serviced Mortgage Loans). The Trustee and the Certificate Administrator
and its agents and attorneys may at any time during normal business hours, upon reasonable notice, inspect and copy the books,
records and accounts of the Master Servicer solely relating to the Mortgage Loans and the performance of its duties hereunder.

 

(c)          Beginning
in February 2018, no later than 4:00 p.m. (New York City time) on each Master Servicer Remittance Date, the Master Servicer shall
deliver or cause to be delivered to the Certificate Administrator (who shall promptly post such reports to the Certificate Administrator’s
Website pursuant to Section 4.02(b)(iii)(B) of this Agreement), the Serviced Companion Loan Noteholders and the Operating
Advisor the following reports (in electronic form) with respect to the Mortgage Loans that it is servicing (and, if applicable,
the related REO Properties), providing the required information as of the immediately preceding Determination Date: (i) to the
extent the Master Servicer has received the most recent CREFC® Special Servicer Loan File from the Special Servicer
at the time required, the most recent CREFC® Delinquent Loan Status Report, CREFC® Historical Loan
Modification and Corrected Mortgage Loan Report, the CREFC® Loan Setup File (with respect to the first Distribution
Date) and CREFC® REO Status Report received from such Special Servicer, (ii) the most recent CREFC®
Property File, CREFC® Financial File, CREFC® Comparative Financial Status Report and the CREFC®
Loan Level Reserve/LOC Report (in each case incorporating the data required to be included in the CREFC® Special
Servicer Loan File), (iii) the CREFC® Servicer Watch List with information that is current as of such Determination
Date and (iv) the CREFC® Advance Recovery Report.

 

The information that
pertains to Specially Serviced Loans and REO Properties reflected in such reports shall be based solely upon the reports delivered
by the Special Servicer to the Master Servicer (other than information as to which the Master Servicer has the primary responsibility
to generate) no later than the related Determination Date in the form required by Section 3.13(g) of this Agreement or shall
be provided by means of such reports so delivered by the Special Servicer to the Master Servicer in the form so required. In the
absence of manifest error, the Master Servicer shall be entitled to conclusively rely upon, without investigation or inquiry, the
information and reports delivered to it by the Special Servicer, and the Certificate Administrator shall be entitled to conclusively
rely upon the Master Servicer’s reports and the Special Servicer’s reports and any information provided by the Certificate
Administrator or the Trustee without any duty or obligation to recompute, verify or recalculate any of the amounts and other information
stated therein.

 

(d)          The
Master Servicer shall deliver or cause to be delivered to the Trustee, the Certificate Administrator, the Serviced Companion Loan
Noteholders, the Underwriters, the Initial Purchasers and the Operating Advisor the following materials, in each case to the extent
that such materials or the information on which they are based have been received by the Master Servicer with respect to the Mortgage
Loans that the Master Servicer is servicing:

 

(i)           Within
30 days after receipt of any quarterly operating statement, if any, commencing within 30 days of receipt of such quarterly operating
statement for the

 

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quarter ending June 30, 2018, with respect to each Serviced Mortgage Loan, Specially Serviced Loan and Serviced
REO Loan (to the extent prepared by and received from the Special Servicer (in written format or in electronic media) in the case
of any Specially Serviced Loan or Serviced REO Loan), a CREFC® Operating Statement Analysis Report for the related
Mortgaged Property or Serviced REO Property as of the end of the preceding calendar quarter, together with, upon request, copies
of the related operating statements and rent rolls (but only to the extent the related Borrower is required by the Mortgage to
deliver, or otherwise agrees to provide such information and, with respect to operating statements and rent rolls for Specially
Serviced Loans and REO Properties, only to the extent received by the Special Servicer); provided that, to the extent the
annual CREFC® Operating Statement Analysis Report is delivered as described under clause (b) below, then such delivery shall
satisfy the requirement under this clause (a) to deliver a quarterly CREFC® Operating Statement Analysis Report for the quarter
ending June 30 of each year, commencing in 2018. The Master Servicer (or the Special Servicer in the case of Specially Serviced
Loans and Serviced REO Properties) shall use commercially reasonable efforts to obtain said quarterly and other periodic operating
statements and related rent rolls, which efforts shall include a letter sent to the related Borrower (except with respect to any
Non-Serviced Mortgage Loan) (followed up with telephone calls), requesting such quarterly and other periodic operating statements
and related rent rolls until they are received to the extent such action is consistent with applicable law and the terms of the
related Loan Documents; provided, however, that any analysis or update with respect to the first calendar quarter
of each year shall not be required to the extent such analysis or update is not required to be provided under the then current
applicable CREFC® guidelines. The Master Servicer shall deliver, upon request of any Rating Agency, copies of any
of the foregoing items so collected thereby to the 17g-5 Information Provider (who shall promptly post such items to the 17g-5
Information Provider’s Website pursuant to Section 3.14(d)).

 

(ii)          At
least annually, on or before June 30 of each year, beginning with June 30, 2019, with respect to each Serviced Mortgage Loan, Specially
Serviced Loan and Serviced REO Loan (to the extent prepared by and received from the Special Servicer (in written format or in
electronic media) in the case of any Specially Serviced Loan or Serviced REO Loan), a CREFC® Operating Statement
Analysis Report for the related Mortgaged Property or Serviced REO Property as of the end of the preceding calendar year (initially,
year-end 2018), together with, upon request, copies of the related operating statements and related rent rolls (but only to the
extent the related Borrower is required by the Mortgage to deliver, or otherwise agrees to provide such information and, with respect
to operating statements and related rent rolls for Specially Serviced Loans and REO Properties, only to the extent received by
the Special Servicer) for the current trailing 12 months, if available, or year-to-date, provided, however, that
with respect to any obligation of the Master Servicer or Special Servicer, as applicable, to provide a year end analysis or update,
such analysis or update shall not be required to the extent such analysis or update is not required to be provided under the then
current applicable CREFC® guidelines. The Master Servicer (or the Special Servicer in the case of Specially Serviced
Loans and Serviced REO Properties) shall use commercially reasonable efforts to obtain said annual and other periodic operating
statements and related rent rolls, which efforts shall include a letter sent to the related Borrower (except with respect to any
Non-Serviced

 

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Mortgage Loan) (followed up with telephone calls), requesting such annual and other periodic operating statements
and related rent rolls until they are received to the extent such action is consistent with applicable law and the terms of the
related Loan Documents. Upon receipt of such annual and other periodic operating statements (including year-to-date statements)
and related rent rolls, the Master Servicer shall promptly update the CREFC® Operating Statement Analysis Report
(commencing with the quarter ending June 30, 2018). The Master Servicer shall deliver, upon request of any Rating Agency, copies
of any of the foregoing items so collected thereby to the 17g-5 Information Provider (who shall promptly post such items to the
17g-5 Information Provider’s Website pursuant to Section 3.14(d)).

 

(iii)          Within
30 days after receipt by the Master Servicer (or within 60 days of receipt by the Special Servicer in the case of a Specially Serviced
Loan or Serviced REO Property) of any annual year-end operating statements and related rent rolls with respect to any Mortgaged
Property (except with respect to any Non-Serviced Mortgage Loan) or Serviced REO Property (to the extent prepared by and received
from the Special Servicer in the case of any Specially Serviced Loan or Serviced REO Property), commencing within 30 or 60 days,
as applicable, of receipt of such statements for year-end 2018, a CREFC® NOI Adjustment Worksheet for such Mortgaged
Property (with the annual year-end operating statements attached thereto as an exhibit). The Master Servicer will use the “Normalized”
column from the CREFC® NOI Adjustment Worksheet to update the full year-end data on any CREFC® Operating
Statement Analysis Report and will use any operating statements received with respect to any Mortgaged Property (other than any
Mortgaged Property which is a Serviced REO Property or constitutes security for a Specially Serviced Loan or a Non-Serviced Mortgage
Loan) to update the CREFC® Operating Statement Analysis Report for such Mortgaged Property; provided, however,
that any analysis or update with respect to the year-end or first quarter of each year shall not be required to the extent such
analysis or update is not required to be provided under the then current applicable CREFC® guidelines.

 

Notwithstanding anything
to the contrary in this Agreement, the Master Servicer, upon request by a Rating Agency, shall forward such items to the 17g-5
Information Provider (who shall promptly post such items to the 17g-5 Information Provider’s Website pursuant to Section
3.14(d) of this Agreement).

 

The Master Servicer shall
maintain one CREFC® Operating Statement Analysis Report for each Mortgaged Property (and shall not be required to
maintain any such report for a Mortgaged Property securing a Non-Serviced Mortgage Loan) and Serviced REO Property (to the extent
prepared by and received from the Special Servicer in the case of any Serviced REO Property or any Mortgaged Property constituting
security for a Specially Serviced Loan) relating to a Mortgage Loan that it is servicing. The CREFC® Operating Statement
Analysis Report for each Mortgaged Property (other than any such Mortgaged Property that secures a Non-Serviced Mortgage Loan or
that is a Serviced REO Property or constitutes security for a Specially Serviced Loan) is to be updated with trailing 12-month
information, as available, or year-to-date information until 12-month trailing information (commencing with the quarter ending
June 30, 2018) is available by the Master Servicer and such updated report shall be delivered to the Trustee, the Certificate Administrator,
the Operating Advisor, the Directing Holder and any

 

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related Serviced Companion Loan Noteholder in the calendar month following
receipt by the Master Servicer of such updated trailing or year-to-date operating statements and related rent rolls for such Mortgaged
Property.

 

The Master Servicer (with
respect to Performing Loans) and the Special Servicer (with respect to Specially Serviced Loans and REO Properties) shall deliver
to the Certificate Administrator, the Operating Advisor and (solely with respect to the related Mortgaged Property) each holder
of a Serviced Companion Loan by electronic means the CREFC® Operating Statement Analysis Report for each Mortgaged
Property upon request.

 

The Special Servicer
shall pursuant to Section 3.13(h) of this Agreement, deliver to the Master Servicer the information required of it pursuant
to this Section 3.13(d) with respect to Specially Serviced Loans and Serviced REO Loans.

 

(e)          In
connection with their servicing of the Serviced Mortgage Loans and Serviced REO Properties, the Master Servicer and the Special
Servicer, as applicable, shall provide to each other and to the Trustee and the Certificate Administrator, written notice of any
event that comes to their knowledge with respect to a Mortgage Loan or Serviced REO Property that the Master Servicer or the Special
Servicer, respectively, determines, in accordance with the Servicing Standard, would have a material adverse effect on such Mortgage
Loan or Serviced REO Property, which notice shall include an explanation as to the reason for such material adverse effect.

 

(f)          The
Master Servicer or the Special Servicer, as applicable, shall make available to the Controlling Class Representative copies of
all rent rolls, operating statements and financial statements actually provided by each Borrower, including any monthly or quarterly
statements or rent rolls, within 15 Business Days of receipt.

 

(g)          On
or before 2:00 p.m. Central Time on each Determination Date, the Special Servicer shall deliver, or cause to be delivered, to the
Master Servicer and, upon the request of any of the Trustee, the Certificate Administrator, the Operating Advisor, the Depositor,
the Controlling Class Representative or any Rating Agency, to such requesting party, the CREFC® Special Servicer
Loan File with respect to the Specially Serviced Loans (and, if applicable, the related Serviced REO Properties), providing the
required information as of the Determination Date (or, upon the reasonable request of any Master Servicer, data files in a form
acceptable to the Master Servicer), which CREFC® Special Servicer Loan File shall include data, to enable the Master
Servicer to produce the CREFC® Supplemental Servicer Reports. Such reports or data shall be presented in writing
and in an electronic format acceptable to the Master Servicer.

 

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(h)          The
Special Servicer shall deliver or cause to be delivered to the Master Servicer and, upon the request of any of the Trustee, the
Certificate Administrator, the Operating Advisor, the Depositor, the Controlling Class or any Rating Agency, to such requesting
party, without charge, the following materials for Specially Serviced Loans or Serviced REO Properties, as applicable, in each
case to the extent that such materials or the information on which they are based have been received by the Special Servicer:

 

(i)           At
least annually, on or before June 1 of each year, commencing in 2019, with respect to each Specially Serviced Loan and Serviced
REO Loan, a CREFC® Operating Statement Analysis Report for the related Mortgaged Property or Serviced REO Property
as of the end of the preceding calendar year (initially year-end December 31, 2018) together with copies of the operating statements
and related rent rolls for the related Mortgaged Property or Serviced REO Property as of the end of the preceding calendar year
(but only to the extent the related Borrower is required by the Mortgage to deliver, or otherwise agrees to provide, such information
and, with respect to operating statements and related rent rolls for Specially Serviced Loans and Serviced REO Properties, only
to the extent requested by the Special Servicer) and for the current trailing 12 months, if available, or year-to-date. The Special
Servicer shall use its reasonable efforts to obtain said annual and other periodic operating statements and related rent rolls
with respect to each Mortgaged Property constituting security for a Specially Serviced Loan and each Serviced REO Property.

 

(ii)          Within
45 days of receipt by the Special Servicer of any annual operating statements with respect to any Mortgaged Property relating to
a Specially Serviced Loan or Serviced REO Property, a CREFC® NOI Adjustment Worksheet for such Mortgaged Property
or Serviced REO Property (with the annual operating statements attached thereto as an exhibit); provided, that, with the
consent of the Master Servicer, the Special Servicer may instead provide data files in a form acceptable to the Master Servicer.
The Special Servicer will use the “Normalized” column from the CREFC® NOI Adjustment Worksheet to update
the full year-end data on any CREFC® Operating Statement Analysis Report and will use any operating statements received
with respect to any Mortgaged Property relating to a Specially Serviced Loan or Serviced REO Property to update the CREFC®
Operating Statement Analysis Report for such Mortgaged Property.

 

Notwithstanding anything
to the contrary in this Agreement, upon request for receipt of any such items from any Rating Agency, the Special Servicer shall
forward such items to the 17g-5 Information Provider (who shall promptly post such items to the 17g-5 Information Provider’s
Website pursuant to Section 3.14(d) of this Agreement).

 

The Special Servicer
shall maintain one CREFC® Operating Statement Analysis Report for each Mortgaged Property securing a Specially Serviced
Loan and each Serviced REO Property. The CREFC® Operating Statement Analysis Report for each Mortgaged Property
securing a Specially Serviced Loan and each Serviced REO Property is to be updated by the Special Servicer and such updated report
delivered to the Master Servicer within 45 days after receipt by the Special Servicer of updated operating statements for each
such Mortgaged Property; provided, that, the Special Servicer may instead provide data files in an electronic form acceptable
to the Special Servicer. The Special Servicer shall provide each such report to the Master Servicer in the then applicable CREFC®
format.

 

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(i)      
    If the Master Servicer or the Special Servicer, as applicable, is required to deliver any statement,
report or information under any provision of this Agreement (including Section 3.14), the Master Servicer or the
Special Servicer, as the case may be, may satisfy such obligation by (x) delivering such statement, report or information in
a commonly used electronic format or (y) making such statement, report or information available on the Master
Servicer’s website, unless this Agreement expressly specifies a particular method of delivery or such statement, report
or information must be filed with the Commission as contemplated in Article X; provided that all reports
required to be delivered to the Certificate Administrator shall be delivered in accordance with clause (x).

 

(j)       
   The Master Servicer may, but is not required to, make any of the reports or files it delivers pursuant to
this Section 3.13 available each month on the Master Servicer’s website only with the use of a password, in
which case the Master Servicer shall provide such password to (i) the other parties to this Agreement, who by their
acceptance of such password shall be deemed to have agreed not to disclose such password to any other Person and (ii) each
Certificateholder and prospective Certificateholder who requests such password, and has delivered an Investor Certification
to the Trustee, the Certificate Administrator and the Master Servicer. In connection with providing access to the Master
Servicer’s website, the Master Servicer may require registration and the acceptance of a disclaimer and otherwise
(subject to the preceding sentence) adopt reasonable rules and procedures, which may include, to the extent the Master
Servicer deems necessary or appropriate, conditioning access on execution of an agreement governing the availability, use and
disclosure of such information, and which may provide indemnification to the Master Servicer for any liability or damage that
may arise therefrom.

 

(k)          With
respect to each Collection Period, the Special Servicer shall deliver or cause to be delivered to the Master Servicer within two
Business Days following the Determination Date and the Master Servicer shall, to the extent it has received, deliver to the Certificate
Administrator, without charge and on the same day as the Master Servicer is required to deliver the CREFC® Investor
Reporting Package, an electronic report which may include html, word or excel compatible format, clean and searchable pdf. format
or such other format as mutually agreeable between the Certificate Administrator and the Special Servicer (or Master Servicer on
its behalf) that discloses and contains an itemized listing of any Disclosable Special Servicer Fees received by the Special Servicer
or any of its Affiliates during the related Collection Period; provided that no report regarding Disclosable Special Servicer
Fees shall be required to be delivered if there are no Disclosable Special Servicer Fees for the related Collection Period.

 

Section
3.14     Access to Certain Documentation. (a) The Master Servicer and Special Servicer, as
applicable, shall provide to any Certificateholders and any Serviced Companion Loan Noteholders that are federally insured
financial institutions, the Operating Advisor (but only if an Operating Advisor Consultation Event has occurred and is
continuing), the Directing Holder (but only if no Consultation Termination Event has occurred and is continuing), the Federal
Reserve Board, the FDIC and the Office of the Comptroller of the Currency and the supervisory agents and examiners of such
boards and such corporations, and any other federal or state banking or insurance regulatory authority that may exercise
authority over any Certificateholder or Serviced Companion Loan Noteholder is subject, access to the

 

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documentation regarding
the Mortgage Loans or the Whole Loans, as applicable, that it is servicing required by applicable regulations of the Federal
Reserve Board, FDIC, Office of the Comptroller of the Currency or any such federal or state banking or regulatory authority,
such access being afforded without charge but only upon reasonable written request and during normal business hours at the
offices of the Master Servicer or Special Servicer, as applicable. At the election of the Master Servicer, the Special
Servicer or the Certificate Administrator, such access may be afforded to such Person identified above by the delivery of
copies of information as requested by such Person and the Master Servicer, the Special Servicer or the Certificate
Administrator shall be permitted to require payment (other than from the Directing Holder and the Trustee and the Certificate
Administrator on its own behalf or on behalf of the Certificateholders, as applicable) of a sum sufficient to cover the
reasonable out-of-pocket costs incurred by it in making such copies. Such access shall (except as described in the
preceding sentence) be afforded without charge but only upon reasonable prior written request and during normal business
hours at the offices of the Certificate Administrator or the Custodian. In addition, upon reasonable prior written notice to
the Master Servicer or the Special Servicer, as the case may be, the Trustee, the Certificate Administrator, the Operating
Advisor, the Depositor or their accountants or other representatives shall have reasonable access to review the documents,
correspondence and records in the possession of the Master Servicer or the Special Servicer, as the case may be, as they
relate to a Mortgaged Property and any Serviced REO Property during normal business hours at the offices of the Master
Servicer or the Special Servicer, as the case may be. Nothing in this Section 3.14 shall detract from the obligation
of the Master Servicer and Special Servicer to observe any applicable law prohibiting disclosure of information with respect
to the Borrowers, and the failure of the Master Servicer and Special Servicer to provide access as provided in this Section
3.14 as a result of such obligation shall not constitute a breach of this Section 3.14.

 

(b)          In
connection with providing or granting any information or access pursuant to the prior paragraph to a Certificateholder, Serviced
Companion Loan Noteholder or any regulatory authority that may exercise authority over a Certificateholder or Serviced Companion
Loan Noteholder, the Master Servicer and the Special Servicer may each require payment from such Certificateholder or Serviced
Companion Loan Noteholder (to the extent permitted in the related Intercreditor Agreement) of a sum sufficient to cover the reasonable
costs and expenses of providing such information or access, including copy charges and reasonable fees for employee time and for
space; provided that no charge may be made if such information or access was required to be given or made available under
applicable law. In connection with providing Certificateholders or Serviced Companion Loan Noteholders access to the information
described in the preceding paragraph the Master Servicer and the Special Servicer, as applicable, may require (prior to affording
such access) a written confirmation executed by the requesting Person substantially in such form as may be reasonably acceptable
to the Master Servicer or the Special Servicer, as the case may be, generally to the effect that such Person is a Holder of Certificates
or a beneficial holder of Book-Entry Certificates or Serviced Companion Loan Noteholder or a regulator or governmental body and
will keep such information confidential.

 

(c)          Upon
the reasonable request of (1) any Certificateholder identified to the Master Servicer to the Master Servicer’s reasonable
satisfaction (or, with respect to any Serviced Companion Loan, the request of any Serviced Companion Loan Noteholder), the Master
Servicer

 

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may provide (or forward electronically) (at the expense of such Certificateholder, Serviced Companion Loan Noteholder)
copies of any appraisals, operating statements, rent rolls and financial statements obtained by the Master Servicer, or (2) any
Controlling Class Certificateholder identified to the Master Servicer (in the case of a Performing Loan) or the Special Servicer
(in the case of a Specially Serviced Loan) to the Master Servicer’s or Special Servicer’s reasonable satisfaction,
the Master Servicer or Special Servicer, as applicable, shall provide (or forward electronically) (at the expense of such Controlling
Class Certificateholder) any Conflicted Information in the Master Servicer’s or Special Servicer’s, as applicable,
possession (available on the Certificate Administrator’s Website but not accessible to such Controlling Class Certificateholder
through the Certificate Administrator’s Website on account of it constituting Conflicted Information) relating to any Conflicted
Controlling Class Mortgage Loan in which such Controlling Class Certificateholder is not a Conflicted Controlling Class Holder;
provided that, in connection therewith, the Master Servicer or Special Servicer, as applicable, may require a written confirmation
executed by the requesting Person substantially in such form as may be reasonably acceptable to the Master Servicer or Special
Servicer, generally to the effect that such Person is a Holder of Certificates or a Serviced Companion Loan Noteholder or a beneficial
holder of Book-Entry Certificates or a regulator or a governmental body and will keep such information confidential and will use
such information only for the purpose of analyzing asset performance and evaluating any continuing rights the Certificateholder
may have under this Agreement. For the avoidance of doubt, the Master Servicer shall not make any Asset Status Reports available
to any Certificateholders on its website. None of the parties to this Agreement shall provide any Asset Status Report or any Final
Asset Status Report to the Certificate Administrator.

 

(d)          The
17g-5 Information Provider shall make available solely to the Depositor and to any NRSRO that delivers an NRSRO Certification to
the 17g-5 Information Provider the following items to the extent such items are delivered to it via electronic mail at 17g5informationprovider@wellsfargo.com
(or such other address as the 17g-5 Information Provider shall specify by written notice to the other parties hereto) in an electronic
format readable and uploadable (that is not locked or corrupted) on the 17g-5 Information Provider’s system, specifically
with a subject reference of “Benchmark 2018-B1 Mortgage Trust, Series 2018-B1” and an identification of the type of
information being provided in the body of such electronic mail; or via any alternative electronic mail address following notice
to the parties hereto or any other delivery method established or approved by the 17g-5 Information Provider if or as may be necessary
or beneficial (provided, if such information is not in electronic format readable and uploadable (that is not locked or
corrupted), then the 17g-5 Information Provider shall immediately notify the applicable delivering party thereof, whereupon such
party shall promptly deliver the subject information in such format):

 

(i)           any
waivers delivered to the 17g-5 Information Provider pursuant to Section 3.09 of this Agreement;

 

(ii)          any
Officer’s Certificate supporting any determination that any Advance was (or, if made, would be) a Nonrecoverable Advance
delivered to the 17g-5 Information Provider pursuant to Section 3.21(d) or Section 4.07(c) of this Agreement and
notice of determination not to refrain from reimbursement of all Nonrecoverable Advances;

 

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(iii)         any
Asset Status Report delivered by the Special Servicer pursuant to Section 3.23(e) of this Agreement;

 

(iv)         any
environmental reports delivered by the Special Servicer pursuant to Section 3.10(g) of this Agreement;

 

(v)          any
annual statements as to compliance and related Officer’s Certificates delivered pursuant to Section 10.11 and Section
10.12 of this Agreement;

 

(vi)         any
annual independent public accountants’ attestation reports delivered pursuant to Section 10.13 of this Agreement;

 

(vii)        any
Appraisals delivered to the 17g-5 Information Provider pursuant to Section 3.10 of this Agreement;

 

(viii)       any
notice to the Rating Agencies relating to the Special Servicer’s determination to take action without receiving a Rating
Agency Confirmation from any Rating Agency as set forth in the definition of “Rating Agency Confirmation” pursuant
to Section 3.30 of this Agreement;

 

(ix)         copies
of any questions or requests submitted by the Rating Agencies directed toward the Master Servicer, Special Servicer, Certificate
Administrator or Trustee;

 

(x)          any
requests for a Rating Agency Confirmation that are delivered to the 17g-5 Information Provider pursuant to Section 3.30
of this Agreement;

 

(xi)         any
notice of resignation of the Trustee or Certificate Administrator and any notice of the acceptance of appointment by the successor
Trustee or successor Certificate Administrator pursuant to Section 8.07 or Section 8.08 of this Agreement;

 

(xii)        any
notice of resignation or assignment of the rights of the Master Servicer or the Special Servicer pursuant to Section 6.04
of this Agreement;

 

(xiii)       any
notice of Servicer Termination Event or termination of the Master Servicer or the Special Servicer delivered pursuant to Section
7.03 of this Agreement;

 

(xiv)       any
notice of the merger or consolidation of the Certificate Administrator or the Trustee pursuant to Section 8.09 of this Agreement;

 

(xv)        any
notice of the merger or consolidation of the Master Servicer, the Special Servicer, the Operating Advisor or the Asset Representations
Reviewer pursuant to Section 6.02 of this Agreement;

 

(xvi)       any
notice of any amendment that modifies the procedures herein relating to Exchange Act Rule 17g-5 pursuant to Section 12.08
of this Agreement;

 

(xvii)      any
notice or other information provided by the Master Servicer pursuant to Section 12.07 of this Agreement;

 

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(xviii)     any
summary of oral communication with the Rating Agencies delivered to the 17g-5 Information Provider pursuant to Section 3.14(f)
of this Agreement; provided that the summary of such oral communication shall not attribute which Rating Agency the communication
was with;

 

(xix)        the
Rating Agency Q&A Forum and Document Request Tool; and

 

(xx)         such
information as is delivered to the 17g-5 Information Provider by the Depositor in mutually agreeable electronic format within fifteen
(15) days of the Closing Date.

 

The foregoing information
shall be made available by the 17g-5 Information Provider on the 17g-5 Information Provider’s Website (a link to which shall
be provided on the Depositor’s website at www.intralinks.com or such other website as the Depositor may notify the
parties hereto in writing). Information will be posted on the same Business Day of receipt provided that such information is received
by 2:00 p.m. (eastern time) or, if received after 2:00 p.m., on the next Business Day by 12:00 p.m. New York City time. The 17g-5
Information Provider shall have no obligation or duty to verify, confirm or otherwise determine whether the information being delivered
is accurate, complete, conforms to the transaction, or otherwise is or is not anything other than what it purports to be or whether
such information (other than (solely with respect to the 17g-5 Information Provider’s obligation to post such information)
the information set forth in clauses (i) through (xix) above) is required to be posted on the 17g-5 Information Provider’s
Website pursuant to this Agreement or Rule 17g-5. If any information is delivered or posted in error, the 17g-5 Information Provider
may remove it from the 17g-5 Information Provider’s Website. The Certificate Administrator and the 17g-5 Information Provider
have not obtained and shall not be deemed to have obtained actual knowledge of any information only by receipt and posting to the
17g-5 Information Provider’s Website. Access will be provided by the 17g-5 Information Provider to the Rating Agencies, and
to the NRSROs upon receipt of an NRSRO Certification in the form of Exhibit Z hereto (which certification may be submitted
electronically via the 17g-5 Information Provider’s Website). If a Rating Agency requests access to the 17g-5 Information
Provider’s Website, access will be provided by the 17g-5 Information Provider on the same Business Day provided such request
is made prior to 2:00 p.m., on such Business Day, or, if received after 2:00 p.m., on the following Business Day. Questions regarding
delivery of information to the 17g-5 Information Provider may be directed to 17g5informationprovider@wellsfargo.com (or
such other address as the 17g-5 Information Provider shall specify by written notice to the other parties hereto).

 

Upon delivery by the
Depositor to the 17g-5 Information Provider (in an electronic format mutually agreed upon by the Depositor and the 17g-5 Information
Provider) of information designated by the Depositor as having been previously made available to NRSROs by the Depositor (the “Pre-Closing
17g-5 Information”), the 17g-5 Information Provider shall make such Pre-Closing 17g-5 Information available only to the
Depositor and to NRSROs via the 17g-5 Information Provider’s Website pursuant this Section 3.14(b) The Depositor shall not
be entitled to direct the 17g-5 Information Provider to provide access to the Pre-Closing 17g-5 Information or any other information
on the 17g-5 Information Provider’s Website to any designee or other third party.

 

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The 17g-5 Information
Provider shall notify any party that delivers information to the 17g-5 Information Provider under this Agreement that such information
was received and that it has been posted. The 17g-5 Information Provider shall notify each NRSRO that has provided a NRSRO Certification
each time a document is posted to the 17g-5 Information Provider’s Website and such notice shall specifically identify such
document. The 17g-5 Information Provider shall send such notice to such Persons to the email address that has been provided by
and is used by such Person for the purpose of accessing the 17g-5 Information Provider’s Website, including a general email
address if such general email address has been provided to the 17g-5 Information Provider in connection with a completed NRSRO
Certification in the form of Exhibit Z hereto.

 

The 17g-5 Information
Provider shall make available, only to NRSROs, the Rating Agency Q&A Forum and Document Request Tool. The “Rating Agency
Q&A Forum and Document Request Tool” shall be a service available on the 17g-5 Information Provider’s Website,
where Rating Agencies and NRSROs may (i) submit Inquiries to the Certificate Administrator relating to the Distribution Date Statement,
submit Inquiries to the Master Servicer or the Special Servicer, as applicable, relating to the reports being made available pursuant
to this Section 4.02(d), the Serviced Mortgage Loans or the Mortgaged Properties or submit inquiries to the Operating Advisor
relating to the Operating Advisor Annual Reports or actions by the Master Servicer or the Special Servicer as to which the Operating
Advisor has consultation rights pursuant to Section 6.07, whether or not referenced in such Operating Advisor Annual Report,
(ii) view Inquiries that have been previously submitted and answered, together with the answers thereto and (iii) submit requests
for loan-level reports and information. Upon receipt of an Inquiry for the Certificate Administrator, the Operating Advisor, the
Master Servicer or the Special Servicer, the 17g-5 Information Provider shall forward the Inquiry to the Certificate Administrator,
Operating Advisor, the Master Servicer or the Special Servicer, as applicable, and in the case of an inquiry relating to any Non-Serviced
Mortgage Loan, to the applicable party under the related Other Pooling and Servicing Agreement, in each case within a commercially
reasonable period following receipt thereof. Following receipt of an Inquiry or request relating to the subject matters described
in clauses (i) or (iii) above, the Certificate Administrator, the Operating Advisor, the Master Servicer or the Special Servicer,
as applicable, unless it determines not to answer such Inquiry as provided below, shall reply to the Inquiry, which reply of the
Certificate Administrator, the Operating Advisor, Master Servicer or Special Servicer shall be by email to the 17g-5 Information
Provider. The 17g-5 Information Provider shall post (within a commercially reasonable period following preparation or receipt of
such answer, as the case may be) such Inquiry and the related answer (or reports, as applicable) to the 17g-5 Information Provider’s
Website. Any report posted by the 17g-5 Information Provider in response to a request may be posted on a page accessible by a link
on the 17g-5 Information Provider’s Website. If the Certificate Administrator, the Operating Advisor, the Master Servicer
or the Special Servicer determines, in its respective sole discretion, that (i) the question is beyond the scope outlined above,
(ii) answering any Inquiry would not be in the best interests of the Trust and/or the Certificateholders or would be in violation
of applicable law, the Servicing Standard, this Agreement or the applicable Loan Documents, (iii) answering any Inquiry would or
is reasonably expected to result in a waiver of an attorney-client privilege or the disclosure of attorney work product or answering
such inquiry is otherwise not advisable or (iv) (A) answering any Inquiry would materially increase the duties of, or result in
significant additional cost or expense to, the Certificate Administrator, the Operating Advisor, the Master Servicer or the

 

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Special
Servicer, as applicable, and (B) the Certificate Administrator, the Operating Advisor, the Master Servicer or the Special Servicer,
as applicable, determines in accordance with the Servicing Standard (or in good faith, in the case of the Certificate Administrator
or the Operating Advisor) that the performance of such duties or the payment of such costs and expenses is beyond the scope of
its duties in its capacity as Certificate Administrator, Operating Advisor, Master Servicer or Special Servicer, as applicable,
under this Agreement, it shall not be required to answer such Inquiry and, in the case of the Certificate Administrator, the Operating
Advisor, the Master Servicer or the Special Servicer, shall promptly notify the 17g-5 Information Provider, and the 17g-5 Information
Provider shall post such Inquiry on the Rating Agency Q&A Forum and Document Request Tool together with a statement that such
Inquiry was not answered. Answers posted on the Rating Agency Q&A Forum and Document Request Tool will be attributable only
to the respondent, and shall not be deemed to be answers from any of the Depositor, the Underwriters, the Initial Purchasers, the
Master Servicer, the Special Servicer, the Operating Advisor, the Certificate Administrator or the Trustee or any of their respective
Affiliates and no such party shall have any responsibility or liability for the content of any such information. The 17g-5 Information
Provider shall not be required to post to the 17g-5 Information Provider’s Website any Inquiry or answer thereto that the
17g-5 Information Provider determines, in its sole discretion, is administrative or ministerial in nature. The Rating Agency Q&A
Forum and Document Request Tool will not reflect questions, answers and other communications between the 17g-5 Information Provider
and any Person which are not submitted via the 17g-5 Information Provider’s Website.

 

In connection with providing
access to the Certificate Administrator’s Website and the 17g-5 Information Provider’s Website, the Certificate Administrator
and/or the 17g-5 Information Provider may require registration and the acceptance of a disclaimer. The Certificate Administrator
and the 17g-5 Information Provider, as the case may be, shall not be liable for the dissemination of information in accordance
with the terms of this Agreement, make no representations or warranties as to the accuracy or completeness of such information
being made available, and assume no responsibility for such information; provided that it is acknowledged and agreed that
the 17g-5 Information Provider shall not be charged with knowledge of any of the contents of such information solely by virtue
of its compliance with its obligations to post such information to the 17g-5 Information Provider’s Website. The 17g-5 Information
Provider shall not be liable for its failure to make any information available to the NRSROs unless such information was delivered
to the 17g-5 Information Provider at the email address set forth herein in an electronic format readable and uploadable (that is
not locked or corrupted) on the 17g-5 Information Provider’s system, with a subject heading of “Benchmark 2018-B1 Mortgage
Trust, Series 2018-B1” and sufficient detail to indicate that such information is required to be posted on the 17g-5 Information
Provider’s Website; provided, if such information is not in electronic format readable and uploadable (that is not
locked or corrupted), then the 17g-5 Information Provider shall immediately notify the applicable delivering party thereof, whereupon
such party shall promptly deliver the subject information in such format.

 

The 17g-5 Information
Provider shall not be responsible or have any liability for any act, omission or delay attributable to the failure of any other
party to this Agreement to timely deliver information to be posted on the 17g-5 Information Provider’s Website or for any
errors or defects in the information supplied by any such party.

 

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The 17g-5 Information
Provider’s obligations in respect of Rule 17g-5 or any other law or regulation related thereto shall be limited to the specific
obligations contained in this Agreement and the 17g-5 Information Provider makes no representations or warranties as to the compliance
of the Depositor with Rule 17g-5 or any other law or regulation related thereto.

 

With respect to each
Non-Serviced Mortgage Loan, each of the Master Servicer, the Special Servicer, the Certificate Administrator and the Trustee shall
provide to the 17g-5 Information Provider for posting on the 17g-5 Information Provider’s Website, promptly upon receipt
from a Non-Serviced Mortgage Loan Service Provider, all reports, statements, documents, notices and other information it receives
in respect of such Non-Serviced Mortgage Loan that such party would otherwise have been required to be submitted to the 17g-5 Information
Provider under this Agreement for posting had such Non-Serviced Mortgage Loan been a Serviced Mortgage Loan. The 17g-5 Information
Provider shall post on the 17g-5 Information Provider’s Website all such information it receives in accordance with this
Agreement.

 

Upon delivery by the
Depositor to the 17g-5 Information Provider (in an electronic format mutually agreed upon by the Depositor and the 17g-5 Information
Provider) of information designated by the Depositor as having been previously made available to NRSROs by the Depositor (the “Pre-Closing
17g-5 Information”), the 17g-5 Information Provider shall make such Pre-Closing 17g-5 Information available only to the
Depositor and to NRSROs via the 17g-5 Information Provider’s Website pursuant this Section 3.14(b). The Depositor
shall not be entitled to direct the 17g-5 Information Provider to provide access to the Pre-Closing 17g-5 Information or any other
information on the 17g-5 Information Provider’s Website to any designee or other third party.

 

(e)          Each
of the Master Servicer and the Special Servicer may, in accordance with such reasonable rules and procedures as it may adopt, also
deliver, produce or otherwise make available through its website or otherwise, any additional information identified in Section
3.14(d) of this Agreement relating to the Mortgage Loans or Whole Loans, the Mortgaged Properties or the related Borrowers,
for review by the Depositor, the Underwriters, the Initial Purchasers and any other Persons who deliver an Investor Certification
in accordance with this Section 3.14, the related Serviced Companion Loan Noteholder (if any), the Directing Holder and
the Rating Agencies (collectively, the “Disclosure Parties”) (only to the extent such additional information
is simultaneously or previously delivered to the 17g-5 Information Provider in accordance with the provisions of Section 3.14(d)
of this Agreement, who shall post such additional information on the 17g-5 Information Provider’s Website in accordance with
the provisions of Section 3.14(d) of this Agreement), in each case, except to the extent doing so is prohibited by this
Agreement, applicable law or by the related Loan Documents. Each of the Master Servicer and the Special Servicer shall be entitled
to (i) indicate the source of such information and affix thereto any disclaimer it deems appropriate in its discretion and/or (ii)
require that the recipient of such information (A) except for the Depositor, enter into an Investor Certification or other confidentiality
agreement acceptable to the Master Servicer or the Special Servicer, as the case may be, and (B) acknowledge that the Master Servicer
or the Special Servicer may contemporaneously provide such information to any other Disclosure Party. In addition, to the extent
access to such information is provided via the Master Servicer’s or the Special Servicer’s website, the Master Servicer
and the Special Servicer may require

 

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registration and the acceptance of a reasonable and customary disclaimer and/or an additional
or alternative agreement as to the confidential nature of such information. In connection with providing access to or copies of
the information described in this Section 3.14(e) to current or prospective Certificateholders the form of confidentiality
agreement used by the Master Servicer or the Special Servicer, as applicable, shall be: (i) in the case of a Certificateholder
(or a licensed or registered investment advisor acting on behalf of such Certificateholder), an Investor Certification executed
by the requesting Person indicating that such Person is a Holder of Certificates and will keep such information confidential (except
that such Certificateholder may provide such information (x) to its auditors, legal counsel and regulators and (y) to any other
Person that holds or is contemplating the purchase of any Certificate or interest therein (provided that such other Person
confirms in writing such ownership interest or prospective ownership interest and agrees to keep such information confidential));
and (ii) in the case of a prospective purchaser of Certificates or interests therein (or a licensed or registered investment advisor
acting on behalf of such prospective purchaser), an Investor Certification indicating that such Person is a prospective purchaser
of a Certificate or an interest therein and is requesting the information for use in evaluating a possible investment in Certificates
and will otherwise keep such information confidential with no further dissemination (except that such Certificateholder may provide
such information to its auditors, legal counsel and regulators). In the case of a licensed or registered investment advisor acting
on behalf of a current or prospective Certificateholder, the Investor Certification shall be executed and delivered by both the
investment advisor and such current or prospective Certificateholder.

 

Neither the Master Servicer
nor the Special Servicer shall be liable for its dissemination of information in accordance with this Agreement or by others in
violation of the terms of this Agreement. Neither the Master Servicer nor the Special Servicer shall be responsible or have any
liability for the completeness or accuracy of the information delivered, produced or otherwise made available pursuant to this
Section 3.14 unless (i) the Master Servicer or Special Servicer, as applicable, is the original source for such information
and (ii) such failure to deliver complete and accurate information is by reason of such party’s willful misconduct, bad faith,
fraud and/or negligence.

 

In connection with the
delivery by the Master Servicer or the Special Servicer, as applicable, to the 17g-5 Information Provider of any information, report,
notice or document for posting to the 17g-5 Information Provider’s Website, the 17g-5 Information Provider shall notify the
Master Servicer or the Special Servicer, as applicable, of when such information, report, notice or document has been posted to
the 17g-5 Information Provider’s Website. The Master Servicer or the Special Servicer, as applicable, may, but is not obligated
to, send such information report, notice or other document to the applicable Rating Agency or Rating Agencies following the earlier
of (a) receipt of notification from the 17g-5 Information Provider that such information, report, notice or other document has
been posted to the Rule 17g-5 Information Provider’s Website and (b) 12:00 p.m. on the first Business Day following the date
the Master Servicer or the Special Servicer, as applicable, has provided such information, report, notice or other document to
the 17g-5 Information Provider.

 

(f)          The
Master Servicer, the Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer
and the Trustee shall be permitted (but shall not be required) to orally communicate with the Rating Agencies regarding any

 

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Mortgage
Loan, Serviced Whole Loan, any Certificateholder, any Serviced Companion Loan Noteholder, any Mortgaged Property or any REO Property;
provided that such party summarizes the information provided to the Rating Agencies in such communication and provides the
17g-5 Information Provider and the related Other 17g-5 Information Provider (if any) with such summary in accordance with the procedures
set forth in Section 3.14(d) of this Agreement the same day such communication takes place; provided that the summary
of such oral communications shall not attribute which Rating Agency the communication was with. The 17g-5 Information Provider
shall post such summary on the 17g-5 Information Provider’s Website in accordance with the procedures set forth in Section
3.14(d) of this Agreement.

 

(g)          None
of the foregoing restrictions in this Section 3.14 or otherwise in this Agreement shall prohibit or restrict oral or written
communications, or providing information, between the Master Servicer, the Operating Advisor, the Asset Representations Reviewer
or the Special Servicer, on the one hand, and any Rating Agency or NRSRO, on the other hand, with regard to (i) such Rating Agency’s
or NRSRO’s review of the ratings it assigns to the Master Servicer, the Operating Advisor, the Asset Representations Reviewer
or the Special Servicer, as applicable, (ii) such Rating Agency’s or NRSRO’s approval of the Master Servicer, the Operating
Advisor, the Asset Representations Reviewer or the Special Servicer, as applicable, as a commercial mortgage master, special or
primary servicer or (iii) such Rating Agency’s or NRSRO’s evaluation of the Master Servicer’s, the Operating
Advisor, the Asset Representations Reviewer or the Special Servicer’s, as applicable, servicing operations in general; provided,
that the Master Servicer, the Operating Advisor, the Asset Representations Reviewer or the Special Servicer, as applicable, shall
not provide any information relating to the Certificates or the Mortgage Loans to any Rating Agency or NRSRO in connection with
such review and evaluation by such Rating Agency or NRSRO unless (x) Borrower, property and other deal specific identifiers are
redacted; (y) such information has already been provided to the 17g-5 Information Provider and has been uploaded on to the 17g-5
Information Provider’s Website or the Master Servicer or Special Servicer, as applicable, has in fact provided such information
to such Rating Agency in accordance with Section 3.14(e); or (z) the Rating Agency confirms in writing that it does not
intend to use such information in undertaking credit rating surveillance with respect to the Certificates; provided, however,
that the Rating Agencies may use information delivered under this clause (z) for any purpose to the extent it is publicly available
(unless the availability results from a breach of this Agreement or any other confidentiality agreement to which such Rating Agency
is subject) or comprised of information collected by the applicable Rating Agency from the 17g-5 Information Provider’s Website
(or another 17g-5 information provider’s website that they have access to) other than pursuant to this Section 3.14(g).

 

(h)          The
costs and expenses of compliance with this Section 3.14 by the Depositor, the Master Servicer, the Special Servicer, the
Trustee and any other party hereto shall not be Additional Trust Fund Expenses.

 

Section
3.15      Title and Management of REO Properties and REO Accounts. (a) If title to any
Mortgaged Property (other than with respect to a Non-Serviced Mortgage Loan) is acquired for the benefit
of Certificateholders (and, in the case of the Serviced Whole Loans, the related Serviced Companion Loan Noteholders) in
foreclosure, by deed in lieu of foreclosure or upon abandonment or reclamation from bankruptcy, the deed or certificate of
sale

 

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shall be taken
in the name of the Trust where permitted by applicable law or regulation and consistent with customary servicing procedures, and
otherwise in the name of the Trustee, or its nominee (which shall not include the Master Servicer), or a separate Trustee or co-Trustee,
on behalf of the Trust Fund (and, in the case of the Serviced Whole Loans, the related Serviced Companion Loan Noteholders). The
Special Servicer, on behalf of the Trust Fund (and, in the case of the Serviced Whole Loans, the related Serviced Companion Loan
Noteholders), shall dispose of any Serviced REO Property prior to the close of the third calendar year following the year in which
the Trust Fund acquires ownership of such Serviced REO Property for purposes of Section 860G(a)(8) of the Code, unless (i) the
Special Servicer on behalf of the Lower-Tier REMIC has applied for an extension of such period pursuant to Sections 856(e)(3) and
860G(a)(8)(A) of the Code, in which case the Special Servicer shall sell such Serviced REO Property within the applicable extension
period or if the Special Servicer has applied for extension as provided in this clause (i) but such request has not yet
been granted or denied, the additional time specified in such request, or (ii) the Special Servicer seeks and subsequently receives
an Opinion of Counsel (which opinion shall be an expense of the Trust Fund and, in the case of a Serviced Whole Loan, such expenses
shall be allocated in accordance with the allocation provisions set forth in the related Intercreditor Agreement), addressed to
the Special Servicer, the Certificate Administrator and the Trustee, to the effect that the holding by the Trust Fund of such Serviced
REO Property for an additional specified period will not cause such Serviced REO Property to fail to qualify as “foreclosure
property” within the meaning of Section 860G(a)(8) of the Code (determined without regard to the exception applicable for
purposes of Section 860D(a) of the Code) at any time that any Certificate is outstanding, in which event such period shall be extended
by such additional specified period subject to any conditions set forth in such Opinion of Counsel. The Special Servicer, on behalf
of the Trust Fund (and, in the case of the Serviced Whole Loans, the related Serviced Companion Loan Noteholders), shall dispose
of any Serviced REO Property held by the Trust Fund prior to the last day of such period (taking into account extensions) by which
such Serviced REO Property is required to be disposed of pursuant to the provisions of the immediately preceding sentence in a
manner provided under Section 3.16 hereof. In the case of the Trust Fund’s beneficial interest in any REO Property
acquired by the Other Trustee pursuant to an Other Pooling and Servicing Agreement, the Special Servicer shall coordinate with
the Other Special Servicer with respect to any REO extension on behalf of the Trust Fund. The Special Servicer shall manage, conserve,
protect and operate each Serviced REO Property for the Certificateholders (and, in the case of the Serviced Whole Loans, the related
Serviced Companion Loan Noteholders) solely for the purpose of its prompt disposition and sale in a manner which does not cause
such Serviced REO Property to fail to qualify as “foreclosure property” within the meaning of Section 860G(a)(8) of
the Code (determined without regard to the exception applicable for purposes of Section 860D(a) of the Code) and such that income
from the operation or sale of such property does not result in receipt by the Trust Fund of any income from non-permitted assets
as described in Section 860F(a)(2)(B) of the Code with respect to such property.

 

(b)          The
Special Servicer shall have full power and authority, subject only to the Servicing Standard and the specific requirements and
prohibitions of this Agreement, to do any and all things in connection with any Serviced REO Property as are consistent with the
manner in which the Special Servicer manages and operates similar property owned or managed by the Special Servicer or any of its
Affiliates, all on such terms and for such period as the Special Servicer deems to be in the best interests of Certificateholders
and, in the case of the

 

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Serviced Whole Loans, the related Serviced Companion Loan Noteholders and, in connection therewith, the
Special Servicer shall agree to the payment of management fees that are consistent with general market standards. Consistent with
the foregoing, the Special Servicer shall cause or permit to be earned with respect to such Serviced REO Property any “net
income from foreclosure property,” within the meaning of Section 860G(c) of the Code, which is subject to tax under the REMIC
Provisions, only if it has determined, and has so advised the Trustee and the Certificate Administrator in writing, that the earning
of such income on a net after-tax basis could reasonably be expected to result in a greater recovery on behalf of Certificateholders
(and, in the case of the Serviced Whole Loans, the related Serviced Companion Loan Noteholders) than an alternative method of operation
or rental of such Serviced REO Property that would not be subject to such a tax.

 

The Special Servicer
shall segregate and hold all revenues received by it with respect to any Serviced REO Property separate and apart from its own
funds and general assets and shall establish and maintain with respect to any Serviced REO Property a segregated custodial account
(each, an “REO Account”), each of which shall be an Eligible Account and shall be entitled “Midland Loan
Services, a Division of PNC Bank, National Association, as Special Servicer, on behalf of Wilmington Trust, National Association,
as Trustee, for the benefit of the Holders of Benchmark 2018-B1 Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series
2018-B1 REO Account.” With respect to a Serviced REO Property securing a Serviced Whole Loan, the Special Servicer shall
establish an REO Account solely with respect to such property (each such account, a “Serviced Whole Loan REO Account”),
each of which shall be an Eligible Account and shall be entitled “Midland Loan Services, a Division of PNC Bank, National
Association, as Special Servicer, on behalf of Wilmington Trust, National Association, as Trustee, for the benefit of the Holders
of Benchmark 2018-B1 Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series 2018-B1 and the related Serviced Companion
Loan Noteholders REO Account,” to be held for the benefit of the Certificateholders and the related Serviced Companion Loan
Noteholders. The Special Servicer shall be entitled to withdraw for its account any interest or investment income earned on funds
deposited in an REO Account or a Serviced Whole Loan REO Account to the extent provided in Section 3.07(b) of this Agreement.
The Special Servicer shall deposit or cause to be deposited REO Proceeds in the REO Account or the applicable Serviced Whole Loan
REO Account within two Business Days after receipt of such properly identified and available REO Proceeds, and shall withdraw therefrom
funds necessary for the proper operation, management and maintenance of such Serviced REO Property and for other Property Protection
Expenses with respect to such Serviced REO Property, including:

 

(i)        
  all insurance premiums due and payable in respect of any Serviced REO Property;

 

(ii)          all
real estate taxes and assessments in respect of any Serviced REO Property that may result in the imposition of a lien thereon;

 

(iii)         all
costs and expenses reasonable and necessary to protect, maintain, manage, operate, repair and restore any Serviced REO Property
including, if applicable, the payments of any ground rents in respect of such Serviced REO Property; and

 

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(iv)         any
taxes imposed on the Lower-Tier REMIC, as applicable, in respect of net income from foreclosure property in accordance with Section
4.05, and with respect to a Serviced Whole Loan, such expenses shall be allocated pro rata to the Mortgage Loan and
any related Serviced Companion Loans based on each loan’s Stated Principal Balance and only to the extent any such Serviced
Companion Loan is included in a REMIC.

 

To the extent that such
REO Proceeds are insufficient for the purposes set forth in clauses (i) through (iii) above, the Master Servicer shall make such
Advance unless the Master Servicer or the Special Servicer determines, in accordance with the Servicing Standard, that such Servicing
Advance would constitute a Nonrecoverable Advance (provided that with respect to advancing insurance premiums or delinquent
tax assessments the Master Servicer shall comply with the provisions of the second to last paragraph in Section 3.21(d)
of this Agreement) and if the Master Servicer does not make any such Advance, the Trustee, to the extent the Trustee has actual
knowledge of the Master Servicer’s failure to make such Advance, shall make such Advance, unless in each case, the Master
Servicer, the Special Servicer or the Trustee, as applicable, determines that such Advance would be a Nonrecoverable Advance. The
Trustee shall be entitled to rely, conclusively, on any determination by the Special Servicer or the Master Servicer, as applicable,
that an Advance, if made, would be a Nonrecoverable Advance. The Trustee, when making an independent determination whether or not
a proposed Advance would be a Nonrecoverable Advance, shall use its good faith business judgment. The Master Servicer or the Trustee,
as applicable, shall be entitled to reimbursement of such Advances (with interest at the Reimbursement Rate) made pursuant to the
preceding sentence, to the extent permitted by Section 3.06 of this Agreement. The Special Servicer shall withdraw from
each REO Account or Serviced Whole Loan REO Account, as applicable, and remit to the Master Servicer for deposit into the Collection
Account or the applicable Serviced Whole Loan Collection Account, as applicable, on a monthly basis on the later of the date that
is (x) on or prior to the related Determination Date or (y) two (2) Business Days after such amounts are received and properly
identified and determined to be available, the Net REO Proceeds received or collected from each Serviced REO Property, except that
in determining the amount of such Net REO Proceeds, the Special Servicer may retain in each REO Account or Serviced Whole Loan
REO Account reasonable reserves for repairs, replacements and necessary capital improvements and other related expenses.

 

Notwithstanding
the foregoing, the Special Servicer shall not:

 

(i)        
  permit any New Lease to be entered into, renewed or extended, if the New Lease by its terms will give rise to any
income that does not constitute Rents from Real Property;

 

(ii)          permit
any amount to be received or accrued under any New Lease, other than amounts that will constitute Rents from Real Property;

 

(iii)         authorize
or permit any construction on any Serviced REO Property, other than the repair or maintenance thereof or the completion of a building
or other improvement thereon, and then only if more than ten percent of the construction of such building or other improvement
was completed before default on the related Mortgage Loan became imminent, all within the meaning of Section 856(e)(4)(B) of the
Code; or

 

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(iv)         Directly
Operate or allow any Person to Directly Operate any Serviced REO Property on any date more than 90 days after its date of acquisition
by the Trust Fund, unless such Person is an Independent Contractor;

 

unless, in any such case, the Special Servicer
has requested and received an Opinion of Counsel addressed to the Special Servicer, the Certificate Administrator and the Trustee
(which opinion shall be an expense of the Trust Fund and, in the case of a Serviced Whole Loan with a Serviced Companion Loan,
such expense shall be allocated in accordance with the allocation provisions of the related Intercreditor Agreement) to the effect
that such action will not cause such Serviced REO Property to fail to qualify as “foreclosure property” within the
meaning of Section 860G(a)(8) of the Code (determined without regard to the exception applicable for purposes of Section 860D(a)
of the Code) at any time that it is held by the Trust Fund, in which case the Special Servicer may take such actions as are specified
in such Opinion of Counsel.

 

The Special Servicer
shall be required to contract with an Independent Contractor, the fees and expenses of which shall be an expense of the Trust Fund
(and, in the case of the Serviced Whole Loans, such expense shall be allocated in accordance with the allocation provisions of
the related Intercreditor Agreement) and payable out of REO Proceeds, for the operation and management of any Serviced REO Property,
within 90 days of the Trust Fund’s acquisition thereof (unless the Special Servicer shall have provided the Trustee and the
Certificate Administrator with an Opinion of Counsel that the operation and management of any Serviced REO Property other than
through an Independent Contractor shall not cause such Serviced REO Property to fail to qualify as “foreclosure property”
within the meaning of Section 860G(a)(8) of the Code) (which opinion shall be an expense of the Trust Fund, and in the case of
a Serviced Whole Loan, such expense shall be allocated in accordance with the allocation provisions of the related Intercreditor
Agreement), provided that:

 

(1)          the
terms and conditions of any such contract shall be reasonable and customary for the area and type of property and shall not be
inconsistent herewith;

 

(2)          any
such contract shall require, or shall be administered to require, that the Independent Contractor pay all costs and expenses incurred
in connection with the operation and management of such Serviced REO Property, including those listed above, and remit all related
revenues (net of such costs and expenses) to the Special Servicer as soon as practicable, but in no event later than 30 days following
the receipt thereof by such Independent Contractor;

 

(3)          none
of the provisions of this Section 3.15(b) relating to any such contract or to actions taken through any such Independent
Contractor shall be deemed to relieve the Special Servicer of any of its duties and obligations to the Trust Fund, the Trustee
on behalf of the Certificateholders and, in the case of a Serviced Whole Loan, the related Companion Loan Noteholders, with respect
to the operation and management of any such Serviced REO Property; and

 

(4)          the
Special Servicer shall be obligated with respect thereto to the same extent as if it alone were performing all duties and obligations
in connection with the operation and management of such Serviced REO Property.

 

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The Special Servicer
shall be entitled to enter into any agreement with any Independent Contractor performing services for it related to its duties
and obligations hereunder for indemnification of the Special Servicer by such Independent Contractor, and nothing in this Agreement
shall be deemed to limit or modify such indemnification.

 

(c)          Promptly
following any acquisition by the Special Servicer of a Serviced REO Property on behalf of the Trust Fund, the Special Servicer
shall notify the Master Servicer thereof, and, upon delivery of such notice, the Special Servicer shall obtain an Updated Valuation
thereof, but only if any Updated Valuation with respect thereto is more than 9 months old and the Special Servicer has no actual
knowledge of any material adverse change in circumstances that, consistent with the Servicing Standard, would call into question
the validity of such Updated Valuation, in order to determine the fair market value of such Serviced REO Property and shall notify
the Depositor and the Master Servicer and with respect to a Serviced Whole Loan, the holder of the related Companion Loan, if any,
and of the results of such Updated Valuation. Any such Updated Appraisal shall be conducted in accordance with Appraisal Institute
standards and the cost thereof shall be an expense of the Trust Fund and allocated to Classes of Principal Balance Certificates,
the Class V1 Certificates and the Class V2 Certificates (in the same manner as Realized Losses and VRR Realized Losses as set forth
in Section 4.01(f) of this Agreement). In the case of any Serviced Pari Passu Whole Loan such expenses shall be allocated
in accordance with the allocation provisions set forth in the related Intercreditor Agreement. The Special Servicer shall obtain
a new Updated Valuation or a letter update every 9 months thereafter until the Serviced REO Property is sold.

 

(d)          When
and as necessary, the Special Servicer shall send to the Certificate Administrator a statement prepared by the Special Servicer
setting forth the amount of net income or net loss, as determined for federal income tax purposes, resulting from the operation
and management of a trade or business on, the furnishing or rendering of a non-customary service to the tenants of, or the receipt
of any other amount not constituting Rents from Real Property in respect of, any Serviced REO Property in accordance with Sections
3.15(a) and 3.15(b) of this Agreement.

 

(e)          Upon
the disposition of any Serviced REO Property in accordance with this Section 3.15, the Special Servicer shall calculate
the Gain-on-Sale Proceeds allocable to a Mortgage Loan or the applicable Serviced Whole Loan, if any, realized in connection with
such sale.

 

Section
3.16      Sale of Specially Serviced Loans and REO Properties. (a) The parties hereto may
sell or purchase, or permit the sale or purchase of, a Serviced Mortgage Loan and any related Serviced Companion Loan only on
the terms and subject to the conditions set forth in this Section 3.16 or as otherwise expressly provided in
or contemplated by Section 2.03(e) and Section 9.01 of this Agreement or in an applicable
Intercreditor Agreement.

 

(b)          If
the Special Servicer determines in accordance with the Servicing Standard that it would be in the best interests of the Certificateholders
and, in the case of a Serviced Whole Loan, the Certificateholders and the related Serviced Pari Passu Companion Loan Noteholders
(as a collective whole as if such Certificateholders and, if applicable, Serviced Companion Loan Noteholders constituted a single
lender (and with respect to any Serviced Whole Loan with a related Serviced Subordinate Companion Loan, taking into account the

 

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subordinate nature of such Serviced Subordinate Companion Loan) to attempt to sell a Defaulted Loan (other than any Non-Serviced
Mortgage Loan) and any related Serviced Pari Passu Companion Loan, the Special Servicer shall use reasonable efforts to solicit
offers for each such Defaulted Loan on behalf of the Certificateholders and, if applicable, the related Serviced Pari Passu Companion
Loan Noteholders in such manner as will be reasonably likely to realize a fair price. In the case of a Non-Serviced Mortgage Loan,
to the extent that such Non-Serviced Mortgage Loan is not sold together with the related Non-Serviced Companion Loan by the Other
Special Servicer for the related Non-Serviced Whole Loan and, if permitted under the related Intercreditor Agreement, the Special
Servicer shall be entitled to sell (with the consent of the Directing Holder (if no Control Termination Event has occurred and
is continuing) and after consulting with the Risk Retention Consultation Party pursuant to Section 6.07) such Non-Serviced
Mortgage Loan if it determines in accordance with the Servicing Standard that such action would be in the best interests of the
Certificateholders (and shall be entitled to a Liquidation Fee in connection with such sale). The Special Servicer shall accept
the first cash offer received from any Person that constitutes a fair price for such Defaulted Loan. Subject to Section 3.16(k),
if the Special Servicer receives more than one cash offer that constitutes a fair price for such Defaulted Loan during the period
designated by the Special Servicer for receipt of offers, the Special Servicer shall accept the highest price.

 

The Special Servicer
shall give the Trustee, the Certificate Administrator, the Master Servicer, the Operating Advisor and (other than in respect of
any applicable Conflicted Loan) the Directing Holder and the Risk Retention Consultation Party not less than ten (10) Business
Days’ prior written notice of its intention to sell any such Defaulted Loan, and notwithstanding anything to the contrary
herein, neither the Trustee, in its individual capacity, nor any of its Affiliates may make an offer for or purchase any such Defaulted
Loan pursuant to this Agreement.

 

(c)          Whether
any cash offer constitutes a fair price for such Defaulted Loan, as the case may be, shall be determined by the Special Servicer,
if the highest offeror is a Person other than an Interested Person, and by the Trustee, if the highest offeror is an Interested
Person; provided, that no offer from an Interested Person shall constitute a fair price unless (i) the offer is the highest
offer received, and (ii) if the offer is less than the applicable Purchase Price, at least two other offers are received from independent
third parties. In determining whether any offer received from an Interested Person represents a fair price for any such Defaulted
Loan, the Trustee shall be supplied with and shall rely on the most recent Appraisal or Updated Appraisal conducted in accordance
with this Agreement within the preceding 9-month period or in the absence of any such Appraisal, on a narrative appraisal prepared
by an Independent MAI appraiser selected by (i) the Special Servicer if the Special Servicer or an Affiliate of the Special Servicer
is not making an offer with respect to such Defaulted Loan, (ii) by the Master Servicer if the Special Servicer is making such
an offer unless the Master Servicer and Special Servicer are Affiliates or (iii) the Operating Advisor if the Master Servicer and
Special Servicer are Affiliates and the Special Servicer is making an offer. The cost of any such Updated Appraisal or narrative
appraisal shall be covered by, and shall be reimbursable as, a Servicing Advance. In addition, the Trustee shall be permitted to
retain, at the expense of the related Interested Person, an independent third party expert in real estate or commercial mortgage
loan matters with at least 5 years’ experience in valuing or investing in loans similar to the subject Mortgage Loan or Serviced
Whole Loan, as the case may be, that has been selected with reasonable care by the

 

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trustee to determine such fair price and will
be permitted to conclusively rely on the opinion of such third party’s determination. Any costs and fees of the Trustee in
connection with an offer by an Interested Person and the Trustee’s duties therewith shall be paid in advance of any such
determination by such Interested Person.

 

In determining whether
any offer from a Person other than an Interested Person constitutes a fair price for any such Defaulted Loan, the Special Servicer
shall take into account (in addition to the results of any Appraisal, Updated Appraisal or narrative appraisal that it may have
obtained pursuant to this Agreement within the prior 9 months), and in determining whether any offer from an Interested Person
constitutes a fair price for any such Defaulted Loan, any appraiser shall be instructed to take into account, as applicable, among
other factors, the period and amount of the Delinquency on such Defaulted Loan, the period and amount of the occupancy level and
physical condition of the related Mortgaged Property, the state of the local economy in the area where the Mortgaged Property is
located, the expected recovery from such Defaulted Loan if the Special Servicer were to pursue a workout strategy, and the time
and expense associated with a purchaser’s foreclosing on the related Mortgaged Property.

 

In addition, the Special
Servicer shall refer to all other relevant information obtained by it or otherwise contained in the Mortgage File; provided
that the Special Servicer shall take account of any change in circumstances regarding the related Mortgaged Property known to the
Special Servicer that has occurred subsequent to, and that would, in the Special Servicer’s reasonable judgment, materially
affect the value of the related Mortgaged Property reflected in the most recent related Appraisal. Furthermore, the Special Servicer
may consider available objective third party information obtained from generally available sources, as well as information obtained
from vendors providing real estate services to the Special Servicer, concerning the market for distressed real estate loans and
the real estate market for the subject property type in the area where the related Mortgaged Property is located. The Special Servicer
may, to the extent it is reasonable to do so in accordance with the Servicing Standard, conclusively rely on any opinions or reports
of qualified Independent experts in real estate or commercial mortgage loan matters with at least five years’ experience
in valuing or investing in loans similar to the subject Specially Serviced Loan, selected with reasonable care by the Special Servicer,
in making such determination. All reasonable costs and expenses incurred by the Special Servicer pursuant to this Section 3.16(c)
shall constitute, and be reimbursable as, Servicing Advances. The other parties to this Agreement shall cooperate with all reasonable
requests for information made by the Special Servicer in order to allow the Special Servicer to perform its duties pursuant to
this Section 3.16(c).

 

The Purchase Price (which,
in connection with the administration of a Defaulted Loan related to a Serviced Whole Loan, shall be construed and calculated as
if the loans in such Serviced Whole Loan together constitute a single Mortgage Loan thereunder) for any such Defaulted Loan shall
in all cases be deemed a fair price.

 

(d)          Subject
to subsection (c) above, the Special Servicer shall act on behalf of the Trustee (for the benefit of the Certificateholders and,
in the case of a Serviced Whole Loan, the related Serviced Companion Loan Noteholders) in negotiating and taking any other action
necessary or appropriate in connection with the sale of any such Defaulted Loan, and the applicable collection of all amounts payable
in connection therewith. In connection therewith, the Special Servicer may charge for its own account prospective offerors, and
may retain, fees

 

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that approximate the Special Servicer’s actual costs in the preparation and delivery of information pertaining
to such sales or exchanging offers without obligation to deposit such amounts into the REO Account the Collection Account or, in
the case of any Serviced Whole Loan, the applicable Serviced Whole Loan Collection Account. Any sale of such Defaulted Loan shall
be final and without recourse to the Trustee or the Trust Fund (except such recourse to the Trust Fund imposed by those representations
and warranties typically given in such transactions, any prorations applied thereto and any customary closing matters), and if
such sale is consummated in accordance with the terms of this Agreement, none of the Special Servicer, the Master Servicer, the
Depositor, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer or the Trustee shall have any
liability to any Certificateholder or Companion Loan Noteholder with respect to the purchase price therefor accepted by the Special
Servicer or the Trustee.

 

(e)          Any
sale of such Defaulted Loan shall be for cash only.

 

(f)          The
parties hereto may sell or purchase, or permit the sale or purchase of, a Serviced REO Property only on the terms and subject to
the conditions set forth in this Section 3.16 or as otherwise expressly provided in an applicable Intercreditor Agreement.

 

(g)          The
Special Servicer shall use reasonable efforts to solicit offers for each Serviced REO Property on behalf of the Certificateholders
and, in the case of a Serviced Whole Loan, the related Serviced Companion Loan Noteholders in such manner as will be reasonably
likely to realize a fair price within the time period provided for by Section 3.15(a) of this Agreement. The Special Servicer
(with the consent of the Directing Holder) shall accept the first cash offer received from any Person that constitutes a fair price
for such Serviced REO Property. Subject to Section 3.16(k), if the Special Servicer receives more than one cash offer that
constitutes a fair price for such Serviced REO Property during the period designated by the Special Servicer for receipt of offers,
the Special Servicer shall accept the highest price. If the Special Servicer determines, in its good faith and reasonable judgment,
that it will be unable to realize a fair price for any Serviced REO Property within the time constraints imposed by Section
3.15(a) of this Agreement, then the Special Servicer (with the consent of the Directing Holder) shall dispose of such Serviced
REO Property upon such terms and conditions as the Special Servicer shall deem necessary and desirable to maximize the recovery
thereon under the circumstances and, in connection therewith, shall accept the highest outstanding cash offer, regardless of from
whom received.

 

The Special Servicer
shall give the Trustee, the Certificate Administrator, the Master Servicer, the Operating Advisor, the Asset Representations Reviewer
and the Directing Holder, not less than ten Business Days’ prior written notice of its intention to sell any Serviced REO
Property, and notwithstanding anything to the contrary herein, neither the Trustee, in its individual capacity, nor any of its
Affiliates may make an offer for or purchase any Serviced REO Property pursuant to this Agreement.

 

(h)          Whether
any cash offer constitutes a fair price for any Serviced REO Property, as the case may be, shall be determined by the Special Servicer,
if the highest offeror is a Person other than an Interested Person, and by the Trustee, if the highest offeror is an Interested
Person; provided, that no offer from an Interested Person shall constitute a fair price unless it is the highest offer received.
In determining whether any offer received from an

 

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Interested Person represents a fair price for any such Serviced REO Property,
the Trustee shall be supplied with and shall rely on the most recent appraisal or Updated Appraisal conducted in accordance with
this Agreement within the preceding 9-month period or in the absence of any such appraisal, on a narrative appraisal prepared by
an Independent MAI appraiser selected by the Special Servicer if the Special Servicer or an Affiliate of the Special Servicer is
not making an offer with respect to a Serviced REO Property (or by the Master Servicer if the Special Servicer is making such an
offer). The cost of any such Updated Appraisal or narrative appraisal and any related costs and fees of the Trustee shall be covered
by, and shall be reimbursable as, a Servicing Advance. In determining whether any offer from a Person other than an Interested
Person constitutes a fair price for any such Serviced REO Property, the Special Servicer shall take into account (in addition to
the results of any appraisal, updated appraisal or narrative appraisal that it may have obtained pursuant to this Agreement within
the prior 9 months), and in determining whether any offer from an Interested Person constitutes a fair price for any such Serviced
REO Property, any appraiser shall be instructed to take into account, as applicable, among other factors, the period and amount
of the occupancy level and physical condition of the Mortgaged Property or Serviced REO Property, the state of the local economy
and the obligation to dispose of any Serviced REO Property within the time period specified in Section 3.15(a) of this Agreement.
The Purchase Price (which, in connection with the administration of a Serviced REO Property related to a Serviced Whole Loan, shall
be construed and calculated as if the loans in such Serviced Whole Loan together constitute a single Mortgage Loan thereunder)
for any Serviced REO Property shall in all cases be deemed a fair price. In addition, the Trustee shall be permitted to retain,
at the expense of the related Interested Person, an independent third party to determine such fair price and will be permitted
to conclusively rely on the opinion of such third party’s determination. Any costs and fees of the Trustee in connection
with an offer by an Interested Person and the Trustee’s duties therewith shall be paid in advance of any such determination
by such Interested Person.

 

(i)          Subject
to subsections (g) and (h) above, the Special Servicer shall act on behalf of the Trustee (for the benefit of the Certificateholders
and, in the case of a Serviced Whole Loan, the related Serviced Companion Loan Noteholders) in negotiating and taking any other
action necessary or appropriate in connection with the sale of any Serviced REO Property, and the applicable collection of all
amounts payable in connection therewith. In connection therewith, the Special Servicer may charge for its own account prospective
offerors, and may retain, fees that approximate the Special Servicer’s actual costs in the preparation and delivery of information
pertaining to such sales or exchanging offers without obligation to deposit such amounts into the Collection Account or, in the
case of any Serviced Whole Loan, the applicable Serviced Whole Loan Collection Account. Any sale of a Serviced REO Property shall
be final and without recourse to the Trustee or the Trust Fund (except such recourse to the Trust Fund imposed by those representations
and warranties typically given in such transactions, any prorations applied thereto and any customary closing matters), and if
such sale is consummated in accordance with the terms of this Agreement, none of the Special Servicer, the Master Servicer, the
Depositor or the Trustee shall have any liability to any Certificateholder or Serviced Companion Loan Noteholder with respect to
the purchase price therefor accepted by the Special Servicer or the Trustee.

 

(j)          Any
sale of a Serviced REO Property shall be for cash only.

 

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(k)          Notwithstanding
any of the foregoing paragraphs of this Section 3.16, the Special Servicer shall not be obligated to accept the highest
cash offer if the Special Servicer determines (in consultation with the Directing Holder (other than with respect to any applicable
Conflicted Loan or unless a Consultation Termination Event exists), the Risk Retention Consultation Party (other than with respect
to any applicable Conflicted Loan) and, in the case of a Serviced Whole Loan or an REO Property related to a Serviced Whole Loan,
the related Companion Loan Noteholder(s)), in accordance with the Servicing Standard, that rejection of such offer would be in
the best interests of the Certificateholders and, in the case of a sale of a Serviced Whole Loan or an REO Property related to
a Serviced Whole Loan, the related Companion Loan Noteholders (as a collective whole as if such Certificateholders and, if applicable,
Serviced Companion Loan Noteholders constituted a single lender and with respect to any Serviced Whole Loan with a related Subordinate
Companion Loan, taking into account the subordinate nature of such Subordinate Companion Loan), and the Special Servicer may accept
a lower cash offer (from any Person other than itself or its Affiliate) if it determines, in its reasonable and good faith judgment,
that acceptance of such offer would be in the best interests of the Certificateholders (for example, if the prospective buyer making
the lower offer is more likely to perform its obligations or the terms offered by the prospective buyer making the lower offer
are more favorable) and, in the case of a Serviced Whole Loan, the related Serviced Companion Loan Noteholders (as a collective
whole as if such Certificateholders and, if applicable, Serviced Companion Loan Noteholders constituted a single lender) (and with
respect to any Serviced Whole Loan with a related Subordinate Companion Loan, taking into account the subordinate nature of such
Subordinate Companion Loan).

 

(l)          With
respect to each defaulted Serviced Companion Loan, the Special Servicer shall sell such defaulted Serviced Companion Loan together
with the related Mortgage Loan pursuant to the terms of the related Intercreditor Agreement and this Agreement as if such Mortgage
Loan and Serviced Companion Loans were one whole loan on behalf of the Certificateholders and the related Serviced Companion Loan
Noteholders. The Special Servicer shall provide notice and other information required under the related Intercreditor Agreement
to the applicable Other Special Servicer as soon as practicable following its decision to attempt to sell, and prior to commencement
or marketing of, any Serviced Companion Loan. With respect to Serviced Whole Loans, the Special Servicer shall be required to obtain
the consent of any holder of a related Serviced Companion Loan prior to a sale of such Serviced Whole Loan, unless (i) such holder
is the related Borrower or an Affiliate or agent of the related Borrower or (ii) the Special Servicer delivers to such holders
of the related Serviced Companion Loans: (A) at least fifteen (15) Business Days’ prior written notice of any decision to
attempt to sell the related Serviced Whole Loan; (B) at least ten (10) days prior to the proposed sale date, a copy of each bid
package (together with any material amendments to such bid packages) received by the Special Servicer in connection with any such
proposed sale; (C) at least ten (10) days prior to the proposed sale date, a copy of the most recent appraisal for such Serviced
Whole Loan, and any documents in the servicing file reasonably requested by the holders of the applicable Serviced Companion Loans
that are material to the sale price of such Serviced Whole Loan; and (D) until the sale is completed, and a reasonable period of
time (but not less time than is afforded to other offerors, the Directing Holder and the Risk Retention Consultation Party) prior
to the proposed sale date, all information and other documents being provided to other offerors and all leases or other documents
that are approved by the Special Servicer in connection with the proposed sale. The holders of the Serviced Companion Loans (or,
in any case, their respective representatives)

 

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shall be permitted to submit an offer at any sale of such related Serviced Whole
Loan; however, the related Borrower and its agents and Affiliates shall not be permitted to submit an offer at such sale.

 

(m)          With
respect to any Servicing Shift Mortgage Loan, if the Servicing Shift Mortgage Loan becomes a Defaulted Loan, the Special Servicer
(or, on or after the applicable Servicing Shift Securitization Date, the Other Special Servicer under the Other Pooling and Servicing
Agreement related Servicing Shift Mortgage Loan) will be required to sell such Mortgage Loan together with the related Companion
Loan(s) as notes evidencing one whole loan, in accordance with the provisions of the related Intercreditor Agreement and this Agreement
or the related Other Pooling and Servicing Agreement, as the case may be.

 

Section
3.17     Additional Obligations of the Master Servicer and the Special Servicer;
Inspections. (a) The Master Servicer (at its own expense) (or, with respect to Specially Serviced Loans and Serviced REO
Properties, the Special Servicer) shall inspect or cause to be inspected each Mortgaged Property securing a Serviced Mortgage
Loan that it is servicing at such times and in such manner as is consistent with the Servicing Standard, but in any event
shall inspect each Mortgaged Property with a Stated Principal Balance (or in the case of a Mortgage Loan secured by more than
one Mortgaged Property, having an Allocated Loan Amount) of (A) $2,000,000 or more at least once every 12 months (commencing
in 2019) and (B) less than $2,000,000 at least once every 24 months (commencing in 2019), (or, in each case, at such
decreased frequency as each Rating Agency shall have provided a Rating Agency Confirmation relating to the Certificates and
Serviced Companion Loan Securities, if any); provided, that if a physical inspection has been performed by the Special
Servicer in the previous twelve (12) months and the Master Servicer has no knowledge of a material change in the Mortgaged
Property since such physical inspection, the Master Servicer will not be required to perform or cause to be performed, such
physical inspection; provided, further, that if any scheduled payment becomes more than sixty (60) days
delinquent on the related Mortgage Loan, the Special Servicer shall inspect or cause to be inspected the related Mortgaged
Property as soon as practicable after such Mortgage Loan becomes a Specially Serviced Loan and annually thereafter for so
long as such Mortgage Loan remains a Specially Serviced Loan. The reasonable cost of each such inspection performed in
accordance with the Servicing Standard by the Special Servicer shall be paid by the Master Servicer as a Servicing Advance; provided,
that if such Advance would be a Nonrecoverable Advance, then the cost of such inspections shall be an expense of the Trust
payable out of general collections. With respect to a Serviced Whole Loan, the costs described in the preceding sentence
above that relate to the applicable Serviced Whole Loan shall be paid out of amounts on deposit in the Serviced Whole Loan
Collection Account related to such Serviced Whole Loan (allocated in accordance with the expense allocation provision of the
related Intercreditor Agreement). If funds in the applicable Serviced Whole Loan Collection Account relating to a Serviced
Whole Loan are insufficient, then any deficiency shall be paid from amounts on deposit in the Collection Account; provided
that the Master Servicer shall, after receiving payment from amounts on deposit in the Collection Account, if any, (i)
promptly notify the related Companion Loan Noteholder and (ii) use commercially reasonable efforts to exercise on behalf of
the Trust any rights under the related Intercreditor Agreement to obtain reimbursement for a pro rata portion of such
amount allocable to the related Serviced Companion Loans from the related Companion Loan Noteholders. The Master Servicer or
the Special Servicer, as applicable, shall prepare a written report of the inspection

 

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describing, among other things, the condition of and any damage to the Mortgaged Property securing a Mortgage
Loan that it is servicing and specifying the existence of any material vacancies in such Mortgaged Property, any sale, transfer
or abandonment of such Mortgaged Property of which it has actual knowledge, any material adverse change in the condition of the
Mortgaged Property, or any visible material waste committed on applicable Mortgaged Property. The Master Servicer or Special Servicer,
as applicable, shall send such reports to the 17g-5 Information Provider (who shall promptly post such reports to the 17g-5 Information
Provider’s Website pursuant to Section 3.14(d) of this Agreement), the related Other 17g-5 Information Provider (if
any) and, upon request, to the Underwriters and the Initial Purchasers within 20 days of completion and receipt (by the Master
Servicer or Special Servicer, as applicable, or, if earlier, any sub-servicer on their behalf) of the inspection report, each inspection
report.

 

(b)          With
respect to each Serviced Mortgage Loan and any related Serviced Companion Loan, the Master Servicer (or the Special Servicer, in
the case of a Specially Serviced Loan) shall exercise the Trustee’s rights, in accordance with the Servicing Standard, with
respect to the Manager under the related Loan Documents and Management Agreement, if any.

 

(c)          The
Master Servicer shall deliver all Compensating Interest Payments (other than the portion of any Compensating Interest Payment allocated
to a Serviced Pari Passu Companion Loan) to the Certificate Administrator for deposit in the Lower-Tier REMIC Distribution Account
on each Master Servicer Remittance Date, without any right of reimbursement therefor. The Master Servicer shall deliver the portion
of any Compensating Interest Payment allocated to a Serviced Pari Passu Companion Loan to the holder of the Serviced Companion
Loan on each Master Servicer Remittance Date, without any right of reimbursement therefor.

 

(d)          The
Master Servicer shall, as to each Serviced Mortgage Loan and any related Serviced Companion Loan that is secured by the interest
of the related Borrower under a ground lease (or, with respect to a leasehold interest that is a space lease or an air rights lease,
such space lease or air rights lease), promptly (and in any event within 60 days) after the Closing Date notify the related ground
lessor of the transfer of such Mortgage Loan or Serviced Whole Loan to the Trust pursuant to this Agreement and inform such ground
lessor that any notices of default under the related ground lease (or, with respect to a leasehold interest that is a space lease
or an air rights lease, the related space lease or air rights lease) should thereafter be forwarded to the Master Servicer.

 

(e)          The
Master Servicer shall, to the extent consistent with the Servicing Standard and permitted by the related Loan Documents, not apply
any funds with respect to a Mortgage Loan or Serviced Whole Loan (whether arising in the form of a holdback, earnout reserve, cash
trap or other similar feature) to the prepayment of the related Mortgage Loan or Serviced Whole Loan prior to an event of default
or reasonably foreseeable event of default with respect to such Mortgage Loan or Serviced Whole Loan. Prior to an event of default
or reasonably foreseeable event of default any such amounts described in the immediately preceding sentence shall be held by the
Master Servicer as additional collateral for the related Mortgage Loan or Serviced Whole Loan.

 

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Section
3.18    Authenticating Agent. The Certificate Administrator may appoint an
Authenticating Agent to execute and to authenticate Certificates. The Authenticating Agent must be acceptable to the
Depositor and must be a corporation organized and doing business under the laws of the United States of America or any state,
having a principal office and place of business in a state and city acceptable to the Depositor, having a combined capital
and surplus of at least $15,000,000, authorized under such laws to do a trust business and subject to supervision or
examination by federal or state authorities. The Certificate Administrator shall serve as the initial
Authenticating Agent.

 

Any corporation into
which the Authenticating Agent may be merged or converted or with which it may be consolidated, or any corporation resulting from
any merger, conversion or consolidation to which the Authenticating Agent shall be party, or any corporation succeeding to the
corporate agency business of the Authenticating Agent, shall be the Authenticating Agent without the execution or filing of any
paper or any further act on the part of the Certificate Administrator or the Authenticating Agent.

 

The Authenticating Agent
may at any time resign by giving at least 30 days’ advance written notice of resignation to the Certificate Administrator,
the Trustee, the Depositor and the Master Servicer. The Certificate Administrator may at any time terminate the agency of the Authenticating
Agent by giving written notice of termination to the Authenticating Agent, the Depositor and the Master Servicer. Upon receiving
a notice of resignation or upon such a termination, or in case at any time the Authenticating Agent shall cease to be eligible
in accordance with the provisions of this Section 3.18, the Certificate Administrator may appoint a successor Authenticating
Agent, which shall be acceptable to the Depositor, and shall mail notice of such appointment to all Certificateholders. Any successor
Authenticating Agent upon acceptance of its appointment hereunder shall become vested with all the rights, powers, duties and responsibilities
of its predecessor hereunder, with like effect as if originally named as Authenticating Agent herein. No successor Authenticating
Agent shall be appointed unless eligible under the provisions of this Section 3.18.

 

The Authenticating Agent
shall have no responsibility or liability for any action taken by it as such at the direction of the Certificate Administrator.
Any compensation paid to the Authenticating Agent shall be an unreimbursable expense of the Certificate Administrator, as applicable.

 

Section
3.19      Appointment of Custodians. The Certificate Administrator shall be the initial
Custodian hereunder. The Certificate Administrator may appoint one or more additional Custodians to hold all or a portion of
the Mortgage Files on behalf of the Trustee and otherwise perform the duties set forth in Article II, by entering into
a Custodial Agreement with any Custodian who is not the Depositor. The Certificate Administrator agrees to comply with the
terms of each Custodial Agreement and to enforce the terms and provisions thereof against the Custodian for the benefit of
the Certificateholders. The Certificate Administrator shall not be liable for any act or omission of the Custodian under the
Custodial Agreement. Each Custodian shall be a depository institution subject to supervision by federal or state authority,
shall have a combined capital and surplus of at least $10,000,000, shall have a long-term debt rating of at least
“BBB” from Fitch and an equivalent rating by KBRA if rated by KBRA. Each Custodial Agreement may be amended only
as provided in Section 12.08 of this Agreement. Any compensation paid to the Custodian shall be an unreimbursable
expense of the Certificate

 

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Administrator. If the Custodian is an entity other than the Certificate Administrator, the
Custodian shall maintain a fidelity bond in the form and amount that are customary for securitizations similar to the
securitization evidenced by this Agreement. The Custodian shall be deemed to have complied with this provision if one of its
Affiliates has such fidelity bond coverage and, by the terms of such fidelity bond, the coverage afforded thereunder extends
to the Custodian. In addition, the Custodian shall keep in force during the term of this Agreement a policy or policies of
insurance covering loss occasioned by the errors and omissions of its officers and employees in connection with its
obligations hereunder in the form and amount that are customary for securitizations similar to the securitization evidenced
by this Agreement. All fidelity bonds and policies of errors and omissions insurance obtained under this Section 3.19
shall be issued by a Qualified Insurer.

 

Section
3.20      Lock-Box Accounts, Cash Collateral Accounts, Escrow Accounts and Reserve Accounts.
The Master Servicer shall administer each Lock-Box Account, Cash Collateral Account, Escrow Account and Reserve Account in
accordance with the related Mortgage or Loan Agreement, Cash Collateral Account Agreement or Lock-Box Agreement, if any
relating to the Serviced Mortgage Loans and any related Serviced Companion Loans it is servicing.

 

Section 3.21 
    Servicing Advances. (a) The Master Servicer (or, to the extent provided in Section
3.21(c) of this Agreement, the Trustee) to the extent specifically provided for in this Agreement, shall make any
Servicing Advances as and to the extent otherwise required pursuant to the terms hereof with respect to the Serviced Mortgage
Loans and any related Serviced Companion Loans that it is servicing. For purposes of distributions to Certificateholders and
compensation to the Master Servicer, the Special Servicer or the Trustee, Servicing Advances shall not be considered to
increase the Stated Principal Balance of any such Mortgage Loan or Serviced Whole Loan, notwithstanding that the terms of
such Mortgage Loan or Serviced Whole Loans so provide.

 

(b)          Notwithstanding
anything in this Agreement to the contrary, the Special Servicer shall give the Master Servicer not less than five Business Days’
written notice with respect to any Servicing Advance to be made on any Specially Serviced Loan, before the date on which the Master
Servicer is required to make such Servicing Advance with respect to such Specially Serviced Loan or Serviced REO Loan; provided,
that the Special Servicer shall be required to provide the Master Servicer with only two Business Days’ written notice in
respect of Servicing Advances required to be made on an urgent or emergency basis (which may include, without limitation, Servicing
Advances required to make tax or insurance payments). If the Master Servicer or the Trustee makes a Servicing Advance with respect
to any Serviced Whole Loan then it shall provide written notice to the related Other Servicer, Other Special Servicer and Other
Trustee of the amount of such Servicing Advance with respect to such Serviced Whole Loan as part of its monthly report following
the making of such Servicing Advance.

 

(c)          The
Master Servicer shall notify the Trustee and the Certificate Administrator in writing promptly upon, and in any event within one
Business Day after, becoming aware that it will be unable to make any Servicing Advance required to be made pursuant to the terms
hereof, and in connection therewith, shall set forth in such notice the amount of such Servicing Advance, the Person to whom it
is to be paid, and the circumstances and purpose of such Servicing Advance, and shall set forth therein information and instructions

 

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for the payment of such Servicing Advance, and, on the date specified in such notice for the payment of such Servicing Advance,
or, if the date for payment has passed or if no such date is specified, then within five Business Days following such notice, the
Trustee, subject to the provisions of Section 3.21(d) of this Agreement, shall pay the amount of such Servicing Advance
in accordance with such information and instructions.

 

(d)          The
Special Servicer shall promptly furnish any party required to make Servicing Advances hereunder with any information in its possession
regarding the Specially Serviced Loans and REO Properties as such party required to make Servicing Advances may reasonably request
for purposes of making recoverability determinations. Notwithstanding anything to the contrary in this Agreement, the Special Servicer
shall have no obligation to make an affirmative determination that any Advance is, or would be, a Nonrecoverable Advance, and in
the absence of a determination by the Special Servicer that such an Advance is a Nonrecoverable Advance, then all such decisions
shall remain with the Master Servicer or Trustee, as applicable.

 

Notwithstanding anything
herein to the contrary, no Servicing Advance shall be required hereunder if the Person otherwise required to make such Servicing
Advance determines that such Servicing Advance would, if made, constitute a Nonrecoverable Servicing Advance. In addition, neither
the Master Servicer nor the Trustee shall make any Servicing Advance to the extent that it has received written notice that the
Special Servicer has determined that such Servicing Advance would, if made, constitute a Nonrecoverable Servicing Advance. In making
such recoverability determination, such Person will be entitled to (i) give due regard to the existence of any Nonrecoverable Advance
or Workout-Delayed Reimbursement Amount with respect to other Mortgage Loans, the recovery of which, at the time of such consideration,
is being deferred or delayed by the Master Servicer or the Trustee, as applicable, in light of the fact that proceeds on the related
Mortgage Loan (or the related Serviced Whole Loan, as applicable) are a source of recovery not only for the Servicing Advance under
consideration, but also as a potential source of recovery of such Nonrecoverable Advance or Workout-Delayed Reimbursement Amount
which is being or may be deferred or delayed and (ii) consider (among other things) the obligations of the Borrower under the terms
of the related Mortgage Loan (or the related Serviced Whole Loan, as applicable) as it may have been modified, (iii) consider (among
other things) the related Mortgaged Properties in their “as is” or then current conditions and occupancies, as modified
by such party’s assumptions (consistent with the Servicing Standard in the case of the Master Servicer or the Special Servicer)
regarding the possibility and effects of future adverse changes with respect to such Mortgaged Properties, (iv) estimate and consider
(consistent with the Servicing Standard in the case of the Master Servicer or the Special Servicer) (among other things) future
expenses and (v) estimate and consider (among other things) the timing of recoveries.

 

The Master Servicer,
the Special Servicer and the Trustee, as applicable, shall consider Unliquidated Advances in respect of prior Servicing Advances
for purposes of nonrecoverability determinations as if such Unliquidated Advances were unreimbursed Servicing Advances. If an Appraisal
of the related Mortgaged Property shall not have been obtained within the prior 9-month period (and the Master Servicer and the
Trustee shall each request any such appraisal from the Special Servicer prior to ordering an Appraisal pursuant to this sentence)
or if such an Appraisal shall have been obtained but as a result of unforeseen occurrences, such

 

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Appraisal does not, in the good
faith determination of the Master Servicer, the Special Servicer or the Trustee, reflect current market conditions, and the Master
Servicer or the Trustee, as applicable, and the Special Servicer cannot agree on the appropriate downward adjustment to such Appraisal,
the Master Servicer, the Special Servicer or the Trustee, as the case may be, may, subject to its reasonable and good faith determination
that such Appraisal will demonstrate the nonrecoverability of the related Advance, obtain an Appraisal for such purpose at the
expense of the Trust Fund (and, in the case of any Serviced Whole Loan, such expense shall be allocated in accordance with the
allocation provisions of the related Intercreditor Agreement).

 

Any determination by
the Master Servicer, Special Servicer or the Trustee that the Master Servicer or Trustee, as the case may be, has made a Servicing
Advance that is a Nonrecoverable Servicing Advance or any determination by the Master Servicer, the Special Servicer or the Trustee
that any proposed Servicing Advance, if made, would constitute a Nonrecoverable Servicing Advance shall be evidenced in the case
of the Master Servicer or the Special Servicer by a certificate of a Servicing Officer delivered to the other, to the Trustee,
the Directing Holder (but only if no Consultation Termination Event has occurred and is continuing), the Operating Advisor, the
Certificate Administrator, any related Companion Loan holder(s) and the Depositor and, in the case of the Trustee, by a certificate
of a Responsible Officer of the Trustee, delivered to the Depositor, the Directing Holder (but only if no Consultation Termination
Event has occurred and is continuing), the Operating Advisor, the Certificate Administrator, any related Companion Loan holder(s),
the Master Servicer and the Special Servicer, which in each case sets forth such nonrecoverability determination and the considerations
of the Master Servicer, the Special Servicer or the Trustee, as applicable, forming the basis of such determination (such certificate
accompanied by, to the extent available, income and expense statements, rent rolls, occupancy status, property inspections and
other information used by the Master Servicer, the Special Servicer or the Trustee, as applicable, to make such determination,
together with any existing Appraisal or any Updated Appraisal); provided, that with respect to any Specially Serviced Loan,
the Special Servicer may, at its option, make a determination in accordance with the Servicing Standard, that any Servicing Advance
previously made or proposed to be made is nonrecoverable and shall deliver to the Master Servicer, the Certificate Administrator,
the Directing Holder (but only if no Consultation Termination Event has occurred and is continuing), the Operating Advisor, the
Trustee, the related Serviced Companion Loan Noteholder (if any) and the 17g-5 Information Provider (who shall promptly post such
notice to the 17g-5 Information Provider’s Website pursuant to Section 3.14(d) of this Agreement), notice of such
determination. Any such determination may be relied upon by but shall not be binding on the Master Servicer, the Special Servicer
and the Trustee. Notwithstanding the foregoing, the Special Servicer shall have no obligation to make an affirmative determination
that any Advance is, or would be, a Nonrecoverable Advance, and in the absence of a determination by the Special Servicer that
such an Advance is a Nonrecoverable Advance, then all such decisions shall remain with the Master Servicer or the Trustee, as applicable.
If the Special Servicer makes a determination that only a portion, and not all, of any previously made or proposed Servicing Advance
is a Nonrecoverable Servicing Advance, the Master Servicer and the Trustee shall each have the right to make its own subsequent
determination that any remaining portion of any such previously made or proposed Servicing Advance is a Nonrecoverable Servicing
Advance.

 

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Any such Person may update
or change its recoverability determinations at any time (but not reverse any other Person’s determination or prohibit any
such other authorized Person from making a determination, that a Servicing Advance is a Nonrecoverable Advance) and (consistent
with the Servicing Standard in the case of the Master Servicer or the Special Servicer) may obtain, at the expense of the Trust
(and, in the case of a Serviced Whole Loan, such expense shall be allocated in accordance with the allocation provisions of the
related Intercreditor Agreement), any analysis, Appraisals or market value estimates or other information for such purposes. Absent
bad faith, any such determination as to the recoverability of any Servicing Advance shall be conclusive and binding on the Certificateholders
and the Serviced Companion Loan Noteholders.

 

The Trustee, in determining
whether or not a Servicing Advance previously made is, or a proposed Servicing Advance, if made, would be, a Nonrecoverable Servicing
Advance shall use its reasonable judgment.

 

With respect to the payment
of insurance premiums and delinquent tax assessments, in the event that the Master Servicer determines that a Servicing Advance
of such amounts would constitute a Nonrecoverable Advance, the Master Servicer shall deliver notice of such determination to the
Trustee, the Certificate Administrator and the Special Servicer. Upon receipt of such notice, the Master Servicer (with respect
to any Serviced Mortgage Loan and any related Serviced Companion Loan that is a Performing Loan) and the Special Servicer (with
respect to any Specially Serviced Loan or REO Property) shall determine (with the reasonable assistance of the Master Servicer)
whether the payment of such amount (i) is necessary to preserve the related Mortgaged Property and (ii) would be in the best interests
of the Certificateholders and, in the case of any Serviced Companion Loans, the related Serviced Companion Loan Noteholders (as
a collective whole as if such Certificateholders and, if applicable, Serviced Companion Loan Noteholders constituted a single lender
(and with respect to any Serviced Whole Loan with a related Subordinate Companion Loan, taking into account the subordinate nature
of such Subordinate Companion Loan)). If the Master Servicer or the Special Servicer determines that the payment of such amount
(i) is necessary to preserve the related Mortgaged Property and (ii) would be in the best interests of the Certificateholders and,
in the case of any Serviced Companion Loan, the related Serviced Companion Loan Noteholder, the Special Servicer (in the case of
a determination by the Special Servicer) shall direct the Master Servicer in writing to make such payment and the Master Servicer
shall make such payment, to the extent of available funds, from amounts in the Collection Account or, if a Serviced Whole Loan
is involved, from amounts in the applicable Serviced Whole Loan Collection Account.

 

Notwithstanding anything
to the contrary contained in this Section 3.21, the Master Servicer may elect (but shall not be required) to make a payment
out of the Collection Account to pay for certain expenses specified in this sentence notwithstanding that the Master Servicer has
determined that a Servicing Advance with respect to such expenditure would be a Nonrecoverable Servicing Advance (unless, with
respect to Specially Serviced Loans or Serviced REO Loans, the Special Servicer has notified the Master Servicer to not make such
expenditure), where making such expenditure would prevent (i) the related Mortgaged Property from being uninsured or being sold
at a tax sale or (ii) any event that would cause a loss of the priority of the lien of the related Mortgage, or the loss of any
security for the related Mortgage Loan; provided

 

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 that in each instance, the Master Servicer determines in accordance with
the Servicing Standard (as evidenced by a certificate of a Servicing Officer delivered to the Trustee and the Certificate Administrator)
that making such expenditure is in the best interests of the Certificateholders and, in the case of a Serviced Whole Loan, the
related Serviced Companion Loan Noteholders (as a collective whole as if such Certificateholders and, if applicable, Serviced Companion
Loan Noteholders constituted a single lender (and with respect to any Serviced Whole Loan with a related Subordinate Companion
Loan, taking into account the subordinate nature of such Subordinate Companion Loan)). The Master Servicer may elect to obtain
reimbursement of Nonrecoverable Servicing Advances from the Trust Fund in accordance with Section 3.06 of this Agreement.

 

(e)          The
Master Servicer and/or the Trustee, as applicable, shall be entitled to the reimbursement of Servicing Advances made by any of
them to the extent permitted pursuant to Section 3.06 of this Agreement, if applicable, together with any related Advance
Interest Amount in respect of such Servicing Advances, and the Master Servicer, the Special Servicer and the Trustee each hereby
covenants and agrees to promptly seek and effect the reimbursement of such Servicing Advances from the related Borrowers to the
extent permitted by applicable law and the related Loan Documents.

 

The parties acknowledge
that, pursuant to the applicable Other Pooling and Servicing Agreement, the applicable Other Servicer is obligated to make Servicing
Advances with respect to the related Non-Serviced Mortgage Loan. The Other Servicer, the Other Special Servicer (to the extent
it has made an advance), the Other Trustee or fiscal agent or other Persons making advances under the applicable Other Pooling
and Servicing Agreement shall be entitled to reimbursement in accordance with Section 3.06(b) of this Agreement for the
pro rata portion (based on Stated Principal Balance) of the related Mortgage Loan (after amounts allocated to the related
Subordinate Companion Loan, if any) with respect to any Servicing Advance that is nonrecoverable (with, in each case, any pro
rata portion of accrued and unpaid interest thereon provided for under the Other Pooling and Servicing Agreement) in the manner
set forth in the Other Pooling and Servicing Agreement and the related Intercreditor Agreement, as applicable.

 

With respect to any Serviced
Whole Loan, if the Master Servicer, the Special Servicer or Trustee, as applicable, determines that a proposed Servicing Advance
with respect to such Serviced Whole Loan, if made, or any outstanding Servicing Advance with respect to any such Mortgage Loan
previously made, would be, or is, as applicable, a Nonrecoverable Advance, the Master Servicer or Trustee, as applicable, shall
provide the Other Servicer, Other Special Servicer and the Other Trustee under each related Other Pooling and Servicing Agreement
with written notice of such determination, together with supporting evidence for such determination within two (2) Business Days
after such determination or such longer time period permitted by the applicable Intercreditor Agreement.

 

Section
3.22      Appointment and Replacement of Special Servicer. (a) Midland Loan Services, a
Division of PNC Bank, National Association is hereby appointed as the initial Special Servicer to service each Specially
Serviced Loan and related REO Property.

 

(b)          For
so long as no Control Termination Event has occurred and is continuing, the Directing Holder shall be entitled to terminate the
rights (subject to Section 3.05, Section 3.12 and Section 6.03(a) of this Agreement) and obligations of the
Special Servicer

 

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under this Agreement, with or without cause, and appoint a successor Special Servicer pursuant to Section 7.02
of this Agreement, upon ten (10) Business Days’ notice to the Special Servicer, the Master Servicer, the Paying Agent, the
Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the Trustee; provided that, with
respect to any Serviced Whole Loan, the related Directing Holder’s right to terminate the rights and obligations of the Special
Servicer under this Agreement with respect to such Serviced Whole Loan shall be subject to the limitations set forth in the related
Intercreditor Agreement; provided, further that with respect to a Servicing Shift Whole Loan, the limitations on
termination without cause set forth in clause (b) shall not apply to the related Loan-Specific Directing Holder’s
right to terminate the Special Servicer’s rights and obligations under this Agreement without cause with respect to such
Servicing Shift Whole Loan pursuant to the terms of the related Intercreditor Agreement. For the sake of clarity, the recommendation
of replacement of the Special Servicer by the Operating Advisor and the approval of the Certificateholders of a Qualified Replacement
Special Servicer shall not preclude the Directing Holder from appointing a replacement special servicer, provided that such replacement
may not be the removed Special Servicer or its Affiliate.

 

(c)          If
at any time the Operating Advisor determines, in its sole discretion exercised in good faith, that (i) the Special Servicer is
not performing its duties as required hereunder or is otherwise not acting in accordance with the Servicing Standard, and (ii)
the replacement of the Special Servicer would be in the best interest of the Certificateholders as a collective whole, then the
Operating Advisor shall deliver to the Trustee and to the Certificate Administrator, with a copy to the Special Servicer, a written
report setting forth the reasons supporting its recommendation (along with any information the Operating Advisor considered relevant
to its recommendation) and recommending a replacement special servicer; provided, that in no event shall the information
or any other content included in such written recommendation contravene any provision of this Agreement. In such event, the Certificate
Administrator shall promptly post notice to all Certificateholders of such recommendation and the related report on the Certificate
Administrator’s Website, and by mail (or through the DTC system, as applicable), and shall conduct the solicitation of votes
of all Certificates in such regard, which requisite affirmative votes must be received within one hundred eighty (180) days of
the posting of such notice, and if not so received, such votes shall be null and void ab initio. Upon (i) the written direction
of Holders of Principal Balance Certificates, the Class V1 Certificates and the Class V2 Certificates evidencing at least a majority
of a quorum of Certificateholders (which, for this purpose, is the Holders of Certificates that (A) evidence at least 20% of the
Voting Rights (taking into account the application of any Realized Losses and Appraisal Reduction Amounts to notionally reduce
the respective Certificate Balances) of all Principal Balance Certificates on an aggregate basis and (B) consist of at least three
Certificateholders or Certificate Owners that are not Risk Retention Affiliated with each other) and (ii) receipt of a Rating Agency
Confirmation from each Rating Agency with respect to the Certificates and, if such successor Special Servicer shall also specially
service a Serviced Whole Loan, any class of related Serviced Companion Loan Securities, by the Trustee following satisfaction of
the foregoing clause (i), the Trustee (upon receipt of written confirmation from the Certificate Administrator, if the Certificate
Administrator and the Trustee are different entities) shall (x) terminate all of the rights and obligations of the Special Servicer
under this Agreement and appoint such successor Special Servicer; provided such termination is subject to the terminated
Special Servicer’s rights to indemnification, payment of outstanding fees and other

 

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compensation, reimbursement of advances
and other rights set forth in this Agreement which survive termination and (y) promptly notify such outgoing Special Servicer of
the effective date of such termination. The reasonable out-of-pocket costs and expenses associated with administering such vote
shall be an Additional Trust Fund Expense. If the Trustee does not receive the affirmative vote of at least a majority of the quorum
described in clause (i) of the preceding sentence within 180 days of after the notice is posted to the Certificate Administrator’s
Website, then the Trustee shall not remove the Special Servicer. Prior to the appointment of any replacement special servicer,
such replacement special servicer shall have agreed to succeed to the obligations of the Special Servicer under this Agreement
and to act as the Special Servicer’s successor hereunder. In the event the Special Servicer is terminated pursuant to this
Section 3.22(c), the Directing Holder may not subsequently reappoint such terminated Special Servicer or any Risk Retention
Affiliate thereof. No penalty or fee shall be payable to the terminated Special Servicer with respect to any termination pursuant
to this Section 3.22(c).

 

(d)          If
a Control Termination Event has occurred and is continuing and upon (a) the written direction of holders of Principal Balance Certificates,
the Class V1 Certificates and the Class V2 Certificates evidencing not less than 25% of the Voting Rights (taking into account
the application of any Appraisal Reduction Amounts to notionally reduce the Certificate Balances of the Principal Balance Certificates,
the Class V1 Certificates and the Class V2 Certificates pursuant to Section 4.08 of this Agreement) of the Principal Balance
Certificates, the Class V1 Certificates and the Class V2 Certificates requesting a vote to replace the Special Servicer (other
than with respect to a Servicing Shift Whole Loan) with a new special servicer designated in such written direction, (b) payment
by such holders to the Certificate Administrator of the reasonable fees and expenses (including any legal fees and expenses and
any Rating Agency fees and expenses) to be incurred by the Certificate Administrator in connection with administering such vote
and (c) delivery by such holders to the Certificate Administrator and the Trustee of a Rating Agency Confirmation from each Rating
Agency and a comparable confirmation from each NRSRO that has been engaged to rate any securities backed, in whole or in part,
by a Serviced Pari Passu Companion Loan with respect to the Certificates and, if such successor Special Servicer shall also specially
service a Serviced Whole Loan, any related Serviced Companion Loan Securities, the Certificate Administrator shall promptly provide
written notice to all Certificateholders of such request by posting such notice on the Certificate Administrator’s Website,
and by mail (or through the DTC system, as applicable), and conduct the solicitation of votes of all Certificates in such regard.
Subsequently, if a Control Termination Event has occurred and is continuing, upon the written direction of (i) holders of Principal
Balance Certificates, the Class V1 Certificates and the Class V2 Certificates evidencing at least 50% of a Certificateholder Quorum
of Certificates or (ii) holders of Principal Balance Certificates, the Class V1 Certificates and the Class V2 Certificates evidencing
more than 50% of the aggregate Voting Rights of each Class of Non-Reduced Certificates on an aggregate basis, the Trustee shall
(x) terminate all of the rights and obligations of the Special Servicer under this Agreement and appoint the successor Special
Servicer designated by such Certificateholders (other than with respect to a Servicing Shift Whole Loan), provided such
termination is subject to the terminated Special Servicer’s rights to indemnification, payment of outstanding fees and other
compensation, reimbursement of advances and other rights set forth in this Agreement which survive termination and (y) promptly
notify such outgoing Special Servicer of the effective date of such termination; provided that if such written direction
is not provided within 180 days of the notice from the Certificate Administrator of the request for a vote to terminate

 

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and replace
the Special Servicer, then such written direction shall have no force and effect. The reasonable fees and out-of-pocket costs associated
with administering such vote shall be an Additional Trust Fund Expense. The Certificate Administrator shall include on each Distribution
Date Statement a statement that each Certificateholder and Certificate Owner may access notices on the Certificate Administrator’s
Website and each Certificateholder and Certificate Owner may register to receive email notifications when such notices are posted
on the Certificate Administrator’s Website; provided that the Certificate Administrator shall be entitled to reimbursement
from the requesting Certificateholders for the reasonable expenses of posting such notices.

 

(e)          The
Trustee shall, promptly after receiving any removal notice pursuant to Section 3.22(b) of this Agreement or direction to
terminate pursuant to Section 3.22(c) or Section 3.22(d) of this Agreement, so notify the Certificate Administrator,
the related Serviced Companion Loan Noteholder (if any) and the 17g-5 Information Provider (who shall promptly post such notice
to the 17g-5 Information Provider’s Website pursuant to Section 3.14(d) of this Agreement). The termination of the
Special Servicer and appointment of a successor Special Servicer pursuant to this Section 3.22 shall not be effective until
(i) the Trustee receives from each Rating Agency a Rating Agency Confirmation and, if such successor Special Servicer shall also
specially service a Serviced Whole Loan, a Serviced Companion Loan Rating Agency Confirmation, (ii) the successor special servicer
has assumed all of its responsibilities, duties and liabilities hereunder pursuant to a writing reasonably satisfactory to the
Trustee, (iii) receipt by the Trustee of an Opinion of Counsel to the effect that (x) the designation of such replacement to serve
as Special Servicer is in compliance with this Agreement, (y) such replacement will be bound by the terms of this Agreement and
(z) this Agreement will be enforceable against such replacement in accordance with its terms, (iv) the replacement Special Servicer
certifies that such replacement special servicer satisfies all related qualifications set forth in the Intercreditor Agreement
relating to such Serviced Companion Loan and (v) receipt by the Certificate Administrator (with a confirmation of such receipt
delivered to the Trustee) of notice and information required to be delivered by the successor Special Servicer under Section
10.03 of this Agreement. Any successor Special Servicer shall make the representations and warranties provided for in Section
2.04(b) of this Agreement mutatis mutandis. Further, such successor Special Servicer shall be a Person that (i) satisfies
all of the eligibility requirements applicable to the special servicer contained in this Agreement, (ii) is not the Operating Advisor
or former operating advisor, the Asset Representations Reviewer or former asset representations reviewer, or an affiliate of any
of the foregoing, (iii) is not obligated or allowed to pay the Operating Advisor any fees or otherwise compensate the Operating
Advisor (x) in respect of its obligations under this Agreement or (y) for the appointment of the successor Special Servicer or
the recommendation by the Operating Advisor for the replacement Special Servicer to become the Special Servicer, (iv) is not entitled
to receive any compensation from the Operating Advisor other than compensation that is not material and is unrelated to the Operating
Advisor’s recommendation that such party be appointed as the replacement special servicer, (v) is not entitled to receive
any fee from the Operating Advisor for its appointment as successor Special Servicer, in each case, unless expressly approved by
100% of the Certificateholders, (vi) currently has a special servicer rating of at least “CSS3” from Fitch, (vii) is
included on S&P’s Select Servicer List as a U.S. Commercial Mortgage Special Servicer and (viii) is not a special servicer
that has been cited by KBRA as having servicing concerns as the sole or a material factor in any qualification, downgrade or withdrawal
of the ratings (or placement on “watch

 

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status” in contemplation of a ratings downgrade or withdrawal) of securities
in a transaction serviced by the applicable servicer prior to the time of determination. In addition, any replacement Special Servicer
that will service any Serviced Whole Loan shall meet any requirements specified in the related Intercreditor Agreement or, if applicable,
the related Other Pooling and Servicing Agreement.

 

The existing Special
Servicer shall be deemed to have been removed simultaneously with such designated Person’s becoming the Special Servicer
hereunder; provided, that the Special Servicer removed pursuant to this Section shall be entitled to receive, and shall
have received, all amounts accrued or owing to it under this Agreement on or prior to the effective date of such resignation and
it shall continue to be entitled to any rights that accrued prior to the date of such resignation (including the right to receive
all fees, expenses and other amounts accrued or owing to it under this Agreement, plus the right to receive any Workout Fee specified
in Section 3.12(c) of this Agreement if the Special Servicer is terminated and any indemnification rights that the Special
Servicer is entitled to pursuant to Section 6.03(a) of this Agreement) notwithstanding any such removal. Such removed Special
Servicer shall cooperate with the Trustee and the replacement Special Servicer in effecting the termination of the resigning Special
Servicer’s responsibilities and rights hereunder, including without limitation the transfer within two Business Days to the
successor Special Servicer for administration by it of all cash amounts that are thereafter received with respect to the Mortgage
Loans and, if applicable, Whole Loans.

 

(f)          The
appointment of any such successor Special Servicer shall not relieve the Master Servicer or the Trustee of their respective obligations
to make Advances as set forth herein; provided, that neither the Trustee nor the Master Servicer shall be liable for any
actions or any inaction of such successor Special Servicer. Any termination fee payable to the terminated Special Servicer (and
it is acknowledged that there is no such fee payable in the event of a termination for breach of this Agreement) shall be paid
by the Certificateholders or the Directing Holder, as applicable, so terminating the Special Servicer and shall not in any event
be an expense of the Trust Fund or any Serviced Companion Loan Noteholder (unless such Serviced Companion Loan Noteholder is the
Directing Holder).

 

(g)          If
a replacement special servicer is appointed with respect to a Serviced Whole Loan or any related Serviced REO Property in accordance
with this Section 3.22 such that there are multiple parties acting as Special Servicer hereunder, then, unless the context
clearly requires otherwise: (i) when used in the context of imposing duties and obligations on the Special Servicer hereunder or
the performance of such duties and obligations, the term “Special Servicer” shall mean the applicable Serviced Whole
Loan Special Servicer, insofar as such duties and obligations relate to the subject Serviced Whole Loan or any related Serviced
REO Property, and shall mean the General Special Servicer (as defined below in clause (h)), in all other cases (provided,
that in Section 3.14 and Article VII of this Agreement, the term “Special Servicer” shall mean each of
the Serviced Whole Loan Special Servicers and the General Special Servicer); (ii) when used in the context of identifying the recipient
of any information, funds, documents, instruments and/or other items, the term “Special Servicer” shall mean the applicable
Serviced Whole Loan Special Servicer, insofar as such information, funds, documents, instruments and/or other items relate to the
subject Serviced Whole Loan or any related Serviced REO Property, and shall mean the General Special Servicer, in all other cases;
(iii) when used in

 

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the context of granting the Special Servicer the right to purchase Defaulted Loans pursuant to Section 3.16
of this Agreement, the term “Special Servicer” shall mean the General Special Servicer only; (iv) when used
in the context of granting the Special Servicer the right to purchase all of the Mortgage Loans and all other property held by
the Trust Fund pursuant to Section 9.01 of this Agreement, the term “Special Servicer” shall mean the General
Special Servicer only; (v) when used in the context of the Special Servicer being replaced pursuant to this Section 3.22
by the applicable Directing Holder, the term “Special Servicer” shall mean the General Special Servicer or the
Serviced Whole Loan Special Servicer, if applicable; (vi) when used in the context of granting the Special Servicer any protections,
limitations on liability, immunities and/or indemnities hereunder, the term “Special Servicer” shall mean each of the
Serviced Whole Loan Special Servicers and the General Special Servicer; and (vii) when used in the context of requiring indemnification
from, imposing liability on, or exercising any remedies against, the Special Servicer for any breach of a representation, warranty
or covenant hereunder or for any negligence, bad faith or willful misconduct in the performance of duties and obligations hereunder
or any negligent disregard of such duties and obligations or otherwise holding the Special Servicer responsible for any of the
foregoing, the term “Special Servicer” shall mean the applicable Serviced Whole Loan Special Servicer or the General
Special Servicer, as applicable.

 

(h)          References
in this Section 3.22 to “General Special Servicer” mean the Person performing the duties and obligations of
special servicer with respect to the Mortgage Pool (exclusive of any Whole Loan or related REO Property as to which a different
Serviced Whole Loan Special Servicer has been appointed with respect thereto).

 

(i)          No
penalty or fee shall be payable to the terminated Special Servicer with respect to any termination pursuant to this Section
3.22. All costs and expenses of any such termination made without cause shall be paid by the Controlling Class Certificateholders.

 

(j)          Notwithstanding
anything to the contrary contained in this Section 3.22, with respect to any Conflicted Special Servicer Mortgage Loan,
if any, the Special Servicer shall resign with respect to such Conflicted Special Servicer Mortgage Loan.

 

In the event the Special
Servicer is required to resign as Special Servicer with respect to any Conflicted Special Servicer Mortgage Loan because it obtains
knowledge that it is a Borrower Party prior to the occurrence and continuance of a Consultation Termination Event, then (i) if
the Conflicted Special Servicer Mortgage Loan is not also a Conflicted Loan, then the Controlling Class Representative shall appoint
(and replace with or without cause) the Non-Conflicted Special Servicer, as successor to the resigning Special Servicer, in accordance
with this Agreement for the Conflicted Special Servicer Mortgage Loan, (ii) if the Conflicted Special Servicer Mortgage Loan is
also a Conflicted Loan, then the largest Controlling Class Certificateholder (by Certificate Balance) that is not a Conflicted
Controlling Class Holder shall appoint (and replace with or without cause) the Non-Conflicted Special Servicer for the Conflicted
Special Servicer Mortgage Loan, and (iii) if there is no Controlling Class Certificateholder that is not a Conflicted Controlling
Class Holder, then the resigning Special Servicer shall use reasonable efforts to appoint the Non-Conflicted Special Servicer for
the Conflicted Special Servicer Mortgage Loan.

 

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In the event the Special
Servicer is required to resign as Special Servicer with respect to any Conflicted Special Servicer Mortgage Loan because it obtains
knowledge that it is a Borrower Party and either (i) a Consultation Termination Event has occurred and is continuing or (ii) there
is no Controlling Class Certificateholder that is not a Conflicted Controlling Class Holder, then the resigning Special Servicer
shall use reasonable efforts to appoint the Non-Conflicted Special Servicer for the Conflicted Special Servicer Mortgage Loan.
The Special Servicer shall not have any liability with respect to the actions or inactions of the applicable Non-Conflicted Special
Servicer or with respect to the identity of the applicable Non-Conflicted Special Servicer.

 

If at any time the Special
Servicer that had acted as the Special Servicer for a Conflicted Special Servicer Mortgage Loan prior to it becoming a Conflicted
Special Servicer Mortgage Loan is no longer a Borrower Party (including, without limitation, as a result of the related Mortgaged
Property becoming REO Property) with respect to a Conflicted Special Servicer Mortgage Loan, (1) the related Non-Conflicted Special
Servicer shall resign, (2) the related Mortgage Loan shall no longer be a Conflicted Special Servicer Mortgage Loan, (3) such Special
Servicer shall become the Special Servicer again for such related Mortgage Loan and (4) such original Special Servicer shall be
entitled to all special servicing compensation with respect to such Mortgage Loan earned during such time on and after such Mortgage
Loan is no longer a Conflicted Special Servicer Mortgage Loan.

 

The Non-Conflicted Special
Servicer shall perform all of the obligations of the Special Servicer for the related Conflicted Special Servicer Mortgage Loan
and will be entitled to all special servicing compensation with respect to such Conflicted Special Servicer Mortgage Loan earned
during such time as the related Mortgage Loan is a Conflicted Special Servicer Mortgage Loan (provided that the Special Servicer
shall remain entitled to all other special servicing compensation with respect all Mortgage Loans and Serviced Whole Loans that
are not Conflicted Special Servicer Mortgage Loans during such time).

 

If a Servicing Officer
or Special Servicing Officer, as applicable, of the Master Servicer, a related Non-Conflicted Special Servicer, or the Special
Servicer, as applicable, has actual knowledge that a Mortgage Loan is no longer a Conflicted Loan, a Conflicted Controlling Class
Mortgage Loan or a Conflicted Special Servicer Mortgage Loan, as applicable, the Master Servicer, the related Non-Conflicted Special
Servicer or Special Servicer, as applicable, shall provide prompt written notice thereof to each of the other parties to this Agreement.

 

(k)       No
removal or replacement of the Special Servicer as contemplated by this Agreement shall become effective until (i) a successor Special
Servicer shall have assumed the resigning or terminated Special Servicer’s responsibilities, duties, liabilities and obligations
hereunder, (ii) the Certificate Administrator shall have filed any required Form 8-K pursuant to Section 10.09, (iii) any
other information required under Section 10.03 or Section 10.09 has been delivered to any applicable Other Depositor
with respect to any related Companion Loan, and (iv) as to any resignation, removal, succession, merger or consolidation of the
Special Servicer that would constitute a Reportable Event, upon at least 4 Business Days prior notice of the anticipated effective
date of such event, the Certificate Administrator and the Depositor shall cooperate in a timely manner with the Special Servicer
or any other Person pursuing such resignation, removal, succession, merger or consolidation, as applicable, in connection with
the

 

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Depositor’s or the Certificate Administrator’s obligation to file any related required Form 8-K relating to this
Trust on the anticipated effective date of such event.

 

Section
3.23   Transfer of Servicing Between the Master Servicer and the Special Servicer; Record Keeping; Asset
Status Report. (a) Upon the occurrence of any event specified in the definition of Specially Serviced Loan with respect
to any Serviced Mortgage Loan and any related Serviced Companion Loan of which the Master Servicer may have notice, the
Master Servicer shall promptly give notice thereof to the Special Servicer, the Certificate Administrator, the Trustee, the
Operating Advisor, the related Mortgage Loan Seller, if no Consultation Termination Event has occurred and is continuing, the
Directing Holder and, if applicable, the related Serviced Companion Loan Noteholders and shall use efforts in accordance with
the Servicing Standard to provide the Special Servicer with the Servicing File and all other information, documents (but
excluding the original documents constituting the Mortgage File) and records (including records stored electronically)
relating to such Mortgage Loan or Serviced Whole Loan, as applicable, and reasonably requested by the Special Servicer to
enable it to assume its duties hereunder with respect thereto without acting through a sub-servicer. The Master Servicer
shall use efforts in accordance with the Servicing Standard to comply with the preceding sentence within five Business Days
of the date it has notice of the occurrence of any event specified in the definition of Specially Serviced Loan and in any
event shall continue to act as Master Servicer and administrator of such Mortgage Loan or Serviced Whole Loan, until the
Special Servicer has commenced the servicing of such Mortgage Loan or Serviced Whole Loan, which shall occur upon the receipt
by the Special Servicer of the information, documents and records referred to in the preceding sentence. With respect to each
Mortgage Loan or Serviced Whole Loan that becomes a Specially Serviced Loan, the Master Servicer shall instruct the
related Borrower to continue to remit all payments in respect of such Mortgage Loan or Serviced Whole Loan to the Master
Servicer. The Master Servicer shall forward any notices it would otherwise send to the Borrower of a Specially Serviced Loan
to the Special Servicer, who shall send such notice to the related Borrower.

 

Upon determining that
a Specially Serviced Loan has become a Corrected Mortgage Loan, the Special Servicer shall immediately give notice thereof to the
Master Servicer, and upon giving such notice, such Mortgage Loan or Serviced Whole Loan shall cease to be a Specially Serviced
Loan in accordance with the first proviso of the definition of Specially Serviced Loan, the Special Servicer’s obligation
to service such Mortgage Loan or Serviced Whole Loan shall terminate and the obligations of the Master Servicer to service and
administer such Mortgage Loan or Serviced Whole Loan as a Mortgage Loan or Serviced Whole Loan that is a Performing Loan shall
resume.

 

(b)       In
servicing any Specially Serviced Loan, the Special Servicer shall provide to the Custodian originals of documents included within
the definition of “Mortgage File” for inclusion in the related Mortgage File (to the extent such documents are in the
possession of the Special Servicer) and copies of any additional related Mortgage Loan information, including correspondence with
the related Borrower, and the Special Servicer shall promptly provide copies of all of the foregoing to the Master Servicer as
well as copies of any analysis or internal review prepared by or for the benefit of the Special Servicer.

 

(c)       Not
later than two Business Days preceding each date on which the Master Servicer is required to furnish a report under Section
3.13(a) of this Agreement to the Certificate

 

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Administrator, the Special Servicer shall deliver to the Certificate Administrator,
with a copy to the Trustee, the Operating Advisor and the Master Servicer, a written statement describing, on a loan by loan basis,
(i) the amount of all payments on account of interest received on each Specially Serviced Loan, the amount of all payments on account
of principal, including Principal Prepayments, on each Specially Serviced Loan, the amount of Net Insurance Proceeds and Net Liquidation
Proceeds received with respect to each Specially Serviced Loan, and with respect to REO Properties, the amount of net income or
net loss, as determined from management of a trade or business on, the furnishing or rendering of a non-customary service to the
tenants of, or the receipt of any rental income that does not constitute Rents from Real Property with respect to the Serviced
REO Property relating to each applicable Specially Serviced Loan, in each case in accordance with Section 3.15 of this Agreement
(it being understood and agreed that to the extent this information is provided in accordance with Section 3.13(g) of this
Agreement, this Section 3.23(c) shall be deemed to be satisfied) and (ii) such additional information relating to the Specially
Serviced Loans as the Master Servicer, the Certificate Administrator or the Trustee reasonably request, to enable it to perform
its duties under this Agreement. Such statement and information shall be furnished to the Master Servicer in writing and/or in
such electronic media as is acceptable to the Master Servicer.

 

(d)       Notwithstanding
the provisions of the preceding Section 3.23(c), the Master Servicer shall maintain ongoing payment records with respect
to each of the Specially Serviced Loans relating to a Mortgage Loan that it is servicing and shall provide the Special Servicer
and the Operating Advisor with any information reasonably required by the Special Servicer or the Operating Advisor to perform
its duties under this Agreement. The Special Servicer shall provide the Master Servicer with any information reasonably required
by the Master Servicer to perform its duties under this Agreement.

 

(e)       No
later than 45 days after a Serviced Mortgage Loan and, if applicable, any related Serviced Companion Loan becomes a Specially Serviced
Loan (the “Initial Delivery Date”), the Special Servicer shall deliver a report (the “Asset Status
Report”) with respect to such Mortgage Loan or Serviced Whole Loan and the related Mortgaged Property. Subsequent to
the issuance of a Final Asset Status Report, the Special Servicer shall prepare one or more additional Asset Status Reports with
respect to such Specially Serviced Loan (each such report a “Subsequent Asset Status Report”) to the extent
that during the course of the resolution of such Specially Serviced Loan material changes in the strategy reflected in the initial
Final Asset Status Report (or subsequent Final Asset Status Reports) are necessary to reflect the then current circumstances and
recommendation as to how the Specially Serviced Loan might be returned to performing status or otherwise liquidated in accordance
with the Servicing Standard. The Special Servicer shall deliver each Asset Status Report to the Master Servicer, the Directing
Holder (but (i) only if no Consultation Termination Event has occurred and is continuing and (ii) not with respect to any applicable
Conflicted Loan), the Risk Retention Consultation Party (but not with respect to any applicable Conflicted Loan), with respect
to any related Serviced Companion Loan, to the extent the related Serviced Companion Loan has been included in a securitization
transaction, to the master servicer of such securitization into which the related Serviced Companion Loan has been sold or to the
holder of the related Serviced Companion Loan, the Operating Advisor (but, other than with respect to a Conflicted Loan applicable
to the Directing Holder, only if an Operating Advisor Consultation Event has occurred and is continuing), the Controlling Class
Representative (so long as such Mortgage Loan is not a

 

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Conflicted Loan), the 17g-5 Information Provider (who shall promptly post
such report to the 17g-5 Information Provider’s Website pursuant to Section 3.14(d) of this Agreement), each related
Serviced Companion Loan Noteholder, and upon request, the Underwriters and the Initial Purchasers; provided, the Special
Servicer shall not be required to deliver an Asset Status Report to the Directing Holder if the Special Servicer and the Directing
Holder are the same entity. A summary of each Asset Status Report shall be provided to the Certificate Administrator and the Trustee.
Such Asset Status Report shall set forth the following information to the extent reasonably determinable:

 

(i)         summary
of the status of such Specially Serviced Loan and any negotiations with the related Borrower;

 

(ii)        a
discussion of the legal and environmental considerations reasonably known to the Special Servicer, consistent with the Servicing
Standard, that are applicable to the exercise of remedies as aforesaid and to the enforcement of any related guaranties or other
collateral for the related Mortgage Loan or Serviced Whole Loan and whether outside legal counsel has been retained;

 

(iii)       the
most current rent roll and income or operating statement available for the related Mortgaged Property;

 

(iv)       (A)
the Special Servicer’s recommendations on how such Specially Serviced Loan might be returned to performing status (including
the modification of a monetary term, and any workout, restructure or debt forgiveness) and returned to the Master Servicer for
regular servicing or foreclosed or otherwise realized upon (including any proposed sale of a Defaulted Loan or Serviced REO Property),
(B) a description of any such proposed or taken actions, and (C) the alternative courses of action that were or are being considered
by the Special Servicer in connection with the proposed or taken actions;

 

(v)        the
status of any foreclosure actions or other proceedings undertaken with respect to the Specially Serviced Loan, any proposed workouts
and the status of any negotiations with respect to such workouts, and an assessment of the likelihood of additional defaults under
the related Mortgage Loan or Serviced Whole Loan;

 

(vi)       a
description of any amendment, modification or waiver of a material term of any ground lease (or, with respect to a leasehold interest
that is a space lease or an air rights lease, any such space lease or air rights lease) or franchise agreement;

 

(vii)      the
decision that the Special Servicer made, or intends or proposes to make, including a narrative analysis setting forth the Special
Servicer’s rationale for its proposed decision, including its rejection of the alternatives;

 

(viii)     an
analysis of whether or not taking such proposed action is reasonably likely to produce a greater recovery on a present value basis
than not taking such action, setting forth (x) the basis on which the Special Servicer made such determination and (y) the net
present value calculation (including the applicable Calculation Rate used) and all related assumptions;

 

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(ix)        the
appraised value of the related Mortgaged Property (and a copy of the last obtained Appraisal of such Mortgaged Property) together
with a description of any adjustments to the valuation of such Mortgaged Property made by the Special Servicer together with an
explanation of those adjustments; and

 

(x)         such
other information as the Special Servicer deems relevant in light of the Servicing Standard.

 

As provided in Section
3.12(d), if a Servicing Shift Whole Loan becomes a Specially Serviced Loan prior to the applicable Servicing Shift Securitization
Date, the Special Servicer shall service and administer such Servicing Shift Whole Loan and related REO Property in the same manner
as any other Specially Serviced Loan or Serviced REO Property, shall be entitled to all Special Servicing Compensation earned with
respect to such Serviced Whole Loan and shall have all the rights and obligations with respect to such Serviced Whole Loan as Special
Servicer of such Serviced Whole Loan.

 

With respect to any Mortgage
Loan other than an applicable Conflicted Loan, for so long as no Control Termination Event has occurred and is continuing, if within
10 Business Days of receiving an Asset Status Report, the Directing Holder does not disapprove such Asset Status Report in writing,
the Directing Holder will be deemed to have approved such Asset Status Report and the Special Servicer shall implement the recommended
action as outlined in such Asset Status Report; provided, that such Special Servicer may not take any action that is contrary
to applicable law, this Agreement, the Servicing Standard (taking into consideration the best interests of all the Certificateholders
and, with respect to any Serviced Whole Loan, the related Serviced Companion Loan Noteholders (as a collective whole as if such
Certificateholders and, if applicable, Serviced Companion Loan Noteholders constituted a single lender) (and with respect to any
Serviced Whole Loan with a related Subordinate Companion Loan, taking into account the subordinate nature of such Subordinate Companion
Loan)), the terms of the applicable Loan Documents or any related Intercreditor Agreement. For so long as no Control Termination
Event has occurred and is continuing, if the Directing Holder disapproves such Asset Status Report within such 10 Business Day
period, the Special Servicer will revise such Asset Status Report and deliver to the Directing Holder, the Master Servicer, the
17g-5 Information Provider (who shall promptly post such report to the 17g-5 Information Provider’s Website pursuant to Section
3.14(d) of this Agreement) and each related Serviced Companion Loan Noteholder, a new Asset Status Report as soon as practicable,
but in no event later than 30 days after such disapproval. The Special Servicer shall revise such Asset Status Report as described
above in this Section 3.23(e) until the Directing Holder fails to disapprove such revised Asset Status Report in writing
within 10 Business Days of receiving such revised Asset Status Report or until the Special Servicer makes a determination consistent
with the Servicing Standard, that such objection is not in the best interests of all the Certificateholders and, with respect to
any Serviced Whole Loan, the related Serviced Companion Loan Noteholders (as a collective whole as if such Certificateholders and,
if applicable, Serviced Companion Loan Noteholders constituted a single lender and with respect to any Serviced Whole Loan with
a related Subordinate Companion Loan, taking into account the subordinate nature of such Subordinate Companion Loan)). In any event,
for so long as no Control Termination Event has occurred and is continuing, if the Directing Holder does not approve an Asset Status
Report within 60 Business Days from the first submission of an Asset Status Report,

 

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the Special Servicer shall follow the Directing
Holder’s direction, if such direction is consistent with the Servicing Standard; provided, however, that if
the Directing Holder’s direction would cause the Special Servicer to violate the Servicing Standard, the Special Servicer
may act upon the most recently submitted form of Asset Status Report if consistent with the Servicing Standard. The procedures
described in this paragraph are collectively referred to as the “Directing Holder Asset Status Report Review Process”.
Prior to an Operating Advisor Consultation Event, the Special Servicer shall promptly deliver each Final Asset Status Report to
the Operating Advisor following the completion of the Directing Holder Asset Status Report Review Process.

 

The Special Servicer
may, from time to time, modify any Asset Status Report it has previously delivered and implement such report, provided such
report shall have been prepared, reviewed and not rejected pursuant to the terms of this Section, and in particular, shall modify
and resubmit such Asset Status Report to the Directing Holder (with a copy to the Trustee and the Certificate Administrator) if
(i) the estimated sales proceeds, foreclosure proceeds, workout or restructure terms or anticipated debt forgiveness varies materially
from the amount on which the original report was based or (ii) the related Borrower becomes the subject of bankruptcy proceedings.
Notwithstanding the foregoing, the Special Servicer (i) may, following the occurrence of an extraordinary event with respect to
the related Mortgaged Property, take any action set forth in such Asset Status Report before the expiration of a 10 Business Day
period if the Special Servicer has reasonably determined that failure to take such action would materially and adversely affect
the interests of the Certificateholders and, with respect to any Serviced Whole Loan, the related Serviced Companion Loan Noteholders
(as a collective whole as if such Certificateholders and, if applicable, Serviced Companion Loan Noteholders constituted a single
lender (and with respect to any Serviced Whole Loan with a related Subordinate Companion Loan, taking into account the subordinate
nature of such Subordinate Companion Loan)), and it has made a reasonable effort to contact the Directing Holder and, if any Serviced
Whole Loan is involved, the related Serviced Companion Loan Noteholders and (ii) in any case, shall determine whether such affirmative
disapproval is not in the best interests of all the Certificateholders and, with respect to any Serviced Whole Loan, the related
Serviced Companion Loan Noteholders (as a collective whole as if such Certificateholders and, if applicable, Serviced Companion
Loan Noteholders constituted a single lender (and with respect to any Serviced Whole Loan with a related Subordinate Companion
Loan, taking into account the subordinate nature of such Subordinate Companion Loan)) pursuant to the Servicing Standard, and,
upon making such determination, shall implement the recommended action outlined in the Asset Status Report. The Asset Status Report
is not intended to replace or satisfy any specific consent or approval right which the Directing Holder may have. Any Asset Status
Report delivered with respect to a Conflicted Controlling Class Mortgage Loan shall be sent via email (or such other electronic
means mutually acceptable to the parties) in one or more separate files labeled by the Special Servicer “Conflicted Information”
followed by the applicable loan number and loan name to cmbsexcludedinformation@wellsfargo.com.

 

The Special Servicer
shall have the authority to meet with the Borrower for any Specially Serviced Loan and take such actions consistent with the Servicing
Standard and the related Asset Status Report. The Special Servicer shall not take any action inconsistent with the

 

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related Asset
Status Report, unless such action would be required in order to act in accordance with the Servicing Standard, this Agreement,
applicable law or the related Loan Documents.

 

During the continuance
of an Operating Advisor Consultation Event, the Special Servicer shall promptly deliver each Asset Status Report prepared in connection
with a Specially Serviced Loan to the Operating Advisor (and, with respect to any Mortgage Loan that is not a Conflicted Loan applicable
to the Directing Holder and only for so long as no Consultation Termination Event has occurred and is continuing, the Directing
Holder). During the continuance of an Operating Advisor Consultation Event, the Operating Advisor shall provide comments to the
Special Servicer in respect of each Asset Status Report, if any, within ten (10) Business Days following the later of (i) receipt
of such Asset Status Report or (ii) receipt of such additional information reasonably requested by the Operating Advisor and in
the possession of the Special Servicer related thereto, and propose possible alternative courses of action to the extent it determines
such alternatives to be in the best interest of the Certificateholders (including any Certificateholders that are holders of the
Control Eligible Certificates), as a collective whole. The Special Servicer shall consider such alternative courses of action,
if any, and any other feedback provided by the Operating Advisor (and, with respect to any Mortgage Loan that is not a Conflicted
Loan applicable to the Directing Holder and only for so long as no Consultation Termination Event has occurred and is continuing,
the Directing Holder) in connection with the Special Servicer’s preparation of any Asset Status Report that is provided while
an Operating Advisor Consultation Event is continuing. The Special Servicer may revise the Asset Status Report as it deems necessary
to take into account any input and/or comments from the Operating Advisor (and, with respect to any Mortgage Loan that is not a
Conflicted Loan applicable to the Directing Holder and only for so long as no Consultation Termination Event has occurred and is
continuing, the Directing Holder), to the extent the Special Servicer determines that the Operating Advisor’s and/or Directing
Holder’s input and/or recommendations are consistent with the Servicing Standard and in the best interest of the Certificateholders
as a collective whole (or, with respect to a Serviced Whole Loan, the best interest of the Certificateholders and the holders of
the related Companion Loan, as a collective whole (taking into account the subordinate or pari passu nature of such Companion
Loan)). Promptly upon determining whether or not to revise any Asset Status Report to take into account any input and/or comments
from the Operating Advisor or the Directing Holder, the Special Servicer shall revise the Asset Status Report, if applicable, and
deliver to the Operating Advisor and the Directing Holder either the revised Asset Status Report (until a Final Asset Status Report
is issued). The procedures described in this paragraph are collectively referred to as the “ASR Consultation Process”.

 

After the occurrence
and during the continuance of a Control Termination Event, the Directing Holder (and at any time with respect to any applicable
Conflicted Loan) shall have no right to consent to any Asset Status Report under this Section 3.23. After the occurrence
and during the continuance of a Control Termination Event but prior to the occurrence of a Consultation Termination Event, the
Directing Holder (except with respect to any applicable Conflicted Loan), and after the occurrence and during the continuance of
an Operating Advisor Consultation Event (or with respect to a Conflicted Loan applicable to the Directing Holder), the Operating
Advisor, shall consult with the Special Servicer (in person or remotely via electronic, telephonic or other mutually agreeable
communication) and may propose alternative courses of action and provide such other feedback as the Operating Advisor determines
in respect of any Asset Status Report. During the continuance of a Consultation Termination Event (and at any

 

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time with respect
to any applicable Conflicted Loan), the Directing Holder (other than in its capacity as a Certificateholder) shall have no right
to receive any Asset Status Report or otherwise consult with the Special Servicer with respect to Asset Status Reports and the
Special Servicer shall only be obligated to consult with the Operating Advisor with respect to any Asset Status Report as described
above. The Special Servicer may choose to revise the Asset Status Report as it deems reasonably necessary in accordance with the
Servicing Standard to take into account any input and/or recommendations of the Operating Advisor or the Directing Holder during
the applicable periods described above, but is under no obligation to follow any particular recommendation of the Operating Advisor
or the Directing Holder. The Special Servicer shall implement the Final Asset Status Report.

 

In addition, with respect
to a Serviced Whole Loan, such Asset Status Reports are subject to any non-binding consultation rights, if any, that the holders
of the related Pari Passu Companion Loans have pursuant to the related Intercreditor Agreement.

 

If neither the Operating
Advisor nor the Directing Holder proposes alternative courses of action within 10 days after receipt of such Asset Status Report,
the Special Servicer shall implement the Asset Status Report as proposed by the Special Servicer.

 

No direction, advice,
consent, approval or disapproval of the Directing Holder, the Operating Advisor or the Risk Retention Consultation Party shall
(a) require, permit or cause the Special Servicer to violate the terms of a Specially Serviced Loan, any related Intercreditor
Agreement, applicable law or any provision of this Agreement, including, but not limited to, Section 3.09, Section 3.16,
Section 3.18 and Section 3.25 and the Special Servicer’s obligation to act in accordance with the Servicing
Standard and to maintain the REMIC status of the Lower-Tier REMIC and the Upper-Tier REMIC and the grantor trust status of the
Grantor Trust, or (b) result in the imposition of a “prohibited transaction” or “contribution” tax under
the REMIC Provisions, or (c) expose the Master Servicer, the Special Servicer, the Depositor, the Trust Fund, the Certificate Administrator,
the Paying Agent, the Operating Advisor, the Trustee or their respective officers, directors, employees or agents to any claim,
suit or liability or (d) materially expand the scope of the Special Servicer’s, Certificate Administrator’s, Trustee’s
or the Master Servicer’s responsibilities under this Agreement. The Special Servicer shall not be required to follow any
direction of the Directing Holder described in this paragraph.

 

(f)       Unless
a Control Termination Event has occurred and is continuing, the Special Servicer shall deliver to the Operating Advisor only each
Final Asset Status Report.

 

Section
3.24    Special Instructions for the Master Servicer and/or Special Servicer. (a) Prior to taking
any action with respect to a Mortgage Loan or a Serviced Whole Loan secured by Mortgaged Properties located in a
“one-action” state, the Master Servicer or Special Servicer, as applicable, shall consult with legal counsel, the
fees and expenses of which shall be an expense of the Trust Fund (and, in the case of any Serviced Whole Loan, such expense
shall be allocated in accordance with the allocation provisions of the related Intercreditor Agreement).

 

(b)       The
Master Servicer shall send written notice to each Borrower (other than with respect to a Non-Serviced Mortgage Loan) and the related
Manager and clearing bank

 

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relating to a Serviced Mortgage Loan that it is servicing that, if applicable, it and/or the Trustee
has been appointed as the “Designee” of the “Lender” under any related Lock-Box Agreement.

 

(c)       Without
limiting the obligations of the Master Servicer hereunder with respect to the enforcement of a Borrower’s obligations under
the related Loan Documents, the Master Servicer agrees that it shall, in accordance with the Servicing Standard, enforce the provisions
of the Loan Documents relating to the Serviced Mortgage Loan that it is servicing with respect to the collection of Prepayment
Premiums and Yield Maintenance Charges.

 

(d)       If
a Rating Agency shall charge a fee in connection with providing a Rating Agency Confirmation, the Master Servicer shall require
the related Borrower (other than with respect to a Non-Serviced Mortgage Loan) to pay such fee to the extent not inconsistent with
the applicable Loan Documents. If such fee remains unpaid, such fee shall be an expense of the Trust Fund (allocated as an Additional
Trust Fund Expense in the same manner as Realized Losses as set forth in Section 4.01(e) of this Agreement) and, (1) in
the case of a Serviced Pari Passu Whole Loan with a Serviced Pari Passu Companion Loan (but not a Subordinate Companion Loan),
allocated in accordance with the allocation provisions of the related Intercreditor Agreement, the costs of which may be advanced
as a Servicing Advance.

 

(e)       The
Master Servicer shall, in accordance with the Servicing Standard, use commercially reasonable efforts to exercise on behalf of
the Trust any right of the Trust to recover any amounts owed by the Serviced Companion Loan Noteholders to the Trust Fund pursuant
to the related Intercreditor Agreement (but in the case of any Serviced Subordinate Companion Loan, subject to Section 1.02).
The cost of such enforcement on behalf of the Trust shall be paid and reimbursable as a Servicing Advance.

 

(f)       With
respect to a Serviced Mortgage Loan and any related Serviced Companion Loan with a Stated Principal Balance equal to or greater
than the lesser of 5% of the Stated Principal Balance of all Mortgage Loans held by the Trust Fund and $35,000,000, or with respect
to any Mortgage Loan that is one of the ten largest Mortgage Loans based on Stated Principal Balance, to the extent not inconsistent
with the related Mortgage Loan or Serviced Whole Loan, the Master Servicer shall not consent to a change of franchise affiliation
with respect to a Mortgaged Property (other than a Mortgaged Property securing a Non-Serviced Mortgage Loan) serviced hereunder
or the property manager with respect to a Mortgaged Property (other than a Mortgaged Property securing a Non-Serviced Mortgage
Loan) serviced hereunder unless the Master Servicer obtains a Rating Agency Confirmation relating to the Certificates and Serviced
Companion Loan Securities, if any.

 

Section
3.25    Certain Rights and Obligations of the Master Servicer and/or the Special Servicer. (a)
Notwithstanding any other provision of this Agreement, neither the Master Servicer nor the Special Servicer shall be required
to take or refrain from taking any action pursuant to instructions from the Directing Holder or a Non-Controlling Note
Holder, or due to any failure to approve an action by the Directing Holder, or due to any objection by the Directing Holder
or a Non-Controlling Note Holder that would (i) cause any one of them to violate applicable law, the terms of any Loan
Documents, any Intercreditor Agreement, this Agreement, including the Servicing Standard, or the REMIC Provisions of the
Code, (ii) expose the Master Servicer, the Special Servicer, the Depositor, the Paying Agent, a Mortgage Loan Seller, the
Trust Fund, the Operating Advisor, the Asset Representations Reviewer, the Trustee, the

 

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Certificate Administrator (in any of
its capacities), or the Custodian or their respective Affiliates, officers, directors, employees or agents to any claim, suit
or liability, (iii) materially expand the scope of the Master Servicer’s or the Special Servicer’s
responsibilities, or (iv) cause the Master Servicer or the Special Servicer to act, or fail to act, in a manner that is not
in the best interests of the Certificateholders.

 

(b)       The
Master Servicer and the Special Servicer, as applicable, shall discuss with the Directing Holder (for so long as no Consultation
Termination Event has occurred and other than with respect to any applicable Conflicted Loan) and the Operating Advisor, on a monthly
basis, the performance of any Mortgage Loan or Serviced Whole Loan that is a Specially Serviced Loan, which is delinquent, has
been placed on a “Watch List” or has been identified by the Master Servicer or the Special Servicer as exhibiting deteriorating
performance.

 

Section
3.26    Modification, Waiver, Amendment and Consents. (a) Subject to Sections 3.25, Section
3.26(f) and 3.27, and, if applicable, each Intercreditor Agreement, (i) with respect to any Performing Loan and
actions that do not involve Special Servicer Major Decisions, the Master Servicer, or (ii) with respect to (A) any Specially
Serviced Loan and (B) Special Servicer Major Decisions irrespective of whether the related Mortgage Loan is a Performing
Loan, the Special Servicer, in each case subject to (x) the rights of the Directing Holder and (y) with respect to a Serviced
Whole Loan with a Subordinate Companion Loan, the rights of the holder of the related Subordinate Companion Loans, and, after
consultation with the Operating Advisor (if an Operating Advisor Consultation Event has occurred and is continuing and to the
extent the Operating Advisor has consultation rights pursuant to Section 3.23(e), Section 3.31 and Section
6.07 of this Agreement) and the Risk Retention Consultation Party (to the extent the Risk Retention Consultation Party
has consultation rights pursuant to Section 6.07 of this Agreement), may modify, waive, amend, consent or take such
other action with respect to any term of any Serviced Mortgage Loan and any related Serviced Companion Loan if such
modification, waiver, amendment, consent or other action (A) is consistent with the Servicing Standard and (B) would
not constitute a “significant modification” of such Mortgage Loan or Serviced Whole Loan pursuant to Treasury
Regulations Section 1.860G-2(b) and would not otherwise cause an Adverse REMIC Event. Each of the Master Servicer and the
Special Servicer may conclusively rely on an Opinion of Counsel in meeting this requirement. In order to meet the foregoing
requirements, in the case of a release of real property collateral securing a Mortgage Loan, the Master Servicer or Special
Servicer, as applicable, shall observe the REMIC requirements of the Code with respect to a required payment of principal if
the loan-to-value ratio immediately after the release exceeds 125% with respect to the related real property collateral. In
connection with (i) the release of a Mortgaged Property or any portion of a Mortgaged Property from the lien of the related
Mortgage or (ii) the taking of a Mortgaged Property or any portion of a Mortgaged Property by exercise of the power of
eminent domain or condemnation, if the Loan Documents require the Master Servicer or the Special Servicer, as applicable, to
calculate (or to approve the calculation of the related Borrower of) the loan-to-value ratio of the remaining Mortgaged
Property or Mortgaged Properties or the fair market value of the real property constituting the remaining Mortgaged Property
or Mortgaged Properties, for purposes of REMIC qualification of the related Mortgage Loan or Serviced Whole Loan, then such
calculation shall exclude the value of any personal property and going concern value, if any. If, following any such release
or taking, the loan-to-value ratio as so calculated is greater than 125%, the Master Servicer or Special Servicer, as
applicable, shall

 

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require payment of principal by a “qualified amount” as determined under Revenue Procedure
2010-30 or successor provisions, unless the related Borrower provides an Opinion of Counsel that if such amount is not paid
the related Mortgage Loan will not fail to be a Qualified Mortgage.

 

Notwithstanding the foregoing,
the Master Servicer and the Special Servicer may mutually agree that the Master Servicer will process any of the foregoing matters
that are Special Servicer Major Decisions with respect to any Performing Loan. If the Master Servicer and the Special Servicer
mutually agree that the Master Servicer will process any Special Servicer Major Decision with respect to a Performing Loan, the
Master Servicer shall obtain the consent (or deemed consent) of the Special Servicer as provided in Section 3.26(m).

 

(b)       Neither
the Master Servicer nor the Special Servicer may extend the Maturity Date of any Mortgage Loan, Serviced Whole Loan or Specially
Serviced Loan beyond the date that is the date occurring later than the earlier of (1) five years prior to the Rated Final Distribution
Date and (2) in the case of a Mortgage Loan, Serviced Whole Loan or Specially Serviced Loan secured solely or primarily by the
related Borrower’s interest in a ground lease (or, with respect to a leasehold interest where the related Borrower is the
lessee and that is a space lease or an air rights lease, such space lease or air rights lease), the date that is 20 years prior
to the expiration date of such ground lease (or, with respect to a leasehold interest where the related Borrower is the lessee
and that is a space lease or an air rights lease, such space lease or air rights lease) (or 10 years prior to the expiration date
of such lease if the Master Servicer or the Special Servicer, as applicable gives due consideration to the remaining term of such
ground lease (or, with respect to a leasehold interest where the Borrower is the lessee and that is a space lease or an air rights
lease, such space lease or air rights lease) and such extension is in the best interest of the Certificateholders and, with respect
to a Serviced Whole Loan, the related Serviced Companion Loan Noteholder (as a collective whole as if such Certificateholders and
(with respect to a Serviced Whole Loan) Serviced Companion Loan Noteholder constituted a single lender (and with respect to any
Serviced Whole Loan with a related Subordinate Companion Loan, taking into account the subordinate nature of such Subordinate Companion
Loan)) and, (A) if no Control Termination Event has occurred and is continuing, with the consent of the Directing Holder and (B)
to the extent such extension constitutes a Major Decision, after consultation with the Risk Retention Consultation Party pursuant
to Section 6.07).

 

(c)       Neither
the Master Servicer nor the Special Servicer shall permit any Borrower to add or substitute any collateral for an outstanding Serviced
Mortgage Loan and any related Serviced Companion Loan, which collateral constitutes real property, unless the Master Servicer or
the Special Servicer, as applicable, shall have obtained a Rating Agency Confirmation relating to the Certificates and Serviced
Companion Loan Securities, if any.

 

(d)       Any
payment of interest, which is deferred pursuant to any modification, waiver or amendment permitted hereunder, shall not, for purposes
hereof, including, without limitation, calculating monthly distributions to Certificateholders or, if applicable, Serviced Companion
Loan Noteholders, be added to the unpaid principal balance of the related Mortgage Loan or Serviced Whole Loan, notwithstanding
that the terms of such Mortgage Loan or Serviced Whole Loan or such modification, waiver or amendment so permit.

 

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(e)       Except
for waivers of Penalty Charges and waivers of notice periods, all material modifications, waivers and amendments of the Serviced
Mortgage Loans and any related Serviced Companion Loans in accordance with this Section 3.26 or Section 3.27 of this
Agreement (with respect to Serviced Whole Loans) shall be in writing.

 

(f)       The
Master Servicer or the Special Servicer, as applicable, shall notify the Trustee, the Certificate Administrator, the Risk Retention
Consultation Party, the Directing Holder (other than if a Consultation Termination Event has occurred and is continuing), the Operating
Advisor (only if an Operating Advisor Consultation Event has occurred and is continuing), the Depositor, the related Serviced Companion
Loan Noteholder (if any) and the 17g-5 Information Provider (who shall promptly post such notice to the 17g-5 Information Provider’s
Website pursuant to Section 3.14(d) of this Agreement), in writing, of any modification, waiver, material consent or amendment
of any term of any Serviced Mortgage Loan and any related Serviced Companion Loan and the date thereof, and shall deliver to the
Custodian for deposit in the related Mortgage File, an original counterpart of the agreement relating to such modification, waiver,
material consent or amendment, promptly (and in any event within 10 Business Days) following the execution thereof.

 

(g)       The
Master Servicer or the Special Servicer may (subject to the Servicing Standard), as a condition to granting any request by a Borrower
for consent, modification, waiver or indulgence or any other matter or thing, the granting of which is within its discretion pursuant
to the terms of the instruments evidencing or securing the related Mortgage Loan or Serviced Whole Loan and is permitted by the
terms of this Agreement and applicable law, require that such Borrower pay to it (i) as additional servicing compensation, a reasonable
and customary fee for the additional services performed in connection with such request (provided that the charging of such
fee would not constitute a “significant modification” of the related Mortgage Loan or Serviced Whole Loan within the
meaning of Treasury Regulations Section 1.860G-2(b)), and (ii) any related costs and expenses incurred by it. In no event shall
the Master Servicer or the Special Servicer be entitled to payment for such fees or expenses unless such payment is collected from
the related Borrower.

 

(h)       Notwithstanding
the foregoing, the Master Servicer shall not permit the substitution of any Mortgaged Property pursuant to the defeasance provisions
of any Mortgage Loan or Serviced Whole Loan (or any portion thereof), if any, unless such defeasance complies with Treasury Regulations
Section 1.860G-2(a)(8) and satisfies the conditions set forth in Section 3.09(f) of this Agreement.

 

(i)       Notwithstanding
anything herein or in the related Loan Documents to the contrary, the Master Servicer may permit the substitution of direct, non-callable
“government securities” within the meaning of Section 2(a)(16) of the Investment Company Act of 1940, or any other
securities that comply with Treasury Regulations Section 1.860G-2(a)(8)(ii) (including U.S. government agency securities if such
securities are eligible defeasance collateral under then current guidelines of the Rating Agencies) for any Mortgaged Property
pursuant to the defeasance provisions of any Serviced Mortgage Loan and any related Serviced Companion Loan (or any portion thereof)
in lieu of the defeasance collateral specified in the related Loan Documents; provided that, the Master Servicer reasonably
determines that allowing their use would not cause a default or event of default under the related Loan Documents to become reasonably
foreseeable and the Master Servicer receives an Opinion of Counsel (at the expense

 

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of the Borrower to the extent permitted under
the Loan Documents) to the effect that such use would not be and would not constitute a “significant modification”
of such Mortgage Loan or Serviced Whole Loan pursuant to Treasury Regulations Section 1.860G-2(b) and would not otherwise cause
an Adverse REMIC Event and provided, that the requirements set forth in Section 3.09(f) of this Agreement are satisfied.

 

Notwithstanding the foregoing,
with respect to (i) all of the Mortgage Loans originated or acquired by GACC that are subject to defeasance, and (ii) all of the
Mortgage Loans originated or acquired by CREFI that are subject to defeasance, each of GACC and CREFI, as applicable, has transferred
to a third party or has retained on behalf of itself or an Affiliate the right to establish or designate the successor borrower
and/or to purchase or cause to be purchased the related defeasance collateral (any such right or obligation, the “Retained
Defeasance Rights and Obligations”). In the event the Master Servicer receives notice of a defeasance request with respect
to a Mortgage Loan for which GACC or CREFI, as applicable, is the related Mortgage Loan Seller, which such Mortgage Loan provides
for Retained Defeasance Rights and Obligations in the related Mortgage Loan documents, the Master Servicer shall provide, within
five (5) Business Days of receipt of such notice, written notice of such defeasance request to GACC or CREFI, as applicable, in
the case of any such Mortgage Loan for which GACC or CREFI, as applicable, is the related Mortgage Loan Seller. Until such time
as GACC or CREFI, as applicable, provides the Master Servicer with written notice to the contrary, the notice of a defeasance of
a Mortgage Loan with Retained Defeasance Rights and Obligations as to which (i) GACC is the related Mortgage Loan Seller shall
be delivered to German American Capital Corporation, 60 Wall Street, New York, New York 10005, Attention: Lainie Kaye with copies
via email to cmbs.requests@db.com, and (ii) CREFI is the related Mortgage Loan Seller shall be delivered to Citi Real Estate
Funding Inc., 390 Greenwich Street, 5th Floor, New York, New York 10013, Attention: Paul Vanderslice, Facsimile: (212) 723-8599,
with a copy to Citi Real Estate Funding Inc., 390 Greenwich Street, 7th Floor, New York, New York 10013, Attention: Richard Simpson,
Facsimile: (646) 328-2943, and with copies by electronic mail to richard.simpson@citi.com and ryan.m.oconnor@citi.com
and. With respect to any Mortgage Loan originated or acquired by GACC or CREFI, as applicable, that is subject to defeasance, if
the successor borrower is not designated or formed by GACC or CREFI, as the case may be, or any Affiliate or successor thereto,
the successor borrower shall be reasonably acceptable to the Master Servicer in accordance with the Servicing Standard.

 

(j)       If
required under the related Loan Documents or if otherwise consistent with the Servicing Standard, the Master Servicer shall establish
and maintain one or more accounts, which may be sub-accounts of the Collection Account (the “Defeasance Accounts”),
into which all payments received by the Master Servicer from any defeasance collateral substituted for any Mortgaged Property shall
be deposited and retained, and shall administer such Defeasance Accounts in accordance with the Loan Documents. Each Defeasance
Account shall at all times be an Eligible Account. Notwithstanding the foregoing, in no event shall the Master Servicer permit
such amounts to be maintained in the Defeasance Account for a period in excess of 12 months, unless such amounts are reinvested
by the Master Servicer in “government securities” within the meaning of Section 2(a)(16) of the Investment Company
Act of 1940, or any other securities that comply with Treasury Regulations Section 1.860G-2(a)(8)(ii). To the extent not required
or permitted to be placed in a separate account, the Master Servicer shall deposit all payments received by it from defeasance
collateral substituted for any Mortgaged

 

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Property into the Collection Account or, if a Serviced Whole Loan is involved, the Serviced
Whole Loan Collection Account and treat any such payments as payments made on the Mortgage Loan or Serviced Whole Loan, as applicable,
in advance of its Due Date in accordance with clause (a) of the definition of Principal Distribution Amount, and not as a prepayment
of the related Mortgage Loan or Serviced Whole Loan. Notwithstanding anything herein to the contrary, in no event shall the Master
Servicer permit such amounts to be maintained in the Collection Account or, if a Serviced Whole Loan is involved, the Serviced
Whole Loan Collection Account for a period in excess of 365 days.

 

(k)       Any
right to take any action, grant or withhold any consent or otherwise exercise any right, election or remedy afforded the Directing
Holder under this Agreement may, unless otherwise expressly provided herein to the contrary, be affirmatively waived by the Directing
Holder by written notice given to the Trustee, the Certificate Administrator, the Master Servicer or the Special Servicer, as applicable.
Upon delivery of any such notice of waiver given by the Directing Holder, any time period (exclusive or otherwise) afforded the
Directing Holder to exercise any such right, make any such election or grant or withhold any such consent shall thereupon be deemed
to have expired with the same force and effect as if the specific time period set forth in this Agreement applicable thereto had
itself expired. If the Master Servicer or Special Servicer determines that a refusal to consent by the Directing Holder or any
advice from the Directing Holder would cause the Master Servicer or Special Servicer, as applicable, to violate applicable law,
the terms of the applicable Loan Documents, any related Intercreditor Agreements, the REMIC Provisions or the terms of this Agreement,
including without limitation, the Servicing Standard, the Master Servicer or Special Servicer shall disregard such refusal to consent
or advice and notify the Directing Holder, the Trustee, the Certificate Administrator, the related Serviced Companion Loan Noteholder
(if any) and the 17g-5 Information Provider (who shall promptly post such notice to the 17g-5 Information Provider’s Website
pursuant to Section 3.14(d) of this Agreement) of its determination, including a reasonably detailed explanation of the
basis therefor.

 

(l)       Any
modification, waiver or amendment of, or consents or approvals relating to, a Mortgage Loan or Serviced Whole Loan that is a Specially
Serviced Loan or Serviced REO Loan (i) shall be performed by the Special Servicer and not the Master Servicer, (ii) to the extent
provided in this Agreement and/or the applicable Intercreditor Agreement, shall be subject to the consent of the related Directing
Holder and (iii) shall be structured so as to be consistent with the allocation and payment priorities in the related Loan Documents
and Intercreditor Agreement, if any, such that neither the Trust as holder of the Mortgage Loan nor a holder of any related Serviced
Companion Loan gains a priority over the other such holder that is not reflected in the related Loan Documents and Intercreditor
Agreement.

 

(m)       In
addition, with respect to a Performing Loan (other than a Non-Serviced Mortgage Loan), the Master Servicer, prior to taking action
with respect to any Special Servicer Major Decision (or making a determination not to take action with respect to a Special Servicer
Major Decision), shall refer the request to the Special Servicer, which shall process the request directly or, if mutually agreed
to by the Special Servicer and the Master Servicer, the Master Servicer shall (subject to the consent of the Special Servicer)
process such request. If the Master Servicer processes such request and is recommending approval of such request, the Master Servicer
shall prepare and submit its written recommendation and analysis to the Special

 

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Servicer with all information in the Master Servicer’s
possession that the Special Servicer may reasonably request in order to withhold or grant its consent, and in all cases the Special
Servicer shall be entitled (subject to the consultation rights of the Operating Advisor and Risk Retention Consultation Party or
the consent or consultation rights of the Directing Holder pursuant to Section 6.07) to approve or disapprove any modification,
waiver or amendment that constitutes a Special Servicer Major Decision. When the Special Servicer’s consent is required hereunder,
such consent shall be deemed given 15 Business Days, or such longer time period pursuant to the terms of the related Intercreditor
Agreement but not less than five (5) Business Days after the time period set forth therein for Directing Holder approval, (or in
connection with an Acceptable Insurance Default, 90 days) after receipt (unless earlier objected to) by the Special Servicer from
the Master Servicer of the Master Servicer’s written analysis and recommendation with respect to such proposed Special Servicer
Major Decision together with such other information reasonably requested by the Special Servicer and reasonably available to the
Master Servicer. Prior to the occurrence and continuance of a Control Termination Event, neither the Master Servicer (with respect
to any Major Decision processed by the Master Servicer) nor the Special Servicer (with respect to any Major Decision processed
by the Special Servicer) will be permitted to take any action constituting a Major Decision, as to which the Directing Holder has
objected in writing within 10 Business Days (or, in connection with an Acceptable Insurance Default, 30 days) after receipt by
the Directing Holder of the Master Servicer’s and/or Special Servicer’s, as applicable, written analysis and recommendation
together with such other information reasonably requested by the Directing Holder; provided that if such written objection
has not been received by the Master Servicer or Special Servicer, as applicable, within such 10-Business Day (or 30-day) period,
the Directing Holder will be deemed to have approved such action.

 

(n)       The
Master Servicer shall provide the Special Servicer with any notice that it receives relating to a default by the borrower under
a ground lease where the collateral for the Mortgage Loan includes the ground lease, and the Special Servicer will determine in
accordance with the Servicing Standard whether to cure any borrower defaults relating to ground leases.

 

(o)       With
respect to any Borrower request or other action on a non-Specially Serviced Loan that is not a Major Decision, the Master Servicer
shall not be required to obtain the consent of or consult with the Special Servicer or the Directing Holder.

 

Section
3.27     Certain Intercreditor Matters Relating to the Whole Loans. (a) With respect to
Serviced Whole Loans, except for those duties to be performed by, and notices to be furnished by, the Trustee under this
Agreement, the Master Servicer or the Special Servicer, as applicable, shall perform such duties and furnish such notices,
reports and information on behalf of the Trust Fund as may be the obligation of the Trust, or the obligation of the master
servicer or the special servicer, as applicable, following securitization, under the related Intercreditor Agreement.

 

(b)       The
Master Servicer shall maintain a register (the “Serviced Companion Loan Noteholder Register”) on which the Master
Servicer shall record the names and addresses of the Serviced Companion Loan Noteholders and wire transfer instructions for such
Serviced Companion Loan Noteholders from time to time, to the extent such information is provided in writing to the Master Servicer
by a Serviced Companion Loan Noteholder. Each Serviced

 

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Companion Loan Noteholder has agreed to inform the Master Servicer of its
name, address, taxpayer identification number and wiring instructions (to the extent the foregoing information is not already contained
in the related Intercreditor Agreement) and of any transfer thereof (together with any instruments of transfer). The name and address
of each initial Serviced Companion Loan Noteholder as of the Closing Date is set forth on Schedule VII hereto. The Master
Servicer shall be entitled to conclusively rely upon the information delivered by any Serviced Companion Loan Noteholder until
it receives notice of transfer or of any change in information.

 

In no event shall the
Master Servicer be obligated to pay any party the amounts payable to a Serviced Companion Loan Noteholder hereunder other than
the Person listed as the applicable Serviced Companion Loan Noteholder on the Serviced Companion Loan Noteholder Register. In the
event that a Serviced Companion Loan Noteholder transfers the related Serviced Companion Loan without notice to the Master Servicer,
the Master Servicer shall have no liability whatsoever for any misdirected payment on such Serviced Companion Loan and shall have
no obligation to recover and redirect such payment.

 

The Master Servicer shall
promptly provide the names and addresses of any Serviced Companion Loan Noteholder to any party hereto, any related Companion Loan
Noteholder or any successor thereto upon written request, and any such party or successor may, without further investigation, conclusively
rely upon such information. The Master Servicer shall have no liability to any Person for the provision of any such names and addresses.

 

(c)       The
Directing Holder shall not owe any fiduciary duty to the Trustee, any Master Servicer, any Special Servicer, any Certificateholder
(including the Controlling Class Representative, if applicable) or any noteholder of a Serviced Whole Loan. The Directing Holder
will not have any liability to the Certificateholders (including the Controlling Class Representative, if applicable) or any other
noteholder of a Serviced Whole Loan, as applicable, for any action taken, or for refraining from the taking of any action or the
giving of any consent, pursuant to this Agreement, or for errors in judgment.

 

(d)       With
respect to any Serviced Whole Loan, the Directing Holder shall be entitled to exercise the consent rights, cure rights and purchase
rights, as applicable, to the extent set forth in the applicable Intercreditor Agreement, in accordance with the terms of the related
Intercreditor Agreement and this Agreement.

 

(e)       The
Special Servicer (if any Serviced Companion Loan is a Specially Serviced Loan or has become a Serviced REO Loan) or the Master
Servicer (otherwise), as applicable, shall take all actions relating to the servicing and/or administration of, and (subject to
Section 3.13 and Section 3.17 of this Agreement and the following paragraph) the preparation and delivery of reports
and other information with respect to, the Serviced Whole Loan related to any Serviced Companion Loan or any related Serviced REO
Property required to be performed by the holder of the related Mortgage Loan or contemplated to be performed by a servicer, in
any case pursuant to and as required by each related Intercreditor Agreement and/or any related mezzanine intercreditor agreement
existing on the Closing Date and any related Intercreditor Agreement or mezzanine intercreditor agreement not existing on the Closing
Date that is provided to the Master Servicer or Special Servicer, as applicable. In addition notwithstanding

 

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anything herein to
the contrary, the following considerations shall apply with respect to the servicing of a Serviced Companion Loan:

 

(i)        none
of the Master Servicer, the Special Servicer or the Trustee shall make any P&I Advance with respect to the Serviced Companion
Loan; and

 

(ii)       the
Master Servicer and the Special Servicer shall each consult with and obtain the consent of the related Serviced Companion Loan
Noteholder(s) to the extent required by the related Intercreditor Agreement.

 

The Master Servicer or
Special Servicer, as applicable, shall timely provide to each related Serviced Companion Loan Noteholder any reports or notices
required to be delivered to such Serviced Companion Loan Noteholder pursuant to the related Intercreditor Agreement, and the Special
Servicer shall reasonably cooperate with the Master Servicer and the Master Servicer shall reasonably cooperate with the Special
Servicer in preparing/delivering any such report or notice with respect to special servicing matters.

 

If any Serviced Companion
Loan or any portion thereof or any particular payments thereon are included in a REMIC or a “grantor trust” (within
the meaning of the Grantor Trust Provisions), then neither the Master Servicer nor the Special Servicer shall knowingly take any
action that would result in the equivalent of an Adverse REMIC Event with respect to such REMIC or adversely affect the tax status
of such grantor trust as a grantor trust.

 

The parties hereto acknowledge
that a Serviced Companion Loan Noteholder shall not (1) owe any fiduciary duty to the Trustee, the Certificate Administrator, the
Master Servicer, the Special Servicer or any Certificateholder or (2) have any liability to the Trustee or the Certificateholders
for any action taken, or for refraining from the taking of any action pursuant to the related Intercreditor Agreement or the giving
of any consent or for errors in judgment. Each Certificateholder, by its acceptance of a Certificate, shall be deemed to have confirmed
its understanding that a Serviced Companion Loan Noteholder (i) may take or refrain from taking actions that favor its interests
or the interests of its affiliates over the Certificateholders, (ii) may have special relationships and interests that conflict
with the interests of the Certificateholders and shall be deemed to have agreed to take no action against a Serviced Companion
Loan Noteholder or any of its officers, directors, employees, principals or agents as a result of such special relationships or
conflicts and (iii) shall not be liable by reason of its having acted or refrained from acting solely in its interest or in the
interest of its affiliates.

 

The parties hereto recognize
and acknowledge the respective rights of each Serviced Companion Loan Noteholder under the related Intercreditor Agreement. Each
of the rights of a Serviced Companion Loan Noteholder under or contemplated by this Section 3.27(e) may be exercisable by
a designee thereof on its behalf; provided that the Master Servicer, the Special Servicer, the Certificate Administrator
and the Trustee are provided with written notice by the related Serviced Companion Loan Noteholder of such designation (upon which
such party may conclusively rely) and the contact details of the designee.

 

Notwithstanding anything
herein or in the Intercreditor Agreement to the contrary, no direction or objection by the Serviced Companion Loan Noteholder may
require or cause the Master Servicer or the Special Servicer, as applicable, to violate any provision of any

 

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Mortgage Loan, applicable
law, this Agreement, any Intercreditor Agreement or the REMIC Provisions, including without limitation the Master Servicer’s
or Special Servicer’s obligation to act in accordance with the Servicing Standard, or expose the Master Servicer, the Special
Servicer, the Depositor, a Mortgage Loan Seller, the Operating Advisor, the Asset Representations Reviewer, the Paying Agent, the
Trust Fund, the Certificate Administrator (in any of its capacities) or the Trustee to liability, or materially expand the scope
of the Master Servicer’s or Special Servicer’s responsibilities hereunder.

 

Any reference to servicing
any of the Mortgage Loans in accordance with any of the related Loan Documents (including the related Mortgage Note and Mortgage)
shall also mean, in the case of a Serviced Whole Loan, in accordance with the related Intercreditor Agreement.

 

To the extent not otherwise
expressly included herein, any provisions required to be included herein pursuant to any Intercreditor Agreement for a Serviced
Whole Loan or a Non-Serviced Whole Loan are deemed incorporated herein by reference, and the parties hereto shall comply with those
provisions as if set forth herein in full.

 

For purposes of exercising
any rights that the Directing Holder of the Mortgage Note for any Mortgage Loan in a Serviced Whole Loan may have under the related
Intercreditor Agreement, the Directing Holder shall be the designee of the Trust, as such noteholder, and the Trustee shall, upon
request, take such actions as may be necessary under the related Intercreditor Agreement to effect such designation. The Certificate
Administrator shall provide notice of the identity of the Controlling Class Representative (to the extent the Certificate Administrator
has received notice of a change in the identity of the Controlling Class Representative), upon request, to the other parties to
the related Intercreditor Agreement, to the extent the identity and contact information of such parties to such Intercreditor Agreement
are actually known to the Certificate Administrator.

 

(f)       With
respect to a Non-Serviced Mortgage Loan, the Master Servicer shall deliver information comparable to the above described information
in Section 3.13(c) and Section 3.13(d) hereof to the same Persons as described above in Section 3.13(c) and
Section 3.13(d) and according to the same time frames as described above in Section 3.13(c) and Section 3.13(d),
to the extent such Master Servicer has timely received such information from the Other Servicer under the Other Pooling and Servicing
Agreement.

 

Promptly following the
Closing Date or, as applicable, upon the receipt of notice by the Certificate Administrator of a Servicing Shift Securitization
Date, the Certificate Administrator shall send written notice (which notice may be by email) substantially in the form of Exhibit
EE hereto, accompanied by a copy of an executed version of this Agreement, with respect to each Non-Serviced Mortgage Loan
to each applicable Other Depositor, Other Servicer, Other Special Servicer, Other Trustee, Other Operating Advisor and Other Asset
Representations Reviewer stating that, as of the Closing Date, the Trustee is the holder of the applicable Non-Serviced Mortgage
Loan and directing each such recipient to remit to the Master Servicer no later than one (1) Business Day after each Determination
Date all amounts payable to, and to forward, deliver or otherwise make available, as the case may be, to the Master Servicer no
later than one (1) Business Day after each Determination Date all reports, statements, documents, communications and other information
that are to be forwarded, delivered or otherwise made

 

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available to, the holder of the applicable Non-Serviced Mortgage Loan under
the related Intercreditor Agreement and Other Pooling and Servicing Agreement. Such notice shall also provide contact information
for the Certificate Administrator, the Trustee, the Master Servicer, the Special Servicer, the Directing Holder, the 17g-5 Information
Provider and the Rating Agencies.

 

With respect to a Non-Serviced
Mortgage Loan, if the applicable Other Servicer, Other Special Servicer or Other Trustee shall be replaced in accordance with the
terms of the related Other Pooling and Servicing Agreement, promptly upon notice thereof, the applicable party to this Agreement
that receives such notice shall, upon request, acknowledge such successor as the successor to the Other Servicer, Other Special
Servicer or Other Trustee, as the case may be.

 

With respect to a Non-Serviced
Mortgage Loan, upon its receipt of written notice of the replacement of the Master Servicer, the Special Servicer or the Trustee,
the Certificate Administrator shall give prompt written notice thereof to each related Other Servicer, Other Special Servicer,
Other Trustee and Other Operating Advisor, together with relevant contact information of the successor Master Servicer, Special
Servicer or Trustee, as applicable.

 

With respect to each
Serviced Whole Loan, the Master Servicer or the Special Servicer, as applicable, shall provide each Companion Loan Noteholder and,
if applicable, related Non-Directing Holder (or its designee or representative), within the same time frame and to the same extent
it is required to provide such information and materials to the Certificateholders or the Directing Holder, as applicable (but
without regard to whether or not the Directing Holder actually has lost any rights to receive such information as a result of a
Consultation Termination Event), hereunder with (1) copies of each financial statement received by the Master Servicer pursuant
to the terms of the related Loan Documents, (2) copies of any notice of default sent to the Borrower and (3) subject to the terms
of the Loan Documents, copies of any other documents or information relating to the Serviced Whole Loan (including, without limitation,
property inspection reports, loan servicing statements, Borrower requests and asset status reports) that the Master Servicer delivers
to the related Directing Holder and copies of any other notice, information or report that it is required to provide to the Directing
Holder pursuant to this Agreement with respect to any Major Decision or with respect to any “major decisions” or “major
actions” as set forth in the related Intercreditor Agreement or the implementation of any recommended actions outlined in
an Asset Status Report relating to such Serviced Whole Loan. Any copies to be furnished by the Master Servicer or the Special Servicer
may be furnished by hard copy or electronic means.

 

(g)       With
respect to each Whole Loan, if any Serviced Companion Loan becomes the subject of an “asset review” (or such analogous
term defined in the related Other Pooling and Servicing Agreement) pursuant to the related Other Pooling and Servicing Agreement,
the Master Servicer, the Special Servicer, the Trustee and the Custodian shall reasonably cooperate with the Other Asset Representations
Reviewer or any other party to the Other Pooling and Servicing Agreement in connection with such asset review by providing the
Other Asset Representations Reviewer or such other requesting party with any documents reasonably requested by the Other Asset
Representations Reviewer or such other requesting party (not at its own expense or the expense of the Trust but at the expense
of the related mortgage loan seller, such Other Asset Representations Reviewer or such other requesting party

 

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to the Other Pooling
and Servicing Agreement), but only to the extent that (i) Other Asset Representations Reviewer or such other requesting party has
not been able to obtain such documents from the related mortgage loan seller or any party to the related Other Pooling and Servicing
Agreement, and (ii) such documents are in the possession of the Master Servicer, the Special Servicer, the Trustee or the Custodian,
as the case may be. For the avoidance of doubt, none of the Master Servicer, the Special Servicer, the Trustee or the Custodian
(i) shall have any further obligations with respect to any such asset review nor shall any such party be bound by the results of
any such asset review, or (ii) shall be obligated to provide such documents if providing such documents, in its reasonable determination,
would be a violation of this Agreement or any related Intercreditor Agreement.

 

(h)       To
the extent that the Other Pooling and Servicing Agreement or Intercreditor Agreement relating to any Non-Serviced Whole Loan permits
the holder of the related Non-Serviced Mortgage Loan to terminate the related Other Servicer or Other Special Servicer or appoint
a sub-servicer or replacement therefor, the Trustee may, and at the written direction of the Holders of at least 25% of the aggregate
Voting Rights of all Certificates (or the Depositor with respect to any such right arising from such Other Servicer’s or
Other Special Servicer’s failure to comply with Exchange Act reporting obligations) upon five (5) Business Days’ notice,
shall, exercise the right to terminate the related Other Servicer or Other Special Servicer or appoint a sub-servicer or replacement
therefor, as applicable.

 

(i)       To
the extent of any conflict between this Agreement and any Intercreditor Agreement, the terms of the Intercreditor Agreement shall
control.

 

Section
3.28     Directing Holder Contact with the Master Servicer and the Special Servicer. Each of
the Master Servicer and the Special Servicer shall, not more frequently than once per month, without charge, make a
knowledgeable Servicing Officer via telephone available during normal business hours to verbally answer questions from the
Directing Holder (for so long as no Consultation Termination Event has occurred and is continuing) and the Operating Advisor
regarding the performance and servicing of the Mortgage Loans and/or REO Properties for which the Master Servicer or the
Special Servicer, as the case may be, is responsible.

 

Section
3.29     Controlling Class Certificateholders, the Controlling Class Representative and the Risk
Retention Consultation Party; Certain Rights and Powers of the Directing Holder and the Risk Retention Consultation
Party. (a) Each Certificateholder and Certificate Owner of a Control Eligible Certificate is hereby deemed to have agreed
by virtue of its purchase of such Certificate (or beneficial ownership interest in such Certificate) to provide its name and
address to the Certificate Registrar and to notify the Certificate Registrar of the transfer of any Control Eligible
Certificate (or the beneficial ownership of any Control Eligible Certificate), the selection of a Controlling Class
Representative or the resignation or removal thereof. Any such Certificateholder (or Certificate Owner) or its designee at
any time appointed Controlling Class Representative is hereby deemed to have agreed by virtue of its purchase of a Control
Eligible Certificate (or the beneficial ownership interest in a Control Eligible Certificate) to notify the
Certificate Registrar when such Certificateholder (or Certificate Owner) or designee is appointed Controlling Class
Representative and when it is removed or resigns. Upon receipt of such notice, the Certificate Registrar shall notify the
Special Servicer, the Master Servicer, the Certificate Administrator, the Depositor, the Operating Advisor, the Asset
Representations

 

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Reviewer, the Trustee, each Serviced Companion Loan Noteholder of the identity of the Controlling Class
Representative, any resignation or removal thereof and/or any new Holder or Certificate Owner of a Control Eligible
Certificate.

 

On the Closing Date,
the initial Controlling Class Representative shall execute a certification substantially in the form of Exhibit L-1G to
this Agreement. Upon the resignation or removal of the existing Controlling Class Representative, any successor Controlling Class
Representative shall also execute and deliver a certification substantially in the form of Exhibit L-1G to this Agreement
to the parties to this Agreement prior to being recognized as the new Controlling Class Representative.

 

Upon the resignation
or removal of any existing Risk Retention Consultation Party, any successor Risk Retention Consultation Party shall execute and
deliver a certification substantially in the form of Exhibit L-1H to this Agreement prior to being recognized as the new
Risk Retention Consultation Party. The parties hereto shall be entitled to assume that the Risk Retention Consultation Party hasn’t
changed absent such notice.

 

In addition, upon the
request of the Master Servicer, the Special Servicer, the Certificate Administrator, the Trustee, the Operating Advisor or, for
so long as no Consultation Termination Event has occurred and is continuing, the Directing Holder, the Certificate Registrar shall
promptly (but no later than five (5) Business Days after such request) provide to the requesting party the identity of the then-current
Controlling Class and a list of the Holders of Certificates of the Controlling Class. However, if any Certificate of the Controlling
Class is a Global Certificate, then the Certificate Administrator shall promptly (but in no event more than five (5) Business Days
following such request) request from the Depository, with the assistance of the Trustee, the list of Depository Participants for
the Controlling Class and make reasonable efforts to obtain a list of Certificate Owners from such Depository Participants, and
the Certificate Administrator shall provide such list of Depository Participants and such list of Certificate Owners (to the extent
the Certificate Administrator obtains such list of Certificate Owners), to the requesting party promptly upon receipt. The Certificate
Administrator shall be entitled to conclusively rely on the list of Depository Participants for the Controlling Class provided
by the Depository and the list of Certificate Owners provided by any Depository Participant and shall not have any liability for
such reliance; provided that, if any Certificate of the Controlling Class is a Global Certificate and the Certificate Administrator
has actual knowledge of the identity of the related Certificate Owners, then the Certificate Administrator shall include such Certificate
Owner in the list provided to any requesting party pursuant to first sentence of this paragraph. The Master Servicer, the Special
Servicer, the Trustee, the Operating Advisor and the Directing Holder shall be entitled to conclusively rely on any such information
so provided. Any expenses incurred in connection with obtaining such information shall be at the expense of the requesting party,
except that if (i) such expenses arise in connection with an event as to which the Directing Holder (or Controlling Class Representative)
has review, consent or consultation rights with respect to an action taken by, or report prepared by, the requesting party pursuant
to this Agreement or the related Other Pooling and Servicing Agreement or in connection with a request made by the Operating Advisor
in connection with its obligation under this Agreement to deliver a copy of the Operating Advisor Annual Report to the Controlling
Class Representative and (ii) the requesting party has not been notified of the identity of the Directing Holder (or Controlling
Class Representative) or reasonably believes that the identity of

 

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the Directing Holder (or Controlling Class Representative) has
changed, then such expenses shall be at the expense of the Trust.

 

To the extent the Master
Servicer has actual knowledge of any change in the identity of a Holder (or Certificate Owners) of the Controlling Class, then
the Master Servicer shall promptly notify the Trustee, the Certificate Administrator, the Operating Advisor, the Asset Representations
Reviewer and the Special Servicer thereof, who may rely conclusively on such notice from the Master Servicer.

 

(b)       The
initial Controlling Class Representative on the Closing Date shall be Eightfold Real Estate Capital, L.P. The Certificate Registrar
shall be entitled to assume Eightfold Real Estate Capital, L.P., or any subsequent Controlling Class Representative selected in
accordance with this Agreement and notified to the Certificate Registrar thereof in writing, is the Controlling Class Representative
appointed by the Holder (or Certificate Owner) of each Class of Control Eligible Certificates, until the Certificate Registrar
receives (i) written notice of a replacement Controlling Class Representative from a majority of the Controlling Class Certificateholders
by Certificate Balance, (ii) written notice from a majority of the Controlling Class Certificateholders, by Certificate Balance,
that a Controlling Class Representative is no longer designated, (iii) written notice from a Controlling Class Representative of
the resignation of such Controlling Class Representative, or (iv) written notice that the Holder (or Certificate Owner) of a majority
of the applicable Class of Control Eligible Certificates is no longer the Holder (or Certificate Owner) of a majority of the applicable
Class of Control Eligible Certificates due to a transfer of those Certificates (or a beneficial ownership interest in those Certificates).
Upon the resignation of a Controlling Class Representative, the Certificate Administrator shall request the Controlling Class Certificateholders
to select a new Controlling Class Representative.

 

In the event either (y)
the Certificate Registrar receives notice identified in any of clause (ii) through (iv) of the immediately preceding paragraph
and no successor Controlling Class Representative is then identified to the Certificate Registrar or (z) a party to this Agreement
requests from the Certificate Administrator the identity of the Controlling Class Representative and such identity is not known
to the Certificate Administrator, then the Certificate Administrator shall promptly deliver a notice of such event (the “Initial
Notice”) to all the Certificateholders via the Depository (and a copy of such Initial Notice shall be simultaneously
sent to each of the Master Servicer, the Special Servicer, the Trustee and the Operating Advisor), which notice shall include a
request that the Controlling Class Certificateholder that believes it may own the largest aggregate Certificate Balance of the
Controlling Class represent in writing to the Certificate Administrator that it owns the largest aggregate Certificate Balance
of the Controlling Class (with evidence of its ownership) and provide its contact information. Upon receipt of such written representation
(and any subsequent written representation), the Certificate Administrator shall deliver a notice (the “Subsequent Notice”)
to all the Certificateholders via the Depository of such representation (and a copy of such Subsequent Notice shall be simultaneously
sent to each of the Master Servicer, the Special Servicer, the Trustee and the Operating Advisor) and so long as another party
holding an equal or larger aggregate Certificate Balance of the Controlling Class does not provide a written representation within
thirty (30) days from the date of delivery of the latest Subsequent Notice, the party making the original assertion shall become
the Controlling Class Certificateholder until

 

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replaced by another party pursuant to the terms of this Agreement. Notwithstanding
the foregoing, Controlling Class Certificateholder(s) providing notice that it (or they) are the Holders of a majority of the Controlling
Class Certificateholders, by Certificate Balance, shall have the right to select the Controlling Class Representative at any time
without regard to such 30-day period, and a Controlling Class Representative selected by the Holders of a majority of the Controlling
Class Certificateholders, by Certificate Balance, shall be recognized as such immediately upon being selected in accordance with
this Agreement whether or not such 30-day period has expired.

 

In the event that a Controlling
Class Representative is selected pursuant to this Section 3.29(b) or there is deemed to be no Controlling Class Representative
pursuant to this (b), the Certificate Registrar shall notify the Special Servicer, the Master Servicer, the Certificate
Administrator, the Depositor, the Operating Advisor, the Asset Representations Reviewer and the Trustee of the identity of the
new Controlling Class Representative or the absence of a Controlling Class Representative, as applicable.

 

At any time more than
50% of the Percentage Interest of the Controlling Class Certificateholders direct the Certificate Administrator in writing to hold
an election for a Controlling Class Representative, the Certificate Administrator shall hold such election as soon as practicable
at the expense of such requesting Certificateholders.

 

(c)       The
Master Servicer, Special Servicer, Trustee, Operating Advisor and Asset Representations Reviewer shall be entitled to request that
the Certificate Administrator provide, and the Certificate Administrator shall promptly (but no later than five (5) Business Days
after such request) provide (i) for so long as no Consultation Termination Event has occurred and is continuing, the identity of
the Controlling Class Representative, including names and contact information and, to the extent reasonably available, a list of
Controlling Class Certificateholders and (ii) confirmation as to whether a Control Termination Event, Consultation Termination
Event or Operating Advisor Consultation Event has occurred in the 12 months preceding any such request or any other period specified
in such request. In addition to the foregoing, (i) within two (2) Business Days of receiving notice of the selection of a new Controlling
Class Representative or Risk Retention Consultation Party or the existence of a new Controlling Class Certificateholder or (ii)
within ten (10) days of the commencement or cessation of any Consultation Termination Event, Control Termination Event or Operating
Advisor Consultation Event, the Certificate Administrator shall notify the Trustee, the Operating Advisor, the Asset Representations
Reviewer, the Master Servicer and the Special Servicer and post notice on the Certificate Administrator’s Website. Any expenses
incurred in connection with obtaining such information shall be at the expense of the requesting party, except that if (i) such
expenses arise in connection with an event as to which the Directing Holder (or Controlling Class Representative) has review, consent
or consultation rights with respect to an action taken by, or report prepared by, the requesting party pursuant to this Agreement
or the related Other Pooling and Servicing Agreement or in connection with a request made by the Operating Advisor in connection
with its obligation under this Agreement to deliver a copy of the Operating Advisor Annual Report to the Controlling Class Representative
and (ii) the requesting party has not been notified of the identity of the Directing Holder (or Controlling Class Representative)
or reasonably believes that the identity of the Directing Holder (or

 

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Controlling Class Representative) has changed, then such expenses
shall be at the expense of the Trust.

 

The Special Servicer,
the Master Servicer, the Certificate Administrator, the Depositor, the Operating Advisor, the Asset Representations Reviewer and
the Trustee shall be entitled to assume Eightfold Real Estate Capital, L.P. is the Controlling Class Representative appointed by
the Holder (or Certificate Owner) of each Class of Control Eligible Certificates until such party receives notice to the contrary.
At any time that a party to this Agreement receives notice of the selection of a Controlling Class Representative from the Certificate
Registrar, the Certificate Administrator or a majority of the Controlling Class Certificateholders, by Certificate Balance, then
such party to this Agreement shall be entitled to rely on the most recent notification with respect to the identity of the Controlling
Class Certificateholder and the Controlling Class Representative. The Special Servicer shall have no obligation to obtain the consent
of or consult with any entity appointed as a successor Controlling Class Representative until the Special Servicer receives written
notice of such successor Controlling Class Representative’s identity and contact information.

 

(d)       If
to the extent the Certificate Administrator determines that a Class of Book-Entry Certificates is the Controlling Class, the Certificate
Administrator shall notify the related Certificateholders of such Class (through the Depository) of such event.

 

(e)       Each
Certificateholder acknowledges and agrees, by its acceptance of its Certificates, that: (i) the Directing Holder may have special
relationships and interests that conflict with those of Holders of one or more Classes of Certificates or Companion Loan Noteholders;
(ii) the Directing Holder may act solely in the interests of the Holders of the Controlling Class (or, in the case of a Whole Loan,
in the interests of one or more Companion Loan Noteholders); (iii) the Directing Holder does not have any liability or duties to
the Holders of any Class of Certificates other than the Controlling Class; (iv) the Directing Holder may take actions that favor
the interests of the Directing Holder or one or more Classes of the Certificates including the Holders of the Controlling Class
(or, in the case of a Whole Loan, one or more Companion Loan Noteholders) over the interests of the Holders of one or more Classes
of Certificates and other Companion Loan Noteholders; and (v) the Directing Holder shall have no liability whatsoever to any Certificateholder,
the Trust, any Companion Loan Noteholder any party hereto or any other Person (including any Borrower under a Mortgage Loan) for
having so acted as set forth in clauses (e) through (e) of this paragraph, and no Certificateholder or Companion Loan Noteholder
may take any action whatsoever against the Directing Holder or any director, officer, employee, agent or principal thereof for
having so acted.

 

Each Certificateholder
acknowledges and agrees, by its acceptance of its Certificates, that: (i) the Risk Retention Consultation Party may have special
relationships and interests that conflict with those of Holders of one or more Classes of Certificates; (ii) the Risk Retention
Consultation Party may act solely in the interests of the Holders of the VRR Interest; (iii) the Risk Retention Consultation Party
do not have any liability or duties to the Holders of any Class of Certificates; (iv) the Risk Retention Consultation Party may
take actions that favor interests of the Holders of one or more Classes including the VRR Interest over the interests of the Holders
of one or more other Classes of Certificates; and (v) the Risk Retention Consultation Party shall have no liability whatsoever
for having so acted as set forth in clauses (i) through (iv) above, and no Certificateholder may take any action
whatsoever against the Risk Retention

 

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Consultation Party or any director, officer, employee, agent or principal of the Risk Retention
Consultation Party for having so acted.

 

(f)       The
Certificate Registrar shall determine which Class of Certificates is the then-current Controlling Class within two (2) Business
Days of a request from the Master Servicer, Special Servicer, Trustee, the Operating Advisor, the Certificate Administrator or
any Certificateholder and provide such information to the requesting party.

 

(g)       At
any time when the most senior Class of Control Eligible Certificates is the Controlling Class, the Holder of more than 50% of the
Controlling Class Certificates (by Certificate Balance) may waive its right to act as, or appoint a representative to act as, the
Controlling Class Representative and to exercise any of the rights of the Controlling Class Representative or cause the exercise
of any of the rights of the Controlling Class Representative by irrevocable written notice delivered to the Depositor, Certificate
Administrator, Certificate Registrar, Trustee, Master Servicer, Special Servicer, Operating Advisor and Asset Representations Reviewer.
Any such waiver shall remain effective with respect to such Holder and the most senior Class of Control Eligible Certificates until
such time as that Certificateholder has (i) sold a majority of the most senior Class of Control Eligible Certificates (by Certificate
Balance) to an unaffiliated third party and (ii) certified to the Depositor, Certificate Administrator, Certificate Registrar,
Trustee, Master Servicer, Special Servicer, Operating Advisor and Asset Representations Reviewer, that (a) the transferor retains
no direct or indirect voting rights with respect to the most senior Class of Control Eligible Certificates that it does not own,
(b) there is no voting agreement between the transferee and the transferor and (c) the transferor retains no direct or indirect
controlling interest in the most senior Class of Control Eligible Certificates. During such waiver period a Consultation Termination
Event shall be deemed to exist and the rights of the Controlling Class to appoint a Controlling Class Representative and the rights
of the Controlling Class Representative shall not be operative (notwithstanding whether a Control Termination Event or a Consultation
Termination Event is or would otherwise then be in effect). Following any transfer of more than 50% of the most senior Class of
Control Eligible Certificates, the successor Holder of more than 50% of the most senior Class of Control Eligible Certificates,
if the most senior Class of Control Eligible Certificates is the Controlling Class (by Certificate Balance) shall again have the
right to act as, or appoint a representative to act as, the Controlling Class Representative without regard to any prior waiver
by the predecessor Certificateholder. The successor Certificateholder shall also have the right to irrevocably waive its right
to act as or appoint a Controlling Class Representative or to exercise any of the rights of the Controlling Class Representative
or cause the exercise of any of the rights of the Controlling Class Representative. No successor Certificateholder described above
shall have any consent rights with respect to any Mortgage Loan that became a Specially Serviced Loan prior to its acquisition
of a majority of the most senior Class of Control Eligible Certificates that had not also become a Corrected Mortgage Loan prior
to such acquisition until such Mortgage Loan becomes a Corrected Mortgage Loan.

 

The Directing
Holder shall not have any consent or consultation rights with respect to any Mortgage Loan determined to be a Conflicted Loan
as to either
the Directing Holder or, except in the case of a Servicing Shift Mortgage Loan, the Holder of the majority of the Controlling Class.
Likewise, a Risk Retention Consultation Party shall not have any consultation rights with respect to any Mortgage Loan determined
to be a Conflicted Loan as to 

 

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the Risk Retention Consultation Party. In the case of a Conflicted Loan relating to the Controlling
Class Representative, in respect of the servicing of any such Conflicted Loan, a Control Termination Event and Consultation Termination
Event will be deemed to have occurred with respect to such Conflicted Loan.

 

Section
3.30     Rating Agency Confirmation. (a) Notwithstanding the terms of any related Mortgage
Loan documents or other provisions of this Agreement, if any action under any Mortgage Loan documents or this Agreement
requires Rating Agency Confirmation as a condition precedent to such action, if the party (the “Requesting
Party”) attempting and/or required to obtain such Rating Agency Confirmation from each Rating Agency has made a
request to any Rating Agency for such Rating Agency Confirmation and, within 10 Business Days of the Rating Agency
Confirmation request being posted to the 17g-5 Information Provider’s Website, such Rating Agency has not replied to
such request or has responded in a manner that indicates that such Rating Agency is neither reviewing such request nor
waiving the requirement for Rating Agency Confirmation, then such Requesting Party shall be required to confirm (through
direct communication and not by posting any confirmation on the 17g-5 Information Provider’s Website) that
the applicable Rating Agency has received the Rating Agency Confirmation request, and, if it has not, promptly request the
related Rating Agency Confirmation again (which may also be through direct communication). The circumstances described in the
preceding sentence are referred to in this Agreement as a “RAC No-Response Scenario.” Once the Requesting
Party has sent a request for a Rating Agency Confirmation to the 17g-5 Information Provider, such Requesting Party, may, but
shall not be obligated to send such request directly to the Rating Agencies in accordance with the procedures set forth in Section
3.14.

 

If there is no response
to such Rating Agency Confirmation request within 5 Business Days of such second request in a RAC No-Response Scenario or if such
Rating Agency has responded in a manner that indicates such Rating Agency is neither reviewing such request nor waiving the requirement
for Rating Agency Confirmation, then (x) with respect to any condition in any Mortgage Loan document requiring such Rating Agency
Confirmation or with respect to any other matter under this Agreement relating to the servicing of the Mortgage Loans (other than
as set forth in clause (y) below), the requirement to obtain a Rating Agency Confirmation shall be deemed not to apply (as
if such requirement did not exist) with respect to such Rating Agency and the Master Servicer or the Special Servicer, as the case
may be, may then take such action if the Master Servicer or the Special Servicer, as applicable, confirms its original determination
(made prior to making such request) that taking the action with respect to which it requested the Rating Agency Confirmation would
still be consistent with the Servicing Standard, (y) with respect to a replacement of the Master Servicer or Special Servicer,
such condition shall be deemed not to apply (as if such requirement did not exist) if (i) the applicable replacement master servicer
or special servicer is rated at least “CMS3” (in the case of the master servicer) or “CSS3” (in the case
of the special servicer), if Fitch is the non-responding Rating Agency, (ii) it is listed on S&P’s Select Servicer List
as a U.S. Commercial Mortgage Master Servicer or U.S. Commercial Mortgage Special Servicer, as applicable, if S&P is the non-responding
Rating Agency or (iii) KBRA has not cited servicing concerns of the replacement master servicer or special servicer, as applicable,
as the sole or a 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 any other commercial

 

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mortgage-backed securitization transaction
serviced by the replacement master servicer or special servicer prior to the time of determination, if KBRA is the non-responding
Rating Agency and (z) with respect to a replacement or successor to the Operating Advisor in any circumstance where a Rating Agency
Confirmation is required pursuant to the terms hereof, such condition will be deemed to be waived with respect to any non-responding
Rating Agency so long as such Rating Agency has not cited concerns regarding the replacement operating advisor 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 any other commercial mortgage-backed securities transaction with respect
to which the replacement operating advisor acts as trust advisor or operating advisor prior to the date of determination.

 

Any Rating Agency Confirmation
request made by the Master Servicer, Special Servicer, Certificate Administrator or Trustee, as applicable, pursuant to this Agreement,
shall be made in writing, which writing shall contain a cover page indicating the nature of the Rating Agency Confirmation request,
and shall contain all back-up material necessary for the Rating Agency to process such request. Such written Rating Agency Confirmation
request shall be provided in electronic format to the 17g-5 Information Provider, and the 17g-5 Information Provider shall post
such request on the 17g-5 Information Provider’s Website in accordance with Section 3.14(d) of this Agreement.

 

Promptly following the
Master Servicer’s or Special Servicer’s determination to take any action discussed in this Section 3.30(a) following
any requirement to obtain a Rating Agency Confirmation being deemed not to apply (as if such requirement did not exist), the Master
Servicer or Special Servicer, as the case may be, shall provide electronic written notice to the 17g-5 Information Provider of
the action taken for the particular item at such time, and the 17g-5 Information Provider shall post such notice on the 17g-5 Information
Provider’s Website in accordance with Section 3.14(d) of this Agreement.

 

(b)       Notwithstanding
anything to the contrary in this Section 3.30, for purposes of the provisions of any Loan Document relating to defeasance
(including without limitation the type of collateral acceptable for use as defeasance collateral), release or substitution of any
collateral, in the event of a RAC No-Response Scenario, any Rating Agency Confirmation requirement in the Loan Documents with respect
to which the Master Servicer or Special Servicer would have been required to make the determination described in Section 3.30(a)
(as a result of such RAC No-Response Scenario) shall be deemed not to apply regardless of any such determination by the Requesting
Party (or, if the Requesting Party is the related Borrower, the Master Servicer (with respect to Performing Loans) or the Special
Servicer (with respect to Specially Serviced Loans and Serviced REO Loans), as applicable); provided, that the Requesting
Party (or the Master Servicer or the Special Servicer, as applicable) shall in any event review the other conditions required under
the related Loan Documents with respect to such defeasance, release or substitution and confirm to its satisfaction in accordance
with the Servicing Standard that such conditions (other than the requirement for a Rating Agency Confirmation) have been satisfied.

 

(c)       For
all other matters or actions not specifically discussed in Section 3.30(a) above, the applicable Requesting Party shall
deliver a Rating Agency Confirmation from each Rating Agency.

 

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(d)       Notwithstanding
the terms of the related Loan Documents, the other provisions of this Agreement or the applicable Intercreditor Agreement, with
respect to any Serviced Companion Loan as to which there exists Serviced Companion Loan Securities, if any action relating to the
servicing and administration of the related Whole Loan or any related REO Property (the “Relevant Action”) requires
delivery of a Rating Agency Confirmation as a condition precedent to such action pursuant to this Agreement, then, except as set
forth below in this paragraph, such action shall also require delivery of a Serviced Companion Loan Rating Agency Confirmation
as a condition precedent to such action from each related Serviced Companion Loan Rating Agency. Each Serviced Companion Loan Rating
Agency Confirmation shall be sought by the Master Servicer or Special Servicer, as applicable, depending on whichever such party
is seeking the corresponding Rating Agency Confirmation(s) in connection with the Relevant Action. The requirement to obtain a
Serviced Companion Loan Rating Agency Confirmation with respect to any Serviced Companion Loan Securities will be subject to, will
be permitted to be waived by the Master Servicer and the Special Servicer on, and will be deemed not to apply on, the same terms
and conditions applicable to obtaining Rating Agency Confirmations, as set forth in this Agreement; provided that the Master
Servicer or Special Servicer, as applicable, depending on which is seeking the subject Serviced Companion Loan Rating Agency Confirmation,
shall forward to one or more of its counterparts (i.e., the Other Servicer or Other Special Servicer, as applicable), the Other
17g-5 Information Provider, or such other party or parties as are agreed to by the Master Servicer or the Special Servicer, as
applicable, and the applicable parties for the related Other Securitization, at the expense of the Other Securitization to the
extent not borne by the related Borrower, and in such format as the sender and recipient may reasonably agree, (i) the request
for such Serviced Companion Loan Rating Agency Confirmation, (ii) all materials forwarded to the 17g-5 Information Provider under
this Agreement in connection with seeking the Rating Agency Confirmation(s) for the applicable Relevant Action at approximately
the same time that such materials are forwarded to the 17g-5 Information Provider and (iii) any other materials that the applicable
Serviced Companion Loan Rating Agency may reasonably request in connection with such Serviced Companion Loan Rating Agency Confirmation
promptly following receipt of such request from the Other Trustee.

 

The Certificate Administrator
shall, promptly following receipt of written request from the Master Servicer or the Special Servicer, as applicable, provide to
the Master Servicer or the Special Servicer, as applicable, the contact information for the Other Servicer, the Other Special Servicer,
the Other Trustee and the Other 17g-5 Information Provider for the Other Securitization, solely to the extent in its possession.

 

Section 3.31     Appointment
and Duties of the Operating Advisor.

 

(a)       The
Operating Advisor shall review (i) as the Operating Advisor’s obligations are provided in Section 3.23(e), Section
3.31 and Section 6.07, the actions of the Special Servicer with respect to any Specially Serviced Loan and, after the
occurrence and during the continuance of an Operating Advisor Consultation Event, the actions of the Special Servicer with respect
to Major Decisions relating to any Performing Loan; (ii) all reports by the Special Servicer made available to Privileged Persons
that are posted on the Certificate Administrator’s Website; and (iii) each Asset Status Report (after the occurrence and
during the continuance of an Operating Advisor Consultation Event) and each Final Asset Status Report

 

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delivered or made available
to the Operating Advisor. The Operating Advisor shall perform its duties hereunder in accordance with the Operating Advisor Standard.

 

In addition and for the
avoidance of doubt, although the Operating Advisor may have certain consultation duties with the master servicer with respect to
certain Major Decisions processed by the Master Servicer, the Operating Advisor will have no obligations or responsibility at any
time to review or assess the actions of the Master Servicer for compliance with the Servicing Standard, and the Operating Advisor
will not be required to consider such Master Servicer actions in connection with any Operating Advisor Annual Report.

 

(b)       The
Operating Advisor and its Affiliates will be obligated to keep confidential any information appropriately labeled as “Privileged
Information” received from the Special Servicer or Directing Holder in connection with the Directing Holder’s exercise
of its rights under this Agreement (including, without limitation, in connection with any Asset Status Report) or otherwise in
connection with this transaction, except under the circumstances described in (g) and subject to any law, rule, regulation,
order, judgment or decree requiring the disclosure of such Privileged Information. Subject to the terms and conditions in this
Agreement related to Privileged Information, the Operating Advisor agrees that it shall use information received from the Special
Servicer pursuant to the terms of this Agreement solely for purposes of complying with its duties and obligations hereunder.

 

(c)       (i)
Based on the Operating Advisor’s review of (A) any assessment of compliance, any attestation report and other information
delivered to the Operating Advisor by the Special Servicer or made available to Privileged Persons that are posted on the Certificate
Administrator’s Website during the prior calendar year, (B) prior to the occurrence and continuance of an Operating Advisor
Consultation Event, with respect to any Performing Loan, any related Final Asset Status Report or Major Decision Reporting Package
and (C) after the occurrence and continuance of an Operating Advisor Consultation Event, any Asset Status Report and any Major
Decision Reporting Package, the Operating Advisor shall (if, at any time during the prior calendar year, (i) any Serviced Mortgage
Loan was a Specially Serviced Loan or (ii) the Operating Advisor was entitled to consult with the Special Servicer with respect
to any Major Decision) deliver to the Depositor, the Certificate Administrator (which shall promptly post such Operating Advisor
Annual Report on the Certificate Administrator’s Website in accordance with Section 4.02(b)) and the 17g-5 Information
Provider (which shall promptly post such Operating Advisor Annual Report on the 17g-5 Information Provider’s Website in accordance
with Section 3.14(d)) within one hundred twenty (120) days of the end of the prior calendar year, an annual report (the
“Operating Advisor Annual Report”), substantially in the form of Exhibit BB (which form may be modified
or altered as to either its organization or content by the Operating Advisor, subject to compliance of such form with the terms
and provisions of this Agreement including, without limitation, provisions herein relating to Privileged Information; provided,
however, that in no event shall the information or any other content included in the Operating Advisor Annual Report contravene
any provision of this Agreement), that (A) sets forth whether the Operating Advisor believes, in its sole discretion exercised
in good faith, that the Special Servicer is operating in compliance with the Servicing Standard with respect to its performance
of its duties pursuant to this Agreement with respect to Specially Serviced Loans (and, after the occurrence and during the continuance
of an Operating Advisor Consultation Event, with respect to Major Decisions on Performing Loans) during the

 

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prior calendar year
on an Asset-Level Basis and (B) identifies (1) which, if any, standards the Operating Advisor believes, in its sole discretion
exercised in good faith, the Special Servicer has failed to comply and (2) any material deviations from the Special Servicer’s
obligations hereunder with respect to the resolution or liquidation of any Specially Serviced Loan or REO Property (other than
with respect to any REO Property related to any Non-Serviced Mortgage Loan or any Servicing Shift Mortgage Loan); provided,
however, that in the event the Special Servicer is replaced, the Operating Advisor Annual Report shall only relate to the
entity that was acting as Special Servicer as of December 31 in the prior calendar year and is continuing in such capacity through
the date of such Operating Advisor Annual Report; provided, further, that the Operating Advisor shall prepare a separate
Operating Advisor Annual Report relating to each Non-Conflicted Special Servicer and any Conflicted Special Servicer Mortgage Loan(s)
serviced by such Non-Conflicted Special Servicer. In preparing any Operating Advisor Annual Report, the Operating Advisor shall
not be required to report on instances of non-compliance with, or deviations from, the Servicing Standard or the Special Servicer’s
obligations under this Agreement that the Operating Advisor determines, in its sole discretion exercised in good faith, to be immaterial.
Subject to the restrictions in this Agreement, each such Operating Advisor Annual Report shall comply with all of the confidentiality
requirements described in this Agreement regarding Privileged Information (subject to any permitted exceptions). Such Operating
Advisor Annual Report shall be delivered to the Depositor, the Certificate Administrator (which shall promptly post such Operating
Advisor Annual Report on the Certificate Administrator’s Website in accordance with Section 4.02(b)) and the 17g-5
Information Provider (which shall promptly post such Operating Advisor Annual Report on the 17g-5 Information Provider’s
Website in accordance with Section 3.14(d)); provided, however, that the Special Servicer shall be given an
opportunity to review the Operating Advisor Annual Report at least five (5) Business Days prior to such Operating Advisor Annual
Report’s delivery to the Depositor, the Certificate Administrator and the 17g-5 Information Provider. The Operating Advisor
shall have no obligation to adopt any comments to the Operating Advisor Annual Report that are provided by the Special Servicer.

 

(ii)       In
the event the Operating Advisor’s ability to perform its obligations in respect of the Operating Advisor Annual Report is
limited or prohibited due to the failure of a party hereto to timely deliver information required to be delivered to the Operating
Advisor or because such information is inaccurate or incomplete, the Operating Advisor shall set forth such limitations or prohibitions
in the related Operating Advisor Annual Report and the Operating Advisor shall not be subject to any liability arising from such
limitations and prohibitions. The Operating Advisor shall be entitled to conclusively rely on the accuracy and completeness of
any information it is provided. If the Operating Advisor is prohibited or materially limited from obtaining Privileged Information
and such prohibition or limitation prevents the Operating Advisor from performing its duties under this Agreement, the Operating
Advisor shall not be subject to any liability arising from its lack of access to such Privileged Information.

 

(d)       (i)
With respect to each Mortgage Loan (other than any Non-Serviced Mortgage Loan) or Serviced Whole Loan, after the calculation has
been finalized (and, if an Operating Advisor Consultation Event has occurred and is continuing, prior to the utilization by the
Special Servicer) of any of the calculations related to (i) Appraisal Reduction Amounts or (ii) net present value in accordance
with Section 1.02(i), the Special Servicer shall forward such

 

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calculations, together with any supporting material or additional
information necessary in support thereof (including such additional information reasonably requested by the Operating Advisor to
confirm the mathematical accuracy of such calculations, but not including any Privileged Information), to the Operating Advisor
promptly, but in any event no later than two (2) Business Days after preparing such calculations, and the Operating Advisor shall
promptly, but no later than three (3) Business Days after receipt of such calculations and any supporting or additional materials,
recalculate and review for accuracy and consistency with this Agreement of the mathematical calculations and the corresponding
application of the non-discretionary portion of the applicable formulas required to be utilized in connection with any such calculation.

 

(ii)       In
connection with this Section 3.31(d), in the event the Operating Advisor does not agree with the mathematical calculations
of the Appraisal Reduction Amount (as calculated by the Special Servicer) or net present value or the application of the applicable
non discretionary portions of the formula required to be utilized for such calculation, the Operating Advisor and the Special Servicer
shall consult with each other in order to resolve any material inaccuracy in the mathematical calculations or the application of
the non-discretionary portions of the related formula in arriving at those mathematical calculations or any disagreement within
five (5) Business Days of delivery of such calculations. The Master Servicer shall cooperate with the Special Servicer and provide
any information reasonably requested by the Special Servicer necessary for the calculation of the Appraisal Reduction Amount that
is in the Master Servicer’s possession or reasonably obtainable by the Master Servicer. In the event the Operating Advisor
and the Special Servicer are not able to resolve such inaccuracies or disagreement prior to the end of such five (5) Business Day
period, the Operating Advisor shall promptly notify the Certificate Administrator of such disagreement and the Certificate Administrator
shall examine the calculations and supporting materials provided by the Operating Advisor and the Special Servicer and determine
which calculation is to apply (and shall provide prompt written notice of such determination to the Operating Advisor and the Special
Servicer). In making such determination, the Certificate Administrator may hire an independent third party to assist with any such
calculation at the expense of the Trust and shall be entitled to conclusively rely on such third party’s determination (provided
such third party has been selected with reasonable care by the Certificate Administrator).

 

(e)       Notwithstanding
the foregoing, prior to the occurrence and continuance of an Operating Advisor Consultation Event, the Operating Advisor’s
review will be limited to an after-the-action review of any assessment of compliance report, any attestation report, any Major
Decision Reporting Package and/or Asset Status Reports (in each case, after the occurrence and during the continuance of an Operating
Advisor Consultation Event), any Final Asset Status Report and other information delivered to the Operating Advisor by the Special
Servicer or made available to Privileged Persons that are posted on the Certificate Administrator’s Website during the prior
calendar year (together with any additional information and material reviewed by the Operating Advisor), and, therefore, it shall
have no involvement with respect to collateral substitutions, assignments, workouts, modifications, consents, waivers, insurance
policies, mortgagor substitutions, lease changes, additional borrower debt, defeasances, property management changes, releases
from escrow, assumptions or other similar actions that the Special Servicer may perform under this Agreement and will have no obligations
at any time with respect to any Non-Serviced Mortgage Loan. In addition, with respect to the Operating

 

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Advisor’s review of
net present value calculations as required in Section 3.26(d) above, the Operating Advisor’s recalculation shall not
take into account the reasonableness of Special Servicer’s property and borrower performance assumptions or other similar
discretionary portions of the net present value calculation.

 

(f)       Subject
to the requirements of confidentiality imposed on the Operating Advisor herein (including without limitation in respect of Privileged
Information), the Operating Advisor shall respond to Inquiries proposed by Privileged Persons from time to time in accordance with
the terms of Section 4.02(c) of this Agreement.

 

(g)       The
Operating Advisor and its Affiliates shall keep all information appropriately labeled as “Privileged Information” confidential
and shall not, without the prior written consent of the Special Servicer and either the Directing Holder (with respect to any Mortgage
Loan other than a Non-Serviced Whole Loan and any applicable Conflicted Loan and for so long as no Consultation Termination Event
is continuing) or the Risk Retention Consultation Party (with respect to any Mortgage Loan other than a Non-Serviced Whole Loan
and any applicable Conflicted Loan), as applicable, disclose such Privileged Information to any Person (including Certificateholders
other than the Controlling Class Representative), other than (i) to the extent expressly required by this Agreement, to the other
parties to this Agreement with a notice indicating that such information is Privileged Information, (ii) pursuant to a Privileged
Information Exception or (iii) where necessary to support specific findings or conclusions concerning allegations of deviations
from the Servicing Standard (A) in the Operating Advisor Annual Report or (B) in connection with a recommendation by the Operating
Advisor to replace the Special Servicer. Each party to this Agreement that receives Privileged Information from the Operating Advisor
with a notice stating that such information is Privileged Information shall not disclose such Privileged Information to any Person
without the prior written consent of the Special Servicer, the Controlling Class Representative and the Directing Holder other
than pursuant to a Privileged Information Exception. Notwithstanding the foregoing, the Operating Advisor shall be permitted to
share Privileged Information with its Affiliates and any subcontractors of the Operating Advisor that agree in writing to be bound
by the same confidentiality provisions applicable to the Operating Advisor. Subject to the terms and conditions in this Agreement
related to Privileged Information, the Operating Advisor agrees that it shall use information received from the Special Servicer
pursuant to the terms of this Agreement solely for purposes of complying with its duties and obligations hereunder. In addition
and for the avoidance of doubt, while the Operating Advisor may serve in a similar capacity with respect to other securitizations
that involve the same parties or borrower involved in this securitization, the knowledge of the employees performing operating
advisor functions for such other securitizations shall not be imputed to employees of the Operating Advisor involved in this securitization.

 

(h)       On
each Master Servicer Remittance Date, the Operating Advisor shall be paid the applicable Operating Advisor Fee from amounts on
deposit in the Collection Account pursuant to Section 3.06 of this Agreement, as applicable. In addition, the Operating
Advisor Consulting Fee shall be payable to the Operating Advisor with respect to each Major Decision for which the Operating Advisor
has consultation rights. Each of the Operating Advisor Fee and the Operating Advisor Consulting Fee shall be payable from funds
on deposit in the Collection Account as provided in Section 3.06 of this Agreement, but with respect to the Operating

 

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Advisor
Consulting Fee only to the extent such Operating Advisor Consulting Fee is actually received from the related Borrower. When the
Operating Advisor has consultation rights with respect to a Major Decision under this Agreement, the Master Servicer or the Special
Servicer processing the Major Decision shall use efforts to collect the applicable Operating Advisor Consulting Fee from the related
Borrower in connection with such Major Decision that are consistent with the efforts that the Master Servicer or the Special Servicer,
as applicable, would use to collect any borrower-paid fees not specified in the related loan documents owed to it in accordance
with the Servicing Standard, but only to the extent not prohibited by the related Loan Documents. The Master Servicer or Special
Servicer, as applicable, may waive or reduce the amount of any Operating Advisor Consulting Fee payable by the related Borrower
if it determines that such full or partial waiver is in accordance with the Servicing Standard, but in no event shall the Master
Servicer or the Special Servicer take any enforcement action with respect to the collection of such Operating Advisor Consulting
Fee other than requests for collection; provided that the Master Servicer or the Special Servicer, as applicable, shall
consult on a non-binding basis with the Operating Advisor prior to any such waiver or reduction.

 

(i)       The
Operating Advisor may delegate its duties to agents or subcontractors to the extent such agents or subcontractors satisfy clauses
(c), (d) and (f) of the definition of “Eligible Operating Advisor” and so long as the related agreements or arrangements
with such agents or subcontractors are consistent with the provisions of this Agreement. Notwithstanding the foregoing sentence,
the Operating Advisor shall remain obligated and primarily liable for any actions required to be performed hereunder in accordance
with the provisions of this Agreement without diminution of such obligation or liability or related obligation or liability by
virtue of such delegation or arrangements or by virtue of indemnification from any Person acting as its agents or subcontractor
to the same extent and under the same terms and conditions as if the Operating Advisor alone were performing its obligations under
this Agreement.

 

Section 3.32     Delivery
of Conflicted Information to the Certificate Administrator.

 

(a)       Any
Conflicted Information that the Master Servicer, the Special Servicer or the Operating Advisor identifies and delivers to the Certificate
Administrator for posting to the Certificate Administrator’s Website shall be delivered to the Certificate Administrator
via e-mail (or such other electronic means as is mutually acceptable to the parties) in one or more separate files labeled “Conflicted
Information” followed by the applicable loan name and loan file to cmbsexcludedinformation@wellsfargo.com. For the avoidance
of doubt, any information that is not appropriately labeled and delivered in accordance with this Section 3.32 shall not
be separately posted as Conflicted Information on the Certificate Administrator’s Website, and any information appropriately
labeled and delivered to the Certificate Administrator pursuant to this Section shall be posted on the Certificate Administrator’s
Website under the “Conflicted Information” section, as provided under Section 4.02(b). When so posted, Conflicted
Controlling Class Holders shall be prohibited from the access of Conflicted Information with respect to any Conflicted Controlling
Class Mortgage Loans on the Certificate Administrator’s Website (unless loan-by-loan segregation is later performed by the
Certificate Administrator in which case such access shall only be prohibited with respect to the related Conflicted Controlling
Class Mortgage Loan(s)). None of the Master Servicer, the Special Servicer or the Operating Advisor shall have any obligations
to separately label and deliver any Conflicted Information in

 

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accordance with this Section 3.32 until such party has received notice
with respect to the related Conflicted Controlling Class Mortgage Loan in the form of Exhibit L-1E to this Agreement. Nothing
set forth in this Agreement shall prohibit the Directing Holder or any Controlling Class Certificateholder from receiving, requesting
or reviewing any Conflicted Information relating to any Conflicted Controlling Class Mortgage Loan with respect to which the Directing
Holder or such Controlling Class Certificateholder is not a Borrower Party and, if such Conflicted Information is not available
on the Certificate Administrator’s Website, such Controlling Class Representative or Controlling Class Certificateholder
that is not a Borrower Party with respect to the related Conflicted Controlling Class Mortgage Loan shall be permitted to obtain
such information upon reasonable request in accordance with Section 3.14(c) and the Master Servicer and the Special Servicer,
as applicable, may require and rely on such certifications prior to releasing any such information.

 

Section 3.33     Certain
Matters with Respect to Joint Mortgage Loans.

 

(a)       If
a Mortgage Loan Seller of a Joint Mortgage Loan (a “Repurchasing Seller”) repurchases, or substitutes for, the
Note(s) (a “Repurchased Note”) related to such Joint Mortgage Loan that it sold to the Depositor, but the other
Mortgage Loan Seller of such Joint Mortgage Loan does not repurchase, or substitute for, the Note(s) related to such Joint Mortgage
Loan that it sold to the Depositor, the provisions of this Section 3.33 shall apply prior to the adoption, pursuant to Section
12.08, of any amendment to this Agreement that provides otherwise. Each Mortgage Loan Seller of a Joint Mortgage Loan has agreed
pursuant to the terms of the related Mortgage Loan Purchase Agreement that the terms set forth in this Section 3.33 with
respect to the servicing and administration of such Joint Mortgage Loan shall apply if one or more of the Notes related to such
Joint Mortgage Loan has been repurchased or, by way of substitution, otherwise removed from the Trust and at least one other Note
related to such Joint Mortgage Loan is included in the Trust until such time as all of the Notes related to such Joint Mortgage
Loan are no longer included in the Trust. For purposes of this Section 3.33 and Section 12.08 only, “Note”
shall mean with respect to any Joint Mortgage Loan, each original promissory note that collectively represents the Note with respect
to such Joint Mortgage Loan and shall not be a collective reference to such promissory notes.

 

(b)       Custody
of and record title under the Loan Documents with respect to the applicable Joint Mortgage Loan shall be held exclusively by the
Trustee or the Custodian as provided under this Agreement, except that the Repurchasing Seller shall hold and retain title to its
original Repurchased Note and any related endorsements thereof.

 

(i)       All
of the Notes with respect to any Joint Mortgage Loan shall be of equal priority, and no portion of any Note shall have priority
or preference over any other portion of the other Notes or security therefor. Payments from the related Borrower (including, without
limitation, any late fees) or any other amounts received with respect to each Note shall be collected as provided in this Agreement
by the Master Servicer and shall be applied upon receipt by the Master Servicer pro rata to each related Note based on its
respective Repurchased Percentage Interest, subject to Section 3.33(b)(ii). Payments or any other amounts received with
respect to the related Repurchased Note shall be held for the benefit of the applicable Repurchasing Seller and remitted (net of
its pro rata share of any Master Servicing Fees, Special Servicing Fees, Operating Advisor Fees and any other amounts due
to the Master Servicer or the Special Servicer) to the

 

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applicable Repurchasing Seller or its designee by the Master Servicer on
each Distribution Date pursuant to instructions provided by the applicable Repurchasing Seller and deposited and applied in accordance
with this Agreement, subject to (ii). If any Joint Mortgage Loan to which this Section 3.33 applies becomes REO Loans,
payments or any other amounts received with respect to any such Joint Mortgage Loan shall be collected and shall be applied upon
receipt by the Master Servicer pro rata to each related Note based on its respective Repurchased Percentage Interest, subject to
Section 3.33(b)(ii). Any Appraisal Reduction Amounts calculated with respect to any Joint Mortgage Loan subject to this
Section 3.33 shall be allocated to each related Note pro rata based upon the respective Stated Principal Balances
thereof.

 

(ii)       If
the Master Servicer or the Special Servicer, as applicable, receives an aggregate payment of less than the aggregate amount due
under any such Joint Mortgage Loan at any particular time, the applicable Repurchasing Seller shall receive from the Master Servicer
an amount equal to such Repurchasing Seller’s Repurchased Percentage Interest of such payment. All expenses, losses and shortfalls
relating solely to such Joint Mortgage Loan including, without limitation, losses of principal or interest, Nonrecoverable Advances,
interest on Advances, Operating Advisor expenses, Special Servicing Fees, Workout Fees and Liquidation Fees (including any such
fees related to the applicable Notes), shall be allocated between the holders of the related Notes pro rata based upon the
respective Stated Principal Balances thereof. In no event shall any costs, expenses, fees or any other amounts related to any Mortgage
Loan or Joint Mortgage Loan other than the applicable Joint Mortgage Loan be deducted from payments or any other amounts received
with respect to such Joint Mortgage Loan and payable to the applicable Repurchasing Seller. For purposes of (i), this (ii)
and Section 3.33(g), “Repurchased Percentage Interest” shall mean the percentage interest of the applicable
Mortgage Loan Seller in the applicable Joint Mortgage Loan.

 

(iii)       A
Joint Mortgage Loan to which this Section 3.33 applies shall be serviced for the benefit of the applicable Repurchasing
Seller and the Certificateholders pursuant to the terms and conditions of this Agreement in accordance with the Servicing Standard
and in accordance with the provisions herein as if (A) such Joint Mortgage Loan were a Serviced Loan Combination, (B) the related
Note(s) not repurchased were (1) a Mortgage Loan serviced pursuant to this Agreement and (2) the only Mortgage Loan that is part
of such Joint Mortgage Loan, and (C) the related Repurchased Note were a Serviced Companion Loan. No Repurchasing Seller shall
be permitted to terminate the Master Servicer, the Special Servicer or the Operating Advisor as servicer, special servicer or operating
advisor, respectively, of the related Repurchased Note. All rights of the mortgagee under each such Joint Mortgage Loan shall be
exercised by the Master Servicer or the Special Servicer, on behalf of the Trust to the extent of its interest therein and the
applicable Repurchasing Seller in accordance with this Agreement.

 

(iv)       The
related Repurchasing Seller shall be treated hereunder as if it were a Serviced Companion Loan Noteholder on a pari passu
basis. Funds collected by the Master Servicer or the Special Servicer, as applicable, and applied to the applicable Notes shall
be deposited and disbursed in accordance with the provisions hereof relating to Serviced Companion Loan Noteholders. Compensation
shall be paid to the Master

 

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Servicer, the Special Servicer and the Operating Advisor with respect to each Repurchased Note as provided
in this Agreement as if each such Note were a Serviced Companion Loan. None of the Trustee, the Certificate Administrator, the
Master Servicer, the Special Servicer or the Operating Advisor shall have any obligation to make P&I Advances with respect
to any Repurchased Note or, if no related Note is part of the Trust, an Advance with respect to any Repurchased Note. Except as
otherwise specified herein, the Master Servicer and the Special Servicer shall have no reporting requirement with respect to any
Repurchased Note other than to deliver to the related Repurchasing Seller any document as is required to be delivered to a Serviced
Companion Loan Noteholder hereunder.

 

(c)       If
any non-repurchased Note relating to a Joint Mortgage Loan to which this Section 3.33 applies is considered a Specially
Serviced Loan, then any related Repurchased Note shall also be a Specially Serviced Loan under this Agreement. The Special Servicer
shall cause such related Repurchased Note to be specially serviced for the benefit of the applicable Repurchasing Seller in accordance
with the terms and provisions set forth in this Agreement and shall be entitled to any Special Servicing Fee, Workout Fee or Liquidation
Fee payable to the Special Servicer under this Agreement as with respect to a Serviced Companion Loan.

 

(d)       If
(A) the Master Servicer shall pay any amount to any Repurchasing Seller pursuant to the terms hereof in the belief or expectation
that a related payment has been made or will be received or collected in connection with either or both of the applicable Notes
and (B) such related payment is not received or collected by the Master Servicer, then the applicable Repurchasing Seller shall
promptly on demand by the Master Servicer return such amount to the Master Servicer. If the Master Servicer determines at any time
that any amount received or collected by the Master Servicer in respect of any Joint Mortgage Loans to which this Section 3.33
applies must be returned to the related Borrower or paid to any other person or entity pursuant to any insolvency law or otherwise,
notwithstanding any other provision of this Agreement, the Master Servicer shall not be required to distribute any portion thereof
to the related Repurchasing Seller, and such Repurchasing Seller shall promptly on demand by the Master Servicer repay (which obligation
shall survive the termination of this Agreement) any portion thereof that the Master Servicer shall have distributed to such Repurchasing
Seller, together with interest thereon at such rate, if any, as the Master Servicer may pay to the related Borrower or such other
person or entity with respect thereto.

 

(e)       Subject
to this Agreement (including, without limitation, the consent and consultation rights of the Controlling Class Representative and
any consultation rights of the Operating Advisor), the Master Servicer or the Special Servicer, as applicable, on behalf of the
holders of any of the Repurchased Notes, shall have the exclusive right and obligation to (i) administer, service and make all
decisions and determinations regarding the related Joint Mortgage Loan and (ii) enforce the applicable Loan Documents as provided
hereunder. Without limiting the generality of the preceding sentence, the Master Servicer or the Special Servicer, as applicable,
may agree to any modification, waiver or amendment of any term of, forgive interest on and principal of, capitalize interest on,
permit the release, addition or substitution of collateral securing, and/or permit the release of the related Borrower on or any
guarantor of any Joint Mortgage Loan it is required to service and administer as contemplated by this Section 3.33,

 

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without
the consent of the related Repurchasing Seller, subject, however, to the terms of this Agreement as they pertain to a Serviced
Companion Loan.

 

(f)       In
taking or refraining from taking any action permitted hereunder, the Master Servicer and the Special Servicer shall each be subject
to the same degree of care with respect to the administration and servicing of the Joint Mortgage Loans to which this Section
3.33 applies as is consistent with this Agreement; and shall be liable to any Repurchasing Seller only to the same extent as
set forth herein with respect to any holder of a Serviced Companion Loan.

 

(g)       If
the Trustee, the Master Servicer or the Special Servicer has made an Advance with respect to any Repurchased Note which would otherwise
be reimbursable to such advancing party under this Agreement, and such Advance is determined to be a Nonrecoverable Advance, the
applicable Repurchasing Seller shall reimburse the Trust in an amount equal to such Repurchasing Seller’s Repurchased Percentage
Interest of such Nonrecoverable Advance with interest thereon; provided, if the Repurchasing Seller does not reimburse the
Trustee, the Master Servicer or the Special Servicer, as applicable, the Master Servicer shall reimburse the Trustee, itself and/or
the Special Servicer, as applicable, for such amounts from the Collection Account. Notwithstanding the foregoing, the applicable
Repurchasing Seller shall not be obligated to reimburse the Trustee, the Master Servicer or the Special Servicer (and amounts due
to the applicable Repurchasing Seller shall not be offset) for Advances or interest thereon or any amounts related to any Mortgage
Loans or any other Joint Mortgage Loan other than such amounts relating to the applicable Repurchased Note. To the extent that
the applicable Repurchasing Seller reimburses any such Nonrecoverable Advances and such amounts are subsequently recovered, the
applicable Repurchasing Seller shall receive a reimbursement from such recovery based on its Repurchased Percentage Interest of
such recovery. This reimbursement right shall not limit the Trustee’s, the Master Servicer’s or the Special Servicer’s
rights to reimbursement under this Agreement. Notwithstanding anything to the contrary contained herein, the total liability of
each Repurchasing Seller shall not exceed an amount equal to its Repurchased Percentage Interest of the amount to be reimbursed.

 

(h)       Each
Repurchasing Seller shall have the right to assign the related Repurchased Note; provided that the assignee of the related
Repurchased Note shall agree in writing to be bound by the terms of this Agreement.

 

(i)       The
Master Servicer and the Special Servicer shall, in connection with their servicing and administrative duties under this Agreement,
exercise efforts consistent with the Servicing Standard to execute and deliver, on behalf of each Repurchasing Seller as a holder
of a pari passu interest in the applicable Joint Mortgage Loan, any and all financing statements, continuation statements
and other documents and instruments necessary to maintain the lien created by any Mortgage or other security document related to
the applicable Joint Mortgage Loan on the related Mortgaged Property and related collateral, any and all modifications, waivers,
amendments or consents to or with respect to the related Joint Mortgage Loan documents, and any and all instruments of satisfaction
or cancellation, or of full release or discharge, and all other comparable instruments with respect to the related Repurchased
Note or related Repurchased Notes and the related Mortgaged Property all in accordance with, and subject to, the terms of this
Agreement. Each Repurchasing Seller agrees to furnish, or cause to be furnished, to the Master Servicer and the Special Servicer
any powers of attorney or other

 

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documents necessary or appropriate to enable the Master Servicer or the Special Servicer, as the
case may be, to carry out its servicing and administrative duties under this Agreement related to the applicable Joint Mortgage
Loan; provided, however, that such Repurchasing Seller shall not be liable, and shall be indemnified by the Master Servicer or
the Special Servicer, as applicable, for any negligence with respect to, or misuse of, any such power of attorney by the Master
Servicer or the Special Servicer, as the case may be; and further provided that the Master Servicer or the Special Servicer, without
the written consent of the applicable Repurchasing Seller, shall not initiate any action in the name of such Repurchasing Seller
without indicating its representative capacity or take any action with the intent to cause and that actually causes, such Repurchasing
Seller to be registered to do business in any state.

 

(j)       Pursuant
to the related Mortgage Loan Purchase Agreement, the applicable Repurchasing Seller is required to deliver to the Master Servicer
or the Special Servicer, as applicable, the Loan Documents related to the applicable Repurchased Note, any requests for release
and any court pleadings, requests for trustee’s sale or other documents necessary to the foreclosure or trustee’s sale
in respect of the related Mortgaged Property or to any legal action or to enforce any other remedies or rights provided by the
Note(s) or the Mortgage(s) or otherwise available at law or equity with respect to the related Repurchased Note.

 

Section
3.34     Resignation Upon Prohibited Risk Retention Affiliation.
        Under the Risk Retention Rule, any Third-Party Purchaser is prohibited from
being Risk Retention Affiliated with, among other persons, the Master Servicer, the Trustee, the Certificate Administrator,
the Operating Advisor or the Asset Representations Reviewer. As long as the prohibition exists, upon the occurrence of (i) a
Servicing Officer of the Master Servicer or a Responsible Officer of the Certificate Administrator or the Trustee, as
applicable, obtaining actual knowledge that the Master Servicer, the Certificate Administrator or the Trustee, as applicable,
is or has become Risk Retention Affiliated with or a Risk Retention Affiliate of the Third-Party Purchaser (in such case, an
“Impermissible TPP Affiliate”), (ii) the Master Servicer, the Certificate Administrator or the Trustee
receiving written notice by any other party to this Agreement, the Third-Party Purchaser, any Mortgage Loan Seller,
any Underwriter or any Initial Purchaser that the Master Servicer, the Certificate Administrator or the Trustee, as
applicable, is or has become an Impermissible TPP Affiliate, or (iii) the Operating Advisor or the Asset Representations
Reviewer obtaining actual knowledge that it is or has become a Risk Retention Affiliate of the Third -y Purchaser or any
other party to this Agreement (in such case, an “Impermissible Operating Advisor Affiliate” and
“Impermissible Asset Representations Reviewer Affiliate”, respectively; and either of an Impermissible TPP
Affiliate, an Impermissible Operating Advisor Affiliate and an Impermissible Asset Representations Reviewer Affiliate being
an “Impermissible Risk Retention Affiliate”), such Impermissible Risk Retention Affiliate shall be
required to promptly notify the Retaining Sponsor and the other parties to this Agreement and resign in accordance with Section
6.04, Section 8.07 or Section 11.03, as applicable. The resigning Impermissible Risk Retention Affiliate
will be required to bear all reasonable out-of-pocket costs and expenses of each other party to this Agreement, the Issuing
Entity and each Rating Agency in connection with such resignation as and to the extent required under this Agreement;
provided, however, if the affiliation causing an Impermissible Risk Retention Affiliate is the result of the Third-Party
Purchaser acquiring an interest in such Impermissible Risk Retention Affiliate or an affiliate of such Impermissible Risk
Retention Affiliate, then such costs and expenses will be an expense of the Issuing Entity.

 

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Article
IV

DISTRIBUTIONS TO CERTIFICATEHOLDERS

 

Section
4.01     Distributions. (a) On each Distribution Date, amounts held in the Lower-Tier
Distribution Account shall be withdrawn (to the extent of the Aggregate Available Funds, including or reduced by, to the
extent required by Section 3.05(e) of this Agreement, the Withheld Amounts, plus any amount withdrawn from the
Gain-on-Sale Reserve Account pursuant to Section 3.05(i) of this Agreement) in the case of all Classes of Lower-Tier
Regular Interests (such amount, the “Lower-Tier Distribution Amount”). On each Distribution Date,
distributions in respect of principal shall be deemed to have been made on each Class of Lower-Tier Regular Interests in an
amount equal to the amount of principal actually distributed on its respective Corresponding Certificates as provided in Section
4.01(b) of this Agreement. As of any date, the principal balance of each Lower-Tier Regular Interest shall equal the
Lower-Tier Principal Balance thereof. On each Distribution Date, distributions of interest made in respect of any Class
of Regular Certificates or any Class of Class VRR Upper-Tier Regular Interests on each Distribution Date pursuant to Section
4.01(b), Section 4.01(c), or Section 9.01 of this Agreement shall be deemed to have first been distributed
from the Lower-Tier REMIC to the Upper-Tier REMIC in respect of its Corresponding Lower-Tier Regular Interest set forth in
the Preliminary Statement to this Agreement; provided that each Lower-Tier Regular Interest shall be deemed to have
received distributions in respect of interest in an amount equal to the Interest Distribution Amount in respect of the Class
X-A Strip Rate, Class X-B Strip Rate, Class X-D Strip Rate or Class X-E Strip Rate of its Corresponding Class X Component, as
applicable, in each case to the extent actually distributed to the related Class of Corresponding Certificates as provided in Section
4.01(b) of this Agreement.

 

All distributions of
reimbursements of Realized Losses or VRR Realized Losses, as applicable, and Additional Trust Fund Expenses made in respect of
any Class of Principal Balance Certificates or Class of Class VRR Upper-Tier Regular Interests on each Distribution Date pursuant
to Section 4.01 of this Agreement shall be deemed to have first been distributed from the Lower-Tier REMIC to the Upper-Tier
REMIC in respect of its Corresponding Lower-Tier Regular Interest set forth in the Preliminary Statement to this Agreement; provided,
that distributions of reimbursements of Realized Losses or VRR Realized Losses, as applicable, and Additional Trust Fund Expenses
shall be made in sequential order of the priority set forth in Section 4.01(b) and Section 4.01(c) for principal
distributions, up to the amount of Realized Losses or VRR Realized Losses, as applicable, and Additional Trust Fund Expenses previously
allocated to a particular Lower-Tier Regular Interest corresponding to such Class of Certificates.

 

On each Distribution
Date, the Certificate Administrator shall apply amounts related to each Prepayment Premium and Yield Maintenance Charge then on
deposit in the Lower-Tier Distribution Account and received during or prior to the related Collection Period to the Lower-Tier
Regular Interests in proportion to the amount of principal deemed distributed to each Class of Lower-Tier Regular Interests on
such Distribution Date pursuant to this Section 4.01(a).

 

The Certificate Administrator
shall be deemed to deposit the Lower-Tier Distribution Amount and the amount of any Prepayment Premiums and any Yield Maintenance
Charges distributed to the Upper-Tier REMIC pursuant to this Section 4.01(a) into the Upper-

 

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Tier Distribution Account. Any
amount in respect of the Mortgage Pool that remains in the Lower-Tier Distribution Account on each Distribution Date after the
deemed distribution described in the preceding sentence shall be distributed to the Holders of the Class R Certificates with respect
to the Class R Certificates (in respect of the Class LTR Interest) (but only to the extent of such amount for such Distribution
Date remaining in the Lower-Tier Distribution Account, if any).

 

(b)        On
each Distribution Date, the Certificate Administrator shall withdraw from the Upper-Tier Distribution Account the amounts deposited
in the Upper-Tier Distribution Account to the extent of Available Funds in respect of such Distribution Date pursuant to Section
4.01(a) of this Agreement, and distribute such amount to the Holders of the Non-VRR Certificates in the amounts and in the
order of priority set forth below:

 

(i)       First,
to the Class A-1, Class A-2, Class A-3, Class A-SB, Class A-4, Class A-5, Class X-A, Class X-B, Class X-D and Class X-E Certificates,
in respect of interest, up to an amount equal to, and pro rata in accordance with, the respective aggregate Interest Distribution
Amount for those Classes;

 

(ii)       Second,
to the Class A-1, Class A-2, Class A-3, Class A-SB, Class A-4, Class A-5 Certificates, in reduction of the Certificate Balances
thereof, prior to the Cross-Over Date, in the following priority:

 

(A)       first,
to the Class A-SB Certificates, in reduction of the Certificate Balance thereof, an amount equal to the Principal Distribution
Amount for such Distribution Date, until the Certificate Balance of such Class is reduced to the Class A-SB Planned Principal Balance;

 

(B)       second,
to the Class A-1 Certificates, in reduction of the Certificate Balance thereof, an amount equal to the Principal Distribution Amount
(or the portion of it remaining after distributions on the Class A-SB Certificates pursuant to (A) above in this clause (b)(ii))
for such Distribution Date, until the Certificate Balance of such Class is reduced to zero;

 

(C)       third,
to the Class A-2 Certificates, in reduction of Certificate Balance thereof, an amount equal to the Principal Distribution Amount
(or the portion of it remaining after distributions on the Class A-1 and Class A-SB Certificates pursuant to (A) and (B) above
in this clause (b)(ii)) for such Distribution Date, until the aggregate Certificate Balance of such Class is reduced to zero;

 

(D)       fourth,
to the Class A-3 Certificates, in reduction of the Certificate Balance thereof, an amount equal to the Principal Distribution Amount
(or the portion of it remaining after distributions on the Class A-1, Class A-2 and Class A-SB Certificates pursuant to (A), (B)
and (C) above in this clause (b)(ii)) for such Distribution Date, until the Certificate Balance of such Class is reduced to zero;

 

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(E)       fifth,
to the Class A-4 Certificates, in reduction of the Certificate Balance thereof, an amount equal to the Principal Distribution Amount
(or the portion of it remaining after distributions on the Class A-1, Class A-2, Class A-3, and Class A-SB Certificates pursuant
to (A), (B), (C) and (D) above in this clause (b)(ii)) for such Distribution Date, until the Certificate Balance of such Class
is reduced to zero;

 

(F)       sixth,
to the Class A-5 Certificates, in reduction of the Certificate Balance thereof, an amount equal to the Principal Distribution Amount
(or the portion of it remaining after distributions on the Class A-1, Class A-2, Class A-3, Class A-SB and Class A-4 Certificates
pursuant to (A), (B), (C), (D) and (E) above in this clause (b)(ii)) for such Distribution Date, until the Certificate Balance
of such Class is reduced to zero;

 

(G)       sixth,
to the Class A-SB Certificates, in reduction of the Certificate Balance thereof, an amount equal to the Principal Distribution
Amount (or the portion of it remaining after distributions on the Class A-1, Class A-2, Class A-3, Class A-SB, Class A-4 and Class
A-5 Certificates pursuant to (A), (B), (C), (D), (E) and (F) above in this clause (b)(ii)) for such Distribution Date, until the
Certificate Balance of such Class is reduced to zero;

 

(iii)      Third,
to the Class A-1, Class A-2, Class A-3, A-SB, Class A-4 and Class A-5 Certificates, up to an amount equal to, and pro rata
based upon, the aggregate unreimbursed Realized Losses previously allocated to those Classes of Certificates;

 

(iv)      Fourth,
to the Class A-M Certificates in respect of interest, up to an amount equal to the aggregate Interest Distribution Amount of such
Class;

 

(v)       Fifth,
to the Class A-M Certificates, in reduction of the Certificate Balance thereof, an amount equal to the Principal Distribution Amount
less amounts of Principal Distribution Amount distributed pursuant to all prior clauses, until the Certificate Balance of such
Class A-M is reduced to zero;

 

(vi)      Sixth,
to the Class A-M Certificates, up to an amount equal to the aggregate of unreimbursed Realized Losses previously allocated to such
Class;

 

(vii)     Seventh,
to the Class B Certificates in respect of interest, up to an amount equal to the aggregate Interest Distribution Amount of such
Class;

 

(viii)    Eighth,
to the Class B Certificates, in reduction of the Certificate Balance thereof, an amount equal to the Principal Distribution Amount
less amounts of Principal Distribution Amount distributed pursuant to all prior clauses, until the Certificate Balance of such
Class is reduced to zero;

 

(ix)       Ninth,
to the Class B Certificates, up to an amount equal to the aggregate of unreimbursed Realized Losses previously allocated to such
Class;

 

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(x)       Tenth,
to the Class C Certificates in respect of interest, up to an amount equal to the aggregate Interest Distribution Amount of such
Class;

 

(xi)      Eleventh,
to the Class C Certificates, in reduction of the Certificate Balance thereof, an amount equal to the Principal Distribution Amount
less amounts of Principal Distribution Amount distributed pursuant to all prior clauses, until the Certificate Balance of such
Class C is reduced to zero;

 

(xii)      Twelfth,
to the Class C Certificates, up to an amount equal to the aggregate of unreimbursed Realized Losses previously allocated to such
Class;

 

(xiii)     Thirteenth,
to the Class D Certificates in respect of interest, up to an amount equal to the aggregate Interest Distribution Amount of such
Class;

 

(xiv)    Fourteenth,
to the Class D Certificates, in reduction of the Certificate Balance thereof, an amount equal to the Principal Distribution Amount
less amounts of Principal Distribution Amount distributed pursuant to all prior clauses, until the Certificate Balance of such
Class is reduced to zero;

 

(xv)     Fifteenth,
to the Class D Certificates, up to an amount equal to the aggregate of unreimbursed Realized Losses previously allocated to such
Class;

 

(xvi)    Sixteenth,
to the Class E Certificates in respect of interest, up to an amount equal to the aggregate Interest Distribution Amount of such
Class;

 

(xvii)   Seventeenth,
to the Class E Certificates in reduction of the Certificate Balance thereof, an amount equal to the Principal Distribution Amount,
less amounts of Principal Distribution Amount distributed pursuant to all prior clauses, until the Certificate Balance of such
Class is reduced to zero;

 

(xviii)   Eighteenth,
to the Class E Certificates, up to an amount equal to the aggregate of unreimbursed Realized Losses previously allocated to such
Class;

 

(xix)     Nineteenth,
to the Class F-RR Certificates in respect of interest, up to an amount equal to the aggregate Interest Distribution Amount of such
Class;

 

(xx)      Twentieth,
to the Class F-RR Certificates in reduction of the Certificate Balance thereof, an amount equal to the Principal Distribution Amount
less the amount of the Principal Distribution Amount distributed pursuant to all prior clauses, until the Certificate Balance of
such Class is reduced to zero;

 

(xxi)     Twenty-first,
to the Class F-RR Certificates, up to an amount equal to the aggregate of unreimbursed Realized Losses previously allocated to
such Class;

 

(xxii)    Twenty-second,
to the Class G-RR Certificates in respect of interest, up to an amount equal to the aggregate Interest Distribution Amount of such
Class;

 

(xxiii)   Twenty-third,
to the Class G-RR Certificates in reduction of the Certificate Balance thereof, an amount equal to the Principal Distribution Amount
less the amount of

 

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the Principal Distribution Amount distributed pursuant to all prior clauses, until the Certificate Balance of
such Class is reduced to zero;

 

(xxiv)   Twenty-fourth,
to the Class G-RR Certificates, up to an amount equal to the aggregate of unreimbursed Realized Losses previously allocated to
such Class; and

 

(xxv)   Twenty-fifth,
to the Class R Certificates (in respect of the Class UTR Interest), any amounts remaining in the Upper-Tier Distribution Account.

 

Notwithstanding the foregoing,
on each Distribution Date occurring on and after the Cross-Over Date, regardless of the allocation of principal payments described
in priority Second above, the Principal Distribution Amount for such Distribution Date will be distributed pursuant to Section
4.01(b)(ii) to the Class A-1, Class A-2, Class A-3, Class A-SB, Class A-4 and Class A-5 Certificates, pro rata, based
on their respective Certificate Balances, in reduction of their respective Certificate Balances, until the Certificate Balance
of each such Class of Certificates is reduced to zero.

 

(c)       On
each Distribution Date, the Certificate Administrator shall withdraw from the Upper-Tier Distribution Account the amounts on deposit
therein, to the extent of the VRR Available Funds for such Distribution Date, and shall distribute such amounts to the Holders
of the respective Classes of the Class V1 Certificates, the Class V2 Certificates and the Class R Certificates in accordance with
this section (c). In connection therewith, for federal income tax purposes, the amounts distributed with respect to the respective
Classes of the Class V1 Certificates and the Class V2 Certificates on any Distribution Date in accordance with this clause (c)
shall be deemed to have first been distributed from the Upper-Tier REMIC Distribution Account to the Class V Distribution Account
in respect of the Class VRR Upper-Tier Regular Interests in the following sequence:

 

(i)       first,
simultaneously, to (A) the Class V-A1 Upper-Tier Regular Interest in a manner analogous to the distributions on the Class A-1 Certificates
and the Class X-A Certificates (but only the Component XA-1 Percentage thereof) in clause (i) of Section 4.01(b), (B) the
Class V-A2 Upper-Tier Regular Interest in a manner analogous to the distributions on the Class A-2 Certificates and the Class X-A
Certificates (but only the Component XA-2 Percentage thereof) in clause (i) of Section 4.01(b), (C) the Class V-A3 Upper-Tier
Regular Interest in a manner analogous to the distributions on the Class A-3 Certificates and the Class X-A Certificates (but only
the Component XA-3 Percentage thereof) in clause (i) of Section 4.01(b), (D) the Class V-ASB Upper-Tier Regular Interest
in a manner analogous to the distributions on the Class A-SB Certificates and the Class X-A Certificates (but only the Component
XA-SB Percentage thereof) in clause (i) of Section 4.01(b), (E) the Class V-A4 Upper-Tier Regular Interest in a manner analogous
to the distributions on the Class A-4 Certificates and the Class X-A Certificates (but only the Component XA-4 Percentage thereof)
in clause (i) of Section 4.01(b), (E) the Class V-A5 Upper-Tier Regular Interest in a manner analogous to the distributions
on the Class A-5 Certificates and the Class X-A Certificates (but only the Component XA-5 Percentage thereof) in clause (i) of
Section 4.01(b), (F) the Class V-AM Upper-Tier Regular Interest in a manner analogous to the distributions on the Class
X-A Certificates (but only the Component XA-M Percentage thereof) in clause (i) of Section 4.01(b), (G) the Class V-B Upper-Tier
Regular Interest in a manner analogous to the distributions

 

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on the Class X-B Certificates in clause (i) of Section 4.01(b),
(H) the Class V-D Upper-Tier Regular Interest in a manner analogous to the distributions on the Class X-D Certificates in clause
(i) of Section 4.01(b) and (I) the Class V-E Upper-Tier Regular Interest in a manner analogous to the distributions on the
Class X-E Certificates in clause (i) of Section 4.01(b);;

 

(ii)       second,
to the Class V-A1 Upper-Tier Regular Interest, the Class V-A2 Upper-Tier Regular Interest, the Class V-A3 Upper-Tier Regular Interest,
the Class V-ASB Upper-Tier Regular Interest, the Class V-A4 Upper-Tier Regular Interest and the Class V-A5 Upper-Tier Regular Interest,
in a manner analogous to the distributions on the Class A-1, Class A-2, Class A-3, Class A-SB, Class A-4 and Class A-5 Certificates,
respectively, in clauses (ii) through (iii) of Section 4.01(b);

 

(iii)       third,
to the Class V-AM Upper-Tier Regular Interest in a manner analogous to the distributions on the Class A-M Certificates in clauses
(iv) through (vi) of Section 4.01(b);

 

(iv)       fourth,
to the Class V-B Upper-Tier Regular Interest in a manner analogous to the distributions on the Class B Certificates in clauses
(vii) through (ix) of Section 4.01(b);

 

(v)       fifth,
to the Class V-C Upper-Tier Regular Interest in a manner analogous to the distributions on the Class C Certificates in clauses
(x) through (xii) of Section 4.01(b);

 

(vi)       sixth,
to the Class V-D Upper-Tier Regular Interest in a manner analogous to the distributions on the Class D Certificates in clauses
(xiii) through (xv) of Section 4.01(b);

 

(vii)       seventh,
to the Class V-E Upper-Tier Regular Interest in a manner analogous to the distributions on the Class E Certificates in clauses
(xvi) through (xviii) of Section 4.01(b);

 

(viii)       eighth,
to the Class V-F Upper-Tier Regular Interest in a manner analogous to the distributions on the Class F-RR Certificates in clauses
(xix) through (xxi) of Section 4.01(b);

 

(ix)       ninth,
to the Class V-G Upper-Tier Regular Interest in a manner analogous to the distributions on the Class G-RR Certificates in clauses
(xxii) through (xxiv) of Section 4.01(b); and

 

(x)        
tenth, when the Certificate Balances of all Classes of Class VRR Upper-Tier Regular Interests have been reduced to zero
and after payment in full of all unpaid expenses of the Trust, any remaining amounts to the Class R Certificates.

 

On each Distribution
Date, the Certificate Administrator shall apply the then applicable Class V2 Percentage of the VRR Available Funds for such Distribution
Date to make

 

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distributions to the Holders of the Class V2 Certificates for the following purposes and in the following order of
priority:

 

(i)          First,
distributions of interest on the Class V2 Certificates, up to an amount equal to the then applicable Class V2 Percentage of the
VRR Interest Distribution Amount for such Distribution Date;

 

(ii)         Second,
distributions in reduction of the Certificate Balance of the Class V2 Certificates, up to an amount equal to the then applicable
Class V2 Percentage of the VRR Principal Distribution Amount for such Distribution Date, until the outstanding Certificate Balance
of the Class V2 Certificates has been reduced to zero; and

 

(iii)        Third,
reimbursements of prior write-offs of the Certificate Balance of the Class V2 Certificates, up to an amount equal to the unreimbursed
VRR Realized Losses previously allocated to the Class V2 Certificates;

 

provided that, with respect to any
Distribution Date, to the extent that the then applicable Class V2 Percentage of the VRR Available Funds for such Distribution
Date exceeds the distributions to the Holders of the Class V2 Certificates on such Distribution Date pursuant to the immediately
preceding clauses (i) through (iii), the Certificate Administrator shall distribute such excess to the Holders of
the Class V2 Certificates.

 

On each Distribution
Date, the Certificate Administrator shall apply the then applicable Class V1 Percentage of the VRR Available Funds for such Distribution
Date to make the distributions provided for in the next sentence to the Holders of the Class V Certificates in the same order and
priority as similar distributions (i.e., distributions of interest, principal and reimbursements of unreimbursed Realized Losses)
are made to the Holders of the Related Regular Certificates pursuant to Section 4.01(b); and provided, further,
that no distributions shall be made with respect to any Class of Class V1 Certificates on any Distribution Date pursuant to the
next sentence unless and until the Holders of each and every other Class of Class V1 Certificates with a higher payment priority
have received all distributions to which they are entitled pursuant to the next sentence. On each Distribution Date, subject to
the foregoing payment priorities and the remaining amount of the then applicable Class V1 Percentage of the VRR Available Funds
for such Distribution Date, the Holders of each Class of Class V1 Certificates shall be entitled to receive the following distributions
in the following order:

 

(i)       First,
distributions of interest on the subject Class of Class V1 Certificates, up to an amount equal to the then applicable Class V1
Percentage of the VRR Interest Distribution Amount for such Distribution Date (such VRR Interest Distribution Amount to be determined,
however, based solely on those distributions referenced in clause (B) of the definition thereof that are in respect of the
Related Regular Certificates and without regard to any other distributions referenced in clause (B) of such definition that
are in respect of any other Regular Certificates);

 

(ii)       Second,
distributions in reduction of the Certificate Balance of the subject Class of Class V1 Certificates, up to an amount equal to the
then applicable Class V1 Percentage of the VRR Principal Distribution Amount, until the outstanding Certificate Balance of the
subject Class of Class V1 Certificates has been reduced to zero (such VRR

 

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Principal Distribution Amount to be determined, however,
based solely on those distributions referenced in clause (B) of the definition thereof that are in respect of the Related
Regular Certificates and without regard to any other distributions referenced in clause (B) of such definition that are
in respect of any other Regular Certificates); and

 

(iii)       Third,
reimbursements of prior write-offs of the Certificate Balance of the subject Class of Class V1 Certificates, up to an amount equal
to the unreimbursed VRR Realized Losses previously allocated to the subject Class of Class V1 Certificates;

 

provided that, with respect to any
Distribution Date, to the extent that the then applicable Class V1 Percentage of the VRR Available Funds for such Distribution
Date exceeds the distributions to the Holders of all Classes of the Class V1 Certificates on such Distribution Date pursuant to
the immediately preceding clauses (i) through (iii), the Certificate Administrator shall distribute such excess to
the Holders of all Classes of the Class V1 Certificates, pro rata, based on their initial Certificate Balances.

 

For avoidance of doubt,
because the distributions with respect to the Class V2 Certificates, on the one hand, and the Class V1 Certificates (collectively),
on the other hand, on any Distribution Date pursuant to the preceding two paragraphs are based on proportionate shares of the Aggregate
Available Funds and corresponding distributions actually made on the Regular Certificates, the Holders of the Class V1 Certificates
shall receive the same aggregate distributions on each Distribution Date (with such aggregate distributions to be allocable as
between distributions of interest, distributions in reduction of Certificate Balance and reimbursements (with interest) of prior
write-offs of Certificate Balance in the same proportions) as would be the case if such Holders, in the aggregate, instead held
the corresponding portion of the Class V2 Certificates that are exchangeable for such Class V1 Certificates pursuant to Section
5.09.

 

(d)       On
each Distribution Date, following the distribution from the Lower-Tier Distribution Account in respect of the Lower-Tier Regular
Interests pursuant to Section 4.01(a) of this Agreement, the Certificate Administrator shall make distributions of any Prepayment
Premiums and Yield Maintenance Charges received in the related Collection Period from amounts deposited in the Upper-Tier Distribution
Account pursuant to Section 3.05(f) of this Agreement, as follows:

 

Prepayment Premiums and
Yield Maintenance Charges received with respect to the Mortgage Loans that represent the Non-VRR Interest Percentage of such Prepayment
Premiums and Yield Maintenance Charges (such portion of any Prepayment Premiums and Yield Maintenance Charges, the “Non-VRR
Prepayment Premiums and Yield Maintenance Charges”) shall be distributed to the Class A-1, Class A-2, Class A-3, Class
A-SB, Class A-4, Class A-5, Class A-M, Class B, Class C and Class D Certificates in an amount equal to, in the case of each such
Class, the product of (a) a fraction, not greater than one, the numerator of which is the amount distributed as principal to such
Class on such Distribution Date, and whose denominator is the total amount distributed as principal to the Class A-1, Class A-2,
Class A-3, Class A-SB, Class A-4, Class A-5, Class A-M, Class B, Class C, Class D, Class E, Class F-RR and Class G-RR Certificates
on such Distribution Date, (b) the Base Interest Fraction for the related Principal Prepayment and such Class of Certificates and
(c) the portion of such Non-VRR Prepayment

 

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Premiums and Yield Maintenance Charges collected on such Principal Prepayment during
the related Collection Period.

 

Any Yield Maintenance
Charges or Prepayment Premiums collected during the related Collection Period remaining after such distributions described in the
preceding paragraph (the “IO Group YM Distribution Amount”) shall be allocated and distributed in the following
manner:

 

(i)        to
the Class X-A Certificates, in an amount equal to the product of (a) a fraction, the numerator of which is the aggregate amount
of principal distributed on the Class A-1, Class A-2, Class A-3, Class A-SB, Class A-4, Class A-5 and Class A-M Certificates on
such Distribution Date and the denominator of which is the total Principal Distribution amount in respect of such Distribution
Date, multiplied by (b) the IO Group YM Distribution Amount;

 

(ii)       to
the Class X-B Certificates, in an amount equal to the product of (a) a fraction, the numerator of which is the amount of principal
distributed on the Class B Certificates on such Distribution Date and the denominator of which is the total Principal Distribution
Amount in respect of such Distribution Date, multiplied by (b), the IO Group YM Distribution Amount; and

 

(iii)      to
the Class X-D Certificates, the IO Group YM Distribution Amount remaining after such distribution to the holders of the Class X-A
and Class X-B Certificates as described in (i) and (ii) above;

 

On each Distribution
Date, amounts on deposit in the Upper-Tier Distribution Account that represent the VRR Interest Percentage of such Prepayment Premiums
and Yield Maintenance Charges (such portion of any Prepayment Premiums and Yield Maintenance Charges, the “VRR Retained
Prepayment Premiums and Yield Maintenance Charges”) collected on the Mortgage Loans during the related Collection Period
shall be distributed by the Certificate Administrator to the Holders of the Class V2 Certificates and the respective Classes of
Class V1 Certificates, on a pro rata and pari passu basis, as follows:

 

(i)        to
the Holders of the Class V2 Certificates, in an amount equal to the product of (A) the then applicable Class V2 Percentage, multiplied
by (B) the amount of such VRR Retained Prepayment Premiums and Yield Maintenance Charges; and

 

(ii)       to
the Holders of each Class of Class V1 Certificates, in an amount equal to the product of (A) the then applicable Class V1 Percentage,
multiplied by (B) the VRR Allocation Percentage, multiplied by (C) the total distributions of the corresponding Non-VRR Prepayment
Premiums and Yield Maintenance Charges made on the Related Regular Certificates on such Distribution Date.

 

On each Distribution
Date, any portion of Prepayment Premiums and Yield Maintenance Charges that are to be distributed to the Holders of the Class V1
Certificates and/or the Class V2 Certificates shall, for federal income tax purposes, be deemed to have first been transferred
to the Grantor Trust in respect of the related Class VRR Upper-Tier Regular Interests.

 

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(e)       On
each Master Servicer Remittance Date, the Certificate Administrator shall determine if the Available Funds for such Distribution
Date (determined without regard to the inclusion of any Gain-on-Sale Proceeds therein) would be sufficient to pay all interest
and principal due and owing to reimburse (with interest thereon) all previously allocated Realized Losses reimbursable to the Holders
of the Regular Certificates on such Distribution Date pursuant to Section 4.01(b). If the Certificate Administrator determines
that such Available Funds (as so determined) would not be sufficient to make such payments and reimbursements, then the Certificate
Administrator shall withdraw from the Gain-on-Sale Reserve Account (or sub-account thereof) and shall deposit in the Lower-Tier
REMIC Distribution Account on the applicable Master Servicer Remittance Date an amount (to be included in the Aggregate Available
Funds for the related Distribution Date) equal to the lesser of (i) the amounts then on deposit in the Gain-on-Sale Reserve Account
and (ii) the sum of (A) the amount of the applicable insufficiency and (B) the VRR Allocation Percentage of the amount described
in the immediately preceding clause (A).

 

Any amounts remaining
in the Gain-on-Sale Reserve Account after such distributions on any Distribution Date that (A) are allocable to the Mortgage Loans
shall be held and maintained in such account and applied to offset future Realized Losses and VRR Realized Losses, as applicable,
and Additional Trust Fund Expenses from time to time; and (B) are allocable to the Serviced Companion Loans, shall be remitted
within one Business Day after each such Distribution Date by the Certificate Administrator to the Master Servicer (which shall
remit to the Serviced Companion Loan Noteholders in accordance with Section 3.05(h)).

 

On any Distribution Date,
amounts held in the Gain-on-Sale Reserve Account (other than amounts allocable to any related Serviced Companion Loan pursuant
to the terms of any related Intercreditor Agreement) that exceed amounts reasonably required (as determined by the Certificate
Administrator) to offset future Realized Losses and VRR Realized Losses, as applicable, and Additional Trust Fund Expenses, shall
be distributed to the Holders of the Class R Certificates (in respect of the Class LTR Interest) and, upon termination of the Trust
Fund, any amounts remaining in the Gain-on-Sale Reserve Account (other than amounts allocable to any related Serviced Companion
Loan pursuant to the terms of any related Intercreditor Agreement) shall be distributed by the Certificate Administrator to the
Class R Certificates (in respect of the Class LTR Interest). Amounts paid with respect to the Mortgage Loans from the Gain-on-Sale
Reserve Account pursuant to the preceding clauses (i) and (ii) shall first be deemed to have been distributed to the Lower-Tier
Regular Interests in reimbursement of Realized Losses and VRR Realized Losses, as applicable, and Additional Trust Fund Expenses
previously allocated thereto in the same manner as provided in Section 4.01(a) of this Agreement. Amounts paid from the
Gain-on-Sale Reserve Account will not reduce the Certificate Balances of any Class of Regular Certificates, Class of Exchangeable
Certificates or the Class S Certificates receiving such distributions.

 

(f)       On
each Distribution Date, immediately following the distributions to be made on such date pursuant to Section 4.01(b), the
Certificate Administrator shall calculate the amount, if any, of the Realized Loss and VRR Realized Loss for such Distribution
Date. Any allocation of Realized Losses to any Class of Principal Balance Certificates and VRR Realized Losses to the Class VRR
Upper-Tier Regular Interest shall be made by reducing the Certificate Balance thereof by the amount so allocated. The allocation
of Realized Losses and VRR

 

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Realized Losses shall constitute allocations of losses and other shortfalls experienced by the Trust
Fund.

 

The Certificate Balances
of each Class of Principal Balance Certificates will be reduced without distribution on any Distribution Date as a write-off to
the extent of any Realized Losses allocated to such Class of Certificates with respect to such date. Any such write-offs will be
applied to the Classes of Principal Balance Certificates in the following order, in each case until the Certificate Balance of
such Class is reduced to zero: first, to the Class G-RR Certificates; second, to the Class F-RR Certificates; third,
to the Class E Certificates; fourth, to the Class D Certificates; fifth, to the Class C Certificates; sixth,
to the Class B Certificates; seventh, to the Class A-M Certificates; and finally, to the Class A-1, Class A-2, Class
A-3, Class A-SB, Class A-4 and Class A-5 Certificates, pro rata, based on their respective Certificate Balances.

 

Any Realized Losses so
allocated to any Class of Certificates shall be allocated among the respective Certificates of such Class in proportion to the
Percentage Interests evidenced thereby.

 

On each Distribution
Date, any VRR Realized Loss for such Distribution Date shall be allocated to the Class VRR Upper-Tier Regular Interests; and, in
connection therewith, the Certificate Balance of the Class VRR Upper-Tier Regular Interests will be reduced without distribution,
as a write-off, to the extent of such VRR Realized Loss. Any such VRR Realized Loss shall be allocated in the following order:
first, to the Class V-G Upper-Tier Regular Interest, the Class V-F Upper-Tier Regular Interest, then, to the Class
V-E Upper-Tier Regular Interest, then, to the Class V-D Upper-Tier Regular Interest, then, to the Class V-C Upper-Tier
Regular Interest, then, to the Class V-B Upper-Tier Regular Interest, then, to the Class V-AM Upper-Tier Regular
Interest, and last, to the Class V-A-1 Upper-Tier Regular Interest, the Class V-A-2 Upper-Tier Regular Interest, the Class
V-A-3 Upper-Tier Regular Interest, the Class V-A-SB Upper-Tier Regular Interest, the Class V-A-4 Upper-Tier Regular Interest and
the Class V-A-5 Upper-Tier Regular Interest, pro rata based on their Certificate Balance. If any VRR Realized Loss is so
allocated to a Class VRR Upper-Tier Regular Interest on any Distribution Date, then such VRR Realized Loss shall, in turn, be allocated
to the related Class of Class V1 Certificates, on the one hand, and the Class V Certificates, on the other hand, in proportion
to, and in reduction of, the respective Certificate Balances thereof.

 

Distributions in reimbursement
of Realized Losses or VRR Realized Losses, as applicable, previously allocated to the respective Classes of the Principal Balance
Certificates and distributions in reimbursement of VRR Realized Losses previously allocated to the Class VRR Upper-Tier Regular
Interest (and the respective Classes of Exchangeable Certificates) shall be made in the amounts and manner specified in Section
4.01(b) or Section 4.01(c), as applicable. Additional Trust Fund Expenses and shortfalls in Available Funds due to extraordinary
expenses of the Trust Fund (including indemnification expenses), a reduction in the Mortgage Rate on a Mortgage Loan by a bankruptcy
court pursuant to a plan of reorganization or pursuant to any of its equitable powers, or otherwise, shall be treated as and allocated
in the same manner as Realized Losses and VRR Realized Losses. Reimbursement of previously allocated Realized Losses and VRR Realized
Losses will not constitute distributions of principal for any purpose and will not result in an additional reduction in the Certificate

 

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Balance of the Class of Certificates or Class of Class VRR Upper-Tier Regular Interest in respect of which any such reimbursement
is made.

 

If and to the extent
any Nonrecoverable Advances (plus interest thereon) that were reimbursed from principal collections on the Mortgage Loans and previously
resulted in a reduction of the Aggregate Principal Distribution Amount are subsequently recovered on the related Mortgage Loan,
then (on the Distribution Date related to the Collection Period during which the recovery occurred): (i) the Non-VRR Interest Percentage
of the amount of such recovery will be added to the Certificate Balance of the Classes of Principal Balance Certificates that previously
were allocated Realized Losses, in the same sequential order as distributions pursuant to Section 4.01(b), in each case
up to the lesser of (A) the unallocated portion of the Non-VRR Interest Percentage of the amount of such recovery and (B) the amount
of the unreimbursed Realized Losses previously allocated to the subject Class of Certificates, and the Interest Shortfall with
respect to each affected Class of Regular Certificates for the next Distribution Date will be increased by the aggregate amount
of interest that would have accrued through the then current Distribution Date if the restored write-down for the reimbursed Class
of Principal Balance Certificates had never been written down; and (ii) the VRR Interest Percentage of the amount of such recovery
will be added to the Certificate Balances of the Class VRR Upper-Tier Regular Interests up to the lesser of (A) the VRR Interest
Percentage of the amount of such recovery and (B) the amount of the unreimbursed VRR Realized Losses previously allocated to the
Class VRR Upper-Tier Regular Interests, and the interest payable on the Class VRR Upper-Tier Regular Interests will be deemed increased
by the VRR Allocation Percentage of any contemporaneous increases in interest payable on the Regular Certificates pursuant to clause
(i) of this sentence. To the extent that the Certificate Balance of, and/or any interest payable on, any Class of Regular Certificates
or the Class VRR Upper-Tier Regular Interest is so increased, an identical increase shall be deemed made to the Lower-Tier Principal
Balance of, and any interest payable on, the Corresponding Lower-Tier Regular Interest. If the Certificate Balance of a Class VRR
Upper-Tier Regular Interest is increased as contemplated above in this paragraph, then: (i) the Certificate Balance of the Class
V2 Certificates shall be increased by the Class V2 Percentage of such increase in the Certificate Balance of the Class VRR Upper-Tier
Regular Interest; and (ii) the Certificate Balances of the respective Classes of the Class V1 Certificates shall be increased,
in the aggregate, by the Class V1 Percentage of such increase in the Certificate Balance of the applicable Class VRR Upper-Tier
Regular Interest, with such aggregate increase to be allocated to the individual Certificate Balances of the respective Classes
of the Class V1 Certificates, in the same sequential order as distributions pursuant to Section 4.01(c), in each case up
to the amount of unreimbursed VRR Realized Losses previously allocated to the subject Class of Class V1 Certificates. If the Certificate
Balance of any Class of Principal Balance Certificates or Class VRR Upper-Tier Regular Interest (or any of the respective Classes
of Exchangeable Certificates) (or the Lower-Tier Principal Balance of any Lower-Tier Regular Interest) is so increased, the amount
of unreimbursed Realized Losses or VRR Realized Losses, as applicable, of such Class of Principal Balance Certificates or Class
VRR Upper-Tier Regular Interest (or such Lower-Tier Regular Interest), as the case may be, shall be decreased by such amount, and
any interest accrued on the amount of unreimbursed Realized Losses or VRR Realized Losses, as applicable, so decreased shall be
deemed not to exist.

 

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With respect to any Distribution
Date, any Realized Losses or VRR Realized Losses, as applicable, allocated pursuant to this Agreement with respect to such Distribution
Date shall reduce the Lower-Tier Principal Balances of the Lower-Tier Regular Interests as a write-off and shall be allocated among
the Lower-Tier Regular Interests in the same priority as the Class of Corresponding Certificates.

 

(g)          All
amounts distributable to a Class of Certificates pursuant to this Section 4.01 on each Distribution Date shall be allocated
pro rata among the outstanding Certificates in each such Class based on their respective Percentage Interests. Such distributions
shall be made on each Distribution Date other than the Termination Date to each Certificateholder of record on the related Record
Date, (i) by wire transfer of immediately available funds to the account of such Holder at a bank or other entity located in the
United States and having appropriate facilities therefor if such Holder shall have provided the Paying Agent with wire instructions
in writing at least five Business Days prior to the related Record Date (which wiring instructions may be in the form of a standing
order applicable to all subsequent distributions), or (ii) otherwise, by check mailed by first-class mail to the address set forth
therefor in the Certificate Register. The final distribution on each Certificate shall be made in like manner, but only upon presentment
and surrender of such Certificate at the office of the Certificate Administrator or its agent (which may be the Paying Agent or
the Certificate Registrar acting as such agent) that is specified in the notice to Holders of such final distribution.

 

(h)          Except
as otherwise provided in Section 9.01 with respect to an Anticipated Termination Date, the Certificate Administrator shall,
as soon as reasonably practicable within the month preceding the month in which the final distribution with respect to any Class
of Certificates is expected to be made, mail to each Holder of such Class of Certificates on such date a notice to the effect that:

 

(A)          the
Certificate Administrator reasonably expects based upon information previously provided to it that the final distribution with
respect to such Class of Certificates will be made on such Distribution Date, but only upon presentation and surrender of such
Certificates at the office of the Certificate Administrator therein specified, and

 

(B)          if
such final distribution is made on such Distribution Date, no interest shall accrue on such Certificates from and after such Distribution
Date;

 

provided, that the Class R Certificates
shall remain outstanding until no other Class of Certificates or Lower-Tier Regular Interests are outstanding.

 

Any funds not distributed
to any Holder or Holders of such Classes of Certificates on such Distribution Date because of the failure of such Holder or Holders
to tender their Certificates shall, on such date, be set aside and held for the benefit of the appropriate non-tendering Holder
or Holders. If any Certificates as to which notice has been given pursuant to this Section 4.01(h) shall not have been surrendered
for cancellation within six months after the time specified in such notice, the Certificate Administrator shall mail a second notice
to the remaining non-tendering Holders to surrender their Certificates for cancellation to receive the final distribution with
respect thereto. If within one year after the second notice not all of such Certificates shall have been surrendered for cancellation,
the Certificate Administrator may,

 

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directly
or through an agent, take appropriate steps to contact the remaining non-tendering Holders concerning surrender of their Certificates.
The costs and expenses of holding such funds in trust and of contacting such Holders shall be paid out of such funds. Subject
to applicable state escheatment laws, if within two years after the second notice any such Certificates shall not have been surrendered
for cancellation, the Paying Agent shall distribute to the Certificate Administrator all amounts distributable to the Holders
thereof, and the Certificate Administrator shall thereafter hold such amounts for the benefit of such Holders until the earlier
of (i) its termination as Certificate Administrator hereunder and the transfer of such amounts to a successor Certificate Administrator
and (ii) the termination of the Trust Fund and distribution of such amounts to the Class R Certificateholders. No interest shall
accrue or be payable to any Holder on any amount held hereunder or by the Certificate Administrator as a result of such Holder’s
failure to surrender its Certificate(s) for final payment thereof in accordance with this Section 4.01(h). Any such amounts
transferred to the Certificate Administrator may be invested in Permitted Investments and all income and gain realized from investment
of such funds shall accrue for its benefit.

 

(i)          The
Non-VRR Interest Percentage of the Excess Prepayment Interest Shortfall, if any, for each Distribution Date will be allocated (and
the Non-VRR Interest Percentage of Compensating Interest Payments shall be deemed distributed) among the various Classes of Non-VRR
Certificates, and the VRR Interest Percentage of the Excess Prepayment Interest Shortfall, if any, for each Distribution Date will
be deemed allocated (and the VRR Interest Percentage of Compensating Interest Payments shall be deemed distributed) to the Class
VRR Upper-Tier Regular Interests and, in each case, correspondingly to the respective Class or Classes of Corresponding Lower-Tier
Regular Interests, pro rata, based upon the Interest Accrual Amount distributable to each such Class of Certificates prior
to reduction by such Excess Prepayment Interest Shortfalls. Compensating Interest Payments shall be deposited by the Master Servicer
into the Collection Account on or prior to the Master Servicer Remittance Date.

 

(j)          On
the final Master Servicer Remittance Date, the Master Servicer shall withdraw from the Collection Account and deliver to the Certificate
Administrator who shall distribute to the Mortgage Loan Sellers, any Loss of Value Payments relating to the Mortgage Loans that
it is servicing and that were transferred from the Loss of Value Reserve Fund to the Collection Account on the immediately preceding
Master Servicer Remittance Date in accordance with Section 3.06(e)(v) of this Agreement.

 

(k)          On
each Distribution Date, the Certificate Administrator shall withdraw from the Excess Interest Distribution Account any amounts
on deposit therein that represent Excess Interest received with respect to each ARD Loan during the related Collection Period shall
be distributed (i) to the Holders of the Class S Certificates in an amount equal to the Non-VRR Interest Percentage of such Excess
Interest; (ii) to the Holders of the Class V1-E Certificates in an aggregate amount equal to the product of (A) the VRR Interest
Percentage, multiplied by (B) the then applicable Class V1 Percentage, multiplied by (C) the amount of such Excess Interest; and
(iii) to the Holders of the Class V2 Certificates in an aggregate amount equal to the product of (A) the VRR Interest Percentage,
multiplied by (B) the then applicable Class V2 Percentage, multiplied by (C) the amount of such Excess Interest.

 

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Section 4.02 Statements
to Certificateholders; Reports by Certificate Administrator; Other Information Available to the Holders and Others. (a)
On each Distribution Date, the Certificate Administrator shall prepare and make available on the Certificate Administrator’s
Website to each Certificateholder a statement (substantially in the form set forth as Exhibit K to this Agreement and based
on the information set forth in (i) the CREFC® Investor Reporting Package (CREFC® IRP) prepared
by the Master Servicer (other than the CREFC® Special Servicer Loan File) and the other reports prepared by the
Master Servicer, Certificate Administrator and Special Servicer relating to such Distribution Date, including the CREFC®
Special Servicer Loan File, upon which information the Certificate Administrator may conclusively rely, in accordance with
CREFC® guidelines and (ii) the CREFC® Reconciliation of Funds Template prepared by the Certificate
Administrator) as to distributions made on such Distribution Date (each, a “Distribution Date Statement”) setting
forth (with respect to each Class of Certificates) the following information:

 

(i)          the
Record Date, Interest Accrual Period, and Determination Date for such Distribution Date;

 

(ii)         the
aggregate amount of the distribution to be made on such Distribution Date to the Holders of each Class of Certificates with a Certificate
Balance in reduction of the Certificate Balance of those Certificates;

 

(iii)        the
aggregate amount of the distribution to be made on such Distribution Date to the Holders of each Class of Certificates (other than
the Class R and Class S Certificates) and the Class VRR Upper-Tier Regular Interests allocable to (A) the Interest Accrual Amount,
(B) Interest Shortfalls and/or (C) the VRR Interest Distribution Amount;

 

(iv)        the
aggregate amount of Advances made in respect of the Distribution Date and the amount of interest paid on Advances since the prior
Distribution Date (including, to the extent material, the general use of funds advanced and general source of funds for reimbursements);

 

(v)         the
aggregate amount of compensation, if any, paid to the Trustee, the Certificate Administrator, CREFC®, the Operating
Advisor and the Asset Representations Reviewer and servicing compensation, if any, paid to the Master Servicer and the Special
Servicer for the related Determination Date and any other fees or expenses accrued and paid from the Trust Fund;

 

(vi)        (A)
the Aggregate Available Funds for the Distribution Date, (B) the total amount of all principal and/or interest distributions, as
well as any other distributions (other than Yield Maintenance Charges), properly made on or in respect of any Class of Regular
Certificates, the Class V2 Certificates and each Class of Class V1 Certificates with respect to such Distribution Date and (C)
any other cash flows received on the Mortgage Loans and applied to pay fees and expenses (including the components of the Aggregate
Available Funds, or such other cash flows);

 

(vii)       the
amount of the distribution on the Distribution Date to the holders of any Class of Regular Certificates, the Class V2 Certificates
and each Class of Class V1 Certificates allocable to Prepayment Premiums and Yield Maintenance Charges;

 

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(viii)      the
accrued Interest Accrual Amount in respect of each Class of Regular Certificates, the Class V2 Certificates and each Class of Class
V1 Certificates) for such Distribution Date;

 

(ix)         the
Pass-Through Rate for each Class of Regular Certificates, the Class V2 Certificates and each Class of Class V1 Certificates for
the Distribution Date and the next succeeding Distribution Date;

 

(x)          the
Principal Distribution Amount for the Distribution Date;

 

(xi)         the
aggregate Certificate Balance or aggregate Notional Amount, as the case may be, of each Class of Certificates (other than the Class
S or Class R Certificates), immediately before and immediately after such Distribution Date, separately identifying any reduction
in the aggregate Certificate Balance (or, if applicable, the aggregate Notional Amount) of each such Class as a result of the allocation
of any Realized Loss or VRR Realized Losses, as applicable, and/or Additional Trust Fund Expenses on such Distribution Date;

 

(xii)        the
fraction, expressed as a decimal carried to at least eight places, the numerator of which is the then related Certificate Balance,
and the denominator of which is the related initial aggregate Certificate Balance, for each Class of Regular Certificates, the
Class V2 Certificates and each Class of Class V1 Certificates immediately following the Distribution Date;

 

(xiii)       the
amount of any Appraisal Reduction Amounts, Collateral Deficiency Amounts and Cumulative Appraisal Reduction Amounts allocated during
the related Collection Period on a loan-by-loan basis; and the total Appraisal Reduction Amounts, Collateral Deficiency Amounts
and Cumulative Appraisal Reduction Amounts as of such Distribution Date on a loan-by-loan basis;

 

(xiv)      the
number and related Stated Principal Balance of any Mortgage Loans modified, extended or waived on a loan-by-loan basis since the
previous Determination Date (including a description of any material modifications, extensions or waivers to Mortgage Loan terms,
fees, penalties or payments during the Collection Period or that have cumulatively become material over time);

 

(xv)        the
amount of any remaining unpaid Interest Shortfalls for each Class of Regular Certificates, the Class V2 Certificates and each Class
of Class V1 Certificates as of the Distribution Date;

 

(xvi)       an
loan-by-loan listing of each Mortgage Loan which was the subject of a Principal Prepayment (other than Liquidation Proceeds and
Insurance Proceeds) during the related Collection Period and the amount of Principal Prepayment occurring, together with the aggregate
amount of Principal Prepayments made during the related Collection Period;

 

(xvii)      an
loan-by-loan listing of each Mortgage Loan which was defeased since the previous Determination Date;

 

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(xviii)       the
amount of the distribution to the holders of each Class of Certificates on the Distribution Date attributable to reimbursement
of Realized Losses and VRR Realized Losses;

 

(xix)          as
to any Mortgage Loan repurchased by a Mortgage Loan Seller or otherwise liquidated or disposed of during the related Collection
Period, (A) the Loan Number of the related Mortgage Loan and (B) the amount of proceeds of any repurchase of a Mortgage Loan, Liquidation
Proceeds and/or other amounts, if any, received thereon during the related Collection Period and the portion thereof included in
the Aggregate Available Funds for such Distribution Date;

 

(xx)          the
amount on deposit in each of the Interest Reserve Account and the Gain-on-Sale Reserve Account before and after giving effect to
the distribution made on such Distribution Date (and any material account activity since the prior Distribution Date);

 

(xxi)          the
then-current credit support levels for each Class of Certificates (other than the Class X, Class S and Class R Certificates);

 

(xxii)         the
original and then-current ratings of each Class of Certificates (other than the Class S and Class R Certificates);

 

(xxiii)        with
respect to any REO Loan as to which the related Mortgaged Property became an REO Property during the preceding calendar month,
the city, state, property type, latest Debt Service Coverage Ratio and the current Stated Principal Balance;

 

(xxiv)        with
respect to any REO Property included in the Trust Fund at the close of business on the related Determination Date (A) the Loan
Number of the related Mortgage Loan and (B) the value of such REO Property based on the most recent Appraisal or valuation;

 

(xxv)         with
respect to any Serviced REO Property sold or otherwise disposed of during the related Collection Period and for which a Final Recovery
Determination has been made, (A) the Loan Number of the related Mortgage Loan, (B) the Realized Loss and VRR Realized Loss attributable
to the related Mortgage Loan, (C) the amount of sale proceeds and other amounts, if any, received in respect of such Serviced REO
Property during the related Collection Period and the portion thereof included in the Aggregate Available Funds for such Distribution
Date, (D) the date of the Final Recovery Determination and (E) the balance of the Gain-on-Sale Reserve Account for such Distribution
Date;

 

(xxvi)        the
amount of the distribution on the Distribution Date to the holders of the Class S and Class R Certificates;

 

(xxvii)       material
breaches of Mortgage Loan representations and warranties or any covenants under this Agreement of which the Certificate Administrator
has received or delivered written notice;

 

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(xxviii)      the
identity of the Operating Advisor;

 

(xxix)         the
amount of Realized Losses and VRR Realized Losses, Additional Trust Fund Expenses and Interest Shortfalls, if any, incurred with
respect to the Mortgage Loans during the related Collection Period and in the aggregate for all prior Collection Periods (except
to the extent reimbursed or paid);

 

(xxx)          an
itemized listing of any Disclosable Special Servicer Fees received by the Special Servicer or any of its Affiliates during the
related Collection Period;

 

(xxxi)         the
identity of the Controlling Class;

 

(xxxii)        the
identity of the Controlling Class Representative; and

 

(xxxiii)       such
other information as contemplated by Exhibit K to this Agreement.

 

In the case of information
furnished pursuant to sub-clauses (ii), (iii), (v), (vii), (viii), (xv) and (xviii) above, the amounts shall be expressed as a
dollar amount in the aggregate for all Certificates of each applicable Class and per $1,000 of original Certificate Balance or
Notional Amount, as the case may be.

 

The Master Servicer may
omit from the reports that it delivers to the Certificate Administrator (and the Special Servicer may omit from the reports it
delivers to the Master Servicer) in connection with the preparation of the Distribution Date Statement any information that the
Master Servicer or the Special Servicer, as applicable, regards as confidential, so long as such information is not required to
be disclosed pursuant to Item 1125 of Regulation AB. None of the Master Servicer, the Special Servicer, the Trustee or the Certificate
Administrator shall be responsible for the accuracy or completeness of any information supplied to it by a Borrower, the Depositor,
any Sponsor, any party to this Agreement or a master servicer, a special servicer or other similar party under an Other Pooling
and Servicing Agreement or other third party that is included in any reports, statements, materials or information prepared or
provided by the Master Servicer, the Special Servicer, the Trustee or the Certificate Administrator, as applicable.

 

If and for so long as
the Trust is subject to the reporting requirements of the Exchange Act, no Distribution Date Statement that is part of any Commission
filing shall include references to the Rating Agencies or any ratings ascribed by any Rating Agency to any Class of Certificates.

 

On each Distribution
Date, the Certificate Administrator shall make available to each Holder of a Class R Certificate a copy of the reports made available
to the other Certificateholders on such Distribution Date and a statement setting forth the amounts, if any, actually distributed
with respect to the Class R Certificates on such Distribution Date. Such obligation of the Certificate Administrator shall be deemed
to have been satisfied to the extent that it provided substantially comparable information pursuant to any requirements of the
Code as from time to time in force.

 

The Certificate Administrator
has not obtained and shall not be deemed to have obtained actual knowledge of any information only by virtue of its receipt and
posting of such

 

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information
to the Certificate Administrator’s Website or filing such information pursuant to this Agreement, including, but not limited
to, filing via through the EDGAR system, unless the Certificate Administrator has an explicit obligation to review or prepare
such information.

 

Within a reasonable period
of time after the end of each calendar year, the Certificate Administrator shall furnish to each Person who at any time during
the calendar year was a Certificateholder of record, a report summarizing on an annual basis (if appropriate) the items provided
to Certificateholders pursuant to clauses (ii) and (iii) above as to the applicable Class, aggregated for such calendar year or
applicable portion thereof during which such person was a Certificateholder, together with such other information that the Certificate
Administrator deems necessary or desirable, or that a Certificateholder or Certificate Owner reasonably requests, to enable such
Certificateholders to prepare their federal income tax returns. Such information shall include the amount of original issue discount
accrued on each Class of Certificates held by Persons other than Holders exempted from the reporting requirements and information
regarding the expenses of the Trust Fund. Such requirement shall be deemed to be satisfied to the extent such information is provided
pursuant to applicable requirements of the Code from time to time in force.

 

On each Distribution
Date, the Certificate Administrator shall deliver the related Distribution Date Statement to the Depositor in electronic format
to dbinvestor@list.db.com (or to such other address as the Depositor shall specify by written notice to the Certificate Administrator).

 

Upon receipt of any Asset
Review Report Summary from the Asset Representations Reviewer required to be delivered pursuant to Section 11.04(e), the
Certificate Administrator shall include such summary in Item 1B on the Form 10-D for such period in which the Asset Review Report
Summary was delivered.

 

(b)          The
Certificate Administrator shall make available via the Certificate Administrator’s Website, to any Privileged Person (provided
that the Prospectus, the Distribution Date Statements and the Commission filings will be made available to the general public,
and provided further that any Privileged Person that is a Borrower Party shall only be entitled to access documents made available
to the general public) the following items, in each case to the extent received by the Certificate Administrator:

 

(i)          the
following “deal documents”:

 

(A)          the
Prospectus;

 

(B)          this
Agreement, each sub-servicing agreement delivered to the Certificate Administrator from and after the Closing Date (if any), the
Mortgage Loan Purchase Agreements and any amendments and exhibits hereto or thereto; and

 

(C)          the
CREFC® Loan Setup File delivered to the Certificate Administrator by the Master Servicer;

 

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(ii)          the
following “SEC EDGAR filings”:

 

(A)          any
reports on Forms 10-D, 10-K, 8-K and ABS-EE that have been filed by the Certificate Administrator with respect to the Trust through
the EDGAR system;

 

(iii)          the
following “periodic reports”:

 

(A)          the
Distribution Date Statements;

 

(B)          the
supplemental reports and the CREFC® data files identified as such in the definition of “CREFC®
Investor Reporting Package (CREFC® IRP)” (other than the CREFC® Loan Setup File), to the
extent it has received or prepared such report or file; and

 

(C)          all
Operating Advisor Annual Reports.

 

(iv)          the
following “additional documents”:

 

(A)          the
summary of any Final Asset Status Report delivered to the Certificate Administrator in electronic format;

 

(B)          any
other Third Party Reports (or updates thereto) delivered to the Certificate Administrator in electronic format; and

 

(C)          the
CREFC® Appraisal Reduction Template;

 

(v)          the
following “special notices”:

 

(A)          any
notice with respect to a release pursuant to Section 3.10(g);

 

(B)          all
Special Notices;

 

(C)          notice
of any waiver, modification or amendment of any term of any Mortgage Loan;

 

(D)          notice
of final payment on the Certificates;

 

(E)          all
notices of the occurrence of any Servicer Termination Events (or any analogous servicer termination event under any Other Pooling
and Servicing Agreement relating to any Non-Serviced Whole Loan) received by the Certificate Administrator;

 

(F)          notice
of termination or resignation of the Master Servicer, the Special Servicer, the Certificate Administrator, the Operating Advisor,
the Asset Representations Reviewer or the Trustee (and appointments of successors to the Master Servicer, the Special Servicer,
the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer or the Trustee);

 

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(G)          any
notice to Certificateholders of the Operating Advisor’s recommendation to replace the Special Servicer and the related report
prepared by the Operating Advisor in connection with such recommendation;

 

(H)          any
notice of any request by requisite percentage of Certificateholders for a vote to terminate the Special Servicer, the Operating
Advisor or the Asset Representations Reviewer;

 

(I)          
notice of the Certificate Administrator’s determination that an Asset Review Trigger is in effect and any other notice
required to be delivered to the Certificateholders pursuant to Section 11.01;

 

(J)       
   any Asset Review Report Summary received by the Certificate Administrator;

 

(K)          any
and all Officer’s Certificates and other evidence delivered to or by the Certificate Administrator to support its or the
Master Servicer’s, the Trustee’s or the Special Servicer’s, as the case may be, determination that any Advance
was (or, if made, would be) a Nonrecoverable Advance;

 

(L)          any
notice of the termination of the Trust;

 

(M)        any
notice of the occurrence and continuance of a Control Termination Event or an Operating Advisor Consultation Event;

 

(N)          any
notice of the occurrence of a Consultation Termination Event;

 

(O)          any
notice of the occurrence of an Operating Advisor Termination Event;

 

(P)          any
notice of the occurrence of an Asset Representations Reviewer Termination Event;

 

(Q)         any
Proposed Course of Action Notice;

 

(R)          all
of the annual compliance statements and annual assessments as to compliance delivered to the Certificate Administrator since the
Closing Date pursuant to Section 10.11 and Section 10.12 of this Agreement; and

 

(S)          all
of the annual independent public accountants’ servicing reports caused to be delivered to the Certificate Administrator since
the Closing Date pursuant to Section 10.13 of this Agreement;

 

(vi)          the
Investor Q&A Forum;

 

(vii)          solely
to Certificateholders and Certificate Owners, the Investor Registry; and

 

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(viii)          the
following “risk retention special notices”, if any, shall also be posted to the “Risk Retention Special Notices”
tab on the Certificate Administrator’s Website:

 

(A)          the
disclosure required pursuant to 12 C.F.R. 244.4(c)(1)(ii) of the Risk Retention Rule; and

 

(B)          any
noncompliance of the applicable credit risk retention requirements under Section 15G of the Exchange Act by the Third-Party Purchaser
or a successor third party purchaser as and to the extent the Retaining Sponsor is required under the credit risk retention requirements
under Section 15G of the Exchange Act;

 

provided that
with respect to a Control Termination Event or a Consultation Termination Event deemed to exist due solely to the existence of
a Conflicted Loan, the Certificate Administrator shall only be required to make available such notice of the occurrence and continuance
of a Control Termination Event or the notice of the occurrence and continuance of a Consultation Termination Event to the extent
the Certificate Administrator has been notified of such Conflicted Loan.

 

The Certificate Administrator
shall, in addition to posting the applicable notices on the “Risk Retention Special Notices” tab described in clause
(Y) above, include a fixed statement in the Distribution Date Statement that risk retention notices, if any, can be found on the
“Risk Retention Special Notices” tab.

 

Notwithstanding the foregoing,
all Conflicted Information shall be made available under a separate tab or heading designated “Conflicted Information”
(and not under any of the tabs or headings described in items (i) through (vii) above) and made available to Privileged Persons
other than Conflicted Controlling Class Holders (unless loan-by-loan segregation is later performed by the Certificate Administrator
in which case such access by a Conflicted Controlling Class Holder shall only be prohibited with respect to the related Conflicted
Controlling Class Mortgage Loans).

 

Any Person that is a
Borrower Party shall only be entitled to access (a) the Distribution Date Statements, and the following items made available to
the general public: the Prospectus, this Agreement, the Mortgage Loan Purchase Agreements and the Commission filings on the Certificate
Administrator’s Website, and (b) in the case of the Controlling Class Representative or a Controlling Class Certificateholder,
if any such Person becomes a Conflicted Controlling Class Holder, upon delivery to the Master Servicer, the Special Servicer, the
Operating Advisor, the Certificate Administrator and the Trustee in physical form of an investor certification substantially in
the forms of Exhibit L-1D and Exhibit L-1E and upon delivery to the Certificate Administrator in physical form of
an investor certification substantially in the form of Exhibit L-1F, which shall include each of the CTSLink User ID’s
associated with such Conflicted Controlling Class Holder, all information (other than Conflicted Information) available on the
Certificate Administrator’s Website (unless loan-by-loan segregation is later performed by the Certificate Administrator
in which case such access by a Conflicted Controlling Class Holder shall only be prohibited with respect to the related Conflicted
Controlling Class Mortgage Loans).

 

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In the case of the Controlling
Class Representative or a Controlling Class Certificateholder that is not a Conflicted Controlling Class Holder, upon delivery
of an investor certification substantially in the form of Exhibit L-1B hereto, such Controlling Class Representative or
Controlling Class Certificateholder shall be entitled to access all information on the Certificate Administrator’s Website.
The Master Servicer, the Special Servicer, the Operating Advisor, the Certificate Administrator and the Trustee may each rely on
(i) an investor certification in the form of Exhibit L-1B hereto from the Controlling Class Representative or a Controlling
Class Certificateholder to the effect that such Person is not a Conflicted Controlling Class Holder and (ii) an investor certification
in the form of Exhibit L-1D hereto from the Controlling Class Representative or a Controlling Class Certificateholder to
the effect that such Person is a Conflicted Controlling Class Holder with respect to one or more Conflicted Controlling Class Mortgage
Loan(s). In the event the Controlling Class Representative or a Controlling Class Certificateholder becomes a Conflicted Controlling
Class Holder, such party shall promptly notify each of the Master Servicer, the Special Servicer, the Operating Advisor, the Certificate
Administrator and the Trustee in writing substantially in the form of Exhibit L-1E that such party is a Conflicted Controlling
Class Holder and identify the Conflicted Controlling Class Mortgage Loan(s) and thereafter shall not be entitled to any Conflicted
Information related to such Conflicted Controlling Class Mortgage Loan(s) and made available on the Certificate Administrator’s
Website. With respect to any Conflicted Information, each of the Master Servicer, the Special Servicer and the Operating Advisor
shall mark or label such information as “Conflicted Information” prior to delivery to the Certificate Administrator,
and the Certificate Administrator shall segregate on the Certificate Administrator’s Website such Conflicted Information
(and may be segregated on loan-by-loan basis) from information relating to other Mortgage Loans. Notwithstanding anything herein
to the contrary, each of the Master Servicer, the Special Servicer, the Operating Advisor and the Certificate Administrator shall
be entitled to conclusively assume that the Controlling Class Representative and all beneficial owners of the Certificates of the
Controlling Class are not Conflicted Controlling Class Holders except to the extent that the Master Servicer, the Special Servicer,
the Operating Advisor or the Certificate Administrator, as applicable, has received such notice from the Controlling Class Representative
or a Controlling Class Certificateholder that it has become a Conflicted Controlling Class Holder. None of the Master Servicer,
the Special Servicer, the Operating Advisor or the Certificate Administrator shall be liable for any communication to the Controlling
Class Representative or Controlling Class Certificateholder or disclosure of Conflicted Information if the Master Servicer, the
Special Servicer, the Operating Advisor or the Certificate Administrator, as applicable, did not receive prior written notice that
the related Mortgage Loan is a Conflicted Controlling Class Mortgage Loan (including, in the case of a summary of an Asset Status
Report or Final Asset Status Report delivered to the Certificate Administrator for posting to the Certificate Administrator’s
Website and/or any failure to label any such information provided to the Certificate Administrator).

 

Each of the Master Servicer,
the Special Servicer, the Operating Advisor and the Certificate Administrator shall be entitled to conclusively rely on (i) any
written notice from the Controlling Class Representative or a Controlling Class Certificateholder that it is no longer a Conflicted
Controlling Class Holder and (ii) any certification delivered by the Controlling Class Representative or a Controlling Class Certificateholder,
as applicable, substantially in the form of Exhibit L1-B that such Person is no longer a Conflicted Controlling Class Holder.
To the extent the Controlling Class Representative or a Controlling Class Certificateholder receives

 

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access
pursuant to this Agreement to any Conflicted Information on the Certificate Administrator’s Website or otherwise receives
access to such Conflicted Information, such Controlling Class Representative or Controlling Class Certificateholder shall be deemed
to have agreed that it (i) will not directly or indirectly provide any information related to the Conflicted Controlling Class
Mortgage Loan to the related Borrower or to any Conflicted Controlling Class Holder or (A) any employees or personnel of such
Controlling Class Representative or Controlling Class Certificateholder or any Affiliate involved in the management of any investment
in the related Borrower or the related Mortgaged Property or (B) to its actual knowledge, any non-Affiliate that holds a direct
or indirect ownership interest in the related Borrower, and (ii) will maintain sufficient internal controls and appropriate policies
and procedures in place in order to comply with the obligations described in clause (i) above.

 

To the extent the Risk
Retention Consultation Party or a Holder of a Class V1 or Class V2 Certificate receives access pursuant to this Agreement to any
information solely related to a Mortgage Loan with respect to which such party is a Borrower Party (which shall include any Asset
Status Reports, Final Asset Status Reports (or summaries thereof), inspection reports related to Specially Serviced Loans conducted
by the Special Servicer or any Non-Conflicted Special Servicer and which may include any Operating Advisor reports delivered to
the Certificate Administrator regarding the Special Servicer’s net present value determination or any Appraisal Reduction
Amount calculations, and any Officer’s Certificates delivered by the Trustee, the Master Servicer or the Special Servicer,
supporting any determination that any Advance was (or, if made, would be) a Nonrecoverable Advance, but in each case other than
information with respect to such Mortgage Loan that is aggregated with information of other Mortgage Loans at a pool level), on
the Certificate Administrator’s Website or otherwise receives access to such information, the Risk Retention Consultation
Party or Holder of a Class V1 or Class V2 Certificate shall be deemed to have agreed that it (i) will not directly or indirectly
provide any such information to (A) the related Borrower Party, (B) any employees or personnel of the Risk Retention Consultation
Party or Holder of a Class V1 or Class V2 Certificate or any of its Affiliates involved in the management of any investment in
the related Borrower Party or the related Mortgaged Property or (C) to its actual knowledge, any non-Affiliate that holds a direct
or indirect ownership interest in the related Borrower Party, and (ii) will maintain sufficient internal controls and appropriate
policies and procedures in place in order to comply with the obligations described in clause (i) above. For the avoidance
of doubt, any file or report contained in the CREFC® Investor Reporting Package (CREFC® IRP) (other
than the CREFC® Special Servicer Loan File relating to any such Conflicted Loan) shall be considered information
that is aggregated with information of other Mortgage Loans at a pool level.

 

The Certificate Administrator
makes no representations or warranties as to the accuracy or completeness of such information and assumes no responsibility therefor.
In addition, the Certificate Administrator may disclaim responsibility for any information distributed or filed by the Certificate
Administrator for which it is not the original source. The Certificate Administrator shall not be responsible for the accuracy
or completeness of any information supplied to it by the Master Servicer or Special Servicer that is included in any reports, statements,
materials or information prepared or provided by the Master Servicer or Special Servicer, as applicable, and the Certificate Administrator
shall be entitled to conclusively rely upon the Master Servicer’s reports and the Special Servicer’s reports without
any duty or obligation to recompute, verify or re-evaluate any of the amounts or other information stated

 

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therein.
In connection with providing access to the Certificate Administrator’s Internet website, the Certificate Administrator may
require registration and the acceptance of a disclaimer. The Certificate Administrator shall not be liable for the dissemination
of information in accordance herewith. Notwithstanding anything herein to the contrary, the Certificate Administrator shall not
be liable for any Conflicted Information to the extent such information was included in any summary of an Asset Status Report
or Final Asset Status Report delivered to the Certificate Administrator for posting to the Certificate Administrator’s Website
and not properly identified as Conflicted Information.

 

The Certificate Administrator
shall have no liability for access by a Conflicted Controlling Class Holder to the Certificate Administrator’s Website of
any information with respect to which such Conflicted Controlling Class Holder is prohibited from accessing pursuant to this Agreement
if such Conflicted Controlling Class Holder provided an Investor Certification but did not indicate it was a Borrower Party.

 

The provisions in this
Section shall not limit the Master Servicer’s ability to make accessible certain information regarding the Mortgage Loans
at a website maintained by the Master Servicer.

 

(c)          The
Certificate Administrator shall make available, only to Privileged Persons, the Investor Q&A Forum. The “Investor Q&A
Forum” shall be a service available on the Certificate Administrator’s Website, where (i) Certificateholders and Certificate
Owners who are Privileged Persons may (A) submit questions to the Certificate Administrator relating to the Distribution Date Statement,
(B) submit questions to the Master Servicer or the Special Servicer, as applicable, relating to the reports being made available
pursuant to this Section 4.02(c), the Mortgage Loans or the Mortgaged Properties (other than a Non-Serviced Mortgage Loan
or related Mortgaged Properties) and (C) submit questions to the Operating Advisor relating to the Operating Advisor Annual Reports
or actions by the Master Servicer or the Special Servicer as to which the Operating Advisor has consultation rights, whether or
not referenced in any Operating Advisor Annual Reports or other reports prepared by the Operating Advisor (collectively, “Inquiries”),
and (ii) Privileged Persons may view Inquiries that have been previously submitted and answered, together with the answers thereto.
Upon receipt of an Inquiry for the Master Servicer, the Special Servicer or the Operating Advisor, the Certificate Administrator
shall forward the Inquiry to the Master Servicer, the Special Servicer or the Operating Advisor, as applicable, (and in the case
of an inquiry relating to a Non-Serviced Mortgage Loan, to the applicable party under the Other Pooling and Servicing Agreement)
in each case within a commercially reasonable period following receipt thereof. Following receipt of an Inquiry, the Certificate
Administrator, the Master Servicer, the Special Servicer (other than with respect to the Non-Serviced Mortgage Loans or related
Mortgaged Properties) or the Operating Advisor, as applicable, unless it determines not to answer such Inquiry as provided below,
shall reply to the Inquiry, which reply of the Master Servicer, Special Servicer or the Operating Advisor shall be sent by email
to the Certificate Administrator. The Certificate Administrator shall post (within a commercially reasonable period following preparation
or receipt of such answer, as the case may be) such Inquiry and the related answer to the Investor Q&A Forum. If the Certificate
Administrator, the Master Servicer, the Special Servicer or the Operating Advisor determines, in its respective sole discretion,
that (i) any Inquiry is beyond the scope outlined above, (ii) answering any Inquiry would not be in the best interests of the Trust
and/or the

 

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Certificateholders,
(iii) answering any Inquiry would be in violation of applicable law, this Agreement or the applicable Loan Documents, (iv) answering
any Inquiry would materially increase the duties of, or result in significant additional cost or expense to, the Certificate Administrator,
the Master Servicer, the Special Servicer or the Operating Advisor, as applicable, (v) answering such inquiry would require the
disclosure of Privileged Information (subject to the Privileged Information Exception), (vi) answering such inquiry would or is
reasonably expected to result in a waiver of an attorney-client privilege or the disclosure of attorney work product, or (vii)
answering any Inquiry is otherwise not advisable for any reason, it shall not be required to answer such Inquiry and, in the case
of the Master Servicer, the Special Servicer or the Operating Advisor, shall promptly notify the Certificate Administrator, and
the Certificate Administrator shall not post such Inquiry on the Investor Q&A Forum. In addition, no party shall post or otherwise
disclose information known to such party to be Privileged Information as part of its response to any Inquiry. The Certificate
Administrator shall notify the Person who submitted such Inquiry if the Inquiry will not be answered. The Certificate Administrator
shall not be required to post to the Investor Q&A Forum any Inquiry or answer thereto that the Certificate Administrator determines,
in its sole discretion, is administrative or ministerial in nature. The Investor Q&A Forum will not reflect questions, answers
and other communications between the Certificate Administrator or other Person which are not submitted via the Investor Q&A
Forum. In addition, no party is permitted to post or otherwise disclose direct communication with the Directing Holder or the
Risk Retention Consultation Party (in its capacity as Risk Retention Consultation Party) as part of its response to any questions.
In the case of an Inquiry relating to a Non-Serviced Mortgage Loan, the Certificate Administrator shall make reasonable efforts
to obtain an answer from the related non-serviced master servicer or the related non-serviced special servicer, as applicable;
provided that the Certificate Administrator shall not be responsible for the content of such answer or any delay or failure
to obtain such answer.

 

(d)          The
Certificate Administrator shall make available to any Certificateholder and Certificate Owner, the Investor Registry. The “Investor
Registry” shall be a voluntary service available on the Certificate Administrator’s Website, where Certificateholders
and Certificate Owners can register and thereafter obtain contact information with respect to any other Certificateholder or Certificate
Owner that has so registered. Any person registering to use the Investor Registry will be required to certify that (a) it is a
Certificateholder or a Certificate Owner and (b) it grants authorization to the Certificate Administrator to make its name and
contact information available on the Investor Registry for at least 45 days from the date of such certification to other registered
Certificateholders and registered Certificate Owners. Such Person shall then be asked to enter certain mandatory fields such as
the individual’s name, the company name and email address, as well as certain optional fields such as address, phone, and
Class(es) of Certificates owned. If any Certificateholder or Certificate Owner notifies the Certificate Administrator that it wishes
to be removed from the Investor Registry (which notice may not be within 45 days of its registration), the Certificate Administrator
shall promptly remove it from the Investor Registry. The Certificate Administrator will not be responsible for verifying or validating
any information submitted on the Investor Registry, or for monitoring or otherwise maintaining the accuracy of any information
thereon. The Certificate Administrator may require acceptance of a waiver and disclaimer for access to the Investor Registry.

 

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(e)          The
Master Servicer may at its sole cost and expense, but is not required to, make any of the reports or files it delivers pursuant
to this Agreement available on the Master Servicer’s website only with the use of a password, in which case the Master Servicer
shall provide such password to (i) the other parties to this Agreement, who by their acceptance of such password shall be deemed
to have agreed not to disclose such password to any other Person and (ii) each Certificateholder and prospective Certificateholder
who requests such password, provided that any such Certificateholder or prospective Certificateholder, as the case may be,
has delivered an Investor Certification to the Trustee, the Certificate Administrator and the Master Servicer. In connection with
providing access to the Master Servicer’s website, the Master Servicer may require registration and the acceptance of a disclaimer
and otherwise (subject to the preceding sentence) adopt reasonable rules and procedures, which may include, to the extent the Master
Servicer deems necessary or appropriate, conditioning access on execution of an agreement governing the availability, use and disclosure
of such information, and which may provide indemnification to the Master Servicer for any liability or damage that may arise therefrom.
The Master Servicer shall not be liable for dissemination of this information in accordance with this Agreement, provided
that such information otherwise meets the requirements set forth herein with respect to the form and substance of such information
or reports. The Master Servicer shall be entitled to attach to any report provided pursuant to this subsection, any reasonable
disclaimer with respect to information provided, or any assumptions required to be made by such report. Notwithstanding anything
herein to the contrary, the Master Servicer may, at its sole cost and expense, make available by electronic media, bulletin board
service or Internet website any reports or other information the Master Servicer is required or permitted to provide to any Borrower
with respect to such Borrower’s Mortgage Loan or Serviced Whole Loan to the extent such action does not conflict with the
terms of this Agreement, the terms of the related Loan Documents or applicable law. If the Master Servicer is required to deliver
any statement, report or other information under any provision of this Agreement, then, the Master Servicer may satisfy such obligation
by (x) physically delivering a paper copy of such statement, report or information, (y) delivering such statement, report or information
in a commonly used electronic format, or (z) making such statement, report or information available on its website, unless this
Agreement expressly specifies a particular method of delivery; provided that all reports required to be delivered to the
Certificate Administrator shall be delivered in accordance with clause (x) or (y) or, upon request, clause (z).

 

(f)          Subject
to Section 3.13, the Special Servicer shall from time to time (and, in any event, as may be reasonably requested by the
Master Servicer) provide the Master Servicer with such information in its possession regarding the Specially Serviced Loans and
REO Properties as may be reasonably necessary for the Master Servicer to prepare each report and any supplemental information to
be provided by the Master Servicer to the Certificate Administrator. Neither the Certificate Administrator nor the Depositor shall
have any obligation to recompute, verify or recalculate the information provided thereto by the Master Servicer. Unless the Certificate
Administrator has actual knowledge that any report or file received from the Master Servicer contains erroneous information, the
Certificate Administrator is authorized to rely thereon in calculating and making distributions to Certificateholders and allocating
Realized Losses to the Certificates in accordance with Section 4.01 of this Agreement and preparing the statements to Certificateholders
required by Section 4.02(a) of this Agreement.

 

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(g)          As
soon as reasonably practicable, upon the written request of and at the expense of any Certificateholder, the Certificate Administrator
shall provide the requesting Certificateholder with such information that is in the Certificate Administrator’s possession
or can reasonably be obtained by the Certificate Administrator as is requested by such Certificateholder, for purposes of satisfying
applicable reporting requirements under Rule 144A under the Securities Act. Neither the Certificate Registrar nor the Certificate
Administrator shall have any responsibility for the sufficiency under Rule 144A or any other securities laws of any available information
so furnished to any person including any prospective purchaser of a Certificate or any interest therein, nor for the content or
accuracy of any information so furnished which was prepared or delivered to them by another.

 

(h)          The
Certificate Administrator shall make available at its offices, during normal business hours, upon not less than two Business Days
prior notice, for review by any Privileged Person and any Serviced Companion Loan Noteholder that is a Privileged Person (solely
with respect to items (ii) and (iii), to the extent such information relates to the related Serviced Companion Loan), originals
or copies of documents relating to the Mortgage Loans and any related REO Properties to the extent in its possession, including,
without limitation, the following items (except to the extent prohibited by applicable law or under any of the related Loan Documents):

 

(i)          
any and all notices and reports delivered to the Certificate Administrator with respect to any Mortgaged Property as to which
the environmental testing contemplated by Section 3.10(f) of this Agreement revealed that neither of the conditions
set forth in clauses (i) and (ii) thereof was satisfied;

 

(ii)         
 the most recent annual (or more frequent, if available) operating statements, rent rolls (to the extent such rent rolls
have been made available by the related Borrower) and/or lease summaries and retail sales information, if any, received from
the Master Servicer or the Special Servicer in respect to each Mortgaged Property;

 

(iii)          the
Mortgage File, including any and all modifications, waivers and amendments of the terms of a Mortgage Loan or Serviced Whole Loan
entered into by the Master Servicer and/or the Special Servicer and delivered to the Certificate Administrator; and

 

(iv)          any
other information that may be necessary to satisfy the requirements of subsection (d)(4)(i) of Rule 144A under the Securities Act.

 

The Certificate Administrator
may require a Privileged Person to execute an Investor Certification prior to granting access to such information, which may be
in the form of a “click-through” confirmation. Copies of any and all of the foregoing items will be available from
the Certificate Administrator upon request. The Certificate Administrator will be permitted to require payment by the requesting
party (other than a Rating Agency) of a sum sufficient to cover the reasonable costs and expenses of making such information available
and providing any copies thereof. The Certificate Administrator’s obligation under this Section 4.02(h) to make available
any document is subject to the Certificate Administrator’s receipt of such document.

 

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The Certificate Administrator
shall not be liable for providing or disseminating information in accordance with the terms of this Agreement.

 

(i)          The
Depositor hereby authorizes the Certificate Administrator to make available to any Financial Market Publisher or such other vendor
chosen by the Depositor that submits to the Certificate Administrator a certification substantially in the form of Exhibit L-2
to this Agreement, all the Distribution Date Statements, CREFC® reports and supplemental notices delivered or made
available pursuant to this Section 4.02 to Privileged Persons.

 

Section 4.03 Compliance
with Withholding Requirements. Notwithstanding any other provision of this Agreement, the Paying Agent shall comply with
all federal withholding requirements with respect to payments to Certificateholders and other payees of interest, original issue
discount or other amounts that the Paying Agent reasonably believes are applicable under the Code. The consent of Certificateholders
or payees shall not be required for any such withholding. If the Paying Agent or its agent withholds any amount from interest,
original issue discount payments or other amounts or advances thereof to any Certificateholder or payee pursuant to federal withholding
requirements, the Paying Agent shall indicate the amount withheld to such Certificateholder or payee. Any amount so withheld shall
be treated as having been distributed to such Certificateholder for all purposes of this Agreement.

 

Section 4.04 REMIC
Compliance. (a) The parties intend that the Lower-Tier REMIC and the Upper-Tier REMIC shall constitute, and that the
affairs of the Lower-Tier REMIC and the Upper-Tier REMIC shall be conducted so as to qualify it as, a “real estate mortgage
investment conduit” as defined in, and in accordance with, the REMIC Provisions at all times any Certificates are outstanding,
and the provisions hereof shall be interpreted consistently with this intention. In furtherance of such intention, the Certificate
Administrator shall, to the extent permitted by applicable law, act as agent, and is hereby appointed to act as agent, of each
such REMIC and shall on behalf of each such REMIC:

 

(i)          make
or cause to be made an election, on behalf of each of the Lower-Tier REMIC and the Upper-Tier REMIC, to be treated as a REMIC on
Form 1066 for its first taxable year, in accordance with the REMIC Provisions;

 

(ii)          prepare
and timely file, or cause to be prepared and timely filed, and cause the Trustee to sign (and the Trustee shall sign), all required
Tax Returns for the Lower-Tier REMIC and the Upper-Tier REMIC, using a calendar year as the taxable year for each of such REMIC
as required by the REMIC Provisions and other applicable federal, state or local income tax laws;

 

(iii)          prepare
and forward, or cause to be prepared and forwarded, to the Certificateholders and the IRS and applicable state and local tax authorities
all information reports as and when required to be provided to them in accordance with the REMIC Provisions;

 

(iv)          if
the filing or distribution of any documents of an administrative nature not addressed in clauses (i) through (iii) of this Section
4.04(a) is then required by the REMIC Provisions in order to maintain the status of the Lower-Tier REMIC and the Upper-Tier
REMIC as a REMIC or is otherwise required by the Code, prepare and file or distribute,

 

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or cause to be prepared and signed and filed
or distributed, such documents with or to such Persons when and as required by the REMIC Provisions or the Code or comparable provisions
of state and local law;

 

(v)          within
30 days of the Closing Date, obtain a taxpayer identification number for each of the Lower-Tier REMIC and the Upper-Tier REMIC
on IRS Form SS-4 and (in the case of the Upper-Tier REMIC only), furnish or cause to be furnished to the IRS, on Form 8811 or as
otherwise may be required by the Code, the name, title and address of the person that the Certificateholders may contact for tax
information relating thereto (and the Certificate Administrator shall act as the representative of the Upper-Tier REMIC for this
purpose), together with such additional information as may be required by such Form, and shall update such information at the time
or times and in the manner required by the Code (and the Depositor agrees within 10 Business Days of the Closing Date to provide
any information reasonably requested by the Master Servicer, the Special Servicer or the Certificate Administrator and necessary
to make such filing); and

 

(vi)          maintain
such records relating to the Lower-Tier REMIC and the Upper-Tier REMIC as may be necessary to prepare the foregoing returns, schedules,
statements or information, such records, for federal income tax purposes, to be maintained on a calendar year and on an accrual
basis.

 

The Certificate Administrator
shall be designated as the “representative” of the Lower-Tier REMIC and the Upper-Tier REMIC within the meaning of
Section 6223 of the Code and each Holder of a Percentage Interest in the Class R Certificates, by acceptance hereof, is deemed
to have consented to such designation and agrees to execute any documents required to give effect thereto, and any fees and expenses
incurred by the Certificate Administrator in connection with any audit or administrative or judicial proceeding shall be paid by
the Trust Fund.

 

The Certificate Administrator
shall not intentionally take any action or intentionally omit to take any action if, in taking or omitting to take such action,
the Certificate Administrator has actual knowledge that such action or omission (as the case may be) would cause the termination
of the REMIC status of the Lower-Tier REMIC or the Upper-Tier REMIC or the imposition of tax on the Lower-Tier REMIC or the Upper-Tier
REMIC (other than a tax on income expressly permitted to be received by the terms of this Agreement). Notwithstanding any provision
of this paragraph to the contrary, the Certificate Administrator shall not be required to take any action that the Certificate
Administrator in good faith believes to be inconsistent with any other provision of this Agreement, nor shall the Certificate Administrator
be deemed in violation of this paragraph if it takes any action expressly required or authorized by any other provision of this
Agreement, and the Certificate Administrator shall have no responsibility or liability with respect to any act or omission of the
Depositor, the Trustee, the Master Servicer or the Special Servicer which does not enable the Certificate Administrator to comply
with any of clauses (i) through (vi) of the first paragraph of this Section 4.04(a) or which results in any action contemplated
by clauses (i) or (ii) of the next succeeding sentence. In this regard the Certificate Administrator shall (i) exercise reasonable
care not to allow the occurrence of any “prohibited transactions” within the meaning of Section 860F(a) of the Code,
unless the party seeking such action shall have delivered to the Certificate Administrator an Opinion of Counsel (at such party’s
expense) that such occurrence would not (A) result in a taxable gain,

 

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(B)
otherwise subject the Lower-Tier REMIC or the Upper-Tier REMIC to tax (other than a tax at the highest marginal corporate tax
rate on net income from foreclosure property), or (c) cause the Lower-Tier REMIC or the Upper-Tier REMIC to fail to qualify as
a REMIC; and (ii) exercise reasonable care not to allow the Trust Fund to receive any contributions, or any income from the performance
of services or from assets not permitted under the REMIC Provisions to be held by a REMIC (provided, that the receipt of
any income expressly permitted or contemplated by the terms of this Agreement shall not be deemed to violate this clause). None
of the Master Servicer, the Special Servicer, the Trustee or the Depositor shall be (i) permitted to take any action that the
Certificate Administrator would not be permitted to take pursuant to the preceding two sentences or (ii) responsible or liable
(except in connection with taking any act or omission referred to in the two preceding sentences or the following sentence) for
any failure by the Certificate Administrator to comply with the provisions of this Section 4.04. The Depositor, the Trustee,
the Master Servicer and the Special Servicer shall cooperate in a timely manner with the Certificate Administrator in supplying
any information within the Depositor’s, the Trustee’s, the Master Servicer’s or the Special Servicer’s
control (other than any confidential information) that is reasonably necessary to enable the Certificate Administrator to perform
its duties under this Section 4.04.

 

The Certificate Administrator
shall be responsible for the preparation of IRS Form W-9, if requested. The Trustee shall be entitled to rely on any information
contained therein and is hereby directed to execute such IRS Form W-9; provided, that the Certificate Administrator shall
be directed to execute such IRS Form W-9 (in lieu of the Trustee) if permitted by applicable Treasury Regulations.

 

The Certificate Administrator’s
authority under this Agreement includes the authority to make, and the Certificate Administrator is hereby directed to make, any
elections allowed under the Code (i) to avoid the application of Section 6221 of the Code (or successor provisions) to any REMIC
and (ii) to avoid payment by any Trust REMIC under Section 6226 of the Code (or successor provisions) of any tax, penalty, interest
or other amount imposed under the Code that would otherwise be imposed on any Holder of any Class R Certificate, past or present.
A Holder of any Class R Certificate agrees, by acquiring such interest, to any such elections and to the Certificate Administrator’s
designation as “representative” of each REMIC under Section 6223 of the Code.

 

(b)          The
following assumptions are to be used for purposes of determining the anticipated payments of principal and interest for calculating
the original yield to maturity and original issue discount with respect to the Certificates: (i) each Mortgage Loan will pay principal
and interest in accordance with its terms and scheduled payments will be timely received on their Due Dates, provided that
the Mortgage Loans will prepay in accordance with the Prepayment Assumption; (ii) none of the Sole Certificateholder, the Master
Servicer, the Special Servicer and the Certificateholder owning a majority of the Percentage Interests in the Controlling Class
will exercise the right described in Section 9.01 of this Agreement to cause early termination of the Trust Fund; and (iii)
no Mortgage Loan is repurchased by a Mortgage Loan Seller pursuant to the terms of the related Mortgage Loan Purchase Agreement.

 

Section 4.05 Imposition
of Tax on the Trust Fund. If any tax, including interest, penalties or assessments, additional amounts or additions
to tax, is imposed on the Lower-Tier REMIC or the Upper-Tier REMIC, such tax shall be charged against amounts otherwise

 

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distributable
to the Holders of the Certificates; provided that any taxes imposed on any net income from foreclosure property pursuant
to Section 860G(d) of the Code or any similar tax imposed by a state or local jurisdiction shall instead be treated as an expense
of the related Serviced REO Property in determining Net REO Proceeds with respect to the Serviced REO Property (and until such
taxes are paid, the Special Servicer from time to time shall withdraw from amounts in the REO Account (and, in the case of any
Serviced Whole Loan, from amounts in the Serviced Whole Loan REO Account) allocable to the Mortgage Loans and transfer to the
Certificate Administrator amounts reasonably determined by the Certificate Administrator to be necessary to pay such taxes, which
the Certificate Administrator shall maintain in a separate, non-interest-bearing account, and the Certificate Administrator shall
send to the Special Servicer for deposit in the REO Account (or, if applicable, the Serviced Whole Loan REO Account) the excess
determined by the Certificate Administrator from time to time of the amount in such account over the amount necessary to pay such
taxes) and shall be paid therefrom; provided that any such tax imposed on net income from foreclosure property that exceeds
the amount in any such reserve shall be retained from Aggregate Available Funds as provided in Section 3.06(a)(xii) or,
in the case of any Serviced Whole Loan, in Section 3.06(b)(xiii), and the next sentence. Except as provided in the preceding
sentence, the Certificate Administrator is hereby authorized to and shall retain or cause to be retained from Aggregate Available
Funds sufficient funds to pay or provide for the payment of, and to actually pay, such tax as is legally owed by the applicable
Trust REMIC (but such authorization shall not prevent the Trustee from contesting, at the expense of the Trust Fund or in the
case of a Serviced Whole Loan with a Serviced Pari Passu Companion Loan, on a pro rata basis as between the related Mortgage
Loan and any related Serviced Pari Passu Companion Loan (based on their respective outstanding principal balances)) any such tax
in appropriate proceedings, and withholding payment of such tax, if permitted by law, pending the outcome of such proceedings).
The Certificate Administrator is hereby authorized to and shall segregate or cause to be segregated, into a separate non-interest
bearing account, (i) the net income allocable to the Mortgage Loans from any “prohibited transaction” under Section
860F(a) of the Code or (ii) the amount of any contribution to the Lower-Tier REMIC or the Upper-Tier REMIC after the Startup Day
that is subject to tax under Section 860G(d) of the Code and use such income or amount, to the extent necessary, to pay such tax
(and return the balance thereof, if any, to the Collection Account, the Lower-Tier Distribution Account or the Upper-Tier Distribution
Account). To the extent that any such tax is paid to the IRS, the Certificate Administrator shall retain an equal amount from
future amounts otherwise distributable to the Holders of the Class R Certificates, as the case may be, and shall distribute such
retained amounts to the Holders of Regular Certificates and the Exchangeable Certificates, and the Trustee as Holder of the Class
VRR Upper-Tier Regular Interests, or the Trustee as Holder of the Lower-Tier Regular Interests, until they are fully reimbursed
and then to the Holders of the Class R Certificates. Neither the Master Servicer, the Special Servicer, the Certificate Administrator,
nor the Trustee shall be responsible for any taxes imposed on the Lower-Tier REMIC or the Upper-Tier REMIC except to the extent
such tax is attributable to a breach of a representation or warranty or the negligence or willful misconduct of the Master Servicer,
the Special Servicer, the Certificate Administrator or the Trustee or an act or omission of the Master Servicer, the Special Servicer,
the Certificate Administrator or the Trustee in contravention of this Agreement, provided, further, that such breach,
act or omission could result in liability under Section 6.03 of this Agreement, in the case of the Master Servicer, Section
4.04 of this Agreement, in the case of the Trustee or Section 4.04 of this Agreement, in the case of the Certificate
Administrator in accordance with the standard of liability set forth in

 

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those sections. Notwithstanding anything in this Agreement
to the contrary, in each such case, the Master Servicer or the Special Servicer shall not be responsible for the Trustee’s
or the Certificate Administrator’s breaches, acts or omissions, the Trustee shall not be responsible for the breaches, acts
or omissions of the Certificate Administrator, the Master Servicer or the Special Servicer and the Certificate Administrator shall
not be responsible for the breaches, acts or omissions of the Trustee, the Master Servicer or the Special Servicer.

 

Section 4.06 Remittances. On
the Master Servicer Remittance Date immediately preceding each Distribution Date, the Master Servicer with respect to the Mortgage
Loans that it is servicing shall:

 

(i)          remit
to the Certificate Administrator for deposit in the Lower-Tier Distribution Account an amount equal to Prepayment Premiums and
Yield Maintenance Charges, and, for deposit in accordance with Section 3.05(i) of this Agreement, Gain-on-Sale Proceeds,
in each case received by the Master Servicer in its Collection Period preceding such Distribution Date;

 

(ii)          remit
to the Certificate Administrator for deposit in the Lower-Tier Distribution Account an amount equal to the aggregate of the Aggregate
Available Funds for such Distribution Date;

 

(iii)          remit
to the Certificate Administrator for deposit in the Excess Interest Distribution Account an amount equal to the Excess Interest
for the benefit of the Holders of the Excess Interest Certificates received by the Master Servicer in the Collection Period preceding
such Distribution Date; and

 

(iv)          remit
to CREFC® the CREFC® Intellectual Property Royalty License Fee.

 

Section 4.07 P&I
Advances. (a) On or before 3:00 p.m. (New York City time) on each Master Servicer Remittance Date, the Master Servicer
shall in the case of all Mortgage Loans either (i) remit to the Certificate Administrator for deposit into the Lower-Tier Distribution
Account, as applicable, from its own funds an amount equal to the aggregate amount of P&I Advances, if any, to be made in
respect of the related Distribution Date, (ii) apply amounts held in the Collection Account or the applicable Serviced Whole Loan
Collection Account for future distribution to Certificateholders in subsequent months in discharge of any such obligation to make
P&I Advances; provided, that such amounts in the applicable Serviced Whole Loan Collection Account shall only be applied
up to the related Mortgage Loan’s pro rata share of the amounts held therein on such date, or (iii) make P&I
Advances in the form of any combination of (i) and (ii) aggregating the total amount of P&I Advances to be made by the Master
Servicer, except that the portion of such P&I Advance equal to the CREFC® Intellectual Property Royalty
License Fee for each such Mortgage Loan shall not be remitted to the Certificate Administrator but shall instead be remitted to
CREFC®. Any amounts held in the Collection Account or any Serviced Whole Loan Collection Account, as applicable,
for future distribution and so used to make P&I Advances shall be appropriately reflected in the Master Servicer’s records
and replaced by the Master Servicer by deposit in the Collection Account or the applicable Serviced Whole Loan Collection Account,
as applicable, on or before the next succeeding P&I Advance Determination Date (to the extent not previously replaced through
either (x) the deposit of Late Collections of the delinquent principal and/or interest in respect of

 

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which
such P&I Advances were made or (y) the deposit of Periodic Payments collected prior to the expiration of any applicable grace
period that ends after the P&I Advance Determination Date in respect of which such P&I Advances were made). The Master
Servicer shall notify the Trustee and the Certificate Administrator of (i) the aggregate amount of P&I Advances for a Distribution
Date and (ii) the amount of any Nonrecoverable P&I Advances for such Distribution Date, on or before the P&I Advance Determination
Date. If the Master Servicer fails to make a required P&I Advance by 3:00 p.m. (New York City time) on any Master Servicer
Remittance Date, then the Trustee shall make such P&I Advance pursuant to Section 7.06 of this Agreement by 12:00 noon
(New York City time) on the related Distribution Date, in each case unless the Master Servicer shall have cured such failure (and
shall have provided written notice of such cure to the Trustee) by 11:00 a.m. (New York City time) on such Distribution Date or
the Trustee determines that such P&I Advance, if made, would be a Nonrecoverable Advance. Neither the Master Servicer nor
the Trustee shall be required to make principal or interest advances with respect to any delinquent payment amounts due on any
Companion Loan. If the Master Servicer or the Trustee makes a P&I Advance with respect to any Mortgage Loan that is part of
a Whole Loan with a related Serviced Companion Loan or Non-Serviced Companion Loan, then it shall provide written notice to the
related Other Servicer, Other Special Servicer and Other Trustee of the amount of such P&I Advance with respect to such Mortgage
Loan within two (2) Business Days of making such P&I Advance.

 

(b)          Subject
to Section 4.07(c) and 4.07(d) below, the aggregate amount of P&I Advances to be made by the Master Servicer
with respect to any Distribution Date shall equal the aggregate of: (i) the Periodic Payments (net of related Servicing Fees (other
than, in the case of any Non-Serviced Mortgage Loan, the servicing fee rate pursuant to the applicable Other Pooling and Servicing
Agreement)) that were due on the Mortgage Loans and any REO Loan (other than any portion of an REO Loan related to a Companion
Loan) during the related Collection Period and delinquent as of the P&I Advance Determination Date (or not advanced by any
Sub Servicer on behalf of the Master Servicer) and (ii) with respect to each Mortgage Loan delinquent in respect of its Balloon
Payment as of the Master Servicer Remittance Date (including any REO Loan (other than any portion of an REO Loan related to a Companion
Loan) as to which the related Balloon Payment would have been past due), an amount equal to the Assumed Scheduled Payment therefor.
Subject to subsection (c) below, the obligation of the Master Servicer to make such P&I Advances, with respect to the Mortgage
Loans that it is servicing, is mandatory, and with respect to any applicable Mortgage Loan or REO Loan, shall continue until (but
not including) the Distribution Date on which Liquidation Proceeds or REO Proceeds, if any, are to be distributed. The Periodic
Payment or Assumed Scheduled Payment shall be reduced, for purposes of P&I Advances, by any modifications pursuant to Section
3.26 of this Agreement or otherwise and by any reductions by a bankruptcy court pursuant to a plan of reorganization or pursuant
to any of its equitable powers.

 

(c)          Notwithstanding
anything herein to the contrary, no P&I Advance shall be required hereunder if the Master Servicer, the Special Servicer or
the Trustee, as applicable, determines that such P&I Advance would, if made, constitute a Nonrecoverable P&I Advance. In
addition, neither the Master Servicer nor the Trustee shall make any P&I Advance to the extent that it has received written
notice that the Special Servicer has determined (if no Consultation Termination Event has occurred and is continuing, in consultation
with the Directing Holder) that such P&I Advance would, if made, constitute a Nonrecoverable P&I

 

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Advance.
In making such recoverability determination, the Master Servicer, the Special Servicer and the Trustee, as applicable, will be
entitled to (i) give due regard to the existence of any Nonrecoverable Advance or Workout-Delayed Reimbursement Amount with respect
to other Mortgage Loans, the recovery of which, at the time of such consideration, is being deferred or delayed by the Master
Servicer or the Trustee, as applicable, in light of the fact that proceeds on the related Mortgage Loan are a source of recovery
not only for the P&I Advance under consideration, but also as a potential source of recovery of such Nonrecoverable Advance
or Workout-Delayed Reimbursement Amount which is being or may be deferred or delayed, (ii) consider (among other things) the obligations
of the Borrower under the terms of the related Mortgage Loan (or the Whole Loan, as applicable) as it may have been modified,
(iii) consider (among other things) the related Mortgaged Properties in their “as is” or then current conditions and
occupancies, as modified by such party’s assumptions (consistent with the Servicing Standard in the case of the Master Servicer
and the Special Servicer) regarding the possibility and effects of future adverse change with respect to such Mortgaged Properties,
(iv) estimate and consider (consistent with the Servicing Standard in the case of the Master Servicer and the Special Servicer)
(among other things) future expenses and (v) estimate and consider (among other things) the timing of recoveries.

 

The Master Servicer,
the Special Servicer and the Trustee, as applicable, shall consider Unliquidated Advances in respect of prior P&I Advances
for purposes of nonrecoverability determinations as if such Unliquidated Advances were unreimbursed P&I Advances. None of the
Master Servicer or Trustee shall make any P&I Advances with respect to delinquent amounts due on any Companion Loan. If an
Appraisal of the related Mortgaged Property shall not have been obtained within the prior 9-month period (and the Master Servicer
and the Trustee shall each request any such appraisal from the Special Servicer prior to ordering an Appraisal pursuant to this
sentence) or if such an Appraisal shall have been obtained but as a result of unforeseen occurrences, such Appraisal does not,
in the good faith determination of the Master Servicer, the Special Servicer or the Trustee, reflect current market conditions,
and the Master Servicer or the Trustee, as applicable, and the Special Servicer cannot agree on the appropriate downward adjustment
to such Appraisal, the Master Servicer, the Special Servicer or the Trustee, as the case may be, may, subject to its reasonable
and good faith determination that such Appraisal will demonstrate the nonrecoverability of the related Advance, obtain an Appraisal
for such purpose at the expense of the Trust Fund (subject, in the case of any Serviced Whole Loan, to the allocation provisions
of the related Intercreditor Agreement).

 

Any such determination
by the Master Servicer, Special Servicer or the Trustee that the Master Servicer or Trustee, as applicable, has made a Nonrecoverable
P&I Advance or that any proposed P&I Advance, if made, would constitute a Nonrecoverable P&I Advance shall be evidenced
by a certificate of a Servicing Officer delivered to the Trustee, the Certificate Administrator, the Operating Advisor, the Special
Servicer, any related Serviced Pari Passu Companion Loan holder(s), the Controlling Class Representative (but only if no Consultation
Termination Event has occurred and is continuing) and the Depositor and, in the case of the Trustee, by a certificate of a Responsible
Officer of the Trustee, delivered to the Depositor, the Controlling Class Representative (but only if no Consultation Termination
Event has occurred and is continuing), the Operating Advisor, the Certificate Administrator, the Master Servicer and the Special
Servicer, which in each case sets forth such nonrecoverability determination and the considerations of the Master Servicer, Special
Servicer or the Trustee, as applicable, forming the

 

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basis
of such determination (such certificate accompanied by, to the extent available, income and expense statements, rent rolls, occupancy
status, property inspections and other information used by the Master Servicer, Special Servicer or the Trustee, as applicable,
to make such determination, together with any existing Appraisal or any Updated Appraisal); provided, that with respect
to any Specially Serviced Loan, the Special Servicer may, at its option, make a determination in accordance with the Servicing
Standard, that any P&I Advance previously made or proposed to be made is nonrecoverable and shall deliver to the Master Servicer,
the Controlling Class Representative (but only if no Consultation Termination Event has occurred and is continuing), the Operating
Advisor, the Asset Representations Reviewer, the Certificate Administrator, the Trustee and the 17g-5 Information Provider (who
shall promptly post such notice to the 17g-5 Information Provider’s Website pursuant to Section 3.14(d) of this Agreement),
notice of such determination, together with a certificate of a Servicing Officer and the supporting information described above.
Any such determination shall be conclusive and binding on the Master Servicer, the Special Servicer and the Trustee.

 

Any such Person may update
or change its recoverability determinations at any time (but not reverse any other Person’s determination or prohibit any
such other authorized Person from making a determination, that a P&I Advance constitutes, or would constitute a Nonrecoverable
Advance) and (consistent with the Servicing Standard in the case of the Master Servicer or the Special Servicer) may obtain, at
the expense of the Trust Fund (subject, in the case of any Serviced Whole Loan, to the allocation provisions of the related Intercreditor
Agreement), any analysis, Appraisals or market value estimates or other information for such purposes. Absent bad faith, any such
determination as to the recoverability of any P&I Advance shall be conclusive and binding on the Certificateholders.

 

Notwithstanding the above,
(i) the Trustee shall be entitled to rely conclusively on and be bound by any determination by the Master Servicer or the Special
Servicer, as applicable, that a P&I Advance, if made, would be a Nonrecoverable P&I Advance and (ii) the Master Servicer
shall be entitled to rely conclusively on and be bound by any determination of the Special Servicer that a P&I Advance, if
made, would be a Nonrecoverable P&I Advance (but this statement shall not be construed to entitle the Special Servicer to reverse
any other authorized Person’s determination, or to prohibit any such other authorized Person from making a determination
that an advance constitutes, or would constitute a Nonrecoverable Advance). The Trustee, in determining whether or not a P&I
Advance previously made is, or a proposed P&I Advance, if made, would be, a Nonrecoverable P&I Advance shall use its good
faith business judgment. The Special Servicer shall promptly furnish the Master Servicer and the Trustee with any information in
its possession regarding the Specially Serviced Loans and REO Properties as each such party may reasonably request for purposes
of making recoverability determinations.

 

(d)          In
connection with the recovery of any P&I Advance out of the Collection Account pursuant to Section 3.06(a) of this Agreement
or any Serviced Whole Loan Collection Account pursuant to Section 3.06(b) of this Agreement, the Master Servicer shall be
entitled to pay itself or the Trustee, as the case may be (in reverse of such order with respect to any Mortgage Loan or REO Property)
out of any amounts then on deposit in the Collection Account or the applicable Serviced Whole Loan Collection Account (subject
to the provisions of Section 3.06) (to the extent amounts therein relate to the Mortgage Loans, taking into account the

 

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related
Intercreditor Agreement), interest at the Reimbursement Rate in effect from time to time, accrued on the amount of such P&I
Advance from the date made to but not including the date of reimbursement with respect to the Mortgage Loan that the Master Servicer
is servicing; provided, however, that no interest will accrue on any P&I Advance (i) made with respect to a
Mortgage Loan until after the related Due Date has passed and any applicable grace period has expired or (ii) if the related Periodic
Payment is received after the Determination Date but on or prior to the Business Day immediately prior to the related Distribution
Date. The Master Servicer shall reimburse itself or the Trustee, as the case may be, for any outstanding P&I Advance as soon
as practicably possible after funds available for such purpose are deposited in the Collection Account or the applicable Serviced
Whole Loan Collection Account with respect to the Mortgage Loan that the Master Servicer is servicing.

 

Notwithstanding anything
to the contrary contained in Section 4.06 of this Agreement, (i) neither the Master Servicer nor the Trustee shall make
an advance for Excess Interest, Yield Maintenance Charges or Penalty Charges and (ii) if the Master Servicer receives notice of
an Appraisal Reduction Event and the related Appraisal Reduction Amount, the interest portion of any P&I Advance with respect
to a Serviced Mortgage Loan as to which there has been an Appraisal Reduction Amount will be an amount equal to the product of
(x) the amount required to be advanced without giving effect to the Appraisal Reduction Amount and (y) a fraction, the numerator
of which is the Stated Principal Balance of such Mortgage Loan as of the immediately preceding Determination Date less any Appraisal
Reduction Amount applicable to such Mortgage Loan and the denominator of which is the Stated Principal Balance of such Mortgage
Loan as of such Determination Date. All P&I Advances for any Mortgage Loans that have been modified shall be calculated on
the basis of their terms as modified. With respect to any Non-Serviced Mortgage Loan, if the Master Servicer or the Trustee, as
applicable, does not receive notice of an Appraisal Reduction Event and the related Appraisal Reduction Amount from the related
Other Servicer, then the Master Servicer or the Trustee, as applicable, shall have no obligation to proportionately reduce the
interest portion of any P&I Advance required to be made by the Master Servicer or the Trustee, as applicable. With respect
to any Non-Serviced Companion Loan that has already been securitized prior to the Closing Date, the Certificate Administrator,
on behalf of the Trust, shall notify each Other Servicer and each Other Trustee of a Non-Serviced Mortgage Loan that (a) such Non-Serviced
Mortgage Loan has been included in this Trust and (b) upon (i) the existence of an Appraisal Reduction Event and/or (ii) the related
calculation of any Appraisal Reduction Amount (or receipt of notice of any such calculation), such Other Servicer shall provide
the Master Servicer (who shall promptly provide to the Special Servicer (who shall promptly forward, prior to a Consultation Termination
Event, to the Directing Holder) and the Trustee with prompt notice of the existence of any such Appraisal Reduction Event and/or
any such Appraisal Reduction Amount once calculated. With respect to any Serviced Companion Loan, the Master Servicer shall notify
the related Other Servicer and Other Trustee of the existence of an Appraisal Reduction Event and any related Appraisal Reduction
Amount. The Master Servicer shall be deemed to have delivered notice of any such Appraisal Reduction Event and any related Appraisal
Reduction Amount if the Master Servicer includes such event and/or amount in its monthly servicer statements provided to the other
servicer.

 

The portion of any Insurance
Proceeds and Net Liquidation Proceeds in respect of a Mortgage Loan or any REO Loan allocable to principal shall equal the total
amount of such

 

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proceeds
minus (i) any portion thereof payable to the Master Servicer, the Special Servicer, the Operating Advisor, the Asset Representations
Reviewer, the Certificate Administrator or the Trustee pursuant to this Agreement and (ii) a portion thereof equal to the interest
component of the Periodic Payment(s), as accrued at the related Net Mortgage Rate from the date as to which interest was last
paid by the Borrower up to but not including the Due Date in the Collection Period in which such proceeds are received; provided,
if the interest portion(s) of one or more P&I Advances with respect of such Mortgage Loan or REO Loan, as applicable, were
reduced as a result of an Appraisal Reduction Event, the amount of the Net Liquidation Proceeds to be applied to interest shall
be reduced by the aggregate amount of such reductions and the portion of such Net Liquidation Proceeds to be applied to principal
shall be increased by such amount, and if the amount of the Net Liquidation Proceeds to be applied to principal has been applied
to pay the principal of such Mortgage Loan or REO Loan in full, any remaining Net Liquidation Proceeds shall then be applied to
pay any remaining accrued and unpaid interest of such Mortgage Loan or REO Loan.

 

(e)          With
respect to any Non-Serviced Mortgage Loan, the Master Servicer, the Special Servicer and the Trustee will each be permitted to
make its determination that the Master Servicer or the Trustee has made a P&I Advance on such Mortgage Loan that is a Nonrecoverable
P&I Advance or that any proposed P&I Advance, if made, would constitute a Nonrecoverable P&I Advance with respect to
such Mortgage Loan in accordance with Section 4.07(a) independently of any determination made by the Other Servicer (or
any master servicer with respect to a commercial mortgage securitization holding another Non-Serviced Companion Loan related to
such Non-Serviced Mortgage Loan, if any) under the Other Pooling and Servicing Agreement (or any pooling and servicing agreement
with respect to a commercial mortgage securitization holding another Non-Serviced Companion Loan related to such Non-Serviced Mortgage
Loan, if any). If the Master Servicer, the Special Servicer or the Trustee, as applicable, determines that a proposed P&I Advance
with respect to any Non-Serviced Mortgage Loan, if made, or any outstanding P&I Advance with respect to any Non-Serviced Mortgage
Loan previously made, would be, or is, as applicable, a Nonrecoverable Advance, the Master Servicer, the Special Servicer or the
Trustee, as applicable, shall provide the Other Servicer (and any master servicer with respect to a commercial mortgage securitization
holding another Non-Serviced Companion Loan related to such Non-Serviced Mortgage Loan, if any), the Other Special Servicer and
Other Trustee with written notice of such determination, promptly and in any event within two (2) Business Days after such determination
or such longer time period permitted by the applicable Intercreditor Agreement. If the Master Servicer receives written notice
from an Other Servicer (or any master servicer with respect to a commercial mortgage securitization holding another Non-Serviced
Companion Loan related to such Non-Serviced Mortgage Loan, if any) that it has determined, with respect to the related Non-Serviced
Companion Loan, that any proposed advance of principal and/or interest with respect to the related Non-Serviced Companion Loan
would be, or any outstanding advance of principal and interest is, a nonrecoverable advance of principal and/or interest, such
determination shall not be binding on the Certificateholders, the Master Servicer or the Trustee; provided that, with respect
to each Non-Serviced Whole Loan, each of the Master Servicer and the Trustee shall be entitled to conclusively rely on any such
nonrecoverability determination.

 

If the Master Servicer
receives notice from a Rating Agency that it is no longer approved as a master servicer for commercial mortgage securitizations,
it shall promptly notify

 

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the
Trustee, any Other Trustee, any Other Servicer and any other trustee or master servicer with respect to each commercial mortgage
securitization that holds a Non-Serviced Companion Loan related to a Non-Serviced Mortgage Loan, if any.

 

(f)          With
respect to any Serviced Whole Loan that has a Serviced Companion Loan, the Master Servicer, the Special Servicer and the Trustee
will be permitted to make its determination that the Master Servicer or the Trustee has made a P&I Advance on the related Mortgage
Loan that is a Nonrecoverable P&I Advance or that any proposed P&I Advance, if made, would constitute a Nonrecoverable
P&I Advance with respect to such Mortgage Loan in accordance with (a) independently of any determination made in respect
of the related Serviced Companion Loan, by the master servicer under the related Other Pooling and Servicing Agreement. If the
Master Servicer, the Special Servicer or the Trustee, as applicable, determines that a proposed P&I Advance with respect to
such Serviced Whole Loan, if made, or any outstanding P&I Advance with respect to any such Mortgage Loan previously made, would
be, or is, as applicable, a Nonrecoverable Advance or if the Master Servicer, the Special Servicer or the Trustee, as applicable,
subsequently determines that a proposed Servicing Advance would be a Nonrecoverable Advance or an outstanding Servicing Advance
is or would be a Nonrecoverable Advance, the Master Servicer or Trustee, as applicable, shall provide the Other Servicer, Other
Special Servicer and the Other Trustee under each related Other Pooling and Servicing Agreement with written notice of such determination,
promptly and in any event within two (2) Business Days after such determination or such longer time period permitted by the applicable
Intercreditor Agreement. If the Master Servicer receives written notice from any master servicer under any such Other Pooling and
Servicing Agreement that such master servicer has determined, with respect to the related Serviced Companion Loan, that any proposed
advance of principal and/or interest with respect to such Serviced Companion Loan would be, or any outstanding advance of principal
and interest is, a nonrecoverable advance of principal and/or interest, such determination shall not be binding on the Certificateholders,
the Master Servicer or the Trustee; provided that, with respect to each Non-Serviced Whole Loan, each of the Master Servicer
and the Trustee shall be entitled to conclusively rely on any such nonrecoverability determination.

 

(g)          If
the applicable Master Servicer receives notice from a Rating Agency that it is no longer approved as a master servicer for commercial
mortgage securitizations, it shall promptly notify the Trustee, any Other Trustee, any Other Servicer and any other trustee or
master servicer with respect to each commercial mortgage securitization that holds a Serviced Pari Passu Companion Loan related
to any Serviced Whole Loan, if any.

 

(h)          The
Master Servicer or the Trustee, as applicable, shall be entitled to the reimbursement of P&I Advances it makes to the extent
permitted pursuant to Section 3.06 of this Agreement together with any related Advance Interest Amount in respect of such
P&I Advances to the extent permitted pursuant to Section 3.06 of this Agreement and the Master Servicer and the Special
Servicer each hereby covenants and agrees to promptly seek and effect the reimbursement of such Advances from the related Borrowers
to the extent permitted by applicable law and the related Mortgage Loan and this Agreement.

 

Section 4.08 Appraisal
Reductions; Collateral Deficiency Amounts. (a) For purposes of (x) determining the Non-Reduced Certificates, the Controlling
Class and whether a Control Termination Event has occurred and is continuing, and (y) determining the Voting

 

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Rights
of the related Classes for purposes of removal of the Special Servicer, the VRR Interest Percentage of the Appraisal Reduction
Amounts allocated to the Mortgage Loans will be allocated to the VRR Interest to notionally reduce (to not less than zero) the
Certificate Balance of the Class V2 Certificates and the respective Classes of the Class V1 Certificates as follows: (i) the Class
V2 Percentage thereof shall be applied to notionally reduce (to not less than zero) the Certificate Balance of the Class V2 Certificates;
and (ii) the Class V1 Percentage thereof shall be applied to notionally reduce (in the case of any particular Class, to not less
than zero) the Certificate Balances of the Class V1-G Certificates, then the Class V1-F Certificates, then the Class V1-E Certificates,
then the Class V1-D Certificates, then the Class V1-C Certificates, then the Class V1-B Certificates, then the Class V1-AM Certificates,
and then, on a pro rata based on their Certificate Balances, the Class V1-A1, Class V1-A2, Class V1-A3, Class V1-ASB, Class
V1-A4 and Class V1-A5 Certificates, in that order. The Non-VRR Interest Percentage of the Appraisal Reduction Amounts allocated
to the Mortgage Loans will be allocated to each Class of Principal Balance Certificates in reverse sequential order to notionally
reduce the related Certificate Balances until the Certificate Balance of each such Class of Certificates is reduced to zero (i.e.,
first, to the Class G-RR Certificates; second, to the Class F-RR Certificates, third, to the Class E Certificates,
fourth, to the Class D Certificates, fifth, to the Class C Certificates, sixth, to the Class B Certificates,
seventh, to the Class A-M Certificates and ninth, to the Class A-1, Class A-2, Class A-SB, Class A-3, Class A-4
and Class A-5 Certificates, pro rata, based on their Certificate Balances).

 

As of the first Determination
Date following a Serviced Mortgage Loan becoming an AB Modified Loan, the Master Servicer shall calculate whether a Collateral
Deficiency Amount exists with respect to such AB Modified Loan, taking into account the most recent Appraisal obtained by the Special
Servicer with respect to such Mortgage Loan, and all other information relevant to a Collateral Deficiency Amount determination.
Upon obtaining knowledge or receipt of notice by the Master Servicer that a Non-Serviced Mortgage Loan has become an AB Modified
Loan, the Master Servicer shall (i) promptly request from the related Other Servicer, Other Special Servicer and Other Trustee
the most recent appraisal with respect to such AB Modified Loan, in addition to all other information reasonably required by the
Master Servicer to calculate whether a Collateral Deficiency Amount exists with respect to such AB Modified Loan, and (ii) as of
the first Determination Date following receipt by the Master Servicer of the appraisal and any other information set forth in the
immediately preceding clause (i) that the Master Servicer reasonably expects to receive, calculate whether a Collateral Deficiency
Amount exists with respect to such AB Modified Loan, taking into account the most recent appraisal obtained by the Other Special
Servicer with respect to such Non-Serviced Mortgage Loan, and all other information relevant to a Collateral Deficiency Amount
determination. Upon obtaining knowledge or receipt of notice by any other party to this Agreement that a Non-Serviced Mortgage
Loan has become an AB Modified Loan, such party shall promptly notify the Master Servicer thereof. The Special Servicer, upon reasonable
prior written request, shall provide the Master Servicer with information in its possession that is reasonably required to calculate
or recalculate any Collateral Deficiency Amount. Upon reasonable prior written request, the Special Servicer shall use reasonable
efforts to assist the Master Servicer in obtaining information reasonably required to calculate or recalculate any Collateral Deficiency
Amount with respect to a Non-Serviced Mortgage Loan in the event that the Master Servicer is unsuccessful in obtaining such information
from the related Other

 

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Servicer,
Other Special Servicer or Other Trustee. None of the Special Servicer, the Trustee or the Certificate Administrator shall calculate
or verify any Collateral Deficiency Amount.

 

For purposes of determining
the Controlling Class and whether a Control Termination Event has occurred and is continuing, Collateral Deficiency Amounts allocated
to an AB Modified Loan will be allocated by applying the Non-VRR Interest Percentage of the Collateral Deficiency Amounts to each
Class of Control Eligible Certificates in reverse sequential order to notionally reduce the related Certificate Balances until
the Certificate Balance of each such Class of Control Eligible Certificates is reduced to zero. For the avoidance of doubt, for
purposes of determining the Controlling Class or the occurrence of a Control Termination Event, any Class of Control Eligible Certificates
shall be allocated the Non-VRR Interest Percentage of both applicable Appraisal Reduction Amounts and applicable Collateral Deficiency
Amounts (the sum of which shall constitute the applicable Cumulative Appraisal Reduction Amount), in accordance with this Section
4.08(a).

 

With respect to (i) any
Appraisal Reduction Amount calculated for the purposes of determining the Non-Reduced Certificates or determining the Voting Rights
of the related Classes for purposes of removal of the Special Servicer and (ii) any Appraisal Reduction Amount or Collateral Deficiency
Amount calculated for purposes of determining the Controlling Class or the occurrence of a Control Termination Event, the appraised
value of the related Mortgaged Property shall be determined on an “as is” basis.

 

The Master Servicer shall
promptly notify the Certificate Administrator of the amount of any Appraisal Reduction Amount (which notification shall be made
by delivery of the CREFC® Loan Periodic Update File in accordance with Section 3.13(a)), any Collateral Deficiency
Amount and any resulting Cumulative Appraisal Amount allocated to each Mortgage Loan, AB Modified Loan or Serviced Whole Loan if
any (which notification shall be satisfied through the delivery of such information included in the CREFC® Appraisal
Reduction Amount Template included in the CREFC® Investor Reporting Package (or such other form as agreed to by
the Certificate Administrator and the Master Servicer), which shall be delivered simultaneously with the CREFC®
Loan Periodic Update File in accordance with Section 3.13(a)). Based on information in its possession, the Certificate Administrator
shall determine from time to time which Class of Certificates is the Controlling Class. Promptly upon its determination of a change
in the Controlling Class, the Certificate Administrator shall notify the Master Servicer, the Special Servicer and the Operating
Advisor of such event, including the identity and contact information of the new Controlling Class Certificateholder (the cost
of obtaining such information from the Depository being an expense of the Trust).

 

(b)          The
Holders of the majority (by Certificate Balance) of any Class of Control Eligible Certificates whose aggregate Certificate Balance,
as notionally reduced by Appraisal Reduction Amounts or Collateral Deficiency Amounts allocated thereto, is less than 25% of the
initial Certificate Principal Balance of such Class (such Class, an “Appraised-Out Class”) as a result of an
allocation of an Appraisal Reduction Amount or Collateral Deficiency Amount in respect of such Class shall have the right, at their
sole expense, to require the Special Servicer to order a second Appraisal of any Mortgage Loan for which an Appraisal Reduction
Event has occurred or as to which there exists a Collateral Deficiency Amount (such Holders, the “Requesting Holders”),
and use its reasonable efforts to obtain an Appraisal prepared on an “as-is” basis by an MAI appraiser reasonably acceptable
to the Special Servicer within 60 days from

 

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receipt
of the Requesting Holders’ written request. Any Appraised-Out Class for which the Requesting Holders are challenging the
Appraisal Reduction Amount or Collateral Deficiency Amount determination shall not exercise any rights of the Controlling Class
until such time, if any, as such Class is reinstated as the Controlling Class and the rights of the Controlling Class will be
exercised by the most senior Control Eligible Certificates, if any, during such period.

 

In addition, the Requesting
Holders of any Appraised-Out Class shall have the right, at their sole expense, to require the Special Servicer to order an additional
appraisal of any Serviced Mortgage Loan for which an Appraisal Reduction Event has occurred or as to which there exists a Collateral
Deficiency Amount if an event has occurred at or with regard to the related Mortgaged Property or Mortgaged Properties that would
have a material effect on its appraised value, and the Special Servicer shall use reasonable efforts to obtain an Appraisal prepared
on an “as-is” basis by an MAI appraiser reasonably acceptable to the Special Servicer within 60 days from receipt of
the Requesting Holders’ written request; provided that the Special Servicer shall not be required to obtain such appraisal
if it determines in accordance with the Servicing Standard that no events at or with regard to the related Mortgaged Property or
Mortgaged Properties have occurred that would have a material effect on the appraised value of the related Mortgaged Property or
Mortgaged Properties. The right of the holders of an Appraised-Out Class to require the Special Servicer to order an additional
appraisal as described in this paragraph shall be limited to no more frequently than once in any 9-month period with respect to
any Mortgage Loan.

 

Upon receipt of any such
second Appraisal, the Special Servicer shall determine, in accordance with the Servicing Standard, whether, based on its assessment
of such second Appraisal, any recalculation of the Appraisal Reduction Amount or Collateral Deficiency Amount is warranted and,
if so warranted, shall direct the Master Servicer to, and the Master Servicer shall, recalculate such Appraisal Reduction Amount
or Collateral Deficiency Amount, as applicable, based upon such second Appraisal and receipt of information reasonably requested
by the Master Servicer from the Special Servicer, to the extent such information is in the possession of the Special Servicer,
and is reasonably necessary to make such recalculation. If required by any such recalculation, the Appraised-Out Class shall be
reinstated as the Controlling Class.

 

Appraisals that are permitted
to be obtained by the Special Servicer at the request of holders of an Appraised-Out Class shall be in addition to any appraisals
that the Special Servicer may otherwise be required to obtain in accordance with the Servicing Standard or this Agreement without
regard to any appraisal requests made by any holder of an Appraised-Out Class.

 

(c)          An
appraisal for any Mortgage Loan that has not been brought current for at least three consecutive Periodic Payments (or paid in
full, liquidated, repurchased or otherwise disposed of) will be updated every 9 months for so long as an Appraisal Reduction Event
or Collateral Deficiency Amount exists.

 

(d)          Notwithstanding
the foregoing, within 60 days after an Appraisal Reduction Event (i) with respect to Serviced Mortgage Loans and any related Serviced
Companion Loans having a Stated Principal Balance of $2,000,000 or higher, the Special Servicer shall order and use efforts consistent
with the Servicing Standard to obtain an Updated

 

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Appraisal
or (ii) with respect to Serviced Mortgage Loans and any related Serviced Companion Loans having a Stated Principal Balance of
less than $2,000,000, the Special Servicer, at its option, shall (A) provide a Small Loan Appraisal Estimate within the same time
period as an Appraisal would otherwise be required and such Small Loan Appraisal Estimate shall be used in lieu of an Updated
Appraisal to calculate the Appraisal Reduction Amount for such Mortgage Loans or applicable Serviced Whole Loans; or (B) order
and use efforts consistent with the Servicing Standard to obtain an Updated Appraisal.

 

(e)          The
Special Servicer, upon reasonable request, shall deliver to the Master Servicer any information in the Special Servicer’s
possession reasonably required to determine, calculate, redetermine or recalculate any Appraisal Reduction Amount.

 

On the first Determination
Date occurring at least 10 Business Days after the later of (i) date the Master Servicer receives from the Special Servicer the
related Updated Appraisal or the Special Servicer’s Small Loan Appraisal Estimate, as applicable, and (ii) the occurrence
of an Appraisal Reduction Event, the Master Servicer shall adjust the Appraisal Reduction Amount to take into account such Updated
Appraisal or Small Loan Appraisal Estimate, as applicable and any information reasonably requested by the Master Servicer from
the Special Servicer, to the extent such information is in the possession of the Special Servicer, necessary to calculate the Appraisal
Reduction Amount. Each Appraisal Reduction Amount shall also be adjusted to take into account any subsequent Small Loan Appraisal
Estimate or Updated Appraisal, as applicable, and any letter updates, as of the date of each such subsequent Small Loan Appraisal
Estimate, Updated Appraisal or letter update, as applicable, and receipt of information reasonably requested by the Master Servicer
from the Special Servicer, to the extent such information is in the possession of the Special Servicer and is reasonably necessary
to calculate the Appraisal Reduction Amount. Such report shall also be forwarded by the Master Servicer, to the extent the related
Serviced Companion Loan has been included in a securitization transaction, to the master servicer of such securitization into which
the related Serviced Companion Loan has been sold, or to the holder of any related Serviced Companion Loan by the Master Servicer.

 

Section 4.09 Grantor
Trust Reporting. (a) The Certificate Administrator shall maintain adequate books and records to account for the separate
entitlements of the Grantor Trust.

 

(b)          The
parties intend that the Grantor Trust shall be treated as a “grantor trust” under the Code, and the provisions thereof
shall be interpreted consistently with this intention. In furtherance of such intention, none of the Depositor, the Master Servicer,
the Special Servicer, the Trustee or the Certificate Administrator shall vary the assets of the Grantor Trust so as to take advantage
of market fluctuations or so as to improve the rate of return of the Grantor Trust Certificates, and shall otherwise comply with
Treasury Regulations Section 301.7701-4(c). Within 30 days of the Closing Date, the Certificate Administrator shall obtain a taxpayer
identification number for the Grantor Trust on IRS Form SS-4. The Certificate Administrator shall file or cause to be filed with
the IRS Form 1041 (or, if the Grantor Trust is a WHFIT, information will be provided on Form 1099) or such other form as may be
applicable and shall furnish or cause to be furnished to the Holders of the Grantor Trust Certificates their allocable share of
income and expense with respect to the related Specific Grantor Trust Assets with the corresponding alphabetic or alphanumeric
designation and proceeds thereof, as such amounts are received or accrue, as applicable.

 

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(c)          (i)
The Grantor Trust will be treated as a WHFIT that is a WHMT. The Certificate Administrator shall report as required under the WHFIT
Regulations to the extent such information as is reasonably necessary to enable the Certificate Administrator to do so is provided
to the Certificate Administrator on a timely basis. The Certificate Administrator is hereby directed to assume that DTC is the
only “middleman” as defined by the WHFIT Regulations unless the Depositor provides the Certificate Administrator with
the identities of other “middlemen” that are Certificateholders. The Certificate Administrator shall be entitled to
rely on the first sentence of this Section 4.09(c)(i), and shall be entitled to indemnification in accordance with the terms
of this Agreement in the event that the IRS makes a determination that any such notice is incorrect.

 

(ii)          The
Certificate Administrator, in its discretion, shall report required WHFIT information using either the cash or accrual method,
except to the extent the WHFIT Regulations specifically require a different method. The Certificate Administrator shall be under
no obligation to determine whether any Certificateholder uses the cash or accrual method. The Certificate Administrator shall make
available (via the Certificate Administrator’s Website) WHFIT information to Certificateholders annually. In addition, the
Certificate Administrator shall not be responsible or liable for providing subsequently amended, revised or updated information
to any Certificateholder, unless requested by the Certificateholder.

 

(iii)          The
Certificate Administrator shall not be liable for failure to meet the reporting requirements of the WHFIT Regulations nor for any
penalties thereunder if such failure is due to: (i) the lack of reasonably necessary information being provided to the Certificate
Administrator or (ii) incomplete, inaccurate or untimely information being provided to the Certificate Administrator. Each owner
of a class of securities representing, in whole or in part, beneficial ownership of an interest in a WHFIT, by acceptance of its
interest in such class of securities, will be deemed to have agreed to provide the Certificate Administrator with information regarding
any sale of such securities, including the price, amount of proceeds and date of sale. Absent receipt of information regarding
any sale of Certificates, including the price, amount of proceeds and date of sale from the beneficial owner thereof or the Depositor,
the Certificate Administrator shall assume there is no secondary market trading of WHFIT interests.

 

(iv)          To
the extent required by the WHFIT Regulations, the Certificate Administrator shall use reasonable efforts to publish on the Certificate
Administrator’s Website the CUSIPs for the Certificates that represent ownership of a WHFIT. The CUSIPs so published will
represent the Rule 144A CUSIPs. The Certificate Administrator shall make reasonable good faith efforts to keep the website accurate
and updated to the extent CUSIPs have been received. Absent the receipt of a CUSIP, the Certificate Administrator will use a reasonable
identifier number in lieu of a CUSIP. The Certificate Administrator shall not be liable for investor reporting delays that result
from the receipt of inaccurate or untimely CUSIP information.

 

Section 4.10 Secure
Data Room. (a) The Certificate Administrator shall create the Secure Data Room and the Depositor shall, upon receipt
of each Mortgage Loan Seller’s Diligence File Certification, deliver to the Certificate Administrator within 120 days following
the Closing Date an electronic copy of the Diligence Files for the Mortgage Loans that have been

 

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uploaded
by the Mortgage Loan Sellers to the Intralinks Site. Upon receipt thereof, the Certificate Administrator shall promptly upload
the contents of each Diligence File to the Secure Data Room. Access to the Secure Data Room shall be granted by the Certificate
Administrator to (i) the Asset Representations Reviewer and (ii) any other Person at the direction of the Depositor, in each case,
upon the occurrence of an Affirmative Asset Review Vote and receipt by the Certificate Administrator of a certification substantially
in the form of Exhibit KK hereto (which shall be sent via email to trustadministrationgroup@wellsfargo.com or submitted
electronically via the Certificate Administrator’s website). In no case whatsoever shall Certificateholders be permitted
to access the Secure Data Room. For the avoidance of doubt, the Certificate Administrator shall be under no obligation to post
any documents or information to the Secure Data Room other than the contents of the Diligence Files initially delivered to it
by the Depositor.

 

(b)          The
Certificate Administrator shall not have any obligation or duty to verify, review, confirm or otherwise determine whether the type,
number or contents of any Diligence File delivered to the Certificate Administrator is accurate, complete, or relates to the transaction
or confirm that all documents and information constituting any Diligence File have actually been delivered to the Certificate Administrator.
In no case shall the Certificate Administrator be deemed to have obtained actual or constructive knowledge of the contents of,
or information contained in, any Diligence File by virtue of posting such Diligence File to the Secure Data Room. In the event
that any document or information is posted in error, the Certificate Administrator may remove such document or information from
the Secure Data Room. The Certificate Administrator shall not have any obligation to produce physical or electronic copies of any
document or information provided to it for posting to the Secure Data Room. The Certificate Administrator shall not be responsible
or held liable for any other Person’s use or dissemination of the documents or information contained on the Secure Data Room;
provided that such event or occurrence is not also a result of its own negligence, bad faith or willful misconduct. The
Certificate Administrator shall not be required to restrict access to the Secure Data Room on a loan-by-loan basis and any Person
with access to the Secure Data Room shall covenant to access only the information necessary to perform its duties and responsibilities
under this Agreement.

 

(c)          Upon
the resignation or removal of the Certificate Administrator pursuant to Section 8.07, the Certificate Administrator shall
transfer electronic copies of the Diligence Files to a successor certificate administrator designated in writing by the Depositor,
and all costs and expenses associated with the transfer of the Diligence Files shall be payable as part of the costs and expenses
associated with the transfer of its responsibilities upon the resignation or removal of the Certificate Administrator pursuant
to Section 8.07. Following the date on which any Mortgage Loan is paid in full, liquidated, repurchased or otherwise removed
from the Trust, the Master Servicer or the Special Servicer, as applicable, may (but shall not be obligated to) direct the Certificate
Administrator in writing to delete the Diligence File related to such Mortgage Loan from the Secure Data Room; provided
that absent such direction, the Certificate Administrator shall not be obligated to delete any Diligence File from the Secure Data
Room. Following the termination of the Trust pursuant to Section 9.01, the Certificate Administrator shall be permitted
to delete all files from the Secure Data Room. Upon deletion pursuant to this Section 4.10, in no event shall the Certificate
Administrator be obligated to reproduce or retrieve such deleted files.

 

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Article
V

THE CERTIFICATES

 

Section 5.01 The
Certificates. (a) The Certificates consist of the Class A-1 Certificates, the Class A-2 Certificates, the Class A-3 Certificates,
the Class A-SB Certificates, the Class A-4 Certificates, the Class A-5 Certificates, the Class A-M Certificates, the Class X-A
Certificates, the Class X-B Certificates, the Class X-D Certificates, the Class X-E Certificates, the Class B Certificates, the
Class C Certificates, the Class D Certificates, the Class E Certificates, the Class F-RR Certificates, the Class G-RR Certificates,
the Class V1-A1 Certificates, the Class V1-A2 Certificates, the Class V1-A3 Certificates, the Class V1-ASB Certificates, the Class
V1-A4 Certificates, the Class V1-A5 Certificates, the Class V1-AM Certificates, the Class V1-B Certificates, the Class V1-C Certificates,
the Class V1-D Certificates, the Class V1-E Certificates, the Class V1-F Certificates, the Class V1-G Certificates, the Class
V2 Certificates, the Class S Certificates and the Class R Certificates.

 

The Class A-1, Class
A-2, Class A-3, Class A-SB, Class A-4, Class A-5, Class A-M, Class X-A, Class X-B, Class X-D, Class X-E, Class B, Class C, Class
D, Class E, Class F-RR, Class G-RR, Class V1-A1, Class V1-A2, Class V1-A3, Class V1-ASB, Class V1-A4, Class V1-A5, Class V1-AM,
Class V1-B, Class V1-C, Class V1-D, Class V1-E, Class V1-F, Class V1-G, Class V2, Class S and Class R Certificates will be substantially
in the forms for such Class of Certificates as set forth next to such Classes in the Table of Exhibits to this Agreement.
The Certificates of each Class (other than the Class S and Class R Certificates) will be issuable in registered form only, in minimum
denominations of authorized Certificate Balance or Notional Amount, as applicable, as described in the succeeding table, and multiples
of $l in excess thereof (or such lesser amount if the Certificate Balance or Notional Amount, as applicable, is not a multiple
of $1). The Certificates of each Class of Exchangeable Certificates will be issuable in one or more Individual Certificates, in
minimum denominations of authorized Certificate Balance as described in the succeeding table, and multiples of $l in excess thereof
(or such lesser amount if the Certificate Balance is not a multiple of $1). With respect to any Certificate or any beneficial interest
in a Certificate, the “Denomination” thereof shall be (i) the amount (A) set forth on the face thereof or (B) in the
case of any Global Certificate, set forth on a schedule attached thereto or, in the case of any beneficial interest in a Global
Certificate, the amount set forth on the books and records of the related Depository Participant or indirect participating brokerage
firm, as applicable, (ii) expressed in terms of Certificate Balance or Notional Amount, as applicable, and (iii) be in an authorized
denomination, as set forth below:

 

	Class 
	 	Minimum
 Denomination 

	 	Aggregate Denomination of
 all Certificates of Class 

	A-1 	 	$	 10,000	 	 	$	 18,703,000	 
	A-2 	 	$	 10,000	 	 	$	157,629,000	 
	A-3 	 	$	10,000	 	 	$	 49,272,000	 
	A-SB 	 	$	10,000	 	 	$	40,449,000	 
	A-4 	 	$	10,000	 	 	$	135,000,000	 
	A-5 	 	$	10,000	 	 	$	387,112,000	 
	X-A 	 	$	100,000	 	 	$	885,279,000	 
	A-M 	 	$	10,000	 	 	$	97,114,000	 
	B 	 	$	10,000	 	 	$	47,853,000	 

 

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	Class 
	 	Minimum
 Denomination 

	 	Aggregate Denomination of
 all Certificates of Class 

	C 	 	$	 10,000	 	 	$	 52,075,000	 
	X-B 	 	$	 100,000	 	 	$	47,853,000	 
	X-D 	 	$	 100,000	 	 	$	60,520,000	 
	X-E 	 	$	 100,000	 	 	$	25,334,000	 
	D 	 	$	 100,000	 	 	$	60,520,000	 
	E 	 	$	 100,000	 	 	$	25,334,000	 
	F-RR 	 	$	 100,000	 	 	$	14,074,000	 
	G-RR 	 	$	 100,000	 	 	$	40,816,346	 
	V1-A1 	 	$	 10,000	 	 	$	671,521	 
	V1-A2 	 	$	 10,000	 	 	$	5,659,582	 
	V1-A3 	 	$	 10,000	 	 	$	1,769,084	 
	V1-ASB 	 	$	 10,000	 	 	$	 1,452,299	 
	V1-A4 	 	$	 10,000	 	 	$	4,847,101	 
	V1-A5 	 	$	 10,000	 	 	$	 13,899,043	 
	V1-AM 	 	$	 10,000	 	 	$	 3,486,825	 
	V1-B 	 	$	 10,000	 	 	$	 1,718,136	 
	V1-C 	 	$	 10,000	 	 	$	 1,869,724	 
	V1-D 	 	$	 10,000	 	 	$	 2,172,937	 
	V1-E 	 	$	 10,000	 	 	$	 909,603	 
	V1-F 	 	$	 10,000	 	 	$	505,319	 
	V1-G 	 	$	 10,000	 	 	$	 1,465,488	 
	V2 	 	$	 10,000	 	 	$	 40,426,662	 

 

		(1)	The Aggregate
                                         Denomination of each Class of the Class V1 Certificates shown in the table above represents
                                         the maximum Certificate Balance of such Class that may be issued on the Closing Date
                                         in an exchange pursuant to Section 5.09.

 

		(2)	The Aggregate
                                         Denomination of the Class V2 Certificates shown in the table above represents the maximum
                                         Certificate Balance of such Class that could be issued on the Closing Date.

 

Each Certificate will
share ratably in all rights of the related Class.

 

The Class S and Class
R Certificates will each be issuable in one or more Individual Certificates in minimum denominations of 5% Percentage Interests
and integral multiples of a 1% Percentage Interest in excess thereof and together aggregating the entire 100% Percentage Interest
in each such Class.

 

The Global Certificates
shall be issued as one or more certificates registered in the name of a nominee designated by the Depository, and Certificate Owners
shall hold interests in the Global Certificates through the book-entry facilities of the Depository in the minimum Denominations
and aggregate Denominations and Classes as set forth above.

 

The Global Certificates
shall in all respects be entitled to the same benefits under this Agreement as Individual Certificates authenticated and delivered
hereunder.

 

The Retained Certificates
shall each be issuable in one or more Individual Certificates at all times during the Transfer Restriction Period.

 

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(b)          Except
insofar as pertains to any Individual Certificate, the Trust Fund, the Certificate Administrator, the Paying Agent and the Trustee
may for all purposes (including the making of payments due on the Global Certificates and the giving of notice to Holders thereof)
deal with the Depository as the authorized representative of the Certificate Owners with respect to the Global Certificates for
the purposes of exercising the rights of Certificateholders hereunder; provided, that, for purposes of transmitting communications
pursuant to Section 5.05(a) of this Agreement, to the extent that the Depositor has provided the Certificate Administrator
with the names of Certificate Owners (even if such Certificateholders hold their Certificates through the Depository) the Certificate
Administrator shall provide such information to such Certificate Owners directly. The rights of Certificate Owners with respect
to Global Certificates shall be limited to those established by law and agreements between such Certificateholders and the Depository
and Depository Participants. Except as set forth in Section 5.01(e) below, Certificate Owners of Global Certificates shall
not be entitled to physical certificates for the Global Certificates as to which they are the Certificate Owners. Requests and
directions from, and votes of, the Depository as Holder of the Global Certificates shall not be deemed inconsistent if they are
made with respect to different Certificate Owners. Subject to the restrictions on transfer set forth in this Section 5.01
of this Agreement and Applicable Procedures, the holder of a beneficial interest in a Private Global Certificate may request that
the Certificate Administrator cause the Depository (or any Agent Member) to notify the Certificate Registrar and the Certificate
Custodian in writing of a request for transfer or exchange of such beneficial interest for an Individual Certificate or Certificates.
Upon receipt of such a request and payment by the related Certificate Owner of any attendant expenses, the Certificate Administrator
shall cause the issuance and delivery of such Individual Certificates. The Certificate Registrar may establish a reasonable record
date in connection with solicitations of consents from or voting by Certificateholders and give notice to the Depository of such
record date. Without the written consent of the Certificate Registrar, no Global Certificate may be transferred by the Depository
except to a successor Depository that agrees to hold the Global Certificates for the account of the Certificate Owners.

 

(c)          Any
of the Certificates may be issued with appropriate insertions, omissions, substitutions and variations, and may have imprinted
or otherwise reproduced thereon such legend or legends, not inconsistent with the provisions of this Agreement, as may be required
to comply with any law or with rules or regulations pursuant thereto, or with the rules of any securities market in which the Certificates
are admitted to trading, or to conform to general usage.

 

(d)          The
Global Certificates (i) shall be delivered by the Certificate Registrar to the Depository or, pursuant to the Depository’s
instructions on behalf of the Depository to, and deposited with, the Certificate Custodian, and in either case shall be registered
in the name of Cede & Co. and (ii) shall bear a legend substantially to the following effect:

 

“Unless this certificate is presented
by an authorized representative of The Depository Trust Company, a New York corporation (“DTC”), to the Certificate
Registrar for registration of transfer, exchange or payment, and any certificate issued is registered in the name of Cede &
Co. or in such other name as is requested by an authorized representative of DTC (and any payment is made to

 

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Cede & Co. or
to such other entity as is requested by an authorized representative of DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE
OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the registered owner hereof, Cede & Co., has an interest herein.”

 

The Global Certificates
may be deposited with such other Depository as the Certificate Registrar may from time to time designate, and shall bear such legend
as may be appropriate.

 

(e)          If
(i) the Depository advises the Certificate Administrator in writing that the Depository is no longer willing or able properly to
discharge its responsibilities as Depository, and the Certificate Administrator and the Depositor are unable to locate a qualified
successor within 90 days of such notice or (ii) the Trustee has instituted or has been directed to institute any judicial proceeding
to enforce the rights of the Holders of such Class and the Trustee has been advised by counsel that in connection with such proceeding
it is necessary or appropriate for the Certificate Registrar to obtain possession of the Certificates of such Class, the Certificate
Administrator shall notify the affected Certificate Owner or Owners through the Depository of the occurrence of such event and
the availability of Individual Certificates to such Certificate Owners requesting them. Upon surrender to the Certificate Administrator
of Global Certificates by the Depository, accompanied by registration instructions from the Depository for registration of transfer,
the Certificate Administrator shall issue the Individual Certificates. Neither the Trustee, the Certificate Administrator, the
Certificate Registrar, the Master Servicer, the Special Servicer nor the Depositor shall be liable for any actions taken by the
Depository or its nominee, including, without limitation, any delay in delivery of such instructions. Upon the issuance of Individual
Certificates, the Trustee, the Certificate Administrator, the Certificate Registrar and the Master Servicer shall recognize the
Holders of Individual Certificates as Certificateholders hereunder.

 

(f)          If
the Trustee, its agents, the Certificate Administrator, its agents or the Master Servicer or Special Servicer have instituted or
have been directed to institute any judicial proceeding in a court to enforce the rights of the Certificateholders under the Certificates,
and the Trustee, the Certificate Administrator, the Master Servicer or the Special Servicer have been advised by counsel that in
connection with such proceeding it is necessary or appropriate for the Trustee, the Certificate Administrator, the Master Servicer
or the Special Servicer to obtain possession of the Certificates, the Trustee, the Certificate Administrator, the Master Servicer
or the Special Servicer may in their sole discretion determine that the Certificates represented by the Global Certificates shall
no longer be represented by such Global Certificates. In such event, the Certificate Administrator or the Authenticating Agent
will execute and authenticate and the Certificate Registrar will deliver, in exchange for such Global Certificates, Individual
Certificates (and if the Certificate Administrator or the Certificate Custodian has in its possession Individual Certificates previously
executed, the Authenticating Agent will authenticate and the Certificate Registrar will deliver such Certificates) in a Denomination
equal to the aggregate Denomination of such Global Certificates.

 

(g)          If
the Trust Fund ceases to be subject to Section 13 or 15(d) of the Exchange Act, the Certificate Administrator shall make available
to each Holder and Certificate Owner of a Class of Certificates, upon request of such a Holder, information, to the extent such

 

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information
is in its possession, substantially equivalent in scope to the information currently filed by the Certificate Administrator with
the Commission pursuant to the Exchange Act, plus additional information required to be provided for securities qualifying for
resales under Rule 144A under the Act.

 

For so long as the Class
S or Class R Certificates remain outstanding, none of the Depositor, the Trustee or the Certificate Registrar shall take any action
which would cause the Trust Fund to fail to be subject to Section 15(d) of the Exchange Act.

 

(h)          Each
Certificate may be printed or in typewritten or similar form, and each Certificate shall, upon original issue, be executed and
authenticated by the Certificate Administrator or the Authenticating Agent and delivered to, or at the order of, the Depositor.
All Certificates shall be executed by manual or facsimile signature on behalf of the Certificate Administrator or Authenticating
Agent by an authorized officer or signatory. Certificates bearing the signature of an individual who was at any time the proper
officer or signatory of the Certificate Administrator or Authenticating Agent shall bind the Certificate Administrator or Authenticating
Agent, notwithstanding that such individual has ceased to hold such office or position prior to the delivery of such Certificates
or did not hold such office or position at the date of such Certificates. No Certificate shall be entitled to any benefit under
this Agreement, or be valid for any purpose, unless there appears on such Certificate a certificate of authentication in the form
set forth in Exhibits A-1 through A-33 executed by the Authenticating Agent by manual signature, and such certificate
of authentication upon any Certificate shall be conclusive evidence, and the only evidence, that such Certificate has been duly
authenticated and delivered hereunder. All Certificates shall be dated the date of their authentication.

 

(i)          If,
in connection with any Distribution Date, the Certificate Administrator shall have reported the amount of an anticipated distribution
to the Depository based on the expected receipt of any monthly payment based on information set forth in any report of the Master
Servicer or the Special Servicer, or any other monthly payment, Balloon Payment or prepayment expected to be or which is paid on
the last two Business Days preceding such Distribution Date, and the related Borrower fails to make such payments at such time,
the Certificate Administrator shall use commercially reasonable efforts to cause the Depository to make the revised distribution
on a timely basis on such Distribution Date. The Trustee, the Certificate Administrator (in any of its capacities), the Operating
Advisor, the Asset Representations Reviewer, the Master Servicer and the Special Servicer shall not be liable or held responsible
for any resulting delay (or claims by the Depository resulting therefrom) in the making of such distribution to Certificateholders.
Any out-of-pocket costs incurred by the Certificate Administrator as a consequence of a Borrower failing to make such payments
shall be reimbursable to the Certificate Administrator as an expense of the Trust Fund.

 

(j)          During
the Transfer Restriction Period, each Retained Certificate shall only be held as Definitive Certificates in the Retained Interest
Safekeeping Account by the Certificate Administrator (and each Retaining Party’s respective interest shall be tracked in
the form of an entry in the Certificate Administrator’s trust accounting system under the Retained Interest Safekeeping Account),
for the benefit of the Holder of the related Certificate. The Certificate Administrator shall hold such Retained Certificates in
safekeeping and shall release the same only upon receipt of (i) written instructions from the holder of the Retained Certificates
and the Retaining Sponsor, and in accordance with any authentication procedures as may be

 

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utilized
by the Certificate Administrator and in accordance with this Agreement, and
(ii) any certifications or other requirements governing transfers of the Retained Certificate required under Section 5.02(m).
There shall be, and hereby is, established by the Certificate Administrator an account which will be designated the “Retained
Interest Safekeeping Account” and into which the Retained Certificates shall be held and which shall be governed by and
subject to this Agreement. In addition, on and after the date hereof, the Certificate Administrator may establish any number of
subaccounts to the Retained Interest Safekeeping Account for each Retaining Party. The Retained Certificates to be delivered in
physical form to the Certificate Administrator shall be delivered as set forth herein. No amounts distributable to the Retained
Certificates shall be remitted to the Retained Interest Safekeeping Account, but shall be remitted directly to each Retaining
Party in accordance with written instructions provided separately by each Retaining Party to the Certificate Administrator. Under
no circumstances by virtue of safekeeping the Retained Certificates shall the Certificate Administrator be obligated to bring
legal action or institute proceedings against any person on behalf of the Retaining Parties. During the Transfer Restriction Period
and for such longer time as the Retaining Parties may request, the Certificate Administrator shall hold the Retained Certificates
in definitive, fully registered form without interest coupons at the below location, or any other location; provided the Certificate
Administrator has given notice to each of the Retaining Parties of such new location:

 

Wells Fargo Bank NA

Attn: Security Control
and Transfer (SCAT) - MAC N9345-010

425 E Hennepin Avenue

Minneapolis, MN 55414

 

On the Closing Date,
the Certificate Administrator shall deliver written confirmation to the Depositor, the Retaining Sponsor and the Third-Party Purchaser
substantially in the form of Exhibit MM to this Agreement evidencing its receipt of the Retained Certificates.

 

The Certificate Administrator
shall make available to the VRR Retaining Party its respective account information as mutually agreed upon by the Certificate Administrator
and the VRR Retaining Party, and in accordance with the Certificate Administrator’s policies and procedures. Any transfer
of a Certificate evidencing the VRR Interest shall be subject to this Article V. During the Transfer Restriction Period,
unless the Retaining Sponsor and the Depositor otherwise consent in writing, the Certificate Administrator shall not permit any
Person to copy (other than for internal purposes), and shall not itself provide to any Person copies of, the executed Certificates
held by it in the Retained Interest Safekeeping Account.

 

Section 5.02 Registration,
Transfer and Exchange of Certificates. (a) The Certificate Administrator shall keep or cause to be kept at its offices
books (the “Certificate Register”) for the registration, transfer and exchange of Certificates (the Certificate
Administrator, in such capacity, being the “Certificate Registrar”). The Depositor, the Trustee, the Master
Servicer and the Special Servicer shall have the right to inspect the Certificate Register or to obtain a copy thereof at all
reasonable times, and to rely conclusively upon a certificate of the Certificate Registrar as to the information set forth in
the Certificate Register. The names and addresses of all Certificateholders and the names and addresses of the transferees of
any Certificates shall be registered in the Certificate Register; provided, in no event shall the Certificate Registrar
be required to maintain in the Certificate Register the names of the

 

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individual
Participants holding beneficial interests in the Trust Fund through the Depository. The Person in whose name any Certificate is
so registered shall be deemed and treated as the sole owner and Holder thereof for all purposes of this Agreement and the Depositor,
Certificate Registrar, the Master Servicer, Special Servicer, the Trustee, the Certificate Administrator, any Paying Agent and
any agent of any of them shall not be affected by any notice or knowledge to the contrary. An Individual Certificate is transferable
or exchangeable only upon the surrender of such Certificate to the Certificate Registrar at its offices together with an assignment
and transfer (executed by the Holder or his duly authorized attorney), subject to the requirements of Section 5.01(h) and
Sections 5.02(c), (d), (e), (f), (g), (h) and (i) of this Agreement. Upon request
of the Certificate Administrator, the Certificate Registrar shall provide the Certificate Administrator with the names, addresses
and Percentage Interests of the Holders. In its capacity as Certificate Registrar, the Certificate Administrator shall be responsible
for, among other things, holding each HRR Certificate and each Certificate evidencing the VRR Interest as Individual Certificates
on behalf of each Holder of such Certificates in accordance with Section 5.01(j).

 

(b)          Upon
surrender for registration of transfer of any Individual Certificate, subject to the requirements of Sections 5.02(c), (d),
(e), (f), (g), (h) and (i) of this Agreement, the Certificate Administrator shall execute and
the Authenticating Agent shall duly authenticate in the name of the designated transferee or transferees, one or more new Certificates
in Denominations of a like aggregate Denomination as the Individual Certificate being surrendered. Such Certificates shall be delivered
by the Certificate Registrar in accordance with Section 5.02(e) of this Agreement. Each Certificate surrendered for registration
of transfer shall be canceled and subsequently destroyed by the Certificate Registrar. Each new Certificate issued pursuant to
this Section 5.02 shall be registered in the name of any Person as the transferring Holder may request, subject to the provisions
of Sections 5.01(h) and 5.02(c), (d), (e), (f), (g), (h) and (i) of this
Agreement.

 

(c)          In
addition to the provisions of Sections 5.01(h) and (j) and 5.02(d), (e), (f), (g), (h)
and (i) of this Agreement and the rules of the Depository, the exchange, transfer and registration of transfer of Private
Certificates that are Individual Certificates or beneficial interests in the Private Global Certificates shall be subject to the
following restrictions:

 

(i)          Transfers
between Holders of Individual Certificates. With respect to the transfer and registration of transfer of an Individual Certificate
representing an interest in a Class of Private Certificates to a transferee that takes delivery in the form of an Individual Certificate
(other than transfers of the Class S or Class R Certificates, which may be made only in accordance with Section 5.02(i)
of this Agreement, and transfers of any HRR Certificates, any Class V1 Certificate or any Certificate constituting the VRR Interest,
which may only be made in accordance with Section 5.02(c)(vi) of this Agreement and during the Transfer Restriction Period
in accordance with Section 5.01(j)):

 

(A)          Other
than the initial transfer from the Initial Purchasers to an initial investor, the Certificate Registrar shall register the transfer
of such Individual Certificate if the requested transfer is being made by a transferee who has provided the Certificate Registrar
with an Investment Representation Letter substantially in the form of Exhibit D-1 to this Agreement (an “Investment

 

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Representation Letter”), to the effect that the transfer is being made to a Qualified Institutional Buyer in accordance
with Rule 144A;

 

(B)          The
Certificate Registrar shall register the transfer of such Individual Certificate pursuant to Regulation S after the expiration
of the Restricted Period if (1) the transferor has provided the Certificate Registrar with a Regulation S Transfer Certificate
substantially in the form of Exhibit G to this Agreement (a “Regulation S Transfer Certificate”), and
(2) the transferee furnishes to the Certificate Registrar an Investment Representation Letter; or

 

(C)          The
Certificate Registrar shall register the transfer of such Individual Certificate if prior to the transfer such transferee furnishes
to the Certificate Registrar (1) an Investment Representation Letter to the effect that the transfer is being made to an Institutional
Accredited Investor or to an Affiliated Person in accordance with an applicable exemption under the Act, and (2) in the case of
a transfer to an Affiliated Person, an opinion of counsel acceptable to the Certificate Registrar that such transfer is in compliance
with the Act;

 

and, in each case, the Certificate
Registrar shall register the transfer of such Individual Certificate only if prior to the transfer the transferee furnishes to
the Certificate Registrar a written undertaking by the transferor to reimburse the Trust Fund for any costs incurred by it in connection
with the proposed transfer. In addition, the Certificate Registrar may, as a condition of the registration of any such transfer,
require the transferor to furnish such other certificates, legal opinions or other information (at the transferor’s expense)
as the Certificate Registrar may reasonably require to confirm that the proposed transfer is being made pursuant to an exemption
from, or in a commercial mortgage-backed securitization transaction not subject to, the registration requirements of the Act and
other applicable laws.

 

(ii)          Transfers
within the Private Global Certificates. Notwithstanding any provision to the contrary herein, so long as a Private Global Certificate
remains outstanding and is held by or on behalf of the Depository, transfers within such Global Certificate shall only be made
in accordance with this Section 5.02(c)(ii).

 

(A)          Rule
144A Global Certificate to Regulation S Global Certificate During the Restricted Period. If, during the Restricted Period,
a Certificate Owner of an interest in a Rule 144A Global Certificate wishes at any time to transfer its beneficial interest in
such Rule 144A Global Certificate to a Person who wishes to take delivery thereof in the form of a beneficial interest in the related
Regulation S Global Certificate, such Certificate Owner may, in addition to complying with all applicable rules and procedures
of the Depository and Clearstream or Euroclear applicable to transfers by their respective participants (the “Applicable
Procedures”), transfer or cause the transfer of such beneficial interest for an equivalent beneficial interest in such
Regulation S Global Certificate only upon compliance with the provisions of this Section 5.02(c)(ii)(A). Upon receipt by
the Certificate Registrar at the Corporate Trust Office of (1) written instructions given in accordance with the Applicable Procedures
from an Agent Member directing the Certificate Registrar to credit or

 

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cause to be credited to another specified Agent Member’s
account a beneficial interest in the Regulation S Global Certificate in an amount equal to the Denomination of the beneficial interest
in the Rule 144A Global Certificate to be transferred, (2) a written order given in accordance with the Applicable Procedures containing
information regarding the account of the Agent Member and the Euroclear or Clearstream account, as the case may be, to be credited
with, and the account of the Agent Member to be debited for, such beneficial interest, and (3) a certificate in the form of Exhibit
H to this Agreement given by the Certificate Owner of such interest, the Certificate Registrar shall instruct the Depository
or the Certificate Custodian, as applicable, to reduce the Denomination of the Rule 144A Global Certificate by the Denomination
of the beneficial interest in the Rule 144A Global Certificate to be so transferred and, concurrently with such reduction, to increase
the Denomination of the Regulation S Global Certificate by the Denomination of the beneficial interest in the Rule 144A Global
Certificate to be so transferred, and to credit or cause to be credited to the account of the Person specified in such instructions
(who shall be an Agent Member acting for or on behalf of Euroclear or Clearstream, or both, as the ease may be) a beneficial interest
in the Regulation S Global Certificate having a Denomination equal to the amount by which the Denomination of the Rule 144A Global
Certificate was reduced upon such transfer.

 

(B)          Rule
144A Global Certificate to Regulation S Global Certificate After the Restricted Period. If, after the Restricted Period, a
Certificate Owner of an interest in a Rule 144A Global Certificate wishes at any time to transfer its beneficial interest in such
Rule 144A Global Certificate to a Person who wishes to take delivery thereof in the form of a beneficial interest in the related
Regulation S Global Certificate, such holder may, in addition to complying with all Applicable Procedures, transfer or cause the
transfer of such beneficial interest for an equivalent beneficial interest in such Regulation S Global Certificate only upon compliance
with the provisions of this Section 5.02(c)(ii)(B). Upon receipt by the Certificate Registrar at the Corporate Trust Office
of (1) written instructions given in accordance with the Applicable Procedures from an Agent Member directing the Certificate Registrar
to credit or cause to be credited to another specified Agent Member’s account a beneficial interest in the Regulation S Global
Certificate in an amount equal to the Denomination of the beneficial interest in the Rule 144A Global Certificate to be transferred,
(2) a written order given in accordance with the Applicable Procedures containing information regarding the account of the Agent
Member and, in the case of a transfer pursuant to and in accordance with Regulation S, the Euroclear or Clearstream account, as
the case may be, to be credited with, and the account of the Agent Member to be debited for, such beneficial interest, and (3)
a certificate in the form of Exhibit I to this Agreement given by the Certificate Owner of such interest, the Certificate
Registrar shall instruct the Depository or the Certificate Custodian, as applicable, to reduce the Denomination of the Rule 144A
Global Certificate by the aggregate Denomination of the beneficial interest in the Rule 144A Global Certificate to be so transferred
and, concurrently with such reduction, to increase the Denomination of the Regulation S Global Certificate by the aggregate

 

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Denomination
of the beneficial interest in the Rule 144A Global Certificate to be so transferred, and to credit or cause to be credited to the
account of the Person specified in such instructions a beneficial interest in the Regulation S Global Certificate having a Denomination
equal to the amount by which the Denomination of the Rule 144A Global Certificate was reduced upon such transfer.

 

(C)          Regulation
S Global Certificate to Rule 144A Global Certificate. If the Certificate Owner of an interest in a Regulation S Global Certificate
wishes at any time to transfer its beneficial interest in such Regulation S Global Certificate to a Person who wishes to take delivery
thereof in the form of a beneficial interest in the related Rule 144A Global Certificate, such Certificate Owner may, in addition
to complying with all Applicable Procedures, transfer or cause the transfer of such beneficial interest for an equivalent beneficial
interest in such Rule 144A Global Certificate only upon compliance with the provisions of this Section 5.02(c)(ii)(C). Upon
receipt by the Certificate Registrar at the Corporate Trust Office of (1) written instructions given in accordance with the Applicable
Procedures from an Agent Member directing the Certificate Registrar to credit or cause to be credited to another specified Agent
Member’s account a beneficial interest in the Rule 144A Global Certificate in an amount equal to the Denomination of the
beneficial interest in the Regulation S Global Certificate to be transferred, (2) a written order given in accordance with the
Applicable Procedures containing information regarding the account of the Agent Member to be credited with, and the account of
the Agent Member or, if such account is held for Euroclear or Clearstream, the Euroclear or Clearstream account, as the case may
be, to be debited for, such beneficial interest, and (3) with respect to a transfer of a beneficial interest in a Regulation S
Global Certificate for a beneficial interest in the related Rule 144A Global Certificate (i) during the Restricted Period, a certificate
in the form of Exhibit J to this Agreement given by the holder of such beneficial interest or (ii) after the Restricted
Period, an Investment Representation Letter from the transferee to the effect that such transferee is a Qualified Institutional
Buyer, the Certificate Registrar shall instruct the Depository or the Certificate Custodian, as applicable, to reduce the Denomination
of the Regulation S Global Certificate by the aggregate Denomination of the beneficial interest in the Regulation S Global Certificate
to be transferred, and, concurrently with such reduction, to increase the Denomination of the Rule 144A Global Certificate by the
aggregate Denomination of the beneficial interest in the Regulation S Global Certificate to be so transferred, and to credit or
cause to be credited to the account of the Person specified in such instructions a beneficial interest in such Rule 144A Global
Certificate having a Denomination equal to the amount by which the Denomination of the Regulation S Global Certificate was reduced
upon such transfer.

 

(iii)          Transfers
from the Private Global Certificates to Individual Certificates. Any and all transfers from a Private Global Certificate to
a transferee wishing to take delivery in the form of an Individual Certificate will require the transferee to take delivery

 

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subject
to the restrictions on the transfer of such Individual Certificate described in a legend set forth on the face of such Certificate
substantially in the form of Exhibit F to this Agreement (the “Securities Legend”), and such transferee
agrees that it will transfer such Individual Certificate only as provided therein and herein. No such transfer shall be made and
the Certificate Registrar shall not register any such transfer unless such transfer is made in accordance with this Section
5.02(c)(iii).

 

(A)          Transfers
of a beneficial interest in a Private Global Certificate to an Institutional Accredited Investor will require delivery in the form
of an Individual Certificate and the Certificate Registrar shall register such transfer only upon compliance with the provisions
of Section 5.02(c)(i)(C) of this Agreement.

 

(B)          Transfers
of a beneficial interest in a Private Global Certificate to a Qualified Institutional Buyer or a Regulation S Investor wishing
to take delivery in the form of an Individual Certificate will be registered by the Certificate Registrar only upon compliance
with the provisions of Section 5.02(c)(i)(A) or (B) of this Agreement, respectively.

 

(C)          Notwithstanding
the foregoing, no transfer of a beneficial interest in a Regulation S Global Certificate to an Individual Certificate pursuant
to Subparagraph (B) above shall be made prior to the expiration of the Restricted Period.

 

Upon acceptance for exchange
or transfer of a beneficial interest in a Private Global Certificate for an Individual Certificate, as provided herein, the Certificate
Registrar shall endorse on the schedule affixed to the related Private Global Certificate (or on a continuation of such schedule
affixed to such Private Global Certificate and made a part thereof) an appropriate notation evidencing the date of such exchange
or transfer and a decrease in the Denomination of such Private Global Certificate equal to the Denomination of such Individual
Certificate issued in exchange therefor or upon transfer thereof. Unless determined otherwise by the Certificate Registrar and
the Depositor in accordance with applicable law, an Individual Certificate issued upon transfer of or exchange for a beneficial
interest in the Private Global Certificate shall bear the Securities Legend.

 

(iv)          Transfers
of Individual Certificates to the Private Global Certificates. If a Holder of an Individual Certificate wishes at any time
to transfer such Certificate to a Person who wishes to take delivery thereof in the form of a beneficial interest in the related
Regulation S Global Certificate or the related Rule 144A Global Certificate, such transfer may be effected only in accordance with
the Applicable Procedures and this Section 5.02(c)(iv) (other than with respect to any Retained Certificate during the Transfer
Restriction Period, which shall be held as an Individual Certificate pursuant to Section 5.01(j)). Upon receipt by the Certificate
Registrar at the Corporate Trust Office of (l) the Individual Certificate to be transferred with an assignment and transfer pursuant
to Section 5.05(a) of this Agreement, (2) written instructions given in accordance with the Applicable Procedures from an
Agent Member directing the Certificate Registrar to credit or cause to be credited to a specified Agent Member’s account
a beneficial interest in such Regulation S Global Certificate or such Rule 144A Global Certificate, as the case may be,

 

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in an amount
equal to the Denomination of the Individual Certificate to be so transferred, (3) a written order given in accordance with the
Applicable Procedures containing information regarding the account of the Agent Member and, in the case of any transfer pursuant
to Regulation S, the Euroclear or Clearstream account, as the case may be, to be credited with such beneficial interest, and (4)
(x) an Investment Representation Letter from the transferee and, if delivery is to be taken in the form of a beneficial interest
in the Regulation S Global Certificate, a Regulation S Transfer Certificate from the transferor or (y) an Investment Representation
Letter from the transferee to the effect that such transferee is a Qualified Institutional Buyer if delivery is to be taken in
the form of a beneficial interest in the Rule 144A Global Certificate, the Certificate Registrar shall cancel such Individual Certificate,
execute and deliver a new Individual Certificate for the Denomination of the Individual Certificate not so transferred, registered
in the name of the Holder or the Holder’s transferee (as instructed by the Holder), and the Certificate Registrar shall instruct
the Depository or the Certificate Custodian, as applicable, to increase the Denomination of the Regulation S Global Certificate
or the Rule 144A Global Certificate, as the case may be, by the Denomination of the Individual Certificate to be so transferred,
and to credit or cause to be credited to the account of the Person specified in such instructions who, in the case of any increase
in the Regulation S Global Certificate during the Restricted Period, shall be an Agent Member acting for or on behalf of Euroclear
or Clearstream, or both, as the case may be, a corresponding Denomination of the Rule 144A Global Certificate or the Regulation
S Global Certificate, as the case may be.

 

It is the intent of the foregoing
that under no circumstances may an Institutional Accredited Investor that is not a Qualified Institutional Buyer take delivery
in the form of a beneficial interest in a Private Global Certificate, other than the initial transfer from the Initial Purchasers
to an initial investor.

 

(v)          All
Transfers. An exchange of a beneficial interest in a Global Certificate for an Individual Certificate or Certificates, an exchange
of an Individual Certificate or Certificates for a beneficial interest in a Global Certificate and an exchange of an Individual
Certificate or Certificates for another Individual Certificate or Certificates (in each case, whether or not such exchange is made
in anticipation of subsequent transfer, and, in the case of the Global Certificates, so long as the Global Certificates remain
outstanding and are held by or on behalf of the Depository), may be made only in accordance with this Section 5.02 and in
accordance with the rules of the Depository and Applicable Procedures (other than with respect to any Retained Certificate during
the Transfer Restriction Period, which shall be held as an Individual Certificate pursuant to Section 5.01(j)).

 

(d)          If
Certificates are issued upon the transfer, exchange or replacement of Certificates not bearing the Securities Legend, the Certificates
so issued shall not bear the Securities Legend. If Certificates are issued upon the transfer, exchange or replacement of Certificates
bearing the Securities Legend, or if a request is made to remove the Securities Legend on a Certificate, the Certificates so issued
shall bear the Securities Legend, or the Securities Legend shall not be removed, as the case may be, unless there is delivered
to the Certificate Registrar such satisfactory evidence, which may include an opinion of counsel (at the

 

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expense of the party requesting
the removal of such legend) familiar with United States securities laws, as may be reasonably required by the Certificate Registrar,
that neither the Securities Legend nor the restrictions on transfers set forth therein are required to ensure that transfers of
any Certificate comply with the provisions of Rule 144A, Rule 144 or Regulation S under the Act, the Risk Retention Rule or that
such Certificate is not a “restricted security” within the meaning of Rule 144 under the Act. Upon provision of such
satisfactory evidence, the Certificate Registrar shall execute and deliver a Certificate that does not bear the Securities Legend.

 

(e)          Subject
to the restrictions on transfer and exchange set forth in Section 5.01(i) and in this Section 5.02, the Holder of
any Individual Certificate may transfer or exchange the same in whole or in part (with a denomination equal to any authorized denomination)
by surrendering such Certificate at the office of the Certificate Administrator or at the office of any transfer agent appointed
as provided under this Agreement, together with an instrument of assignment or transfer (executed by the Holder or its duly authorized
attorney), in the case of transfer, and a written request for exchange, in the case of exchange. Following a proper request for
transfer or exchange, the Certificate Registrar shall, within five Business Days of such request if made at such office of the
Certificate Administrator or within ten Business Days if made at the office of a transfer agent (other than the Certificate Registrar),
execute and deliver at the office of the Certificate Administrator or at the office of such transfer agent, as the case may be,
to the transferee (in the case of transfer) or Holder (in the case of exchange) or send by first-class mail (at the risk of the
transferee in the case of transfer or Holder in the case of exchange) to such address as the transferee or Holder, as applicable,
may request, an Individual Certificate or Certificates, as the case may require, for a like aggregate Denomination and in such
Denomination or Denominations as may be requested. The presentation for transfer or exchange of any Individual Certificate shall
not be valid unless made at the office of the Certificate Administrator or at the office of a transfer agent by the registered
Holder in person, or by a duly authorized attorney-in-fact. The Certificate Registrar may decline to accept any request for an
exchange or registration of transfer of any Certificate during the period of 15 days preceding any Distribution Date.

 

(f)          An
Individual Certificate (other than an Individual Certificate issued in exchange for a beneficial interest in a Global Certificate
pursuant to Section 5.01 of this Agreement) or a beneficial interest in a Private Global Certificate may only be transferred
to Eligible Investors, as described herein. In the event that a Responsible Officer of the Certificate Registrar has actual knowledge
that such an Individual Certificate or beneficial interest in a Private Global Certificate is being held by or for the benefit
of a Person who is not an Eligible Investor, or that such holding is unlawful under the laws of a relevant jurisdiction, then the
Certificate Registrar shall have the right to void such transfer, if permitted under applicable law, or to require the investor
to sell such Individual Certificate or beneficial interest in a Private Global Certificate to an Eligible Investor within fourteen
days after notice of such determination and each Certificateholder by its acceptance of a Certificate authorizes the Certificate
Registrar to take such action.

 

(g)          Subject
to the provisions of this Section 5.02 regarding transfer and exchange, transfers of the Global Certificates shall be limited
to transfers of such Global

 

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Certificates in whole, but not in part, to nominees of the Depository or to a successor of the Depository
or such successor’s nominee.

 

(h)          No
fee or service charge shall be imposed by the Certificate Registrar for its services in respect of any registration of transfer
or exchange referred to in this Section 5.02 other than for transfers to Institutional Accredited Investors, as provided
herein. In connection with any transfer to an Institutional Accredited Investor, the transferor shall reimburse the Trust Fund
for any costs (including the cost of the Certificate Registrar’s counsel’s review of the documents and any legal opinions,
submitted by the transferor or transferee to the Certificate Registrar as provided herein) incurred by the Certificate Registrar
in connection with such transfer. The Certificate Registrar may require payment by each transferor of a sum sufficient to cover
any tax, expense or other governmental charge payable in connection with any such transfer.

 

(i)          Subject
to Section 5.02(e) of this Agreement, transfers of the Class S or Class R Certificates may be made only in accordance with
this Section 5.02(i). The Certificate Registrar shall register the transfer of a Class R Certificate only if (x) the transferor
has advised the Certificate Registrar in writing that such Certificate is being transferred to a Qualified Institutional Buyer
and (y) prior to such transfer the transferee furnishes to the Certificate Registrar an Investment Representation Letter. The Certificate
Registrar shall register the transfer of a Class S Certificate only if (x) the transferor has advised the Certificate Registrar
in writing that such Certificate is being transferred to a Qualified Institutional Buyer or an Affiliated Person or an Institutional
Accredited Investor and (y) prior to such transfer the transferee furnishes to the Certificate Registrar an Investment Representation
Letter. In addition, the Certificate Registrar may as a condition of the registration of any such transfer require the transferor
to furnish such other certifications, legal opinions or other information (at the transferor’s expense) as it may reasonably
require to confirm that the proposed transfer is being made pursuant to an exemption from, or in a transaction not subject to,
the registration requirements of the Act and other applicable laws.

 

(j)          No
transfer, sale, pledge or other disposition of any Class of Private Certificates or interest therein shall be made unless that
transfer, sale, pledge or other disposition is exempt from the registration and/or qualification requirements of the Act and any
applicable state securities laws, or is otherwise made in accordance with the Act and such state securities laws. Neither the Depositor,
the Master Servicer, the Certificate Administrator, the Trustee nor the Certificate Registrar are obligated to register or qualify
the Private Certificates under the Act or any other securities law or to take any action not otherwise required under this Agreement
to permit the transfer of such Private Certificates without registration or qualification. Any Certificateholder desiring to effect
such a transfer shall, and does hereby agree to, indemnify the Depositor, the Master Servicer, the Certificate Administrator, the
Trustee and the Certificate Registrar, against any loss, liability or expense that may result if the transfer is not so exempt
or is not made in accordance with such federal and state laws.

 

(k)          No
transfer of any Class E, Class X-E, Class F-RR, Class G-RR, Class V1-E, Class V1-F, Class V1-G, Class V2, Class S or Class R Certificate
(each, a “Restricted Certificate”) shall be made to (i) an employee benefit plan subject to the fiduciary responsibility
provisions of ERISA, or Section 4975 of the Code, or a governmental plan, as defined in Section 3(32) of ERISA, or other plan subject
to any federal, state or local law (“Similar Law”)

 

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which
is to a material extent similar to the foregoing provisions of ERISA or the Code (each, a “Plan”) or (ii) a
collective investment fund whose underlying assets include Plan assets by reason of a Plan’s investment in the collective
investment fund (pursuant to U.S. Department of Labor Regulation Section 2510.3-101, as modified by Section 3(42) of ERISA, other
than (with respect to transfer of Restricted Certificates other than the Class V2, Class S or Class R Certificates),
an insurance company using the assets of its general account under circumstances whereby such purchase and the subsequent holding
of such Certificate by such insurance company would be exempt from the “prohibited transaction” provisions of Sections
406 and 407 of ERISA and Code Section 4975 under Sections I and III of PTCE 95-60, or a substantially similar exemption under
Similar Law. Except in connection with the transfer thereof by the Depositor or the Retaining Sponsor (provided that, in the case
of the Retaining Sponsor, such exception shall apply only with respect to the transfer thereof on the Closing Date), each prospective
transferee of a Restricted Certificate shall either (A) deliver to the Depositor, the Certificate Registrar and the Certificate
Administrator, a transfer or representation letter, substantially in the form of Exhibit D-2 to this Agreement, stating
that the prospective transferee is not and will not become a Person referred to in (i) or (ii) above or (B) if the transferee
is such an entity specified in (i) or (ii) above (except in the case of a Class V2, Class S or Class R Certificate,
which may not be transferred unless the transferee represents it is not such an entity), such entity, at its own expense, shall
provide any opinion of counsel, officers’ certificates or agreements as may be required by, and in form and substance satisfactory
to, the Depositor, the Certificate Administrator and the Certificate Registrar, to the effect that the purchase and holding of
the Certificates by or on behalf of a Plan will not constitute or result in a non-exempt prohibited transaction within the meaning
of Sections 406 and 407 of ERISA and Section 4975 of the Code, and will not subject the Master Servicer, the Special Servicer,
the Operating Advisor, the Asset Representations Reviewer, the Depositor, the Certificate Administrator, the Trustee or the Certificate
Registrar to any obligation or liability. None of the Certificate Administrator or the Certificate Registrar shall register a
Class V2, Class S or Class R Certificate in any Person’s name unless such Person has provided the letter referred
to in clause (A) of the preceding sentence. The transferee of a beneficial interest in a Global Certificate that is a Restricted
Certificate shall be deemed to represent that it is not and will not become a Plan or a Person acting on behalf of any Plan or
using the assets of any Plan to acquire such interest other than (with respect to transfers of beneficial interests in Global
Certificates which are Restricted Certificates other than the Class V2, Class S or Class R Certificates) an insurance
company using the assets of its general account under circumstances whereby such transfer to such insurance company would be exempt
from the “prohibited transaction” provisions of Sections 406 and 407 of ERISA and Section 4975 of the Code under Sections
I and III of PTCE 95-60, or a substantially similar exemption under Similar Law. Any transfer of a Restricted Certificate that
would violate or result in a non-exempt prohibited transaction under ERISA or Section 4975 of the Code or Similar Law shall be
deemed absolutely null and void ab initio.

 

Each beneficial owner
of a Certificate or any interest therein that is a Plan subject to Title I of ERISA or Section 4975 of the Code (an “ERISA
Plan”, including any fiduciary purchasing Certificates on behalf of an ERISA Plan (“Plan Fiduciary”),
will be deemed to have represented by its acquisition of such Certificates that:

 

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(1) none of the Depositor,
any Underwriter, any Initial Purchaser, the Trustee, the Certificate Administrator, the Master Servicer, the Special Servicer (including,
for the avoidance of doubt, any Non-Conflicted Special Servicer), any Sub-Servicer, the Operating Advisor, the Asset Representations
Reviewer or any of their respective Affiliates, agents or employees (the “Transaction Parties”), has provided
or will provide advice with respect to the acquisition of Certificates by the ERISA Plan, other than to the Plan Fiduciary which
is independent of the Transaction Parties, and the Plan Fiduciary either: (a) is a bank as defined in Section 202 of the Investment
Advisers Act of 1940 (the “Advisers Act”), or similar institution that is regulated and supervised and subject
to periodic examination by a State or Federal agency; (b) is an insurance carrier which is qualified under the laws of more than
one state to perform the services of managing, acquiring or disposing of assets of an ERISA Plan; (c) is an investment adviser
registered under the Advisers Act, or, if not registered an as investment adviser under the Advisers Act by reason of paragraph
(1) of Section 203A of the Advisers Act, is registered as an investment adviser under the laws of the state in which it maintains
its principal office and place of business; (d) is a broker-dealer registered under the Securities Exchange Act of 1934, as amended;
or (e) has, and at all times that the ERISA Plan is invested in the Certificates will have, total assets of at least U.S. $50,000,000
under its management or control (provided that this clause (e) shall not be satisfied if the Plan Fiduciary is either (i) the owner
or a relative of the owner of an investing individual retirement account or (ii) a participant or beneficiary of the ERISA Plan
investing in the Certificates in such capacity);

 

(2) the Plan Fiduciary
is capable of evaluating investment risks independently, both in general and with respect to particular transactions and investment
strategies, including the acquisition by the ERISA Plan of Certificates;

 

(3) the Plan Fiduciary
is a “fiduciary” with respect to the ERISA Plan within the meaning of Section 3(21) of ERISA, Section 4975 of the Code,
or both, and is responsible for exercising independent judgment in evaluating the ERISA Plan’s acquisition of the Certificates;

 

(4) none of the Transaction
Parties has exercised any authority to cause the ERISA Plan to invest in the Certificates or
to negotiate the terms of the ERISA Plan’s investment in the Certificates; and

 

(5)
the Plan Fiduciary has been informed by the Transaction Parties: (a) that none of the Transaction Parties is undertaking to provide
impartial investment advice or to give advice in a fiduciary capacity, and that no such entity has given investment advice or otherwise
made a recommendation, in connection with the ERISA Plan’s acquisition of the Certificates;
and (b) of the existence and nature of the Transaction Parties financial interests in the ERISA Plan’s acquisition of the
Certificates.

 

The above representations
in this paragraph are intended to comply with the Department of Labor’s Reg. Sections 29 C.F.R. 2510.3-21(a) and (c)(1) as
promulgated on April 8, 2016 (81 Fed. Reg. 20,997). If these regulations are revoked, repealed or no longer effective, these representations
shall be deemed to be no longer in effect.

 

(l)          Each
Person who has or acquires any Ownership Interest shall be deemed by the acceptance or acquisition of such Ownership Interest to
have agreed to be bound by the

 

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following provisions and the rights of each Person acquiring any Ownership Interest are expressly
subject to the following provisions:

 

(i)          Each
Person acquiring or holding any Ownership Interest shall be a Permitted Transferee and shall not acquire or hold such Ownership
Interest as agent (including a broker, nominee or other middleman) on behalf of any Person that is not a Permitted Transferee.
Any such Person shall promptly notify the Certificate Registrar of any change or impending change in its status (or the status
of the beneficial owner of such Ownership Interest) as a Permitted Transferee. Any acquisition described in the first sentence
of this Section 5.02(l) by a Person who is not a Permitted Transferee or by a Person who is acting as an agent of a Person
who is not a Permitted Transferee shall be void and of no effect, and the immediately preceding owner who was a Permitted Transferee
shall be restored to registered and beneficial ownership of the Ownership Interest as fully as possible.

 

(ii)          No
Ownership Interest may be Transferred, and no such Transfer shall be registered in the Certificate Register, without the express
written consent of the Certificate Registrar, and the Certificate Registrar shall not recognize the Transfer, and such proposed
Transfer shall not be effective, without such consent with respect thereto. In connection with any proposed Transfer of any Ownership
Interest, the Certificate Registrar shall, as a condition to such consent, (x) require delivery to it in form and substance satisfactory
to it, and the proposed transferee shall deliver to the Certificate Registrar and to the proposed transferor an affidavit in substantially
the form attached as Exhibit C-1 (a “Transferee Affidavit”) of the proposed transferee (A) that such
proposed transferee is a Permitted Transferee and (B) stating that (i) the proposed transferee historically has paid its debts
as they have come due and intends to do so in the future, (ii) the proposed transferee understands that, as the holder of an Ownership
Interest, it may incur liabilities in excess of cash flows generated by the residual interest, (iii) the proposed transferee intends
to pay taxes associated with holding the Ownership Interest as they become due, (iv) the proposed transferee will not transfer
the Ownership Interest to any Person that does not provide a Transferee Affidavit or as to which the proposed transferee has actual
knowledge that such Person is not a Permitted Transferee or is acting as an agent (including a broker, nominee or other middleman)
for a Person that is not a Permitted Transferee, (v) the proposed transferee will not cause income from the Class R Certificate
to be attributable to a foreign permanent establishment or fixed base, within the meaning of an applicable income tax treaty, of
the proposed transferee or any other U.S. Person and (vi) the proposed transferee expressly agrees to be bound by and to abide
by the provisions of this Section 5.02(l) and (y) other than in connection with the initial issuance of the Class R Certificates,
require a statement from the proposed transferor substantially in the form attached as Exhibit C-2 (the “Transferor
Letter”), that the proposed transferor has no actual knowledge that the proposed transferee is not a Permitted Transferee
and has no actual knowledge or reason to know that the proposed transferee’s statements in the Transferee Affidavit are false.

 

(iii)          Notwithstanding
the delivery of a Transferee Affidavit by a proposed transferee under clause (ii) above, if a Responsible Officer of the Certificate
Registrar has actual knowledge that the proposed transferee is not a Permitted Transferee, no Transfer to

 

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such proposed transferee
shall be effected and such proposed Transfer shall not be registered on the Certificate Register; provided, that the Certificate
Registrar shall not be required to conduct any independent investigation to determine whether a proposed transferee is a Permitted
Transferee.

 

Neither the Certificate
Administrator nor the Certificate Registrar shall have any obligation or duty to monitor, determine or inquire as to compliance
with any restriction or transfer imposed under Article V of this Agreement or under applicable law with respect to any transfer
of any Certificate (including, without limitation, the Securities Legend), or any interest therein, other than to require delivery
of the certification(s) and/or opinions of counsel described in Article V applicable with respect to changes in registration
of record ownership of Certificates in the Certificate Register. The Certificate Administrator and the Certificate Registrar shall
have no liability for transfers, including transfers made through the book-entry facilities of the Depository or between or among
Depository Participants or Certificate Owners made in violation of applicable restrictions.

 

Upon written notice to
the Certificate Registrar, or upon the Certificate Registrar having actual knowledge, that there has occurred a Transfer to any
Person that is a Disqualified Organization or an agent thereof (including a broker, nominee, or middleman) in contravention of
the foregoing restrictions, and in any event not later than 60 days after a request for information from the transferor of such
Ownership Interest, or such agent, the Certificate Registrar and the Certificate Administrator agree to furnish to the IRS and
the transferor of such Ownership Interest or such agent such information necessary to the application of Section 860E(e) of the
Code as may be required by the Code, including, but not limited to, the present value of the total anticipated excess inclusions
with respect to such Class R Certificate (or portion thereof) for periods after such Transfer. At the election of the Certificate
Registrar and the Certificate Administrator, the Certificate Registrar and the Certificate Administrator may charge a reasonable
fee for computing and furnishing such information to the transferor or to such agent referred to above; provided that such
Persons shall in no event be excused from furnishing such information.

 

(m)          At
all times, if a transfer of any Retained Certificate is to be made, then the Certificate Registrar shall refuse to register such
transfer unless it receives (and, upon receipt, may conclusively rely upon) (i) a certification from such Certificateholder’s
prospective Transferee substantially in the form attached hereto as Exhibit C-3 or Exhibit C-5, as applicable, which
such certification must be countersigned by the Retaining Sponsor with a medallion stamp guarantee of the Retaining Sponsor, (ii)
a certification from the Certificateholder desiring to effect such transfer substantially in the form attached hereto as Exhibit
C-4 or Exhibit C-6, as applicable, which such certification must be countersigned by the Retaining Sponsor with a medallion
stamp guarantee of the Retaining Sponsor, (iii) a W-9 completed by the
prospective Transferee, and (iv) wiring instructions and contact
information of the prospective Transferee. Upon receipt of the foregoing certifications, the Certificate Registrar shall,
subject to Section 5.01(j) and Section 5.02(a), reflect such Retained Certificate in the name of the prospective
Transferee. For the avoidance of doubt, in no event shall a Retained Certificate be held as a Book-Entry Certificate during the
Transfer Restriction Period. After the Transfer Restriction Period, the Retained Certificates may be transferred subject to the
restrictions on transfer set forth in this Article V. Any transfer of an interest in the Retained Certificates that is

 

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not
in compliance with this Section 5.02 shall be null and void ab initio to the extent permitted under applicable law.

 

Section 5.03 Mutilated,
Destroyed, Lost or Stolen Certificates. If (i) any mutilated Certificate is surrendered to the Certificate Registrar,
or the Certificate Registrar receives evidence to its satisfaction of the destruction, loss or theft of any Certificate, and (ii)
there is delivered to the Certificate Registrar such security or indemnity as may be required by it to save it and the Certificate
Administrator harmless, then, in the absence of actual knowledge by a Responsible Officer of the Certificate Registrar that such
Certificate has been acquired by a bona fide purchaser, the Certificate Administrator or the Authenticating Agent shall execute
and authenticate and the Certificate Registrar shall deliver, in exchange for or in lieu of any such mutilated, destroyed, lost
or stolen Certificate, a new Certificate of the same Class and of like tenor and Percentage Interest. Upon the issuance of any
new Certificate under this Section 5.03, the Certificate Registrar may require the payment of a sum sufficient to cover
any tax or other governmental charge that may be imposed in relation thereto and any other expenses (including the fees and expenses
of the Certificate Registrar) connected therewith. Any replacement Certificate issued pursuant to this Section 5.03 shall
constitute complete and indefeasible evidence of ownership of the corresponding interest in the Trust Fund, as if originally issued,
whether or not the lost, stolen or destroyed Certificate shall be found at any time.

 

Section 5.04 Appointment
of Paying Agent. The Certificate Administrator may appoint a paying agent (a “Paying Agent”) for the
purpose of making distributions to Certificateholders pursuant to Section 4.01 of this Agreement. The Certificate Administrator
shall cause such Paying Agent, if other than the Certificate Administrator, the Trustee or the Master Servicer, to execute and
deliver to the Master Servicer and the Trustee an instrument in which such Paying Agent shall agree with the Master Servicer and
the Trustee that such Paying Agent will hold all sums held by it for the payment to Certificateholders in trust for the benefit
of the Certificateholders entitled thereto until such sums have been paid to the Certificateholders or disposed of as otherwise
provided herein. The initial Paying Agent shall be the Certificate Administrator. Except for the Certificate Administrator, as
the initial Paying Agent, the Paying Agent shall at all times be an entity having a long-term unsecured debt rating of at least
“A” from Fitch and an equivalent rating from KBRA (if rated by KBRA), or shall be otherwise acceptable to each Rating
Agency, as confirmed by a receipt of a Rating Agency Confirmation.

 

Section 5.05 Access
to Certificateholders’ Names and Addresses; Special Notices. (a) If any Certifying Certificateholder (for purposes
of this Section 5.05, an “Applicant”) applies in writing to the Certificate Registrar, and such application
states that the Applicant desires to communicate with other Certificateholders with respect to its rights under this Agreement,
the Certificate Registrar shall, within ten (10) Business Days after the receipt of such request, afford such Certificateholder
(at such Certificateholder’s sole cost and expense) access during normal business hours to a current list of the Certificateholders
related to the Class of Certificates held by such Certificateholder.

 

Any Certificateholder
or Certificate Owner wishing to communicate with other Certificateholders and Certificate Owners regarding the exercise of its
rights under the terms of this Agreement (such party, a “Requesting Investor”) may deliver a written request
(a

 

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“Communication Request”) signed by an authorized representative of the Requesting Investor to the Certificate
Administrator. Any Communication Request shall contain the method other Certificateholders and Certificate Owners should use to
contact the Requesting Investor, and, if the Requesting Investors is not the registered holder of a Class of Certificates, then
the Communication Request must contain (i) a written certification from the Requesting Investor that it is a beneficial owner of
a class of certificates, (ii) the name of the transaction, Benchmark 2018-B1 and (iii) one of the following forms of documentation
evidencing its beneficial ownership in such class of certificates: (A) a trade confirmation, (B) an account statement, (C) a medallion
stamp guaranteed letter from a broker or dealer stating the Requesting Investor is the beneficial owner, or (D) a document reasonably
acceptable to the Certificate Administrator that is similar to any of the documents identified in clauses (A) through (C). The
Certificate Administrator shall not be permitted to require any information other than the foregoing in verifying a Certificateholder’s
or Certificate Owner’s identity in connection with a Communication Request. Requesting Investors will be responsible for
their own expenses in making any Communication Request, but will not be required to bear any expenses of the Certificate Administrator.
Upon receipt of such request, the Certificate Administrator shall furnish or cause to be furnished to such Applicant a list of
the names and addresses of the Certificateholders as of the most recent Record Date.

 

(b)          Every
Certificateholder, by receiving and holding its Certificate, agrees with the Certificate Administrator and the Certificate Registrar
that the Certificate Administrator and the Certificate Registrar shall not be held accountable in any way by reason of the disclosure
of any information as to the names and addresses of the Certificateholders hereunder, regardless of the source from which such
information was derived.

 

(c)          Upon
the written request of any Certifying Certificateholder that (a) states that such Certificateholder desires the Certificate Administrator
to transmit a notice to all Certificateholders stating that such Certificateholder wishes to be contacted by other Certificateholders,
setting forth the relevant contact information and briefly stating the reason for the requested contact and (b) provides a copy
of the Special Notice which such Certificateholder proposes to transmit, the Certificate Administrator shall deliver such Special
Notice to all Certificateholders at their respective addresses appearing on the Certificate Register. The costs and expenses of
the Certificate Administrator associated with delivering with any such Special Notice shall be borne by the party requesting such
Special Notice. Every Certificateholder, by receiving and holding a Certificate, agrees that neither the Certificate Administrator
nor the Certificate Registrar shall be held accountable by reason of the disclosure of any such Special Notice to Certificateholders,
regardless of the information set forth in such Special Notice.

 

Section 5.06 Actions
of Certificateholders. (a) Any request, demand, authorization, direction, notice, consent, waiver or other action provided
by this Agreement to be given or taken by Certificateholders may be embodied in and evidenced by one or more instruments of substantially
similar tenor signed by such Certificateholders in person or by agent duly appointed in writing; and except as herein otherwise
expressly provided, such action shall become effective when such instrument or instruments are delivered to the Certificate Administrator
and the Trustee and, when required, to the Master Servicer. Proof of execution of any such instrument or of a writing appointing
any such agent shall be sufficient for any purpose

 

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of this Agreement and conclusive in favor of the Certificate Administrator, the Trustee and the Master Servicer, if made in the
manner provided in this Section.

 

(b)          The
fact and date of the execution by any Certificateholder of any such instrument or writing may be proved in any reasonable manner
which the Certificate Administrator or the Trustee deems sufficient.

 

(c)          Any
request, demand, authorization, direction, notice, consent, waiver or other act by a Certificateholder shall bind every Holder
of every Certificate issued upon the registration of transfer thereof or in exchange therefor or in lieu thereof, in respect of
anything done, or omitted to be done, by the Certificate Administrator or the Trustee or the Master Servicer in reliance thereon,
whether or not notation of such action is made upon such Certificate.

 

(d)          The
Certificate Administrator, the Trustee or Certificate Registrar may require such additional proof of any matter referred to in
this Section 5.06 as it shall deem necessary.

 

Section 5.07 Rule
144A Information. The Certificate Administrator shall, upon request of any Certifying Certificateholder that is a Holder
of a Private Certificate or any beneficial owner of such a Certificate, furnish to such Holder or beneficial owner or a prospective
purchaser designated by such Holder or beneficial owner who is a Qualified Institutional Buyer the information required to be
delivered under Rule 144A(d)(4) under the Act, to the extent such information has been provided to the Certificate Administrator
and has been identified as Rule 144A information (which shall include all information on the Certificate Administrator’s
Website and all information currently required to be made available to Certificateholders, as well as any other specifically identified
information herein), if at the time of such request periodic reports are not being filed with respect to the Trust under Section
13 or Section 15(d) of the Exchange Act.

 

Section 5.08 Voting
Procedures. With respect to any matters submitted to Certificateholders for a vote, the Certificate Administrator shall
administer such vote through the Depository with respect to Book-Entry Certificates and directly with registered Holders by mail
with respect to Individual Certificates. In each case, such vote shall be administered in accordance with the following procedures,
unless different procedures are otherwise described herein with respect to a specific vote:

 

(a)          Any
matter submitted to Certificateholders for a vote shall be announced in a notice prepared by the Certificate Administrator. Such
notice shall include the record date determined by the Certificate Administrator for purposes of the vote and a voting deadline
which shall be no less than thirty (30) days and no later than sixty (60) days after the date such notice is distributed. The notice
and related ballot shall be sent to Holders of Book-Entry Certificates through the Depository and by mail to the registered Holders
of Individual Certificates. In addition, the notice and related ballot shall be posted to the Certificate Administrator’s
Website. Notices delivered in this manner shall be considered delivered to all Holders regardless of whether any Holder actually
receives the notice and ballot.

 

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(b)          In
connection with any vote administered pursuant to this Agreement, voting Holders shall be required to certify their holdings in
the manner set forth on the ballot, unless a specific manner is otherwise provided herein. Holders may only vote in accordance
with their Voting Rights. Voting Rights with respect to any outstanding Class of Certificates shall be calculated by the Certificate
Administrator in accordance with the definition of Voting Rights as of the record date for the vote. Only Classes with an outstanding
Certificate Balance greater than zero as of the record date of the vote shall be permitted to vote. Once a Holder has cast its
vote, the vote may be changed or retracted on or before the vote deadline. Any changes or retractions shall be communicated by
the Certificateholder to the Certificate Administrator in writing on a ballot. After the vote deadline has passed, votes may not
be changed or retracted by any Holder unless the Holder wishing to change or retract its vote holds a sufficient portion of the
Voting Rights such that the Holder, by its vote alone, could approve or deny the proposition subject to a vote without taking
into consideration the votes cast by any other Holder. Transferees or purchasers of any Class of Certificates are subject to and
shall be bound by all votes of Holders initiated or conducted prior to its acquisition of such Certificate.

 

(c)          The
Certificate Administrator may take up to fifteen (15) Business Days to tabulate the results of any vote. The Certificate Administrator
shall use its reasonable efforts to resolve any illegible or incomplete ballots received prior to the voting deadline. Illegible
or incomplete ballots that are received on the voting deadline or that cannot be resolved by the voting deadline shall not be
counted. Promptly after the votes are tabulated, the Certificate Administrator shall prepare a notice announcing the results of
the vote. Such notice shall include the percentage of Voting Rights in favor of the proposition, the percentage against the proposition
and the percentage abstaining. In addition, the notice will announce whether the proposition has been adopted by Certificateholders.
The notice shall be distributed in accordance with the methods described in Section 5.08(a) above. The Certificate Administrator
shall also include such notice on the Form 10-D prepared in connection with the distribution period that corresponds with the
date such notice is distributed. All vote tabulations shall be final and the Certificate Administrator shall not, absent manifest
error, retabulate the votes or conduct a new vote for the same proposition.

 

(d)          Unless
otherwise paid for by any Holder pursuant to Section 8.01 or Section 8.02, or clause (e) below, any and all
reasonable expenses incurred by the Certificate Administrator in connection with administering any vote shall be borne by the
Trust. The Certificate Administrator is under no obligation to advise Holders about the matter being voted on or answer questions
other than process-related questions regarding the administration of the vote.

 

(e)          If
any party to this Agreement believes a vote of Certificateholders is needed for some matter related to the administration of the
Trust that is not specifically contemplated herein, such party may request the Certificate Administrator to conduct a vote and
the Certificate Administrator will conduct the requested vote in accordance with these procedures. Unless specifically provided
herein, all such votes require a majority of Certificateholders to carry a proposition.

 

Section
5.09     Exchanges of Exchangeable Groups of Certificates. (a) The Grantor Trust shall be maintained
by the Certificate Administrator, on behalf of the Trustee, in part for the benefit of the Holders of the Class V1 and Class V2
Certificates. At all times, the

 

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Class
V1 Certificates shall collectively represent beneficial ownership interests in the Class V1 Percentage Interest of the VRR Specific
Grantor Trust Assets. At all times, the Class V2 Certificates shall represent beneficial ownership interests in the Class V2 Percentage
Interest of the VRR Specific Grantor Trust Assets.

 

On
the Closing Date, the Grantor Trust shall initially issue the VRR Interest in the form of Class V2 Certificates with the respective
aggregate initial Certificate Balance set forth for such Class in the Preliminary Statement. In addition, on the Closing Date
pursuant to the GACC Purchase Agreement, the Depositor is assigning and transferring and otherwise conveying to DBNY, $40,426,662
initial Certificate Balance of the VRR Interest in the form of Class V2 Certificates (which assignment, transfer and conveyance
shall, solely for purposes of satisfying the requirements of Section 3(a) and Section 4(a)(3) of the Risk Retention
Rule, be deemed assigned, transferred and conveyed from the Depositor to GACC and from GACC to DBNY).

 

(b)          Following
the Closing Date and subject to the conditions set forth in Section 5.09(c), any Holder of Class V2 Certificates may exchange
some or all of those Certificates for Class V1 Certificates with the same aggregate principal balance as the surrendered Certificates
and representing the same Percentage Interest in each Class of the Class V1 Certificates, and any Holder of Class V1 Certificates
may exchange some or all of those Certificates representing the same Percentage interest in each Class of the Class V1 Certificates
for Class V2 Certificates with the same aggregate principal balance as the surrendered Certificates.

 

(c)          An
exchange of Exchangeable Certificates may only occur if the respective Certificates being surrendered and the respective Certificates
being received in such exchange have denominations no smaller than the minimum Denominations set forth in Section 5.01.
There shall be no limitation on the number of exchanges of Exchangeable Certificates authorized pursuant to this Section 5.09.
In addition, the Depositor shall have the right to make or cause exchanges on the Closing Date and shall deliver instructions
substantially in the form of Exhibit NN to the Certificate Administrator along with the original Certificate exchanged
(unless such exchanged Certificate was deemed issued).

 

Notwithstanding
the foregoing, however, during the VRR Interest Transfer Restriction Period, the Retaining Sponsor and the Depositor jointly may
(to the extent that they believe it to be necessary or reasonably appropriate to ensure compliance with Risk Retention Rule, including,
without limitation, based upon such future clarification and interpretation as may in the future be provided by the staff of any
Regulatory Agency), and each Holder of any Class V1 or Class V2 Certificate, by acceptance of its Certificates, is deemed to have
agreed that the Sponsor and the Depositor jointly may: (i) suspend or terminate the exchangeability feature of the Exchangeable
Certificates by written instrument, signed by both the Retaining Sponsor and the Depositor and sent to the Certificate Administrator,
with copies thereof to be sent by the Certificate Administrator to the other Holders of the Exchangeable Certificates, in which
case no exchange may be effected in accordance with this Section 5.09 during the period of the suspension or following
the effective date of the termination; and (ii) mandate that all Holders of the Class V1 Certificates surrender their Certificates
in exchange for Class V2 Certificates, by a written instrument, signed by both the Retaining Sponsor and the Depositor and sent
to the Certificate Administrator, with copies thereof to be sent by the Certificate Administrator to the

 

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Holders
(or, if applicable, the other Holders) of the Class V1 Certificates, in which case, with respect to any Holder’s Class V1
Certificates that are held in the Retained Interest Safekeeping Account, the Certificate Administrator shall (within 10 Business
Days of its receipt of the written instrument described above in the clause (ii)) cancel such Class V1 Certificates and
execute and authenticate in the name of, and deposit in the Retained Interest Safekeeping Account for the benefit of, such Holder
Class V2 Certificates with the same aggregate principal balance as the cancelled Certificates, and with respect to any Holder’s
Class V1 Certificates that have been released from the Retained Interest Safekeeping Account, such Holder shall (within 10 Business
Days of its receipt of a copy of the written instrument described above in this clause (ii)) surrender such Class V1 Certificates
in exchange for Class V2 Certificates having the same aggregate principal balance as the surrendered Certificates in accordance
with this Section 5.09 (provided that if any Holder fails to so surrender its Class V1 Certificates within such 10 Business
Day period, then the Certificate Administrator shall suspend all future distributions thereon until the exchange occurs, such
unmade distributions to be held by the Certificate Administrator without interest in the same manner as the distribution on any
Certificate that is not surrendered on the final Distribution Date and to be released only in connection with the required exchange).

 

(d)          For
all exchanges other than any exchange effectuated by the Depositor, the Retaining Sponsor or DBNY on the Closing Date, or any
exchange of Class V1 Certificates held in the Retained Interest Safekeeping Account as mandated by the Depositor and the Retaining
Sponsor, in any event pursuant to Section 5.09(c), in order to effect an exchange of an Exchangeable Group of Certificates,
the Certificateholder desiring to effect the exchange shall notify the Certificate Administrator in writing or by e-mail at cts.cmbs.bond.admin@wellsfargo.com
(with a subject line referencing “Benchmark 2018-B1” and setting forth the proposed Exchange Date) no later than
three (3) Business Days before the proposed exchange date (the “Exchange Date”). The Exchange Date may be any
Business Day other than the first or last Business Day of the month. An exchange notice must (i) be set forth on the applicable
Certificateholder’s letterhead, (ii) carry a medallion stamp guarantee and (iii) set forth the following information: the
CUSIP Number (if any) of each Certificate to be exchanged and each Certificate to be received; the original and outstanding principal
balance of the Certificates to be exchanged and the original and outstanding principal balance of the Certificates to be received;
the Certificateholder’s Depository participant number, if applicable; and the proposed Exchange Date. A notice shall become
irrevocable on the second (2nd) Business Day before the proposed Exchange Date. For so long as the Exchangeable Certificates being
surrendered are held in the Retained Interest Safekeeping Account, the exchange shall be effected by the Certificate Administrator
cancelling the Certificates being surrendered and executing and authenticating in the name of, and depositing in the Retained
Interest Safekeeping Account for the benefit of, the applicable Certificateholder the Exchangeable Certificates to be received
thereby. For so long as the Exchangeable Certificates are held as Individual Certificates outside the Retained Interest Safekeeping
Account, the exchange shall be effected by the Certificate Administrator executing and authenticating in the name of, and delivering
to, the applicable Certificateholder the Exchangeable Certificates to be received thereby, but only upon receipt by the Certificate
Administrator of the Exchangeable Certificates to be surrendered (which Certificates the Certificate Administrator shall promptly
cancel). Following the end of the VRR Interest Transfer Restriction Period, if applicable, the Certificateholder and the Certificate
Registrar shall utilize the “deposit and withdrawal system” at the Depository to effect

 

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the
exchange of the applicable Certificates that are Global Certificates. If following the end of the VRR Interest Transfer Restriction
Period the Exchangeable Certificates are being held in book-entry format, then the Global Certificates for one Exchangeable Group
shall be exchangeable on the books of the Depository for the corresponding Global Certificates of the other Exchangeable Group,
by notice to the Certificate Administrator substantially in the form of Exhibit NN.

 

(e)          In
connection with any exchange of an Exchangeable Group of Certificates, (i) the Certificate Registrar shall reduce the outstanding
aggregate Certificate Balance of the Class or Classes comprising the Exchangeable Group of Certificates surrendered by the applicable
Holder on the Certificate Register and shall increase the outstanding aggregate Certificate Balance of the related Class or Classes
of the Exchangeable Group of Certificates received by such Holder in such exchange on the Certificate Register, (ii) the Certificate
Registrar shall reduce the initial Certificate Balance specified in the Preliminary Statement to this Agreement, as applicable,
of the Class or Classes comprising the Exchangeable Group of Certificates surrendered by the applicable Holder on the Certificate
Register and shall increase the initial Certificate Balance specified in the Preliminary Statement to this Agreement, as applicable,
of the related Class or Classes of the Exchangeable Group of Certificates received by such Holder, and (iii) in the case of any
related Global Certificate, if applicable following the end of the VRR Interest Transfer Restriction Period, the Certificate Registrar
or the Certificate Administrator, as applicable, shall approve the instructions at the Depository and make appropriate notations
on the Global Certificate for each related Class of Certificates to reflect such reductions and increases. The Exchangeable Certificates
received in any exchange pursuant to this Section 5.09 shall have the same aggregate principal balance and be deemed to
have the same VRR Realized Losses previously allocated thereto as did the Exchangeable Certificates being surrendered, taking
into account distributions of principal and allocations of VRR Realized Losses in the month of the exchange. If Class V1 Certificates
are being received, the aggregate principal balance and the VRR Realized Losses deemed previously allocated thereto shall be allocated
among the respective Classes thereof in a manner reflective of what would have been the case if such Class V1 Certificates had
been issued on the Closing Date.

 

(f)          The
Certificate Administrator shall make the first distribution on a Certificate received by a Certificateholder in any exchange on
the Distribution Date in the month following the month of exchange to the Certificateholder of record as of the applicable Record
Date for such Certificate and Distribution Date. If an Exchange Date occurs in any month before the Distribution Date in such
month, then any distributions to be made on such Distribution Date on any Certificates surrendered in the exchange shall be so
made to the Certificateholder of record as of the applicable Record Date for such Certificates and such Distribution Date. Neither
the Certificate Administrator nor the Depositor shall have any obligation to ensure the availability of the applicable Certificates
in the market to accomplish any exchange.

 

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Article
VI

THE DEPOSITOR, THE MASTER SERVICER, THE SPECIAL SERVICER, THE 

DIRECTING HOLDER, THE RISK RETENTION CONSULTATION PARTY, THE 

OPERATING ADVISOR AND THE ASSET REPRESENTATIONS REVIEWER

 

Section
6.01     Liability of the Depositor, the Master Servicer, the Special Servicer, the Operating Advisor
and the Asset Representations Reviewer. The Depositor, the Master Servicer, the Special Servicer, the Operating Advisor and
the Asset Representations Reviewer each shall be liable in accordance herewith only to the extent of the obligations specifically
imposed by this Agreement.

 

Section
6.02     Merger or Consolidation of the Master Servicer, the Special Servicer, the Depositor, the
Asset Representations Reviewer or the Operating Advisor. Subject to the following paragraph, each of the Master Servicer and
the Special Servicer shall keep in full effect its existence, rights and good standing as a national banking association under
the laws of the United States of America, and shall not jeopardize its ability to do business in each jurisdiction in which the
Mortgaged Properties securing the Mortgage Loans that it is servicing are located or to protect the validity and enforceability
of this Agreement, the Certificates or any of such Mortgage Loans that it is servicing and to perform its respective duties under
this Agreement. In addition, subject to the following paragraph, the Operating Advisor and the Asset Representations Reviewer
shall keep in full effect its existence, rights and good standing as a limited liability company under the laws of the State of
New York and shall not jeopardize its ability to do business in each jurisdiction in which the Mortgaged Properties are located
or to protect the validity and enforceability of this Agreement, the Certificates or any of such Mortgage Loans and to perform
its respective duties under this Agreement.

 

Each
of the Master Servicer, the Special Servicer, the Depositor, the Operating Advisor or the Asset Representations Reviewer may be
merged or consolidated with or into any Person, or transfer all or substantially all of its assets to any Person, in which case
any Person into which the Master Servicer, the Special Servicer, the Depositor, the Operating Advisor or the Asset Representations
Reviewer may be merged or consolidated, or any Person resulting from any merger or consolidation to which the Master Servicer,
the Special Servicer, the Depositor, the Operating Advisor or the Asset Representations Reviewer is a party, or any Person succeeding
to the business of the Master Servicer, the Special Servicer, the Depositor, the Operating Advisor or the Asset Representations
Reviewer, shall be the successor of the Master Servicer, the Special Servicer, the Depositor, the Operating Advisor or the Asset
Representations Reviewer, as applicable, hereunder, and shall be deemed to have assumed all of the liabilities of the Master Servicer,
the Special Servicer, the Depositor, the Operating Advisor or the Asset Representations Reviewer, as applicable, hereunder, if
each of the Rating Agencies has provided a Rating Agency Confirmation relating to the Certificates and Serviced Companion Loan
Securities, if any; provided that none of the Master Servicer, the Special Servicer or the Operating Advisor shall be required
to obtain a Rating Agency Confirmation from any Rating Agency if the Master Servicer, Special Servicer or Operating Advisor, as
applicable, is merged into or consolidated with a Qualified Affiliate or transfers all or substantially all of its assets to a
Qualified Affiliate; provided, further, if the Master Servicer, the Special Servicer or the Operating Advisor enters
into a merger and the Master Servicer, the Special Servicer or the Operating Advisor, as applicable, is the surviving entity under
applicable law, the Master

 

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Servicer,
the Special Servicer or the Operating Advisor, as applicable, shall not, as a result of the merger, be required to provide a Rating
Agency Confirmation or obtain the consent of the Depositor. Notwithstanding the foregoing, no Master Servicer, Special Servicer,
the Operating Advisor or the Asset Representations Reviewer may remain the Master Servicer, Special Servicer, the Operating Advisor
or the Asset Representations Reviewer, as applicable, under this Agreement after (x) being merged or consolidated with or into
any Person that is a Prohibited Party, or (y) transferring all or substantially all of its assets to any Person if such Person
is a Prohibited Party, except to the extent (i) the Master Servicer, the Special Servicer, the Operating Advisor or the Asset
Representations Reviewer, as applicable, is the surviving entity of such merger, consolidation or transfer and has been and continues
to be in compliance with its Regulation AB reporting obligations hereunder or (ii) the Depositor consents to such merger, consolidation
or transfer, which consent shall not be unreasonably withheld. The Asset Representations Reviewer shall keep in full effect its
existence and rights as an entity under the laws of the jurisdiction of its organization, and shall be in compliance with the
laws of all jurisdictions to the extent necessary to perform its duties under this Agreement. Any Person into which the Asset
Representations Reviewer may be merged or consolidated, or any Person resulting from any merger or consolidation to which the
Asset Representations Reviewer shall be a party, or any Person succeeding to the business of the Asset Representations Reviewer,
shall be the successor of the Asset Representations Reviewer hereunder, and shall be deemed to have assumed all of the liabilities
and obligations of such Asset Representations Reviewer hereunder, without the execution or filing of any paper or any further
act on the part of any of the parties hereto, anything herein to the contrary notwithstanding; provided, however, that the Trustee
has received a Rating Agency Confirmation with respect to such successor or surviving Person.

 

Section
6.03     Limitation on Liability of the Depositor, the Master Servicer, the Special Servicer, the
Operating Advisor, the Asset Representations Reviewer and Others. (a) None of the Depositor, the Master Servicer, the Special
Servicer, the Operating Advisor, the Asset Representations Reviewer nor any Affiliates, partners, shareholders, directors, officers,
employees, members, managers, representatives or agents (including sub-servicers) of the Depositor, the Master Servicer, the Special
Servicer, the Operating Advisor or the Asset Representations Reviewer shall be under any liability to the Trust Fund, the Certificateholders,
any Serviced Companion Loan Noteholders, any party hereto or any third party beneficiary for any action taken, or for refraining
from the taking of any action, in good faith pursuant to this Agreement (including actions taken or not taken at the direction
of any Directing Holder), or for errors in judgment; provided, that this provision shall not protect the Depositor, the
Master Servicer, the Special Servicer, the Operating Advisor or the Asset Representations Reviewer, or any Affiliate, representative,
member, manager, director, officer, employee or agent (including sub-servicers) of the Depositor, the Master Servicer, the Special
Servicer, the Operating Advisor or the Asset Representations Reviewer, against any breach of warranties or representations made
herein, or against any liability which would otherwise be imposed by reason of willful misconduct, bad faith or negligence (or
in the case of (x) the Master Servicer or Special Servicer, by reason of any specific liability imposed hereunder for a breach
of the Servicing Standard, (y) the Operating Advisor, by reason of any specific liability imposed hereunder for a breach of the
Operating Advisor Standard or (z) the Asset Representations Reviewer, by reason of any specific liability imposed hereunder for
a breach of the Asset Review Standard) in the performance of duties or by reason of negligent disregard of obligations or duties
hereunder. The Depositor, the Master Servicer, the Special Servicer, the Operating Advisor, the Asset

 

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Representations
Reviewer and any Affiliate, representative, member, manager, director, officer, employee or agent (including sub-servicers) of
the Depositor, the Master Servicer, the Special Servicer or the Operating Advisor may rely in good faith on any document of any
kind which, prima facie, is properly executed and submitted by any appropriate Person respecting any matters arising hereunder.
In addition, in no event shall the Depositor be obligated to cause any party to perform or comply with the obligations to remit
the CREFC® Intellectual Property Royalty License Fee to CREFC®, to report any such CREFC®
Intellectual Property Royalty License Fee so paid or to make available any Distribution Date Statement to the general public
(or in particular, CREFC®).

 

The
Trust Fund and each Serviced Companion Loan Noteholder shall be indemnified and held harmless by each of the Master Servicer,
the Special Servicer and the Operating Advisor (severally and not jointly) for any loss, liability or expense (including legal
fees and expenses) incurred in connection with any claim, loss, penalty, fine, foreclosure, judgment or liability relating to
this Agreement or the Certificates, incurred by the Trust Fund or such Serviced Companion Loan Noteholder, as applicable, by reason
of willful misconduct, bad faith, fraud or negligence in the performance of duties hereunder, or by reason of negligent disregard
of obligations and duties thereunder, on the part of such indemnifying party.

 

The
Depositor, the Master Servicer, the Special Servicer, the Operating Advisor, the Asset Representations Reviewer and any Affiliates,
directors, officers, employees, members, managers, representatives and agents (including sub-servicers) of the Depositor, the
Master Servicer, the Special Servicer, the Operating Advisor and the Asset Representations Reviewer shall be indemnified and held
harmless by the Trust Fund for any loss, liability or expense (including legal fees and expenses) incurred in connection with
any claim, loss, penalty, fine, foreclosure, judgment, liability or legal action relating to this Agreement or the Certificates,
other than any loss, liability or expense (including legal fees and expenses) (i) incurred by such party by reason of willful
misconduct, bad faith, fraud or negligence in the performance of duties hereunder or by reason of negligent disregard of obligations
and duties thereunder or (ii) in the case of the Depositor and any of its Affiliates, directors, officers, representatives, members,
managers, employees and agents, incurred in connection with any violation by any of them of any state or federal securities law;
provided that such indemnified parties shall be paid out of the Collection Account in accordance with Section 3.06(a)
of this Agreement; provided, further, that if such matter relates directly to any Serviced Whole Loan, such
indemnified parties shall be paid first out of the applicable Serviced Whole Loan Collection Account (allocated in accordance
with the expense allocation provision of the related Intercreditor Agreement), and then, if funds therein are insufficient,
out of the Collection Account; provided that the Master Servicer shall, after receiving payment from amounts on deposit
in the Collection Account, if any, (i) promptly notify the related Companion Loan Noteholder and (ii) use commercially reasonable
efforts to exercise on behalf of the Trust any rights under the related Intercreditor Agreement to obtain reimbursement for a
pro rata portion of such amount allocable to the related Serviced Companion Loans from the related Companion Loan Noteholders.

 

The
Depositor shall indemnify the Asset Representations Reviewer and the Operating Advisor and each of their respective Affiliates
and each of their respective directors, officers, employees, representatives and agents, and hold each of them harmless against
any and all claims, losses, damages, penalties, fines, forfeitures, reasonable legal fees and related costs,

 

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judgments,
and any other costs, fees and expenses that such indemnified party may sustain in connection with this Agreement (including, without
limitation, reasonable fees and disbursements of counsel incurred by such indemnified party in any action or proceeding between
the Depositor and such indemnified party or between such indemnified party and any third party or otherwise) resulting from the
Depositor’s willful misconduct, bad faith, fraud or negligence in the performance of each of its duties hereunder or by
reason of negligent disregard of its respective obligations and duties hereunder.

 

The
Operating Advisor shall indemnify the Asset Representations Reviewer and the Depositor and each of their respective Affiliates
and each of their respective directors, officers, employees, representatives and agents, and hold each of them harmless against
any and all claims, losses, damages, penalties, fines, forfeitures, reasonable legal fees and related costs, judgments, and any
other costs, fees and expenses that such indemnified party may sustain in connection with this Agreement (including, without limitation,
reasonable fees and disbursements of counsel incurred by such indemnified party in any action or proceeding between the Operating
Advisor and such indemnified party or between such indemnified party and any third party or otherwise) resulting from the Operating
Advisor’s willful misconduct, bad faith, fraud or negligence in the performance of each of its duties hereunder or by reason
of negligent disregard of its respective obligations and duties hereunder.

 

The
Asset Representations Reviewer shall indemnify the Master Servicer, the Special Servicer, the Trustee, the Certificate Administrator,
the Depositor, the Operating Advisor and the Trust and each of their Affiliates and any partner, director, officer, shareholder,
member, manager, employee, representative or agent thereof, and hold them harmless, from and against any and all claims, losses,
damages, penalties, fines, forfeitures, reasonable legal fees and related costs, judgments, and any other costs, liabilities,
fees and expenses that any of them may sustain arising from or as a result of any willful misconduct, bad faith, fraud or negligence
of the Asset Representations Reviewer in the performance of its obligations and duties under this Agreement or by reason of negligent
disregard by the Asset Representations Reviewer of its duties and obligations hereunder.

 

(b)          None
of the Depositor, the Master Servicer, the Special Servicer, the Operating Advisor or the Asset Representations Reviewer shall
be under any obligation to appear in, prosecute or defend any legal action that (i) is not incidental to its respective duties
under this Agreement or (ii) in its opinion, may expose it to any expense or liability not recoverable from the Trust Fund; provided,
that each of the Depositor, the Master Servicer, the Special Servicer or the Operating Advisor may in its discretion undertake
any such action that it may deem necessary or desirable in respect to this Agreement and the rights and duties of the parties
hereto and the interests of the Certificateholders and holders of Serviced Companion Loan Securities, if applicable, hereunder.
In such event, the legal expenses and costs of such action and any liability resulting therefrom shall be expenses, costs and
liabilities of the Trust Fund and the Depositor, the Master Servicer, the Special Servicer and the Operating Advisor shall be
entitled to be reimbursed therefor from the Collection Account in accordance with Section 3.06(a) of this Agreement) no
later than 60 days after submitting such expenses or costs for reimbursement, provided that a failure to reimburse such parties
within such 60 days will not affect or limit such parties’ rights to receive reimbursement hereunder; provided, further,
that in the case of any Serviced Whole Loan, such amounts shall be allocated in accordance with the

 

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expense
allocation provision of the related Intercreditor Agreement, and such parties shall be entitled to be reimbursed first,
from the applicable Serviced Whole Loan Collection Account and then, from the Collection Account, all in accordance with
Section 3.06(a) of this Agreement and the related Intercreditor Agreement.

 

(c)          The
terms of this Section 6.03 shall survive the termination of any party hereto or of this Agreement.

 

(d)          For
the avoidance of doubt, with respect to any indemnification provisions in this Agreement providing that the Trust Fund or a party
to this Agreement is required to indemnify another party to this Agreement for costs, fees and expenses, such costs, fees and
expenses shall include costs (including, but not limited to reasonable attorney’s fees and expenses) of the enforcement
of such indemnity.

 

Section
6.04     Limitation on Resignation of the Master Servicer, the Special Servicer and the Operating
Advisor; Termination of the Master Servicer, the Special Servicer and the Operating Advisor. (a) Each of the Master Servicer,
the Special Servicer and the Operating Advisor may assign their respective rights and delegate their respective duties and obligations
under this Agreement in connection with the sale or transfer of a substantial portion of their commercial mortgage servicing,
asset management or (solely with respect to the Operating Advisor) commercial mortgage surveillance, portfolio, provided
that: (i) the purchaser or transferee accepting such assignment and delegation (A) shall be an established mortgage finance institution,
bank or mortgage servicing institution (or, in the case of the Operating Advisor, an Eligible Operating Advisor), organized and
doing business under the laws of the United States of America, any state of the United States of America or the District of Columbia,
authorized under such laws to perform the duties of the Master Servicer, Special Servicer or Operating Advisor or a Person resulting
from a merger, consolidation or succession that is permitted under Section 6.02 of this Agreement, (B) shall be acceptable
to each Rating Agency as confirmed in a Rating Agency Confirmation delivered to the Trustee and the Certificate Administrator
relating to the Certificates and Serviced Companion Loan Securities, if any, (C) shall execute and deliver to the Trustee and
the Certificate Administrator an agreement that contains an assumption by such Person of the due and punctual performance and
observance of each covenant and condition to be performed or observed by the Master Servicer, Special Servicer or Operating Advisor,
as applicable under this Agreement from and after the date of such agreement and (D) shall not be a Prohibited Party; (ii) the
Master Servicer, the Special Servicer or the Operating Advisor shall not be released from its obligations under this Agreement
that arose prior to the effective date of such assignment and delegation under this Section 6.04; (iii) the rate at which
the Servicing Compensation, Special Servicing Compensation or Operating Advisor Fee, as applicable (or any component thereof)
is calculated shall not exceed the rate then in effect and (iv) the resigning Master Servicer, Special Servicer or Operating Advisor,
as applicable, shall be responsible for the reasonable costs and expenses of each other party hereto and the Rating Agencies in
connection with such transfer. Upon acceptance of such assignment and delegation, the purchaser or transferee shall be the successor
Master Servicer, Special Servicer or Operating Advisor, as applicable, hereunder.

 

(b)          Except
as provided in Section 6.02 of this Agreement and this Section 6.04, the Master Servicer, the Special Servicer and
the Operating Advisor shall not resign from its respective obligations and duties hereby imposed on it except (i) upon

 

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determination
that such duties hereunder are no longer permissible under applicable law, (ii) in connection with the assignment of rights and
delegation of duties as set forth in Section 6.04(a), or (iii) solely with respect to the Operating Advisor, pursuant to
Section 6.04(e). Any such determination described in clause (i) above permitting the resignation of the Master Servicer,
the Special Servicer or the Operating Advisor, as applicable, shall be evidenced by an Opinion of Counsel (obtained at the resigning
Master Servicer’s, Special Servicer’s or Operating Advisor’s expense) to such effect delivered to the Trustee
and the Certificate Administrator.

 

(c)          The
Trustee shall be permitted to remove the Master Servicer or the Special Servicer upon a Master Servicer Termination Event or Special
Servicer Termination Event, as applicable. Without limiting the generality of the succeeding paragraph, no such removal shall
be effective unless and until (i) the Master Servicer or the Special Servicer has been paid any unpaid Servicing Compensation
or Special Servicing Compensation, as applicable, unreimbursed Advances (including Advance Interest Amounts thereon to which it
is entitled) and all other amounts to which the Master Servicer or the Special Servicer is entitled hereunder to the extent such
amounts accrue prior to such effective date and (ii) with respect to a resignation by the Master Servicer, the successor Master
Servicer has deposited into the Investment Accounts from which amounts were withdrawn to reimburse the terminated Master Servicer,
an amount equal to the amounts so withdrawn, to the extent such amounts would not have been permitted to be withdrawn except pursuant
to this paragraph, in which case the successor Master Servicer shall, immediately upon deposit, have the same right of reimbursement
or payment as the terminated Master Servicer had immediately prior to its termination without regard to the operation of this
paragraph.

 

(d)          No
resignation or removal of the Master Servicer, the Special Servicer or the Operating Advisor as contemplated by the preceding
paragraphs of this Section 6.04 shall become effective until (i) the Trustee or a successor Master Servicer, Special Servicer
or Operating Advisor shall have assumed the resigning or terminated Master Servicer’s, Special Servicer’s or Operating
Advisor’s responsibilities, duties, liabilities and obligations hereunder, (ii) the Certificate Administrator shall have
filed any required Form 8-K pursuant to Section 10.09, (iii) any other information required under Section 10.03
or Section 10.09 has been delivered to any applicable Other Depositor with respect to any related Companion Loan, and (iv)
as to any resignation, removal, succession, merger or consolidation of the Master Servicer or the Special Servicer that would
constitute a Reportable Event, upon at least 4 Business Days prior notice of the anticipated effective date of such event, the
Certificate Administrator and the Depositor shall cooperate in a timely manner with the Master Servicer, the Special Servicer
or any other Person pursuing such resignation, removal, succession, merger or consolidation, as applicable, in connection with
the Depositor’s or the Certificate Administrator’s obligation to file any related required Form 8-K relating to this
Trust on the anticipated effective date of such event. If no successor Master Servicer, Special Servicer or Operating Advisor
can be obtained to perform such obligations for the same compensation to which the terminated Master Servicer, Special Servicer
or Operating Advisor would have been entitled, additional amounts payable to such successor Master Servicer, Special Servicer
or Operating Advisor shall be treated as Realized Losses.

 

(e)          The
Operating Advisor may resign from its obligations and duties hereby imposed on it (a) upon thirty (30) days’ prior written
notice to the Depositor, the Master

 

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Servicer,
the Special Servicer, the Trustee, the Certificate Administrator, the Asset Representations Reviewer, the Controlling Class Representative
and the Risk Retention Consultation Party, if applicable, and (b) upon the appointment of, and the acceptance of such appointment
by, a successor Operating Advisor that is an Eligible Operating Advisor and receipt by the Trustee of Rating Agency Confirmation
from each Rating Agency. No such resignation by the Operating Advisor shall become effective until the replacement Operating Advisor
shall have assumed the resigning Operating Advisor’s responsibilities and obligations. The resigning Operating Advisor shall
pay all costs and expenses (including costs and expenses incurred by the Trustee and the Certificate Administrator) associated
with a transfer of its duties pursuant to this Section 6.04(e).

 

Section
6.05     Rights of the Depositor and the Trustee in Respect of the Master Servicer and the Special
Servicer. Solely with respect to their performance of their respective duties under this Agreement, the Master Servicer and
the Special Servicer shall afford the Depositor, the Underwriters, the Initial Purchasers, the Certificate Administrator, the
Trustee and the Rating Agencies, upon reasonable notice, during normal business hours access to all records maintained by it in
respect of its rights and obligations hereunder and access to its officers responsible for such obligations. Upon written request,
the Master Servicer and/or the Special Servicer, as applicable, shall furnish to the Depositor, the Master Servicer, the Special
Servicer, the Certificate Administrator and the Trustee its most recent publicly available financial statements (or, with respect
to the Master Servicer, those of its ultimate parent) and such other non-proprietary information as the Master Servicer or the
Special Servicer, as the case may be, shall determine in its sole and absolute discretion as it possesses, which is relevant to
the performance of its duties hereunder and which it is not prohibited by applicable law or contract from disclosing. The Depositor
may, but is not obligated to, enforce the obligations of the Master Servicer or the Special Servicer hereunder which are in default
and may, but is not obligated to, perform, or cause a designee to perform, any defaulted obligation of such Person hereunder or
exercise any rights of such Person hereunder, provided that the Master Servicer and the Special Servicer shall not be relieved
of any of its obligations hereunder by virtue of such performance by the Depositor or its designee. If the Depositor or its designee
undertakes any such action, it will be reimbursed by the Trust Fund from the Collection Accounts (or with respect to a Serviced
Whole Loan, to the extent such reimbursement is allocable to such Serviced Whole Loan Collection Account), as provided in Section
3.06 and Section 6.03(a) hereof to the extent not recoverable from the Master Servicer or Special Servicer, as applicable.
None of the Depositor, the Certificate Administrator, the Trustee, the Master Servicer (solely with respect to any action or failure
to act by the Special Servicer) or the Special Servicer (solely with respect to any action or failure to act by the Master Servicer)
shall have any responsibility or liability for any action or failure to act by the Master Servicer or the Special Servicer and
no such party is obligated to monitor or supervise the performance of the Master Servicer or the Special Servicer under this Agreement
or otherwise. Neither the Master Servicer nor the Special Servicer shall be under any obligation to disclose confidential or proprietary
information pursuant to this Section.

 

Section
6.06     The Master Servicer or Special Servicer as Owners of a Certificate. The Master Servicer
or an Affiliate of the Master Servicer, or the Special Servicer or an Affiliate of the Special Servicer, may become the Holder
(or with respect to a Global Certificate, Certificate Owner) of any Certificate with the same rights it would have if it were
not the Master Servicer or the Special Servicer or an Affiliate thereof. If, at any time during which the Master

 

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Servicer
or the Special Servicer or an Affiliate of the Master Servicer or the Special Servicer is the Holder or Certificate Owner of any
Certificate, the Master Servicer or the Special Servicer proposes to take action (including for this purpose, omitting to take
action) that (i) is not expressly prohibited by the terms hereof and would not, in the Master Servicer’s or the Special
Servicer’s good faith judgment, violate the Servicing Standard, and (ii) if taken, might nonetheless, in the Master Servicer’s
or the Special Servicer’s good faith judgment, be considered by other Persons to violate the Servicing Standard, the Master
Servicer or the Special Servicer may, but will not be required to, seek the approval of the Certificateholders to such action
(or inaction) by delivering to the Certificate Administrator a written notice that (i) states that it is delivered pursuant to
this Section 6.06, (ii) identifies the Percentage Interest in each Class of Certificates beneficially owned by the Master
Servicer or the Special Servicer or an Affiliate of the Master Servicer or the Special Servicer and (iii) describes in reasonable
detail the action (or inaction) that the Master Servicer or the Special Servicer proposes to take (or refrain from taking). The
Certificate Administrator, upon receipt of such notice, shall forward it to the Certificateholders (other than the Master Servicer
and its Affiliates or the Special Servicer and its Affiliates, as appropriate) together with such instructions for response as
the Certificate Administrator shall reasonably determine. If at any time Certificateholders holding a majority of the Voting Rights
of all Certificateholders and, if no Control Termination Event has occurred and is continuing, the applicable Directing Holder
(calculated without regard to the Certificates beneficially owned by the Master Servicer or its Affiliates or the Special Servicer
or its Affiliates, as applicable) shall have consented in writing to the proposal described in the written notice, and if the
Master Servicer or the Special Servicer shall act as proposed in the written notice, such action shall be deemed to comply with
the Servicing Standard. The Certificate Administrator shall be entitled to reimbursement from the Master Servicer or the Special
Servicer, as applicable, of the reasonable expenses of the Certificate Administrator incurred pursuant to this paragraph. It is
not the intent of the foregoing provision that the Master Servicer or the Special Servicer be permitted to invoke the procedure
set forth herein with respect to routine servicing matters arising hereunder, except in the case of unusual circumstances.

 

Section
6.07     The Directing Holder, the Operating Advisor and the Risk Retention Consultation Party.
(a) For so long as no Control Termination Event has occurred and is continuing, the Directing Holder shall be entitled to advise
(1) the Special Servicer with respect to all Specially Serviced Loans (other than any Conflicted Loan applicable to the Directing
Holder or Servicing Shift Mortgage Loan), (2) the Special Servicer with respect to Performing Loans (other than any Conflicted
Loan applicable to the Directing Holder, Non-Serviced Mortgage Loan or Servicing Shift Mortgage Loan) with respect to Special
Servicer Major Decisions, and (3) the Master Servicer with respect to Performing Loans (other than any Conflicted Loan applicable
to the Directing Holder, Non-Serviced Mortgage Loan or Servicing Shift Mortgage Loan) with respect to Master Servicer Major Decisions.

 

Notwithstanding
anything herein to the contrary, except as set forth in, and in any event subject to, this Section 6.07, with respect to
any Mortgage Loan (other than any Non-Serviced Mortgage Loan, any applicable Conflicted Loan or any Servicing Shift Mortgage Loan)
or any Serviced Whole Loan (other than any Servicing Shift Whole Loan), for so long as no Control Termination Event has occurred
and is continuing, neither the Master Servicer nor the Special Servicer shall be permitted to take any action that constitutes
a Major Decision, and the Special Servicer shall not consent to the Master Servicer’s taking any of the following actions

 

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that
are Special Servicer Major Decisions, as to which the Directing Holder has objected in writing within ten (10) Business Days (or,
in connection with an Acceptable Insurance Default, 30 days) after receipt of a written report by the Master Servicer or the Special
Servicer, as applicable, describing in reasonable detail (i) the background and circumstances requiring action of the Master Servicer
or the Special Servicer, as applicable, (ii) the proposed course of action recommended, and (iii) all information reasonably requested
by the Directing Holder, and reasonably available the Master Servicer or the Special Servicer, as applicable, in order to grant
or withhold such consent, which report may, if prepared by the Special Servicer, in its sole discretion, take the form of an Asset
Status Report (the “Major Decision Reporting Package”) (provided that if such written objection has
not been received by the Master Servicer or the Special Servicer, as applicable, within such 10-Business Day (or 30-day) period,
then the Directing Holder will be deemed to have approved such action); provided that, if the Special Servicer or Master
Servicer (if the Master Servicer is otherwise authorized by this Agreement to take such action), as applicable, determines that
immediate action, with respect to the foregoing matters, or any other matter requiring consent of the Directing Holder (if no
Control Termination Event has occurred and is continuing) in this Agreement, is necessary to protect the interests of the Certificateholders
and, with respect to any Serviced Whole Loan, the related Serviced Companion Loan Noteholders (as a collective whole as if such
Certificateholders and, if applicable, Serviced Companion Loan Noteholders constituted a single lender and with respect to any
Serviced Whole Loan with a related Subordinate Companion Loan, taking into account the subordinate nature of such Subordinate
Companion Loan) and the Master Servicer or the Special Servicer, as applicable, has made a reasonable effort to contact the Directing
Holder, the Master Servicer or the Special Servicer, as applicable, may take any such action without waiting for the Directing
Holder’s response.

 

If
a Control Termination Event has occurred and is continuing, but for so long as no Consultation Termination Event has occurred,
neither the Master Servicer nor the Special Servicer, as applicable, will be required to obtain the consent of the Directing Holder
with respect to any of the Major Decisions or Asset Status Reports, but shall consult with the Directing Holder in connection
with any Major Decision that it is processing or, in the case of the Special Servicer, any Asset Status Report (or any other matter
for which the consent of the Directing Holder would have been required or for which the Directing Holder would have the right
to direct the Master Servicer or the Special Servicer if no Control Termination Event had occurred and was continuing) and to
consider alternative actions recommended by the Directing Holder in respect of such Major Decision or Asset Status Report (or
such other matter). Such consultation will not be binding on the Master Servicer or the Special Servicer. In the event the Master
Servicer or the Special Servicer, as applicable, receives no response from the Directing Holder within 10 days following the Master
Servicer’s or the Special Servicer’s written request for input (which request shall include the related Major Decision
Reporting Package) on any required consultation, the Master Servicer or the Special Servicer, as applicable, shall not be obligated
to consult with the Directing Holder on the specific matter.

 

(b)          In
addition, (i) for so long as no Consultation Termination Event is continuing, with respect to any Specially Serviced Loan (other
than any applicable Conflicted Loan with respect to the applicable Risk Retention Consultation Party), and (ii) during the continuance
of a Consultation Termination Event, with respect to any Serviced Mortgage Loan (other than any applicable Conflicted Loan with
respect to the applicable Risk Retention

 

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Consultation
Party), upon written request of a Risk Retention Consultation Party, the Master Servicer and the Special Servicer shall consult
with such Risk Retention Consultation Party on a non-binding basis in connection with any Major Decision that it is processing
(and such other matters that are subject to the non-binding consultation rights of such Risk Retention Consultation Party pursuant
to this Agreement) and to consider alternative actions recommended by such Risk Retention Consultation Party in respect of such
Major Decision (or any other matter requiring consultation with such Risk Retention Consultation Party); provided that in the
event the Master Servicer or Special Servicer, as applicable, receives no response from a Risk Retention Consultation Party within
10 days following the later of (i) the Master Servicer’s or the Special Servicer’s, as applicable, written request
for input on any requested consultation and (ii) delivery of all such additional information in the possession of the Master Servicer
or the Special Servicer, as applicable, reasonably requested by such Risk Retention Consultation Party related to the subject
matter of such consultation, the Master Servicer or the Special Servicer, as applicable, shall not be obligated to consult with
such Risk Retention Consultation Party on the specific matter; provided, however, that the failure of such Risk Retention Consultation
Party to respond will not relieve the Master Servicer or the Special Servicer, as applicable, from using reasonable efforts to
consult with such Risk Retention Consultation Party on any future matters with respect to the applicable Mortgage Loan or Serviced
Whole Loan or any other Mortgage Loan. For the avoidance of doubt, (x) no Risk Retention Consultation Party shall have any consultation
rights with respect to any related Conflicted Loan and (y) any consultation with either Risk Retention Consultation Party under
this Agreement shall occur only upon request of such Risk Retention Consultation Party, and any such consultation shall be on
a strictly non-binding basis and shall be subject to all limitations with respect to the procedures and timing for such consultation
set forth in this Section 6.07.

 

The
Risk Retention Consultation Party shall have no liability to the Trust Fund, any party to this Agreement, any Certificateholders
or any other Person for any action taken, or for refraining from the taking of any action, or for errors in judgment.

 

(c)          Prior
to the occurrence and continuance of an Operating Advisor Consultation Event, the Special Servicer shall provide each Major Decision
Reporting Package to the Operating Advisor promptly after the Special Servicer receives the Controlling Class Representative’s
approval or deemed approval of such Major Decision Reporting Package; provided, however, that with respect to any
Performing Loan no Major Decision Reporting Package shall be required to be delivered (and the Special Servicer shall use reasonable
efforts not to deliver such Major Decision Reporting Package) prior to the occurrence and continuance of an Operating Advisor
Consultation Event. After the occurrence and during the continuance of an Operating Advisor Consultation Event (whether or not
a Control Termination Event is continuing), the Master Servicer or the Special Servicer, as applicable, shall provide each Major
Decision Reporting Package to the Operating Advisor simultaneously with the Master Servicer’s or the Special Servicer’s
written request, as applicable, for the Operating Advisor’s input regarding the related Major Decision (which written request
and Major Decision Reporting Package may be delivered in one notice), as set forth below. With respect to any particular Major
Decision and/or related Major Decision Reporting Package or any Asset Status Report required to be delivered by the Master Servicer
or the Special Servicer to the Operating Advisor, the Master Servicer or the Special Servicer, as applicable, shall make available
to the Operating Advisor a servicing officer with the relevant knowledge regarding the Mortgage Loan and such

 

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Major
Decision and/or Asset Status Report in order to address reasonable questions that the Operating Advisor may have relating to,
among other things, such Major Decision and/or Asset Status Report.

 

If
an Operating Advisor Consultation Event has occurred and is continuing, the Master Servicer or the Special Servicer shall consult
with the Operating Advisor in connection with any proposed Major Decision that it is processing as to which it has delivered to
the Operating Advisor a Major Decision Reporting Package (and any other actions which otherwise require consultation with the
Operating Advisor) and consider alternative actions recommended by the Operating Advisor, in respect thereof, provided that such
consultation is on a non-binding basis. In the event that the Master Servicer or the Special Servicer, as applicable, receives
no response from the Operating Advisor within ten (10) days following the later of (i) its written request for input (which request
is required to include the related Major Decision Reporting Package) on any required consultation and (ii) delivery of all such
additional information reasonably requested by the Operating Advisor that is in possession of the Master Servicer or the Special
Servicer, as applicable, related to the subject matter of such consultation, the Master Servicer or the Special Servicer, as applicable,
shall not be obligated to consult with the Operating Advisor on the specific matter; provided, however, that the failure of the
Operating Advisor to respond on any specific matters shall not relieve the Master Servicer or the Special Servicer, as applicable,
from its obligation to use reasonable efforts to consult with the Operating Advisor on any future matter with respect to the applicable
Mortgage Loan or any other Mortgage Loan. Notwithstanding anything herein to the contrary, with respect to any applicable Conflicted
Loan related to the Controlling Class Representative (regardless of whether an Operating Advisor Consultation Event has occurred
and is continuing), the Master Servicer, the Special Servicer or the related Non-Conflicted Special Servicer, as applicable, shall
consult with the Operating Advisor, on a non-binding basis, in connection with the related transactions involving proposed Major
Decisions that it is processing or for which it must give its consent or for which it must give its consent and consider alternative
actions recommended by the Operating Advisor, in respect thereof, in accordance with the procedures set forth in this Section
6.08 for consulting with the Operating Advisor.

 

(d)          The
failure of the Directing Holder, the Operating Advisor or the Risk Retention Consultation Party to respond to any request for
consent or consultation will not relieve the Master Servicer or the Special Servicer from using reasonable efforts to seek the
consent of or consult with, as applicable, the Directing Holder, the Operating Advisor or the Risk Retention Consultation Party
on any future matters with respect to the applicable Mortgage Loan or Serviced Whole Loan or any other Mortgage Loan.

 

In
addition, for so long as no Control Termination Event has occurred and is continuing, the Directing Holder may direct the Special
Servicer to take, or to refrain from taking, such other actions with respect to a Mortgage Loan as the Directing Holder may deem
advisable or as to which provision is otherwise made herein; provided that, notwithstanding anything herein to the contrary,
no such direction from the Directing Holder and no advice from the Risk Retention Consultation Party or the Operating Advisor,
and no objection contemplated by the preceding paragraph or this paragraph, may require or cause the Master Servicer or the Special
Servicer, as applicable, to violate any provision of any Mortgage Loan, applicable law, this Agreement, any Intercreditor Agreement
or the REMIC Provisions, including without

 

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limitation
the Special Servicer’s obligation to act in accordance with the Servicing Standard, or expose the Master Servicer, the Special
Servicer, the Paying Agent, the Trust Fund, the Certificate Administrator or the Trustee to liability, or materially expand the
scope of the Special Servicer’s responsibilities hereunder.

 

If
the Special Servicer or Master Servicer, as applicable, determines that a refusal to consent by the Directing Holder, or any advice
from the Directing Holder, the Risk Retention Consultation Party or the Operating Advisor, would otherwise cause the Special Servicer
or Master Servicer, as applicable, to violate the terms of any Mortgage Loan, any Intercreditor Agreement, applicable law, the
REMIC Provisions or this Agreement, including without limitation, the Servicing Standard, the Special Servicer or Master Servicer,
as applicable, shall disregard such refusal to consent or advice and notify the Directing Holder, the Risk Retention Consultation
Party or the Operating Advisor, the Trustee, the related Serviced Companion Loan Noteholder (if any) and the 17g-5 Information
Provider (who shall promptly post such notice to the 17g-5 Information Provider’s Website pursuant to Section 3.14(d)
of this Agreement) of its determination, including a reasonably detailed explanation of the basis therefor. The taking of,
or refraining from taking, any action by the Master Servicer or Special Servicer in accordance with the direction of or approval
of the Directing Holder, the Risk Retention Consultation Party or the Operating Advisor that does not violate any law or the Servicing
Standard or any other provisions of this Agreement or any Intercreditor Agreements will not result in any liability on the part
of the Master Servicer or the Special Servicer.

 

Notwithstanding
anything to the contrary contained in this Agreement, with respect to the Non-Serviced Mortgage Loans, (i) at all times when no
Consultation Termination Event has occurred, the Controlling Class Representative shall be entitled to the rights of the “Non-Directing
Holder” (or similar term) under the related Intercreditor Agreement and (ii) at no time shall the Operating Advisor be entitled
to the rights of the “Non-Directing Holder” (or similar term) under the related Intercreditor Agreement.

 

The
Directing Holder shall have no liability to the Trust Fund, any party to this Agreement, any Certificateholders or any other Person
for any action taken, or for refraining from the taking of any action, or for errors in judgment; provided that the Directing
Holder shall not be protected against any liability to a Controlling Class Certificateholder that would otherwise be imposed by
reason of willful misconduct, bad faith or negligence in the performance of duties or by reason of reckless disregard of obligations
or duties.

 

(e)          Subject
to the terms and conditions of this Section 6.07(a), (i) the Special Servicer shall process all requests for any matter
that constitutes a Major Decision with respect to any Specially Serviced Loan, (b) the Special Servicer shall process all requests
for any matter that constitutes a Special Servicer Major Decision with respect to any Performing Loan (other than a Non-Serviced
Mortgage Loan) unless the Master Servicer and the Special Servicer have mutually agreed to have the Master Servicer process such
request in accordance with the terms and conditions reasonably agreed to by the Master Servicer and Special Servicer, including
the Special Servicer’s consent, (c) the Master Servicer shall process all requests for any matter that constitutes a Master
Servicer Major Decision with respect to any Performing Loan (other than a Non-Serviced Mortgage Loan) and (d) the Master Servicer
shall process all requests for any matter that constitutes a Special Servicer Major Decision with respect to any Performing Loan
(other than a Non-Serviced Mortgage Loan) if the Master Servicer and the Special Servicer have

 

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mutually
agreed to have the Master Servicer process such request in accordance with the terms and conditions reasonably agreed to by the
Master Servicer and Special Servicer, including the Special Servicer’s consent. Upon receiving a request for any matter
that constitutes a Special Servicer Major Decision, unless the Master Servicer and the Special Servicer mutually agree that the
Master Servicer will process such request in accordance with the terms and conditions reasonably agreed to by the Master Servicer
and Special Servicer, including the Special Servicer’s consent, the Master Servicer shall forward such request to the Special
Servicer and the Special Servicer will be required to process such request and the Master Servicer will have no further obligation
with respect to such request or the related Special Servicer Major Decision.

 

With
respect to any Borrower request or other action on Performing Loans that is not a Major Decision, the Master Servicer shall not
be required to obtain the consent of or consult with the Special Servicer, the Directing Holder, the Operating Advisor or the
Risk Retention Consultation Party.

 

(f)          Notwithstanding
anything to the contrary contained herein (i) if a Control Termination Event has occurred and is continuing, the Directing Holder
shall have no right to consent to any action taken or not taken by any party to this Agreement; (ii) if a Control Termination
Event has occurred and is continuing but no Consultation Termination Event has occurred and is continuing, the Directing Holder
shall remain entitled to receive any notices, reports or information to which it is entitled pursuant to this Agreement, and the
Master Servicer, Special Servicer and any other applicable party shall consult with the Directing Holder in connection with any
action to be taken or refrained from taking to the extent set forth herein; and (iii) if a Consultation Termination Event has
occurred and is continuing, the Controlling Class Representative shall have no consultation or consent rights hereunder and no
right to receive any notices, reports or information (other than notices, Voting Rights given to all Certificateholders and rights
to receive reports or information required to be delivered to all Certificateholders) or any other rights as Controlling Class
Representative.

 

(g)          The
Master Servicer, the Special Servicer, the Trustee or the Operating Advisor, may from time to time request that the Certificate
Administrator provide the name of the then-current Controlling Class Representative for any applicable Mortgage Loan or Serviced
Whole Loan. Upon such request, the Certificate Administrator shall promptly (but in no event more than five (5) Business Days
following such request) provide the name of the then-current Controlling Class Representative to the Master Servicer, the Special
Servicer, the Trustee or the Operating Advisor, but only to the extent the Certificate Administrator has actual knowledge of the
identity of the then-current Controlling Class Representative; provided that if the Certificate Administrator does not
have actual knowledge of the identity of the then-current Controlling Class Representative, then the Certificate Administrator
shall promptly (but in no event more than five (5) Business Days following such request) (i) determine which Class is the Controlling
Class and (ii) request from the Controlling Class Certificateholders the identity of the Controlling Class Representative. Any
expenses incurred in connection with obtaining such information shall be at the expense of the requesting party, except that if
(i) such expenses arise in connection with an event as to which the Controlling Class Representative (or controlling class representative)
has review, consent or consultation rights with respect to an action taken by, or report prepared by, the requesting party pursuant
to this Agreement or in connection with a request made by the Operating Advisor in connection with its obligation under this Agreement
to

 

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deliver
a copy of the Operating Advisor Annual Report to the Controlling Class Representative and (ii) the requesting party has not been
notified of the identity of the Controlling Class Representative (or controlling class representative) or reasonably believes
that the identity of the Controlling Class Representative (or controlling class representative) has changed, then such expenses
shall be at the expense of the Trust. The Master Servicer, the Special Servicer, the Trustee and the Operating Advisor, shall
be entitled to conclusively rely on any such information so provided.

 

To
the extent the Master Servicer or the Special Servicer has written notice of any change in the identity of a Controlling Class
Representative or the list of Holders (or Certificate Owners, if applicable) of the Controlling Class, then the Master Servicer
or the Special Servicer, as applicable, shall promptly notify the Trustee, the Certificate Administrator, the Operating Advisor,
the Master Servicer and the Special Servicer thereof, who may rely conclusively on such notice from the Master Servicer or the
Special Servicer, as applicable.

 

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(h)          DBNY
shall be the initial Risk Retention Consultation Party and shall remain so until a successor is appointed pursuant to the terms
of this Agreement. Upon the resignation or removal of the existing Risk Retention Consultation Party, any successor Risk Retention
Consultation Party shall deliver to the parties to this Agreement a certification substantially in the form of Exhibit L-1H
to this Agreement prior to being recognized as the new Risk Retention Consultation Party. The parties hereto shall be entitled
to assume that the Risk Retention Consultation Party has not changed absent such notice.

 

(i)           Once
a Risk Retention Consultation Party has been selected, each of the Master Servicer, the Special Servicer, the Depositor, the Trustee,
the Certificate Administrator, the Operating Advisor and each other Certificateholder (or Certificate Owner, if applicable) shall
be entitled to rely on such selection unless the Holders of the VRR Interest entitled to appoint the Risk Retention Consultation
Party, by Certificate Balance, or the Risk Retention Consultation Party shall have notified the Master Servicer, the Special Servicer,
the Trustee, the Certificate Administrator, the Operating Advisor and each other Holder of the VRR Interest, in writing, of the
selection of such new Risk Retention Consultation Party (including the new contact information).

 

(j)           Each
Certificateholder acknowledges and agrees, by its acceptance of its Certificates, that: (i) the Risk Retention Consultation Party
may have special relationships and interests that conflict with those of Holders of one or more Classes of Certificates; (ii)
the Risk Retention Consultation Party may act solely in the interests of the Holders of the Class V1 or Class V2 Certificates;
(iii) the Risk Retention Consultation Party does not have any liability or duties to the Holders of any Class of Certificates;
(iv) the Risk Retention Consultation Party may take actions that favor interests of the Holders of one or more Classes including
the Class V1 or Class V2 Certificates over the interests of the Holders of one or more other Classes of Certificates; and (v)
the Risk Retention Consultation Party shall have no liability whatsoever for having so acted as set forth in clauses (i)
through (iv) above, and no Certificateholder may take any action whatsoever against the Risk Retention Consultation Party
or any director, officer, employee, agent or principal of the Risk Retention Consultation Party for having so acted.

 

Section
6.08     Rights of Non-Directing Holders. With respect to each Serviced Whole Loan, the Master
Servicer or the Special Servicer, as applicable, shall:

 

(a)          consult
with the related Non-Directing Holder (or its designee or representative) on a strictly non-binding basis, to the extent that
such Non-Directing Holder (or its designee or representative) requests consultation with respect to any “major decision”
or “major action” set forth in the related Intercreditor Agreement or the implementation of any recommended actions
outlined in an Asset Status Report relating to the Serviced Whole Loan, and to consider alternative actions recommended by such
Non-Directing Holder (or its designee or representative); provided, that after the expiration of a period of ten (10) Business
Days from the delivery to the related Non-Directing Holder (or its designee or representative) of written notice of a proposed
action, together with copies of the related notice, information or report, the Master Servicer or Special Servicer, as applicable,
shall no longer be obligated to consult with the applicable Non-Directing Holder (or its designee or representative) (unless the
Master Servicer or Special Servicer, as applicable, proposes a new course of action that is materially different from the action
previously proposed, in which case such ten (10) Business Day period shall begin anew from the date of such proposal and delivery
of all information relating thereto).

 

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Notwithstanding
the foregoing non-binding consultation rights of the Non-Directing Holder, the Master Servicer or the Special Servicer, as applicable,
may take any “major decision” or “major action” set forth in the related Intercreditor Agreement or any
action set forth in the Asset Status Report before the expiration of the aforementioned ten (10) Business Day period if the Master
Servicer or the Special Servicer, as applicable, determines that immediate action with respect thereto is necessary to protect
the interests of the Certificateholder and the related Companion Loan Noteholder. Unless specified otherwise in the related Intercreditor
Agreement, neither the Master Servicer or the Special Servicer shall be obligated at any time to follow or take any alternative
actions recommended by the Non-Directing Holder; and

 

(b)          in
addition to the foregoing non-binding consultation rights, if provided for in the related Intercreditor Agreement, the Non-Directing
Holder shall have the right to annual conference calls with the Master Servicer or the Special Servicer at the offices of the
Master Servicer or the Special Servicer, as applicable, upon reasonable notice and at times reasonably acceptable to the Master
Servicer or the Special Servicer, as applicable, in which servicing issues related to the related Whole Loan are discussed.

 

Article
VII

SERVICER AND OPERATING ADVISOR TERMINATION

 

Section
7.01     Servicer Termination Events. (a) “Master Servicer Termination Event,” wherever
used herein, means any one of the following events:

 

(i)      any
failure by the Master Servicer (A) to make any deposit required to the Collection Account or the related Serviced Whole Loan Collection
Account for any Serviced Whole Loan on the day and by the time such deposit was first required to be made under the terms of this
Agreement, which failure is not remedied within two Business Days, (B) to deposit into, or remit to the Certificate Administrator
for deposit into, any Distribution Account any amount required to be so deposited or remitted (including, without limitation,
any required P&I Advance, unless the Master Servicer determines such P&I Advance is a Nonrecoverable Advance), which failure
is not remedied by 11:00 a.m. (New York City time) on the relevant Distribution Date (provided, however, that to
the extent the Master Servicer does not timely make such remittance to the Certificate Administrator, the Master Servicer shall
pay the Certificate Administrator for the account of the Certificate Administrator interest on any amount not timely remitted
at the Prime Rate from and including the applicable required remittance date to, but not including, the date such remittance is
actually made), or (C) to remit to any holder of a Serviced Companion Loan, as and when required by this Agreement or any related
Intercreditor Agreement, any amount required to be so remitted (which failure continues for two Business Days);

 

(ii)     any
failure on the part of the Master Servicer duly to observe or perform in any material respect any of its other covenants or obligations
contained in this Agreement, which failure continues unremedied for a period of 30 days (or (A) with respect to any year that
a report on Form 10-K is required to be filed, five (5) Business Days in the case of the Master Servicer’s obligations contemplated
by Article X (except as otherwise

 

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provided
under clause (viii) of this definition of “Master Servicer Termination Event”), or (B) 15 days in the case
of the Master Servicer’s failure to make a Servicing Advance or 45 days in the case of failure to pay the premium for any
insurance policy required to be force placed by the Master Servicer pursuant to this Agreement or in any event such reasonable
shorter period of time as is necessary to avoid the commencement of foreclosure proceedings for any lien relating to unpaid real
estate taxes or assessments or a lapse in any required insurance coverage) after the date on which written notice of such failure,
requiring the same to be remedied, shall have been given to the Master Servicer, by (a) any other party hereto, with a copy to
each other party to this Agreement, (b) the Holders of Certificates of any Class evidencing Percentage Interests aggregating not
less than 25% of such Class or (c) an affected Serviced Companion Loan Noteholder; provided, if such failure is capable
of being cured and the Master Servicer is diligently pursuing such cure, such 15-, 30- or 45-day period, as applicable, will be
extended an additional 30 days; provided, further, however, that such extended period will not apply to the obligations
regarding Exchange Act reporting contemplated by Article X;

 

(iii)    any
breach on the part of the Master Servicer of any representation or warranty contained in Section 2.04(a) of this Agreement,
which materially and adversely affects the interests of any Class of Certificateholders or Serviced Companion Loan Noteholders
and which continues unremedied for a period of 30 days after the date on which notice of such breach, requiring the same to be
remedied, shall have been given (a) to the Master Servicer by any party hereto or (b) to the Master Servicer, the Special Servicer,
the Depositor and the Trustee (x) by the Holders of Certificates of any Class evidencing Percentage Interests aggregating not
less than 25% of such Class or (y) by an affected Serviced Companion Loan Noteholder; provided, if such breach is capable
of being cured and the Master Servicer is diligently pursuing such cure, such 30-day period will be extended an additional 30
days;

 

(iv)    a
decree or order of a court or agency or supervisory authority having jurisdiction in the premises in an involuntary case under
any present or future federal or state bankruptcy, insolvency or similar law for the appointment of a conservator, receiver, liquidator,
trustee or similar official in any bankruptcy, insolvency, readjustment of debt, marshaling of assets and liabilities or similar
proceedings, or for the winding-up or liquidation of its affairs, shall have been entered against the Master Servicer and such
decree or order shall have remained in force undischarged, undismissed or unstayed for a period of 60 days;

 

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

 

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

 

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

 

(viii)  the
Master Servicer is no longer rated at least “CMS3” by Fitch and such Master Servicer is not reinstated to at least
that rating within 60 days of the delisting;

 

(ix)     KBRA
has (A) qualified, downgraded or withdrawn its rating or ratings of one or more Classes of Certificates, or (B) placed one or
more Classes of Certificates on “watch status” in contemplation of possible rating downgrade or withdrawal (and such
qualification, downgrade or withdrawal or “watch status” placement shall not have been withdrawn by KBRA within sixty
(60) days of such event), and, in the case of either of clause (A) or (B), publicly citing servicing concerns with the Master
Servicer as the sole or a material factor in such rating action; or

 

(x)      subject
to Section 10.16(c), any failure by the Master Servicer to deliver (a) any Exchange Act reporting items required to be
delivered by the Master Servicer to the Trustee or the Certificate Administrator under Article X by the time required under
Article X or (b) any Exchange Act reporting items that a primary servicer, sub-servicer or Servicing Function Participant
(such entity, the “Sub-Servicing Entity”) retained by the Master Servicer (but excluding any Mortgage Loan
Seller Sub-Servicer) is required to deliver (any Sub-Servicing Entity shall be terminated if it defaults in accordance with the
provision of this clause (viii));

 

then,
and in each and every such case, so long as a Master Servicer Termination Event shall not have been remedied, the Trustee may,
and at the written direction of (x) the Holders of at least 25% of the aggregate Voting Rights of all Certificates or (y) the
Depositor with respect to clause (ii) above (to the extent such Master Servicer Termination Event relates to the obligations regarding
Exchange Act reporting contemplated by Article X) or clause (viii) above upon five (5) Business Days’ notice, shall,
terminate all of the rights and obligations of the Master Servicer (other than as set forth in Section 7.01(d)). In the
case of clause (vii), the Certificate Administrator shall be required to notify Certificateholders and Serviced Companion Loan
Noteholders of such Master Servicer Termination Event and request whether such Certificateholders and, if applicable, Serviced
Companion Loan Noteholders favor such termination.

 

If
the Master Servicer is also the Special Servicer and the Master Servicer is terminated as provided in this Section 7.01,
then the Master Servicer shall also be terminated as Special Servicer.

 

If
the Master Servicer receives notice of termination under this Section 7.01(a) solely due to a Master Servicer Termination
Event under Section 7.01(a)(vii) and if the Master Servicer provides the Trustee with the appropriate “request for
proposal” materials within five (5) Business Days following such termination notice, then the Master Servicer shall continue
to serve as Master Servicer hereunder until a successor Master Servicer is selected in accordance with this Section 7.01(a).
Upon receipt of the “request for proposal” materials, the Trustee shall promptly thereafter (using such “request
for proposal” materials provided by the Master Servicer) solicit good faith bids for the rights to service the Mortgage
Loans and Serviced

 

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Companion
Loans under this Agreement from at least three (3) Persons qualified to act as Master Servicer hereunder in accordance with Section
6.02 and 7.02 of this Agreement (any such Person so qualified, a “Qualified Bidder”) or, if three
(3) Qualified Bidders cannot be located, then from as many persons as the Trustee can determine are Qualified Bidders; provided
that, at the Trustee’s request, the Master Servicer shall supply the Trustee with the names of Persons from whom to
solicit such bids; and provided, further, that the Trustee shall not be responsible if less than three (3) or no
Qualified Bidders submit bids for the right to service the Mortgage Loans and Serviced Companion Loans under this Agreement. The
bid proposal shall require any Successful Bidder (as defined below), as a condition of such bid, to enter into this Agreement
as successor Master Servicer, and to agree to be bound by the terms hereof, within 45 days after the notice of termination of
the Master Servicer. The materials provided to the Trustee shall provide for soliciting bids: (i) on the basis of such successor
Master Servicer retaining all Sub-Servicers to continue the primary servicing of the Mortgage Loans and Serviced Companion Loans
pursuant to the terms of the respective Sub-Servicing Agreements and entering into a Sub-Servicing Agreement with the terminated
Master Servicer to service each of the Mortgage Loans and Serviced Companion Loans for which it was the Master Servicer and not
subject to a Sub-Servicing Agreement at a sub-servicing fee rate per annum equal to, for each Mortgage Loan and Serviced Companion
Loan serviced, the excess of the related Servicing Fee Rate minus the related Excess Servicing Fee Rate (each, a “Servicing
Retained Bid”); and (ii) on the basis of terminating each Sub-Servicing Agreement and Sub-Servicer that it is permitted
to terminate in accordance with Section 3.01(c) of this Agreement (each, a “Servicing Released Bid”).
The Trustee shall select the Qualified Bidder with the highest cash Servicing Retained Bid (or, if none, the highest cash Servicing
Released Bid from any Person qualified to act as a Master Servicer) (the “Successful Bidder”) to act as successor
Master Servicer hereunder; provided, that if the Trustee does not receive a Rating Agency Confirmation in accordance with
the procedures set forth in Section 3.30 of this Agreement with respect to such Successful Bidder, then the Trustee shall
repeat the bid process described above (but subject to the above described 45 day time period) until such Rating Agency Confirmation
is obtained. The Trustee shall direct the Successful Bidder to enter into this Agreement as successor Master Servicer pursuant
to the terms hereof no later than 45 days after notice of the termination of the Master Servicer; provided, that the initial
Master Servicer may request and obtain, with the prior written consent of the Directing Holder, an additional 20 days for such
sale and assumption to be completed so long as the initial Master Servicer delivers to the Trustee an Officer’s Certificate
stating that the sale and assumption of the right to service the Mortgage Loans and Serviced Companion Loans cannot be completed
in the initial 45-day period and specifying the reasons therefor.

 

Upon
the assignment and acceptance of master servicing rights hereunder (subject to the terms of Section 3.12 of this Agreement)
to and by the Successful Bidder, the Trustee shall remit or cause to be remitted (i) if the successful bid was a Servicing Retained
Bid, to the Master Servicer to be terminated pursuant to this Section 7.01(a), the amount of such cash bid received from
the Successful Bidder (net of “out of pocket” expenses incurred in connection with obtaining such bid and transferring
servicing) and (ii) if the successful bid was a Servicing Released Bid, to the Master Servicer and each terminated Sub-Servicer
its respective Bid Allocation.

 

The
Master Servicer to be terminated pursuant to this Section 7.01(a) shall be responsible for all out of pocket expenses incurred
in connection with the attempt to sell its rights

 

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to
service the Mortgage Loans and Serviced Companion Loans, which expenses are not reimbursed to the party that incurred such expenses
pursuant to the preceding paragraph.

 

If
the Successful Bidder has not entered into this Agreement as successor Master Servicer within the above described time period
or no Successful Bidder was identified within the above described time period, the Master Servicer to be terminated pursuant to
Section 7.01(a) of this Agreement shall reimburse the Trustee for all reasonable “out of pocket” expenses incurred
by the Trustee in connection with such bid process and the Trustee shall have no further obligations under this Section 7.01(a).
The Trustee thereafter may act or may select a successor to act as Master Servicer hereunder in accordance with Section 7.02
of this Agreement.

 

Notwithstanding
anything to the contrary in this Article VII, if the Master Servicer shall timely deliver the notice and request for proposal
materials referred to in the fourth preceding paragraph, no resignation or termination of the Master Servicer shall be effective
in connection with a Master Servicer Termination Event under Section 7.01(a)(vii) of this Agreement, and the Master Servicer
shall continue to perform as such and to collect the servicing fee until the conclusion of the process described in this (a).

 

(b)          “Special
Servicer Termination Event,” wherever used herein, means any one of the following events:

 

(i)      any
failure by the Special Servicer to deposit into the REO Account at or within the time specified by this Agreement and such failure
continues unremedied for one Business Day, or any failure by the Special Servicer to remit to Master Servicer for deposit into,
the Collection Account (or, in the case of a Serviced Whole Loan, the related Serviced Whole Loan Collection Account) any amount
required to be so remitted by the Special Servicer pursuant to, and at the time specified by, the terms of this Agreement; provided,
that the failure of the Special Servicer to remit such amount to the Master Servicer shall not be a Special Servicer Termination
Event if such failure is remedied within two Business Days and if the Special Servicer has compensated the Master Servicer for
any loss of income on such amount suffered by the Master Servicer due to and caused by the late remittance of the Special Servicer
and reimburse the Trust for any resulting Advance Interest Amount due to the Master Servicer;

 

(ii)     any
failure on the part of the Special Servicer duly to observe or perform in any material respect any of its other covenants or obligations
contained in this Agreement, which failure continues unremedied for a period of 30 days (or (A) with respect to any year that
a report on Form 10-K is required to be filed, five (5) Business Days in the case of the Special Servicer’s obligations
contemplated by Article X (except as otherwise provided under clause (viii) of this definition of “Special
Servicer Termination Event”), or (B) 15 days in the case of failure to pay the premium for any insurance policy required
to be force placed by the Special Servicer pursuant to this Agreement or in any event such reasonable shorter period of time as
is necessary to avoid the commencement of foreclosure proceedings for any lien relating to unpaid real estate taxes or assessments
or a lapse in any required insurance coverage) after the date on which written notice of such failure, requiring the same to be
remedied, shall have been given to the Special Servicer, by (a) any other party hereto, with a copy to each other party to this
Agreement, (b) the Holders of Certificates of any Class evidencing Percentage Interests aggregating not less

 

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than
25% of such Class or (c) an affected Serviced Companion Loan Noteholder; provided, if such failure is capable of being
cured and the Special Servicer is diligently pursuing such cure, such 30- or 45-day period, as applicable, will be extended an
additional 30 days; provided, further, however, that such extended period will not apply to the obligations regarding
Exchange Act reporting contemplated by Article X;

 

(iii)    any
breach on the part of the Special Servicer of any representation or warranty contained in Section 2.04(b) of this Agreement,
which materially and adversely affects the interests of any Class of Certificateholders or Serviced Companion Loan Noteholders
and which continues unremedied for a period of 30 days after the date on which notice of such breach, requiring the same to be
remedied, shall have been given (a) to the Special Servicer by any party hereto, or (b) to the Master Servicer, the Special Servicer,
the Depositor and the Trustee (x) by the Holders of Certificates of any Class evidencing Percentage Interests aggregating not
less than 25% of such Class or (y) by an affected Serviced Companion Loan Noteholder; provided, if such breach is capable
of being cured and the Special Servicer is diligently pursuing such cure, such 30-day period will be extended an additional 30
days;

 

(iv)    a
decree or order of a court or agency or supervisory authority having jurisdiction in the premises in an involuntary case under
any present or future federal or state bankruptcy, insolvency or similar law for the appointment of a conservator, receiver, liquidator,
trustee or similar official in any bankruptcy, insolvency, readjustment of debt, marshaling of assets and liabilities or similar
proceedings, or for the winding-up or liquidation of its affairs, shall have been entered against the Special Servicer and such
decree or order shall have remained in force undischarged, undismissed or unstayed for a period of 60 days;

 

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

 

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

 

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

 

(viii)  the
Special Servicer is no longer rated at least “CSS3” by Fitch and such Special Servicer is not reinstated to at least
that rating within 60 days of the delisting;

 

(ix)     KBRA
has (A) qualified, downgraded or withdrawn its rating or ratings of one or more Classes of Certificates, or (B) placed one or
more Classes of Certificates on “watch status” in contemplation of possible rating downgrade or withdrawal (and such

 

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qualification,
downgrade or withdrawal or “watch status” placement shall not have been withdrawn by KBRA within sixty (60) days of
actual knowledge by the Special Servicer of such event), and, in the case of either of clause (A) or (B), publicly citing servicing
concerns with the Special Servicer as the sole or a material factor in such rating action; or

 

(x)      subject
to Section 10.16(c), any failure by the Special Servicer to deliver (a) any Exchange Act reporting items required to be
delivered by the Special Servicer to the Trustee or the Certificate Administrator under Article X by the time required
under Article X or (b) any Exchange Act reporting items that a primary servicer, sub-servicer or Servicing Function Participant
(such entity, the “Sub-Servicing Entity”) retained by the Special Servicer (but excluding any Mortgage Loan
Seller Sub-Servicer) is required to deliver (any Sub-Servicing Entity shall be terminated if it defaults in accordance with the
provision of this clause (viii).

 

then,
and in each and every such case, so long as a Special Servicer Termination Event shall not have been remedied, the Trustee may,
and at the written direction of (w) the Holders of at least 25% of the aggregate Voting Rights of all Certificates, (x) for so
long as no Control Termination Event has occurred and is continuing, the Directing Holder, (y) the Risk Retention Consultation
Party, or (z) the Depositor with respect to clause (ii) above (to the extent such Special Servicer Termination Event relates to
the obligations regarding Exchange Act reporting contemplated by Article X) or clause (viii) above upon five (5) Business
Days’ notice, shall, terminate all of the rights and obligations of the Special Servicer (other than the rights to indemnification
provided in Section 6.03(a) of this Agreement and compensation provided in Section 3.12(c) of this Agreement). In
the case of clause (vii) above, the Trustee shall, upon actual knowledge by a Responsible Officer of such Special Servicer Termination
Event, be required to notify the Special Servicer and the Certificate Administrator, and the Certificate Administrator, upon receipt
of such notice or upon actual knowledge by a Responsible Officer of such Special Servicer Termination Event, shall notify the
Certificateholders and Serviced Companion Loan Noteholders of such Special Servicer Termination Event and request whether such
Certificateholders and, if applicable, the Serviced Companion Loan Noteholders favor such termination.

 

(c)          Notwithstanding
Section 7.01(a), (i) if any Master Servicer Termination Event occurs that affects a Serviced Companion Loan and the Master
Servicer is not otherwise terminated or (ii) if an NRSRO engaged to rate a Serviced Companion Loan Security qualifies, downgrades
or withdraws its rating of such Serviced Companion Loan Security, publicly citing servicing concerns with the Master Servicer
as the sole or a material factor in such rating action and that rating action is not withdrawn within 60 days, then the Trustee,
at the direction of the Companion Loan Noteholder, shall direct the Master Servicer to appoint a sub-servicer (or if a sub-servicer
is then sub-servicing such Serviced Whole Loan, to appoint a new sub-servicer to service such Serviced Whole Loan, but only if
such existing sub-servicer is in default after any applicable cure periods under the related sub-servicing agreement, and the
Master Servicer shall be permitted to terminate the sub-servicing agreement due to such default) with respect all of the rights
and obligations of the Master Servicer under this Agreement related to such Serviced Whole Loan. The Master Servicer shall appoint
a replacement sub-servicer with respect to such Serviced Whole Loan; provided, that such sub-servicer meets the eligibility
requirements of a successor master servicer under Section 7.02 (including receipt of a Rating Agency Confirmation

 

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relating
to the Certificates and Serviced Companion Loan Securities, if any) and the eligibility requirements of each Other Pooling and
Servicing Agreement.

 

(d)          Notwithstanding
Section 7.01(b), (i) if any Special Servicer Termination Event occurs that affects a Serviced Companion Loan and the Special
Servicer is not otherwise terminated or (ii) if an NRSRO engaged to rate a Serviced Companion Loan Security qualifies, downgrades
or withdraws its rating of such Serviced Companion Loan Security, publicly citing servicing concerns with the Special Servicer
as the sole or a material factor in such rating action and that rating action is not withdrawn within 60 days, then the Trustee,
at the direction of the Companion Loan Noteholder, shall terminate the Special Servicer with respect to the related Serviced Whole
Loan only, but no other Mortgage Loan.

 

(e)          If
the Master Servicer or the Special Servicer is terminated pursuant to this Section 7.01, the Trustee (the “Terminating
Party”) shall, by notice in writing to the Master Servicer or the Special Servicer, as the case may be (the “Terminated
Party”), terminate all of its rights and obligations under this Agreement and in and to the Mortgage Loans and the proceeds
thereof, other than any rights the Terminated Party has to Excess Servicing Fees, any rights it has hereunder as a Certificateholder
and any rights or obligations that accrued prior to the date of such termination (including the right to receive all amounts accrued
or owing to it under this Agreement, plus interest at the Reimbursement Rate on such amounts until received to the extent such
amounts bear interest as provided in this Agreement, with respect to periods prior to the date of such termination and the right
to the benefits of Section 6.03 of this Agreement notwithstanding any such termination), and with respect to the Special
Servicer, the right to receive any Workout Fee subsequent to its termination as Special Servicer, pursuant to Section 3.12(c)
of this Agreement. No successor Special Servicer shall be entitled to such Workout Fee received by the terminated Special
Servicer. On or after the receipt by the Terminated Party of such written notice, all of its authority and power under this Agreement,
whether with respect to the Certificates (except that the Terminated Party shall retain its rights as a Certificateholder if and
to the extent that it is a Certificateholder), the Mortgage Loans, the Serviced Companion Loans or otherwise, shall pass to and
be vested in the Terminating Party pursuant to and under this Section and, without limitation, the Terminating Party is hereby
authorized and empowered to execute and deliver, on behalf of and at the expense of the Terminated Party, as attorney-in-fact
or otherwise, any and all documents and other instruments, and to do or accomplish all other acts or things necessary or appropriate
to effect the purposes of such notice of termination, whether to complete the transfer and endorsement or assignment of the Mortgage
Loans and related documents, or otherwise. The Master Servicer and the Special Servicer each agree in the event it is terminated
pursuant to this Section 7.01 to promptly (and in any event no later than ten Business Days subsequent to such notice)
provide, at its own expense, the Terminating Party with all documents and records requested by the Terminating Party to enable
the Terminating Party to assume its functions hereunder, and to cooperate with the Terminating Party and the successor to its
responsibilities hereunder in effecting the termination of its responsibilities and rights hereunder, including, without limitation,
the transfer to the successor Master Servicer or Special Servicer or the Terminating Party, as applicable, for administration
by it of all cash amounts which shall at the time be or should have been credited by the Master Servicer or the Special Servicer
to the Collection Account, the applicable Serviced Whole Loan Collection Account, any REO Account, the Loss of Value Reserve Fund,
any Gain-on-Sale Reserve Account, Lock-Box Account or Cash Collateral Account or which shall

 

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thereafter
be received with respect to the Mortgage Loans, and shall promptly provide the Terminating Party or such successor Master Servicer
or successor Special Servicer (which may include the Trustee) all documents and records reasonably requested by it, such documents
and records to be provided in such form as the Terminating Party or such successor Master Servicer or Special Servicer shall reasonably
request (including electronic form), to enable it to assume the Master Servicer’s or Special Servicer’s function hereunder.
All reasonable costs and expenses of the Terminating Party (including the cost of obtaining a Rating Agency Confirmation and any
applicable indemnity) or the successor Master Servicer or successor Special Servicer incurred in connection with transferring
the Mortgage Files to the successor Master Servicer or Special Servicer and amending this Agreement to reflect such succession
as successor Master Servicer or successor Special Servicer pursuant to this Section 7.01 shall be paid by the predecessor
Master Servicer or the Special Servicer, as applicable, upon presentation of reasonable documentation of such costs and expenses.
If the predecessor Master Servicer or Special Servicer (as the case may be) has not reimbursed the Terminating Party or the successor
Master Servicer or Special Servicer for such expenses within 90 days after the presentation of reasonable documentation, such
expense shall be reimbursed by the Trust Fund; provided that the Terminated Party shall not thereby be relieved of its
liability for such expenses. If and to the extent that the Terminated Party has not reimbursed such costs and expenses, the Terminating
Party shall have an affirmative obligation to take all reasonable actions to collect such expenses on behalf of the Trust Fund.

 

In
no event shall the Trustee or the Certificate Administrator be deemed to have knowledge of, or be aware of, any Master Servicer
Termination Event or Special Servicer Termination Event until a Responsible Officer of the Trustee or the Certificate Administrator,
as the case may be, has received written notice thereof or has actual knowledge thereof.

 

No
removal or replacement of the Master Servicer or the Special Servicer as contemplated by this Agreement shall become effective
until (i) the Trustee or a successor Master Servicer or Special Servicer shall have assumed the resigning or terminated Master
Servicer’s or Special Servicer’s responsibilities, duties, liabilities and obligations hereunder, (ii) the Certificate
Administrator shall have filed any required Form 8-K pursuant to Section 10.09, (iii) any other information required under
Section 10.03 or Section 10.09 has been delivered to any applicable Other Depositor with respect to any related
Companion Loan, and (iv) as to any resignation, removal, succession, merger or consolidation of the Master Servicer or the Special
Servicer that would constitute a Reportable Event, upon at least 4 Business Days prior notice of the anticipated effective date
of such event, the Certificate Administrator and the Depositor shall cooperate in a timely manner with the Master Servicer, the
Special Servicer or any other Person pursuing such resignation, removal, succession, merger or consolidation, as applicable, in
connection with the Depositor’s or the Certificate Administrator’s obligation to file any related required Form 8-K
relating to this Trust on the anticipated effective date of such event.

 

Section
7.02     Trustee to Act; Appointment of Successor. Upon the receipt of a notice of termination
by the Master Servicer or the Special Servicer pursuant to Section 7.01 of this Agreement, the Terminating Party (subject
to Section 7.01(a) and Section 7.01(c)) shall be its successor, until a successor is appointed by the Directing
Holder as provided in this Section 7.02 or Section 3.22(b), as applicable, in all respects in its capacity as the
Master Servicer or the Special Servicer under this Agreement and the transactions set forth or provided

 

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for
herein and, except as provided herein, shall be subject to all the responsibilities, duties, limitations on liability and liabilities
relating thereto and arising thereafter placed on the Master Servicer or Special Servicer by the terms and provisions hereof,
provided, that (i) the Terminating Party shall have no responsibilities, duties, liabilities or obligations with respect
to any act or omission of the Master Servicer or Special Servicer and (ii) any failure to perform, or delay in performing, such
duties or responsibilities caused by the Terminated Party’s failure to provide, or delay in providing, records, tapes, disks,
information or monies shall not be considered a termination event for such successor hereunder. The Trustee, as successor Master
Servicer or successor Special Servicer, shall be indemnified to the full extent provided to the Master Servicer or Special Servicer,
as applicable, under this Agreement prior to the Master Servicer’s or the Special Servicer’s termination. The appointment
of a successor Master Servicer or successor Special Servicer shall not affect any liability of the predecessor Master Servicer
or Special Servicer which may have arisen prior to its termination as the Master Servicer or the Special Servicer. The Terminating
Party shall not be liable for any of the representations and warranties of the Master Servicer or Special Servicer herein or in
any related document or agreement, for any acts or omissions of the predecessor Master Servicer or predecessor Special Servicer
or for any losses incurred in respect of any Permitted Investment by the Master Servicer pursuant to Section 3.07 hereunder
nor shall the Trustee be required to purchase any Mortgage Loan or any Serviced Companion Loan hereunder. As compensation therefor,
the Terminating Party as successor Master Servicer or successor Special Servicer shall be entitled to the Servicing Compensation
or Special Servicing Compensation, as applicable, and all funds relating to the Mortgage Loans or the Serviced Companion Loans
that accrue after the date of the Terminating Party’s succession to which such predecessor Master Servicer or Special Servicer
would have been entitled if such predecessor Master Servicer or Special Servicer, as applicable, had continued to act hereunder.
If any Advances made by the Master Servicer or the Trustee shall at any time be outstanding, or any amounts of interest thereon
shall be accrued and unpaid, all amounts available to repay Advances and interest hereunder shall be applied entirely to the Advances
made by the Trustee (and the accrued and unpaid interest thereon), until such Advances and interest shall have been repaid in
full. Notwithstanding the above, the Trustee may, if it shall be unwilling to so act, or shall if it is unable to so act or if
the Holders of Certificates entitled to (i) in the case of the Master Servicer, at least 25% of the aggregate Voting Rights (or,
for so long as no Control Termination Event has occurred and is continuing, the Controlling Class Representative), or (ii) in
the case of the Special Servicer, at least 25% of the aggregate Voting Rights (or, for so long as no Control Termination Event
has occurred and is continuing, the Directing Holder), so request in writing to the Trustee, or, with respect to a Serviced Whole
Loan, if an affected Serviced Companion Loan Noteholder so requests in writing to the Trustee, or if the Trustee is not an “approved”
servicer by any of the Rating Agencies for mortgage pools similar to the Trust Fund, promptly appoint, or petition a court of
competent jurisdiction to appoint, any established mortgage loan servicing institution that, for so long as no Control Termination
Event has occurred and is continuing, has been approved by the Directing Holder (which approval shall not be unreasonably withheld
in the case of the appointment of a successor Master Servicer) to act as the successor to the Master Servicer or Special Servicer,
as applicable, hereunder in the assumption of all or any part of the responsibilities, duties or liabilities of the Master Servicer
or Special Servicer hereunder; provided that the Trustee shall obtain a Rating Agency Confirmation with respect to the
Certificates and any Serviced Companion Loan Securities. No appointment of a successor to the Master Servicer or Special Servicer
hereunder shall be effective until the assumption by such

 

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successor
of all the Master Servicer’s or Special Servicer’s responsibilities, duties and liabilities hereunder, which appointment
has been approved, if no Control Termination Event has occurred and is continuing, by the Directing Holder, such approval not
to be unreasonably withheld. Pending appointment of a successor to the Master Servicer (or the Special Servicer if the Special
Servicer is also the Master Servicer) hereunder, unless the Trustee shall be prohibited by law from so acting, the Trustee shall
act in such capacity as hereinabove provided. Pending the appointment of a successor to the Special Servicer, the Trustee shall
act in such capacity. In connection with such appointment and assumption described herein, the Trustee may make such arrangements
for the compensation of such successor out of payments on Mortgage Loans, Serviced Companion Loans or otherwise as it and such
successor shall agree; provided, that no such compensation shall be in excess of that permitted to the Terminated Party
hereunder, unless no successor to the Terminated Party can be obtained to perform the obligations of such Terminated Party hereunder,
in which case additional amounts shall be paid to such successor and such amounts in excess of that permitted the Terminated Party
shall be treated as Realized Losses and VRR Realized Losses. Any successor Special Servicer shall be subject to the rights of
the Directing Holder under Section 3.22(b) of this Agreement. The Depositor, the Trustee, the Master Servicer or Special
Servicer and such successor shall take such action, consistent with this Agreement, as shall be necessary to effectuate any such
succession.

 

If
the Trustee or an Affiliate acts pursuant to this Section 7.02 as successor to the resigning or terminated Master Servicer,
it may reduce the Master Servicer’s Excess Servicing Fee Rate to the extent that its or such Affiliate’s compensation
as successor Master Servicer would otherwise be below the market rate servicing compensation. If the Trustee elects to appoint
a successor to the resigning or terminated Master Servicer other than itself or an Affiliate pursuant to this Section 7.02,
it may reduce the Master Servicer’s Excess Servicing Fee Rate to the extent reasonably necessary (in the sole discretion
of the Trustee) for the Trustee to appoint a qualified successor Master Servicer that meets the requirements of this Section
7.02.

 

Section
7.03     Notification to Certificateholders and Other Persons. (a) Upon its receipt of written
notice of any termination pursuant to Section 7.01 above or appointment of a successor to the Master Servicer or the Special
Servicer, the Certificate Administrator shall give prompt written notice thereof to Certificateholders at their respective addresses
appearing in the Certificate Register, the 17g-5 Information Provider (who shall promptly post such notice to the 17g-5 Information
Provider’s Website pursuant to Section 3.14(d) of this Agreement), the Operating Advisor, the Asset Representations
Reviewer and to each Serviced Companion Loan Noteholder at its address appearing in the Serviced Companion Loan Noteholder Register.

 

(b)          Within
30 days after the occurrence of any Servicer Termination Event (or any analogous servicer termination event under any Other Pooling
and Servicing Agreement relating to any Non-Serviced Whole Loan), Operating Advisor Termination Event or Asset Representations
Reviewer Termination Event of which a Responsible Officer of the Trustee has actual knowledge, the Trustee shall transmit by mail
to the Depositor, the Certificate Administrator (who shall then notify all Holders of Certificates), the 17g-5 Information Provider
(who shall promptly post such notice to the 17g-5 Information Provider’s Website pursuant to Section 3.14(d) of this
Agreement), and each Serviced Companion Loan Noteholder, notice of such Servicer Termination Event, Operating Advisor Termination
Event or Asset Representations Reviewer Termination Event, unless such Servicer Termination Event,

 

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Operating
Advisor Termination Event or Asset Representations Reviewer Termination Event shall have been cured or waived.

 

Section
7.04     Other Remedies of Trustee. During the continuance of any Servicer Termination Event,
so long as the Servicer Termination Event shall not have been remedied, the Trustee, in addition to the rights specified in Section
7.01 of this Agreement, shall have the right, in its own name as Trustee of an express trust, to take all actions now or hereafter
existing at law, in equity or by statute to enforce its rights and remedies and to protect the interests, and enforce the rights
and remedies, of the Certificateholders and, in the case of any Serviced Companion Loan, of the related Serviced Companion Loan
Noteholders (including the institution and prosecution of all judicial, administrative and other proceedings and the filing of
proofs of claim and debt in connection therewith). In such event, the legal fees, expenses and costs of such action and any liability
resulting therefrom shall be expenses, costs and liabilities of the Trust Fund (and, in the case of any Serviced Whole Loan, such
amounts shall be allocated in accordance with the expense allocation provision of the related Intercreditor Agreement). Except
as otherwise expressly provided in this Agreement, no remedy provided for by this Agreement shall be exclusive of any other remedy,
and each and every remedy shall be cumulative and in addition to any other remedy, and no delay or omission to exercise any right
or remedy shall impair any such right or remedy or shall be deemed to be a waiver of any Servicer Termination Event.

 

Section
7.05     Waiver of Past Servicer Termination Events and Operating Advisor Termination Events; Termination.
The Holders of Certificates evidencing not less than 66-2/3% of the aggregate Voting Rights of the Certificates may, together
with each affected Serviced Companion Loan Noteholder (to the extent they are adversely affected by such Servicer Termination
Event or Operating Advisor Termination Event, as applicable), on behalf of all Holders of Certificates waive any termination event
(within 20 days of the receipt of notice from the Certificate Administrator of the occurrence of such termination event) with
respect to the Master Servicer, the Special Servicer or the Operating Advisor in the performance of its obligations hereunder
and its consequences, except a termination event with respect to making any required deposits (including, with respect to the
Master Servicer, P&I Advances) to or payments from the Collection Account, any Serviced Whole Loan Collection Account or the
Lower-Tier Distribution Account, or in remitting payments as received, in each case in accordance with this Agreement. Upon any
such waiver of a past termination event, such termination event shall cease to exist, and any Servicer Termination Event or Operating
Advisor Termination Event arising therefrom shall be deemed to have been remedied for every purpose of this Agreement. No such
waiver shall extend to any subsequent or other termination event or impair any right consequent thereon. Notwithstanding the foregoing,
a Master Servicer Termination Event under Section 7.01(a)(ii) (to the extent such Master Servicer Termination Event relates
to the obligations regarding Exchange Act reporting contemplated by Article X) or Section 7.01(a)(x) or a Special
Servicer Termination Event under Section 7.01(b)(ii) (to the extent such Special Servicer Termination Event relates to
the obligations regarding Exchange Act reporting contemplated by Article X) or Section 7.01(b)(x) of this Agreement
may be waived only with the consent of the Depositor and each affected Other Depositor.

 

Section
7.06     Trustee as Maker of Advances. If the Master Servicer fails to fulfill its obligations
hereunder to make any Advances and such failure remains uncured, the

 

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Trustee
shall perform such obligations (x) within five Business Days of the Master Servicer Termination Event resulting from such failure
by the Master Servicer with respect to Servicing Advances to the extent a Responsible Officer of the Trustee has actual knowledge
of such failure with respect to such Servicing Advances and (y) by 12:00 noon (New York City time) on the related Distribution
Date with respect to P&I Advances pursuant to the Trustee’s receipt of notice of failure pursuant to Section 4.07(a)
of this Agreement unless the Trustee has received notice that such failure has been cured by 11:00 a.m. on such Distribution
Date. With respect to any such Advance made by the Trustee, the Trustee shall succeed to all of the Master Servicer’s rights
with respect to Advances hereunder, including, without limitation, the Master Servicer’s rights of reimbursement and interest
on each Advance at the Reimbursement Rate, and rights to determine that a proposed Advance is a Nonrecoverable Advance (without
regard to any impairment of any such rights of reimbursement caused by the Master Servicer’s failure to perform its obligations
hereunder); provided, that if Advances made by the Trustee and the Master Servicer shall at any time be outstanding, or
any interest on any Advance shall be accrued and unpaid, all amounts available to repay such Advances and the interest thereon
hereunder shall be applied entirely to the Advances outstanding to the Trustee, until such Advances shall have been repaid in
full, together with all interest accrued thereon, prior to reimbursement of the Master Servicer for such Advances. The Trustee
shall be entitled to conclusively rely on any notice given with respect to a Nonrecoverable Advance or any determination of nonrecoverability
in connection therewith by the Master Servicer hereunder.

 

Section
7.07     Termination of the Operating Advisor. (a) An “Operating Advisor Termination
Event” means any one of the following events whether any such event shall be voluntary or involuntary or be effected
by operation of law or pursuant to any judgment, decree or order of any court or any order, rule or regulation of any administrative
or governmental body:

 

(i)       any
failure by the Operating Advisor to observe or perform in any material respect any of its covenants or agreements or the material
breach of its representations or warranties under this Agreement, which failure shall continue unremedied for a period of 30 days
after the date on which written notice of such failure, requiring the same to be remedied, shall have been given to the Operating
Advisor by any party hereto or to the Operating Advisor, the Certificate Administrator and the Trustee by the Holders of Certificates
having greater than 25% of the aggregate Voting Rights; provided, that with respect to any such failure which is not curable
within such 30-day period, the Operating Advisor shall have an additional cure period of thirty (30) days to effect such cure
so long as it has commenced to cure such failure within the initial 30-day period and has provided the Trustee and the Certificate
Administrator with an Officer’s Certificate certifying that it has diligently pursued, and is continuing to pursue, such
cure;

 

(ii)      any
failure by the Operating Advisor to perform in accordance with the Operating Advisor Standard which failure shall continue unremedied
for a period of 30 days after the date on which written notice of such failure, requiring the same to be remedied, is given in
writing to the Operating Advisor by any party to this Agreement;

 

(iii)     any
failure by the Operating Advisor to be an Eligible Operating Advisor, which failure shall continue unremedied for a period of
30 days after the date on which written notice of such failure, requiring the same to be remedied, is given in writing to the
Operating Advisor by any party to this Agreement;

 

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(iv)     a
decree or order of a court or agency or supervisory authority having jurisdiction in the premises in an involuntary case under
any present or future federal or state bankruptcy, insolvency or similar law for the appointment of a conservator or receiver
or liquidator in any insolvency, readjustment of debt, marshaling of assets and liabilities or similar proceedings, or for the
winding-up or liquidation of its affairs, shall have been entered against the Operating Advisor, and such decree or order shall
have remained in force undischarged or unstayed for a period of 60 days;

 

(v)     the
Operating Advisor shall consent to the appointment of a conservator or receiver or liquidator or liquidation committee in any
insolvency, readjustment of debt, marshaling of assets and liabilities, voluntary liquidation, or similar proceedings of or relating
to the Operating Advisor or of or relating to all or substantially all of its property; or

 

(vi)    the
Operating Advisor shall admit in writing its inability to pay its debts generally as they become due, file a petition to take
advantage of any applicable insolvency or reorganization statute, make an assignment for the benefit of its creditors, or voluntarily
suspend payment of its obligations.

 

Upon
receipt by the Certificate Administrator of notice of the occurrence of any Operating Advisor Termination Event, the Certificate
Administrator shall promptly provide written notice to all Certificateholders by posting such notice on the Certificate Administrator’s
Website and by mail, unless the Certificate Administrator has received notice that it has been remedied. If an Operating Advisor
Termination Event has occurred then, and in each and every such case, so long as such Operating Advisor Termination Event shall
not have been remedied, either (i) the Trustee may or (ii) upon the written direction of holders of Certificates evidencing not
less than 25% of the Voting Rights of each Class of Regular Certificates, the Trustee shall, terminate all of the rights and obligations
of the Operating Advisor under this Agreement, other than rights and obligations accrued prior to such termination, including
the right to receive all amounts accrued and owing to it under this Agreement, and other than indemnification rights (arising
out of events occurring prior to such termination), by notice in writing to the Operating Advisor; provided that no such
termination shall be effective until a successor Operating Advisor has been appointed and has assumed all of the obligations of
the Operating Advisor under this Agreement. Notwithstanding anything herein to the contrary, the Depositor shall have the right,
but not the obligation, to notify the Certificate Administrator and the Trustee of any Operating Advisor Termination Event of
which the Depositor has actual knowledge.

 

The
holders of Voting Rights representing at least 25% of the Voting Rights affected by any Operating Advisor Termination Event hereunder
may waive such Operating Advisor Termination Event within twenty (20) days of the receipt of notice from the Certificate Administrator
of the occurrence of such Operating Advisor Termination Event. Upon any such waiver of an Operating Advisor Termination Event,
such Operating Advisor Termination Event shall cease to exist and shall be deemed to have been remedied for every purpose hereunder.
Upon any such waiver of an Operating Advisor Termination Event by Certificateholders, the Trustee and the Certificate Administrator
shall be entitled to recover all costs and expenses incurred by it in connection with enforcement action taken with respect to
such Operating Advisor Termination Event prior to such waiver from the Trust.

 

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(b)          Upon
(i) the written direction of holders of Certificates evidencing not less than 15% of the aggregate Voting Rights requesting a
vote to terminate and replace the Operating Advisor with a proposed successor Operating Advisor that is an Eligible Operating
Advisor and (ii) payment by such Holders to the Certificate Administrator of the reasonable fees and expenses to be incurred by
the Certificate Administrator in connection with administering such vote, the Certificate Administrator shall promptly provide
written notice thereof to the Operating Advisor and to all Certificateholders by (i) posting such notice on the Certificate Administrator’s
Website and (ii) mail at their addresses appearing in the Certificate Register. Upon the written direction of Holders of Certificates
evidencing more than 50% of the Voting Rights that exercise their right to vote (provided that Holders of at least 50%
of the Voting Rights exercise their right to vote), the Trustee shall terminate all of the rights and obligations of the Operating
Advisor with respect to the Mortgage Loans under this Agreement (other than rights and obligations accrued prior to such termination
including the right to receive all amounts accrued and owing to it under this Agreement and other than indemnification rights
arising out of events occurring prior to such termination) by written notice to the Operating Advisor, and the proposed successor
operating advisor will be appointed. The provisions set forth in the foregoing sentences of this Section 7.07(b) shall
be binding upon and inure to the benefit of solely the Certificateholders and the Trustee as between each other. The Operating
Advisor shall not have any cause of action based upon or arising from any breach or alleged breach of such provisions other than
may arise, as a result of the failure to comply with the above described voting procedures. As between the Operating Advisor,
on the one hand, and the Certificateholders, on the other, the Certificateholders shall be entitled in their sole discretion to
vote for the termination or not vote for the termination of the Operating Advisor.

 

(c)          On
or after the receipt by the Operating Advisor of such written notice of termination, subject to the foregoing, all of its authority
and power under this Agreement shall be terminated and, without limitation, the terminated Operating Advisor shall execute any
and all documents and other instruments, and do or accomplish all other acts or things reasonably necessary or appropriate to
effect the purposes of such notice of termination. As soon as practicable, but in no event later than 15 Business Days after (1)
the Operating Advisor resigns pursuant to Section 6.04(a) of this Agreement or (2) the Certificate Administrator delivers
such written notice of termination to the Operating Advisor, the Trustee shall upon the written direction of Holders of Certificates
evidencing not less than 25% of the Voting Rights of each Class of Certificates appoint a successor Operating Advisor that is
an Eligible Operating Advisor, which successor Operating Advisor may be an Affiliate of the Trustee and shall be the proposed
Operating Advisor in the case of a termination pursuant to Section 7.07(b) of this Agreement; provided, that if the Trustee
is acting as the successor Master Servicer or successor Special Servicer, neither the Trustee nor any of its Affiliates shall
be the successor Operating Advisor. The Trustee shall provide written notice of the appointment of a successor Operating Advisor
to the Master Servicer, the Special Servicer and the Certificate Administrator (and the Certificate Administrator shall promptly
provide such notice to the Controlling Class Representative, each Serviced Companion Loan Noteholder and each Certificateholder)
within one Business Day of such appointment. The Operating Advisor shall not at any time be the Depositor, the Master Servicer,
the Special Servicer, a Mortgage Loan Seller, an Other Depositor, an Other Servicer, an Other Special Servicer or an Affiliate
of any of them. If any of such entities becomes the Operating Advisor, including by means of an Affiliation arising after the
date hereof, the Operating Advisor shall immediately resign or cause an assignment under

 

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Section
6.04 of this Agreement and the Trustee shall upon the written direction of Holders of Certificates evidencing not less than
25% of the Voting Rights of each Class of Certificates appoint a successor Operating Advisor subject to and in accordance with
this Section 7.07(c), which successor Operating Advisor may be an Affiliate of the Trustee.

 

(d)          Upon
any termination of the Operating Advisor and appointment of a successor to the Operating Advisor, the Trustee shall, as soon as
possible, give written notice thereof to the Special Servicer, the Master Servicer, the Certificate Administrator, the Depositor,
the Certificateholders, any Serviced Companion Loan Noteholder, the Risk Retention Consultation Party, the 17g-5 Information Provider
(who shall promptly post such notice to the 17g-5 Information Provider’s Website pursuant to Section 3.14(d) of this
Agreement) and, if no Consultation Termination Event has occurred and is continuing, the Controlling Class Representative. If
the Operating Advisor is terminated, all of its rights and obligations under this Agreement shall terminate, other than any rights
or obligations that accrued prior to the date of such termination (including the right to receive all amounts accrued and owing
to it under this Agreement) and other than indemnification rights (arising out of events occurring prior to such termination).

 

Article
VIII

CONCERNING THE TRUSTEE AND CERTIFICATE ADMINISTRATOR

 

Section
8.01     Duties of Trustee and Certificate Administrator. (a) Each of the Trustee and the Certificate
Administrator undertakes to perform such duties and only such duties as are specifically set forth in this Agreement and no permissive
right of the Trustee shall be construed as a duty. During the continuance of a Servicer Termination Event of which a Responsible
Officer of the Trustee has actual knowledge, the Trustee, subject to the provisions of Section 7.02 and 7.05 of
this Agreement shall exercise such of the rights and powers vested in it by this Agreement, and use the same degree of care and
skill in their exercise, as a prudent person would exercise or use under the circumstances in the conduct of such person’s
own affairs.

 

(b)          The
Trustee and the Certificate Administrator, upon receipt of any resolutions, certificates, statements, opinions, reports, documents,
orders or other instruments furnished to the Trustee or the Certificate Administrator, as the case may be, which are specifically
required to be furnished to the Trustee or the Certificate Administrator pursuant to any provision of this Agreement (other than
the Mortgage Files, the review of which is specifically governed in Article II, any CREFC® reports, and any information
delivered for posting to the Certificate Administrator’s Website), shall examine them to determine whether they conform
on their face to the requirements of this Agreement; provided, that, the Trustee or the Certificate Administrator, as applicable,
shall not be responsible for the accuracy or content of any such resolution, certificate, statement, opinion, report, document,
order or other instrument provided to it hereunder. If any such instrument is found not to conform on its face to the requirements
of this Agreement in a material manner, the Trustee or the Certificate Administrator, as applicable, shall request the provider
of such instrument to have the instrument corrected, and if the instrument is not corrected to such Trustee’s or such Certificate

 

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Administrator’s
reasonable satisfaction, such Trustee or such Certificate Administrator will provide notice thereof to the Certificateholders.

 

(c)          None
of the Trustee, the Certificate Administrator or any of their officers, directors, employees, agents or “control”
persons within the meaning of the Act shall have any liability arising out of or in connection with this Agreement, provided
that, subject to Section 8.02 of this Agreement, no provision of this Agreement shall be construed to relieve the Trustee,
the Certificate Administrator or any such person, from liability for its own negligent action, its own negligent failure to act
or its own willful misconduct or its own bad faith; and provided, further, that:

 

(i)       The
Trustee’s and the Certificate Administrator’s duties and obligations shall be determined solely by the express provisions
of this Agreement, neither the Trustee nor the Certificate Administrator shall be liable except for the performance of such duties
and obligations as are specifically set forth in regard to such party in this Agreement, no implied covenants or obligations shall
be read into this Agreement against the Trustee or the Certificate Administrator and, in the absence of bad faith on the part
of the Trustee or the Certificate Administrator, as the case may be, the Trustee and the Certificate Administrator may conclusively
rely, as to the truth of the statements and the correctness of the opinions expressed therein, upon any resolutions, certificates,
statements, reports, opinions, documents, orders or other instruments furnished to the Trustee or the Certificate Administrator,
as the case may be, that conform on their face to the requirements of this Agreement to the extent set forth herein without responsibility
for investigating the contents thereof;

 

(ii)      Reserved;

 

(iii)     Neither
the Trustee nor the Certificate Administrator shall be personally liable with respect to any action taken, suffered or omitted
to be taken by it in good faith in accordance with the direction of Holders of Certificates entitled to greater than 25% of the
Percentage Interests (or such other higher or lower percentage as is specified herein) of each affected Class, or of the aggregate
Voting Rights of the Certificates, relating to the time, method and place of conducting any proceeding for any remedy available
to the Trustee or the Certificate Administrator, as the case may be, or exercising any trust or power conferred upon the Trustee
or the Certificate Administrator, as the case may be, under this Agreement;

 

(iv)    Neither
the Trustee nor the Certificate Administrator nor any of their directors, officers, employees, agents or control persons shall
be responsible for any act or omission of any Custodian, Paying Agent or Certificate Registrar that is not an Affiliate of the
Trustee or Certificate Administrator, respectively, and that is selected other than by the Trustee or Certificate Administrator,
respectively, performed or omitted in compliance with any custodial or other agreement, or any act or omission of the Master Servicer,
the Special Servicer, the Depositor, the Operating Advisor, the Asset Representations Reviewer or any other Person, including,
without limitation, in connection with actions taken pursuant to this Agreement;

 

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(v)     Neither
the Trustee nor the Certificate Administrator shall be under any obligation to appear in, prosecute or defend any legal action
which is not incidental to its respective duties as Trustee or Certificate Administrator in accordance with this Agreement (and,
if it does, all legal expenses and costs of such action shall be expenses and costs of the Trust Fund (and, in the case of any
Whole Loan, any such costs and expenses shall be allocated in accordance with the allocation provisions of the related Intercreditor
Agreement), and the Trustee or the Certificate Administrator, as applicable, shall be entitled, as provided in Section 3.06
hereof, to be reimbursed therefor from amounts on deposit in the Collection Account (and with respect to any Serviced Whole
Loan, the related Serviced Whole Loan Collection Account) or the Distribution Account and identified on the Trust Ledger, unless
such legal action arises out of the negligence or bad faith of the Trustee or Certificate Administrator, as applicable, or any
breach of a representation or warranty of the Trustee or Certificate Administrator, as applicable, contained herein; and

 

(vi)    Neither
the Trustee nor the Certificate Administrator shall be charged with knowledge of any act, failure to act or breach of any Person
upon the occurrence of which the Trustee or Certificate Administrator, as applicable, may be required to act, unless a Responsible
Officer of the Trustee or Certificate Administrator, as applicable, obtains actual knowledge of such act, failure or breach. Neither
the Trustee nor the Certificate Administrator shall be deemed to have actual knowledge of the Master Servicer’s or the Special
Servicer’s failure to provide scheduled reports, certificates and statements when and as required to be delivered to the
Trustee or Certificate Administrator, as applicable, pursuant to this Agreement.

 

None
of the provisions contained in this Agreement shall require either the Trustee, in its capacity as Trustee or the Certificate
Administrator, in its capacity as Certificate Administrator, to expend or risk its own funds, or otherwise incur financial liability
in the performance of any of its duties hereunder, or in the exercise of any of its rights or powers, if in the opinion of the
Trustee or the Certificate Administrator, as the case may be, the repayment of such funds or adequate indemnity against such risk
or liability is not reasonably assured to it, and none of the provisions contained in this Agreement shall in any event require
the Trustee or the Certificate Administrator, as the case may be, to perform, or be responsible for the manner of performance
of, any of the obligations of the Master Servicer, the Special Servicer, the Operating Advisor or the Asset Representations Reviewer
under this Agreement, except, in the case of the Trustee, during such time, if any, as the Trustee shall be the successor to,
and be vested with the rights, duties, powers and privileges of, the Master Servicer or the Special Servicer in accordance with
the terms of this Agreement. Neither the Trustee nor the Certificate Administrator shall be required to post any surety or bond
of any kind in connection with its performance of its obligations under this Agreement and neither the Trustee nor the Certificate
Administrator shall be liable for any loss on any investment of funds pursuant to this Agreement. Notwithstanding any other provision
hereof, when acting as the Master Servicer hereunder, the Trustee shall comply with the Servicing Standard.

 

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Section
8.02     Certain Matters Affecting the Trustee and the Certificate Administrator. (a) Except as
otherwise provided in Section 8.01 of this Agreement:

 

(i)       The
Trustee and the Certificate Administrator may request and/or conclusively rely upon and shall be protected in acting or refraining
from acting upon any resolution, Officer’s Certificate, direction of the Depositor, certificate of auditors or any other
certificate, statement, instrument, opinion, report, notice, request, consent, order, appraisal, bond or other paper or document
reasonably believed by it to be genuine and to have been signed or presented by the proper party or parties and neither the Trustee
nor the Certificate Administrator shall have any responsibility to ascertain or confirm the genuineness of any such party or parties;

 

(ii)      Each
of the Trustee and the Certificate Administrator may consult with counsel and the written advice of such counsel or 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 the written advice of such counsel or such Opinion of Counsel;

 

(iii)     (A)
Neither the Trustee nor the Certificate Administrator shall be under any obligation to exercise any of the trusts or powers vested
in it by this Agreement or to make any investigation of matters arising hereunder or institute, conduct or defend any litigation
hereunder or in relation hereto at the request, order or direction of any of the Certificateholders, pursuant to the provisions
of this Agreement, unless such Certificateholders shall have offered to the Trustee or the Certificate Administrator, as the case
may be, security or indemnity reasonably satisfactory to the Trustee or the Certificate Administrator, as the case may be, against
the costs, expenses and liabilities which may be incurred therein or thereby, provided that nothing contained herein shall
relieve the Trustee of the obligations, upon the occurrence of a Servicer Termination Event (which has not been cured or waived)
of which a Responsible Officer of the Trustee has actual knowledge, to exercise such of the rights and powers vested in it by
this Agreement, and to use the same degree of care and skill in their exercise, as a prudent person would exercise or use under
the circumstances in the conduct of such person’s own affairs; and (B) the right of the Trustee and the Certificate Administrator
to perform any discretionary act enumerated in this Agreement shall not be construed as a duty, and the Trustee or the Certificate
Administrator, as the case may be, shall not be answerable for other than its own negligence or willful misconduct or bad faith
in the performance of any such act;

 

(iv)    None
of the Trustee, the Certificate Administrator or any of their directors, officers, employees, Affiliates, agents or “control”
persons within the meaning of the Act shall be personally liable (A) for an error of judgment made in good faith by a Responsible
Officer of the Trustee or the Certificate Administrator, as the case may be, unless it shall be proved that the Trustee or the
Certificate Administrator, as the case may be, was negligent in ascertaining the pertinent facts or (B) for any action taken,
suffered or omitted by it in good faith and reasonably believed by the Trustee or the Certificate Administrator, as the case may
be, to be authorized or within the discretion or rights or powers conferred upon it by this Agreement;

 

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(v)     Neither
the Trustee nor the Certificate Administrator shall be bound to make any investigation into the facts or matters stated in any
resolution, certificate, statement, instrument, opinion, report, notice, request, consent, order, appraisal, bond or other paper
or document, unless requested in writing to do so by Holders of Certificates entitled to greater than 25% (or such other percentage
as is specified herein) of the Percentage Interests of each affected Class; provided, that if the payment within a reasonable
time to the Trustee or the Certificate Administrator, as the case may be, of the costs, expenses or liabilities likely to be incurred
by it in the making of such investigation is, in the opinion of the Trustee or the Certificate Administrator, as the case may
be, not reasonably assured to the Trustee or the Certificate Administrator, as the case may be, by the security afforded to it
by the terms of this Agreement, the Trustee or the Certificate Administrator, as the case may be, may require indemnity reasonably
satisfactory to it from such requesting Holders against such cost, expense or liability as a condition to taking any such action.
The reasonable expense of every such investigation shall be paid by the Master Servicer, the Special Servicer or the Operating
Advisor, as applicable, if a Servicer Termination Event or Operating Advisor Termination Event shall have occurred and be continuing
relating to the Master Servicer, the Special Servicer or the Operating Advisor, respectively, and otherwise by the Certificateholders
requesting the investigation;

 

(vi)    The
Trustee and the Certificate Administrator may execute any of the trusts or powers hereunder and the Trustee and the Certificate
Administrator may perform any duties hereunder either directly or by or through agents, nominees, custodians or attorneys but
shall not be relieved of the obligations hereunder; provided, that the Trustee or the Certificate Administrator, as the
case may be, may not perform any duties hereunder through any Person that is a Prohibited Party;

 

(vii)   Other
than in the case of actual fraud (as determined by a non-appealable final court order), in no event shall the Trustee or the Certificate
Administrator, as applicable, be liable for special, punitive, indirect or consequential loss or damage of any kind whatsoever
(including, but not limited to lost profits), even if the Trustee or the Certificate Administrator, as applicable, has been advised
of the likelihood of such loss or damage and regardless of the form of action;

 

(viii)  In
no event shall the Trustee or the Certificate Administrator be liable for any failure or delay in the performance of its obligations
hereunder due to force majeure or acts of God; provided, that such failure or delay is not also a result of its
own negligence, bad faith or willful misconduct;

 

(ix)     Except
as otherwise expressly set forth in this Agreement, Wells Fargo Bank, National Association acting in any particular capacity hereunder
will not be deemed to be imputed with knowledge of (a) Wells Fargo Bank, National Association, acting in a capacity that is unrelated
to the transactions contemplated by this Agreement, or (b) Wells Fargo Bank, National Association, acting in any other capacity
hereunder, except, in the case of either clause (a) or clause (b), where some or all of the obligations performed
in such capacities are performed by one or more employees within the same group or division of Wells Fargo Bank, National Association,
or where the groups or divisions responsible for performing the obligations in such capacities have one or more of the same

 

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Responsible
Officers, provided in any event, however, the knowledge of employees performing special servicing functions shall not be
imputed to employees performing master servicing functions, and the knowledge of employees performing master servicing functions
shall not be imputed to employees performing special servicing functions;

 

(x)      Nothing
herein shall require the Trustee or the Certificate Administrator to act in any manner that is contrary to applicable law; and

 

(xi)     Nothing
herein shall be construed as an obligation of the parties to this Agreement to advise the Certificateholders with respect to their
rights and protections relative to the Trust.

 

(b)         Following
the Startup Day, the Trustee and the Certificate Administrator shall not, except as expressly required by any provision of this
Agreement, accept any contribution of assets to the Trust Fund unless the Trustee or the Certificate Administrator shall have
received an Opinion of Counsel (the costs of obtaining such opinion to be borne by the Person requesting such contribution) to
the effect that the inclusion of such assets in the Trust Fund will not cause an Adverse REMIC Event.

 

(c)          All
rights of action under this Agreement or under any of the Certificates, enforceable by the Trustee and the Certificate Administrator,
may be enforced by it without the possession of any of the Certificates, or the production thereof at the trial or other proceeding
relating thereto, and any such suit, action or proceeding instituted by the Trustee and the Certificate Administrator shall be
brought in its name for the benefit of all the Holders of such Certificates, subject to the provisions of this Agreement.

 

(d)          Neither
the Trustee nor the Certificate Administrator shall have a duty to conduct any affirmative investigation as to the occurrence
of any condition requiring the repurchase of any Mortgage Loan by any Mortgage Loan Seller pursuant to this Agreement or the eligibility
of any Mortgage Loan for purposes of this Agreement.

 

(e)          Each
of the Trustee and the Certificate Administrator shall be entitled to all of the same rights, protections, immunities and indemnities
afforded to it as Trustee and Certificate Administrator, as the case may be, in each capacity for which it serves hereunder (including,
without limitation, as Custodian, Certificate Registrar, 17g-5 Information Provider, Paying Agent and Authenticating Agent).

 

(f)          In
order to comply with laws, rules, regulations and executive orders in effect from time to time applicable to banking institutions,
including those relating to the funding of terrorist activities and money laundering (“Applicable Law”), the
Certificate Administrator and the Trustee, as the case may be, are required to obtain, verify and record certain information relating
to individuals and entities that maintain a business relationship with the Certificate Administrator or the Trustee. Accordingly,
each of the parties hereto agrees to provide to the Certificate Administrator and the Trustee, upon its respective request from
time to time, such identifying information and documentation as may be available for such party in order to enable the Certificate
Administrator and the Trustee to comply with Applicable Law.

 

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Section
8.03     Trustee and Certificate Administrator Not Liable for Certificates or Mortgage Loans.
The recitals contained herein and in the Certificates shall not be taken as the statements of the Trustee, the Certificate Administrator,
the Operating Advisor, the Asset Representations Reviewer, the Master Servicer, or the Special Servicer and the Trustee, the Certificate
Administrator, the Operating Advisor, the Asset Representations Reviewer, the Master Servicer and the Special Servicer assume
no responsibility for their correctness. The Trustee, the Certificate Administrator, the Operating Advisor, the Asset Representations
Reviewer, the Master Servicer and the Special Servicer make no representations or warranties as to the validity or sufficiency
of this Agreement, of the Certificates or any offering document used to offer the Certificates for sale or the validity, enforceability
or sufficiency of any Mortgage Loan, or related document. Neither the Trustee nor the Certificate Administrator shall at any time
have any responsibility or liability for or with respect to the legality, validity and enforceability of any Mortgage, any Mortgage
Loan, or the perfection and priority of any Mortgage or the maintenance of any such perfection and priority, or for or with respect
to the sufficiency of the Trust Fund or its ability to generate the payments to be distributed to Certificateholders under this
Agreement. Without limiting the foregoing, neither the Trustee nor the Certificate Administrator shall be liable or responsible
for: (i) the existence, condition and ownership of any Mortgaged Property; (ii) the existence of any hazard or other insurance
thereon (other than if the Trustee shall assume the duties of the Master Servicer or the Special Servicer pursuant to Section
7.02 of this Agreement) or the enforceability thereof; (iii) the existence of any Mortgage Loan or the contents of the related
Mortgage File on any computer or other record thereof (other than if the Trustee shall assume the duties of the Master Servicer
or the Special Servicer pursuant to Section 7.02 of this Agreement); (iv) the validity of the assignment of any Mortgage
Loan to the Trust Fund or of any intervening assignment; (v) the completeness of any Mortgage File; the performance or enforcement
of any Mortgage Loan (other than if the Trustee shall assume the duties of the Master Servicer or the Special Servicer pursuant
to Section 7.02 of this Agreement); (vi) the compliance by the Depositor, the Master Servicer, the Special Servicer, the
Operating Advisor or the Asset Representations Reviewer with any warranty or representation made under this Agreement or in any
related document or the accuracy of any such warranty or representation prior to the Trustee’s receipt of written notice
or other discovery of any non-compliance therewith or any breach thereof; (vii) any investment of monies by or at the direction
of the Master Servicer or any loss resulting therefrom, the acts or omissions of any of the Depositor, the Certificate Administrator,
the Operating Advisor, the Asset Representations Reviewer, the Master Servicer or the Special Servicer (other than if the Trustee
shall assume the duties of the Certificate Administrator, the Master Servicer or Special Servicer pursuant to Section 7.02
of this Agreement) or any sub-servicer or any Borrower; any action of the Master Servicer or Special Servicer (other than
if the Trustee shall assume the duties of the Master Servicer or Special Servicer pursuant to Section 7.02 of this Agreement)
or any sub-servicer taken in the name of the Trustee, except to the extent such action is taken at the express written direction
of the Trustee; (viii) the failure of the Master Servicer or the Special Servicer or any sub-servicer to act or perform any duties
required of them on behalf of the Trust Fund or the Trustee hereunder; or (ix) any action by or omission of the Trustee or the
Certificate Administrator taken at the instruction of the Master Servicer or the Special Servicer (other than if the Trustee shall
assume the duties of the Master Servicer or the Special Servicer pursuant to Section 7.02 of this Agreement) unless the
taking of such action is not permitted by the express terms of this Agreement; provided, that the foregoing shall not relieve
the Trustee or the Certificate Administrator of their respective obligations to perform their duties as specifically set

 

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forth
in this Agreement. The Trustee or the Certificate Administrator shall not be accountable for the use or application by the Depositor,
the Certificate Administrator (in the case of the Trustee only), the Trustee (in the case of the Certificate Administrator only),
the Master Servicer or the Special Servicer of any of the Certificates or of the proceeds of such Certificates, or for the use
or application of any funds paid to the Depositor, the Certificate Administrator (in the case of the Trustee only), the Trustee
(in the case of the Certificate Administrator only), the Master Servicer or the Special Servicer in respect of the assignment
of the Mortgage Loans or deposited in or withdrawn from the Collection Accounts, any Serviced Whole Loan Collection Account, the
Lower-Tier Distribution Account, the Upper-Tier Distribution Account, the Lock-Box Account, the Cash Collateral Account, the Reserve
Accounts, the Interest Reserve Account, any REO Account or any Gain-on-Sale Reserve Account or any other account maintained by
or on behalf of the Certificate Administrator, the Master Servicer or the Special Servicer, other than any funds held by the Trustee
or the Certificate Administrator. Neither the Trustee nor the Certificate Administrator shall have any responsibility for filing
any financing or continuation statement in any public office at any time or to otherwise perfect or maintain the perfection of
any security interest or lien granted to it hereunder (unless the Trustee shall have become the successor Master Servicer) or
to record this Agreement. In making any calculation hereunder which includes as a component thereof the payment or distribution
of interest for a stated period at a stated rate “to the extent permitted by applicable law,” the Trustee or the Certificate
Administrator, as the case may be, shall assume that such payment is so permitted unless a Responsible Officer of the Trustee
or the Certificate Administrator, as the case may be, has actual knowledge, or receives an Opinion of Counsel (at the expense
of the Person asserting the impermissibility) to the effect, that such payment is not permitted by applicable law. The Depositor
is not obligated to monitor or supervise the performance of the Trustee or the Certificate Administrator under this Agreement
or otherwise.

 

Section
8.04     Trustee and Certificate Administrator May Own Certificates. The Trustee, the Certificate
Administrator and any agent of the Trustee or the Certificate Administrator in its individual capacity or any other capacity may
become the owner or pledgee of Certificates, and may deal with the Depositor, the Certificate Administrator, the Trustee, the
Master Servicer, the Special Servicer, the Initial Purchasers and the Underwriters in banking transactions, with the same rights
it would have if it were not Trustee, Certificate Administrator or such agent, as the case may be.

 

Section
8.05     Payment of Trustee’s and Certificate Administrator’s Fees and Expenses; Indemnification.
(a) On each Distribution Date, prior to the distribution of amounts to the Certificateholders, the Certificate Administrator shall
be entitled to withdraw and pay the Trustee and itself its respective portion of the Certificate Administrator/Trustee Fee, as
reasonable compensation from amounts remitted to the Lower-Tier Distribution Account (which shall not be limited by any provision
of law in regard to the compensation of a trustee of an express trust), for all services rendered in the execution of the trusts
hereby created and in the exercise and performance of any of the powers and duties of the Trustee and the Certificate Administrator
at the Certificate Administrator/Trustee Fee Rate. The Trustee’s fee shall be paid as a portion of the Certificate Administrator/Trustee
Fee.

 

(b)          If
the Trustee assumes the servicing responsibilities of the Master Servicer or the Special Servicer hereunder pursuant to or otherwise
arising from the resignation or

 

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removal
of the Master Servicer or the Special Servicer, the Trustee shall be entitled to the compensation to which the Master Servicer
or the Special Servicer, as the case may be, would have been entitled (other than the rights of the Special Servicer to receive
any Workout Fee specified in Section 3.12(c) of this Agreement if the Special Servicer is terminated).

 

(c)          The
Trustee, the Custodian and the Certificate Administrator shall be paid or reimbursed by the Trust Fund upon its request for all
reasonable expenses, disbursements and advances incurred or made by the Trustee, the Custodian or the Certificate Administrator
pursuant to and in accordance with any of the provisions of this Agreement (including the reasonable compensation and the expenses
and disbursements of its counsel and of all persons not regularly in its employ), which the Certificate Administrator will be
entitled to withdraw from the Distribution Accounts prior to the distribution to Certificateholders to the extent set forth herein
and to the extent such payments are “unanticipated expenses incurred by the REMIC” within the meaning of Treasury
Regulations Section 1.860G-1(b)(iii) except any such expense, disbursement or advance as may arise from its negligence, willful
misconduct or bad faith; provided, that, subject to the last paragraph of Section 8.01 and Section 8.02(a)(iii)
of this Agreement, the Trustee, the Custodian or the Certificate Administrator shall not refuse to perform any of their respective
duties hereunder solely as a result of the failure to be paid their respective portion of the Certificate Administrator/Trustee
Fee, or the Trustee’s, Custodian’s or Certificate Administrator’s previously-incurred expenses, as applicable.
The term “unanticipated expenses incurred by the REMIC” shall include any fees, expenses and disbursement of any separate
Trustee or co-Trustee appointed hereunder, only to the extent such fees, expenses and disbursements were not reasonably anticipated
as of the Closing Date and are attributable to the Lower-Tier REMIC or the Upper-Tier REMIC and the losses, liabilities, damages,
claims or expenses (including reasonable attorneys’ fees) incurred or advanced by an Indemnified Party in connection with
any litigation arising out of this Agreement attributable to the Lower-Tier REMIC, the Upper-Tier REMIC or the Grantor Trust,
including, without limitation, under Section 2.03, Section 3.10, the third paragraph of Section 3.11, Section
4.05 and Section 7.01 of this Agreement.

 

The
Master Servicer and the Special Servicer covenant and agree to pay or reimburse the Trustee for the reasonable expenses, disbursements
and advances incurred or made by the Trustee in connection with any transfer of the servicing responsibilities of the Master Servicer
or the Special Servicer, respectively, hereunder, pursuant to or otherwise arising from the resignation or removal of the Master
Servicer or Special Servicer (except in the case of removal of the Special Servicer without cause), as applicable, in accordance
with any of the provisions of this Agreement (and including the reasonable fees and expenses and disbursements of its counsel
and all other persons not regularly in its employ), except any such expense, disbursement or advance as may arise from the negligence,
willful misconduct or bad faith of the Trustee.

 

(d)          Each
of the Certificate Administrator, the Custodian, the Paying Agent, the Trustee, the Depositor, the Master Servicer and the Special
Servicer (each, for purposes of this Section 8.05(d), an “Indemnifying Party”) shall (severally and
not jointly) indemnify the Trustee (both in its capacity as Trustee and individually), the Asset Representations Reviewer and
the Certificate Administrator (in its capacity as Certificate Administrator, Custodian, Paying Agent and individually) and each
of their Affiliates and each of the partners, shareholders,

 

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members,
managers, directors, officers, employees, representatives and agents of the Trustee and the Certificate Administrator and each
of their Affiliates (each, for purposes of this Section 8.05(d), an “Indemnified Party”), and hold each
of them harmless against any and all claims, losses, damages, penalties, fines, forfeitures, reasonable legal fees and related
costs, judgments, and any other costs, fees and expenses that the Indemnified Party may sustain in connection with this Agreement
(including, without limitation, reasonable fees and disbursements of counsel incurred by the Indemnified Party in any action or
proceeding between the Indemnifying Party and the Indemnified Party or between the Indemnified Party and any third party or otherwise)
resulting from each such Indemnifying Party’s respective willful misconduct, bad faith, fraud or negligence in the performance
of each of its respective duties hereunder or by reason of negligent disregard of its respective obligations and duties hereunder
(including in the case of the Master Servicer, any agent of the Master Servicer or sub-servicer).

 

The
Trust Fund shall indemnify each Indemnified Party and the Custodian from, and hold it harmless against, any and all losses, liabilities,
damages, penalties, fines, forfeitures, judgments, claims or unanticipated expenses (including, without limitation, reasonable
fees and disbursements of counsel incurred by the Indemnified Party in any action or proceeding between the Indemnifying Party
and the Indemnified Party or between the Indemnified Party and any third party or otherwise) arising in respect of this Agreement,
the Mortgage Loans or the Certificates other than (i) resulting from the willful misconduct, bad faith, fraud or negligence of
the Indemnified Party or the Custodian, as applicable, in the performance of its obligations and duties under this Agreement,
(ii) by reason of its negligent disregard of those obligations or duties, or as may arise from a breach of any representation
or warranty of the Indemnified Party or the Custodian, as applicable, made in this Agreement and (iii) as to which such Indemnified
Party or the Custodian, as applicable, is entitled to indemnification pursuant to this Section 8.05(d). The right of reimbursement
of the Indemnified Parties under this Section 8.05(d) shall be senior to the rights of all Certificateholders.

 

For
the avoidance of doubt, with respect to any indemnification provisions in this Agreement providing that the issuing entity or
a party to this Agreement is required to indemnify another party to this Agreement for costs, fees and expenses, such costs, fees
and expenses are intended to include costs (including, but not limited to, reasonable attorney’s fees and expenses) of the
enforcement of such indemnity.

 

(e)          Notwithstanding
anything herein to the contrary, this Section 8.05 shall survive the termination or maturity of this Agreement or the resignation,
removal or termination of the Trustee or the Certificate Administrator, as the case may be, regarding rights accrued prior to
such resignation, removal or termination and (with respect to any acts or omissions during its respective tenures) the resignation,
removal or termination of the Master Servicer, the Special Servicer, the Paying Agent, the Certificate Administrator, the Certificate
Registrar or the Custodian.

 

(f)          This
Section 8.05 shall be expressly construed to include, but not be limited to, such indemnities, compensation, expenses,
disbursements, advances, losses, liabilities, damages and the like, as may pertain or relate to any environmental law or environmental
matter.

 

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(g)          Each
of the Certificate Administrator, the Custodian, the Paying Agent and the Trustee (in each case with respect to itself only, for
purposes of this Section 8.05(g), an “Indemnifying Party”) shall (severally and not jointly) indemnify
the Trust Fund, the Depositor, the Master Servicer, the Special Servicer and each other, and each of their respective Affiliates
and each of the partners, shareholders, members, managers, directors, officers, employees, representatives and agents of the Master
Servicer and the Special Servicer and their respective Affiliates (each, for purposes of this Section 8.05(g), an “Indemnified
Party”), and hold each of them harmless against any and all claims, losses, damages, penalties, fines, forfeitures,
reasonable legal fees and related costs, judgments, and any other costs, fees and expenses that the Indemnified Party may sustain
in connection with this Agreement (including, without limitation reasonable fees and disbursements of counsel incurred by the
Indemnified Party in any action or proceeding between the Indemnifying Party and the Indemnified Party or between the Indemnified
Party and any third party or otherwise) resulting from the applicable Indemnifying Party’s willful misconduct, bad faith,
fraud or negligence in the performance of its duties hereunder or by reason of negligent disregard of its obligations and duties
hereunder.

 

(h)          The
Certificate Administrator (for purposes of this Section 8.05(h), the “Indemnifying Party”) shall, solely
in its capacity as the 17g-5 Information Provider, indemnify each Mortgage Loan Seller and Deutsche Bank Securities Inc. (each,
for purposes of this Section 8.05(h), an “Indemnified Party”), and hold each of them harmless against
any and all claims, losses, damages, penalties, fines, forfeitures, reasonable legal fees and related costs, judgments, and any
other costs, fees and expenses that the Indemnified Party may sustain in connection with this Agreement (including, without limitation
reasonable fees and disbursements of counsel incurred by the Indemnified Party in any action or proceeding between the Indemnifying
Party and the Indemnified Party or between the Indemnified Party and any third party or otherwise) related to (i) the applicable
Indemnifying Party’s willful misconduct, bad faith, fraud or negligence in the performance of its duties hereunder or by
reason of negligent disregard of its obligations and duties hereunder or (ii) a determination by any Rating Agency that it cannot
reasonably rely on representations made by the Depositor or any Affiliate thereof pursuant to Exchange Act Rule 17g-5(a)(3), to
the extent caused by any such willful misconduct, bad faith, fraud or negligence in the performance of its duties hereunder or
by reason of negligent disregard referred to in clause (i) above by the Indemnifying Party.

 

(i)          Each
of the Certificate Administrator, the Custodian, the Paying Agent, the Authenticating Agent, the Certificate Registrar and the
Trustee (in each case with respect to itself only, for purposes of this Section 8.05(i), an “Indemnifying Party”)
shall (severally and not jointly) indemnify the Trust Fund, the Depositor and the Retaining Sponsor and each other, and each of
their respective Affiliates and each of the partners, shareholders, members, managers, directors, officers, employees, representatives
and agents of the Depositor and the Retaining Sponsor and their respective Affiliates (each, for purposes of this Section 8.05(i),
an “Indemnified Party”), and hold each of them harmless against any and all claims, losses, damages, penalties,
fines, forfeitures, reasonable legal fees and related costs, judgments, and any other costs, fees and expenses (including, without
limitation reasonable fees and disbursements of counsel incurred by the Indemnified Party in any action or proceeding between
the Indemnifying Party and the Indemnified Party or between the Indemnified Party and any third party or otherwise) that the Indemnified
Party may sustain as a result of or relating to a violation of the Exchange Act or Risk Retention Rule if such violation, in whole
or in part, arises out of or

 

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results
from the applicable Indemnifying Party’s willful misconduct, bad faith, fraud or negligence in the performance of its duties
or by reason of negligent disregard of its obligations and duties, in each case, as set forth under Section 5.01(j) and Section
5.02(c)(vi) of this Agreement.

 

Section
8.06     Eligibility Requirements for Trustee and Certificate Administrator. The Trustee and Certificate
Administrator hereunder shall at all times:

 

(i)      
be 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,

 

(ii)     
be authorized under such laws to exercise corporate trust powers and to accept the trust conferred under this Agreement,

 

(iii)    
have a combined capital and surplus of at least $100,000,000,

 

(iv)    be
subject to supervision or examination by federal or state authority and, solely in the case of the Trustee, shall not be an Affiliate
of the Master Servicer or the Special Servicer (except, in the case of the Trustee, during any period when the Trustee has assumed
the duties of the Master Servicer or Special Servicer, as the case may be, pursuant to Section 7.02 of this Agreement),

 

(v)     not
be a Prohibited Party,

 

(vi)    be
an institution insured by the Federal Deposit Insurance Corporation, and

 

(vii)   have
a rating on its long-term senior unsecured debt of at least “A” by Fitch and “BBB+” by S&P; provided
that the Trustee will not become ineligible to serve based on a failure to satisfy such rating requirements as long as (a)
it has a rating on its long-term unsecured debt of at least “A-” by Fitch, (b) it has a rating on its short-term debt
obligations of at least “F1” by Fitch and “A-2” by S&P, and (c) the Master Servicer has a rating on
its long-term senior unsecured debt of at least “A+” by Fitch.

 

Notwithstanding
the foregoing, if the Trustee or the Certificate Administrator meets the provisions of clauses (i) through (iii), (v) and
(vi) above, but does not meet the provisions of clause (iv) above, the Trustee or the Certificate Administrator, as the case
may be, shall be deemed to meet the provisions of such clause (iv) if it appoints a fiscal agent as a back-up liquidity
provider, provided that such fiscal agent meets the provisions of clauses (i) through (vi) above and shall have
assumed in writing all obligations of the Trustee or the Certificate Administrator, as the case may be, to make Advances
under this Agreement as and when required of the Trustee or the Certificate Administrator, as the case may be. If a
corporation or association publishes reports of condition at least annually, pursuant to law or to the requirements of the
aforesaid supervising or examining authority, then for purposes of this Section the combined capital and surplus of such
corporation shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so
published. If the place of business from which the Trustee administers the Trust Fund is a state or local jurisdiction that
imposes a tax on the Trust Fund or the net income of any Trust REMIC (other than a tax

 

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corresponding
to a tax imposed under the REMIC Provisions) the Trustee shall elect either to (i) resign immediately in the manner and with the
effect specified in Section 8.07 of this Agreement, (ii) pay such tax and continue as Trustee or (iii) administer the Trust
Fund from a state and local jurisdiction that does not impose such a tax. If at any time the Trustee or the Certificate Administrator
shall cease to be eligible in accordance with the provisions of this Section, the Trustee or the Certificate Administrator, as
the case may be, shall resign immediately in the manner and with the effect specified in Section 8.07 of this Agreement.

 

Section
8.07     Resignation and Removal of Trustee and Certificate Administrator. The Trustee and the
Certificate Administrator may at any time resign and be discharged from the trusts hereby created by giving written notice thereof
to the Trustee, the Depositor, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer, the Mortgage
Loan Sellers, the Master Servicer, the Special Servicer, the Directing Holder and the 17g-5 Information Provider (who shall promptly
post such notice to the 17g-5 Information Provider’s Website pursuant to Section 3.14(d) of this Agreement). Upon
notice of resignation from the Trustee, the Depositor shall use its reasonable best efforts to promptly appoint a successor trustee,
the appointment of which is subject to the requirements contained in Section 8.06 of this Agreement and shall be, if no
Control Termination Event has occurred and is continuing, reasonably acceptable to the Directing Holder. Upon notice of resignation
from the Certificate Administrator, the Trustee shall promptly appoint a successor certificate administrator, the appointment
of which is subject to the requirements contained in Section 8.06 of this Agreement. If no successor trustee or certificate
administrator shall have been so appointed and have accepted appointment within 30 days after the giving of such notice of resignation,
the resigning Trustee or Certificate Administrator, as the case may be, may petition any court of competent jurisdiction for the
appointment of a successor. The Trustee or the Certificate Administrator, as applicable, shall bear all reasonable out of pocket
costs and expenses of each other party hereto and each Rating Agency in connection with its resignation.

 

If
at any time the Trustee or the Certificate Administrator shall cease to be eligible in accordance with the provisions of Section
8.06 of this Agreement and shall fail to resign after written request therefor by the Depositor or the Master Servicer, or
if at any time the Trustee or the Certificate Administrator shall become incapable of acting, or shall be adjudged bankrupt or
insolvent, or a receiver of the Trustee or the Certificate Administrator, as the case may be (or of its property), shall be appointed,
or any public officer shall take charge or control of the Trustee or the Certificate Administrator, as the case may be (or of
its property or affairs), for the purpose of rehabilitation, conservation or liquidation, or if the Trustee or Certificate Administrator
(if different than the Trustee) shall fail (other than by reason of the failure of either the Master Servicer or the Special Servicer
to timely perform its obligations hereunder or as a result of other circumstances beyond the Trustee’s or Certificate Administrator’s,
as applicable, reasonable control), to timely publish any report to be delivered, published or otherwise made available by the
Certificate Administrator pursuant to Section 4.02 and such failure shall continue unremedied for a period of five (5)
days, or if the Certificate Administrator fails to make distributions required pursuant to Section 4.01 or Section 9.01,
then the Depositor or the Master Servicer may remove the Trustee or the Certificate Administrator, as the case may be, and the
Depositor or the Master Servicer shall promptly appoint a successor by written instrument, which shall be delivered to the Trustee
or the Certificate Administrator, as the case may be, so removed and to the successor.

 

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The
Holders of Certificates entitled to at least 50% of the Voting Rights may, with cause (at any time) or without cause (at any time
with 30 days’ prior written notice), remove the Trustee or the Certificate Administrator and appoint a successor by written
instrument or instruments, in eight originals, signed by such Holders or their attorneys-in-fact duly authorized, one complete
set of which instruments shall be delivered to each of the Depositor, the Master Servicer, the Special Servicer, the Operating
Advisor, the Asset Representations Reviewer, the Trustee, the Certificate Administrator and the successor trustee or certificate
administrator, as applicable.

 

In
addition, if the Trustee or the Certificate Administrator is terminated without cause, the terminating party shall pay all of
the expenses of the Trustee or the Certificate Administrator, as the case may be, necessary to affect the transfer of its responsibilities
to the successor.

 

If
the Trustee is terminated or removed pursuant to this Section 8.07, all of its rights and obligations under this Agreement
and in and to the Mortgage Loans shall be terminated, other than any rights or obligations that accrued prior to the date of such
termination or removal (including the right to receive all fees, expenses, indemnities, and other amounts accrued or owing to
it under this Agreement, plus interest at the Reimbursement Rate on all such amounts until received to the extent such amounts
bear interest as provided in this Agreement, with respect to periods prior to the date of such termination or removal).

 

If
the Certificate Administrator is terminated or removed pursuant to this Section 8.07, (i) all of its rights and obligations
under this Agreement and in and to the Mortgage Loans shall be terminated, other than any rights or obligations that accrued prior
to the date of such termination or removal (including the right to receive all fees, indemnities, expenses and other amounts accrued
or owing to it under this Agreement with respect to periods prior to the date of such termination or removal) and (ii) such resignation,
termination, or removal shall be effective with respect to each of its other capacities hereunder except its capacity as Custodian
(but including, without limitation, its capacities as Certificate Registrar, 17g-5 Information Provider, Paying Agent and Authenticating
Agent).

 

Upon
the resignation, assignment, or transfer of the Trustee or its business to a successor, or upon the termination of the Trustee,
(a) the outgoing Trustee, at its own expense without right to reimbursement therefor, shall (A) endorse the original executed
Mortgage Note for each Mortgage Loan (to the extent that the original executed Mortgage Note for each Mortgage Loan was endorsed
to the outgoing Trustee), without recourse, representation or warranty, express or implied, to the order of the successor, as
trustee for the registered holders of Benchmark 2018-B1 Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series 2018-B1
or in blank, and (B) in the case of the other assignable Loan Documents (to the extent such other Loan Documents were assigned
to the outgoing Trustee), assign and record such Loan Documents to such successor, and such successor shall review the documents
delivered to it or to the Custodian with respect to each Mortgage Loan, and certify in writing that, as to each Mortgage Loan
then subject to this Agreement, such endorsement and assignment has been made; (b) if any original executed Mortgage Note for
a Mortgage Loan was not endorsed to the outgoing Trustee, the Custodian shall deliver such Mortgage Note to the successor trustee
and the Custodian shall cooperate with any successor trustee to ensure that such Mortgage Note is endorsed (without recourse,
representation or warranty, express or implied) to the order of the

 

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successor
trustee, as trustee for the registered holders of Benchmark 2018-B1 Mortgage Trust Commercial Mortgage Pass-Through Certificates,
Series 2018-B1 or in blank. If any assignable Loan Document (other than the Mortgage Note) was not assigned to the outgoing Trustee
or if the Trustee is removed pursuant to Section 8.07 without cause, with respect to the Loan Documents identified in clause
(B) of the preceding sentence, the Custodian shall deliver such Loan Document to the successor trustee and, if appropriate, such
Loan Documents shall be recorded at the expense of the Trust (i) prior to the occurrence and continuance of a Control Termination
Event, with the consent of the Controlling Class Representative, (ii) after the occurrence and continuance of a Control Termination
Event but prior to the occurrence of a Consultation Termination Event, after consultation with the Controlling Class Representative
and the Operating Advisor and (iii) after the occurrence of a Consultation Termination Event, after consultation with the Operating
Advisor and the reasonable cooperation (as determined by the Depositor) of the Depositor.

 

Section
8.08     Successor Trustee and Certificate Administrator. (a) Any successor trustee or certificate
administrator shall execute, acknowledge and deliver to the Depositor, the Operating Advisor, the Asset Representations Reviewer,
the Master Servicer, the Certificate Administrator (or in the case of a successor certificate administrator, to the predecessor
Certificate Administrator) and the Trustee, as the case may be, instruments accepting their appointment hereunder, and thereupon
the resignation or removal of the predecessor Trustee or Certificate Administrator, as applicable, shall become effective and
such successor, without any further act, deed or conveyance, shall become fully vested with all the rights, powers, duties and
obligations of its predecessor hereunder, with the like effect as if originally named as Trustee or Certificate Administrator,
as applicable, herein; provided that such successor shall satisfy the requirements contained in Section 8.06 of
this Agreement and the Certificate Administrator shall have filed any required Form 8-K pursuant to Section 10.09. The
predecessor Trustee or Certificate Administrator, as applicable, shall deliver to its successor all Mortgage Files and related
documents and statements held by it hereunder, and the Depositor and the predecessor Trustee or Certificate Administrator, as
applicable, shall execute and deliver such instruments and do such other things as may reasonably be required for more fully and
certainly vesting and confirming in the successor all such rights, powers, duties and obligations. No successor trustee or certificate
administrator, as the case may be, shall accept appointment as provided in this Section 8.08 unless at the time of such
acceptance such successor shall be eligible under the provisions of Section 8.06 of this Agreement.

 

Upon
acceptance of appointment by a successor trustee as provided in this Section 8.08, the Depositor shall mail notice of the
succession of such Trustee hereunder to all Holders of Certificates at their addresses as shown in the Certificate Register. If
the Depositor fails to mail such notice within 10 days after acceptance of appointment by the successor trustee, the successor
trustee shall cause such notice to be mailed at the expense of the Depositor.

 

(b)          Any
successor trustee appointed pursuant to this Agreement shall satisfy the eligibility requirements set forth in Section 8.06
hereof.

 

(c)          Neither
the Asset Representations Reviewer nor any of its Affiliates may be appointed as successor trustee or certificate administrator.

 

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Section
8.09    Merger or Consolidation of Trustee or Certificate Administrator. Any Person into which the
Trustee or the Certificate Administrator may be merged or converted or with which it may be consolidated or any Person resulting
from any merger, conversion or consolidation to which the Trustee or the Certificate Administrator shall be a party, or any Person
succeeding to all or substantially all of the corporate trust business of the Trustee or the Certificate Administrator, shall
be the successor of the Trustee or the Certificate Administrator, as the case may be, hereunder; provided that such Person
shall be eligible under the provisions of Section 8.06 of this Agreement without the execution or filing of any paper or
any further act on the part of any of the parties hereto, anything herein to the contrary notwithstanding. The Trustee or the
Certificate Administrator, as applicable, shall notify the other parties hereto of any such event, and the Certificate Administrator
shall post notice of such merger or consolidation to the Certificate Administrator’s Website in accordance with Section
3.14(d) of this Agreement and provide notice of such event to the 17g-5 Information Provider (who shall promptly post such
notice to the 17g-5 Information Provider’s Website pursuant to Section 3.14(d) of this Agreement).

 

Section
8.10    Appointment of Co-Trustee or Separate Trustee. Notwithstanding any other provisions hereof,
at any time, for the purpose of meeting any legal requirements of any jurisdiction in which any part of the Trust Fund or property
securing the same may at the time be located, or for enforcement actions, or where a conflict of interest exists, the Depositor
and the Trustee acting jointly shall have the power and shall execute and deliver all instruments to appoint one or more Persons
approved by the Trustee to act (at the expense of the Trust) as co-Trustee or co-Trustees, jointly with the Trustee, or separate
Trustee or separate Trustees, of all or any part of the Trust Fund, and to vest in such Person or Persons, in such capacity, such
title to the Trust Fund, or any part thereof, and, subject to the other provisions of this Section 8.10, such powers, duties,
obligations, rights and trusts as the Depositor and the Trustee may consider necessary or desirable. If the Depositor shall not
have joined in such appointment within 15 days after the receipt by it of a request so to do, or in case a Servicer Termination
Event shall have occurred and be continuing, the Trustee alone shall have the power to make such appointment. Except as required
by applicable law, the appointment of a co-Trustee or separate Trustee shall not relieve the Trustee of its responsibilities,
obligations and liabilities hereunder. No co-Trustee or separate Trustee hereunder shall be required to meet the terms of eligibility
as a successor Trustee under Section 8.06 hereunder and no notice to Holders of Certificates of the appointment of co-Trustee(s)
or separate Trustee(s) shall be required under Section 8.08 hereof.

 

In
the case of any appointment of a co-Trustee or separate Trustee pursuant to this Section 8.10, all rights, powers, duties
and obligations conferred or imposed upon the Trustee shall be conferred or imposed upon and exercised or performed by the Trustee
and such separate Trustee or co-Trustee jointly (it being understood that such separate Trustee or co-Trustee is not authorized
to act separately without the Trustee joining in such act), except to the extent that under any law of any jurisdiction in which
any particular act or acts are to be performed (whether as Trustee hereunder or as successor to the Master Servicer hereunder),
the Trustee shall be incompetent or unqualified to perform such act or acts, in which event such rights, powers, duties and obligations
(including the holding of title to the Trust Fund or any portion thereof in any such jurisdiction) shall be exercised and performed
by such separate Trustee or co-Trustee solely at the direction of the Trustee.

 

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No
Trustee under this Agreement shall be personally liable by reason of any act or omission of any other trustee under this Agreement.
The Depositor and the Trustee acting jointly may at any time accept the resignation of or remove any separate Trustee or co-Trustee,
or if the separate Trustee or co-Trustee is an employee of the Trustee, the Trustee acting alone may accept the resignation of
or remove any separate Trustee or co-Trustee.

 

Any
notice, request or other writing given to the Trustee shall be deemed to have been given to each of the then separate Trustees
and co-Trustees, as effectively as if given to each of them. Every instrument appointing any separate Trustee or co-Trustee shall
refer to this Agreement and the conditions of this Article VIII. Every such instrument shall be filed with the Trustee.
Each separate Trustee and co-Trustee, upon its acceptance of the trusts conferred, shall be vested with the estates or property
specified in its instrument of appointment, either jointly with the Trustee or separately, as may be provided therein, subject
to all the provisions of this Agreement, specifically including every provision of this Agreement relating to the conduct of,
affecting the liability of, or affording protection to, the Trustee. In no event shall any such separate Trustee or co-Trustee
be entitled to any provision relating to the conduct of, affecting the liability of or affording protection to such separate Trustee
or co-Trustee that imposes a standard of conduct less stringent than that imposed by the Trustee hereunder, affording greater
protection than that afforded to the Trustee hereunder or providing a greater limit on liability than that provided to the Trustee
hereunder.

 

Any
separate Trustee or co-Trustee may, at any time, constitute the Trustee its agent or attorney-in-fact, with full power and authority,
to the extent not prohibited by law, to do any lawful act under or in respect of this Agreement on its behalf and in its name.
If any separate Trustee or co-Trustee shall die, become incapable of acting, resign or be removed, all of its estates, properties,
rights, remedies and trusts shall vest in and be exercised by the Trustee, to the extent permitted by law, without the appointment
of a new or successor Trustee.

 

Article
IX

TERMINATION

 

Section
9.01    Termination. (a) The respective obligations and responsibilities of the Master Servicer, the
Special Servicer, the Depositor, the Operating Advisor, the Asset Representations Reviewer, the Certificate Administrator and
the Trustee created hereby with respect to the Certificates (other than the obligations of the Certificate Administrator to make
certain payments and to send certain notices to Certificateholders as hereinafter set forth) shall terminate upon payment (or
provision for payment) to the Certificateholders and the Serviced Companion Loan Noteholders of all amounts held by or on behalf
of the Trustee, the Certificate Administrator and the Master Servicer, as the case may be, required hereunder to be so paid on
the Distribution Date following the earlier to occur of (i) the purchase of the Mortgage Loans and all other property held by
the Trust Fund in accordance with Section 9.01(c) of this Agreement; (ii) the exchange by the Sole Certificateholder of
its Certificates for the Mortgage Loans in accordance with Section 9.01(g) of this Agreement; and (iii) the later of (a)
the receipt or collection of the last payment due on any Mortgage Loan included in the Trust Fund, or (b) the liquidation and
disposition pursuant to this Agreement of the last asset held by the Trust Fund; provided, that in no event shall the trust
created hereby continue beyond the expiration of

 

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twenty-one
years from the death of the last survivor of the descendants of Joseph P. Kennedy, the late Ambassador of the United States to
the United Kingdom, living on the date hereof.

 

For
purposes of this Section 9.01, the Sole Certificateholder shall have the first option to terminate the Trust Fund, pursuant
to Section 9.01(g), and then the Certificateholder owning a majority of the Percentage Interests in the Controlling Class,
the Special Servicer and the Master Servicer, in that order, shall have the option to terminate the Trust Fund pursuant to subsection
(c). For purposes of this Section 9.01, the Directing Holder with the consent of the Holders of the Controlling Class,
shall act on behalf of the Holders of the Controlling Class in purchasing the assets of the Trust Fund and terminating the Trust.

 

(b)          The
Trust Fund, the Lower-Tier REMIC and the Upper-Tier REMIC shall be terminated and the assets of the Trust Fund shall be sold or
otherwise disposed of in connection therewith, only pursuant to a “plan of complete liquidation” within the meaning
of Section 860F(a)(4)(A) of the Code providing for the actions contemplated by the provisions hereof and pursuant to which the
applicable Notice of Termination is given, and requiring that the Trust Fund, the Lower-Tier REMIC and the Upper-Tier REMIC shall
terminate on a Distribution Date occurring not more than 90 days following the date of adoption of the plan of complete liquidation.
For purposes of this Section 9.01(b), the Notice of Termination given pursuant to Section 9.01(c) of this Agreement
shall constitute the adoption of the plan of complete liquidation as of the date such notice is given, which date shall be specified
by the Certificate Administrator in the final federal income tax returns of the Upper-Tier REMIC and the Lower-Tier REMIC. Notwithstanding
the termination of the Lower-Tier REMIC, the Upper-Tier REMIC or the Trust Fund, the Certificate Administrator shall be responsible
for filing the final Tax Returns for each such Trust REMIC and for the Grantor Trust for the period ending with such termination,
and shall retain books and records with respect to such Trust REMICs and the Grantor Trust for the same period of retention for
which it maintains its own tax returns or such other reasonable period. The Trustee shall sign all Tax Returns and other reports
required by this Section.

 

(c)          The
Certificateholder owning a majority of the Percentage Interest of the Controlling Class and, if no such Certificateholder exercises
such option, the Special Servicer, and if the Special Servicer does not exercise such option, the Master Servicer may effect an
early termination of the Trust Fund, upon not less than 30 days’ prior Notice of Termination given to the Trustee, the Special
Servicer and the Master Servicer any time specifying the Anticipated Termination Date, which shall be on or after the Early Termination
Notice Date, by purchasing on such date all, but not less than all, of the Mortgage Loans then included in the Trust Fund, and
the Trust’s interest in all property acquired in respect of any Mortgage Loan, at a purchase price, payable in cash, equal
to the sum of, without duplication:

 

(i)          100%
of the Stated Principal Balance of each Mortgage Loan included in the Trust as of the last day of the month preceding such Anticipated
Termination Date (less any P&I Advances previously made on account of principal);

 

(ii)          the
fair market value of all other property included in the Trust Fund as of the last day of the month preceding such Anticipated
Termination Date, as determined by an Independent appraiser acceptable to the Master Servicer as of a date not more than 30 days
prior to the last day of the month preceding such Distribution Date;

 

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(iii)         all
unpaid interest accrued on the unpaid balance of each Mortgage Loan (including any Mortgage Loan as to which title to the related
Mortgaged Property has been acquired) at the Mortgage Rate to the last day of the month preceding such Anticipated Termination
Date (less any P&I Advances previously made on account of interest); and

 

(iv)         the
aggregate amount of unreimbursed Advances, with interest thereon at the Reimbursement Rate, and unpaid Servicing Compensation,
Special Servicing Compensation, Operating Advisor Fees, Certificate Administrator/Trustee Fees, the CREFC® Intellectual
Property Royalty License Fees and Trust Fund expenses.

 

If
the Certificateholder owning a majority of the Percentage Interests in the Controlling Class, the Master Servicer or the Special
Servicer purchases all of the Mortgage Loans and all property acquired in respect of any Mortgage Loan remaining in the Trust
Fund in accordance with this Section 9.01(c), the Certificateholder owning a majority of the Percentage Interests in the
Controlling Class, the Master Servicer or the Special Servicer, as applicable, shall deposit in the Lower-Tier Distribution Account,
as applicable, not later than the Master Servicer Remittance Date relating to the Anticipated Termination Date on which the final
distribution on the Certificates is to occur, an amount in immediately available funds equal to the above-described purchase price
(exclusive of any portion thereof payable to any Person other than the Certificateholders pursuant to Section 3.05(a) of
this Agreement, which portion shall be deposited in the Collection Account). In addition, the Master Servicer shall transfer to
the Certificate Administrator for deposit in the Lower-Tier Distribution Account, as applicable, all amounts required to be transferred
thereto on the Master Servicer Remittance Date from the Collection Account, together with any other amounts on deposit in the
Collection Account that would otherwise be held for future distribution. Upon confirmation by the Master Servicer in writing that
it has transferred all such amounts to the Certificate Administrator, the Custodian shall release or cause to be released to the
Certificateholder owning a majority of the Percentage Interests in the Controlling Class, the Master Servicer or the Special Servicer,
as applicable, the Mortgage Files for the remaining Mortgage Loans and shall execute all assignments, endorsements and other instruments
furnished to it by such purchasing party as shall be necessary to effectuate transfer of the Mortgage Loans and all property acquired
in respect of any Mortgage Loan remaining in the Trust Fund, and the Trust Fund shall be liquidated in accordance with this Article
IX.

 

For
purposes of this Section 9.01, the Directing Holder with the consent of the Holders of the Controlling Class, shall act
on behalf of the Holders of the Controlling Class in purchasing the assets of the Trust Fund and terminating the Trust.

 

As
a condition to the purchase of the assets of the Trust Fund pursuant to this Section 9.01(c), the purchaser shall deliver
to the Trustee and the Certificate Administrator an Opinion of Counsel, which shall be at the expense of such purchaser, stating
that such termination will be a “qualified liquidation” under Section 860F(a)(4)(A) of the Code. All costs and expenses
incurred by any and all parties to this Agreement or by the Trust Fund in connection with the purchase of the Mortgage Loans and
other assets of the Trust Fund pursuant to this Section 9.01(c) shall be borne by the party exercising its purchase rights
hereunder. The Trustee and the Certificate Administrator shall be entitled to rely conclusively on any determination made by an
Independent appraiser pursuant to this subsection (c).

 

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(d)          If
the Trust Fund has not been previously terminated pursuant to subsection (c) of this Section 9.01, the Certificate
Administrator shall determine as soon as practicable the Distribution Date on which the Certificate Administrator reasonably anticipates,
based on information with respect to the Mortgage Loans previously provided to it, that the final distribution will be made to
the Holders of outstanding Certificates and the Class VRR Upper-Tier Regular Interests, notwithstanding that such distribution
may be insufficient to distribute in full the Certificate Balance of each Class of Certificates, together with amounts required
to be distributed on such Distribution Date pursuant to Section 4.01(b) of this Agreement; provided, that, if no
such Classes of Certificates are then outstanding, the final distribution shall be made (i) to the Holders of the Class R Certificates
(in respect of the Class LTR Interest) of any amount remaining in the Collection Accounts, the Lower-Tier Distribution Account,
and (ii) to the Holders of the Class R Certificates (in respect of the Class UTR Interest) of any amount remaining in the Upper-Tier
Distribution Account.

 

(e)          Notice
of any termination of the Trust Fund pursuant to this Section 9.01 shall be mailed by the Certificate Administrator to
Certificateholders (with a copy to the Trustee, the Master Servicer, the Special Servicer, the Mortgage Loan Sellers, the Operating
Advisor, the Asset Representations Reviewer, the related Serviced Companion Loan Noteholder (if any) and the 17g-5 Information
Provider (who shall promptly post such notice to the 17g-5 Information Provider’s Website pursuant to Section 3.14(d)
of this Agreement)), at their addresses shown in the Certificate Registrar not more than 30 days, and not less than ten days,
prior to the Anticipated Termination Date. The notice mailed by the Certificate Administrator to Certificateholders shall:

 

(i)           specify
the Anticipated Termination Date on which the final distribution is anticipated to be made to Holders of Certificates of the Classes
specified therein;

 

(ii)          specify
the amount of any such final distribution, if known; and

 

(iii)         state
that the final distribution to Certificateholders will be made only upon presentation and surrender of Certificates at the office
of the Paying Agent therein specified.

 

If
the Trust Fund is not terminated on any Anticipated Termination Date for any reason, the Certificate Administrator shall promptly
mail notice thereof to each Certificateholder.

 

(f)         
 Any funds not distributed on the Termination Date because of the failure of any Certificateholders to tender their Certificates
shall be set aside and held in trust for the account of the appropriate non-tendering Certificateholders, whereupon the Trust
Fund shall terminate. If any Certificates as to which notice of the Termination Date has been given pursuant to this Section
9.01 shall not have been surrendered for cancellation within six months after the time specified in such notice, the Certificate
Administrator shall mail a second notice to the remaining Certificateholders, at their last addresses shown in the Certificate
Register, to surrender their Certificates for cancellation in order to receive, from such funds held, the final distribution with
respect thereto. If within one year after the second notice any Certificate shall not have been surrendered for cancellation,
the Certificate Administrator may, directly or through an agent, take appropriate steps to contact the remaining Certificateholders
concerning surrender of their Certificates. The costs and expenses of maintaining such funds and of

 

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contacting
Certificateholders shall be paid out of the assets which remain held. If within two years after the second notice any Certificates
shall not have been surrendered for cancellation, the Paying Agent shall pay to the Certificate Administrator all amounts distributable
to the Holders thereof, and the Certificate Administrator shall thereafter hold such amounts for the benefit of such Holders until
the earlier of (i) its termination as Certificate Administrator hereunder and the transfer of such amounts to a successor certificate
administrator and (ii) the termination of the Trust Fund and distribution of such amounts to the Class R Certificateholders. No
interest shall accrue or be payable to any Certificateholder on any amount held as a result of such Certificateholder’s
failure to surrender its Certificate(s) for final payment thereof in accordance with this Section 9.01. Any amounts remaining
in the Excess Interest Distribution Account representing Excess Interest shall be distributed to the Holders of the Excess Interest
Certificates.

 

(g)          Following
the date on which the Class X-A Notional Amount, the Class X-B Notional Amount and the Class X-D Notional Amount, and the aggregate
Certificate Balance of the Class A-1, Class A-2, Class A-3, Class A-SB, Class A-4, Class A-5, Class A-M, Class B, Class C and
Class D Certificates is reduced to zero, the Sole Certificateholder shall have the right to exchange all of the then-outstanding
Certificates (other than the Class S or Class R Certificates) for all of the Mortgage Loans and each REO Property remaining in
the Trust Fund as contemplated by clause (ii) of Section 9.01(a) by giving written notice to all the parties hereto no later than
60 days prior to the anticipated date of exchange; provided that such Sole Certificateholder pays to the Certificate Administrator
as additional compensation an amount equal to one day of interest calculated at the Prime Rate on the aggregate Certificate Balance
of the Principal Balance Certificates as of the first day of the current calendar month and such Sole Certificateholder pays to
the Master Servicer as additional compensation an amount equal to (i) the product of (a) the Prime Rate, (b) the aggregate Certificate
Balance of the then outstanding Certificates (other than any Class of Class X Certificates, the Class S Certificates and the Class
R Certificates) as of the date of the exchange and (c) three, divided by (ii) 360, for the Mortgage Loans and any REO Properties
remaining in the Trust Fund and such payments shall be treated as made by the Sole Certificateholder directly to the Certificate
Administrator and the Master Servicer and not through or by either of the Trust REMICs. If the Sole Certificateholder elects to
exchange all of the then-outstanding Certificates (other than the Class S and Class R Certificates) for all of the Mortgage Loans
and each REO Property remaining in the Trust Fund in accordance with the preceding sentence, such Sole Certificateholder, not
later than the Distribution Date on which the final distribution on the Certificates is to occur, shall deposit in the Collection
Account an amount in immediately available funds equal to all amounts due and owing to the Depositor, the Master Servicer, the
Special Servicer, the Certificate Administrator, the Operating Advisor and the Trustee hereunder through the date of the liquidation
of the Trust Fund that may be withdrawn from the Collection Account, or an escrow account acceptable to the respective parties
hereto, pursuant to Section 3.06(a) of this Agreement or that may be withdrawn from the Distribution Accounts pursuant to Section
3.06(g) of this Agreement, but only to the extent that such amounts are not already on deposit in the Collection Account.
In addition, the Master Servicer shall transfer all amounts required to be transferred to the Certificate Administrator for deposit
in the Lower-Tier Distribution Account on such Servicer Remittance Date from the Collection Account pursuant to Section 3.05 of
this Agreement. Upon confirmation from the Certificate Administrator that such final deposits have been made and following the
surrender of all the then-outstanding Certificates (other than the Class R Certificates) on the final Distribution

 

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Date
to the Certificate Administrator, the Custodian shall upon receipt of a Request for Release from the Master Servicer, release
to the Sole Certificateholder or any designee thereof, the Mortgage Files for the remaining Mortgage Loans and shall execute all
assignments, endorsements and other instruments furnished to it by the Sole Certificateholder as shall be necessary to effectuate
transfer of the Mortgage Loans and REO Properties remaining in the Trust Fund and the Trust Fund shall be liquidated in accordance
with this Article IX. The remaining Mortgage Loans and REO Properties are deemed distributed to the Sole Certificateholder in
liquidation of the Trust Fund pursuant to this Article IX. Solely for federal income tax purposes, the Sole Certificateholder
shall be deemed to have purchased the assets of the Lower-Tier REMIC for an amount equal to the remaining Certificate Balance
of its Certificates (other than the Class S and Class R Certificates), plus accrued, unpaid interest with respect thereto, and
the Certificate Administrator shall credit such amounts against amounts distributable in respect of the Lower-Tier Regular Interests
and such Certificates.

 

(h)          [Reserved.]

 

(i)      
    The duties of the Operating Advisor under this Agreement will terminate, without cost or expense to the
Operating Advisor, upon termination of the Trust Fund.

 

Article
X

EXCHANGE ACT REPORTING AND REGULATION AB COMPLIANCE

 

Section
10.01   Intent of the Parties; Reasonableness. Except with respect to Section 10.08, Section 10.11,
Section 10.13, Section 10.14, Section 10.15, Section 10.16 and Section 10.17, the parties hereto
acknowledge and agree that the purpose of this Article X is to facilitate compliance by the Depositor (and any Other Depositor
of any Other Securitization that includes a Serviced Companion Loan) with the provisions of Regulation AB and related rules and
regulations of the Commission. None of the Depositor, the Certificate Administrator or the Trustee shall exercise its rights to
request delivery of information or other performance under these provisions other than in reasonable good faith, or for purposes
other than compliance with the Securities Act, the Exchange Act, the Sarbanes-Oxley Act and, in each case, the rules and regulations
of the Commission thereunder. The parties to this Agreement acknowledge that interpretations of the requirements of Regulation
AB may change over time due to interpretive guidance provided by the Commission or its staff, and agree to comply, subject to
Section 10.02, with reasonable requests made by the Depositor (or any Other Depositor or Other Trustee of any Other Securitization
that includes a Serviced Companion Loan), the Certificate Administrator or the Trustee in reasonable good faith for delivery of
information under these provisions on the basis of such evolving interpretations of Regulation AB (to the extent such interpretations
require compliance and are not “grandfathered” and do not mandate compliance). In connection with the Benchmark 2018-B1
Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series 2018-B1 and any Other Securitization subject to Regulation
AB that includes a Serviced Companion Loan, subject to the preceding sentence, each of the parties to this Agreement shall cooperate
fully with the Depositor, the Certificate Administrator, the Trustee and any Other Depositor or Other Trustee of any Other Securitization
that includes a Serviced Companion Loan, as applicable, to deliver or make available to the Depositor, the Certificate Administrator,
the Trustee and any such Other Depositor or Other Trustee, as applicable (including any of their

 

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assignees
or designees), any and all information in its possession and necessary in the reasonable good faith determination of the Depositor,
the Certificate Administrator, the Trustee or such Other Depositor or Other Trustee, as applicable, to permit the Depositor or
such Other Depositor, as applicable, to comply with the provisions of Regulation AB, together with such disclosure relating to
the Master Servicer, the Special Servicer, the Operating Advisor, the Asset Representations Reviewer, the Certificate Administrator
and the Trustee, as applicable, and any Servicing Function Participant, or the Servicing of the Serviced Mortgage Loans and any
related Serviced Companion Loans, reasonably believed by the Depositor, the Certificate Administrator, the Trustee or the related
Other Depositor or the related Other Trustee, as applicable, in good faith to be necessary in order to effect such compliance.
Each party to this Agreement shall have a reasonable period of time to comply with any written request made under this Section
10.01, but in any event, shall, upon reasonable advance written request, provide information in sufficient time to allow the
Depositor, the Certificate Administrator or the Trustee, as applicable, to satisfy any related filing requirements.

 

For
purposes of this Article X, to the extent any party has an obligation to exercise commercially reasonable efforts to cause
a third party to perform, such party hereunder shall not be required to bring any legal action against such third party in connection
with such obligation.

 

Section
10.02   Notification Requirements and Deliveries in Connection with securitization of a Serviced Companion Loan.
(a) Any other provision of this Article X to the contrary notwithstanding, including, without limitation, any deadlines
for delivery set forth in this Article X, in connection with the requirements contained in this Article X that provide
for the delivery of information and other items to, and the cooperation with, the Other Depositor and Other Trustee of any Other
Securitization that includes a Serviced Companion Loan and is subject to Regulation AB, no party hereunder shall be obligated
to provide any such items to or cooperate with such Other Depositor or Other Trustee until the Other Depositor or Other Trustee
of such Other Securitization has provided each party hereto with not less than 10 Business Days’ (or such shorter period
as required for such Other Depositor or Other Trustee to comply with related filing obligations, provided that (i) such Other
Depositor or Other Trustee, as applicable, has provided written notice as soon as reasonably practicable and, concurrently with
such written notice, obtained verbal confirmation of receipt of such written notice, in each case, in accordance with Section
11.05 of this Agreement and (ii) such period shall not be less than 3 Business Days’) written notice (which shall only be
required to be delivered once) stating that such Other Securitization is subject to Regulation AB and that the Other Securitization
is subject to Exchange Act reporting, and (ii) specifying in reasonable detail the information and other items requested to be
delivered (insofar as such information or other items are not expressly identified herein); provided, that if Exchange
Act reporting is being requested, such Other Depositor or Other Trustee is only required to provide a single written notice to
such effect. Any reasonable cost and expense of the Master Servicer, Special Servicer, Operating Advisor, the Asset Representations
Reviewer, Trustee and Certificate Administrator in cooperating with such Other Depositor or Other Trustee of such Other Securitization
(above and beyond their expressed duties hereunder) shall be the responsibility of such Other Depositor or Other Securitization.
The parties hereto shall have the right to request written confirmation from the Other Depositor or Other Trustee of such Other
Securitization as to whether Regulation AB or the Exchange Act requires the delivery of the items identified in this Article
X to such Other Depositor and Other 

 

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Trustee
of such Other Securitization prior to providing any of the reports or other information required to be delivered under this Article
X in connection therewith and if any such party makes such a request, then (i) upon such requesting party’s receipt
of such written confirmation, such requesting party shall comply with the deadlines for delivery set forth in this Article
X with respect to such Other Securitization and (ii) until such requesting party’s receipt of such written confirmation,
such party shall not be required to deliver such items. The parties hereunder shall also have the right to require that such Other
Depositor provide them with the contact details of such Other Depositor, Other Trustee and any other parties to the Other Pooling
and Servicing Agreement relating to such Other Securitization.

 

(b)          Each
of the Master Servicer, the Special Servicer, the Certificate Administrator and the Trustee shall, upon reasonable prior written
request given in accordance with the terms of (a) above, and subject to a right of the Master Servicer, the Special Servicer,
the Certificate Administrator or the Trustee, as the case may be, to review and approve such disclosure materials, permit a holder
of a related Serviced Companion Loan to use such party’s description contained in the Prospectus (updated as appropriate
by the Master Servicer, the Special Servicer, the Certificate Administrator or the Trustee, as applicable) for inclusion in the
disclosure materials relating to any securitization of a Serviced Companion Loan.

 

(c)          The
Master Servicer, the Special Servicer, the Certificate Administrator and the Trustee, upon reasonable prior written request given
in accordance with the terms of Section 10.02(a) above, shall each timely provide (to the extent the reasonable out-of-pocket
cost thereof is paid or caused to be paid by the requesting party) to the Other Depositor and any underwriters with respect to
any Other Securitization that includes a Serviced Companion Loan such opinion(s) of counsel, certifications and/or indemnification
agreement(s) with respect to the updated description referred in (b) with respect to such party, substantially identical
to those, if any, delivered by the Master Servicer, the Special Servicer, the Certificate Administrator or the Trustee, as the
case may be, or their respective counsel, in connection with the information concerning such party in the Prospectus and/or any
other disclosure materials relating to this Trust (updated as deemed appropriate by the Master Servicer, the Special Servicer,
the Certificate Administrator or the Trustee, or their respective legal counsel, as the case may be). Neither the Master Servicer,
the Special Servicer, the Certificate Administrator or the Trustee shall be obligated to deliver any such item with respect to
the securitization of a Serviced Companion Loan if it did not deliver a corresponding item with respect to this Trust.

 

(d)          Each
of the Master Servicer, the Special Servicer, the Certificate Administrator and the Trustee, upon reasonable prior written request
given in accordance with the terms of (a) above, shall provide (to the extent the reasonable out-of-pocket cost thereof
is paid or caused to be paid by the applicable party set forth below in this (d)) to the Other Depositor and the Other
Trustee under the Other Pooling and Servicing Agreement related to any Other Securitization the following: (i) any information
(including, but not limited to, disclosure information) required for such Other Securitization to comply in a timely manner with
applicable filing requirements under Items 1.01 and 6.02 of Form 8-K and (ii) such opinion(s) of counsel, certifications and/or
indemnification agreement(s) with respect to such information that are substantially similar to those delivered by the Master
Servicer, the Special Servicer, the Certificate Administrator or the Trustee, as the case may be, or their respective counsel,
in

 

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connection
with the information concerning such party in the Prospectus and/or any other disclosure materials relating to this Trust.

 

In
the case of a Form 8-K that is filed by or on behalf of an Other Securitization in connection with the closing of this Benchmark
2018-B1 Mortgage Trust securitization transaction, the reasonable out-of-pocket cost of the information, opinion(s) of counsel,
certifications and indemnification agreement(s) provided by or on behalf of the Master Servicer, the Special Servicer, the Certificate
Administrator or the Trustee, as the case may be, pursuant to this (d) shall be paid or caused to be paid (pursuant to
a payment arrangement reasonably acceptable to the delivering party and the receiving party and agreed to as a condition precedent
to delivery of such items) by the applicable mortgage loan seller that transferred the related Serviced Companion Loan to the
related Other Depositor for inclusion in such Other Securitization.

 

In
the case of a Form 8-K that is filed by or on behalf of an Other Securitization as a result of the termination, removal, resignation
or any other replacement of the Master Servicer, the Special Servicer, the Trustee or the Certificate Administrator under this
Agreement, the out-of-pocket cost of the information, opinion(s) of counsel, certifications and indemnification agreement(s) provided
by or on behalf of the Master Servicer, the Special Servicer, the Certificate Administrator or the Trustee, as the case may be,
pursuant to this Section 10.02(d) shall be paid or caused to be paid by the same party or parties required to pay the costs
and expenses relating to such termination, removal, resignation or other replacement pursuant to this Agreement.

 

Section
10.03   Information to be Provided by the Master Servicer and the Special Servicer. (a) For so long as the
Trust is subject to the reporting requirements of the Exchange Act and for so long as any Other Securitization that includes a
Serviced Companion Loan is subject to the reporting requirements of the Exchange Act (in addition to any requirements contained
in Section 10.09) in connection with the succession to the Master Servicer, Special Servicer or any Servicing Function
Participant (if such Servicing Function Participant is a servicer as contemplated by Item 1108(a)(2) of Regulation AB) as servicer
or Sub-Servicer under or as contemplated by this Agreement or any related Other Pooling and Servicing Agreement by any Person
(i) into which the Master Servicer, Special Servicer or such Servicing Function Participant may be merged or consolidated, (ii)
which may be appointed as a sub-servicer (other than the appointment of a Mortgage Loan Seller Sub-Servicer) by a Master Servicer
or Special Servicer, or (iii) that is appointed as a successor Master Servicer or successor Special Servicer pursuant to Section
3.22 or Section 7.02, the Master Servicer, the Special Servicer or any Servicing Function Participant (with respect
to the foregoing clauses (i) and (ii)) or the successor Master Servicer or the successor Special Servicer (with respect to the
foregoing clause (iii)) shall, as a condition to such succession and at the reasonable expense of the same party or parties required
to pay the costs and expenses relating to such succession pursuant to this Agreement, provide to the Depositor and to any Other
Depositor related to any Other Securitization that includes a Serviced Companion Loan, at least 5 Business Days (other than a
succession or appointment pursuant to Section 7.01(b) for which notice shall be delivered as soon as reasonably practicable)
prior to the effective date of such succession or appointment as long as such disclosure prior to such effective date would not
be violative of any applicable law or confidentiality agreement, otherwise no later than the Business Day following such effective

 

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date,
but in no event later than the time required pursuant to Section 10.09, (x) written notice to the Trustee, the Certificate
Administrator and the Depositor (and any Other Trustee and Other Depositor related to any Other Securitization that includes a
Serviced Companion Loan) of such succession or appointment, (y) in writing and in form and substance reasonably satisfactory to
the Trustee, the Certificate Administrator and the Depositor (and any Other Trustee and Other Depositor of any Other Securitization
that includes a Serviced Companion Loan), all information relating to such successor reasonably requested by the Depositor (or
such Other Depositor) so that it may comply with its reporting obligation under Items 1.01 and 6.02 of Form 8-K with respect to
any Class of Certificates or Serviced Companion Loan Securities and (z) such opinion(s) of counsel, certifications and/or indemnification
agreement(s) with respect to such information that are substantially similar to those delivered by the Master Servicer or the
Special Servicer, as the case may be, or their respective counsel, in connection with the information concerning such party in
the Prospectus and/or any other disclosure materials relating to this Trust.

 

Section
10.04   Information to be Provided by the Trustee. (a) For so long as the Trust is subject to the reporting
requirements of the Exchange Act, (in addition to any requirements contained in Section 10.09) in connection with the succession
to the Trustee as Trustee or appointment of a co-Trustee under this Agreement by any Person (i) into which the Trustee may be
merged or consolidated, (ii) which may be appointed as a co-Trustee or separate Trustee pursuant to Section 8.10, or (iii)
that is appointed as a successor Trustee pursuant Section 8.08, the Trustee (with respect to the foregoing clauses (i)
and (ii)) or the successor Trustee (with respect to the foregoing clause (iii)) shall, as a condition to such succession and at
the reasonable expense of the same party or parties required to pay the costs and expenses relating to such succession pursuant
to this Agreement, provide to the Depositor and to the Other Depositor related to any Other Securitization that includes a Serviced
Companion Loan, at least 5 calendar days prior to the effective date of such succession or appointment as long as such disclosure
prior to such effective date would not be violative of any applicable law or confidentiality agreement, otherwise immediately
following such effective date, but in no event later than the time required pursuant to Section 10.09, (x) written notice
to the Depositor, and to the Other Depositor related to any Other Securitization that includes a Serviced Companion Loan, of such
succession or appointment, (y) in writing and in form and substance reasonably satisfactory to the Depositor, and to the Other
Depositor related to any Other Securitization that includes a Serviced Companion Loan, all information reasonably requested by
the Depositor, or such Other Depositor, so that it may comply with its reporting obligation under Items 1.01 and 6.02 of Form
8-K with respect to any Class of Certificates or Serviced Companion Loan Securities and (z) such opinion(s) of counsel, certifications
and/or indemnification agreement(s) with respect to such information that are substantially similar to those delivered by the
Trustee or their respective counsel, in connection with the information concerning such party in the Prospectus and/or any other
disclosure materials relating to this Trust.

 

Section
10.05  Filing Obligations. (a) Each of the Master Servicer, the Special Servicer, the Operating Advisor, the
Asset Representations Reviewer, the Certificate Administrator and the Trustee shall, and each of the Master Servicer, the Special
Servicer, the Operating Advisor, the Asset Representations Reviewer, the Certificate Administrator and the Trustee, as applicable,
shall use commercially reasonable efforts to cause each Servicing Function Participant (other than any party to this Agreement)
with which it has entered into a

 

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servicing
relationship with respect to the Serviced Mortgage Loan to, reasonably cooperate with the Certificate Administrator and the Depositor
(and any Other Trustee or Other Depositor related to any Other Securitization that includes a Serviced Companion Loan) in connection
with the Certificate Administrator’s and Depositor’s (or such Other Trustee’s or Other Depositor’s) good
faith efforts to satisfy the Trust’s (or such Other Securitization’s) reporting requirements under the Exchange Act.

 

(b)          [Reserved.]

 

(c)          With
respect to any Mortgaged Property that secures a Serviced Companion Loan that the applicable Other Depositor has notified the
Master Servicer and Special Servicer in writing is a “significant obligor” (within the meaning of Item 1101(k) of
Regulation AB) (together with notification of the Relevant Distribution Date) with respect to an Other Securitization that includes
such Serviced Companion Loan, to the extent that the Master Servicer (in the case of non-Specially Serviced Loans) or the Special
Servicer (in the case of Specially Serviced Loans and REO Properties) is in receipt of the updated financial statements of such
“significant obligor” for any calendar quarter (other than the fourth calendar quarter of any calendar year) from
the Borrower, beginning with the first calendar quarter following receipt of such notice from the Other Depositor, or the updated
financial statements of such “significant obligor” for any calendar year, beginning for the calendar year following
such notice from the Other Depositor, as applicable, the Master Servicer or the Special Servicer, as applicable, shall deliver
to the Other Depositor, on or prior to the day that occurs two (2) Business Days prior to the related “significant obligor”
NOI Quarterly Filing Deadline or seven (7) Business Days prior to the related Significant Obligor NOI Yearly Filing Deadline,
as applicable, (A) if such financial statement receipt occurs twelve (12) or more Business Days prior to the related Significant
Obligor NOI Quarterly Filing Deadline or seventeen (17) or more Business Days prior to the related Significant Obligor NOI Yearly
Filing Deadline, as applicable, such financial statements of the “significant obligor”, together with the net operating
income of such “significant obligor” for the applicable period as calculated by the Master Servicer or the Special
Servicer, as applicable, in accordance with CREFC® guidelines and (B) if such financial statement receipt occurs
less than twelve (12) Business Days prior to the related Significant Obligor NOI Quarterly Filing Deadline or less than seventeen
(17) Business Days prior to the related Significant Obligor NOI Yearly Filing Deadline, as applicable, such financial statements
of the “significant obligor”, together with the net operating income of such “significant obligor” for
the applicable period as reported by the related Borrower in such financial statements.

 

If
the Master Servicer or the Special Servicer, as applicable, does not receive financial information satisfactory to comply with
Item 6 of Form 10-D or Item 1112(b)(1) of Form 10-K, as the case may be, of such “significant obligor” within ten
(10) Business Days after the date such financial information is required to be delivered under the related Mortgage Loan documents,
the Master Servicer or the Special Servicer, as applicable, shall notify the Other Depositor with respect to such Other Securitization
that includes the related Companion Loan (or shall cause each applicable Sub-Servicing Agreement to require any related Sub-Servicer
to notify such Other Depositor) that it has not received such financial information. The Master Servicer or the Special Servicer,
as applicable, shall use efforts consistent with the Servicing Standard (taking into account, in addition, the ongoing reporting
obligations of such Other

 

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Depositor
under the Exchange Act) to obtain the periodic financial statements required to be delivered by the related Borrower under the
related Mortgage Loan documents.

 

The
Master Servicer or the Special Servicer, as applicable, shall (or shall cause any related Sub-Servicing Agreement entered into
after receipt of written notice from the Other Depositor that such Serviced Pari Passu Companion Loan is a significant obligor
to require the related Sub-Servicer to) retain written evidence of each instance in which it (or a Sub-Servicer) attempts to contact
the related Borrower related to any such “significant obligor” (identified to it as such by the Other Depositor in
accordance with the second preceding paragraph) to obtain the required financial information and is unsuccessful and, no less
than five (5) Business Days prior to the date in which a Form 10-D or Form 10-K, as applicable, is required to be filed by the
Other Securitization, shall forward an Officer’s Certificate evidencing its attempts to obtain this information to the certificate
administrator and Other Depositor related to such Other Securitization. This Officer’s Certificate should be addressed to
the certificate administrator at its corporate trust office, as specified in the related Other Pooling and Servicing Agreement.

 

Section
10.06   Form 10-D and Form ABS-EE Filings. Within 15 days after each Distribution Date (subject to permitted
extensions under the Exchange Act), the Certificate Administrator shall prepare and file on behalf of the Trust any Form 10-D
and Form ABS-EE required by the Exchange Act and the rules and regulations of the Commission thereunder, in form and substance
as required by the Exchange Act and such rules and regulations; provided that, in connection with the filing of the Prospectus
and the preliminary prospectus with respect to the Public Certificates, the Depositor shall file any related Form ABS-EE required
to be filed with the Commission and incorporated by reference into each such document. A duly authorized representative of the
Depositor shall sign each Form 10-D filed on behalf of the Trust. The Certificate Administrator shall file each Form 10-D with
a copy of the related Distribution Date Statement attached thereto; provided that the Certificate Administrator shall redact from
such Distribution Date Statement any information relating to the ratings of the Certificates and the identity of the Rating Agencies.
Any disclosure in addition to the Distribution Date Statement that is required to be included on Form 10-D and/or Form ABS-EE
(“Additional Form 10-D Disclosure”) shall, pursuant to the paragraph immediately below, be reported by the
parties set forth on Schedule IV and directed to the Certificate Administrator and the Depositor for approval by the Depositor.
The Certificate Administrator will have no duty or liability for any failure hereunder to determine or prepare any Additional
Form 10-D Disclosure (other than such Additional Form 10-D Disclosure which is to be reported by it as set forth on Schedule
IV) absent such reporting, direction and approval after the date hereof. The Certificate Administrator shall include in any
Form 10-D filed by it, without limitation, to the extent such information is provided to the Certificate Administrator by the
Depositor for inclusion therein, (i) the information required by Rule 15Ga-1(a) under the Exchange Act concerning all assets of
the Trust that were subject of a demand to repurchase or replace for breach of the representations and warranties, (ii) a reference
to the most recent Form ABS-15G filed by the Depositor and each Mortgage Loan Seller, if applicable, and the Commission assigned
“Central Index Key” number for each such filer and (iii) incorporate by reference the Form ABS-EE filing for the related
reporting period (which Form ABS-EE disclosures shall be filed at the time of each filing of the applicable report on Form 10-D
with respect to each Mortgage Loan that was part of the Mortgage Pool during any portion of the related reporting period). The
Certificate Administrator and the Depositor shall be entitled together to determine the manner of the presentation of such

 

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information
(including the dates as of which such information is presented) in accordance with applicable laws and regulations.

 

For
so long as the Trust is subject to the reporting requirements of the Exchange Act and for so long as any Other Securitization
that includes a Serviced Companion Loan is subject to the reporting requirements of the Exchange Act, within five calendar days
after the related Distribution Date, (i) the parties listed on Schedule IV hereto shall be required to provide to the Certificate
Administrator and the Depositor (and in the case of any Servicing Function Participant with a copy to the Master Servicer) (and
to any Other Trustee or Other Depositor related to any Other Securitization that includes a Serviced Companion Loan), to the extent
a Servicing Officer or Responsible Officer, as the case may be, thereof has actual knowledge (other than Item 1117 of Regulation
AB as to such party which shall be reported if actually known by any Servicing Officer or Responsible Officer, as the case may
be or any lawyer in the in house legal department of such party), in EDGAR Compatible Format, or in such other format as otherwise
agreed upon by the Certificate Administrator and the Depositor (or such Other Trustee and Other Depositor) and such party, the
form and substance of the Additional Form 10-D Disclosure described on Schedule IV applicable to such party, (ii) the parties
listed on Schedule IV hereto shall include with such Additional Form 10-D Disclosure, an Additional Disclosure Notification
in the form attached hereto as Exhibit CC and (iii) the Certificate Administrator shall, at any time prior to filing the
related Form 10-D, provide prompt notice to the Depositor to the extent that the Certificate Administrator is notified of an event
reportable on Form 10-D for which it has not received the necessary Additional Form 10-D Disclosure from the applicable party.
No later than the 7th calendar day after the Distribution Date, the Depositor will approve, as to form and substance, or disapprove,
as the case may be, the inclusion of the Additional Form 10-D Disclosure on Form 10-D or (in the case of asset-level information
required by Item 1A on Form 10-D) Form ABS-EE with respect to the Trust; provided that if the Certificate Administrator
does not receive a response from the Depositor by such time the Depositor will be deemed to have consented to the inclusion of
such Additional Form 10-D Disclosure. Other than to the extent provided for in clause (iii) above, the Certificate Administrator
has no duty under this Agreement to monitor or enforce the performance by the parties listed on Schedule IV of their duties
under this paragraph or proactively solicit or procure from such parties any Additional Form 10-D Disclosure information. The
Depositor will be responsible for any reasonable fees assessed and any expenses incurred by the Certificate Administrator in connection
with including any Additional Form 10-D Disclosure on Form 10-D or (in the case of asset-level information required by Item 1A
on Form 10-D) Form ABS-EE with respect to the Trust pursuant to this paragraph.

 

After
preparing the Form 10-D, the Certificate Administrator shall forward electronically a copy of the Form 10-D to the Depositor for
review and approval; provided that the Certificate Administrator shall use its reasonable best efforts to provide such copy to
the Depositor by the 8th day after the Distribution Date. No later than the end of business on the 4th Business Day prior to the
filing date, the Depositor shall notify the Certificate Administrator in writing (which may be furnished electronically) of any
changes to or approval of such Form 10-D, and no later than the 2nd Business Day prior to the filing, a duly authorized representative
of the Depositor shall sign the Form 10-D and return an electronic or fax copy of such signed Form 10-D (with an original executed
hard copy to follow by overnight mail) to the Certificate Administrator. The Certificate Administrator shall file such Form 10-D,
upon signature thereof

 

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as
provided in Section 10.16, not later than (i) 5:30 p.m. (New York City time) on the 15th calendar day after the related
Distribution Date or (ii) if agreed to prior to the time set forth in clause (i) above, such other time as the Depositor and the
Certificate Administrator mutually agree is permitted by the Commission for the filing such Form 10-D. If a Form 10-D cannot be
filed on time or if a previously filed Form 10-D needs to be amended, the Certificate Administrator shall follow the procedures
set forth in Section 10.10(b). After filing with the Commission, the Certificate Administrator shall, pursuant to Section
4.02(b), make available on the Certificate Administrator’s website a final executed copy of each Form 10-D prepared
and filed by the Certificate Administrator. The parties to this Agreement acknowledge that the performance by the Certificate
Administrator of its duties under this Section 10.06 related to the timely preparation and filing of Form 10-D is contingent
upon such parties (and any Additional Servicer or Servicing Function Participant) observing all applicable deadlines in the performance
of their duties under this Section 10.06. The Certificate Administrator shall have no liability for any loss, expense,
damage, claim arising out of or with respect to any failure to properly prepare or file such Form 10-D where such failure results
from the Certificate Administrator’s inability or failure to receive on a timely basis any information from any other party
hereto needed to prepare, arrange for execution or file such Form 10-D, not resulting from its own negligence, bad faith or willful
misconduct.

 

Form
10-D requires the registrant to indicate (by checking “yes” or “no”) that it “(1) has filed all
reports required to be filed by Section 13 or 15(d) of the Exchange Act during the preceding 12 months (or for such shorter period
that the registrant was required to file such reports) and (2) has been subject to such filing requirements for the past 90 days.”
The Depositor shall notify the Certificate Administrator in writing via email to cts.sec.notifications@wellsfargo.com,
no later than the 5th calendar day after the related Distribution Date during any year in which the Trust is required to file
a Form 10-D if the answer to the questions should be “no”; provided that if the failure of the Depositor to
have filed such required reports arises in connection with the securitization contemplated by this Agreement, then the Certificate
Administrator shall be deemed to have notice of such failure (only with respect to Exchange Act reports prepared or required to
be prepared and filed by the Certificate Administrator) without being notified by the Depositor; provided, further,
that in connection with the delivery of any notice contemplated by this sentence, the Depositor may instruct the Certificate Administrator
that such notice shall be effective for a period (not to exceed 12 months) from the date of such notice, in which case no further
notice from the Depositor shall be required during such specified period. The Certificate Administrator shall be entitled to rely
on such notifications in preparing, executing and/or filing any Form 10-D.

 

The
Depositor hereby directs the Certificate Administrator to include the following individual’s name and phone number on the
cover of Forms 10-D and ABS-EE for each reporting period: Name: Lainie Kaye, Telephone: (212) 504-6678. The Certificate Administrator
may rely without further investigation that this information remains correct unless and until the Depositor provides the Certificate
Administrator with a new individual’s name and phone number in writing.

 

Upon
receipt of an Asset Review Report Summary from the Asset Representations Reviewer required to be delivered pursuant to Section
11.01(b), the Certificate Administrator shall include such Asset Review Report Summary under Item 1B on the Form 10-

 

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D
for such reporting period in which the Asset Review Report Summary was received by the Certificate Administrator.

 

To
the extent the Certificate Administrator receives a Communication Request from any Certificateholder or Certificate Owner to communicate
with other Certificateholders or Certificate Owners pursuant to Section 5.05, the Certificate Administrator shall include
under Item 1B on the Form 10-D relating to the reporting period in which such request was received a Special Notice regarding
the request to communicate, and such Special Notice is required to include the following and no more than the following: (a) the
name of the Certificateholder or Certificate Owner making the request, (b) the date the request was received, (c) a statement
to the effect that the Certificate Administrator has received such request, stating that such Certificateholder or Certificate
Owner is interested in communicating with other Certificateholders or Certificate Owners with regard to the possible exercise
of rights under this Agreement, and (d) a description of the method other Certificateholders or Certificate Owners may use to
contact the requesting Certificateholder or Certificate Owner. It is hereby understood that a disclosure in substantially the
following form shall be deemed to satisfy the requirements in the preceding sentence:

 

On
[date], the Certificate Administrator received from [name], a Certificateholder or Certificate Owner, a request to communicate
with other Certificateholders and Certificate Owners in the securitization transaction to which this report on Form 10-D relates
(the “Securitization”). The requesting Certificateholder or Certificate Owner is interested in communicating
with other Certificateholders and Certificate Owners with regard to the possible exercise of rights under the pooling and servicing
agreement governing the Securitization. Other Certificateholders and Certificate Owners may contact the requesting Certificateholder
or Certificate Owner at [telephone number], [email address] and/or [mailing address].

 

At
the time required under Section 10.06, the Certificate Administrator shall file each Form ABS-EE with a copy of the related
CREFC® Schedule AL File received by the Certificate Administrator pursuant to Section 3.13(a) as Exhibit
102 thereto. To the extent the Certificate Administrator receives any Schedule AL Additional File with respect to such Form ABS-EE
pursuant to Section 3.13(a), the Certificate Administrator shall file such Schedule AL Additional File as Exhibit 103 to
such Form ABS-EE. The Certificate Administrator shall not be required to combine multiple CREFC® Schedule AL Files
or Schedule AL Additional Files. The Certificate Administrator shall not be required to review, redact, reconcile, edit or verify
the content, completeness or accuracy of the information contained in any CREFC® Schedule AL File or Schedule AL
Additional File. The Certificate Administrator shall not be deemed to have actual knowledge of the contents of any CREFC®
Schedule AL File or Schedule AL Additional File solely by its receipt thereof.

 

After
preparing the Forms 10-D and ABS-EE with respect to the Trust, the Certificate Administrator shall forward electronically copies
of such Forms 10-D and ABS-EE (together with the related CREFC® Schedule AL File and any Schedule AL Additional
File received by the Certificate Administrator) to the Depositor for review no later than seven (7)

 

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calendar
days after the related Distribution Date or, if the 7th calendar day after the related Distribution Date is not a Business Day,
the immediately preceding Business Day. The Master Servicer shall reasonably cooperate with the Depositor to answer any questions
that the Depositor may pose to the Master Servicer regarding the data or information contained in, or omitted from, any CREFC®
Schedule AL File or Schedule AL Additional File (other than questions regarding (1) the accuracy as of the Closing Date
of data that had been included in the Initial Schedule AL File, the Initial Schedule AL Additional File or the Annex A-1 to the
Prospectus or (2) changes made to such CREFC® Schedule AL File or Schedule AL Additional File by the Certificate
Administrator following receipt from the Master Servicer). Any questions for the Master Servicer related to the filing shall be
directed to ssreports@wellsfargo.com. The Certificate Administrator, the Master Servicer and the Depositor shall each,
to the extent related to such party’s obligations hereunder, reasonably cooperate to remedy any filing errors regarding
any CREFC® Schedule AL File or any Schedule AL Additional File as soon as possible. Within four (4) Business Days
after receipt of copies of such Forms 10-D and ABS-EE from the Certificate Administrator, but no later than two (2) Business Days
prior to the 15th calendar day after the related Distribution Date, the Depositor shall notify the Certificate Administrator in
writing (which may be furnished electronically) of any changes to or approval of such Form 10-D and Form ABS-EE, respectively,
and an officer of the Depositor shall sign the Form 10-D and Form ABS-EE with respect to the Trust and return an electronic or
fax copy of each of the signed Form 10-D and Form ABS-EE (with an original executed hard copy to follow by overnight mail) to
the Certificate Administrator. Upon receipt of such signed Form 10-D and Form ABS-EE (in electronic form or by fax copy), the
Certificate Administrator shall deem such reports to be approved by the Depositor and shall proceed with filing such reports with
the Commission. If a Form 10-D or Form ABS-EE with respect to the Trust cannot be filed on time or if a previously filed Form
10-D or Form ABS-EE with respect to the Trust needs to be amended, the Certificate Administrator will follow the procedures set
forth in Section 10.10(b) of this Agreement. Promptly after filing with the Commission, the Certificate Administrator will
make available on its internet website a final executed copy of each Form 10-D and Form ABS-EE with respect to the Trust prepared
and filed by the Certificate Administrator. The signing party at the Depositor can be contacted at Deutsche Mortgage & Asset
Receiving Corporation at 60 Wall Street, New York, New York 10005, Attention: Lainie Kaye, with copies via email to cmbs.requests@db.com,
or such other address as the Depositor may direct. The parties to this Agreement acknowledge that the performance by the Certificate
Administrator of its duties under this Section 10.06 related to the timely preparation and filing of Form 10-D and Form
ABS-EE with respect to the Trust is contingent upon such parties observing all applicable deadlines in the performance of their
duties under this Section 10.06. The Certificate Administrator shall have no liability for any loss, expense, damage, or
claim arising out of or with respect to any failure to properly prepare, arrange for execution and/or timely file any Form 10-D
or Form ABS-EE with respect to the Trust, where such failure results because required disclosure information was either not delivered
to the Certificate Administrator or delivered to the Certificate Administrator after the delivery deadlines set forth in this
Agreement, not resulting from its own negligence, bad faith or willful misconduct.

 

Section
10.07  Form 10-K Filings. Within 90 days after the end of each fiscal year of the Trust or such earlier date
as may be required by the Exchange Act (the “10-K Filing Deadline”) (it being understood that the fiscal year
for the Trust ends on December 31st of each year), commencing with fiscal year 2018, the Certificate Administrator shall prepare
and file on

 

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behalf
of the Trust a Form 10-K, in form and substance as required by the Exchange Act. Each such Form 10-K shall include the following
items, in each case to the extent they have been delivered to the Certificate Administrator within the applicable time frames
set forth in this Agreement:

 

(i)       
   an annual compliance statement for each applicable Certifying Servicer, as described under Section 10.11;

 

(ii)          (A)
the annual reports on assessment of compliance with servicing criteria for each applicable Reporting Servicer, as described under
Section 10.12, and (B) if any Reporting Servicer’s report on assessment of compliance with servicing criteria described
under Section 10.12 identifies any material instance of noncompliance, disclosure identifying such instance of noncompliance
(including whether such instance of noncompliance involved the servicing of the assets backing the Certificates issued pursuant
to this Agreement and any steps taken to remedy such instance of noncompliance), or if any Reporting Servicer’s report on
assessment of compliance with servicing criteria described under Section 10.12 is not included as an exhibit to such Form
10-K, disclosure that such report is not included and an explanation as to why such report is not included;

 

(iii)         (A)
the registered public accounting firm attestation report for each Reporting Servicer, as described under Section 10.13,
and (B) if any registered public accounting firm attestation report described under Section 10.13 identifies any material
instance of noncompliance, disclosure identifying such instance of noncompliance, or if any such registered public accounting
firm attestation report is not included as an exhibit to such Form 10-K, disclosure that such report is not included and an explanation
as to why such report is not included; and

 

(iv)        a
Sarbanes-Oxley Certification as described in Section 10.08.

 

Any
disclosure or information in addition to (i) through (iv) above that is required to be included on Form 10-K (“Additional
Form 10-K Disclosure”) shall, pursuant to the paragraph immediately below, be reported by the parties set forth on Schedule
V hereto to the Depositor and the Certificate Administrator (and to any Other Depositor or Other Trustee related to any Other
Securitization that includes a Serviced Companion Loan) and approved by the Depositor (and such Other Depositor), and the Certificate
Administrator (or such Other Trustee) will have no duty or liability for any failure hereunder to determine or prepare any Additional
Form 10-K Disclosure (other than such Additional Form 10-K Disclosure which is to be reported by it as set forth on Schedule
V) absent such reporting and approval.

 

Not
later than 10 Business Days after the end of each fiscal year for which the Trust (or any Other Securitization that includes a
Serviced Companion Loan) is required to file a Form 10-K, the Master Servicer, the Special Servicer, the Operating Advisor, the
Asset Representations Reviewer, the Certificate Administrator and the Trustee shall provide the other parties to this Agreement
and the Mortgage Loan Sellers (and the parties to any Other Pooling and Servicing Agreement with respect to any Other Securitization
that includes such Serviced Companion Loan) with written notice of the name and address of each Servicing Function Participant
retained by such party. Not later than the end of each year for which the Trust is

 

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required
to file a Form 10-K, (i) the Certificate Administrator shall upon request provide to each Mortgage Loan Seller, Other Depositor
and Other Trustee written notice of any change in the identity of any party to this Agreement, including the name and address
of any new party to this Agreement and (ii) the Master Servicer or the Special Servicer, as applicable, shall provide to each
related Mortgage Loan Seller, Other Depositor and Other Trustee written notice of any change in the identity of any Sub-Servicer
that is a Servicing Function Participant or an Additional Servicer engaged by the Master Servicer or the Special Servicer, as
applicable, including the name and address of any new Sub-Servicer that is a Servicing Function Participant or an Additional Servicer.

 

With
respect to any Other Securitization that includes a Serviced Companion Loan, not later than the end of each year for which the
Other Securitization trust is required to file a Form 10-K, (i) the Certificate Administrator shall upon request provide to each
mortgage loan seller with respect to such Other Securitization written notice of any change in the identity of any party to this
Agreement, including the name and address of any new party to this Agreement and (ii) the Master Servicer or the Special Servicer,
as applicable, shall provide to each such mortgage loan seller written notice of any change in the identity of any Sub-Servicer
that is a Servicing Function Participant or an Additional Servicer engaged by the Master Servicer or the Special Servicer for
the servicing of such Serviced Whole Loan, as applicable, including the name and address of any new Sub-Servicer that is a Servicing
Function Participant or an Additional Servicer.

 

For
so long as the Trust (or any Other Securitization that includes a Serviced Companion Loan) is subject to the reporting requirements
of the Exchange Act, by March 1st, commencing in March 2019 (i) the parties listed on Schedule V hereto shall be required
to provide to the Certificate Administrator and the Depositor (and in the case of any Servicing Function Participant with a copy
to the Master Servicer) (and to any Other Depositor or Other Trustee related to any Other Securitization that includes a Serviced
Companion Loan), to the extent a Servicing Officer or a Responsible Officer, as the case may be, thereof has actual knowledge
(other than with respect to Items 1117 and 1119 of Regulation AB as to such party which shall be reported if actually known by
any Servicing Officer or any lawyer in the in house legal department of such party), in EDGAR Compatible Format (to the extent
available to such party in such format), or in such other form as otherwise agreed upon by the Certificate Administrator and the
Depositor (or such Other Trustee and Other Depositor) and such party, the form and substance of the Additional Form 10-K Disclosure
described on Schedule V applicable to such party, (ii) the parties listed on Schedule V hereto shall include with
such Additional Form 10-K Disclosure, an Additional Disclosure Notification in the form attached hereto as Exhibit CC and
(iii) the Certificate Administrator shall, at any time prior to filing the related Form 10-K, provide prompt notice to the Depositor
to the extent that the Certificate Administrator is notified of an event reportable on Form 10-K for which it has not received
the necessary Additional Form 10-K Disclosure from the applicable party. No later than March 10th, the Depositor will approve,
as to form and substance, or disapprove, as the case may be, the inclusion of the Additional Form 10-K Disclosure on Form 10-K;
provided that if the Certificate Administrator does not receive a response from the Depositor by such time the Depositor
will be deemed to have consented to the inclusion of such Additional Form 10-K Disclosure. Other than to the extent provided for
in clause (iii) above, the Certificate Administrator has no duty under this Agreement to monitor or enforce the performance by
the

 

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parties
listed on Schedule V of their duties under this paragraph or proactively solicit or procure from such parties any Additional
Form 10-K Disclosure information. The Depositor will be responsible for any reasonable fees assessed and any expenses incurred
by the Certificate Administrator in connection with including any Additional Form 10-K Disclosure on Form 10-K pursuant to this
paragraph.

 

After
preparing the Form 10-K, on or prior to the 6th Business Day prior to the 10-K Filing Deadline, the Certificate Administrator
shall forward electronically a copy of the Form 10-K to the Depositor for review and approval. Within three Business Days after
receipt of such copy, but no later than March 24th, the Depositor shall notify the Certificate Administrator in writing (which
may be furnished electronically) of any changes to or approved of such Form 10-K. No later than 5:00 p.m., New York City time,
on the 4th Business Day prior to the 10-K Filing Deadline, a senior officer in charge of securitization of the Depositor shall
sign the Form 10-K and return an electronic or fax copy of such signed Form 10-K (with an original executed hard copy to follow
by overnight mail) to the Certificate Administrator. The Certificate Administrator shall file such Form 10-K, upon signature thereof
as provided in Section 10.16, not later than (i) 5:30 p.m. (New York City time) on the 10-K Filing Deadline or (ii) such
other time as the Depositor and the Certificate Administrator mutually agree is permitted by the Commission for the filing such
Form 10-K, of each year in which a report on Form 10-K is required to be filed by the Trust. If a Form 10-K cannot be filed on
time or if a previously filed Form 10-K needs to be amended, the Certificate Administrator will follow the procedures set forth
in Section 10.10(b). After filing with the Commission, the Certificate Administrator shall, pursuant to Section 4.02(b),
make available on its internet website a final executed copy of each Form 10-K prepared and filed by the Certificate Administrator.
The parties to this Agreement acknowledge that the performance by the Certificate Administrator of its duties under this Section
10.07 related to the timely preparation and filing of Form 10-K is contingent upon such parties (and any Additional Servicer
or Servicing Function Participant) observing all applicable deadlines in the performance of their duties under this Article
X. The Certificate Administrator shall have no liability with respect to any failure to properly prepare or file such Form
10-K resulting from the Certificate Administrator’s inability or failure to receive from any other party any information
needed to prepare, arrange for execution or file such Form 10-K on a timely basis, not resulting from its own negligence, bad
faith or willful misconduct.

 

Form
10-K requires the registrant to indicate (by checking “yes” or “no”) that it “(1) has filed all
reports required to be filed by Section 13 or 15(d) of the Exchange Act during the preceding 12 months (or for such shorter period
that the registrant was required to file such reports) and (2) has been subject to such filing requirements for the past 90 days.”
The Depositor shall notify the Certificate Administrator in writing via email to cts.sec.notifications@wellsfargo.com, no later
than the 15th calendar day of March during any year in which the Trust is required to file a Form 10-K if the answer to the questions
should be “no”; provided that if the failure of the Depositor to have filed such required reports arises in
connection with the securitization contemplated by this Agreement, then the Certificate Administrator shall be deemed to have
notice of such failure (only with respect to Exchange Act reports prepared or required to be prepared and filed by the Certificate
Administrator) without being notified by the Depositor; provided, further, that in connection with the delivery
of any notice contemplated by this sentence, the Depositor may instruct the Certificate Administrator that such notice shall be
effective for a period (not to exceed 12 months) from the date of such

 

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notice,
in which case no further notice from the Depositor shall be required during such specified period. The Certificate Administrator
shall be entitled to rely on such notifications in preparing, executing and/or filing any Form 10-K.

 

Section
10.08   Sarbanes-Oxley Certification. Each Form 10-K shall include a certification (the “Sarbanes-Oxley
Certification”), as set forth in Exhibit W attached hereto, required to be included therewith pursuant to the
Sarbanes-Oxley Act. Each Reporting Servicer shall, and each Reporting Servicer shall use commercially reasonable efforts to cause
each Servicing Function Participant (other than any party to this Agreement) with which it has entered into a servicing relationship
with respect to the Serviced Mortgage Loans, to provide to the Person who signs the Sarbanes-Oxley Certification for the Trust
or any Other Securitization that includes a Serviced Companion Loan (each such Person, a “Certifying Person”),
by March 1st of each year (commencing in 2019) in which the Trust is subject to the reporting requirements of the Exchange Act
and of each year in which any Other Securitization that includes a Serviced Companion Loan is subject to the reporting requirements
of the Exchange Act, a certification (each, a “Performance Certification”), in the form attached hereto as
Exhibit O, Exhibit P, Exhibit Q, Exhibit R, Exhibit T, Exhibit U or Exhibit V, as applicable,
upon which each Certifying Person, the entity for which such Certifying Person acts as an officer, and such entity’s officers,
directors and Affiliates (collectively with the Certifying Persons, “Certification Parties”) can reasonably
rely. The senior officer in charge of securitization of the Depositor shall serve as the Certifying Person on behalf of the Trust.
The Certifying Person at the Depositor can be contacted at Deutsche Mortgage & Asset Receiving Corporation at 60 Wall Street,
New York, New York 10005, Attention: Lainie Kaye, with a copy to Salvatore Palazzolo, Esq. If any Reporting Servicer is terminated
or resigns pursuant to the terms of this Agreement, or any applicable Sub-Servicing Agreement, such Reporting Servicer shall provide
a Performance Certification to each Certifying Person pursuant to this Section 10.08 with respect to the period of time
it was subject to this Agreement or the applicable Sub-Servicing Agreement. Notwithstanding the foregoing, the Trustee shall not
be required to deliver a Performance Certification with respect to any period during which there was no Relevant Servicing Criteria
applicable to it.

 

Notwithstanding
the foregoing, nothing in this Section 10.08 shall require any Reporting Servicer (i) to certify or verify the accurateness
or completeness of any information provided to such Reporting Servicer by third parties (other than a Sub-Servicer, Additional
Servicer or any other third party retained by it that is not a Sub-Servicer listed on Exhibit X or a Sub-Servicer appointed
pursuant to Section 3.01(c)), (ii) to certify information other than to such Reporting Servicer’s knowledge and in
accordance with such Reporting Servicer’s responsibilities hereunder or (iii) with respect to completeness of information
and reports, to certify anything other than that all fields of information called for in written reports prepared by such Reporting
Servicer have been completed except as they have been left blank on their face.

 

Each
Performance Certification shall include a reasonable reliance provision enabling the Certification Parties to rely upon each (i)
annual compliance statement provided pursuant to Section 10.11, (ii) annual report on assessment of compliance with servicing
criteria provided pursuant to Section 10.12 and (iii) registered public accounting firm attestation report provided pursuant
to Section 10.13.

 

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For
so long as the Trust is subject to the reporting obligations of the Exchange Act, with respect to any Non-Serviced Mortgage Loan
serviced under an Other Pooling and Servicing Agreement, the Certificate Administrator shall use commercially reasonable efforts
to procure a Sarbanes-Oxley back-up certification from the Non-Serviced Mortgage Loan Service Providers, in form and substance
similar to a Performance Certification or to the form, if any, provided in the Other Pooling and Servicing Agreement. The Master
Servicer shall promptly forward to the Certificate Administrator and the Depositor any such Sarbanes-Oxley back-up certification
received by the Master Servicer.

 

Section
10.09   Form 8-K Filings. Within four (4) Business Days after the occurrence of an event requiring disclosure
(the “8-K Filing Deadline”) under Form 8-K (each a “Reportable Event”), to the extent it
receives the Form 8-K Disclosure Information described below, the Certificate Administrator shall, at the direction of the Depositor,
prepare and file on behalf of the Trust any Form 8-K, as required by the Exchange Act and shall provide notice thereof to Form10K.Compliance@cwt.com,
provided that the Depositor shall file the initial Form 8-K in connection with the issuance of the Certificates. Any disclosure
or information related to a Reportable Event or that is otherwise required to be included on Form 8-K (“Form 8-K Disclosure
Information”) shall, pursuant to the paragraph immediately below, be reported by the parties set forth on Schedule
VI to which such Reportable Event relates and such Form 8-K Disclosure Information shall be delivered to the Depositor and
the Certificate Administrator (and to any Other Depositor and Other Trustee related to any Other Securitization that includes
a Serviced Companion Loan) in EDGAR Compatible Format and approved by the Depositor. The Certificate Administrator will have no
duty or liability for any failure hereunder to determine or prepare any Form 8-K Disclosure Information (other than such Form
8-K Disclosure Information which is to be reported by it as set forth on Schedule VI) absent such reporting and approval.

 

For
so long as the Trust (or any Other Securitization that includes a Serviced Companion Loan) is subject to the reporting requirements
of the Exchange Act, the parties listed on Schedule VI hereto shall, to the extent a Servicing Officer or a Responsible
Officer, as the case may be, thereof has actual knowledge, use their commercially reasonable efforts to provide to the Depositor
and the Certificate Administrator (and to any Other Depositor and Other Trustee related to any Other Securitization that includes
a Serviced Companion Loan) within 1 Business Day after the occurrence of the Reportable Event, but shall provide in no event later
than the end of business (New York City time) on the 2nd Business Day after the occurrence of the Reportable Event, the form and
substance of the Form 8-K Disclosure Information described on Schedule VI as applicable to such party, in EDGAR Compatible
Format, or in such other format as otherwise agreed to in advance by the Certificate Administrator and the Depositor (and such
Other Trustee and Other Depositor) and such party and accompanied by an Additional Disclosure Notification in the form attached
hereto as Exhibit CC. The Depositor will approve, as to form and substance, or disapprove, as the case may be, the inclusion
of the Form 8-K Disclosure Information on Form 8-K by the end of business on the 2nd Business Day after the Reportable Event;
provided that if the Certificate Administrator does not receive a response from the Depositor by such time as required
under this Agreement the Depositor will be deemed to have consented to such Form 8-K Disclosure Information. The Certificate Administrator
has no duty under this Agreement to monitor or enforce the performance by the parties listed on Schedule VI of their duties
under this paragraph or proactively solicit or procure from such parties any Form 8-K Disclosure Information; provided
that to the extent that the Certificate 

 

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Administrator
is notified of such Reportable Event and it does not receive the necessary Form 8-K Disclosure Information, it shall notify the
Depositor that it has not received such information and, provided, further, that the limitation on liability provided
by this sentence shall not be applicable if the Reportable Event relates to the Certificate Administrator or any party that the
Certificate Administrator has engaged to perform its obligations under this Agreement. The Depositor will be responsible for any
reasonable fees assessed and any expenses incurred by the Certificate Administrator in connection with including any Form 8-K
Disclosure Information on Form 8-K pursuant to this paragraph.

 

After
preparing the Form 8-K, the Certificate Administrator shall, no later than the end of the Business Day (New York City time) on
the 3rd Business Day after the Reportable Event, forward electronically a copy of the Form 8-K to the Depositor for review and
approval and the Depositor shall promptly notify the Certificate Administrator in writing (which may be furnished electronically)
of any changes to the Form 8-K. No later than noon on the 4th Business Day (New York City time) after the Reportable Event, a
duly authorized representative of the Depositor shall sign the Form 8-K and return an electronic or fax copy of such signed Form
8-K (with an original executed hard copy to follow by overnight mail) to the Certificate Administrator. The Certificate Administrator
shall file such Form 8-K, upon signature thereof as provided in Section 10.16, not later than (i) 5:30 p.m. (New York City
time) on the 4th Business Day following the reportable event or (ii) such other time as the Depositor and the Certificate Administrator
mutually agree is permitted by the Commission for the filing such Form 8-K. If a Form 8-K cannot be filed on time or if a previously
filed Form 8-K needs to be amended, the Certificate Administrator will follow the procedures set forth in Section 10.10(b).
After filing with the Commission, the Certificate Administrator will, pursuant to Section 4.02(b), make available on its
internet website a final executed copy of each Form 8-K prepared and filed by the Certificate Administrator. The parties to this
Agreement acknowledge that the performance by the Certificate Administrator of its duties under this Section 10.09 related
to the timely preparation and filing of Form 8-K is contingent upon such parties observing all applicable deadlines in the performance
of their duties under this Section 10.09. The Certificate Administrator shall have no liability for any loss, expense,
damage, claim arising out of or with respect to any failure to properly prepare, arrange for execution and/or timely file such
Form 8-K, where such failure results from the Certificate Administrator’s inability or failure to receive approved Form
8-K Disclosure Information within the applicable timeframes set forth in this Section 10.09 and not resulting from the
Certificate Administrator’s own negligence, bad faith or willful misconduct (provided that to the extent that the Certificate
Administrator is notified of such Reportable Event and it does not receive the necessary Form 8–K Disclosure Information,
it will notify the Depositor that it has not received such information and further provided that the limitation on liability
provided by this sentence shall not be applicable if the Reportable Event relates to the Certificate Administrator or any party
that the Certificate Administrator has engaged to perform its obligations under this Agreement).

 

In
addition to the foregoing, as to any resignation, removal, succession, merger or consolidation of the Master Servicer or the Special
Servicer that would constitute a Reportable Event, upon at least 4 Business Days prior notice of the anticipated effective date
of such event, the Certificate Administrator and the Depositor shall cooperate in a timely manner with the Master Servicer, the
Special Servicer or any other Person pursuing such resignation, removal, succession, merger or consolidation, as applicable, in
connection with the Depositor’s or the

 

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Certificate
Administrator’s obligation to file any related required Form 8-K relating to this Trust on the anticipated effective date
of such event.

 

For
so long as the Trust is subject to the reporting obligations of the Exchange Act, with respect to any Non-Serviced Mortgage Loan
serviced under an Other Pooling and Servicing Agreement, no resignation, removal or replacement of any party to such Other Pooling
and Servicing Agreement that would be required to be reported on a Form 8-K relating to this Trust shall become effective until
the Certificate Administrator shall have filed any required Form 8-K pursuant to this Section 10.09.

 

Section
10.10  Suspension of Exchange Act Filings; Incomplete Exchange Act Filings; Amendments to Exchange Act Reports.
(a) If at any time the Trust is permitted to suspend its reporting obligations under the Exchange Act, on or before January 30
of the first year in which the Certificate Administrator is able to do so under applicable law, the Depositor shall direct the
Certificate Administrator to prepare and file any form necessary to be filed with the Commission to suspend such reporting obligations.
With respect to any reporting period occurring after the filing of such form, except with respect to the Other Securitizations,
the obligations of the parties to this Agreement under Section 10.01, Section 10.03, Section 10.06, Section
10.07, Section 10.08 and Section 10.09 with respect to the Trust shall be suspended. The Certificate Administrator
shall provide prompt notice to the Depositor, the Master Servicer, the Special Servicer, the Trustee, the Operating Advisor, the
Asset Representations Reviewer and the Mortgage Loan Sellers that such form has been filed.

 

(b)          If
the Certificate Administrator is unable to timely file with the Commission all or any required portion of any Form 8-K, Form 10-D,
Form ABS-EE or Form 10-K required to be filed by this Agreement because required disclosure information either was not delivered
to it or was delivered to it after the delivery deadlines set forth in this Agreement or for any other reason, the Certificate
Administrator shall promptly notify (which notice (which may be sent by fax or by email notwithstanding the provisions of Section
12.04) shall include the identity of those Reporting Servicers who either did not deliver such information or delivered such
information to it after the delivery deadlines set forth in this Agreement) the Depositor and each Reporting Servicer that failed
to make such delivery. In the case of Form 10-D, Form ABS-EE and Form 10-K, each such Reporting Servicer shall cooperate with
the Depositor and the Certificate Administrator to prepare and file a Form 12b-25 and a Form 10-D/A, Form ABS-EE/A and Form 10-K/A
as applicable, pursuant to Rule 12b-25 of the Exchange Act. In the case of Form 8-K, the Certificate Administrator shall, upon
receipt of all required Form 8-K Disclosure Information and upon the approval and direction of the Depositor, include such disclosure
information on the next Form 10-D, Form ABS-EE that is required to be filed on behalf of the Trust. In the event that any previously
filed Form 8-K, Form 10-D, Form ABS-EE or Form 10-K needs to be amended, the Certificate Administrator shall notify the Depositor
and such other parties as needed and such parties shall cooperate to prepare any necessary Form 8-K/A, Form 10-D/A, Form ABS-EE/A
or Form 10-K/A. In the event that any Reporting Servicer receives notice from the applicable parties to any Other Securitization
that any previously filed Form 8-K, Form 10-D, Form ABS-EE or Form 10-K needs to be amended, such party shall cooperate in preparation
of any necessary Form 8-K/A, Form 10-D/A, Form ABS-EE/A or Form 10-K/A. Any Form 12b-25 or any amendment to Form 8-K, Form 10-D,
Form ABS-EE or Form 10-K shall be signed by the Depositor. The parties to this agreement acknowledge that the

 

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performance
by the Certificate Administrator of its duties under this Section 10.10 related to the timely preparation and filing of
a Form 12b-25 or any amendment to Form 8-K, Form 10-D, Form ABS-EE or Form 10-K is contingent upon the Master Servicer, the Special
Servicer and the Depositor performing their duties under this Section. The Certificate Administrator shall have no liability for
any loss, expense, damage or claim arising out of or with respect to any failure to properly prepare and/or timely file any such
Form 12b-25 or any amendments to Forms 8-K, Form 10-D, Form ABS-EE or Form 10-K, where such failure results from the Certificate
Administrator’s inability or failure to receive, on a timely basis, any information from any other party hereto needed to
prepare, arrange for execution or file such Form 12b-25 or any amendments to Form 8-K, Form 10-D, Form ABS-EE or Form 10-K, not
resulting from its own negligence, bad faith or willful misconduct.

 

Section
10.11   Annual Compliance Statements. (a) The Master Servicer, the Special Servicer, the Custodian, the
Certificate Administrator, any Additional Servicer and each Servicing Function Participant (if such Servicing Function Participant
is a servicer contemplated by Item 1108(a)(2)(i), (ii) or (iii) of Regulation AB) (each, a “Certifying Servicer”)
shall deliver (and the Master Servicer, the Special Servicer, the Custodian and the Certificate Administrator shall use commercially
reasonable efforts to cause each Additional Servicer and each Servicing Function Participant (if such Servicing Function Participant
is a servicer contemplated by Item 1108(a)(2)(i), (ii) or (iii) of Regulation AB) (other than any party to this Agreement) with
which it has entered into a servicing relationship with respect to the Serviced Mortgage Loans, to deliver) to the Trustee, the
Depositor, the Certificate Administrator, the Operating Advisor (in the case of the Special Servicer only), each Other Trustee,
each Other Depositor and the 17g-5 Information Provider (who shall promptly post such report to the 17g-5 Information Provider’s
Website pursuant to Section 3.14(d) of this Agreement) on or before March 1st of each year, commencing in 2019, an Officer’s
Certificate stating, as to the signer thereof, that (A) a review of such Certifying Servicer’s activities during a reporting
period consisting of the preceding calendar year or portion thereof and of such Certifying Servicer’s performance under
this Agreement, or the applicable sub-servicing agreement or primary servicing agreement in the case of an Additional Servicer,
has been made under such officer’s supervision and (B) that, to the best of such officer’s knowledge, based on such
review, such Certifying Servicer has fulfilled all its obligations under this Agreement, or the applicable sub-servicing agreement
or primary servicing agreement in the case of an Additional Servicer, in all material respects throughout such reporting period,
or, if there has been a failure to fulfill any such obligation in any material respect, specifying each such failure known to
such officer and the nature and status thereof.

 

(b)          With
respect to any Non-Serviced Mortgage Loan serviced under an Other Pooling and Servicing Agreement, the Certificate Administrator
shall use commercially reasonable efforts to procure an Officer’s Certificate as described in this Section from the Non-Serviced
Mortgage Loan Service Providers in form and substance similar to the Officer’s Certificate described in this Section.

 

(c)          Promptly
after receipt of each such Officer’s Certificate, the Depositor (and each Other Depositor for any Other Securitization that
includes a Serviced Companion Loan) shall have the right to review such Officer’s Certificate and, if applicable, consult
with each Certifying Servicer, as applicable, as to the nature of any failures by such Certifying Servicer, in the fulfillment
of any of the Certifying Servicer’s obligations hereunder or under the

 

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applicable
sub-servicing agreement. None of the Certifying Servicers or any Additional Servicer or any Servicing Function Participant shall
be required to deliver, or to endeavor to cause the delivery of, any such Officer’s Certificate until April 15, in any given
year so long as it has received written confirmation from the Depositor (and the Other Depositor for any Other Securitization
that includes a Serviced Companion Loan) that a Form 10-K is not required to be filed in respect of the Trust (or, in the case
of a Serviced Companion Loan, the related Other Securitization that includes such Serviced Companion Loan) for the preceding calendar
year. If any Certifying Servicer is terminated or resigns pursuant to the terms of this Agreement or any applicable Sub-Servicing
Agreement, as the case may be, such Certifying Servicer shall provide the Officer’s Certificate pursuant to this Section
10.11 with respect to the period of time it was subject to this Agreement or the applicable Sub-Servicing Agreement, as the
case may be.

 

Section
10.12  Annual Reports on Assessment of Compliance with Servicing Criteria. By March 1st of each year,
commencing in March 2019, the Master Servicer, the Special Servicer (regardless of whether the Special Servicer has commenced
special servicing of any Mortgage Loan), the Certificate Administrator, the Custodian, the Trustee (only with respect to any
period during which any Relevant Servicing Criteria was applicable to it), the Operating Advisor and each Servicing Function
Participant (each, a “Reporting Servicer”), each at its own expense, shall furnish (and each Reporting
Servicer, as applicable, shall use commercially reasonable efforts to cause, by March 1st each Servicing Function Participant
(other than a party to this Agreement), with which it has entered into a servicing relationship with respect to the Serviced
Mortgage Loans to furnish, each at its own expense, to the Trustee, the Certificate Administrator, the Depositor (and to the
Other Depositor and Other Trustee for any Other Securitization that includes a Serviced Companion Loan) and the 17g-5
Information Provider (who shall promptly post such report to the 17g-5 Information Provider’s Website pursuant to Section
3.16(d) of this Agreement) in an EDGAR Compatible Format, or in such other format as otherwise agreed upon by the
Certificate Administrator and the Depositor (or such Other Trustee and Other Depositor, as applicable) a report on an
assessment of compliance with the Relevant Servicing Criteria with respect to commercial mortgage backed securities
transactions taken as a whole involving such party that contains (A) a statement by such Reporting Servicer of its
responsibility for assessing compliance with the Relevant Servicing Criteria, (B) a statement that such Reporting Servicer
used the Servicing Criteria to assess compliance with the Relevant Servicing Criteria, (C) such Reporting Servicer’s
assessment of compliance with the Relevant Servicing Criteria as of and for the period ending the end of the fiscal year
covered by the Form 10-K required to be filed pursuant to Section 10.07, including, if there has been any
material instance of noncompliance with the Relevant Servicing Criteria, a discussion of each such failure and the nature and
status thereof, and (D) a statement that a registered public accounting firm has issued an attestation report on such
Reporting Servicer’s assessment of compliance with the Relevant Servicing Criteria as of and for such period. Copies of
all compliance reports delivered pursuant to this Section 10.12 shall be made available to any Privileged Person by the
Certificate Administrator pursuant to Section 4.02(c) of this Agreement and to any Rating Agency and NRSRO by the 17g-5
Information Provider pursuant to Section 3.16(d) of this Agreement.

 

No
later than 10 Business Days after the end of each fiscal year for the Trust (and for any Other Securitization that includes a
Serviced Companion Loan) for which a Form 10-K is required to be filed, the Master Servicer, the Special Servicer and the Operating
Advisor shall each forward to the Certificate Administrator and the Depositor (and to the Other Depositor and

 

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Other
Trustee for any Other Securitization that includes a Serviced Companion Loan) the name and contact information of each Servicing
Function Participant engaged by it during such year or portion thereof (except with respect to any Mortgage Loan Seller Sub-Servicer)
and what Relevant Servicing Criteria will be addressed in the report on assessment of compliance prepared by such Servicing Function
Participant. When the Master Servicer, the Special Servicer, the Certificate Administrator, the Custodian, the Trustee, the Operating
Advisor and each Servicing Function Participant submit their respective assessments by March 1st, as applicable, to the Certificate
Administrator (and each Other Trustee), each such party shall also at such time, if it has received the assessment (and attestation
pursuant to Section 10.13) of each Servicing Function Participant engaged by it, include such assessment (and attestation)
in its submission to the Certificate Administrator (and such Other Trustee).

 

Promptly
after receipt of each such report on assessment of compliance, (i) the Depositor (and any Other Depositor for any Other Securitization
that includes a Serviced Companion Loan) shall have the right to review each such report and, if applicable, consult with the
Master Servicer, the Special Servicer, the Certificate Administrator, the Custodian, the Trustee, the Operating Advisor and any
Servicing Function Participant as to the nature of any material instance of noncompliance with the Relevant Servicing Criteria
by the Master Servicer, the Special Servicer, the Operating Advisor, the Certificate Administrator, the Custodian, the Trustee
or any Servicing Function Participant, and (ii) the Certificate Administrator shall confirm that the assessments, taken individually,
address the Relevant Servicing Criteria for each party as set forth on Schedule II and notify the Depositor (and each Other Depositor
for an Other Securitization that includes a Serviced Companion Loan) of any exceptions; provided that the Certificate Administrator
shall not be responsible for confirming whether any such party has certified to all the Relevant Servicing Criteria applicable
to it. None of the Master Servicer, the Special Servicer, the Certificate Administrator, the Custodian, the Trustee, the Operating
Advisor or any Servicing Function Participant shall be required to deliver, or to endeavor to cause the delivery of, any such
reports until April 15 in any given year so long as it has received written confirmation from the Depositor (and the Other Depositor
for any Other Securitization that includes a Serviced Companion Loan) that a Form 10-K is not required to be filed in respect
of the Trust (or, in the case of a Serviced Companion Loan, the related Other Securitization that includes such Serviced Companion
Loan) for the preceding calendar year. If any Reporting Servicer is terminated or resigns pursuant to the terms of this Agreement,
or any applicable Sub-Servicing Agreement, as the case may be, such Reporting Servicer shall provide the reports and statements
pursuant to this Section 10.12 with respect to the period of time it was subject to this Agreement or the applicable Sub-Servicing
Agreement, as the case may be.

 

The
parties hereto acknowledge that a material instance of noncompliance with the Relevant Servicing Criteria reported on an assessment
of compliance pursuant to this Section 10.12 by the Master Servicer or the Special Servicer, the Certificate Administrator,
the Trustee, the Operating Advisor or the Custodian shall not, as a result of being so reported, in and of itself, constitute
a breach of such parties’ obligations or a Servicer Termination Event or Operating Advisor Termination Event, as applicable,
under this Agreement unless otherwise provided for in this Agreement.

 

For
so long as the Trust is subject to the reporting requirements of the Exchange Act, with respect to any Non-Serviced Mortgage Loan
serviced under an Other Pooling and

 

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Servicing
Agreement, the Certificate Administrator shall use commercially reasonable efforts to procure an annual report on assessment of
compliance as described in this Section and an attestation as described in Section 10.13 from the Non-Serviced Mortgage
Loan Service Providers in form and substance similar to the annual report on assessment of compliance described in this Section
(or in such Other Pooling and Servicing Agreement, as the case may be) and the attestation described in Section 10.13.
The Master Servicer shall promptly forward to the Certificate Administrator and the Depositor any such assessment of compliance
received by the Master Servicer. Until such time as the Certificate Administrator receives notice that the Non-Serviced Mortgage
Loan Service Providers no longer have a continuing obligation under the Other Pooling and Servicing Agreement related to an Other
Securitization that includes the related Non-Serviced Companion Loan to provide to the Trust an annual report on assessment of
compliance as described in this Section and an attestation as described in Section 10.13 for any year that the Trust formed
under this Agreement is not subject to the reporting requirements of the Exchange Act, the Certificate Administrator shall notify
the Non-Serviced Mortgage Loan Service Providers if such parties fail to deliver to the Certificate Administrator such assessment
of compliance and attestation within the time frame required by such Other Pooling and Servicing Agreement.

 

Section
10.13    Annual Independent Public Accountants’ Servicing Report. By March 1st, of each
year, commencing in March 2019, each Reporting Servicer, each at its own expense, shall cause, and each Reporting Servicer, as
applicable, shall use commercially reasonable efforts to cause each Servicing Function Participant (other than a party to this
Agreement) with which it has entered into a servicing relationship with respect to the Serviced Mortgage Loans, each at such Servicing
Function Participant’s own expense, a registered public accounting firm (which may also render other services to the Master
Servicer, the Special Servicer, the Operating Advisor and such Servicing Function Participant, as the case may be) and that is
a member of the American Institute of Certified Public Accountants to furnish a report to the Trustee, the Certificate Administrator,
the Depositor (and to any Other Depositor and Other Trustee for any Other Securitization that includes a Serviced Companion Loan),
the Operating Advisor (in the case of the Special Servicer only) and the 17g-5 Information Provider (who shall promptly post such
report to the 17g-5 Information Provider’s Website pursuant to Section 3.16(d) of this Agreement) to the effect that
(i) it has obtained a representation regarding certain matters from the management of such Reporting Servicer, which includes
an assessment from such Reporting Servicer of its compliance with the Relevant Servicing Criteria in all material respects, and
(ii) on the basis of an examination conducted by such firm in accordance with standards for attestation engagements issued or
adopted by the PCAOB, it is expressing an opinion as to whether such Reporting Servicer’s compliance with the Relevant Servicing
Criteria was fairly stated in all material respects, or it cannot express an overall opinion regarding such Reporting Servicer’s
assessment of compliance with the Relevant Servicing Criteria. If an overall opinion cannot be expressed, such registered public
accounting firm shall state in such report why it was unable to express such an opinion. Such report must be available for general
use and not contain restricted use language. Notwithstanding the foregoing, the Trustee shall not be required to deliver an annual
independent public accountants’ servicing report with respect to any period during which there was no Relevant Servicing
Criteria applicable to it.

 

Promptly
after receipt of such report from each Reporting Servicer, (i) the Depositor (and any Other Depositor related to an Other Securitization
that includes a Serviced

 

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Companion
Loan) shall have the right to review the report and, if applicable, consult with the related Reporting Servicer as to the nature
of any material instance of noncompliance by such Reporting Servicer with the Servicing Criteria applicable to such person, as
the case may be, in the fulfillment of any of such Reporting Servicer’s obligations hereunder or under any applicable sub-servicing
agreement or primary servicing agreement, and (ii) the Certificate Administrator shall confirm that each assessment submitted
pursuant to Section 10.12 is coupled with an attestation meeting the requirements of this Section and notify the Depositor (and
any Other Depositor related to an Other Securitization that includes a Serviced Companion Loan) of any exceptions; provided, that
the Certificate Administrator shall not be responsible for confirming whether any particular Reporting Servicer has certified
to all of the Relevant Servicing Criteria applicable to it. No Reporting Servicer shall be required to deliver, or to endeavor
to cause the delivery of, such reports until April 15 in any given year so long as it has received written confirmation from the
Depositor that a Form 10-K is not required to be filed in respect of the Trust (or, in the case of a Serviced Companion Loan,
the related Other Securitization that includes such Serviced Companion Loan) for the preceding calendar year. If any Reporting
Servicer is terminated or resigns pursuant to the terms of this Agreement, or any applicable Sub-Servicing Agreement or primary
servicing agreement, as the case may be, such Reporting Servicer shall provide the report pursuant to this Section 10.13
with respect to the period of time it was subject to this Agreement or the applicable Sub-Servicing Agreement or primary servicing
agreement, as the case may be.

 

Section
10.14  Exchange Act Reporting Indemnification. Each of the Master Servicer, the Special Servicer, the Operating
Advisor, the Asset Representations Reviewer, the Custodian (if not the Certificate Administrator), the Certificate Administrator
and the Trustee shall indemnify and hold harmless each Certification Party, the Depositor (and any Other Depositor related to
an Other Securitization that includes a Serviced Companion Loan), their respective directors and officers, and each other person
who controls any such entity within the meaning of either Section 15 of the Securities Act or Section 20 of the Exchange Act,
against any and all expenses, losses, claims, damages and other liabilities, including without limitation the costs of investigation,
legal defense and any amounts paid in settlement of any claim or litigation arising out of (i) the failure to perform its obligations
to the Depositor (or any Other Depositor related to an Other Securitization that includes a Serviced Companion Loan) or Certificate
Administrator (or any Other Trustee related to an Other Securitization that includes a Serviced Companion Loan) under this Article
X by the time required, (ii) any untrue statement or alleged untrue statement of a material fact contained in any information
(x) regarding such party or any Servicing Function Participant, Additional Servicer or subcontractor engaged by it (other than
any Mortgage Loan Seller Sub-Servicer), (y) prepared by any such party described in clause (x) or any registered public accounting
firm, attorney or other agent retained by such party to prepare such information and (z) delivered by or on behalf of such party
in connection with the performance of such party’s obligations described in this Article X, or the omission or alleged
omission to state in any such information a material fact necessary to make the statements therein, in the light of the circumstances
under which they were made, not misleading; provided, that the applicable party shall be entitled to participate in any action
arising out of the foregoing and the Depositor shall consult with such party with respect to any litigation or audit strategy,
as applicable, in connection with the foregoing and any potential settlement terms related thereto, (iii) the failure of any Servicing
Function Participant or Additional Servicer retained by it (other than a Mortgage Loan Seller Sub-Servicer) to perform its obligations
to the Depositor (or any

 

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Other
Depositor related to an Other Securitization that includes a Serviced Companion Loan) or Certificate Administrator (or any Other
Trustee related to an Other Securitization that includes a Serviced Companion Loan) under this Article X by the time required
or (iv) any Deficient Exchange Act Deliverable.

 

In
addition, each of the Master Servicer, the Special Servicer, the Operating Advisor, the Asset Representations Reviewer, the Custodian,
the Certificate Administrator and the Trustee shall cooperate (and require each Servicing Function Participant and Additional
Servicer retained by it to cooperate under the applicable Sub-Servicing Agreement) with the Depositor (and each Other Depositor)
as necessary for the Depositor (and such Other Depositor) to conduct any reasonable due diligence necessary to evaluate and assess
any material instances of non-compliance disclosed in any of the deliverables required by the applicable reporting requirements
under the Securities Act, the Exchange Act, the Sarbanes-Oxley Act and the rules and regulations promulgated thereunder (“Reporting
Requirements”).

 

In
connection with comments provided to the Depositor or any Other Depositor from the Commission regarding information (x) delivered
by the Master Servicer, the Special Servicer, the Operating Advisor, the Asset Representations Reviewer, the Custodian, the Certificate
Administrator, the Trustee, a Servicing Function Participant or an Additional Servicer, as applicable (“Affected Reporting
Party”), (y) regarding such Affected Reporting Party, and (z) prepared by such Affected Reporting Party or any registered
public accounting firm, attorney or other agent retained by such party to prepare such information, which information is contained
in a report filed by the Depositor or such Other Depositor, as applicable, under the Reporting Requirements and which comments
are received subsequent to the Depositor’s or such Other Depositor’s, as applicable, filing of such report, the Depositor
shall (or such Other Depositor may) promptly provide to such Affected Reporting Party any such comments which relate to such Affected
Reporting Party. Upon receipt of such comments, such Affected Reporting Party shall be responsible for timely preparing a written
response to the Commission for inclusion in the Depositor’s or such Other Depositor’s, as applicable, response to
the Commission, unless such Affected Reporting Party elects, with the consent of the Depositor or such Other Depositor, as applicable
(which consent shall not be unreasonably denied, withheld or delayed), to directly communicate with the Commission and negotiate
a response and/or resolution with the Commission; provided, however, if an Affected Reporting Party is a Servicing Function
Participant or Additional Servicer retained by the Master Servicer, the Master Servicer shall receive copies of all material communications
pursuant to this Section 10.14. If such election is made, the applicable Affected Reporting Party shall be responsible
for directly negotiating such response and/or resolution with the Commission in a timely manner; provided, that (i) such
Affected Reporting Party shall use reasonable efforts to keep the Depositor or such Other Depositor, as applicable, informed of
its progress with the Commission and copy the Depositor or such Other Depositor, as applicable, on all correspondence with the
Commission and provide the Depositor or such Other Depositor, as applicable, with the opportunity to participate (at the Depositor’s
or such Other Depositor’s expense, as applicable) in any telephone conferences and meetings with the Commission and (ii)
the Depositor or such Other Depositor, as applicable, shall cooperate with any Affected Reporting Party in order to authorize
such Affected Reporting Party and its representatives to respond to and negotiate directly with the Commission with respect to
any comments from the Commission relating to such Affected Reporting Party and to notify the Commission of such authorization.
The

 

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Depositor
(or such Other Depositor, as applicable) and the Affected Reporting Party shall cooperate and coordinate with one another with
respect to any requests made to the Commission for extension of time for submitting a response or compliance. All respective reasonable
out-of-pocket costs and expenses incurred by the Depositor or such Other Depositor, as applicable (including reasonable legal
fees and expenses of outside counsel to the Depositor or such Other Depositor, as applicable), in connection with the foregoing
(other than those costs and expenses required to be at the Depositor’s or such Other Depositor’s expense, as applicable
and as set forth above) and any amendments to any reports filed with the Commission related thereto shall be promptly paid by
the applicable Affected Reporting Party upon receipt of an itemized invoice from the Depositor or such Other Depositor, as applicable.
Each of the Master Servicer, the Special Servicer, the Operating Advisor, the Asset Representations Reviewer, the Custodian, the
Certificate Administrator and the Trustee shall use commercially reasonable efforts to cause any Servicing Function Participant
or Additional Servicer retained by it to comply with the foregoing by inclusion of similar provisions in the related sub-servicing
or similar agreement.

 

The
Master Servicer, the Special Servicer, the Operating Advisor, the Asset Representations Reviewer, the Certificate Administrator
and the Trustee shall use commercially reasonable efforts to cause each Servicing Function Participant (other than any party to
this Agreement) with which it has entered into a servicing relationship with respect to the Serviced Mortgage Loans to indemnify
and hold harmless each Certification Party from and against any losses, damages, penalties, fines, forfeitures, legal fees and
expenses and related costs, judgments and other costs and expenses incurred by such Certification Party arising out of (i) a breach
of its obligations to provide any of the annual compliance statements or annual assessment of servicing criteria or attestation
reports pursuant to this Agreement, or the applicable Sub-Servicing Agreement, as applicable or (ii) any Deficient Exchange Act
Deliverable.

 

If
the indemnification provided for herein is unavailable or insufficient to hold harmless any Certification Party, then the Master
Servicer, the Special Servicer, the Operating Advisor, the Asset Representations Reviewer, the Certificate Administrator, the
Trustee, each Additional Servicer or other Servicing Function Participant (the “Performing Party”) shall, and
the Master Servicer, the Special Servicer, the Operating Advisor, the Asset Representations Reviewer, the Certificate Administrator
and the Trustee shall use commercially reasonable efforts to cause each Servicing Function Participant with which it has entered
into a servicing relationship (other than a party to this Agreement) with respect to the Serviced Mortgage Loans to contribute
to the amount paid or payable to the Certification Party as a result of the losses, claims, damages or liabilities of the Certification
Party in such proportion as is appropriate to reflect the relative fault of the Certification Party on the one hand and the Performing
Party on the other in connection with a breach of the Performing Party’s obligations pursuant to this Article X.
The Master Servicer, the Special Servicer, the Operating Advisor, the Asset Representations Reviewer, the Certificate Administrator
and the Trustee shall use commercially reasonable efforts to cause each Servicing Function Participant (other than any party to
this Agreement) with which it has entered into a servicing relationship with respect to the Serviced Mortgage Loans to agree to
the foregoing indemnification and contribution obligations.

 

Promptly
after receipt by an indemnified party of notice of the commencement of any action, such indemnified party shall, if a claim in
respect thereof is to be made against the indemnifying party hereunder, notify in writing the indemnifying party of the commencement

 

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thereof;
but the omission to so notify the indemnifying party shall not relieve it from any liability which it may have to any indemnified
party under this Agreement except to the extent that such omission to notify materially prejudices the indemnifying party. In
case any such action is brought against any indemnified party, after the indemnifying party has been notified of the commencement
of such action, such indemnifying party shall be entitled to participate therein (at its own expense) and, to the extent that
it may wish, shall be entitled to assume the defense thereof (jointly with any other indemnifying party similarly notified) with
counsel reasonably satisfactory to such indemnified party (which approval shall not be unreasonably withheld or delayed), and
after notice from the indemnifying party to such indemnified party of its election to so assume the defense thereof, the indemnifying
party shall not be liable to such indemnified party for any expenses subsequently incurred in connection with the defense thereof
other than reasonable costs of investigation. In any such proceeding, any indemnified party shall have the right to retain its
own counsel, but the fees and expenses of such counsel shall be at the expense of such indemnified party unless (i) the indemnifying
party and the indemnified party shall have agreed to the retention of such counsel, (ii) the named parties to any such proceeding
(including any impleaded parties and, in the case of an investigation by the Commission, any parties that are, or whose reporting
materials are, the subject of such investigation) include both the indemnifying party and the indemnified party and representation
of both parties by the same counsel would be inappropriate due to actual or potential differing interests between them or (iii)
the indemnifying party fails within a reasonable period of time to designate counsel that is reasonably satisfactory to the indemnified
party (which approval shall not be unreasonably withheld or delayed). In no event shall the indemnifying parties be liable for
fees and expenses of more than one counsel (in addition to any local counsel) in any one jurisdiction separate from their own
counsel for all indemnified parties in connection with any one action or separate but similar or related actions in the same jurisdiction
arising out of the same general allegations or circumstances. An indemnifying party shall not be liable for any settlement of
any proceeding effected without its written consent. However, if settled with such consent, the indemnifying party shall indemnify
the indemnified party from and against any loss or liability by reason of such settlement to the extent that the indemnifying
party is otherwise required to do so under this Agreement. If an indemnifying party assumes the defense of any proceeding, it
shall be entitled to settle such proceeding with the consent of the indemnified party (which consent shall not be unreasonably
withheld or delayed) or, if such settlement (i) provides for an unconditional release of the indemnified party in connection with
all matters relating to the proceeding that have been asserted against the indemnified party in such proceeding by the other parties
to such settlement and (ii) does not require an admission of fault by the indemnified party, without the consent of the indemnified
party.

 

Section
10.15  Amendments. This Article X may be amended by the written consent of all the parties hereto pursuant
to Section 12.07 for purposes of complying with Regulation AB without, in each case, any Opinions of Counsel, Officer’s
Certificates, Rating Agency Confirmations or the consent of any Certificateholder, notwithstanding anything to the contrary contained
in this Agreement.

 

Section
10.16  Exchange Act Report Signatures; Delivery of Notices. (a) Each Form 8-K report, Form 10-D report, Form
10-K report and Form ABS-EE shall be signed by the Depositor in accordance with procedures to be agreed upon by the Depositor
and the Certificate Administrator. The signing party at the Depositor can be contacted at Deutsche Mortgage &

 

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Asset
Receiving Corporation at 60 Wall Street, New York, New York 10005, Attention: Lainie Kaye, with a copy to Salvatore Palazzolo.

 

(b)          Notwithstanding
anything in Section 12.04 to the contrary, any notice required to be delivered to (i) the Depositor under this Article
X shall be properly given if sent by email to cmbs.request@db.com (or such other email address as the Depositor may
instruct) and (ii) to the Certificate Administrator under this Article X shall be properly given if sent by facsimile to
(410) 884-2380, Attention: Core Services, or such other number as the Certificate Administrator may instruct and with a copy by
email to cts.sec.notifications@wellsfargo.com (or such other email address as the Certificate Administrator may instruct).

 

(c)          For
the avoidance of doubt:

 

(i)           Neither
Master Servicer nor the Special Servicer shall be subject to a Servicer Termination Event, as applicable, pursuant to the second
clause of the definition of “Master Servicer Termination Event” or “Special Servicer Termination Event,”
as applicable, nor shall any such party be deemed to not be in compliance under this Agreement, during any grace period provided
for in such second clause; provided, that if any such party fails to comply with the requirements of this Article X
by the expiration of any applicable grace period such failure shall constitute a Servicer Termination Event with respect to
such party;

 

(ii)          Neither
Master Servicer nor the Special Servicer shall be subject to a Servicer Termination Event, as applicable, pursuant to the last
clause of the definition of “Master Servicer Termination Event” or “Special Servicer Termination Event,”
as applicable, nor shall any such party be deemed to not be in compliance under this Agreement, for failing to deliver any item
required under this Article X by the time required hereunder with respect to any reporting period for which the Trust and
each Other Securitization is not required to file Exchange Act reports.

 

(d)          If
the Certificate Administrator or the Depositor does not receive the report on assessment of compliance and/or attestation report
pursuant to Section 10.12 and 10.13, respectively, with respect to any Servicing Function Participant, or with respect
to any Servicing Function Participant retained or engaged by a party hereto that is actually known by a Responsible Officer of
the Certificate Administrator or the Depositor, as the case may be, by March 1st of any year during which an Annual Report on
Form 10-K is required to be filed with the Commission with respect to the Trust, then the Certificate Administrator shall, and
the Depositor may, forward a Servicer Notice to such Servicing Function Participant or the party hereto that retained or engaged
such Sub-Servicing Function Participant, as the case may be, with a copy of such Servicer Notice to the Depositor (if the Certificate
Administrator is sending the Servicer Notice) or the Certificate Administrator (if the Depositor is sending the Servicer Notice),
as applicable, within two (2) Business Days of such failure. For the purposes of this Article X and Section 7.01
of this Agreement, a “Servicer Notice” shall constitute either any writing forwarded to such party or, in the case
of the Master Servicer and the Special Servicer, notwithstanding the provisions of Section 12.05, e-mail notice or fax
notice which, in the case of an email transmission, shall be forwarded to all of the following e-mail addresses for the applicable
party: in the case of the Master Servicer and the Special Servicer, to the applicable email address as provided in writing by
the Master Servicer or the Special Servicer, as

 

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applicable,
upon request, or such other e-mail addresses as are provided in writing by the Master Servicer or the Special Servicer, as applicable,
to the Certificate Administrator and the Depositor (but any party to this Agreement (or someone acting on their behalf) shall
only be required to forward any such notice to be delivered to the Master Servicer to no more than three e-mail addresses in the
aggregate in order to fulfill its notification requirements as set forth in the preceding sentence and/or under the provisions
of Section 7.01. Notwithstanding anything herein to the contrary, the forwarding of a Servicer Notice shall not relieve
any Master Servicer or the Special Servicer of any liability under Section 7.01(a)(viii) or Section 7.01(b)(viii),
respectively, for the failure of any Servicing Function Participant or Sub-Servicing Entity to deliver any Exchange Act reporting
items pursuant to this Article X.

 

Section
10.17   Termination of the Certificate Administrator. Notwithstanding anything to the contrary contained
in this Agreement, the Depositor may direct the Trustee to, and the Trustee shall upon such direction, terminate the Certificate
Administrator upon five Business Days’ notice if the Certificate Administrator fails to comply with any of its obligations
under this Article X; provided that (a) such termination shall not be effective until a successor certificate administrator
shall have accepted the appointment, (b) the Certificate Administrator may not be terminated if it cannot perform its obligations
due to its failure to properly prepare or file on a timely basis any Form 8-K, Form 10-K, Form 10-D or Form ABS-EE or any amendments
to such forms or any Form 12b-25 where such failure results from the Certificate Administrator’s inability or failure to
receive, within the exact time frames set forth in this Agreement any information, approval, direction or signature from any other
party hereto needed to prepare, arrange for execution or file any such Form 8-K, Form 10-K, Form 10-D or Form ABS-EE or any amendments
to such forms or any Form 12b-25 not resulting from its own negligence, bad faith or willful misconduct, (c) the Certificate Administrator
may not be terminated if, following the Certificate Administrator’s failure to comply with any of such obligations under
Section 10.06, Section 10.07, Section 10.09, Section 10.11, Section 10.12 or Section 10.13
on or prior to the dates by which such obligations are to be performed pursuant to, and as set forth in, such Sections the
Certificate Administrator subsequently complies with such obligations before the Depositor gives written notice to it that it
is terminated in accordance with this Section 10.17 and (d) the Certificate Administrator may not be terminated if the
Certificate Administrator’s failure to comply does not cause it to fail in its obligations to timely file the related Form
8-K, Form 10-D, Form ABS-EE or Form 10-K, as the case may be, by the related deadline for filing such Form 8-K, Form 10-D, Form
ABS-EE or Form 10-K, then the Depositor shall cease to have the right to terminate the Certificate Administrator under this Section
10.17 on the date on which such Form 8-K, Form 10-D, Form ABS-EE or Form 10-K is so filed.

 

Article
XI

THE ASSET REPRESENTATIONS REVIEWER

 

Section
11.01   Asset Review.

 

(a)          On
or prior to each Distribution Date, based either on the CREFC® Delinquent Loan Status Report or the CREFC®
Loan Periodic Update File, the Certificate Administrator shall determine if an Asset Review Trigger has occurred. If
an Asset Review Trigger is determined to have occurred, the Certificate Administrator shall promptly provide

 

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notice
to the Asset Representations Reviewer, the Master Servicer, the Special Servicer, the Controlling Class Representative and all
Certificateholders and each other party to this Agreement. Any notice required to be delivered to the Certificateholders pursuant
to this Article XI shall be delivered by the Certificate Administrator by posting such notice on the Certificate Administrator’s
Website, by mailing such notice to their addresses appearing in the Certificate Register in the case of Individual Certificates
and by delivering such notice via the Depository in the case of Book-Entry Certificates. The Certificate Administrator shall include
in the Form 10-D relating to the reporting period in which the Asset Review Trigger occurred the following date a statement describing
the events that caused the Asset Review Trigger to occur: “As of the [Date of Distribution], the following mortgage loans
identified below are 60 or more days delinquent and an Asset Review Trigger as defined in the Pooling and Servicing Agreement
has occurred.” On each Distribution Date after providing such notice to Certificateholders, the Certificate Administrator,
based on information provided to it by the Master Servicer or the Special Servicer, shall determine whether (1) any additional
Mortgage Loan has become a Delinquent Mortgage Loan, (2) any Mortgage Loan has ceased to be a Delinquent Mortgage Loan and (3)
an Asset Review Trigger has ceased to exist, and, if there is an occurrence of any of the events or circumstances identified in
clauses (1), (2) or (3), deliver such information in a written notice (which may be via email) substantially
in the form attached hereto as Exhibit LL within 2 Business Days to the Master Servicer, the Special Servicer, the Operating
Advisor, the Asset Representations Reviewer and the Controlling Class Representative.

 

If
Certificateholders evidencing not less than 5% of the Voting Rights of the Certificates deliver to the Certificate Administrator,
within 90 days after the filing of the Form 10-D reporting the occurrence of an Asset Review Trigger, a written direction requesting
a vote to commence an Asset Review (such written direction, the “Asset Review Vote Election”), then upon receipt
of the Asset Review Vote Election, the Certificate Administrator shall promptly provide written notice thereof to the Asset Representations
Reviewer and to all Certificateholders and to conduct a solicitation of votes to authorize an Asset Review. Upon the affirmative
vote to authorize an Asset Review by Holders of Certificates evidencing at least a majority of an Asset Review Quorum within 150
days of receipt of the Asset Review Vote Election (an “Affirmative Asset Review Vote”), the Certificate Administrator
shall promptly provide written notice thereof to all parties to this Agreement, the Underwriters, the Mortgage Loan Sellers, the
Controlling Class Representative, the Risk Retention Consultation Party and the Certificateholders. In the event an Affirmative
Asset Review Vote has not occurred within such 150-day period following the receipt of the Asset Review Vote Election, no Certificateholder
may request a vote or cast a vote for an Asset Review and the Asset Representations Reviewer will not be required to review any
Delinquent Mortgage Loan unless and until (A) an additional Mortgage Loan has become a Delinquent Mortgage Loan after the expiration
of such 150-day period, (B) an additional Asset Review Trigger has occurred as a result or otherwise is in effect, (C) the Certificate
Administrator has timely received any Asset Review Vote Election after the occurrence of the events described in clauses (A) and
(B) in this sentence and (D) an Affirmative Asset Review Vote has occurred within 150 days after the Asset Review Vote Election
described in clause (C) in this sentence. After the occurrence of any Asset Review Vote Election or an Affirmative Asset Review
Vote, no Certificateholder may make any additional Asset Review Vote Election except as described in the immediately preceding
sentence. Any reasonable out-of-pocket expenses incurred by the Certificate Administrator in connection with administering such
vote will be paid as an expense of the Trust from the Collection Account. The Certificate

 

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Administrator
shall be entitled to administer any vote in connection with the foregoing through an agent.

 

(b)          (i)
Upon receipt of such notice of an Affirmative Asset Review Vote (the “Asset Review Notice”), the Custodian
(with respect to clauses (1) – (5) for Performing Loans), the Master Servicer (with respect to clauses
(6) and (7) for Performing Loans) and the Special Servicer (with respect to Specially Serviced Loans), in each case
to the extent in such party’s possession, will be required to promptly, but in no event later than 10 Business Days (except
with respect to clause (7)) after receipt of such notice from the Certificate Administrator, provide the following materials
to the asset representations reviewer (collectively, with the Diligence Files, a copy of the Prospectus, a copy of each related
Mortgage Loan Purchase Agreement and a copy of this Agreement, the “Review Materials”):

 

(1)      a
copy of an assignment of the Mortgage in favor of the Trustee (or the related Other Trustee, in the case of a Non-Serviced Mortgage
Loan), with evidence of recording thereon, for each Delinquent Mortgage Loan that is subject to an Asset Review;

 

(2)      a
copy of an assignment of any related assignment of leases (if such item is a document separate from the Mortgage) in favor of
the Trustee (or the related Other Trustee, in the case of a Non-Serviced Mortgage Loan), with evidence of recording thereon, related
to each Delinquent Mortgage Loan that is subject to an Asset Review;

 

(3)      a
copy of the assignment of all unrecorded documents relating to each Delinquent Mortgage Loan that is subject to an Asset Review,
if not already covered pursuant to items (1) or (2) above;

 

(4)      a
copy of all filed copies (bearing evidence of filing) or evidence of filing of any UCC financing statements related to each Delinquent
Mortgage Loan that is subject to an Asset Review;

 

(5)      a
copy of an assignment in favor of the Trustee (or the related Other Trustee, in the case of a Non-Serviced Mortgage Loan) of any
financing statement executed and filed in the relevant jurisdiction related to each Delinquent Mortgage Loan that is subject to
an Asset Review;

 

(6)      a
copy of any notice previously delivered by the Master Servicer or the Special Servicer, as applicable, of any alleged defect or
breach with respect to any Delinquent Loan; and

 

(7)      any
other related documents that were entered into or delivered in connection with the origination of such Mortgage Loan that are
necessary in connection with the Asset Representations Reviewer’s completion of any Asset Review and that are that are reasonably
requested by the Asset Representations Reviewer in the time frame and as otherwise described below.

 

(ii)          If,
as part of an Asset Review of any Mortgage Loan, the Asset Representations Reviewer determines that it is missing any documents
that are required to be a part of the Review Materials for such Mortgage Loan or which were entered into or

 

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delivered
in connection with the origination of such Mortgage Loan, in each case that are necessary to review and assess one or more documents
comprising the Diligence File in connection with its completion of any Test, then the Asset Representations Reviewer shall promptly,
but in no event later than 10 Business Days after receipt of the Review Materials identified in clauses (1) through (5)
above, notify (in writing) that the Master Servicer (with respect to Performing Loans) or the Special Servicer (with respect
to Specially Serviced Loans), as applicable, of such missing documents, and provide a written request (in accordance with this
Agreement) that the Master Servicer or the Special Servicer, as applicable, promptly, but in no event later than 10 Business Days
after receipt of such notification from the Asset Representations Reviewer, to deliver to the Asset Representations Reviewer such
missing documents to the extent in its possession; provided that any such notification and/or request shall be in writing,
specifically identify the documents being requested and sent to the notice address for the related party set forth in Section
12.05 of this Agreement. In the event any such missing documents are not provided by the Master Servicer or Special Servicer,
as applicable, within such 10 Business Day period, the Asset Representations Reviewer shall request such documents from the related
Mortgage Loan Seller. The Mortgage Loan Seller will be required under the related Mortgage Loan Purchase Agreement to deliver
such additional documents only to the extent in the possession of such Mortgage Loan Seller; provided that the Mortgage
Loan Seller shall not be required to deliver information that is proprietary to the related originator or Mortgage Loan Seller
or any draft documents or privileged or internal communications.

 

(iii)         The
Asset Representations Reviewer may, but is under no obligation to, consider and rely upon information furnished to it by a Person
that is not a party to this Agreement or the related Mortgage Loan Seller, and shall do so only if such information can be independently
verified (without unreasonable effort or expense to the Asset Representations Reviewer) and is determined by the Asset Representations
Reviewer in its good faith and sole discretion to be relevant to the Asset Review conducted pursuant to this Section 11.01
hereof (such information, “Unsolicited Information”).

 

(iv)         Upon
receipt by the Asset Representations Reviewer of the Asset Review Notice and access to the Diligence File posted to the Secure
Data Room with respect to a Delinquent Mortgage Loan, the Asset Representations Reviewer, as an independent contractor, shall
commence a review of the compliance of each Delinquent Mortgage Loan with the representations and warranties related to that Delinquent
Mortgage Loan in accordance with the Asset Review Standard and the procedures set forth on Exhibit JJ hereto (such review,
the “Asset Review”). The Asset Representations Reviewer shall perform an Asset Review with respect to each
representation and warranty made by the related Mortgage Loan Seller with respect to such Delinquent Mortgage Loan in accordance
with the procedures set forth on Exhibit JJ (each such procedure, a “Test”); provided, however,
the Asset Representations Reviewer may, but is under no obligation to, modify any Test and/or associated Review Materials described
in Exhibit JJ, if, and only to the extent, the Asset Representations Reviewer determines pursuant to the Asset Review Standard
that it is necessary to modify such Test and/or such associated Review Materials in order to facilitate its Asset Review in accordance
with the Asset Review Standard. Once an Asset Review of a Mortgage Loan is completed, no further Asset

 

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Review
shall be required in respect of, or performed on, such Mortgage Loan notwithstanding that such Mortgage Loan may continue to be
a Delinquent Mortgage Loan or again become a Delinquent Mortgage Loan at a time when a new Asset Review Trigger occurs and a New
Affirmative Asset Review Vote is obtained subsequent to the occurrence of such New Asset Review Trigger.

 

(v)          The
Asset Representations Reviewer will not be permitted to review any information other than (x) the Review Materials, and (y) if
applicable, Unsolicited Information.

 

(vi)         The
Asset Representations Reviewer may, absent manifest error and subject to the Asset Review Standard, (i) assume, without independent
investigation or verification, that the Review Materials are accurate and complete in all material respects and (ii) conclusively
rely on such Review Materials.

 

(vii)        If
the Asset Representations Reviewer determines that the Review Materials are insufficient to complete a Test and such missing documentation
is not delivered to the Asset Representations Reviewer by the applicable Mortgage Loan Seller, the Master Servicer (with respect
to Performing Loans) or the Special Servicer (with respect to Specially Serviced Loans) within 10 days of the written request
by the Asset Representations Reviewer, then the Asset Representations Reviewer shall list such missing documents in a preliminary
report setting forth the preliminary results of the application of the Tests and the reasons why such missing documents are necessary
to complete a Test and (if the Asset Representations Reviewer has so concluded) that the absence of such documents shall be deemed
to be a failure of such Test. The Asset Representations Reviewer shall provide such preliminary report to the Master Servicer
or the Special Servicer, as applicable, and to the related Mortgage Loan Seller no later than 60 days after the date on which
access to the Diligence Files in the Secure Data Room is made available to the Asset Representations Reviewer by the Certificate
Administrator. If the preliminary report indicates that any of the representations and warranties fails or is deemed to fail any
Test, the related Mortgage Loan Seller shall have 90 days (the “Cure/Contest Period”) to remedy or otherwise
refute the failure. Any documents provided or explanations given to support a conclusion that the representation and warranty
has not failed a Test or that any missing documents in the Review Materials are not required to complete a Test shall be promptly
delivered by the related Mortgage Loan Seller to the Asset Representations Reviewer.

 

(viii)       The
Asset Representations Reviewer shall, within the later of (x) 60 days after the date on which access to the Diligence Files in
the Secure Data Room is made available to the Asset Representations Reviewer by the Certificate Administrator or (y) 10 days after
the expiration of the Cure/Contest Period, complete an Asset Review with respect to each Delinquent Mortgage Loan and deliver
(i) a report setting forth the Asset Representations Reviewer’s findings and conclusions as to whether or not it has determined
there is any evidence of a failure of any Test based on the Asset Review and a statement that the Asset Representations Reviewer’s
findings and conclusions set forth in such report were not influenced by any third party (an “Asset Review Report”)
to each party to this Agreement and the applicable Mortgage Loan Seller for each Delinquent Mortgage Loan and the Controlling
Class Representative and (ii) a summary of the Asset

 

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Representations
Reviewer’s conclusions included in such Asset Review Report (an “Asset Review Report Summary”) to the
Trustee, the Certificate Administrator, the Master Servicer and the Special Servicer. The period of time by which the Asset Review
Report must be completed and delivered may be extended by up to an additional 30 days, upon written notice to the parties to this
Agreement and the applicable Mortgage Loan Seller, if the Asset Representations Reviewer determines pursuant to the Asset Review
Standard that such additional time is required due to the characteristics of the Mortgage Loan and/or the Mortgaged Property or
Mortgaged Properties. In no event may the Asset Representations Reviewer determine whether any Test failure constitutes a Material
Breach or Material Defect, or whether the Trust should enforce any rights it may have against the applicable Mortgage Loan Seller,
which, in each case, shall be a responsibility of the Master Servicer (with respect to Performing Loans) or the Special Servicer
(with respect to Specially Serviced Loans) pursuant to Section 2.03(g) of this Agreement.

 

(ix)          In
addition, in the event that the Asset Representations Reviewer does not receive any documentation that it requested from the Master
Servicer or the Special Servicer, as applicable, or the related Mortgage Loan Seller in sufficient time to allow the Asset Representations
Reviewer to complete its Asset Review and deliver an Asset Review Report (as such date may have been extended pursuant to this
Agreement), the Asset Representations Reviewer shall prepare the Asset Review Report solely based on the documentation received
by the Asset Representations Reviewer with respect to the related Delinquent Mortgage Loan, and the Asset Representations Reviewer
shall have no responsibility to independently obtain any such documentation from any party to this Agreement.

 

(x)          Within
45 days after receipt of an Asset Review Report with respect to any Mortgage Loan, the Master Servicer (with respect to any Performing
Loans) or the Special Servicer (with respect to Specially Serviced Loans) shall determine whether at that time, based on the Servicing
Standard, whether there exists a Material Breach or Material Defect with respect to such Mortgage Loan. If the Master Servicer
or the Special Servicer, as applicable, determines that a Material Breach or Material Defect exists, the Master Servicer or Special
Servicer, as applicable, shall enforce the obligations of the related Mortgage Loan Seller with respect to such Material Breach
or Material Defect in accordance with Section 2.03(d).

 

(c)          The
Asset Representations Reviewer and its Affiliates shall keep all information appropriately labeled as “Privileged Information”
confidential and shall not disclose such Privileged Information to any Person (including Certificateholders), other than (1) to
the extent expressly required by this Agreement in an Asset Review Report or otherwise, to the other parties to this Agreement
with a notice indicating that such information is Privileged Information or (2) pursuant to a Privileged Information Exception.
Each party to this Agreement that receives Privileged Information from the Asset Representations Reviewer with a notice stating
that such information is Privileged Information shall not disclose such Privileged Information to any Person without the prior
written consent of the Special Servicer other than pursuant to a Privileged Information Exception. The Asset Representations Reviewer
shall keep all documents and information received by the Asset Representations Reviewer in connection with an Asset Review that
are provided by the applicable Mortgage Loan Seller, the Master Servicer

 

    -496-

     

    

 

and
the Special Servicer confidential and shall not disclose such documents or information except (i) for purposes of complying with
its duties and obligations under this Agreement, (ii) if such documents or information become generally available and known to
the public other than as a result of a disclosure directly or indirectly by the Asset Representations Reviewer, (iii) if it is
reasonable and necessary for the Asset Representations Reviewer to disclose such documents or information in working with legal
counsel, auditors, taxing authorities or other governmental agencies, (iv) if such documents or information was already known
to the Asset Representations Reviewer and not otherwise subject to a confidentiality obligation and/or (v) if the Asset Representations
Reviewer is required by law, rule, regulation, order, judgment or decree to disclose such document or information.

 

(d)          The
Asset Representations Reviewer may delegate its duties to agents or subcontractors so long as the related agreements or arrangements
with such agents or subcontractors are consistent with the provisions of this Section 11.01; provided that no agent
or subcontractor may (1) be affiliated with any Mortgage Loan Seller, Master Servicer, Special Servicer, the Depositor, the Certificate
Administrator, the Trustee, the Directing Holder or any of their respective Affiliates or (ii) have been paid any fees, compensation
or other remuneration by an Underwriter, Master Servicer, Special Servicer, the Depositor, the Certificate Administrator, the
Trustee, the Directing Holder or any of their respective Affiliates in connection with due diligence or other services with respect
to any Mortgage Loan prior to the Closing Date. Notwithstanding the foregoing sentence, the Asset Representations Reviewer shall
remain obligated and primarily liable for any Asset Review required hereunder in accordance with the provisions of this Agreement
without diminution of such obligation or liability by virtue of such delegation or arrangements or by virtue of indemnification
from any Person acting as its agents or subcontractor to the same extent and under the same terms and conditions as if the Asset
Representations Reviewer alone were performing its obligations under this Agreement. The Asset Representations Reviewer shall
be entitled to enter into an agreement with any agent or subcontractor providing for indemnification of the Asset Representations
Reviewer by such agent or subcontractor, and nothing contained in this Agreement shall be deemed to limit or modify such indemnification.

 

Section
11.02   Payment of Asset Representations Reviewer Asset Review Fees and Expenses; Limitation of Liability.

 

(a)          As
compensation for the performance of its duties hereunder, upon the completion of any Asset Review with respect to a Delinquent
Mortgage Loan, the Asset Representations Reviewer shall be entitled to a fee that is a reasonable and customary hourly fee charged
by the Asset Representations Reviewer for similar consulting assignments at the time of such review and any related costs and
expenses; provided that the total payment to the Asset Representations Reviewer shall not be greater than the Asset Representations
Reviewer Fee Cap (the “Asset Representations Reviewer Asset Review Fee”). With respect to an individual Asset
Review Trigger and the Mortgage Loans that are Delinquent Mortgage Loans and are subject to an Asset Review (the “Subject
Loans”), the “Asset Representations Reviewer Fee Cap” shall equal the sum of: (i) $10,250 multiplied
by the number of Subject Loans, plus (ii) $2,000 per Mortgaged Property relating to the Subject Loans in excess of one Mortgaged
Property per Subject Loan, plus (iii) $2,000 per Mortgaged Property relating to a Subject Loan subject to a ground lease, plus
(iv) $1,500 per Mortgaged Property relating to a Subject Loan subject to a

 

    -497-

     

    

 

franchise
agreement, hotel management agreement or hotel license agreement, subject, in the case of each of clauses (i) through (iv),
to adjustments on the basis of the year-end Consumer Price Index for All Urban Consumers, or other similar index if the Consumer
Price Index for All Urban Consumers is no longer calculated, for the year of the Closing Date and for the year of the occurrence
of the Asset Review.

 

(b)          [Reserved.]

 

(c)          The
related Mortgage Loan Seller with respect to each Delinquent Mortgage Loan that is subject to an Asset Review shall pay the portion
of the Asset Representations Reviewer Asset Review Fee attributable to the Delinquent Mortgage Loan(s) contributed by it, as allocated
on the basis of the hourly charges and costs and expenses incurred with respect to its related Delinquent Mortgage Loans; provided
that if the total charge for the Asset Representations Reviewer on an hourly fee plus costs and expenses basis would exceed
the Asset Representations Reviewer Fee Cap, each Mortgage Loan Seller’s required payment shall be reduced pro rata
according to its proportion of the total charges until the aggregate amount owed by all Mortgage Loan Sellers is equal to the
Asset Representations Reviewer Fee Cap; provided, however, that if the related Mortgage Loan Seller is insolvent
or fails to pay such amount within 90 days of written request by the Asset Representations Reviewer, such fee shall be paid by
the Trust following delivery by the Asset Representations Reviewer of evidence reasonably satisfactory to the Master Servicer
or the Special Servicer, as applicable, of such insolvency or failure to pay such amount; provided, further, that
notwithstanding any payment of such fee by the issuing entity to the Asset Representations Reviewer, such fee shall remain an
obligation of the related Mortgage Loan Seller and the Master Servicer or the Special Servicer, as applicable, shall, to the extent
consistent with the Servicing Standard, pursue remedies against such Mortgage Loan Seller in order to seek recovery of such amounts
from such Mortgage Loan Seller or its insolvency estate. The Asset Representations Reviewer Asset Review Fee with respect to a
Delinquent Mortgage Loan shall be included in the Purchase Price for any Mortgage Loan that was the subject of a completed Asset
Review and that is repurchased by the related Mortgage Loan Seller.

 

(d)          The
Asset Representations Reviewer shall be liable in accordance herewith only to the extent of the obligations specifically imposed
by this Agreement.

 

(e)          The
Asset Representations Reviewer may assign its rights and obligations under this Agreement in connection with the sale or transfer
of all or substantially all of its Asset Representations Reviewer portfolio, provided that: (i) the purchaser or transferee
accepting such assignment and delegation (A) is an Eligible Asset Representations Reviewer, organized and doing business under
the laws of the United States of America, any state of the United States of America or the District of Columbia, authorized under
such laws to perform the duties of the asset representations reviewer resulting from a merger, consolidation or succession that
is permitted under this Agreement, (B) executes and delivers to the Trustee and the Certificate Administrator an agreement that
contains an assumption by such person of the due and punctual performance and observance of each covenant and condition to be
performed or observed by the asset representations reviewer under this Agreement from and after the date of such agreement and
(C) is not be a prohibited party under this Agreement; (ii) the Asset Representations Reviewer shall not be released from its
obligations under this Agreement that arose prior to the effective date of such assignment and delegation; (iii) the rate at which
the Asset Representations

 

    -498-

     

    

 

Reviewer
Asset Review Fee (or any component thereof) is calculated shall not exceed the rate then in effect and (iv) the resigning Asset
Representations Reviewer shall be responsible for the reasonable costs and expenses of each other party to this Agreement and
the Rating Agencies in connection with such transfer. Upon acceptance of such assignment and delegation, the purchaser or transferee
shall provide notice to each party to this Agreement and then will be the successor asset representations reviewer hereunder.

 

Section
11.03   Resignation of the Asset Representations Reviewer. The Asset Representations Reviewer may resign
and be discharged from its obligations hereunder by giving written notice thereof to the other parties to this Agreement and the
17g-5 Information Provider. Upon such notice of resignation, the Depositor shall promptly appoint a successor Asset Representations
Reviewer that is an Eligible Asset Representations Reviewer. If no successor Asset Representations Reviewer shall have been so
appointed and have accepted appointment within 30 days after the giving of such notice of resignation, the resigning Asset Representations
Reviewer may petition any court of competent jurisdiction for the appointment of a successor Asset Representations Reviewer that
is an Eligible Asset Representations Reviewer. The Asset Representations Reviewer will bear all reasonable costs and expenses
of each other party hereto and each Rating Agency in connection with its resignation.

 

Section
11.04  Restrictions of the Asset Representations Reviewer. Neither the Asset Representations Reviewer nor any
of its Affiliates shall make any investment in any Class of Certificates; provided, however, that such prohibition
shall not apply to (i) riskless principal transactions effected by a broker-dealer Affiliate of the Asset Representations Reviewer
or (ii) investments by an Affiliate of the Asset Representations Reviewer if the Asset Representations Reviewer and such Affiliate
maintain policies and procedures that (A) segregate personnel involved in the activities of the Asset Representations Reviewer
under this Agreement from personnel involved in such Affiliate’s investment activities and (B) prevent such Affiliate and
its personnel from gaining access to information regarding the Trust and the Asset Representations Reviewer and its personnel
from gaining access to such Affiliate’s information regarding its investment activities.

 

Section
11.05   Termination of the Asset Representations Reviewer.

 

(a)          An
“Asset Representations Reviewer Termination Event” means any one of the following events whether it shall be
voluntary or involuntary or be effected by operation of law or pursuant to any judgment, decree or order of any court or any order,
rule or regulation of any administrative or governmental body:

 

(i)       
   any failure by the Asset Representations Reviewer to observe or perform in any material respect any of its covenants
or agreements or the material breach of its representations or warranties under this Agreement, which failure shall continue unremedied
for a period of 30 days after the date on which written notice of such failure, requiring the same to be remedied, shall have
been given to the Asset Representations Reviewer by the Trustee or to the Asset Representations Reviewer and the Trustee by the
Holders of Certificates having greater than 25% of the aggregate Voting Rights of all then outstanding Certificates; provided
that if such failure is capable of being cured and the Asset Representations Reviewer is diligently pursuing such cure, such
30 day period shall be extended by an additional period of 30 days;

 

    -499-

     

    

 

(ii)          any
failure by the Asset Representations Reviewer to perform in accordance with the Asset Review Standard in any material respect,
which failure shall continue unremedied for a period of 30 days after the date written notice of such failure, requiring the same
to be remedied, is given to the Asset Representations Reviewer by any party to this Agreement;

 

(iii)         any
failure by the Asset Representations Reviewer to be an Eligible Asset Representations Reviewer, which failure shall continue unremedied
for a period of 30 days after the date written notice of such failure, requiring the same to be remedied, is given to the Asset
Representations Reviewer by any party to this Agreement;

 

(iv)         a
decree or order of a court or agency or supervisory authority having jurisdiction in the premises in an involuntary case under
any present or future federal or state bankruptcy, insolvency or similar law for the appointment of a conservator or receiver
or liquidator in any insolvency, readjustment of debt, marshaling of assets and liabilities or similar proceedings, or for the
winding-up or liquidation of its affairs, shall have been entered against the Asset Representations Reviewer, and such decree
or order shall have remained in force undischarged or unstayed for a period of 60 days;

 

(v)          the
Asset Representations Reviewer shall consent to the appointment of a conservator or receiver or liquidator or liquidation committee
in any insolvency, readjustment of debt, marshaling of assets and liabilities, voluntary liquidation, or similar proceedings of
or relating to the Asset Representations Reviewer or of or relating to all or substantially all of its property; or

 

(vi)         the
Asset Representations Reviewer shall admit in writing its inability to pay its debts generally as they become due, file a petition
to take advantage of any applicable insolvency or reorganization statute, make an assignment for the benefit of its creditors,
or voluntarily suspend payment of its obligations.

 

Upon
receipt by the Certificate Administrator (which shall be simultaneously delivered to the Asset Representations Reviewer) of written
notice of the occurrence of any Asset Representations Reviewer Termination Event, the Certificate Administrator shall promptly
provide written notice to all Certificateholders in accordance with the notice distribution procedures described in Section
11.01(a), unless the Certificate Administrator has received written notice that such Asset Representations Reviewer Termination
Event has been remedied. If an Asset Representations Reviewer Termination Event shall occur then, and in each and every such case,
so long as such Asset Representations Reviewer Termination Event shall not have been remedied, either the Trustee (i) may or (ii)
upon the written direction of holders of Certificates evidencing not less than 25% of the Voting Rights shall, terminate all of
the rights and obligations of the Asset Representations Reviewer under this Agreement, other than rights and obligations accrued
prior to such termination (including the right to receive all amounts accrued and owing to it under this Agreement) and other
than indemnification rights (arising out of events occurring prior to such termination), by notice in writing to the Asset Representations
Reviewer. The Asset Representations Reviewer shall bear all reasonable costs and expenses of itself and of each other party to
this Agreement in connection with its termination due to an Asset Representations Reviewer Termination Event. Notwithstanding
anything herein to the contrary, the Depositor and each Sponsor shall have the right, but not the obligation, to notify the

 

    -500-

     

    

 

Certificate
Administrator and the Trustee of any Asset Representations Reviewer Termination Event of which it becomes aware.

 

(b)          Upon
(i) the written direction of holders of Certificates evidencing not less than 25% of the Voting Rights requesting a vote to terminate
and replace the Asset Representations Reviewer with a proposed successor Asset Representations Reviewer that is an Eligible Asset
Representations Reviewer and (ii) payment by such Holders to the Certificate Administrator of the reasonable fees and expenses
to be incurred by the Certificate Administrator in connection with administering such vote, the Certificate Administrator shall
promptly provide written notice thereof to the Asset Representations Reviewer and to all Certificateholders by (i) posting such
notice on its internet website, and (ii) mailing such notice to all Certificateholders at their addresses appearing in the Certificate
Register and to the Asset Representations Reviewer. Upon the written direction of holders of Certificates evidencing at least
75% of a Certificateholder Quorum, the Trustee shall terminate all of the rights and obligations of the Asset Representations
Reviewer under this Agreement (other than any rights or obligations that accrued prior to the date of such termination and other
than indemnification rights arising out of events occurring prior to such termination) by notice in writing to the Asset Representations
Reviewer and appoint the proposed successor. As between the Asset Representations Reviewer, on the one hand, and the Certificateholders,
on the other, the Certificateholders shall be entitled in their sole discretion to vote for the termination or not vote for the
termination of the Asset Representations Reviewer. In the event that holders of the certificates evidencing at least 75% of a
Certificateholder Quorum elect to remove the asset representations reviewer without cause and appoint a successor, the successor
Asset Representations Reviewer shall be responsible for all expenses necessary to effect the transfer of responsibilities from
its predecessor.

 

(c)          On
or after the receipt by the Asset Representations Reviewer of written notice of termination, subject to this Section 11.05,
all of its authority and power under this Agreement shall be terminated and, without limitation, the terminated Asset Representations
Reviewer shall execute any and all documents and other instruments, and do or accomplish all other acts or things reasonably necessary
or appropriate to effect the purposes of such notice of termination. As soon as practicable, but in no event later than 30 days
after (1) the Asset Representations Reviewer resigns pursuant to Section 11.03 of this Agreement or (2) the Trustee delivers
such written notice of termination to the Asset Representations Reviewer, the Trustee shall appoint a successor Asset Representations
Reviewer that is an Eligible Asset Representations Reviewer. The Trustee shall provide written notice of the appointment of an
Asset Representations Reviewer to the Master Servicer, the Special Servicer, the Operating Advisor, the Certificate Administrator,
the Directing Holder and each Certificateholder within one Business Day of such appointment.

 

The
Asset Representations Reviewer shall at all times be an Eligible Asset Representations Reviewer and if the Asset Representations
Reviewer ceases to be an Eligible Asset Representations Reviewer, the Asset Representations Reviewer shall immediately resign
under Section 11.03 of this Agreement and the Trustee shall use commercially reasonable efforts to appoint a successor
Asset Representations Reviewer subject to and in accordance with this Section 11.05. Notwithstanding the foregoing, if
the Trustee is unable to find a successor Asset Representations Reviewer within 30 days of the termination of the Asset Representations

 

    -501-

     

    

 

Reviewer,
the Depositor shall be permitted to find a replacement. The Trustee shall not be liable for any failure to identify and appoint
a successor asset representations reviewer so long as the Trustee uses commercially reasonable efforts to conduct a search for
a successor asset representations reviewer and such failure is not a result of the Trustee’s negligence, bad faith or willful
misconduct in the performance of its obligations hereunder.

 

(d)          Upon
any termination of the Asset Representations Reviewer and appointment of a successor to the Asset Representations Reviewer, the
Trustee shall, as soon as possible, give written notice thereof to the Special Servicer, the Master Servicer, the Certificate
Administrator (who shall, as soon as possible, give written notice thereof to the Certificateholders), the Operating Advisor,
the Sponsors, the Depositor and, prior to the occurrence and continuance of a Consultation Termination Event, the Directing Holder
and each Rating Agency. In the event that the Asset Representations Reviewer is terminated, all of its rights and obligations
under this Agreement shall terminate, other than any rights or obligations that accrued prior to the date of such termination
(including the right to receive all amounts accrued and owing to it under this Agreement) and other than indemnification rights
(arising out of events occurring prior to such termination).

 

Article
XII

MISCELLANEOUS PROVISIONS

 

Section
12.01     Counterparts. This Agreement may be executed simultaneously in any number of counterparts,
each of which counterparts shall be deemed to be an original, and such counterparts shall constitute but one and the same instrument.
Delivery of an executed counterpart of a signature page of this Agreement in Portable Document Format (PDF), any other electronic
format or by facsimile transmission shall be as effective as delivery of a manually executed original counterpart of this Agreement.

 

Section
12.02     Limitation on Rights of Certificateholders. The death or incapacity of any Certificateholder
shall not operate to terminate this Agreement or the Trust Fund, or entitle such Certificateholder’s legal representatives
or heirs to claim an accounting or to take any action or proceeding in any court for a partition or winding up of the Trust Fund,
or otherwise affect the rights, obligations and liabilities of the parties hereto or any of them.

 

No
Certificateholder shall have any right to vote (except as expressly provided for herein) or in any manner otherwise control the
operation and management of the Trust Fund, or the obligations of the parties hereto, and nothing herein set forth, or contained
in the terms of the Certificates, shall be construed so as to constitute the Certificateholders from time to time as partners
or members of an association; and no Certificateholder shall be under any liability to any third person by reason of any action
taken by the parties to this Agreement pursuant to any provision hereof.

 

Other
than with respect to any rights to deliver a Certificateholder Repurchase Request and exercise the rights described under Section
2.03(k)(i), no Certificateholder shall have any right by virtue of any provision of this Agreement to institute any suit,
action or proceeding in equity or at law upon or under or with respect to this Agreement, any Intercreditor

 

    -502-

     

    

 

Agreement,
any Mortgage Loan, or with respect to the Certificates, unless, with respect to any suit, action or proceeding upon or under or
with respect to this Agreement, such Holder previously shall have given to the Trustee and the Certificate Administrator a written
notice of default, and of the continuance thereof, as herein before provided, or of the need to institute such suit, action or
proceeding on behalf of the Trust and unless also (except in the case of a default by the Trustee) the Holders of Certificates
of any Class evidencing not less than 25% of the related Percentage Interests in such Class shall have made written request upon
the Trustee to institute such action, suit or proceeding in its own name as Trustee hereunder and shall have offered to the Trustee
such indemnity reasonably satisfactory to it as it may require against the costs, expenses and liabilities to be incurred therein
or thereby, and the Trustee, for 60 days after its receipt of such notice, request and offer of such indemnity, shall have neglected
or refused to institute any such action, suit or proceeding. The Trustee shall be under no obligation to exercise any of the trusts
or powers vested in it hereunder or to institute, conduct or defend any litigation hereunder or in relation hereto at the request,
order or direction of any of the Holders of Certificates unless such Holders have offered to the Trustee indemnity reasonably
satisfactory to it against the costs, expenses and liabilities which may be incurred therein or hereby. It is understood and intended,
and expressly covenanted by each Certificateholder with every other Certificateholder and the Trustee, that no one or more Holders
of Certificates shall have any right in any manner whatsoever by virtue of any provision of this Agreement or the Certificates
to affect, disturb or prejudice the rights of the Holders of any other of such Certificates, or to obtain or seek to obtain priority
over or preference to any other such Holder, which priority or preference is not otherwise provided for herein, or to enforce
any right under this Agreement or the Certificates, except in the manner herein or therein provided and for the equal, ratable
and common benefit of all Certificateholders. For the protection and enforcement of the provisions of this Section 12.02,
each and every Certificateholder and the Trustee shall be entitled to such relief as can be given either at law or in equity.

 

No
Certificateholder shall be a “Party in Interest” as described under 11 U.S.C. Section 1109(b) solely by virtue of
its ownership of a Certificate.

 

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

 

Section
12.04     Waiver of Jury Trial; Consent to Jurisdiction. TO THE FULLEST EXTENT PERMITTED UNDER
APPLICABLE LAW, EACH PARTY HERETO WAIVES ITS RESPECTIVE RIGHTS TO A TRIAL BY JURY OF ANY CLAIM OR CAUSE OF ACTION BASED UPON OR
ARISING OUT OF OR RELATED TO THIS AGREEMENT, ANY ASSIGNMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY, IN ANY ACTION, PROCEEDING
OR OTHER

 

    -503-

     

    

 

LITIGATION
OF ANY TYPE BROUGHT BY ANY PARTY AGAINST THE OTHER PARTIES, WHETHER WITH RESPECT TO CONTRACT CLAIMS, TORT CLAIMS, OR OTHERWISE.
EACH PARTY HERETO AGREES THAT ANY SUCH CLAIM OR CAUSE OF ACTION SHALL BE TRIED BY A COURT TRIAL WITHOUT A JURY. WITHOUT LIMITING
THE FOREGOING, THE PARTIES FURTHER AGREE THAT THEIR RESPECTIVE RIGHT TO A TRIAL BY JURY IS WAIVED BY OPERATION OF THIS SECTION
AS TO ANY ACTION, COUNTERCLAIM OR OTHER PROCEEDING WHICH SEEKS, IN WHOLE OR IN PART, TO CHALLENGE THE VALIDITY OR ENFORCEABILITY
OF THIS AGREEMENT, ANY ASSIGNMENT OR ANY PROVISION HEREOF OR THEREOF. THIS WAIVER SHALL APPLY TO ANY SUBSEQUENT AMENDMENTS, RENEWALS,
SUPPLEMENTS OR MODIFICATIONS TO THIS AGREEMENT OR ANY ASSIGNMENT.

 

TO
THE FULLEST EXTENT PERMITTED UNDER APPLICABLE LAW, EACH PARTY HERETO HEREBY IRREVOCABLY (I) SUBMITS TO THE JURISDICTION OF ANY
NEW YORK STATE AND FEDERAL COURTS SITTING IN NEW YORK CITY WITH RESPECT TO MATTERS ARISING OUT OF OR RELATING TO THIS AGREEMENT;
(II) AGREES THAT ALL CLAIMS WITH RESPECT TO SUCH MATTERS MAY BE HEARD AND DETERMINED IN SUCH NEW YORK STATE OR FEDERAL COURTS;
(III) WAIVES THE DEFENSE OF AN INCONVENIENT FORUM IN ANY ACTION OR PROCEEDING INVOLVING SUCH CLAIMS IN ANY SUCH COURT; AND (IV)
AGREES THAT A FINAL JUDGMENT IN ANY SUCH ACTION OR PROCEEDING IN ANY SUCH COURT SHALL BE CONCLUSIVE AND MAY BE ENFORCED IN OTHER
JURISDICTIONS BY SUIT ON THE JUDGMENT OR IN ANY OTHER MANNER PROVIDED BY LAW.

 

Section
12.05     Notices. Unless otherwise specified in this Agreement, all demands, notices and communications
hereunder shall be in writing, shall be deemed to have been given upon receipt (except that notices to Holders of Class R Certificates
or Holders of any Class of Certificates no longer held through a Depository and instead held in registered, definitive form shall
be deemed to have been given upon being sent by first-class mail, postage prepaid or by overnight courier) as follows:

 

If
to the Trustee, to:

 

Wilmington
Trust, National Association

1100 North Market Street

Wilmington, Delaware 19890

Attention: CMBS Trustee – Benchmark 2018-B1

 

with
a copy to:

 

E-mail:
cmbstrustee@wilmingtontrust.com

 

If
to the Certificate Administrator, to:

 

    -504-

     

    

 

Wells
Fargo Bank, National Association

9062 Old Annapolis Road

Columbia, Maryland 21045-1951

Attention: Corporate Trust Services — Benchmark 2018-B1

 

with
copies to:

cts.cmbs.bond.admin@wellsfargo.com; and

trustadministrationgroup@wellsfargo.com.

 

If
to the Certificate Administrator in connection with a release or transfer of a Retained Certificate:

 

Wells
Fargo Bank, National Association

9062 Old Annapolis Road

Columbia, Maryland 21045

Attention: Risk Retention Custody — Benchmark 2018-B1

 

with
a copy to:

riskretentioncustody@wellsfargo.com

 

If
to the Certificate Registrar in connection with a transfer, exchange or surrender of any Certificate other than a Retained Certificate:

 

Wells
Fargo Bank, National Association

600 South 4th Street

MAC N9300-070

Minneapolis, Minnesota 55479

Attention: CTS – Certificate Transfers Services (CMBS) — Benchmark 2018-B1

 

If
to the Custodian, to:

Wells Fargo Bank, N.A.

Document Custody Group

1055 10th Avenue SE

Minneapolis, Minnesota 55414

Attention: Benchmark 2018-B1 – Document Custody Group

Email: CMBSCustody@wellsfargo.com

 

If
to the Depositor, to:

Deutsche Mortgage & Asset Receiving Corporation

60 Wall Street

New York, New York 10005

Attention: Lainie Kaye

 

    -505-

     

    

 

with
copies via email to:

cmbs.requests@db.com

 

If
to the Operating Advisor, to:

Park Bridge Lender Services LLC

600 Third Avenue, 40th Floor

New York, New York 10016

Attention: Benchmark 2018-B1-Surveillance Manager (with a copy sent contemporaneously via email to cmbs.notices@parkbridgefinancial.com

 

If
to the Asset Representations Reviewer, to:

 

Park
Bridge Lender Services LLC

600 Third Avenue, 40th Floor

New York, New York 10016

Attention: Benchmark 2018-B1-Surveillance Manager (with a copy sent contemporaneously via email to cmbs.notices@parkbridgefinancial.com

 

If
to the Master Servicer, to:

 

Wells
Fargo Bank, National Association

Commercial Mortgage Servicing

Three Wells Fargo

401 South Tryon Street, 8th Floor

MAC D1050-084

Charlotte, North Carolina 28202

Attention: Benchmark 2018-B1 Asset Manager

Facsimile number: (704) 715-0036

 

    -506-

     

    

 

With
a copy by email to: commercial.servicing@wellsfargo.com

and with respect to any notice relating to Rating Agency requests:

RAInvRequests@wellsfargo.com

and with respect to any notice relating to investor requests:

REAM_InvestorRelations@wellsfargo.com

with a copy to:

Wells Fargo Bank, National Association

Legal Department

301 South College Street

Charlotte, North Carolina 28202-0166

Attention: Commercial Mortgage Servicing Legal Support

Facsimile number: (704) 383-0353

Reference: Benchmark 2018-B1

with a copy to:

K&L Gates LLP

Hearst Tower, 47th Floor

214 North Tryon Street

Charlotte, North Carolina 28202

Attention: Stacy G. Ackermann

Reference: Benchmark 2018-B1

Fax Number: (704) 353-3190

Email: stacy.ackermann@klgates.com

 

If
to the Special Servicer, to:

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

Fax Number: (888) 706-3565

with a copy to:

 

Eversheds
Sutherland (US) LLP

700 Sixth Street, NW

Washington, DC 20001

Fax Number: (202) 637-3593

Attention: Lisa A. Rosen

 

    -507-

     

    

 

If
to German American Capital Corporation, as Mortgage Loan Seller, to:

German American Capital Corporation

60 Wall Street

New York, New York 10005

Attention: Lainie Kaye

 

with
copies via email to:

 

cmbs.requests@db.com

 

If
to JPMorgan Chase Bank, National Association, as Mortgage Loan Seller, to:

JPMorgan Chase Bank, National Association

383 Madison Avenue, 31st Floor

New York, New York 10179

Attention: Kunal Singh

Email: US_CMBS_Notice@jpmorgan.com

 

with
a copy to:

JPMorgan Chase Bank, National Association

383 Madison Avenue, 32nd Floor

New York, New York 10179

Attention: Bianca A. Russo, Esq.

Email: US_CMBS_Notice@jpmorgan.com

 

If
to Citi Real Estate Funding Inc., as Mortgage Loan Seller, to:

Citi Real Estate Funding Inc.

390 Greenwich Street, 5th Floor

New York, New York 10013

Attention: Paul Vanderslice

Facsimile: (212) 723-8599

 

with
a copy to:

 

Citi
Real Estate Funding Inc.

390 Greenwich Street, 7th Floor

New York, New York 10013

Attention: Richard Simpson

Facsimile: (646) 328-2943

 

with
copies by electronic mail to:

 

richard.simpson@citi.com,
and ryan.m.oconnor@citi.com and, in the case of each Rule 15Ga-1 Notice, cmbs.notice@citi.com

 

    -508-

     

    

 

If
to Deutsche Bank Securities Inc., as Initial Purchaser or Underwriter, to:

Deutsche Bank Securities Inc.

Commercial Mortgage-Backed Securities

60 Wall Street

New York, New York 10005

Attention: Lainie Kaye

 

with
copies via email to:

 

cmbs.requests@db.com

 

If
to J.P. Morgan Securities LLC, as Initial Purchaser or Underwriter, to:

J.P. Morgan Securities LLC

383 Madison Avenue, 8th Floor

New York, New York 10179

Attention: SPG Syndicate

Email: ABS_Synd@jpmorgan.com

 

with
a copy to:

J.P. Morgan Securities LLC

383 Madison Avenue, 32nd Floor

New York, New York 10179

Attention: Bianca A. Russo, Esq.

Email: US_CMBS_Notice@jpmorgan.com

 

If
to Citigroup Global Markets Inc., as Initial Purchaser or Underwriter, to:

 

Citigroup
Global Markets Inc.

390 Greenwich Street, 5th Floor

New York, New York 10013

Attention: Paul Vanderslice

Facsimile: (212) 723-8599

 

with
a copy to:

 

Citi
Real Estate Funding Inc.

390 Greenwich Street, 7th Floor

New York, New York 10013

Attention: Richard Simpson

Facsimile: (646) 328-2943

 

with
copies by electronic mail to:

 

richard.simpson@citi.com,
and ryan.m.oconnor@citi.com

 

    -509-

     

    

 

If
to Academy Securities, Inc., as Underwriter, to:

 

Academy
Securities, Inc. 

277
Park Avenue 

New
York, New York 10172 

Attention:
Michael Boyd, Chief Compliance Officer 

Facsimile:
(646) 328-2943

 

If
to the initial Controlling Class Representative with respect to any Mortgage Loan, to:

Eightfold Real Estate Capital, L.P.

1111 Lincoln Road, Suite 802 

Miami
Beach, Florida 33139

Attention: Brian Tageson

Email: btageson@eightfoldcapital.com

 

If
to Deutsche Bank AG, acting through its New York Branch, as the initial Risk Retention Consultation Party, to:

Deutsche Bank AG, acting through its New York Branch

60 Wall Street

New York, New York 10005

Attention: Lainie Kaye 

 

with
copies via email to:

 

cmbs.requests@db.com

 

If
to the 17g-5 Information Provider, electronically to:

17g5informationprovider@wellsfargo.com

(in an electronic format readable and uploadable (that is not locked or corrupted) on the 17g-5 Information Provider’s system,
specifically with a subject reference of “Benchmark 2018-B1 Mortgage Trust” and an identification of the type of information
being provided in the body of such electronic mail)

 

or,
in the case of the parties to this Agreement, to such other address as such party shall specify by written notice to the other
parties hereto.

 

Solely
to the extent the provisions herein contemplate electronic delivery of information, such information shall be transmitted via
electronic mail with a subject reference to include “Benchmark 2018-B1 Mortgage Trust” (or substantially similar language)
(i) in the case of the Depositor, to cmbs.requests@db.com, (ii) in the case of the Trustee, to cmbstrustee@wilmingtontrust.com,
(iii) in the case of the Certificate Administrator, to the email address specified on the Certificate Administrator’s Website
(and, if no such email address is specified therein, to cts.cmbs.bond.admin@wellsfargo.com), (iv) in the case of the Operating

 

    -510-

     

    

 

Advisor,
to cmbs.notices@parkbridgefinancial.com, (v) in the case of the Asset Representations Reviewer, to cmbs.notices@parkbridgefinancial.com,
(vi) in the case of the Master Servicer to commercial.servicing@wellsfargo.com, (vii) in the case of the Special Servicer, to
NoticeAdmin@midlandls.com (and solely with respect to notices under Section 3.14, with a copy to AskMidland@midlandls.com)
(viii) in the case of German American Capital Corporation, to cmbs.requests@db.com, (ix) in the case of JPMorgan Chase Bank, National
Association, to US_CMBS_Notice@jpmorgan.com, (x) in the case of Citi Real Estate Funding Inc., to richard.simpson@citi.com and
ryan.m.oconnor@citi.com; and, in the case of each Rule 15Ga-1 Notice, cmbs.notice@citi.com, (xi) in the case of Deutsche Bank
Securities Inc., to cmbs.requests@db.com, (xii) in the case of J.P. Morgan Securities LLC, to ABS_Synd@jpmorgan.com and US_CMBS_Notice@jpmorgan.com,
(xiii) in the case of Citigroup Global Markets Inc., to paul.t.vanderslice@citi.com, (xiv) in the case of Academy Securities,
Inc., to mboyd@academysecurities.com, (xv) in the case of Deutsche Bank AG, acting through its New York Branch, as the initial
Risk Retention Consultation Party, to cmbs.requests@db.com, and (xvi) in the case of the 17g-5 Information Provider, to 17g5informationprovider@wellsfargo.com;
or, in the case of the parties to this Agreement, to such other electronic mail address as such party shall specify by written
notice (which may be electronic) to the other parties hereto.

 

The
obligation of any party to this Agreement to deliver any notices, reports or other information to any Other Depositor, Other Servicer,
Other Special Servicer, Other Trustee or Other 17g-5 Information Provider shall be effective in each case only to the extent such
party to this Agreement has received notice of the identity and contact information of such Other Depositor, Other Servicer, Other
Special Servicer, Other Trustee or Other 17g-5 Information Provider, as applicable. Any such party may conclusively rely on the
name and contact information provided by the related Other Depositor, Other Servicer, Other Special Servicer, Other Trustee or
Other 17g-5 Information Provider, as applicable, and shall be entitled to assume that the identity and contact information for
such Other Depositor, Other Servicer, Other Special Servicer, Other Trustee or Other 17g-5 Information Provider, as applicable
has not changed, absent receipt of written notice from such Other Depositor, Other Servicer, Other Special Servicer, Other Trustee
or Other 17g-5 Information Provider, or a replacement thereof under the applicable Other Pooling and Servicing Agreement, of a
change with respect to the identity and contact information for such Other Depositor, Other Servicer, Other Special Servicer,
Other Trustee or Other 17g-5 Information Provider, or a replacement thereof under the applicable Other Pooling and Servicing Agreement,
as applicable.

 

Section
12.06     Severability of Provisions. If any one or more of the covenants, agreements, provisions
or terms of this Agreement shall be for any reason whatsoever held invalid, then, to the extent permitted by applicable law, such
covenants, agreements, provisions or terms shall be deemed severable from the remaining covenants, agreements, provisions or terms
of this Agreement and shall in no way affect the validity or enforceability of the other provisions of this Agreement or of the
Certificates or the rights of the Holders thereof.

 

Section
12.07     Notice to the Depositor and Each Rating Agency. (a) The Certificate Administrator shall
promptly provide notice, promptly furnish (or make available) to the Depositor, the Underwriters, the Initial Purchasers, the
Directing Holder (if no Consultation Termination Event has occurred and is continuing), the Trustee the related Serviced Companion

 

    -511-

     

    

 

Loan
Noteholder (if any) and the 17g-5 Information Provider (who shall promptly post such notice to the 17g-5 Information Provider’s
Website) with respect to each of the following of which a Responsible Officer of the Certificate Administrator has actual knowledge:

 

(i)        
      any material change or amendment to this Agreement, any Mortgage Loan Purchase Agreement or
any Intercreditor Agreement;

 

(ii)              the
occurrence of any Servicer Termination Event that has not been cured;

 

(iii)             the
merger, consolidation, resignation or termination of the Certificate Administrator, the Master Servicer, the Special Servicer,
the Operating Advisor, the Asset Representations Reviewer or the Trustee; and

 

(iv)             the
repurchase of Mortgage Loans pursuant to Section 2.03(e) of this Agreement.

 

(b)              The
Certificate Administrator shall promptly furnish to the Depositor, the Underwriters, the Initial Purchasers, the Directing Holder
and the 17g-5 Information Provider (who shall promptly post such materials to the 17g-5 Information Provider’s Website):

 

(i)               notice
of the final payment to any Class of Certificateholders;

 

(ii)              notice
of any change in the location of the Distribution Accounts, the Interest Reserve Account, or the Gain-on-Sale Reserve Account;
and

 

(iii)             each
report to Certificateholders described in Section 4.02 and Section 3.13 of this Agreement.

 

(c)              The
Master Servicer (or, in the case of items collected pursuant to Section 3.04 and referenced in clause (i) below,
the Special Servicer) shall promptly furnish to the 17g-5 Information Provider (who shall promptly post such materials to the
17g-5 Information Provider’s Website) and the related Other 17g-5 Information Provider (if any):

 

(i)               upon
request, a copy of each rent roll and each operating and other financial statement and occupancy reports, to the extent such information
is required to be delivered under a Mortgage Loan, in each case to the extent collected pursuant to Section 3.03 of this
Agreement or pursuant to Section 3.04 of this Agreement;

 

(ii)              notice
of any change in the location of the Collection Account or any Serviced Whole Loan Collection Account,

 

(iii)             a
copy of any notice with respect to a breach of a representation or warranty with respect to any Mortgage Loan;

 

(iv)            any
event that would result in the voluntary or involuntary termination of any insurance of the accounts of the Master Servicer;

 

(v)             any
change in the lien priority of a Mortgage Loan;

 

    -512-

     

    

 

(vi)            any
new lease of an anchor or a termination of an anchor lease at a retail Mortgaged Property;

 

(vii)           any
material damage to a Mortgaged Property; and

 

(viii)          any
amendment, modification, consent or waiver to or of any provision of a Mortgage Loan or Serviced Whole Loan.

 

(d)              Any
party required to deliver any notice or information pursuant to the terms of this Agreement to the Rating Agencies shall
deliver such written notice of the events or information specified in Section 3.14(d) to the Rating Agencies at the
address listed below, promptly following the occurrence thereof. The Master Servicer or Special Servicer, as applicable, and
the Certificate Administrator and Trustee also shall furnish such other information regarding the Trust Fund as may be
reasonably requested by the Rating Agencies to the extent such party has or can obtain such information without unreasonable
effort or expense; provided that such other information is first provided to the 17g-5 Information Provider in
accordance with the procedures set forth in Section 3.14(d). Notwithstanding the foregoing, the failure to deliver
such notices or copies shall not constitute a Servicer Termination Event, as the case may be, under this Agreement. Any
confirmation of the rating by the Rating Agencies required hereunder shall be in writing.

 

Notices
to each Rating Agency shall be addressed as follows:

 

Kroll
Bond Rating Agency, Inc. 

845
Third Avenue 4th Floor

New York, New York 10022 

Attention:
CMBS 

Facsimile
No.: (646) 731-2395

 

Fitch
Ratings, Inc.

33 Whitehall Street

New York, New York 10004

Attention: Commercial Mortgage Surveillance Group

Facsimile No.: (212) 635-0295

Email: info.cmbs@fitchratings.com

 

S&P
Global Ratings

55 Water Street, 41st Floor

New York, New York 10041

Attention: Commercial Mortgage Surveillance Manager

Email: cmbs_info_17g5@standardandpoors.com

 

or
in each case to such other address as any Rating Agency shall specify by written notice to the parties hereto.

 

Section
12.08     Amendment. This Agreement or any Custodial Agreement may be amended at any time by the
Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations
Reviewer and the Trustee

 

    -513-

     

    

 

without
the consent of any of the Certificateholders or any Serviced Companion Loan Noteholders:

 

(i)               to
cure any ambiguity or to correct any manifest error;

 

(ii)              to
cause the provisions herein or therein to conform or be consistent with or in furtherance of the statements made in the Prospectus
or Private Placement Memorandum with respect to the Certificates, the Trust or this Agreement or to correct or supplement any
provisions herein or therein which may be defective or inconsistent with any other provisions herein or therein;

 

(iii)             to
change the timing and/or nature of deposits in the Collection Account, the Distribution Accounts or any REO Account; provided
that (a) the Master Servicer Remittance Date shall in no event be later than the Business Day prior to the related Distribution
Date and (b) such change shall not adversely affect in any material respect the interests of any Certificateholder, as evidenced
in writing by an Opinion of Counsel at the expense of the party requesting such amendment or as evidenced by a Rating Agency Confirmation
from each Rating Agency with respect to such amendment;

 

(iv)             to
modify, eliminate or add to any of its provisions to such extent as shall be necessary to maintain the qualification of any Trust
REMIC as a REMIC or the Grantor Trust as a grantor trust under the relevant provisions of the Code at all times that any Certificate
is outstanding, or to avoid or minimize the risk of imposition of any tax on the Trust Fund or any Trust REMIC or the Grantor
Trust that would be a claim against the Trust Fund or any Trust REMIC or the Grantor Trust; provided that the Trustee and
the Certificate Administrator have received an Opinion of Counsel (at the expense of the party requesting such amendment) to the
effect that (a) such action is necessary or desirable to maintain such qualification or to avoid or minimize the risk of the imposition
of any such tax and (b) such action will not adversely affect in any material respect the interests of any Certificateholder or
Companion Loan Noteholder;

 

(v)          to
modify, eliminate or add to the provisions any provision hereof restricting transfer of the Class R Certificates; provided
the Depositor has determined that such change shall not, as evidenced by an Opinion of Counsel, cause the Trust Fund, any
Trust REMIC or any of the Certificateholders (other than the Transferor) to be subject to a federal tax caused by a Transfer to
a Person that is a Disqualified Organization or a Non-U.S. Tax Person;

 

(vi)         to
revise or add any other provisions with respect to matters or questions arising under this Agreement or any other change; provided
that the required action shall not adversely affect in any material respect the interests of any Certificateholder or any
holder of a Serviced Pari Passu Companion Loan not consenting thereto as evidenced in writing by an Opinion of Counsel, at the
expense of the party requesting such amendment or as evidenced by a Rating Agency Confirmation from each of the Rating Agencies
with respect to such amendment or supplement and confirmation of the applicable rating agencies that such action will not result
in the downgrade, withdrawal or qualification of its then-current ratings of any securities related to a Companion Loan, if any
(provided that such rating agency confirmation may be considered satisfied in the same manner as

 

    -514-

     

    

 

any
Rating Agency Confirmation may be considered satisfied with respect to the Certificates);

 

(vii)            to
amend or supplement any provision hereof to the extent necessary to maintain the then-current ratings assigned to each Class of
Certificates by each Rating Agency, as evidenced by a Rating Agency Confirmation from each of the Rating Agencies; provided
that such amendment or supplement shall not adversely affect in any material respect the interests of any Certificateholder
not consenting thereto as evidenced by an Opinion of Counsel, or any holder of a Serviced Pari Passu Companion Loan not consenting
to such revision or addition, as evidenced by an Opinion of Counsel at the expense of the party requesting such amendment or as
evidenced by confirmation of the applicable Rating Agencies that such action will not result in the downgrade, withdrawal or qualification
of its then-current ratings of any securities related to a Companion Loan, if any (provided that such Rating Agency Confirmation
may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the
Certificates);

 

(viii)           to
modify the provisions of Section 3.06 and Section 3.17 (with respect to reimbursement of Nonrecoverable
Advances and Workout-Delayed Reimbursement Amounts) if (a) the Depositor, the Master Servicer, the Trustee and, for so long
as a Control Termination Event has not occurred and is not continuing, the Directing Holder, determine that the commercial
mortgage backed securities industry standard for such provisions has changed, in order to conform to such industry standard,
(b) such modification does not adversely affect the status of any Trust REMIC as a REMIC or the status of the Grantor Trust
as a grantor trust under the relevant provisions of the Code, as evidenced by an Opinion of Counsel and (c) each Rating
Agency has delivered a Rating Agency Confirmation and, with regard to any class of Serviced Companion Loan Securities, the
applicable rating agencies have delivered a confirmation that such action will not result in the downgrade, withdrawal or
qualification of its then-current ratings (provided that such rating agency confirmation may be considered satisfied
in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the
Certificates);

 

(ix)           
  to modify the procedures of this Agreement relating to compliance with Rule 17g-5 of the Exchange Act; provided
that such amendment shall not adversely affect in any material respects the interests of any Certificateholders, as evidenced
by (x) an Opinion of Counsel or (y) if any Certificate is then rated, receipt of Rating Agency Confirmation from each Rating Agency
rating such Certificates; and provided, further, that the Certificate Administrator shall give notice of any such
amendment to the 17g-5 Information Provider for posting to the 17g-5 Information Provider’s Website and the Certificate
Administrator shall post such notice to the Certificate Administrator’s Website;

 

(x)               to
modify, eliminate or add to any provisions of this Agreement to such extent as would be necessary to comply with the requirements
for use of Form SF-3 in registered offerings to the extent provided in CFR 239.45(b)(1)(ii), (iii) or (iv); and

 

    -515-

     

    

 

(xi)              to
modify, eliminate or add to any of its provisions (a) to such extent as will be necessary to comply with the requirements of the
Risk Retention Rule, as evidenced by an Opinion of Counsel, or (b) in the event the Risk Retention Rule or any other regulation
applicable to the risk retention requirements for this securitization transaction are amended or repealed, to the extent required
to comply with any such amendment or to modify or eliminate the risk retention requirements in the event of such repeal, as evidenced
by an Opinion of Counsel;

 

provided
that any amendment under this Section 12.08 (a) shall not materially increase the obligations of the Depositor, the
Trustee, the Paying Agent, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer, the 17g-5
Information Provider, the Master Servicer or the Special Servicer without such party’s consent; and (b) shall not adversely
affect in any material respect the interests of any Certificateholder or Serviced Companion Loan Noteholder not consenting thereto,
as evidenced in the case of clauses (iii) through (x) above by (1) an Opinion of Counsel or (2) solely in the case of a Certificateholder
of a rated Class, receipt of a Rating Agency Confirmation from each applicable Rating Agency. In no event shall any such amendment
cause the Lower-Tier REMIC or the Upper-Tier REMIC to fail to qualify as a REMIC or the Grantor Trust to fail to qualify as a
grantor trust.

 

This
Agreement or any Custodial Agreement may also be amended from time to time by the Depositor, the Master Servicer, the Special
Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the Trustee with the prior
written consent of the Holders of Certificates representing not less than a majority of the Percentage Interests of each Class
of Certificates affected thereby (without regard to Certificates held by the Depositor, any of the Depositor’s Affiliates
and/or agents) and each Serviced Companion Loan Noteholder affected thereby for the purpose of adding any provisions to or changing
in any manner or eliminating any of the provisions of this Agreement or modifying in any manner the rights of the Certificateholders
or the Serviced Companion Loan Noteholders; provided, that no such amendment may:

 

(1)              reduce
in any manner the amount of, or delay the timing of, payments received on the Mortgage Loans or Serviced Whole Loan which are
required to be distributed on any Certificate, without the consent of the Holders of Certificates representing all of the Percentage
Interests of the Class or Classes affected thereby or which are required to be distributed to any Companion Loan Noteholders without
the consent of such Companion Loan Noteholders;

 

(2)              reduce
the aforesaid percentage of Certificates of any Class the Holders of which are required to consent to any such amendment or remove
the requirement to obtain consent of any Companion Loan Noteholder, in any such case without the consent of the Holders of all
Certificates of such Class then-outstanding or such Companion Loan Noteholder, as applicable;

 

(3)              adversely
affect the Voting Rights of any Class of Certificates without the consent of the Holders of all Certificates of such Class then
outstanding;

 

    -516-

     

    

 

(4)              change
in any manner any defined term used in any Mortgage Loan Purchase Agreement or the obligations of any Mortgage Loan Seller under
such Mortgage Loan Purchase Agreement or otherwise or change any rights of any Mortgage Loan Seller as a third party beneficiary
hereunder, without the consent of such Mortgage Loan Seller; or

 

(5)              amend
the Servicing Standard without the consent of 100% of the Certificateholders or receipt of Rating Agency Confirmation from each
Rating Agency and confirmation of the applicable rating agencies that such action will not result in the downgrade, withdrawal
or qualification of its then-current ratings of any securities related to a Companion Loan, if any (provided that such rating
agency confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied
with respect to the Certificates).

 

Further,
the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations
Reviewer and the Trustee, at any time and from time to time, without the consent of the Certificateholders or, if applicable,
the Serviced Companion Loan Noteholders, may amend this Agreement to modify, eliminate or add to any of its provisions (i) to
such extent as shall be necessary to maintain the qualification of the Lower-Tier REMIC or the Upper-Tier REMIC as a REMIC or
the qualification of the Grantor Trust as a grantor trust, or to prevent the imposition of any additional material state or local
taxes, at all times that any Certificates are outstanding; provided that such action, as evidenced by an Opinion of Counsel
(obtained at the expense of the Trust Fund), is necessary or helpful to maintain such qualification or to prevent the imposition
of any such taxes, and would not adversely affect in any material respect the interest of any Certificateholder or if applicable,
any Serviced Companion Loan Noteholder or (ii) to the extent necessary to comply with the Investment Company Act of 1940, as amended,
the Exchange Act, Regulation AB, and/or any related regulatory actions and/or interpretations.

 

If
neither the Depositor nor any successor thereto, if any, is in existence, any amendment under this Section 12.08 shall
be effective with the consent of the Trustee, the Certificate Administrator, the Operating Advisor, the Asset Representations
Reviewer, the Master Servicer and the Special Servicer, in writing, and to the extent required by this Section 12.08, the
Certificateholders and Serviced Companion Loan Noteholders.

 

It
shall not be necessary for the consent of Certificateholders under this Section 12.08 to approve the particular form of
any proposed amendment, but it shall be sufficient if such consent shall approve the substance thereof. The method of obtaining
such consents and of evidencing the authorization of the execution thereof by Certificateholders and, if applicable, Serviced
Companion Loan Noteholders, shall be subject to such reasonable regulations as the Trustee may prescribe; provided, that
such method shall always be by affirmation and in writing.

 

Notwithstanding
any contrary provision of this Agreement, no amendment shall be made to this Agreement or any Custodial Agreement unless the Trustee
and the Certificate Administrator have received an Opinion of Counsel, at the expense of the Trust Fund (and, in the case of any
Whole Loan, any such expense shall be allocated in accordance with the expense allocation provision of the related Intercreditor
Agreement) confirming that such amendment is authorized or permitted by this Agreement and that all conditions precedent with
respect thereto

 

    -517-

     

    

 

have
been satisfied, respectively, hereunder and such amendment will not cause the Lower-Tier REMIC or the Upper-Tier REMIC to fail
to qualify as a REMIC at any time that any Certificates are outstanding, or cause the Grantor Trust to fail to qualify as a grantor
trust, or cause a tax to be imposed on the Trust Fund or any such Trust REMIC or the Grantor Trust.

 

Prior
to the execution of any amendment to this Agreement or any Custodial Agreement, the Trustee, the Certificate Administrator, the
Operating Advisor, the Asset Representations Reviewer, the Special Servicer and the Master Servicer may request and shall be entitled
to rely conclusively upon an Opinion of Counsel and an Officer’s Certificate, at the expense of the party requesting such
amendment (or, if such amendment is required to maintain the rating issued by any Rating Agency or requested by the Trustee for
any purpose described in clauses (i), (ii) or (iii) of the first sentence of this Section 12.08 (which do not modify or
otherwise relate solely to the obligations, duties or rights of the Trustee), then at the expense of the Trust Fund (and, in the
case of any Whole Loan, any such expense shall be allocated in accordance with the expense allocation provision of the related
Intercreditor Agreement)) confirming that the execution of such amendment is authorized or permitted by this Agreement and that
all conditions precedent with respect thereto have been satisfied. The Trustee, the Certificate Administrator, the Operating Advisor
or the Asset Representations Reviewer may, but shall not be obligated to, enter into any such amendment which affects the Trustee’s,
the Certificate Administrator’s, the Operating Advisor’s or the Asset Representations Reviewer’s own rights,
duties or immunities under this Agreement.

 

Notwithstanding
any contrary provision contained in this Agreement, no amendment shall be made to this Agreement (i) which adversely affects the
rights, including (without limitation) as a third-party beneficiary hereunder, and/or obligations (including, without limitation,
in the case of a Mortgage Loan Seller, under the related Mortgage Loan Purchase Agreement) of any Mortgage Loan Seller, Initial
Purchaser or Underwriter without the written consent of such Mortgage Loan Seller, Initial Purchaser or Underwriter, as applicable
or (ii) which adversely affects (as determined by the applicable Companion Loan Noteholder in good faith) the rights and/or obligations
of any Companion Loan Noteholder without the written consent of such Companion Loan Noteholder.

 

Promptly
after the execution of any amendment to this Agreement, the Certificate Administrator shall post a copy of the same to the Certificate
Administrator’s Website, deliver a copy of the same to the 17g-5 Information Provider who shall post a copy of the same
on the 17g-5 Information Provider’s Website pursuant to Section 3.14(d) of this Agreement, and thereafter, the Certificate
Administrator shall furnish a written notification of the substance of such amendment to each Certificateholder, the Depositor,
the Master Servicer (who shall promptly forward such notification to each Serviced Companion Loan Holder, Other Depositor, Other
Servicer, Other Special Servicer and Other Trustee), the Special Servicer, the Operating Advisor, the Asset Representations Reviewer,
the Trustee, each Mortgage Loan Seller, the Underwriters and the Initial Purchasers.

 

In
addition, within one (1) Business Day following the execution of any amendment to this Agreement, the party requesting such amendment
shall deliver (or cause to be delivered) such amendment (in EDGAR Compatible Format) to each Serviced Companion Loan Holder, Other
Depositor, Other Servicer, Other Special Servicer and Other Trustee.

 

    -518-

     

    

 

Notwithstanding
any contrary provision contained in this Agreement, if one but not all of the Notes evidencing a Joint Mortgage Loan is repurchased
by the applicable Mortgage Loan Seller, this Agreement may be amended by the parties hereto (at the expense of the party requesting
such amendment), without the consent of any Certificateholder, to add or modify provisions relating to the applicable Repurchased
Note for purposes of the servicing and administration of such Repurchased Note, provided that the amendment shall not adversely
affect in any material respect the interests of the Certificateholders, as evidenced by a No Downgrade Confirmation from each
Rating Agency (obtained at the expense of the repurchasing Mortgage Loan Seller) with respect to such amendment (or, if no such
No Downgrade Confirmation is actually received, by an opinion of counsel to such effect). Prior to the effectiveness of such amendment,
if one but not all of the Notes with respect to a Joint Mortgage Loan is repurchased, the terms of Article III shall govern
the servicing and administration of such Joint Mortgage Loan.

 

Section
12.09     Confirmation of Intent. It is the express intent of the parties hereto that the conveyance
of the Trust Fund (including the Mortgage Loans) by the Depositor to the Trustee on behalf of Certificateholders as contemplated
by this Agreement be treated for all purposes as a sale by the Depositor of the Trust Fund to the Trustee. It is, further, not
the intention of the parties that such conveyance be deemed a pledge of the Trust Fund by the Depositor to the Trustee to secure
a debt or other obligation of the Depositor. However, if, notwithstanding the intent of the parties, the Trust Fund is held to
continue to be property of the Depositor then (a) this Agreement shall also be deemed to be a security agreement under applicable
law; (b) the transfer of the Trust Fund provided for herein shall be deemed to be a grant by the Depositor to the Trustee on behalf
of Certificateholders of a first priority security interest in, and the Depositor hereby grants to the Trustee a security interest
in, all of the Depositor’s right, title and interest in and to, whether now owned or existing or hereafter acquired or arising,
the property identified in clauses (i) through (xiv) of the definition of “Trust Fund” and all proceeds thereof; (c)
the possession by the Trustee (or the Custodian on its behalf) of Mortgage Notes and such other items of property as constitute
instruments, money, negotiable documents or chattel paper shall be deemed to be “possession by the secured party”
for purposes of perfecting the security interest pursuant to Section 9-313 of the New York Uniform Commercial Code; and (d) notifications
to Persons holding such property, and acknowledgments, receipts or confirmations from Persons holding such property, shall be
deemed notifications to, or acknowledgments, receipts or confirmations from, financial intermediaries, bailees or agents (as applicable)
of the Trustee for the purpose of perfecting such security interest under applicable law. The Depositor shall, and upon the request
and direction of the Master Servicer, the Trustee shall, to the extent consistent with this Agreement (and at the expense of the
Trust Fund (and, in the case of any Whole Loan, such expense shall be allocated in accordance with the expense allocation provision
of the related Intercreditor Agreement)), take such actions as may be necessary to ensure that such security interest is a perfected
security interest of first priority under applicable law and will be maintained as such throughout the term of this Agreement.
It is the intent of the parties that such a security interest would be effective whether any of the Certificates are sold, pledged
or assigned.

 

Section
12.10     No Intended Third-Party Beneficiaries. Except as specified in Section 12.12 of
this Agreement, no Person other than a party to this Agreement, any Mortgage Loan Seller, any Initial Purchaser, any Underwriter
or any Certificateholder shall have any rights

 

    -519-

     

    

 

with
respect to the enforcement of any of the rights or obligations hereunder. Without limiting the foregoing and for the avoidance
of doubt, subject to Section 12.12 of this Agreement, the parties to this Agreement specifically state that no Borrower,
Manager or other party to a Mortgage Loan is an intended third-party beneficiary of this Agreement.

 

Section
12.11     Entire Agreement. This Agreement (and, with respect to each Whole Loan, together with
the related Intercreditor Agreement) contains the entire agreement and understanding between the parties hereto with respect to
the subject matter hereof, and supersedes all prior and contemporaneous agreements, understanding, inducements and conditions,
express or implied, oral or written, of any nature whatsoever with respect to the subject matter hereof. The express terms hereof
control and supersedes any course of performance or usage of the trade inconsistent with any of the terms hereof.

 

Section
12.12     Third Party Beneficiaries. Each of the Trustee, the Certificate Administrator, the Master
Servicer and the Special Servicer acknowledge that (i) each Mortgage Loan Seller and Deutsche Bank Securities Inc. are third party
beneficiaries with respect to Section 8.05(h) of this Agreement, the obligations of any party to this Agreement to deliver
information to the 17g-5 Information Provider hereunder and the obligations of the 17g-5 Information Provider to post information
to the 17g-5 Information Provider’s Website (or make available to the NRSROs the items referenced in Section 3.13(b)
and (d)) and the express obligations of any party hereto to deliver documents, notices, information or funds to a Mortgage
Loan Seller, (ii) each Mortgage Loan Seller is a third party beneficiary with respect to Section 2.01, Section 2.02,
Section 2.03, Section 3.33, Section 8.05, Section 11.01 and Section 12.08 of this Agreement
and its rights as a Privileged Person, (iii) each Initial Purchaser and each Underwriter is a third party beneficiary with respect
to its rights to receive any notices, documents, certifications and/or information hereunder and its rights under Section 12.08
of this Agreement, (iv) each holder of a Companion Loan and any related Other Depositor is an intended third party beneficiary
in respect of the rights afforded it under this Agreement and may directly (or, in the case of a holder of a Companion Loan, the
related Other Servicer may) enforce such rights, (v) each of the Serviced Companion Loan Service Providers under the applicable
Other Pooling and Servicing Agreement is an intended third party beneficiary under this Agreement with respect to any provision
herein expressly relating to compensation, reimbursement or indemnification of such Serviced Companion Loan Service Provider and
the provisions regarding the coordination of Advances, (vi) each of the Non-Serviced Mortgage Loan Service Providers under the
applicable Other Pooling and Servicing Agreement is an intended third party beneficiary under this Agreement with respect to any
provisions herein relating to (1) the reimbursement of any nonrecoverable advances made with respect to the applicable Non-Serviced
Mortgage Loan by such Persons, (2) the indemnification of each applicable Other Servicer, Other Special Servicer and Other Trustee
and certain other parties pursuant to Section 1.04 or any other section of this Agreement against any claims, losses, penalties,
fines, forfeitures, legal fees and related costs, judgments and any other costs, liabilities, fees and expenses incurred in connection
with the related Other Pooling and Servicing Agreement and this Agreement that relate solely to its servicing of the related Whole
Loan and any related reimbursement provisions, (3) the provisions set forth in Section 4.07 of this Agreement regarding
advancing coordination and (4) the provisions set forth in Sections 3.29 and 6.07, as applicable, of this Agreement
and (vii) if one, but not all, of the Notes with respect to any Joint Mortgage Loan is repurchased, the applicable Repurchasing
Seller shall be a third

 

    -520-

     

    

 

party beneficiary of this Agreement to the same extent as if it was a Companion Loan Noteholder, as contemplated
by Section 3.33 hereof.

 

Section
12.13     PNC Bank, National Association. PNC Bank, National Association, by execution hereof
by its division, Midland Loan Services, a Division of PNC Bank, National Association, acknowledges and agrees that this Agreement
is binding upon and enforceable against PNC Bank, National Association to the full extent of the obligations set forth herein
with respect to Midland Loan Services, a Division of PNC Bank, National Association.

 

[NO
FURTHER TEXT ON THIS PAGE]

 

    -521-

     

    

 

IN WITNESS WHEREOF, the
Depositor, the Master Servicer, the Special Servicer, the Trustee, the Certificate Administrator, the Operating Advisor and the
Asset Representations Reviewer have caused their names to be signed hereto by their respective officers thereunto duly authorized
all as of the day and year first above written.

 

	 	DEUTSCHE MORTGAGE & ASSET
	 	 	RECEIVING CORPORATION,
	 	 	as Depositor
	 	 	 
	 	By:	/s/ Matt Smith
	 	 	Name: Matt Smith
	 	 	Title: Director
	 	 	 
	 	By:	/s/ Natalie Grainger
	 	 	Name: Natalie Grainger
	 	 	Title: Director
	 	 	 
	 	WELLS FARGO BANK, NATIONAL
	 	 	ASSOCIATION,
	 	 	as Master Servicer
	 	 	 
	 	By:	/s/ Nachette Hadden
	 	 	Name: Nachette Hadden
	 	 	Title: Director
	 	 	 
	 	MIDLAND LOAN SERVICES, A DIVISION
	 	 	OF PNC BANK, NATIONAL
	 	 	ASSOCIATION,
	 	 	as Special Servicer
	 	 	 
	 	By:	/s/ David D. Spotts
	 	 	Name: David D. Spotts
	 	 	Title: Senior Vice President

 

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	 	WILMINGTON TRUST, NATIONAL
	 	 	ASSOCIATION,
	 	 	as Trustee
	 	 	 
	 	By:	/s/ Drew Davis
	 	 	Name: Drew Davis
	 	 	Title: Vice President
	 	 	 
	 	WELLS FARGO BANK, NATIONAL
	 	 	ASSOCIATION,
	 	 	as Certificate Administrator, Paying Agent
	 	 	and Custodian
	 	 	 
	 	By:	/s/ Stacey Gross
	 	 	Name: Stacey Gross
	 	 	Title: Vice President

 

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	 	 	PARK BRIDGE LENDER SERVICES LLC,
	 	 	as Operating Advisor
	 	 	 
	 	 	By: Park Bridge Advisors LLC
	 	 	Its Sole Member

 

	 	 	By: Park Bridge Financial LLC
	 	 	Its Sole Member

 

	 	By:	/s/ Robert J. Spinna, Jr.
	 	 	Name: Robert J. Spinna, Jr.
	 	 	Title: Managing Member

 

	 	 	PARK BRIDGE LENDER SERVICES LLC,
	 	 	as Asset Representations Reviewer
	 	 	 
	 	 	By: Park Bridge Advisors LLC
	 	 	Its Sole Member

 

	 	 	By: Park Bridge Financial LLC
	 	 	Its Sole Member

 

	 	By:	/s/ Robert J. Spinna, Jr.
	 	 	Name: Robert J. Spinna, Jr.
	 	 	Title: Managing Member 

 

Benchmark
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	STATE OF New York  	)	 
	 	:   ss.:
	COUNTY OF New York   	)	 

 

On the 30 day of
January in the year 2018, before me, the undersigned, personally appeared Matt Smith & Natalie Grainger, personally
known to me or proved to me on the basis of satisfactory evidence to be the individual(s) whose name(s) is (are) subscribed to
the within instrument and acknowledged to me that he/she/they executed the same in his/her/their capacity(ies), and that by his/her/their
signature(s) on the instrument, the individual(s), or the person upon behalf of which the individual(s) acted, executed the instrument,
and that such individual made such appearance before the undersigned in the  New York (insert the city or other
political subdivision and the state or county or other place the acknowledgment was taken).

 

	 	/s/ Christine L. Last
	 	Signature and Office of individual taking acknowledgment
	 	 

        Christine L. Last

        Notary Public - State of New York

        Qualified in New York County

        No. 01LA6274862

        My Commission Expires 1/14/2021

 

 

This instrument prepared by:

 

		Name:	Sidley Austin LLP

		Address:	787 Seventh Avenue

		 	New York, New York 10019

 

Benchmark
2018-B1 Mortgage Trust – Pooling and Servicing Agreement

 

    

     

    

 

	STATE OF NORTH CAROLINA  	)	 
	 	:   ss.:
	COUNTY OF MECKLENBURG  	)	 

 

On this 24 day of January, 2018, personally appeared before me Nachette Hadden, to me known (or proved to me on the basis
of satisfactory evidence) to be a Director of Wells Fargo Bank, National Association, a national banking association, that
executed the within and foregoing instrument, and acknowledged that said instrument to be the free and voluntary act and deed
of said entity, for the uses and purposes therein mentioned, and on oath stated that she was authorized to execute said instrument,
and that by her signature on the instrument the entity upon behalf of which she acted, executed the instrument.

 

	 	/s/ Erica L. Smith
	 	Notary

                                                        Name:

	My Commission expires:

	ERICA L SMITH 

NOTARY PUBLIC 

MECKLENBURG COUNTY, NC 

My Commission Expires 07-20-2022 

 

 

 

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	STATE OF KANSAS  	)	 
	 	:   ss.:
	COUNTY OF JOHNSON   	)	 

 

On the 24rd day of January in the year 2018, before me, the undersigned, personally appeared David D. Spotts, personally known
to me or proved to me on the basis of satisfactory evidence to be the individual whose name is subscribed to the within instrument
and acknowledged to me that he executed the same in his capacity, and that by his signature on the instrument, the individual,
or the person upon behalf of which the individual acted, executed the instrument, and that such individual made such appearance
before the undersigned in the city of Overland Park.

 

	 	/s/ Brent Kinder
	 	Signature and Office of individual taking acknowledgment
	 	 

                                                           BRENT KINDER

                                                           NOTARY PUBLIC - State of Kansas

                                                           My Appt. Exp. January 30, 2018

 

 

This instrument prepared by:

 

		Name:	Sidley Austin LLP

		Address:	787 Seventh Avenue

		 	New York, New York 10019

 

Benchmark
2018-B1 Mortgage Trust – Pooling and Servicing Agreement

 

    

     

    

 

 

	STATE OF Delaware  	)	 
	 	:   ss.:
	COUNTY OF New Castle   	)	 

 

On the 23rd  day of
January in the year 2018, before me, the undersigned, personally appeared Drew H. Davis, personally known to me or proved to
me on the basis of satisfactory evidence to be the individual(s) whose name(s) is (are) subscribed to the within instrument
and acknowledged to me that he/she/they executed the same in his/her/their capacity(ies), and that by his/her/their
signature(s) on the instrument, the individual(s), or the person upon behalf of which the individual(s) acted, executed the
instrument, and that such individual made such appearance before the undersigned in the  New Castle, Delaware (insert the
city or other political subdivision and the state or county or other place the acknowledgment was taken).

 

	 	/s/ Christina Bader
	 	Signature and Office of individual taking acknowledgment
	 	 

                                                           CHRISTINA BADER

                                                           NOTARY PUBLIC

                                                           STATE OF DELAWARE

                                                           My Commission Expires March 22, 2020

 

 

This instrument prepared by:

 

		Name:	Sidley Austin LLP

		Address:	787 Seventh Avenue

		 	New York, New York 10019

 

Benchmark
2018-B1 Mortgage Trust – Pooling and Servicing Agreement

 

    

     

    

 

	STATE OF: Maryland  	)	 
	 	:   ss.:
	COUNTY OF: Howard   	)	 

 

On this 23rd day of January, 2018, before me, the undersigned, a Notary Public in and for the State of Maryland, duly commissioned
and sworn, personally appeared Stacey Gross, to me known who, by me duly sworn, that s/he is the Vice President of Wells Fargo
Bank, N.A., the entity described in and that executed the foregoing instrument; and that s/he signed her/his name thereto
under authority of the board of directors of said entity and on behalf of such entity.

 

WITNESS my hand and seal hereto affixed
the day and year first above written.

 

 

	 	/s/ Andrew Crews
	 	NOTARY PUBLIC in and for the

                                                                                State of Maryland

	 	 

                                                           ANDREW CREWS

                                                           NOTARY PUBLIC

                                                           CECIL COUNTY, MD

                                                           MY COMMISSION EXPIRES OCTOBER 27, 2021

 

 

 

Benchmark
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	STATE OF NEW YORK  	)	 
	 	:   ss.:
	COUNTY OF NEW YORK   	)	 

 

On this 23rd of January, 2018, before me, the undersigned, a Notary Public in and for the State of New York, duly commissioned
and sworn, personally appeared Robert J. Spinna, Jr., to me known who, by me duly sworn, did depose and acknowledge before
me that he is a Managing Member of Park Bridge Financial LLC, which is the sole member of Park Bridge Advisors LLC, which
in turn is the sole member of Park Bridge Lender Services LLC, the entity described in and that executed the foregoing instrument;
and that he signed his name thereto under authority of said entity and on behalf of such entity.

 

WITNESS my hand and seal hereto
affixed the day and year first above written.

 

	 	/s/ Cathy Pampinella
	 	NOTARY PUBLIC in and for the

                                                                                State of New York

	 	 

                                                           CATHY PAMPINELLA

                                                           Notary Public, State of New York

                                                           Registration #01PA6303022

                                                           Qualified In Suffolk County

                                                           Commission Expires
May 12, 2018

                                                            

 

[SEAL]

 

My Commission expires: _______________

                                                   (Date)

 

This instrument prepared by:

 

		Name:	Sidley Austin LLP

		Address:	787 Seventh Avenue

		 	New York, New York 10019

 

Benchmark
2018-B1 Mortgage Trust – Pooling and Servicing Agreement

 

    

     

    

 

 

	STATE OF NEW YORK  	)	 
	 	:   ss.:
	COUNTY OF NEW YORK   	)	 

 

On this 23rd of January, 2018, before me, the undersigned, a Notary Public in and for the State of New York, duly commissioned
and sworn, personally appeared Robert J. Spinna, Jr., to me known who, by me duly sworn, did depose and acknowledge before
me that he is a Managing Member of Park Bridge Financial LLC, which is the sole member of Park Bridge Advisors LLC, which
in turn is the sole member of Park Bridge Lender Services LLC, the entity described in and that executed the foregoing instrument;
and that he signed his name thereto under authority of said entity and on behalf of such entity.

 

WITNESS my hand and seal hereto
affixed the day and year first above written.

 

	 	/s/ Cathy Pampinella
	 	NOTARY PUBLIC in and for the

                                                                                State of New York

	 	 

                                                           CATHY PAMPINELLA

                                                           Notary Public, State of New York

                                                           Registration #01PA6303022

                                                           Qualified In Suffolk County

                                                           Commission Expires
May 12, 2018

                                                            

 

[SEAL]

 

My Commission expires: _______________

                                                   (Date)

 

This instrument prepared by:

 

		Name:	Sidley Austin LLP

		Address:	787 Seventh Avenue

		 	New York, New York 10019

 

Benchmark
2018-B1 Mortgage Trust – Pooling and Servicing Agreement

 

    

     

    

 

  

EXHIBIT
A-1

 

FORM
OF CLASS A-1 CERTIFICATE

 

[UNLESS
THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”),
TO THE CERTIFICATE REGISTRAR FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE
NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO
CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER
USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS
AN INTEREST HEREIN.]1

 

THIS
CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN THE DEPOSITOR, THE ORIGINATOR, THE MASTER SERVICER, THE SPECIAL
SERVICER, THE CERTIFICATE ADMINISTRATOR, THE CERTIFICATE REGISTRAR, THE OPERATING ADVISOR, THE ASSET REPRESENTATIONS REVIEWER,
THE RISK RETENTION CONSULTATION PARTY, THE TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THE CERTIFICATES NOR THE UNDERLYING
MORTGAGE LOANS ARE INSURED OR GUARANTEED BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY.

 

PRINCIPAL
PAYMENTS ON THIS CERTIFICATE ARE PAYABLE IN INSTALLMENTS AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING CERTIFICATE BALANCE
OF THIS CERTIFICATE AT ANY TIME MAY BE LESS THAN THE INITIAL CERTIFICATE BALANCE SET FORTH BELOW.

 

FOR
U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE REPRESENTS A “REGULAR INTEREST” IN A “REAL ESTATE MORTGAGE
INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G(a)(1) AND 860D OF THE INTERNAL REVENUE
CODE OF 1986, AS AMENDED.

 

 

 

1 Legend required as long as DTC is the Depository under the Pooling and Servicing Agreement.

 

    A-1-1 

     

    

 

BENCHMARK
2018-B1 MORTGAGE TRUST COMMERCIAL MORTGAGE

PASS-THROUGH CERTIFICATES, CLASS A-1

 

	Class A-1 Pass-Through
    Rate:  2.560%	 	CUSIP: 08162PAS0

         

        ISIN:    US08162PAS02

         

	Original Aggregate Certificate Balance of the Class A-1 Certificates: $18,703,000	 	Initial Certificate Balance of this Certificate:
    $[__]
	 	 	 
	First Distribution Date:  February
    16, 2018	 	Cut-off Date: The close of business on the later
    of the related Due Date of such Mortgage Loan in January 2018 (or, in the case of any Mortgage Loan that has its first Due
    Date subsequent to January 2018, the date that would have been its Due Date in January 2018 under the terms of that Mortgage
    Loan if a Periodic Payment were scheduled to be due in that month) and the date of origination of such Mortgage Loan
	 	 	 
	Assumed Final Distribution Date:  June
    2022	 	No.: A-1-[_]

 

This
certifies that [              ] is the registered
owner of a beneficial ownership interest in a Trust Fund, including the distributions to be made with respect to the Class A-1
Certificates. The Trust Fund, described more fully below, consists primarily of a pool of Mortgage Loans secured by first liens
on commercial and multifamily properties and held in trust by the Trustee and serviced by the Master Servicer. The Trust Fund
was created, and the Mortgage Loans are to be serviced, pursuant to the Pooling and Servicing Agreement (as defined below). The
Holder of this Certificate, by virtue of the acceptance hereof, assents to the terms, provisions and conditions of the Pooling
and Servicing Agreement and is bound thereby.

 

The
Pooling and Servicing Agreement, dated as of January 1, 2018 (the “Pooling and Servicing Agreement”), between
the Depositor, Wells Fargo Bank, National Association, as master servicer (in such capacity, the “Master Servicer”),
Midland Loan Services, a Division of PNC Bank, National Association, as special servicer (the “Special Servicer”),
Wilmington Trust, National Association, as trustee (the “Trustee”), Wells Fargo Bank, National Association,
as certificate administrator (in such capacity, the “Certificate Administrator”), custodian and paying agent,
and Park Bridge Lender Services LLC, as operating advisor (in such capacity, the “Operating Advisor”) and asset
representations reviewer (in such capacity, the “Asset Representations Reviewer”) evidences the issuance of
the Class A-1, Class A-2, Class A-3, Class A-SB, Class A-4, Class A-5, Class A-M, Class B, Class C, Class D, Class E,
Class F-RR, Class G-RR, Class X-A, Class X-B, Class X-D, Class X-E, Class S, Class R, Class V2, Class V1-A1, Class
V1-A2, Class V1-A3, Class V1-ASB, Class V1-A4, Class V1-A5, Class V1-AM,

 

    A-1-2

     

    

 

Class
V1-B, Class V1-C, Class V1-D, Class V1-E, Class V1-F and Class V1-G Certificates (the “Certificates”; the Holders
of Certificates issued under the Pooling and Servicing Agreement are collectively referred to herein as “Certificateholders”).
This Certificate is issued pursuant to, and in accordance with, the terms of the Pooling and Servicing Agreement. To the extent
not defined herein, capitalized terms used herein shall have the meanings assigned thereto in the Pooling and Servicing Agreement.

 

This
Certificate represents a “regular interest” in a “real estate mortgage investment conduit”, as those terms
are defined, respectively, in Sections 860G(a)(1) and 860D of the Internal Revenue Code of 1986, as amended. Each Holder of this
Certificate, by acceptance hereof, agrees to treat, and take no action inconsistent with the treatment of, this Certificate in
accordance with the preceding sentence for purposes of federal income taxes, state and local income and franchise taxes and other
taxes imposed on or measured by income.

 

The
Certificate Administrator makes no representation or warranty as to any of the statements contained herein or the validity or
sufficiency of the Certificates or the Mortgage Loans and has executed this Certificate in its limited capacity as Certificate
Administrator under the Pooling and Servicing Agreement. In the event that there is any conflict between any provision of this
Certificate and any provision of the Pooling and Servicing Agreement, such provision of this Certificate shall be superseded to
the extent of such inconsistency.

 

Pursuant
to the terms of the Pooling and Servicing Agreement, the Certificate Administrator, or the Paying Agent on behalf of the Certificate
Administrator, will distribute (other than the final distribution on any Certificate), on the fourth Business Day after each Determination
Date (each such date, a “Distribution Date”) an amount equal to such Person’s pro rata share (based on
the Percentage Interest represented by this Certificate) of that portion of the aggregate amount of principal and interest then
distributable, if any, allocable to the Class A-1 Certificates for such Distribution Date, all as more fully described in
the Pooling and Servicing Agreement. “Determination Date” is defined in the Pooling and Servicing Agreement as the
eleventh day of each month, or if such eleventh day is not a Business Day, then the next Business Day, commencing in February
2018. Holders of this Certificate may be entitled to Prepayment Premiums and Yield Maintenance Charges as provided in the Pooling
and Servicing Agreement.

 

During
each Interest Accrual Period (as defined below), interest on the Class A-1 Certificates will be calculated based on a 360-day
year consisting of twelve 30-day months on the outstanding Certificate Balance hereof.

 

Interest
accrued on this Certificate during an Interest Accrual Period, plus the aggregate unpaid Interest Shortfall with respect to this
Certificate, if any, will be payable on the related Distribution Date to the extent provided in the Pooling and Servicing Agreement.
The “Interest Accrual Period” means, with respect to any Distribution Date, the calendar month immediately preceding
the month in which such Distribution Date occurs. Each Interest Accrual Period is assumed to consist of 30 days.

 

All
distributions (other than the final distribution on any Certificate) will be made by the Paying Agent to the Persons in whose
names the Certificates are registered at the close of business on each Record Date, which will be the close of business on the
last Business Day of

 

    A-1-3

     

    

 

the
calendar month immediately preceding the month in which such Distribution Date occurs. Such distributions shall be made on each
Distribution Date other than the Termination Date to each Certificateholder of record on the related Record Date, (i) by wire
transfer of immediately available funds to the account of such Holder at a bank or other entity located in the United States and
having appropriate facilities therefor if such Holder shall have provided the Paying Agent with wire instructions in writing at
least five Business Days prior to the related Record Date (which wiring instructions may be in the form of a standing order applicable
to all subsequent distributions), or (ii) otherwise, by check mailed by first-class mail to the address set forth therefor in
the Certificate Register. The final distribution on each Certificate shall be made in like manner, but only upon presentment and
surrender of such Certificate at the office of the Certificate Administrator or its agent (which may be the Paying Agent or the
Certificate Registrar acting as such agent) that is specified in the notice to Holders of such final distribution.

 

Any
funds not distributed on the Termination Date because of the failure of any Certificateholders to tender their Certificates shall,
on such date, be set aside and held for the benefit of the appropriate non-tendering Certificateholders. If any Certificates as
to which notice of the Termination Date has been given pursuant to the Pooling and Servicing Agreement shall not have been surrendered
for cancellation within six months after the time specified in such notice, the Certificate Administrator shall mail a second
notice to the remaining non-tendering Certificateholders to surrender their Certificates for cancellation to receive the final
distribution with respect thereto. If within one year after the second notice not all of such Certificates shall have been surrendered
for cancellation, the Certificate Administrator may, directly or through an agent, take appropriate steps to contact the remaining
non-tendering Certificateholders concerning surrender of their Certificates. The costs and expenses of holding such funds in trust
and of contacting such Certificateholders shall be paid out of such funds. Subject to applicable state escheatment laws, if within
two years after the second notice any such Certificates shall not have been surrendered for cancellation, the Paying Agent shall
distribute to the Certificate Administrator all amounts distributable to the Holders thereof, and the Certificate Administrator
shall thereafter hold such amounts for the benefit of such Holders until the earlier of (i) its termination as Certificate Administrator
under the Pooling and Servicing Agreement and the transfer of such amounts to a successor Certificate Administrator and (ii) the
termination of the Trust Fund and distribution of such amounts to the Class R Certificateholders. No interest shall accrue or
be payable to any Certificateholder on any amount held under the Pooling and Servicing Agreement or by the Certificate Administrator
as a result of such Certificateholder’s failure to surrender its Certificate(s) for final payment thereof in accordance
with the Pooling and Servicing Agreement. Any such amounts transferred to the Certificate Administrator may be invested in Permitted
Investments and all income and gain realized from investment of such funds shall accrue for its benefit.

 

This
Certificate is limited in right of payment to, among other things, certain collections and recoveries in respect of the Mortgage
Loans, as more specifically set forth herein and in the Pooling and Servicing Agreement.

 

As
provided in the Pooling and Servicing Agreement, the Trust Fund includes (in each case, to the extent of the Trust Fund’s
interest therein and specifically excluding any interest of any Serviced Companion Loan Noteholder therein): (i) such Mortgage
Loans as from

 

    A-1-4

     

    

 

time
to time are subject to the Pooling and Servicing Agreement, together with the Mortgage Files relating thereto; (ii) all scheduled
or unscheduled payments on or collections in respect of the Mortgage Loans due after the Cut-off Date; (iii) the Trust Fund’s
interest in any REO Property; (iv) all revenues received in respect of any REO Property; (v) any Assignments of Leases, Rents
and Profits and any security agreements related to the Mortgage Loans; (vi) any indemnities or guaranties given as additional
security for any Mortgage Loans; (vii) a security interest in all assets deposited in the Lock-Box Accounts, Cash Collateral Accounts,
Escrow Accounts, and Reserve Accounts; (viii) the Loss of Value Reserve Fund; (ix) the Collection Account, the Serviced Whole
Loan Collection Accounts, the Distribution Accounts, any Gain-on-Sale Reserve Account, the Interest Reserve Account, and the Trust’s
interest in any REO Account, including any amounts on deposit therein, assets credited thereto and any reinvestment income, as
applicable; (x) a security interest in any environmental indemnity agreements relating to the Mortgaged Properties; (xi) a security
interest in all insurance policies with respect to the Mortgage Loans and the Mortgaged Properties; (xii) the rights and remedies
under the Mortgage Loan Purchase Agreements relating to document delivery requirements with respect to the Mortgage Loans and
the representations and warranties of the related Mortgage Loan Seller regarding its Mortgage Loans; (xiii) the Lower-Tier Regular
Interests; (xiv) the Class VRR Upper-Tier Regular Interests; and (xv) the proceeds of the foregoing (other than any interest earned
on deposits in the Lock-Box Accounts, Cash Collateral Accounts, Escrow Accounts and any Reserve Accounts, to the extent such interest
belongs to the related Borrower). As provided in the Pooling and Servicing Agreement, withdrawals may be made from certain of
the above accounts for purposes other than distributions to Certificateholders.

 

This
Certificate does not purport to summarize the Pooling and Servicing Agreement, and reference is made to the Pooling and Servicing
Agreement for the interests, rights, benefits, obligations and duties evidenced hereby, and the limitations thereon, and the rights,
duties and immunities of the Certificate Administrator.

 

As
provided in the Pooling and Servicing Agreement and subject to certain limitations set forth therein, this Certificate is transferable
or exchangeable only upon surrender of this Certificate to the Certificate Registrar at its offices together with an assignment
and transfer (executed by the Holder or his duly authorized attorney), subject to the requirements in Article V of the Pooling
and Servicing Agreement. Upon surrender for registration of transfer of this Certificate, subject to the requirements in Article
V of the Pooling and Servicing Agreement, the Certificate Administrator shall execute and the Authenticating Agent shall duly
authenticate in the name of the designated transferee or transferees, one or more new Certificates in authorized denominations
of a like aggregate denomination as the Certificate being surrendered. Such Certificates shall be delivered by the Certificate
Registrar in accordance with Article V of the Pooling and Servicing Agreement.

 

Prior
to due presentation of this Certificate for registration of transfer, the Depositor, the Master Servicer, the Special
Servicer, the Operating Advisor, the Asset Representations Reviewer, the Certificate Administrator, the Trustee, the
Certificate Registrar,
any Paying Agent and any agent of any of them may treat the Person in whose name this Certificate is registered as the owner hereof
for all purposes, and none of the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator, the Trustee,
the Certificate 

 

    A-1-5

     

    

 

Registrar, any Paying Agent or any agent of any of them shall be affected by notice or knowledge to the contrary.

 

No
fee or service charge shall be imposed by the Certificate Registrar for its services in respect of any registration of transfer
or exchange referred to in Section 5.02 of the Pooling and Servicing Agreement other than for transfers to Institutional Accredited
Investors as provided in Section 5.02(h) of the Pooling and Servicing Agreement. In connection with any transfer to an Institutional
Accredited Investor, the transferor shall reimburse the Trust Fund for any costs (including the cost of the Certificate Registrar’s
counsel’s review of the documents and any legal opinions, submitted by the transferor or transferee to the Certificate Registrar
as provided in the Pooling and Servicing Agreement) incurred by the Certificate Registrar in connection with such transfer. The
Certificate Registrar may require payment by each transferor of a sum sufficient to cover any tax, expense or other governmental
charge payable in connection with any such transfer.

 

The
Pooling and Servicing Agreement or any Custodial Agreement may be amended at any time by the Depositor, the Master Servicer, the
Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the Trustee without
the consent of any of the Certificateholders or any Serviced Companion Loan Noteholders, (i) to cure any ambiguity or to correct
any manifest error; (ii) to cause the provisions of the Pooling and Servicing Agreement or any Custodial Agreement to conform
or be consistent with or in furtherance of the statements made in the Prospectus or Private Placement Memorandum with respect
to the Certificates, the Trust or the Pooling and Servicing Agreement or to correct or supplement any provisions of the Pooling
and Servicing Agreement or any Custodial Agreement which may be defective or inconsistent with any other provisions of the Pooling
and Servicing Agreement or any Custodial Agreement; (iii) to change the timing and/or nature of deposits in the Collection
Account, the Distribution Accounts or any REO Account; provided that (a) the Master Servicer Remittance Date shall in no event
be later than the Business Day prior to the related Distribution Date and (b) such change shall not adversely affect in any material
respect the interests of any Certificateholder, as evidenced in writing by an Opinion of Counsel at the expense of the party requesting
such amendment or as evidenced by a Rating Agency Confirmation from each Rating Agency with respect to such amendment; (iv) to
modify, eliminate or add to any of its provisions to such extent as shall be necessary to maintain the qualification of any Trust
REMIC as a REMIC or the Grantor Trust as a grantor trust under the relevant provisions of the Code at all times that any Certificate
is outstanding, or to avoid or minimize the risk of imposition of any tax on the Trust Fund or any Trust REMIC or the Grantor
Trust that would be a claim against the Trust Fund or any Trust REMIC or the Grantor Trust; provided that the Trustee and
the Certificate Administrator have received an Opinion of Counsel (at the expense of the party requesting such amendment) to the
effect that (a) such action is necessary or desirable to maintain such qualification or to avoid or minimize the risk of
the imposition of any such tax and (b) such action will not adversely affect in any material respect the interests of any
Certificateholder or Companion Loan Noteholder; (v) to modify, eliminate or add to the provisions any provision of the Pooling
and Servicing Agreement restricting transfer of the Class R Certificates; provided the Depositor has determined that
such change shall not, as evidenced by an Opinion of Counsel, cause the Trust Fund, any Trust REMIC or any of the Certificateholders
(other than the Transferor) to be subject to a federal tax caused by a Transfer

 

    A-1-6

     

    

 

to
a Person that is a Disqualified Organization or a Non-U.S. Tax Person; (vi) to revise or add any other provisions with
respect to matters or questions arising under the Pooling and Servicing Agreement or any other change; provided that
the required action shall not adversely affect in any material respect the interests of any Certificateholder or any holder
of a Serviced Pari Passu Companion Loan not consenting thereto as evidenced in writing by an Opinion of Counsel, at the
expense of the party requesting such amendment or as evidenced by a Rating Agency Confirmation from each of the Rating
Agencies with respect to such amendment or supplement and confirmation of the applicable rating agencies that such action
will not result in the downgrade, withdrawal or qualification of its then-current ratings of any securities related to a
Companion Loan, if any (provided that such rating agency confirmation may be considered satisfied in the same manner
as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates); (vii) to amend or supplement
any provision of the Pooling and Servicing Agreement to the extent necessary to maintain the then-current ratings assigned to
each Class of Certificates by each Rating Agency, as evidenced by a Rating Agency Confirmation from each of the Rating
Agencies; provided that such amendment or supplement shall not adversely affect in any material respect the interests
of any Certificateholder not consenting thereto as evidenced by an Opinion of Counsel, or any holder of a Serviced Pari Passu
Companion Loan not consenting to such revision or addition, as evidenced by an Opinion of Counsel at the expense of the party
requesting such amendment or as evidenced by confirmation of the applicable Rating Agencies that such action will not result
in the downgrade, withdrawal or qualification of its then-current ratings of any securities related to a Companion Loan, if
any (provided that such Rating Agency Confirmation may be considered satisfied in the same manner as any Rating Agency
Confirmation may be considered satisfied with respect to the Certificates); (viii) to modify the provisions of Section
3.06 and Section 3.17 of the Pooling and Servicing Agreement (with respect to reimbursement of Nonrecoverable
Advances and Workout-Delayed Reimbursement Amounts) if (a) the Depositor, the Master Servicer, the Trustee and, for so
long as a Control Termination Event has not occurred and is not continuing, the Directing Holder, determine that the
commercial mortgage backed securities industry standard for such provisions has changed, in order to conform to such industry
standard, (b) such modification does not adversely affect the status of any Trust REMIC as a REMIC or the status of the
Grantor Trust as a grantor trust under the relevant provisions of the Code, as evidenced by an Opinion of Counsel and
(c) each Rating Agency has delivered a Rating Agency Confirmation and, with regard to any class of Serviced Companion
Loan Securities, the applicable rating agencies have delivered a confirmation that such action will not result in the
downgrade, withdrawal or qualification of its then-current ratings (provided that such rating agency confirmation may
be considered satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the
Certificates); (ix) to modify the procedures of the Pooling and Servicing Agreement relating to compliance with
Rule 17g-5 of the Exchange Act; provided that such amendment shall not adversely affect in any material respects
the interests of any Certificateholders, as evidenced by (x) an Opinion of Counsel or (y) if any Certificate is
then rated, receipt of Rating Agency Confirmation from each Rating Agency rating such Certificates; and provided, further,
that the Certificate Administrator shall give notice of any such amendment to the 17g-5 Information Provider for posting to
the 17g-5 Information Provider’s Website and the Certificate Administrator shall post such notice to the Certificate
Administrator’s Website; (x) to modify, eliminate or add to any provisions of the Pooling and Servicing Agreement to
such extent as would be necessary to comply with the

 

    A-1-7

     

    

 

requirements
for use of Form SF-3 in registered offerings to the extent provided in CFR 239.45(b)(1)(ii), (iii) or (iv); and (xi) to modify,
eliminate or add to any of its provisions (a) to such extent as will be necessary to comply with the requirements of the Risk
Retention Rule, as evidenced by an Opinion of Counsel, or (b) in the event the Risk Retention Rule or any other regulation applicable
to the risk retention requirements for this securitization transaction are amended or repealed, to the extent required to comply
with any such amendment or to modify or eliminate the risk retention requirements in the event of such repeal, as evidenced by
an Opinion of Counsel.

 

The
Pooling and Servicing Agreement or any Custodial Agreement may also be amended from time to time by the Depositor, the Master
Servicer, the Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the
Trustee with the prior written consent of the Holders of Certificates representing not less than a majority of the Percentage
Interests of each Class of Certificates affected thereby (without regard to Certificates held by the Depositor, any of the
Depositor’s Affiliates and/or agents) and each Serviced Companion Loan Noteholder affected thereby for the purpose of adding
any provisions to or changing in any manner or eliminating any of the provisions of the Pooling and Servicing Agreement or modifying
in any manner the rights of the Certificateholders or the Serviced Companion Loan Noteholders; provided, that no such amendment
may:

 

		(i)	reduce
                                         in any manner the amount of, or delay the timing of, payments received on the Mortgage
                                         Loans or Serviced Whole Loan which are required to be distributed on any Certificate,
                                         without the consent of the Holders of Certificates representing all of the Percentage
                                         Interests of the Class or Classes affected thereby or which are required to be distributed
                                         to any Companion Loan Noteholders without the consent of such Companion Loan Noteholders;

 

		(ii)	reduce
                                         the aforesaid percentage of Certificates of any Class the Holders of which are required
                                         to consent to any such amendment or remove the requirement to obtain consent of any Companion
                                         Loan Noteholder, in any such case without the consent of the Holders of all Certificates
                                         of such Class then-outstanding or such Companion Loan Noteholder, as applicable;

 

		(iii)	adversely
                                         affect the Voting Rights of any Class of Certificates without the consent of the Holders
                                         of all Certificates of such Class then outstanding;

 

		(iv)	change
                                         in any manner any defined term used in any Mortgage Loan Purchase Agreement or the obligations
                                         of any Mortgage Loan Seller under such Mortgage Loan Purchase Agreement or otherwise
                                         or change any rights of any Mortgage Loan Seller as a third party beneficiary hereunder,
                                         without the consent of such Mortgage Loan Seller; or

 

		(v)	amend
                                         the Servicing Standard without the consent of 100% of the Certificateholders or receipt
                                         of Rating Agency Confirmation from each Rating Agency and confirmation of the applicable
                                         rating agencies that

 

    A-1-8

     

    

 

	 	 	such
                                         action will not result in the downgrade, withdrawal or qualification of its then-current
                                         ratings of any securities related to a Companion Loan, if any (provided that such
                                         rating agency confirmation may be considered satisfied in the same manner as any Rating
                                         Agency Confirmation may be considered satisfied with respect to the Certificates).

 

Further,
the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations
Reviewer and the Trustee, at any time and from time to time, without the consent of the Certificateholders or, if applicable,
the Serviced Companion Loan Noteholders, may amend the Pooling and Servicing Agreement to modify, eliminate or add to any of its
provisions (i) to such extent as shall be necessary to maintain the qualification of the Lower-Tier REMIC or the Upper-Tier REMIC
as a REMIC or the qualification of the Grantor Trust as a grantor trust, or to prevent the imposition of any additional material
state or local taxes, at all times that any Certificates are outstanding; provided that such action, as evidenced by an
Opinion of Counsel (obtained at the expense of the Trust Fund), is necessary or helpful to maintain such qualification or to prevent
the imposition of any such taxes, and would not adversely affect in any material respect the interest of any Certificateholder
or if applicable, any Serviced Companion Loan Noteholder or (ii) to the extent necessary to comply with the Investment Company
Act of 1940, as amended, the Exchange Act, Regulation AB, and/or any related regulatory actions and/or interpretations.

 

The
Certificateholder owning a majority of the Percentage Interest in the Controlling Class and, if no such Certificateholder
exercises such option, the Special Servicer, and if the Special Servicer does not exercise such option, the Master Servicer may
effect an early termination of the Trust Fund, upon not less than 30 days’ prior Notice of Termination given to the Trustee,
the Special Servicer and the Master Servicer any time specifying the Anticipated Termination Date, which shall be on or after
the Early Termination Notice Date (defined as any date as of which the aggregate Stated Principal Balance of the Mortgage Loans
remaining in the Trust is less than 1.0% of the aggregate Stated Principal Balance of the Mortgage Loans as of the Cut-off Date)
by purchasing on such date all, but not less than all, of the Mortgage Loans then included in the Trust Fund, and the Trust’s
interest in all property acquired in respect of any Mortgage Loan, at a purchase price, payable in cash, equal to the sum of,
without duplication:

 

		(A)	100%
                                         of the Stated Principal Balance of each Mortgage Loan included in the Trust as of the
                                         last day of the month preceding such Anticipated Termination Date (less any P&I Advances
                                         previously made on account of principal);

 

		(B)	the
                                         fair market value of all other property included in the Trust Fund as of the last day
                                         of the month preceding such Anticipated Termination Date, as determined by an Independent
                                         appraiser acceptable to the Master Servicer as of a date not more than 30 days prior
                                         to the last day of the month preceding such Distribution Date;

 

    A-1-9

     

    

 

		(C)	all
                                         unpaid interest accrued on the unpaid balance of each Mortgage Loan (including any Mortgage
                                         Loan as to which title to the related Mortgaged Property has been acquired) at the Mortgage
                                         Rate to the last day of the month preceding such Anticipated Termination Date (less any
                                         P&I Advances previously made on account of interest); and

 

		(D)	the
                                         aggregate amount of unreimbursed Advances, with interest thereon at the Reimbursement
                                         Rate, and unpaid Servicing Compensation, Special Servicing Compensation, Operating Advisor
                                         Fees, Certificate Administrator/Trustee Fees, the CREFC® Intellectual
                                         Property Royalty License Fees and Trust Fund expenses.

 

In
addition, the Pooling and Servicing Agreement provides that following the date on which the Class X-A Notional Amount, the
Class X-B Notional Amount, the Class X-D Notional Amount and the aggregate Certificate Balance of the Class A-1, Class A-2,
Class A-3, Class A-SB, Class A-4, Class A-5, Class A-M, Class B, Class C and Class D Certificates is reduced to zero, the Sole
Certificateholder shall have the right to exchange all of the then-outstanding Certificates (other than the Class S or Class
R Certificates) for all of the Mortgage Loans and each REO Property remaining in the Trust Fund as contemplated by clause (ii) of
Section 9.01(a) of the Pooling and Servicing Agreement by giving written notice to all the parties to the Pooling and Servicing
Agreement no later than 60 days prior to the anticipated date of exchange.

 

All
costs and expenses incurred by any and all parties to the Pooling and Servicing Agreement or by the Trust Fund in connection with
the purchase of the Mortgage Loans and the other assets of the Trust Fund pursuant to Section 9.01(c) of the Pooling and
Servicing Agreement shall be borne by the party exercising its purchase rights thereunder. The Trustee and the Certificate Administrator
shall be entitled to rely conclusively on any determination made by an Independent appraiser pursuant to Section 9.01(c)
of the Pooling and Servicing Agreement.

 

The
respective obligations and responsibilities of the Master Servicer, the Special Servicer, the Depositor, the Certificate Administrator,
the Operating Advisor, the Asset Representations Reviewer and the Trustee created by the Pooling and Servicing Agreement with
respect to the Certificates (other than the obligations of the Certificate Administrator to make certain payments and to send
certain notices to Certificateholders as set forth in the Pooling and Servicing Agreement) shall terminate upon payment (or provision
for payment) to the Certificateholders and the Serviced Companion Loan Noteholders of all amounts held by or on behalf of the
Trustee, the Certificate Administrator and the Master Servicer, as the case may be, required under the Pooling and Servicing Agreement
to be so paid on the Distribution Date following the earlier to occur of (i) the purchase of the Mortgage Loans and all other
property held by the Trust Fund in accordance with Section 9.01(c) of the Pooling and Servicing Agreement; (ii) the exchange by
the Sole Certificateholder of its Certificates for the Mortgage Loans in accordance with Section 9.01(g) of the Pooling and Servicing
Agreement; and (iii) the

 

    A-1-10

     

    

 

later
of (a) the receipt or collection of the last payment due on any Mortgage Loan included in the Trust Fund, or
(b) the liquidation and disposition pursuant to the Pooling and Servicing Agreement of the last asset held by the Trust
Fund; provided that in no event shall the trust created by the Pooling and Servicing Agreement continue beyond the
expiration of 21 years from the death of the last survivor of the descendants of Joseph P. Kennedy, the late Ambassador of
the United States to the United Kingdom, living on the date hereof.

 

Unless
the Certificate of Authentication on this Certificate has been executed by the Authenticating Agent, by manual signature, this
Certificate shall not be entitled to any benefit under the Pooling and Servicing Agreement or be valid for any purpose.

 

    A-1-11

     

    

 

IN
WITNESS WHEREOF, the Certificate Administrator has caused this Class A-1 Certificate to be duly executed.

 

Dated:
January 31, 2018

	 	 	 
	 	WELLS
    FARGO BANK, NATIONAL ASSOCIATION, not in
    its individual capacity but solely as Certificate Administrator
	 	 	 
	 	By: 	 
	 	 	Authorized Signatory

 

Certificate
of Authentication

 

This
is one of the Class A-1 Certificates referred to in the Pooling and Servicing Agreement.

 

Dated:
January 31, 2018

	 	 	 
	 	WELLS
    FARGO BANK, NATIONAL ASSOCIATION, not in its
    individual capacity but solely as Authenticating Agent
	 	 	 
	 	By: 	 
	 	 	Authorized Signatory

 

    A-1-12

     

    

 

EXHIBIT
A-2

 

FORM
OF CLASS A-2 CERTIFICATE

 

[UNLESS
THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”),
TO THE CERTIFICATE REGISTRAR FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE
NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO
CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER
USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS
AN INTEREST HEREIN.]1

 

THIS
CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN THE DEPOSITOR, THE ORIGINATOR, THE MASTER SERVICER, THE SPECIAL
SERVICER, THE CERTIFICATE ADMINISTRATOR, THE CERTIFICATE REGISTRAR, THE OPERATING ADVISOR, THE ASSET REPRESENTATIONS REVIEWER,
THE RISK RETENTION CONSULTATION PARTY, THE TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THE CERTIFICATES NOR THE UNDERLYING
MORTGAGE LOANS ARE INSURED OR GUARANTEED BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY.

 

PRINCIPAL
PAYMENTS ON THIS CERTIFICATE ARE PAYABLE IN INSTALLMENTS AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING CERTIFICATE BALANCE
OF THIS CERTIFICATE AT ANY TIME MAY BE LESS THAN THE INITIAL CERTIFICATE BALANCE SET FORTH BELOW.

 

FOR
U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE REPRESENTS A “REGULAR INTEREST” IN A “REAL ESTATE MORTGAGE
INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G(a)(1) AND 860D OF THE INTERNAL REVENUE
CODE OF 1986, AS AMENDED.

 

 

 

1
Legend required as long as DTC is the Depository under the Pooling and Servicing Agreement.

  

    A-2-1 

     

    

 

BENCHMARK
2018-B1 MORTGAGE TRUST COMMERCIAL MORTGAGE

PASS-THROUGH CERTIFICATES, CLASS A-2

 

	Class A-2 Pass-Through
    Rate:  3.571%	 	CUSIP: 08162PAT8

         

        ISIN:     US08162PAT84

         

	Original Aggregate Certificate Balance of the Class A-2 Certificates: $157,629,000	 	Initial Certificate Balance of this Certificate:
    $[__]
	 	 	 
	First Distribution Date:  February
    16, 2018	 	Cut-off Date: The close of business on the later
    of the related Due Date of such Mortgage Loan in January 2018 (or, in the case of any Mortgage Loan that has its first Due
    Date subsequent to January 2018, the date that would have been its Due Date in January 2018 under the terms of that Mortgage
    Loan if a Periodic Payment were scheduled to be due in that month) and the date of origination of such Mortgage Loan
	 	 	 
	Assumed Final Distribution Date:  January
    2023	 	No.: A-2-[_]

 

This
certifies that [              ] is the registered
owner of a beneficial ownership interest in a Trust Fund, including the distributions to be made with respect to the Class A-2
Certificates. The Trust Fund, described more fully below, consists primarily of a pool of Mortgage Loans secured by first liens
on commercial and multifamily properties and held in trust by the Trustee and serviced by the Master Servicer. The Trust Fund
was created, and the Mortgage Loans are to be serviced, pursuant to the Pooling and Servicing Agreement (as defined below). The
Holder of this Certificate, by virtue of the acceptance hereof, assents to the terms, provisions and conditions of the Pooling
and Servicing Agreement and is bound thereby.

 

The
Pooling and Servicing Agreement, dated as of January 1, 2018 (the “Pooling and Servicing Agreement”), between
the Depositor, Wells Fargo Bank, National Association, as master servicer (in such capacity, the “Master Servicer”),
Midland Loan Services, a Division of PNC Bank, National Association, as special servicer (the “Special Servicer”),
Wilmington Trust, National Association, as trustee (the “Trustee”), Wells Fargo Bank, National Association,
as certificate administrator (in such capacity, the “Certificate Administrator”), custodian and paying agent,
and Park Bridge Lender Services LLC, as operating advisor (in such capacity, the “Operating Advisor”) and asset
representations reviewer (in such capacity, the “Asset Representations Reviewer”) evidences the issuance of
the Class A-1, Class A-2, Class A-3, Class A-SB, Class A-4, Class A-5, Class A-M, Class B, Class C, Class D, Class E,
Class F-RR, Class G-RR, Class X-A, Class X-B, Class X-D, Class X-E, Class S, Class R, Class V2, Class V1-A1, Class
V1-A2, Class V1-A3, Class V1-ASB, Class V1-A4, Class V1-A5, Class V1-AM, Class V1-B, Class V1-C, Class V1-D, Class V1-E, Class
V1-F and Class V1-G Certificates (the

 

    A-2-2 

     

    

 

“Certificates”;
the Holders of Certificates issued under the Pooling and Servicing Agreement are collectively referred to herein as “Certificateholders”).
This Certificate is issued pursuant to, and in accordance with, the terms of the Pooling and Servicing Agreement. To the extent
not defined herein, capitalized terms used herein shall have the meanings assigned thereto in the Pooling and Servicing Agreement.

 

This
Certificate represents a “regular interest” in a “real estate mortgage investment conduit”, as those terms
are defined, respectively, in Sections 860G(a)(1) and 860D of the Internal Revenue Code of 1986, as amended. Each Holder of this
Certificate, by acceptance hereof, agrees to treat, and take no action inconsistent with the treatment of, this Certificate in
accordance with the preceding sentence for purposes of federal income taxes, state and local income and franchise taxes and other
taxes imposed on or measured by income.

 

The
Certificate Administrator makes no representation or warranty as to any of the statements contained herein or the validity or
sufficiency of the Certificates or the Mortgage Loans and has executed this Certificate in its limited capacity as Certificate
Administrator under the Pooling and Servicing Agreement. In the event that there is any conflict between any provision of this
Certificate and any provision of the Pooling and Servicing Agreement, such provision of this Certificate shall be superseded to
the extent of such inconsistency.

 

Pursuant
to the terms of the Pooling and Servicing Agreement, the Certificate Administrator, or the Paying Agent on behalf of the Certificate
Administrator, will distribute (other than the final distribution on any Certificate), on the fourth Business Day after each Determination
Date (each such date, a “Distribution Date”) an amount equal to such Person’s pro rata share (based on
the Percentage Interest represented by this Certificate) of that portion of the aggregate amount of principal and interest then
distributable, if any, allocable to the Class A-2 Certificates for such Distribution Date, all as more fully described in
the Pooling and Servicing Agreement. “Determination Date” is defined in the Pooling and Servicing Agreement as the
eleventh day of each month, or if such eleventh day is not a Business Day, then the next Business Day, commencing in February
2018. Holders of this Certificate may be entitled to Prepayment Premiums and Yield Maintenance Charges as provided in the Pooling
and Servicing Agreement.

 

During
each Interest Accrual Period (as defined below), interest on the Class A-2 Certificates will be calculated based on a 360-day
year consisting of twelve 30-day months on the outstanding Certificate Balance hereof.

 

Interest
accrued on this Certificate during an Interest Accrual Period, plus the aggregate unpaid Interest Shortfall with respect to
this Certificate, if any, will be payable on the related Distribution Date to the extent provided in the Pooling and
Servicing Agreement. The “Interest Accrual Period” means, with respect to any Distribution Date, the calendar
month immediately preceding the month in which such Distribution Date occurs. Each Interest Accrual Period is assumed to
consist of 30 days.

 

All distributions (other than the final distribution on any Certificate) will be made by the Paying Agent
to the Persons in whose names the Certificates are registered at the close of business on each Record Date, which will be the
close of business on the last Business Day of the calendar month immediately preceding the month in which such Distribution
Date occurs. 

 

    A-2-3 

     

    

 

Such
distributions shall be made on each Distribution Date other than the Termination Date to each Certificateholder of record on the
related Record Date, (i) by wire transfer of immediately available funds to the account of such Holder at a bank or other entity
located in the United States and having appropriate facilities therefor if such Holder shall have provided the Paying Agent with
wire instructions in writing at least five Business Days prior to the related Record Date (which wiring instructions may be in
the form of a standing order applicable to all subsequent distributions), or (ii) otherwise, by check mailed by first-class mail
to the address set forth therefor in the Certificate Register. The final distribution on each Certificate shall be made in like
manner, but only upon presentment and surrender of such Certificate at the office of the Certificate Administrator or its agent
(which may be the Paying Agent or the Certificate Registrar acting as such agent) that is specified in the notice to Holders of
such final distribution.

 

Any
funds not distributed on the Termination Date because of the failure of any Certificateholders to tender their Certificates shall,
on such date, be set aside and held for the benefit of the appropriate non-tendering Certificateholders. If any Certificates as
to which notice of the Termination Date has been given pursuant to the Pooling and Servicing Agreement shall not have been surrendered
for cancellation within six months after the time specified in such notice, the Certificate Administrator shall mail a second
notice to the remaining non-tendering Certificateholders to surrender their Certificates for cancellation to receive the final
distribution with respect thereto. If within one year after the second notice not all of such Certificates shall have been surrendered
for cancellation, the Certificate Administrator may, directly or through an agent, take appropriate steps to contact the remaining
non-tendering Certificateholders concerning surrender of their Certificates. The costs and expenses of holding such funds in trust
and of contacting such Certificateholders shall be paid out of such funds. Subject to applicable state escheatment laws, if within
two years after the second notice any such Certificates shall not have been surrendered for cancellation, the Paying Agent shall
distribute to the Certificate Administrator all amounts distributable to the Holders thereof, and the Certificate Administrator
shall thereafter hold such amounts for the benefit of such Holders until the earlier of (i) its termination as Certificate Administrator
under the Pooling and Servicing Agreement and the transfer of such amounts to a successor Certificate Administrator and (ii) the
termination of the Trust Fund and distribution of such amounts to the Class R Certificateholders. No interest shall accrue or
be payable to any Certificateholder on any amount held under the Pooling and Servicing Agreement or by the Certificate Administrator
as a result of such Certificateholder’s failure to surrender its Certificate(s) for final payment thereof in accordance
with the Pooling and Servicing Agreement. Any such amounts transferred to the Certificate Administrator may be invested in Permitted
Investments and all income and gain realized from investment of such funds shall accrue for its benefit.

 

This
Certificate is limited in right of payment to, among other things, certain collections and recoveries in respect of the Mortgage
Loans, as more specifically set forth herein and in the Pooling and Servicing Agreement.

 

As
provided in the Pooling and Servicing Agreement, the Trust Fund includes (in each case, to the extent of the Trust Fund’s
interest therein and specifically excluding any interest of any Serviced Companion Loan Noteholder therein): (i) such Mortgage
Loans as from time to time are subject to the Pooling and Servicing Agreement, together with the Mortgage Files relating thereto;
(ii) all scheduled or unscheduled payments on or collections in respect of

 

    A-2-4 

     

    

 

the
Mortgage Loans due after the Cut-off Date; (iii) the Trust Fund’s interest in any REO Property; (iv) all revenues received
in respect of any REO Property; (v) any Assignments of Leases, Rents and Profits and any security agreements related to the Mortgage
Loans; (vi) any indemnities or guaranties given as additional security for any Mortgage Loans; (vii) a security interest in all
assets deposited in the Lock-Box Accounts, Cash Collateral Accounts, Escrow Accounts, and Reserve Accounts; (viii) the Loss of
Value Reserve Fund; (ix) the Collection Account, the Serviced Whole Loan Collection Accounts, the Distribution Accounts, any Gain-on-Sale
Reserve Account, the Interest Reserve Account, and the Trust’s interest in any REO Account, including any amounts on deposit
therein, assets credited thereto and any reinvestment income, as applicable; (x) a security interest in any environmental indemnity
agreements relating to the Mortgaged Properties; (xi) a security interest in all insurance policies with respect to the Mortgage
Loans and the Mortgaged Properties; (xii) the rights and remedies under the Mortgage Loan Purchase Agreements relating to document
delivery requirements with respect to the Mortgage Loans and the representations and warranties of the related Mortgage Loan Seller
regarding its Mortgage Loans; (xiii) the Lower-Tier Regular Interests; (xiv) the Class VRR Upper-Tier Regular Interests; and (xv)
the proceeds of the foregoing (other than any interest earned on deposits in the Lock-Box Accounts, Cash Collateral Accounts,
Escrow Accounts and any Reserve Accounts, to the extent such interest belongs to the related Borrower). As provided in the Pooling
and Servicing Agreement, withdrawals may be made from certain of the above accounts for purposes other than distributions to Certificateholders.

 

This
Certificate does not purport to summarize the Pooling and Servicing Agreement, and reference is made to the Pooling and Servicing
Agreement for the interests, rights, benefits, obligations and duties evidenced hereby, and the limitations thereon, and the rights,
duties and immunities of the Certificate Administrator.

 

As
provided in the Pooling and Servicing Agreement and subject to certain limitations set forth therein, this Certificate is transferable
or exchangeable only upon surrender of this Certificate to the Certificate Registrar at its offices together with an assignment
and transfer (executed by the Holder or his duly authorized attorney), subject to the requirements in Article V of the Pooling
and Servicing Agreement. Upon surrender for registration of transfer of this Certificate, subject to the requirements in Article
V of the Pooling and Servicing Agreement, the Certificate Administrator shall execute and the Authenticating Agent shall duly
authenticate in the name of the designated transferee or transferees, one or more new Certificates in authorized denominations
of a like aggregate denomination as the Certificate being surrendered. Such Certificates shall be delivered by the Certificate
Registrar in accordance with Article V of the Pooling and Servicing Agreement.

 

Prior
to due presentation of this Certificate for registration of transfer, the Depositor, the Master Servicer, the Special Servicer,
the Operating Advisor, the Asset Representations Reviewer, the Certificate Administrator, the Trustee, the Certificate Registrar,
any Paying Agent and any agent of any of them may treat the Person in whose name this Certificate is registered as the owner hereof
for all purposes, and none of the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator, the Trustee,
the Certificate Registrar, any Paying Agent or any agent of any of them shall be affected by notice or knowledge to the contrary.

 

    A-2-5 

     

    

 

No
fee or service charge shall be imposed by the Certificate Registrar for its services in respect of any registration of transfer
or exchange referred to in Section 5.02 of the Pooling and Servicing Agreement other than for transfers to Institutional Accredited
Investors as provided in Section 5.02(h) of the Pooling and Servicing Agreement. In connection with any transfer to an Institutional
Accredited Investor, the transferor shall reimburse the Trust Fund for any costs (including the cost of the Certificate Registrar’s
counsel’s review of the documents and any legal opinions, submitted by the transferor or transferee to the Certificate Registrar
as provided in the Pooling and Servicing Agreement) incurred by the Certificate Registrar in connection with such transfer. The
Certificate Registrar may require payment by each transferor of a sum sufficient to cover any tax, expense or other governmental
charge payable in connection with any such transfer.

 

The
Pooling and Servicing Agreement or any Custodial Agreement may be amended at any time by the Depositor, the Master Servicer, the
Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the Trustee without
the consent of any of the Certificateholders or any Serviced Companion Loan Noteholders, (i) to cure any ambiguity or to correct
any manifest error; (ii) to cause the provisions of the Pooling and Servicing Agreement or any Custodial Agreement to conform
or be consistent with or in furtherance of the statements made in the Prospectus or Private Placement Memorandum with respect
to the Certificates, the Trust or the Pooling and Servicing Agreement or to correct or supplement any provisions of the Pooling
and Servicing Agreement or any Custodial Agreement which may be defective or inconsistent with any other provisions of the Pooling
and Servicing Agreement or any Custodial Agreement; (iii) to change the timing and/or nature of deposits in the Collection
Account, the Distribution Accounts or any REO Account; provided that (a) the Master Servicer Remittance Date shall in no event
be later than the Business Day prior to the related Distribution Date and (b) such change shall not adversely affect in any material
respect the interests of any Certificateholder, as evidenced in writing by an Opinion of Counsel at the expense of the party requesting
such amendment or as evidenced by a Rating Agency Confirmation from each Rating Agency with respect to such amendment; (iv) to
modify, eliminate or add to any of its provisions to such extent as shall be necessary to maintain the qualification of any Trust
REMIC as a REMIC or the Grantor Trust as a grantor trust under the relevant provisions of the Code at all times that any Certificate
is outstanding, or to avoid or minimize the risk of imposition of any tax on the Trust Fund or any Trust REMIC or the Grantor
Trust that would be a claim against the Trust Fund or any Trust REMIC or the Grantor Trust; provided that the Trustee and
the Certificate Administrator have received an Opinion of Counsel (at the expense of the party requesting such amendment) to the
effect that (a) such action is necessary or desirable to maintain such qualification or to avoid or minimize the risk of
the imposition of any such tax and (b) such action will not adversely affect in any material respect the interests of any
Certificateholder or Companion Loan Noteholder; (v) to modify, eliminate or add to the provisions any provision of the Pooling
and Servicing Agreement restricting transfer of the Class R Certificates; provided the Depositor has determined that
such change shall not, as evidenced by an Opinion of Counsel, cause the Trust Fund, any Trust REMIC or any of the Certificateholders
(other than the Transferor) to be subject to a federal tax caused by a Transfer to a Person that is a Disqualified Organization
or a Non-U.S. Tax Person; (vi) to revise or add any other provisions with respect to matters or questions arising under the Pooling
and Servicing Agreement or any other change; provided that the required action shall not adversely affect in any material
respect the interests of any Certificateholder or any holder of a Serviced Pari Passu

 

    A-2-6 

     

    

 

Companion
Loan not consenting thereto as evidenced in writing by an Opinion of Counsel, at the expense of the party requesting such
amendment or as evidenced by a Rating Agency Confirmation from each of the Rating Agencies with respect to such amendment or
supplement and confirmation of the applicable rating agencies that such action will not result in the downgrade, withdrawal
or qualification of its then-current ratings of any securities related to a Companion Loan, if any (provided that such
rating agency confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered
satisfied with respect to the Certificates); (vii) to amend or supplement any provision of the Pooling and Servicing
Agreement to the extent necessary to maintain the then-current ratings assigned to each Class of Certificates by each Rating
Agency, as evidenced by a Rating Agency Confirmation from each of the Rating Agencies; provided that such amendment or
supplement shall not adversely affect in any material respect the interests of any Certificateholder not consenting thereto
as evidenced by an Opinion of Counsel, or any holder of a Serviced Pari Passu Companion Loan not consenting to such revision
or addition, as evidenced by an Opinion of Counsel at the expense of the party requesting such amendment or as evidenced by
confirmation of the applicable Rating Agencies that such action will not result in the downgrade, withdrawal or qualification
of its then-current ratings of any securities related to a Companion Loan, if any (provided that such Rating Agency
Confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied
with respect to the Certificates); (viii) to modify the provisions of Section 3.06 and Section 3.17 of the
Pooling and Servicing Agreement (with respect to reimbursement of Nonrecoverable Advances and Workout-Delayed Reimbursement
Amounts) if (a) the Depositor, the Master Servicer, the Trustee and, for so long as a Control Termination Event has not
occurred and is not continuing, the Directing Holder, determine that the commercial mortgage backed securities industry
standard for such provisions has changed, in order to conform to such industry standard, (b) such modification does not
adversely affect the status of any Trust REMIC as a REMIC or the status of the Grantor Trust as a grantor trust under the
relevant provisions of the Code, as evidenced by an Opinion of Counsel and (c) each Rating Agency has delivered a
Rating Agency Confirmation and, with regard to any class of Serviced Companion Loan Securities, the applicable rating
agencies have delivered a confirmation that such action will not result in the downgrade, withdrawal or qualification of its
then-current ratings (provided that such rating agency confirmation may be considered satisfied in the same manner as
any Rating Agency Confirmation may be considered satisfied with respect to the Certificates); (ix) to modify the procedures
of the Pooling and Servicing Agreement relating to compliance with Rule 17g-5 of the Exchange Act; provided that
such amendment shall not adversely affect in any material respects the interests of any Certificateholders, as evidenced by
(x) an Opinion of Counsel or (y) if any Certificate is then rated, receipt of Rating Agency Confirmation from each
Rating Agency rating such Certificates; and provided, further, that the Certificate Administrator shall give
notice of any such amendment to the 17g-5 Information Provider for posting to the 17g-5 Information Provider’s Website
and the Certificate Administrator shall post such notice to the Certificate Administrator’s Website; (x) to modify,
eliminate or add to any provisions of the Pooling and Servicing Agreement to such extent as would be necessary to comply with
the requirements for use of Form SF-3 in registered offerings to the extent provided in CFR 239.45(b)(1)(ii), (iii) or (iv);
and (xi) to modify, eliminate or add to any of its provisions (a) to such extent as will be necessary to comply with the
requirements of the Risk Retention Rule, as evidenced by an Opinion of Counsel, or (b) in the event the Risk Retention Rule
or any other

 

    A-2-7 

     

    

 

regulation
applicable to the risk retention requirements for this securitization transaction are amended or repealed, to the extent required
to comply with any such amendment or to modify or eliminate the risk retention requirements in the event of such repeal, as evidenced
by an Opinion of Counsel.

 

The
Pooling and Servicing Agreement or any Custodial Agreement may also be amended from time to time by the Depositor, the Master
Servicer, the Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the
Trustee with the prior written consent of the Holders of Certificates representing not less than a majority of the Percentage
Interests of each Class of Certificates affected thereby (without regard to Certificates held by the Depositor, any of the
Depositor’s Affiliates and/or agents) and each Serviced Companion Loan Noteholder affected thereby for the purpose of adding
any provisions to or changing in any manner or eliminating any of the provisions of the Pooling and Servicing Agreement or modifying
in any manner the rights of the Certificateholders or the Serviced Companion Loan Noteholders; provided, that no such amendment
may:

 

		(i)	reduce
                                         in any manner the amount of, or delay the timing of, payments received on the Mortgage
                                         Loans or Serviced Whole Loan which are required to be distributed on any Certificate,
                                         without the consent of the Holders of Certificates representing all of the Percentage
                                         Interests of the Class or Classes affected thereby or which are required to be distributed
                                         to any Companion Loan Noteholders without the consent of such Companion Loan Noteholders;

 

		(ii)	reduce
                                         the aforesaid percentage of Certificates of any Class the Holders of which are required
                                         to consent to any such amendment or remove the requirement to obtain consent of any Companion
                                         Loan Noteholder, in any such case without the consent of the Holders of all Certificates
                                         of such Class then-outstanding or such Companion Loan Noteholder, as applicable;

 

		(iii)	adversely
                                         affect the Voting Rights of any Class of Certificates without the consent of the Holders
                                         of all Certificates of such Class then outstanding;

 

		(iv)	change
                                         in any manner any defined term used in any Mortgage Loan Purchase Agreement or the obligations
                                         of any Mortgage Loan Seller under such Mortgage Loan Purchase Agreement or otherwise
                                         or change any rights of any Mortgage Loan Seller as a third party beneficiary hereunder,
                                         without the consent of such Mortgage Loan Seller; or

 

		(v)	amend
the Servicing Standard without the consent of 100% of the Certificateholders or receipt of Rating Agency Confirmation from each
Rating Agency and confirmation of the applicable rating agencies that such action will not result in the downgrade, withdrawal
or qualification of its then-current ratings of any securities related to a Companion Loan, if any (provided that such
rating agency confirmation may be considered

 

    A-2-8 

     

    

 

	 	 	satisfied
                                         in the same manner as any Rating Agency Confirmation may be considered satisfied with
                                         respect to the Certificates).

 

Further,
the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations
Reviewer and the Trustee, at any time and from time to time, without the consent of the Certificateholders or, if applicable,
the Serviced Companion Loan Noteholders, may amend the Pooling and Servicing Agreement to modify, eliminate or add to any of its
provisions (i) to such extent as shall be necessary to maintain the qualification of the Lower-Tier REMIC or the Upper-Tier REMIC
as a REMIC or the qualification of the Grantor Trust as a grantor trust, or to prevent the imposition of any additional material
state or local taxes, at all times that any Certificates are outstanding; provided that such action, as evidenced by an
Opinion of Counsel (obtained at the expense of the Trust Fund), is necessary or helpful to maintain such qualification or to prevent
the imposition of any such taxes, and would not adversely affect in any material respect the interest of any Certificateholder
or if applicable, any Serviced Companion Loan Noteholder or (ii) to the extent necessary to comply with the Investment Company
Act of 1940, as amended, the Exchange Act, Regulation AB, and/or any related regulatory actions and/or interpretations.

 

The
Certificateholder owning a majority of the Percentage Interest in the Controlling Class and, if no such Certificateholder
exercises such option, the Special Servicer, and if the Special Servicer does not exercise such option, the Master Servicer may
effect an early termination of the Trust Fund, upon not less than 30 days’ prior Notice of Termination given to the Trustee,
the Special Servicer and the Master Servicer any time specifying the Anticipated Termination Date, which shall be on or after
the Early Termination Notice Date (defined as any date as of which the aggregate Stated Principal Balance of the Mortgage Loans
remaining in the Trust is less than 1.0% of the aggregate Stated Principal Balance of the Mortgage Loans as of the Cut-off Date)
by purchasing on such date all, but not less than all, of the Mortgage Loans then included in the Trust Fund, and the Trust’s
interest in all property acquired in respect of any Mortgage Loan, at a purchase price, payable in cash, equal to the sum of,
without duplication:

 

		(A)	100%
                                         of the Stated Principal Balance of each Mortgage Loan included in the Trust as of the
                                         last day of the month preceding such Anticipated Termination Date (less any P&I Advances
                                         previously made on account of principal);

 

		(B)	the
                                         fair market value of all other property included in the Trust Fund as of the last day
                                         of the month preceding such Anticipated Termination Date, as determined by an Independent
                                         appraiser acceptable to the Master Servicer as of a date not more than 30 days prior
                                         to the last day of the month preceding such Distribution Date;

 

		(C)	all
                                         unpaid interest accrued on the unpaid balance of each Mortgage Loan (including any Mortgage
                                         Loan as to which title to the related Mortgaged Property has been acquired) at the Mortgage
                                         Rate to the last day of the month preceding such Anticipated Termination Date

 

    A-2-9 

     

    

 

	 	 	(less
                                         any P&I Advances previously made on account of interest); and

 

		(D)	the
                                         aggregate amount of unreimbursed Advances, with interest thereon at the Reimbursement
                                         Rate, and unpaid Servicing Compensation, Special Servicing Compensation, Operating Advisor
                                         Fees, Certificate Administrator/Trustee Fees, the CREFC® Intellectual
                                         Property Royalty License Fees and Trust Fund expenses.

 

In
addition, the Pooling and Servicing Agreement provides that following the date on which the Class X-A Notional Amount, the
Class X-B Notional Amount, the Class X-D Notional Amount and the aggregate Certificate Balance of the Class A-1, Class A-2,
Class A-3, Class A-SB, Class A-4, Class A-5, Class A-M, Class B, Class C and Class D Certificates is reduced to zero, the Sole
Certificateholder shall have the right to exchange all of the then-outstanding Certificates (other than the Class S or Class
R Certificates) for all of the Mortgage Loans and each REO Property remaining in the Trust Fund as contemplated by clause (ii) of
Section 9.01(a) of the Pooling and Servicing Agreement by giving written notice to all the parties to the Pooling and Servicing
Agreement no later than 60 days prior to the anticipated date of exchange.

 

All
costs and expenses incurred by any and all parties to the Pooling and Servicing Agreement or by the Trust Fund in connection with
the purchase of the Mortgage Loans and the other assets of the Trust Fund pursuant to Section 9.01(c) of the Pooling and
Servicing Agreement shall be borne by the party exercising its purchase rights thereunder. The Trustee and the Certificate Administrator
shall be entitled to rely conclusively on any determination made by an Independent appraiser pursuant to Section 9.01(c)
of the Pooling and Servicing Agreement.

 

The
respective obligations and responsibilities of the Master Servicer, the Special Servicer, the Depositor, the Certificate
Administrator, the Operating Advisor, the Asset Representations Reviewer and the Trustee created by the Pooling and Servicing
Agreement with respect to the Certificates (other than the obligations of the Certificate Administrator to make certain
payments and to send certain notices to Certificateholders as set forth in the Pooling and Servicing Agreement) shall
terminate upon payment (or provision for payment) to the Certificateholders and the Serviced Companion Loan Noteholders of
all amounts held by or on behalf of the Trustee, the Certificate Administrator and the Master Servicer, as the case may be,
required under the Pooling and Servicing Agreement to be so paid on the Distribution Date following the earlier to occur of
(i) the purchase of the Mortgage Loans and all other property held by the Trust Fund in accordance with Section 9.01(c) of
the Pooling and Servicing Agreement; (ii) the exchange by the Sole Certificateholder of its Certificates for the Mortgage
Loans in accordance with Section 9.01(g) of the Pooling and Servicing Agreement; and (iii) the later of (a) the
receipt or collection of the last payment due on any Mortgage Loan included in the Trust Fund, or (b) the liquidation
and disposition pursuant to the Pooling and Servicing Agreement of the last asset held by the Trust Fund; provided
that in no event shall the trust created by the Pooling and Servicing Agreement continue beyond the expiration of 21 years
from

 

    A-2-10 

     

    

 

the
death of the last survivor of the descendants of Joseph P. Kennedy, the late Ambassador of the United States to the United Kingdom,
living on the date hereof.

 

Unless
the Certificate of Authentication on this Certificate has been executed by the Authenticating Agent, by manual signature, this
Certificate shall not be entitled to any benefit under the Pooling and Servicing Agreement or be valid for any purpose.

 

    A-2-11 

     

    

 

IN
WITNESS WHEREOF, the Certificate Administrator has caused this Class A-2 Certificate to be duly executed.

 

Dated:
January 31, 2018

 

	 	 	 
	 	WELLS
    FARGO BANK, NATIONAL ASSOCIATION, not in
    its individual capacity but solely as Certificate Administrator
	 	 	 
	 	By: 	 
	 	 	Authorized Signatory

 

Certificate
of Authentication

 

This
is one of the Class A-2 Certificates referred to in the Pooling and Servicing Agreement.

 

Dated:
January 31, 2018

	 	 	 
	 	WELLS
    FARGO BANK, NATIONAL ASSOCIATION, not in its
    individual capacity but solely as Authenticating Agent
	 	 	 
	 	By: 	 
	 	 	Authorized Signatory

  

    A-2-12 

     

    

 

EXHIBIT A-3

 

FORM OF CLASS A-3 CERTIFICATE

 

[UNLESS THIS CERTIFICATE IS PRESENTED
BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE CERTIFICATE
REGISTRAR FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE &
CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR
TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE
OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.]1

 

THIS CERTIFICATE DOES NOT REPRESENT
AN OBLIGATION OF OR INTEREST IN THE DEPOSITOR, THE ORIGINATOR, THE MASTER SERVICER, THE SPECIAL SERVICER, THE CERTIFICATE ADMINISTRATOR,
THE CERTIFICATE REGISTRAR, THE OPERATING ADVISOR, THE ASSET REPRESENTATIONS REVIEWER, THE RISK RETENTION CONSULTATION PARTY, THE
TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THE CERTIFICATES NOR THE UNDERLYING MORTGAGE LOANS ARE INSURED OR GUARANTEED
BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY.

 

PRINCIPAL PAYMENTS ON THIS CERTIFICATE
ARE PAYABLE IN INSTALLMENTS AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING CERTIFICATE BALANCE OF THIS CERTIFICATE AT ANY TIME
MAY BE LESS THAN THE INITIAL CERTIFICATE BALANCE SET FORTH BELOW.

 

FOR U.S. FEDERAL INCOME TAX PURPOSES,
THIS CERTIFICATE REPRESENTS A “REGULAR INTEREST” IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE
TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G(a)(1) AND 860D OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED.

 

 

 

1 Legend required as long
as DTC is the Depository under the Pooling and Servicing Agreement. 

 

    A-3-1

     

    

 

BENCHMARK 2018-B1 COMMERCIAL MORTGAGE

PASS-THROUGH CERTIFICATES, CLASS A-3

 

	Class A-3 Pass-Through Rate:  3.355%	 	
        CUSIP: 08162PAU5

         

        ISIN:     US08162PAU57

         

	Original Aggregate Certificate Balance of the Class A-3 Certificates: $49,272,000	 	Initial Certificate Balance of this Certificate: $[__]
	 	 	 
	First Distribution Date: February 16, 2018	 	Cut-off Date: The close of business on the later of the related Due Date of such Mortgage Loan in January 2018 (or, in the case of any Mortgage Loan that has its first Due Date subsequent to January 2018, the date that would have been its Due Date in January 2018 under the terms of that Mortgage Loan if a Periodic Payment were scheduled to be due in that month) and the date of origination of such Mortgage Loan
	 	 	 
	Assumed Final Distribution Date: November 2024	 	No.: A-3-[_]

 

This certifies that [              ]
is the registered owner of a beneficial ownership interest in a Trust Fund, including the distributions to be made with respect
to the Class A-3 Certificates. The Trust Fund, described more fully below, consists primarily of a pool of Mortgage Loans secured
by first liens on commercial and multifamily properties and held in trust by the Trustee and serviced by the Master Servicer. The
Trust Fund was created, and the Mortgage Loans are to be serviced, pursuant to the Pooling and Servicing Agreement (as defined
below). The Holder of this Certificate, by virtue of the acceptance hereof, assents to the terms, provisions and conditions of
the Pooling and Servicing Agreement and is bound thereby.

 

The Pooling and Servicing
Agreement, dated as of January 1, 2018 (the “Pooling and Servicing Agreement”), between the Depositor, Wells
Fargo Bank, National Association, as master servicer (in such capacity, the “Master Servicer”), Midland Loan
Services, a Division of PNC Bank, National Association, as special servicer (the “Special Servicer”), Wilmington
Trust, National Association, as trustee (the “Trustee”), Wells Fargo Bank, National Association, as certificate
administrator (in such capacity, the “Certificate Administrator”), custodian and paying agent, and Park Bridge
Lender Services LLC, as operating advisor (in such capacity, the “Operating Advisor”) and asset representations
reviewer (in such capacity, the “Asset Representations Reviewer”) evidences the issuance of the Class A-1, Class
A-2, Class A-3, Class A-SB, Class A-4, Class A-5, Class A-M, Class B, Class C, Class D, Class E, Class F-RR, Class G-RR,
Class X-A, Class X-B, Class X-D, Class X-E, Class S, Class R, Class V2, Class V1-A1, Class V1-A2, Class V1-A3, Class V1-ASB,
Class V1-A4, Class V1-A5, Class V1-AM,

 

    A-3-2

     

    

 

Class V1-B, Class V1-C, Class V1-D, Class V1-E, Class V1-F and Class V1-G Certificates (the
“Certificates”; the Holders of Certificates issued under the Pooling and Servicing Agreement are collectively
referred to herein as “Certificateholders”). This Certificate is issued pursuant to, and in accordance with,
the terms of the Pooling and Servicing Agreement. To the extent not defined herein, capitalized terms used herein shall have the
meanings assigned thereto in the Pooling and Servicing Agreement.

 

This Certificate represents
a “regular interest” in a “real estate mortgage investment conduit”, as those terms are defined, respectively,
in Sections 860G(a)(1) and 860D of the Internal Revenue Code of 1986, as amended. Each Holder of this Certificate, by acceptance
hereof, agrees to treat, and take no action inconsistent with the treatment of, this Certificate in accordance with the preceding
sentence for purposes of federal income taxes, state and local income and franchise taxes and other taxes imposed on or measured
by income.

 

The Certificate Administrator
makes no representation or warranty as to any of the statements contained herein or the validity or sufficiency of the Certificates
or the Mortgage Loans and has executed this Certificate in its limited capacity as Certificate Administrator under the Pooling
and Servicing Agreement. In the event that there is any conflict between any provision of this Certificate and any provision of
the Pooling and Servicing Agreement, such provision of this Certificate shall be superseded to the extent of such inconsistency.

 

Pursuant to the terms
of the Pooling and Servicing Agreement, the Certificate Administrator, or the Paying Agent on behalf of the Certificate Administrator,
will distribute (other than the final distribution on any Certificate), on the fourth Business Day after each Determination Date
(each such date, a “Distribution Date”) an amount equal to such Person’s pro rata share (based on the
Percentage Interest represented by this Certificate) of that portion of the aggregate amount of principal and interest then distributable,
if any, allocable to the Class A-3 Certificates for such Distribution Date, all as more fully described in the Pooling and
Servicing Agreement. “Determination Date” is defined in the Pooling and Servicing Agreement as the eleventh day of
each month, or if such eleventh day is not a Business Day, then the next Business Day, commencing in February 2018. Holders of
this Certificate may be entitled to Prepayment Premiums and Yield Maintenance Charges as provided in the Pooling and Servicing
Agreement.

 

During each Interest
Accrual Period (as defined below), interest on the Class A-3 Certificates will be calculated based on a 360-day year consisting
of twelve 30-day months on the outstanding Certificate Balance hereof.

 

Interest accrued on this
Certificate during an Interest Accrual Period, plus the aggregate unpaid Interest Shortfall with respect to this Certificate, if
any, will be payable on the related Distribution Date to the extent provided in the Pooling and Servicing Agreement. The “Interest
Accrual Period” means, with respect to any Distribution Date, the calendar month immediately preceding the month in which
such Distribution Date occurs. Each Interest Accrual Period is assumed to consist of 30 days.

 

All distributions (other
than the final distribution on any Certificate) will be made by the Paying Agent to the Persons in whose names the Certificates
are registered at the close of business on each Record Date, which will be the close of business on the last Business Day of

 

    A-3-3

     

    

 

the
calendar month immediately preceding the month in which such Distribution Date occurs. Such distributions shall be made on each
Distribution Date other than the Termination Date to each Certificateholder of record on the related Record Date, (i) by wire transfer
of immediately available funds to the account of such Holder at a bank or other entity located in the United States and having
appropriate facilities therefor if such Holder shall have provided the Paying Agent with wire instructions in writing at least
five Business Days prior to the related Record Date (which wiring instructions may be in the form of a standing order applicable
to all subsequent distributions), or (ii) otherwise, by check mailed by first-class mail to the address set forth therefor in the
Certificate Register. The final distribution on each Certificate shall be made in like manner, but only upon presentment and surrender
of such Certificate at the office of the Certificate Administrator or its agent (which may be the Paying Agent or the Certificate
Registrar acting as such agent) that is specified in the notice to Holders of such final distribution.

 

Any funds not distributed
on the Termination Date because of the failure of any Certificateholders to tender their Certificates shall, on such date, be set
aside and held for the benefit of the appropriate non-tendering Certificateholders. If any Certificates as to which notice of the
Termination Date has been given pursuant to the Pooling and Servicing Agreement shall not have been surrendered for cancellation
within six months after the time specified in such notice, the Certificate Administrator shall mail a second notice to the remaining
non-tendering Certificateholders to surrender their Certificates for cancellation to receive the final distribution with respect
thereto. If within one year after the second notice not all of such Certificates shall have been surrendered for cancellation,
the Certificate Administrator may, directly or through an agent, take appropriate steps to contact the remaining non-tendering
Certificateholders concerning surrender of their Certificates. The costs and expenses of holding such funds in trust and of contacting
such Certificateholders shall be paid out of such funds. Subject to applicable state escheatment laws, if within two years after
the second notice any such Certificates shall not have been surrendered for cancellation, the Paying Agent shall distribute to
the Certificate Administrator all amounts distributable to the Holders thereof, and the Certificate Administrator shall thereafter
hold such amounts for the benefit of such Holders until the earlier of (i) its termination as Certificate Administrator under the
Pooling and Servicing Agreement and the transfer of such amounts to a successor Certificate Administrator and (ii) the termination
of the Trust Fund and distribution of such amounts to the Class R Certificateholders. No interest shall accrue or be payable to
any Certificateholder on any amount held under the Pooling and Servicing Agreement or by the Certificate Administrator as a result
of such Certificateholder’s failure to surrender its Certificate(s) for final payment thereof in accordance with the Pooling
and Servicing Agreement. Any such amounts transferred to the Certificate Administrator may be invested in Permitted Investments
and all income and gain realized from investment of such funds shall accrue for its benefit.

 

This Certificate is limited
in right of payment to, among other things, certain collections and recoveries in respect of the Mortgage Loans, as more specifically
set forth herein and in the Pooling and Servicing Agreement.

 

As provided in the Pooling
and Servicing Agreement, the Trust Fund includes (in each case, to the extent of the Trust Fund’s interest therein and specifically
excluding any interest of any Serviced Companion Loan Noteholder therein): (i) such Mortgage Loans as from time to time are subject
to the Pooling and Servicing Agreement, together with the Mortgage

 

    A-3-4

     

    

 

Files relating thereto; (ii) all scheduled or unscheduled payments
on or collections in respect of the Mortgage Loans due after the Cut-off Date; (iii) the Trust Fund’s interest in any REO
Property; (iv) all revenues received in respect of any REO Property; (v) any Assignments of Leases, Rents and Profits and any security
agreements related to the Mortgage Loans; (vi) any indemnities or guaranties given as additional security for any Mortgage Loans;
(vii) a security interest in all assets deposited in the Lock-Box Accounts, Cash Collateral Accounts, Escrow Accounts, and Reserve
Accounts; (viii) the Loss of Value Reserve Fund; (ix) the Collection Account, the Serviced Whole Loan Collection Accounts, the
Distribution Accounts, any Gain-on-Sale Reserve Account, the Interest Reserve Account, and the Trust’s interest in any REO
Account, including any amounts on deposit therein, assets credited thereto and any reinvestment income, as applicable; (x) a security
interest in any environmental indemnity agreements relating to the Mortgaged Properties; (xi) a security interest in all insurance
policies with respect to the Mortgage Loans and the Mortgaged Properties; (xii) the rights and remedies under the Mortgage Loan
Purchase Agreements relating to document delivery requirements with respect to the Mortgage Loans and the representations and warranties
of the related Mortgage Loan Seller regarding its Mortgage Loans; (xiii) the Lower-Tier Regular Interests; (xiv) the Class VRR
Upper-Tier Regular Interests; and (xv) the proceeds of the foregoing (other than any interest earned on deposits in the Lock-Box
Accounts, Cash Collateral Accounts, Escrow Accounts and any Reserve Accounts, to the extent such interest belongs to the related
Borrower). As provided in the Pooling and Servicing Agreement, withdrawals may be made from certain of the above accounts for purposes
other than distributions to Certificateholders.

 

This Certificate does
not purport to summarize the Pooling and Servicing Agreement, and reference is made to the Pooling and Servicing Agreement for
the interests, rights, benefits, obligations and duties evidenced hereby, and the limitations thereon, and the rights, duties and
immunities of the Certificate Administrator.

 

As provided in the Pooling
and Servicing Agreement and subject to certain limitations set forth therein, this Certificate is transferable or exchangeable
only upon surrender of this Certificate to the Certificate Registrar at its offices together with an assignment and transfer (executed
by the Holder or his duly authorized attorney), subject to the requirements in Article V of the Pooling and Servicing Agreement.
Upon surrender for registration of transfer of this Certificate, subject to the requirements in Article V of the Pooling and Servicing
Agreement, the Certificate Administrator shall execute and the Authenticating Agent shall duly authenticate in the name of the
designated transferee or transferees, one or more new Certificates in authorized denominations of a like aggregate denomination
as the Certificate being surrendered. Such Certificates shall be delivered by the Certificate Registrar in accordance with Article
V of the Pooling and Servicing Agreement.

 

Prior to due presentation
of this Certificate for registration of transfer, the Depositor, the Master Servicer, the Special Servicer, the Operating Advisor,
the Asset Representations Reviewer, the Certificate Administrator, the Trustee, the Certificate Registrar, any Paying Agent and
any agent of any of them may treat the Person in whose name this Certificate is registered as the owner hereof for all purposes,
and none of the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator, the Trustee, the Certificate
Registrar, any Paying Agent or any agent of any of them shall be affected by notice or knowledge to the contrary.

 

    A-3-5

     

    

 

No fee or service charge
shall be imposed by the Certificate Registrar for its services in respect of any registration of transfer or exchange referred
to in Section 5.02 of the Pooling and Servicing Agreement other than for transfers to Institutional Accredited Investors as provided
in Section 5.02(h) of the Pooling and Servicing Agreement. In connection with any transfer to an Institutional Accredited Investor,
the transferor shall reimburse the Trust Fund for any costs (including the cost of the Certificate Registrar’s counsel’s
review of the documents and any legal opinions, submitted by the transferor or transferee to the Certificate Registrar as provided
in the Pooling and Servicing Agreement) incurred by the Certificate Registrar in connection with such transfer. The Certificate
Registrar may require payment by each transferor of a sum sufficient to cover any tax, expense or other governmental charge payable
in connection with any such transfer.

 

The Pooling and Servicing
Agreement or any Custodial Agreement may be amended at any time by the Depositor, the Master Servicer, the Special Servicer, the
Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the Trustee without the consent of any
of the Certificateholders or any Serviced Companion Loan Noteholders, (i) to cure any ambiguity or to correct any manifest error;
(ii) to cause the provisions of the Pooling and Servicing Agreement or any Custodial Agreement to conform or be consistent
with or in furtherance of the statements made in the Prospectus or Private Placement Memorandum with respect to the Certificates,
the Trust or the Pooling and Servicing Agreement or to correct or supplement any provisions of the Pooling and Servicing Agreement
or any Custodial Agreement which may be defective or inconsistent with any other provisions of the Pooling and Servicing Agreement
or any Custodial Agreement; (iii) to change the timing and/or nature of deposits in the Collection Account, the Distribution
Accounts or any REO Account; provided that (a) the Master Servicer Remittance Date shall in no event be later than the Business
Day prior to the related Distribution Date and (b) such change shall not adversely affect in any material respect the interests
of any Certificateholder, as evidenced in writing by an Opinion of Counsel at the expense of the party requesting such amendment
or as evidenced by a Rating Agency Confirmation from each Rating Agency with respect to such amendment; (iv) to modify, eliminate
or add to any of its provisions to such extent as shall be necessary to maintain the qualification of any Trust REMIC as a REMIC
or the Grantor Trust as a grantor trust under the relevant provisions of the Code at all times that any Certificate is outstanding,
or to avoid or minimize the risk of imposition of any tax on the Trust Fund or any Trust REMIC or the Grantor Trust that would
be a claim against the Trust Fund or any Trust REMIC or the Grantor Trust; provided that the Trustee and the Certificate
Administrator have received an Opinion of Counsel (at the expense of the party requesting such amendment) to the effect that (a) such
action is necessary or desirable to maintain such qualification or to avoid or minimize the risk of the imposition of any such
tax and (b) such action will not adversely affect in any material respect the interests of any Certificateholder or Companion
Loan Noteholder; (v) to modify, eliminate or add to the provisions any provision of the Pooling and Servicing Agreement restricting
transfer of the Class R Certificates; provided the Depositor has determined that such change shall not, as evidenced
by an Opinion of Counsel, cause the Trust Fund, any Trust REMIC or any of the Certificateholders (other than the Transferor) to
be subject to a federal tax caused by a Transfer to a Person that is a Disqualified Organization or a Non-U.S. Tax Person; (vi)
to revise or add any other provisions with respect to matters or questions arising under the Pooling and Servicing Agreement or
any other change; provided that the required action shall not adversely affect in any material respect the interests of
any Certificateholder or any holder of a Serviced Pari Passu

 

    A-3-6

     

    

 

Companion Loan not consenting thereto as evidenced in writing by an
Opinion of Counsel, at the expense of the party requesting such amendment or as evidenced by a Rating Agency Confirmation from
each of the Rating Agencies with respect to such amendment or supplement and confirmation of the applicable rating agencies that
such action will not result in the downgrade, withdrawal or qualification of its then-current ratings of any securities related
to a Companion Loan, if any (provided that such rating agency confirmation may be considered satisfied in the same manner
as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates); (vii) to amend or supplement any
provision of the Pooling and Servicing Agreement to the extent necessary to maintain the then-current ratings assigned to each
Class of Certificates by each Rating Agency, as evidenced by a Rating Agency Confirmation from each of the Rating Agencies; provided
that such amendment or supplement shall not adversely affect in any material respect the interests of any Certificateholder not
consenting thereto as evidenced by an Opinion of Counsel, or any holder of a Serviced Pari Passu Companion Loan not consenting
to such revision or addition, as evidenced by an Opinion of Counsel at the expense of the party requesting such amendment or as
evidenced by confirmation of the applicable Rating Agencies that such action will not result in the downgrade, withdrawal or qualification
of its then-current ratings of any securities related to a Companion Loan, if any (provided that such Rating Agency Confirmation
may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the
Certificates); (viii) to modify the provisions of Section 3.06 and Section 3.17 of the Pooling and Servicing Agreement
(with respect to reimbursement of Nonrecoverable Advances and Workout-Delayed Reimbursement Amounts) if (a) the Depositor,
the Master Servicer, the Trustee and, for so long as a Control Termination Event has not occurred and is not continuing, the Directing
Holder, determine that the commercial mortgage backed securities industry standard for such provisions has changed, in order to
conform to such industry standard, (b) such modification does not adversely affect the status of any Trust REMIC as a REMIC
or the status of the Grantor Trust as a grantor trust under the relevant provisions of the Code, as evidenced by an Opinion of
Counsel and (c) each Rating Agency has delivered a Rating Agency Confirmation and, with regard to any class of Serviced Companion
Loan Securities, the applicable rating agencies have delivered a confirmation that such action will not result in the downgrade,
withdrawal or qualification of its then-current ratings (provided that such rating agency confirmation may be considered
satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates); (ix)
to modify the procedures of the Pooling and Servicing Agreement relating to compliance with Rule 17g-5 of the Exchange Act;
provided that such amendment shall not adversely affect in any material respects the interests of any Certificateholders,
as evidenced by (x) an Opinion of Counsel or (y) if any Certificate is then rated, receipt of Rating Agency Confirmation
from each Rating Agency rating such Certificates; and provided, further, that the Certificate Administrator shall
give notice of any such amendment to the 17g-5 Information Provider for posting to the 17g-5 Information Provider’s Website
and the Certificate Administrator shall post such notice to the Certificate Administrator’s Website; (x) to modify, eliminate
or add to any provisions of the Pooling and Servicing Agreement to such extent as would be necessary to comply with the requirements
for use of Form SF-3 in registered offerings to the extent provided in CFR 239.45(b)(1)(ii), (iii) or (iv); and (xi) to modify,
eliminate or add to any of its provisions (a) to such extent as will be necessary to comply with the requirements of the Risk Retention
Rule, as evidenced by an Opinion of Counsel, or (b) in the event the Risk Retention Rule or any other

 

    A-3-7

     

    

 

regulation applicable to
the risk retention requirements for this securitization transaction are amended or repealed, to the extent required to comply with
any such amendment or to modify or eliminate the risk retention requirements in the event of such repeal, as evidenced by an Opinion
of Counsel.

 

The Pooling and Servicing
Agreement or any Custodial Agreement may also be amended from time to time by the Depositor, the Master Servicer, the Special Servicer,
the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the Trustee with the prior written
consent of the Holders of Certificates representing not less than a majority of the Percentage Interests of each Class of
Certificates affected thereby (without regard to Certificates held by the Depositor, any of the Depositor’s Affiliates and/or
agents) and each Serviced Companion Loan Noteholder affected thereby for the purpose of adding any provisions to or changing in
any manner or eliminating any of the provisions of the Pooling and Servicing Agreement or modifying in any manner the rights of
the Certificateholders or the Serviced Companion Loan Noteholders; provided, that no such amendment may:

 

		(i)	reduce in any manner the amount of, or delay the timing of, payments received on the Mortgage Loans
or Serviced Whole Loan which are required to be distributed on any Certificate, without the consent of the Holders of Certificates
representing all of the Percentage Interests of the Class or Classes affected thereby or which are required to be distributed to
any Companion Loan Noteholders without the consent of such Companion Loan Noteholders;

 

		(ii)	reduce the aforesaid percentage of Certificates of any Class the Holders of which are required
to consent to any such amendment or remove the requirement to obtain consent of any Companion Loan Noteholder, in any such case
without the consent of the Holders of all Certificates of such Class then-outstanding or such Companion Loan Noteholder, as applicable;

 

		(iii)	adversely affect the Voting Rights of any Class of Certificates without the consent of the Holders
of all Certificates of such Class then outstanding;

 

		(iv)	change in any manner any defined term used in any Mortgage Loan Purchase Agreement or the obligations
of any Mortgage Loan Seller under such Mortgage Loan Purchase Agreement or otherwise or change any rights of any Mortgage Loan
Seller as a third party beneficiary hereunder, without the consent of such Mortgage Loan Seller; or

 

		(v)	amend the Servicing Standard without the consent of 100% of the Certificateholders or receipt of
Rating Agency Confirmation from each Rating Agency and confirmation of the applicable rating agencies that such action will not
result in the downgrade, withdrawal or qualification of its then-current ratings of any securities related to a Companion Loan,
if any (provided that such rating agency confirmation may be considered 

 

    A-3-8

     

    

 

		 	satisfied in the same manner as any Rating Agency
Confirmation may be considered satisfied with respect to the Certificates). 

 

Further, the Depositor,
the Master Servicer, the Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer
and the Trustee, at any time and from time to time, without the consent of the Certificateholders or, if applicable, the Serviced
Companion Loan Noteholders, may amend the Pooling and Servicing Agreement to modify, eliminate or add to any of its provisions
(i) to such extent as shall be necessary to maintain the qualification of the Lower-Tier REMIC or the Upper-Tier REMIC as a REMIC
or the qualification of the Grantor Trust as a grantor trust, or to prevent the imposition of any additional material state or
local taxes, at all times that any Certificates are outstanding; provided that such action, as evidenced by an Opinion of
Counsel (obtained at the expense of the Trust Fund), is necessary or helpful to maintain such qualification or to prevent the imposition
of any such taxes, and would not adversely affect in any material respect the interest of any Certificateholder or if applicable,
any Serviced Companion Loan Noteholder or (ii) to the extent necessary to comply with the Investment Company Act of 1940, as amended,
the Exchange Act, Regulation AB, and/or any related regulatory actions and/or interpretations.

 

The Certificateholder
owning a majority of the Percentage Interest in the Controlling Class and, if no such Certificateholder exercises such option,
the Special Servicer, and if the Special Servicer does not exercise such option, the Master Servicer may effect an early termination
of the Trust Fund, upon not less than 30 days’ prior Notice of Termination given to the Trustee, the Special Servicer and
the Master Servicer any time specifying the Anticipated Termination Date, which shall be on or after the Early Termination Notice
Date (defined as any date as of which the aggregate Stated Principal Balance of the Mortgage Loans remaining in the Trust is less
than 1.0% of the aggregate Stated Principal Balance of the Mortgage Loans as of the Cut-off Date) by purchasing on such date all,
but not less than all, of the Mortgage Loans then included in the Trust Fund, and the Trust’s interest in all property acquired
in respect of any Mortgage Loan, at a purchase price, payable in cash, equal to the sum of, without duplication:

 

		(A)	100% of the Stated Principal Balance of each Mortgage Loan included in the Trust as of the last
day of the month preceding such Anticipated Termination Date (less any P&I Advances previously made on account of principal);

 

		(B)	the fair market value of all other property included in the Trust Fund as of the last day of the
month preceding such Anticipated Termination Date, as determined by an Independent appraiser acceptable to the Master Servicer
as of a date not more than 30 days prior to the last day of the month preceding such Distribution Date;

 

		(C)	all unpaid interest accrued on the unpaid balance of each Mortgage Loan (including any Mortgage
Loan as to which title to the related Mortgaged Property has been acquired) at the Mortgage Rate to the last day of the month preceding
such Anticipated Termination Date 

 

    A-3-9

     

    

 

		 	 (less any P&I Advances previously made on account of interest); and

 

		(D)	the aggregate amount of unreimbursed Advances, with interest thereon at the Reimbursement Rate,
and unpaid Servicing Compensation, Special Servicing Compensation, Operating Advisor Fees, Certificate Administrator/Trustee Fees,
the CREFC® Intellectual Property Royalty License Fees and Trust Fund expenses.

 

In addition, the Pooling
and Servicing Agreement provides that following the date on which the Class X-A Notional Amount, the Class X-B Notional Amount,
the Class X-D Notional Amount and the aggregate Certificate Balance of the Class A-1, Class A-2, Class A-3, Class A-SB,
Class A-4, Class A-5, Class A-M, Class B, Class C and Class D Certificates is reduced to zero, the Sole Certificateholder shall
have the right to exchange all of the then-outstanding Certificates (other than the Class S or Class R Certificates) for all
of the Mortgage Loans and each REO Property remaining in the Trust Fund as contemplated by clause (ii) of Section 9.01(a)
of the Pooling and Servicing Agreement by giving written notice to all the parties to the Pooling and Servicing Agreement no later
than 60 days prior to the anticipated date of exchange.

 

All costs and expenses
incurred by any and all parties to the Pooling and Servicing Agreement or by the Trust Fund in connection with the purchase of
the Mortgage Loans and the other assets of the Trust Fund pursuant to Section 9.01(c) of the Pooling and Servicing Agreement
shall be borne by the party exercising its purchase rights thereunder. The Trustee and the Certificate Administrator shall be entitled
to rely conclusively on any determination made by an Independent appraiser pursuant to Section 9.01(c) of the Pooling and
Servicing Agreement.

 

The respective obligations
and responsibilities of the Master Servicer, the Special Servicer, the Depositor, the Certificate Administrator, the Operating
Advisor, the Asset Representations Reviewer and the Trustee created by the Pooling and Servicing Agreement with respect to the
Certificates (other than the obligations of the Certificate Administrator to make certain payments and to send certain notices
to Certificateholders as set forth in the Pooling and Servicing Agreement) shall terminate upon payment (or provision for payment)
to the Certificateholders and the Serviced Companion Loan Noteholders of all amounts held by or on behalf of the Trustee, the
Certificate Administrator and the Master Servicer, as the case may be, required under the Pooling and Servicing Agreement to be
so paid on the Distribution Date following the earlier to occur of (i) the purchase of the Mortgage Loans and all other property
held by the Trust Fund in accordance with Section 9.01(c) of the Pooling and Servicing Agreement; (ii) the exchange by the Sole
Certificateholder of its Certificates for the Mortgage Loans in accordance with Section 9.01(g) of the Pooling and Servicing Agreement;
and (iii) the later of (a) the receipt or collection of the last payment due on any Mortgage Loan included in the Trust
Fund, or (b) the liquidation and disposition pursuant to the Pooling and Servicing Agreement of the last asset held by the
Trust Fund; provided that in no event shall the trust created by the Pooling and Servicing Agreement continue beyond the expiration
of 21 years from

 

    A-3-10

     

    

 

the death of the last survivor of the descendants of Joseph P. Kennedy, the late Ambassador of the United States to the United
Kingdom, living on the date hereof.

 

Unless the Certificate
of Authentication on this Certificate has been executed by the Authenticating Agent, by manual signature, this Certificate shall
not be entitled to any benefit under the Pooling and Servicing Agreement or be valid for any purpose.

 

    A-3-11

     

    

 

IN WITNESS WHEREOF, the
Certificate Administrator has caused this Class A-3 Certificate to be duly executed.

 

Dated: January 31, 2018

 

	 	WELLS FARGO BANK, NATIONAL ASSOCIATION, not in its individual capacity
    but solely as Certificate Administrator
	 	 	 
	 	By: 	 
	 	 	Authorized Signatory

 

Certificate of Authentication

 

This is one of the Class
A-3 Certificates referred to in the Pooling and Servicing Agreement.

 

Dated: January 31, 2018

 

	 	WELLS FARGO
BANK, NATIONAL ASSOCIATION, not in its individual capacity but solely as Authenticating Agent
	 	 	 
	 	By: 	 
	 	 	

                                    

                                   Authorized Signatory

 

    A-3-12

     

    

 

EXHIBIT A-4

 

FORM OF CLASS A-SB CERTIFICATE

 

[UNLESS THIS CERTIFICATE IS PRESENTED
BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE CERTIFICATE
REGISTRAR FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE &
CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR
TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE
OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.]1

 

THIS CERTIFICATE DOES NOT REPRESENT
AN OBLIGATION OF OR INTEREST IN THE DEPOSITOR, THE ORIGINATOR, THE MASTER SERVICER, THE SPECIAL SERVICER, THE CERTIFICATE ADMINISTRATOR,
THE CERTIFICATE REGISTRAR, THE OPERATING ADVISOR, THE ASSET REPRESENTATIONS REVIEWER, THE RISK RETENTION CONSULTATION PARTY, THE
TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THE CERTIFICATES NOR THE UNDERLYING MORTGAGE LOANS ARE INSURED OR GUARANTEED
BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY.

 

PRINCIPAL PAYMENTS ON THIS CERTIFICATE
ARE PAYABLE IN INSTALLMENTS AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING CERTIFICATE BALANCE OF THIS CERTIFICATE AT ANY TIME
MAY BE LESS THAN THE INITIAL CERTIFICATE BALANCE SET FORTH BELOW.

 

FOR U.S. FEDERAL INCOME TAX PURPOSES,
THIS CERTIFICATE REPRESENTS A “REGULAR INTEREST” IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE
TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G(a)(1) AND 860D OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED.

 

 

 

1 Legend required as long
as DTC is the Depository under the Pooling and Servicing Agreement. 

 

    A-4-1

     

    

 

BENCHMARK 2018-B1 COMMERCIAL MORTGAGE

PASS-THROUGH CERTIFICATES, CLASS A-SB

 

	Class A-SB Pass-Through Rate: Equal to the lesser of (i) the WAC Rate and (ii) 3.602%	 	
        CUSIP: 08162PAV3

         

        ISIN:     US08162PAV31

         

	Original Aggregate Certificate Balance of the Class A-SB Certificates: $40,449,000	 	Initial Certificate Balance of this Certificate: $[__]
	 	 	 
	First Distribution Date: February 16, 2018	 	Cut-off Date: The close of business on the later of the related Due Date of such Mortgage Loan in January 2018 (or, in the case of any Mortgage Loan that has its first Due Date subsequent to January 2018, the date that would have been its Due Date in January 2018 under the terms of that Mortgage Loan if a Periodic Payment were scheduled to be due in that month) and the date of origination of such Mortgage Loan
	 	 	 
	Assumed Final Distribution Date: August 2027	 	No.: A-SB-[_]

 

This certifies that [              ]
is the registered owner of a beneficial ownership interest in a Trust Fund, including the distributions to be made with respect
to the Class A-SB Certificates. The Trust Fund, described more fully below, consists primarily of a pool of Mortgage Loans secured
by first liens on commercial and multifamily properties and held in trust by the Trustee and serviced by the Master Servicer. The
Trust Fund was created, and the Mortgage Loans are to be serviced, pursuant to the Pooling and Servicing Agreement (as defined
below). The Holder of this Certificate, by virtue of the acceptance hereof, assents to the terms, provisions and conditions of
the Pooling and Servicing Agreement and is bound thereby.

 

The Pooling and Servicing
Agreement, dated as of January 1, 2018 (the “Pooling and Servicing Agreement”), between the Depositor, Wells
Fargo Bank, National Association, as master servicer (in such capacity, the “Master Servicer”), Midland Loan
Services, a Division of PNC Bank, National Association, as special servicer (the “Special Servicer”), Wilmington
Trust, National Association, as trustee (the “Trustee”), Wells Fargo Bank, National Association, as certificate
administrator (in such capacity, the “Certificate Administrator”), custodian and paying agent, and Park Bridge
Lender Services LLC, as operating advisor (in such capacity, the “Operating Advisor”) and asset representations
reviewer (in such capacity, the “Asset Representations Reviewer”) evidences the issuance of the Class A-1, Class
A-2, Class A-3, Class A-SB, Class A-4, Class A-5, Class A-M, Class B, Class C, Class D, Class E, Class F-RR, Class G-RR,
Class X-A, Class X-B, Class X-D, Class X-E, Class S, Class R, Class V2, Class V1-A1, Class V1-A2, Class V1-A3, Class V1-ASB,
Class V1-A4, Class V1-A5, Class V1-AM, Class V1-B, Class V1-C, Class V1-D, Class V1-E, Class V1-F and Class V1-G Certificates (the

 

    A-4-2

     

    

 

“Certificates”; the Holders of Certificates issued under the Pooling and Servicing Agreement are collectively
referred to herein as “Certificateholders”). This Certificate is issued pursuant to, and in accordance with,
the terms of the Pooling and Servicing Agreement. To the extent not defined herein, capitalized terms used herein shall have the
meanings assigned thereto in the Pooling and Servicing Agreement.

 

This Certificate represents
a “regular interest” in a “real estate mortgage investment conduit”, as those terms are defined, respectively,
in Sections 860G(a)(1) and 860D of the Internal Revenue Code of 1986, as amended. Each Holder of this Certificate, by acceptance
hereof, agrees to treat, and take no action inconsistent with the treatment of, this Certificate in accordance with the preceding
sentence for purposes of federal income taxes, state and local income and franchise taxes and other taxes imposed on or measured
by income.

 

The Certificate Administrator
makes no representation or warranty as to any of the statements contained herein or the validity or sufficiency of the Certificates
or the Mortgage Loans and has executed this Certificate in its limited capacity as Certificate Administrator under the Pooling
and Servicing Agreement. In the event that there is any conflict between any provision of this Certificate and any provision of
the Pooling and Servicing Agreement, such provision of this Certificate shall be superseded to the extent of such inconsistency.

 

Pursuant to the terms
of the Pooling and Servicing Agreement, the Certificate Administrator, or the Paying Agent on behalf of the Certificate Administrator,
will distribute (other than the final distribution on any Certificate), on the fourth Business Day after each Determination Date
(each such date, a “Distribution Date”) an amount equal to such Person’s pro rata share (based on the
Percentage Interest represented by this Certificate) of that portion of the aggregate amount of principal and interest then distributable,
if any, allocable to the Class A-SB Certificates for such Distribution Date, all as more fully described in the Pooling and
Servicing Agreement. “Determination Date” is defined in the Pooling and Servicing Agreement as the eleventh day of
each month, or if such eleventh day is not a Business Day, then the next Business Day, commencing in February 2018. Holders of
this Certificate may be entitled to Prepayment Premiums and Yield Maintenance Charges as provided in the Pooling and Servicing
Agreement.

 

During each Interest
Accrual Period (as defined below), interest on the Class A-SB Certificates will be calculated based on a 360-day year consisting
of twelve 30-day months on the outstanding Certificate Balance hereof.

 

Interest accrued on this
Certificate during an Interest Accrual Period, plus the aggregate unpaid Interest Shortfall with respect to this Certificate, if
any, will be payable on the related Distribution Date to the extent provided in the Pooling and Servicing Agreement. The “Interest
Accrual Period” means, with respect to any Distribution Date, the calendar month immediately preceding the month in which
such Distribution Date occurs. Each Interest Accrual Period is assumed to consist of 30 days.

 

All distributions (other
than the final distribution on any Certificate) will be made by the Paying Agent to the Persons in whose names the Certificates
are registered at the close of business on each Record Date, which will be the close of business on the last Business Day of the
calendar month immediately preceding the month in which such Distribution Date occurs.

 

    A-4-3

     

    

 

Such distributions shall be made on each
Distribution Date other than the Termination Date to each Certificateholder of record on the related Record Date, (i) by wire transfer
of immediately available funds to the account of such Holder at a bank or other entity located in the United States and having
appropriate facilities therefor if such Holder shall have provided the Paying Agent with wire instructions in writing at least
five Business Days prior to the related Record Date (which wiring instructions may be in the form of a standing order applicable
to all subsequent distributions), or (ii) otherwise, by check mailed by first-class mail to the address set forth therefor in the
Certificate Register. The final distribution on each Certificate shall be made in like manner, but only upon presentment and surrender
of such Certificate at the office of the Certificate Administrator or its agent (which may be the Paying Agent or the Certificate
Registrar acting as such agent) that is specified in the notice to Holders of such final distribution.

 

Any funds not distributed
on the Termination Date because of the failure of any Certificateholders to tender their Certificates shall, on such date, be set
aside and held for the benefit of the appropriate non-tendering Certificateholders. If any Certificates as to which notice of the
Termination Date has been given pursuant to the Pooling and Servicing Agreement shall not have been surrendered for cancellation
within six months after the time specified in such notice, the Certificate Administrator shall mail a second notice to the remaining
non-tendering Certificateholders to surrender their Certificates for cancellation to receive the final distribution with respect
thereto. If within one year after the second notice not all of such Certificates shall have been surrendered for cancellation,
the Certificate Administrator may, directly or through an agent, take appropriate steps to contact the remaining non-tendering
Certificateholders concerning surrender of their Certificates. The costs and expenses of holding such funds in trust and of contacting
such Certificateholders shall be paid out of such funds. Subject to applicable state escheatment laws, if within two years after
the second notice any such Certificates shall not have been surrendered for cancellation, the Paying Agent shall distribute to
the Certificate Administrator all amounts distributable to the Holders thereof, and the Certificate Administrator shall thereafter
hold such amounts for the benefit of such Holders until the earlier of (i) its termination as Certificate Administrator under the
Pooling and Servicing Agreement and the transfer of such amounts to a successor Certificate Administrator and (ii) the termination
of the Trust Fund and distribution of such amounts to the Class R Certificateholders. No interest shall accrue or be payable to
any Certificateholder on any amount held under the Pooling and Servicing Agreement or by the Certificate Administrator as a result
of such Certificateholder’s failure to surrender its Certificate(s) for final payment thereof in accordance with the Pooling
and Servicing Agreement. Any such amounts transferred to the Certificate Administrator may be invested in Permitted Investments
and all income and gain realized from investment of such funds shall accrue for its benefit.

 

This Certificate is limited
in right of payment to, among other things, certain collections and recoveries in respect of the Mortgage Loans, as more specifically
set forth herein and in the Pooling and Servicing Agreement.

 

As provided in the Pooling
and Servicing Agreement, the Trust Fund includes (in each case, to the extent of the Trust Fund’s interest therein and specifically
excluding any interest of any Serviced Companion Loan Noteholder therein): (i) such Mortgage Loans as from time to time are subject
to the Pooling and Servicing Agreement, together with the Mortgage Files relating thereto; (ii) all scheduled or unscheduled payments
on or collections in respect of

 

    A-4-4

     

    

 

the Mortgage Loans due after the Cut-off Date; (iii) the Trust Fund’s interest in any REO
Property; (iv) all revenues received in respect of any REO Property; (v) any Assignments of Leases, Rents and Profits and any security
agreements related to the Mortgage Loans; (vi) any indemnities or guaranties given as additional security for any Mortgage Loans;
(vii) a security interest in all assets deposited in the Lock-Box Accounts, Cash Collateral Accounts, Escrow Accounts, and Reserve
Accounts; (viii) the Loss of Value Reserve Fund; (ix) the Collection Account, the Serviced Whole Loan Collection Accounts, the
Distribution Accounts, any Gain-on-Sale Reserve Account, the Interest Reserve Account, and the Trust’s interest in any REO
Account, including any amounts on deposit therein, assets credited thereto and any reinvestment income, as applicable; (x) a security
interest in any environmental indemnity agreements relating to the Mortgaged Properties; (xi) a security interest in all insurance
policies with respect to the Mortgage Loans and the Mortgaged Properties; (xii) the rights and remedies under the Mortgage Loan
Purchase Agreements relating to document delivery requirements with respect to the Mortgage Loans and the representations and warranties
of the related Mortgage Loan Seller regarding its Mortgage Loans; (xiii) the Lower-Tier Regular Interests; (xiv) the Class VRR
Upper-Tier Regular Interests; and (xv) the proceeds of the foregoing (other than any interest earned on deposits in the Lock-Box
Accounts, Cash Collateral Accounts, Escrow Accounts and any Reserve Accounts, to the extent such interest belongs to the related
Borrower). As provided in the Pooling and Servicing Agreement, withdrawals may be made from certain of the above accounts for purposes
other than distributions to Certificateholders.

 

This Certificate does
not purport to summarize the Pooling and Servicing Agreement, and reference is made to the Pooling and Servicing Agreement for
the interests, rights, benefits, obligations and duties evidenced hereby, and the limitations thereon, and the rights, duties and
immunities of the Certificate Administrator.

 

As provided in the Pooling
and Servicing Agreement and subject to certain limitations set forth therein, this Certificate is transferable or exchangeable
only upon surrender of this Certificate to the Certificate Registrar at its offices together with an assignment and transfer (executed
by the Holder or his duly authorized attorney), subject to the requirements in Article V of the Pooling and Servicing Agreement.
Upon surrender for registration of transfer of this Certificate, subject to the requirements in Article V of the Pooling and Servicing
Agreement, the Certificate Administrator shall execute and the Authenticating Agent shall duly authenticate in the name of the
designated transferee or transferees, one or more new Certificates in authorized denominations of a like aggregate denomination
as the Certificate being surrendered. Such Certificates shall be delivered by the Certificate Registrar in accordance with Article
V of the Pooling and Servicing Agreement.

 

Prior to due presentation
of this Certificate for registration of transfer, the Depositor, the Master Servicer, the Special Servicer, the Operating Advisor,
the Asset Representations Reviewer, the Certificate Administrator, the Trustee, the Certificate Registrar, any Paying Agent and
any agent of any of them may treat the Person in whose name this Certificate is registered as the owner hereof for all purposes,
and none of the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator, the Trustee, the Certificate
Registrar, any Paying Agent or any agent of any of them shall be affected by notice or knowledge to the contrary.

 

    A-4-5

     

    

 

No fee or service charge
shall be imposed by the Certificate Registrar for its services in respect of any registration of transfer or exchange referred
to in Section 5.02 of the Pooling and Servicing Agreement other than for transfers to Institutional Accredited Investors as provided
in Section 5.02(h) of the Pooling and Servicing Agreement. In connection with any transfer to an Institutional Accredited Investor,
the transferor shall reimburse the Trust Fund for any costs (including the cost of the Certificate Registrar’s counsel’s
review of the documents and any legal opinions, submitted by the transferor or transferee to the Certificate Registrar as provided
in the Pooling and Servicing Agreement) incurred by the Certificate Registrar in connection with such transfer. The Certificate
Registrar may require payment by each transferor of a sum sufficient to cover any tax, expense or other governmental charge payable
in connection with any such transfer.

 

The Pooling and Servicing
Agreement or any Custodial Agreement may be amended at any time by the Depositor, the Master Servicer, the Special Servicer, the
Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the Trustee without the consent of any
of the Certificateholders or any Serviced Companion Loan Noteholders, (i) to cure any ambiguity or to correct any manifest error;
(ii) to cause the provisions of the Pooling and Servicing Agreement or any Custodial Agreement to conform or be consistent
with or in furtherance of the statements made in the Prospectus or Private Placement Memorandum with respect to the Certificates,
the Trust or the Pooling and Servicing Agreement or to correct or supplement any provisions of the Pooling and Servicing Agreement
or any Custodial Agreement which may be defective or inconsistent with any other provisions of the Pooling and Servicing Agreement
or any Custodial Agreement; (iii) to change the timing and/or nature of deposits in the Collection Account, the Distribution
Accounts or any REO Account; provided that (a) the Master Servicer Remittance Date shall in no event be later than the Business
Day prior to the related Distribution Date and (b) such change shall not adversely affect in any material respect the interests
of any Certificateholder, as evidenced in writing by an Opinion of Counsel at the expense of the party requesting such amendment
or as evidenced by a Rating Agency Confirmation from each Rating Agency with respect to such amendment; (iv) to modify, eliminate
or add to any of its provisions to such extent as shall be necessary to maintain the qualification of any Trust REMIC as a REMIC
or the Grantor Trust as a grantor trust under the relevant provisions of the Code at all times that any Certificate is outstanding,
or to avoid or minimize the risk of imposition of any tax on the Trust Fund or any Trust REMIC or the Grantor Trust that would
be a claim against the Trust Fund or any Trust REMIC or the Grantor Trust; provided that the Trustee and the Certificate
Administrator have received an Opinion of Counsel (at the expense of the party requesting such amendment) to the effect that (a) such
action is necessary or desirable to maintain such qualification or to avoid or minimize the risk of the imposition of any such
tax and (b) such action will not adversely affect in any material respect the interests of any Certificateholder or Companion
Loan Noteholder; (v) to modify, eliminate or add to the provisions any provision of the Pooling and Servicing Agreement restricting
transfer of the Class R Certificates; provided the Depositor has determined that such change shall not, as evidenced
by an Opinion of Counsel, cause the Trust Fund, any Trust REMIC or any of the Certificateholders (other than the Transferor) to
be subject to a federal tax caused by a Transfer to a Person that is a Disqualified Organization or a Non-U.S. Tax Person; (vi)
to revise or add any other provisions with respect to matters or questions arising under the Pooling and Servicing Agreement or
any other change; provided that the required action shall not adversely affect in any material respect the interests of
any Certificateholder or any holder of a Serviced Pari Passu

 

    A-4-6

     

    

 

Companion Loan not consenting thereto as evidenced in writing by an
Opinion of Counsel, at the expense of the party requesting such amendment or as evidenced by a Rating Agency Confirmation from
each of the Rating Agencies with respect to such amendment or supplement and confirmation of the applicable rating agencies that
such action will not result in the downgrade, withdrawal or qualification of its then-current ratings of any securities related
to a Companion Loan, if any (provided that such rating agency confirmation may be considered satisfied in the same manner
as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates); (vii) to amend or supplement any
provision of the Pooling and Servicing Agreement to the extent necessary to maintain the then-current ratings assigned to each
Class of Certificates by each Rating Agency, as evidenced by a Rating Agency Confirmation from each of the Rating Agencies; provided
that such amendment or supplement shall not adversely affect in any material respect the interests of any Certificateholder not
consenting thereto as evidenced by an Opinion of Counsel, or any holder of a Serviced Pari Passu Companion Loan not consenting
to such revision or addition, as evidenced by an Opinion of Counsel at the expense of the party requesting such amendment or as
evidenced by confirmation of the applicable Rating Agencies that such action will not result in the downgrade, withdrawal or qualification
of its then-current ratings of any securities related to a Companion Loan, if any (provided that such Rating Agency Confirmation
may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the
Certificates); (viii) to modify the provisions of Section 3.06 and Section 3.17 of the Pooling and Servicing Agreement
(with respect to reimbursement of Nonrecoverable Advances and Workout-Delayed Reimbursement Amounts) if (a) the Depositor,
the Master Servicer, the Trustee and, for so long as a Control Termination Event has not occurred and is not continuing, the Directing
Holder, determine that the commercial mortgage backed securities industry standard for such provisions has changed, in order to
conform to such industry standard, (b) such modification does not adversely affect the status of any Trust REMIC as a REMIC
or the status of the Grantor Trust as a grantor trust under the relevant provisions of the Code, as evidenced by an Opinion of
Counsel and (c) each Rating Agency has delivered a Rating Agency Confirmation and, with regard to any class of Serviced Companion
Loan Securities, the applicable rating agencies have delivered a confirmation that such action will not result in the downgrade,
withdrawal or qualification of its then-current ratings (provided that such rating agency confirmation may be considered
satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates); (ix)
to modify the procedures of the Pooling and Servicing Agreement relating to compliance with Rule 17g-5 of the Exchange Act;
provided that such amendment shall not adversely affect in any material respects the interests of any Certificateholders,
as evidenced by (x) an Opinion of Counsel or (y) if any Certificate is then rated, receipt of Rating Agency Confirmation
from each Rating Agency rating such Certificates; and provided, further, that the Certificate Administrator shall
give notice of any such amendment to the 17g-5 Information Provider for posting to the 17g-5 Information Provider’s Website
and the Certificate Administrator shall post such notice to the Certificate Administrator’s Website; (x) to modify, eliminate
or add to any provisions of the Pooling and Servicing Agreement to such extent as would be necessary to comply with the requirements
for use of Form SF-3 in registered offerings to the extent provided in CFR 239.45(b)(1)(ii), (iii) or (iv); and (xi) to modify,
eliminate or add to any of its provisions (a) to such extent as will be necessary to comply with the requirements of the Risk Retention
Rule, as evidenced by an Opinion of Counsel, or (b) in the event the Risk Retention Rule or any other

 

    A-4-7

     

    

 

regulation applicable to
the risk retention requirements for this securitization transaction are amended or repealed, to the extent required to comply with
any such amendment or to modify or eliminate the risk retention requirements in the event of such repeal, as evidenced by an Opinion
of Counsel.

 

The Pooling and Servicing
Agreement or any Custodial Agreement may also be amended from time to time by the Depositor, the Master Servicer, the Special Servicer,
the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the Trustee with the prior written
consent of the Holders of Certificates representing not less than a majority of the Percentage Interests of each Class of
Certificates affected thereby (without regard to Certificates held by the Depositor, any of the Depositor’s Affiliates and/or
agents) and each Serviced Companion Loan Noteholder affected thereby for the purpose of adding any provisions to or changing in
any manner or eliminating any of the provisions of the Pooling and Servicing Agreement or modifying in any manner the rights of
the Certificateholders or the Serviced Companion Loan Noteholders; provided, that no such amendment may:

 

		(i)	reduce in any manner the amount of, or delay the timing of, payments received on the Mortgage Loans
or Serviced Whole Loan which are required to be distributed on any Certificate, without the consent of the Holders of Certificates
representing all of the Percentage Interests of the Class or Classes affected thereby or which are required to be distributed to
any Companion Loan Noteholders without the consent of such Companion Loan Noteholders;

 

		(ii)	reduce the aforesaid percentage of Certificates of any Class the Holders of which are required
to consent to any such amendment or remove the requirement to obtain consent of any Companion Loan Noteholder, in any such case
without the consent of the Holders of all Certificates of such Class then-outstanding or such Companion Loan Noteholder, as applicable;

 

		(iii)	adversely affect the Voting Rights of any Class of Certificates without the consent of the Holders
of all Certificates of such Class then outstanding;

 

		(iv)	change in any manner any defined term used in any Mortgage Loan Purchase Agreement or the obligations
of any Mortgage Loan Seller under such Mortgage Loan Purchase Agreement or otherwise or change any rights of any Mortgage Loan
Seller as a third party beneficiary hereunder, without the consent of such Mortgage Loan Seller; or

 

		(v)	amend the Servicing Standard without the consent of 100% of the Certificateholders or receipt of
Rating Agency Confirmation from each Rating Agency and confirmation of the applicable rating agencies that such action will not
result in the downgrade, withdrawal or qualification of its then-current ratings of any securities related to a Companion Loan,
if any (provided that such rating agency confirmation may be considered 

 

    A-4-8

     

    

 

		 	satisfied in the same manner
as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates).

 

Further, the Depositor,
the Master Servicer, the Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer
and the Trustee, at any time and from time to time, without the consent of the Certificateholders or, if applicable, the Serviced
Companion Loan Noteholders, may amend the Pooling and Servicing Agreement to modify, eliminate or add to any of its provisions
(i) to such extent as shall be necessary to maintain the qualification of the Lower-Tier REMIC or the Upper-Tier REMIC as a REMIC
or the qualification of the Grantor Trust as a grantor trust, or to prevent the imposition of any additional material state or
local taxes, at all times that any Certificates are outstanding; provided that such action, as evidenced by an Opinion of
Counsel (obtained at the expense of the Trust Fund), is necessary or helpful to maintain such qualification or to prevent the imposition
of any such taxes, and would not adversely affect in any material respect the interest of any Certificateholder or if applicable,
any Serviced Companion Loan Noteholder or (ii) to the extent necessary to comply with the Investment Company Act of 1940, as amended,
the Exchange Act, Regulation AB, and/or any related regulatory actions and/or interpretations.

 

The Certificateholder
owning a majority of the Percentage Interest in the Controlling Class and, if no such Certificateholder exercises such option,
the Special Servicer, and if the Special Servicer does not exercise such option, the Master Servicer may effect an early termination
of the Trust Fund, upon not less than 30 days’ prior Notice of Termination given to the Trustee, the Special Servicer and
the Master Servicer any time specifying the Anticipated Termination Date, which shall be on or after the Early Termination Notice
Date (defined as any date as of which the aggregate Stated Principal Balance of the Mortgage Loans remaining in the Trust is less
than 1.0% of the aggregate Stated Principal Balance of the Mortgage Loans as of the Cut-off Date) by purchasing on such date all,
but not less than all, of the Mortgage Loans then included in the Trust Fund, and the Trust’s interest in all property acquired
in respect of any Mortgage Loan, at a purchase price, payable in cash, equal to the sum of, without duplication:

 

		(A)	100% of the Stated Principal Balance of each Mortgage Loan included in the Trust as of the last
day of the month preceding such Anticipated Termination Date (less any P&I Advances previously made on account of principal);

 

		(B)	the fair market value of all other property included in the Trust Fund as of the last day of the
month preceding such Anticipated Termination Date, as determined by an Independent appraiser acceptable to the Master Servicer
as of a date not more than 30 days prior to the last day of the month preceding such Distribution Date;

 

		(C)	all unpaid interest accrued on the unpaid balance of each Mortgage Loan (including any Mortgage
Loan as to which title to the related Mortgaged Property has been acquired) at the Mortgage Rate to the last day of the month preceding
such Anticipated Termination Date 

 

    A-4-9

     

    

 

		 	 (less any P&I Advances previously made on account of interest); and

 

		(D)	the aggregate amount of unreimbursed
                                         Advances, with interest thereon at the Reimbursement Rate, and unpaid Servicing Compensation,
                                         Special Servicing Compensation, Operating Advisor Fees, Certificate Administrator/Trustee
                                         Fees, the CREFC® Intellectual Property Royalty License Fees and Trust
                                         Fund expenses.

 

In addition, the Pooling
and Servicing Agreement provides that following the date on which the Class X-A Notional Amount, the Class X-B Notional Amount,
the Class X-D Notional Amount and the aggregate Certificate Balance of the Class A-1, Class A-2, Class A-3, Class A-SB,
Class A-4, Class A-5, Class A-M, Class B, Class C and Class D Certificates is reduced to zero, the Sole Certificateholder shall
have the right to exchange all of the then-outstanding Certificates (other than the Class S or Class R Certificates) for all
of the Mortgage Loans and each REO Property remaining in the Trust Fund as contemplated by clause (ii) of Section 9.01(a)
of the Pooling and Servicing Agreement by giving written notice to all the parties to the Pooling and Servicing Agreement no later
than 60 days prior to the anticipated date of exchange.

 

All costs and expenses
incurred by any and all parties to the Pooling and Servicing Agreement or by the Trust Fund in connection with the purchase of
the Mortgage Loans and the other assets of the Trust Fund pursuant to Section 9.01(c) of the Pooling and Servicing Agreement
shall be borne by the party exercising its purchase rights thereunder. The Trustee and the Certificate Administrator shall be entitled
to rely conclusively on any determination made by an Independent appraiser pursuant to Section 9.01(c) of the Pooling and
Servicing Agreement.

 

The respective obligations
and responsibilities of the Master Servicer, the Special Servicer, the Depositor, the Certificate Administrator, the Operating
Advisor, the Asset Representations Reviewer and the Trustee created by the Pooling and Servicing Agreement with respect to the
Certificates (other than the obligations of the Certificate Administrator to make certain payments and to send certain notices
to Certificateholders as set forth in the Pooling and Servicing Agreement) shall terminate upon payment (or provision for payment)
to the Certificateholders and the Serviced Companion Loan Noteholders of all amounts held by or on behalf of the Trustee, the
Certificate Administrator and the Master Servicer, as the case may be, required under the Pooling and Servicing Agreement to be
so paid on the Distribution Date following the earlier to occur of (i) the purchase of the Mortgage Loans and all other property
held by the Trust Fund in accordance with Section 9.01(c) of the Pooling and Servicing Agreement; (ii) the exchange by the Sole
Certificateholder of its Certificates for the Mortgage Loans in accordance with Section 9.01(g) of the Pooling and Servicing Agreement;
and (iii) the later of (a) the receipt or collection of the last payment due on any Mortgage Loan included in the Trust
Fund, or (b) the liquidation and disposition pursuant to the Pooling and Servicing Agreement of the last asset held by the
Trust Fund; provided that in no event shall the trust created by the Pooling and Servicing Agreement continue beyond the expiration
of 21 years from

 

    A-4-10

     

    

 

the death of the last survivor of the descendants of Joseph P. Kennedy, the late Ambassador of the United States to the United
Kingdom, living on the date hereof.

 

Unless the Certificate
of Authentication on this Certificate has been executed by the Authenticating Agent, by manual signature, this Certificate shall
not be entitled to any benefit under the Pooling and Servicing Agreement or be valid for any purpose.

 

    A-4-11

     

    

 

IN WITNESS WHEREOF, the
Certificate Administrator has caused this Class A-SB Certificate to be duly executed.

 

Dated: January 31, 2018

 

	 	WELLS FARGO
BANK, NATIONAL ASSOCIATION, not in its individual capacity but solely as Certificate Administrator
	 	 	 
	 	By: 	 
	 	 	Authorized Signatory

 

Certificate of Authentication

 

This is one of the Class
A-SB Certificates referred to in the Pooling and Servicing Agreement.

 

Dated: January 31, 2018

 

	 	WELLS FARGO
BANK, NATIONAL ASSOCIATION, not in its individual capacity but solely as Authenticating Agent
	 	 	 
	 	By: 	 
	 	 	Authorized Signatory

 

    A-4-12

     

    

 

EXHIBIT A-5

 

FORM OF CLASS A-4 CERTIFICATE

 

[UNLESS THIS CERTIFICATE IS PRESENTED
BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE CERTIFICATE
REGISTRAR FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE &
CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR
TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE
OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.]1

 

THIS CERTIFICATE DOES NOT REPRESENT
AN OBLIGATION OF OR INTEREST IN THE DEPOSITOR, THE ORIGINATOR, THE MASTER SERVICER, THE SPECIAL SERVICER, THE CERTIFICATE ADMINISTRATOR,
THE CERTIFICATE REGISTRAR, THE OPERATING ADVISOR, THE ASSET REPRESENTATIONS REVIEWER, THE RISK RETENTION CONSULTATION PARTY, THE
TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THE CERTIFICATES NOR THE UNDERLYING MORTGAGE LOANS ARE INSURED OR GUARANTEED
BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY.

 

PRINCIPAL PAYMENTS ON THIS CERTIFICATE
ARE PAYABLE IN INSTALLMENTS AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING CERTIFICATE BALANCE OF THIS CERTIFICATE AT ANY TIME
MAY BE LESS THAN THE INITIAL CERTIFICATE BALANCE SET FORTH BELOW.

 

FOR U.S. FEDERAL INCOME TAX PURPOSES,
THIS CERTIFICATE REPRESENTS A “REGULAR INTEREST” IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE
TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G(a)(1) AND 860D OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED.

 

 

 

1 Legend required as long
as DTC is the Depository under the Pooling and Servicing Agreement.

 

    A-5-1

     

    

 

BENCHMARK 2018-B1 MORTGAGE TRUST COMMERCIAL
MORTGAGE

PASS-THROUGH CERTIFICATES, CLASS A-4

 

	Class A-4 Pass-Through Rate:  3.402%	 	
        CUSIP: 08162PAW1

         

        ISIN:     US08162PAW14

         

	Original Aggregate Certificate Balance of the Class A-4 Certificates: $135,000,000	 	Initial Certificate Balance of this Certificate: $[__]
	 	 	 
	First Distribution Date: February 16, 2018	 	Cut-off Date: The close of business on the later of the related Due Date of such Mortgage Loan in January 2018 (or, in the case of any Mortgage Loan that has its first Due Date subsequent to January 2018, the date that would have been its Due Date in January 2018 under the terms of that Mortgage Loan if a Periodic Payment were scheduled to be due in that month) and the date of origination of such Mortgage Loan
	 	 	 
	Assumed Final Distribution Date:  October 2027	 	No.: A-4-[_]

 

This certifies that [              ]
is the registered owner of a beneficial ownership interest in a Trust Fund, including the distributions to be made with respect
to the Class A-4 Certificates. The Trust Fund, described more fully below, consists primarily of a pool of Mortgage Loans
secured by first liens on commercial and multifamily properties and held in trust by the Trustee and serviced by the Master Servicer.
The Trust Fund was created, and the Mortgage Loans are to be serviced, pursuant to the Pooling and Servicing Agreement (as defined
below). The Holder of this Certificate, by virtue of the acceptance hereof, assents to the terms, provisions and conditions of
the Pooling and Servicing Agreement and is bound thereby.

 

The Pooling and Servicing
Agreement, dated as of January 1, 2018 (the “Pooling and Servicing Agreement”), between the Depositor, Wells
Fargo Bank, National Association, as master servicer (in such capacity, the “Master Servicer”), Midland Loan
Services, a Division of PNC Bank, National Association, as special servicer (the “Special Servicer”), Wilmington
Trust, National Association, as trustee (the “Trustee”), Wells Fargo Bank, National Association, as certificate
administrator (in such capacity, the “Certificate Administrator”), custodian and paying agent, and Park Bridge
Lender Services LLC, as operating advisor (in such capacity, the “Operating Advisor”) and asset representations
reviewer (in such capacity, the “Asset Representations Reviewer”) evidences the issuance of the Class A-1, Class
A-2, Class A-3, Class A-SB, Class A-4, Class A-5, Class A-M, Class B, Class C, Class D, Class E, Class F-RR, Class G-RR,
Class X-A, Class X-B, Class X-D, Class X-E, Class S, Class R, Class V2, Class V1-A1, Class V1-A2, Class V1-A3, Class V1-ASB,
Class V1-A4, Class V1-A5, Class V1-AM, Class V1-B, Class V1-C, Class V1-D, Class V1-E, Class V1-F and Class V1-G Certificates (the

 

    A-5-2

     

    

 

“Certificates”; the Holders of Certificates issued under the Pooling and Servicing Agreement are collectively
referred to herein as “Certificateholders”). This Certificate is issued pursuant to, and in accordance with,
the terms of the Pooling and Servicing Agreement. To the extent not defined herein, capitalized terms used herein shall have the
meanings assigned thereto in the Pooling and Servicing Agreement.

 

This Certificate represents
a “regular interest” in a “real estate mortgage investment conduit”, as those terms are defined, respectively,
in Sections 860G(a)(1) and 860D of the Internal Revenue Code of 1986, as amended. Each Holder of this Certificate, by acceptance
hereof, agrees to treat, and take no action inconsistent with the treatment of, this Certificate in accordance with the preceding
sentence for purposes of federal income taxes, state and local income and franchise taxes and other taxes imposed on or measured
by income.

 

The Certificate Administrator
makes no representation or warranty as to any of the statements contained herein or the validity or sufficiency of the Certificates
or the Mortgage Loans and has executed this Certificate in its limited capacity as Certificate Administrator under the Pooling
and Servicing Agreement. In the event that there is any conflict between any provision of this Certificate and any provision of
the Pooling and Servicing Agreement, such provision of this Certificate shall be superseded to the extent of such inconsistency.

 

Pursuant to the terms
of the Pooling and Servicing Agreement, the Certificate Administrator, or the Paying Agent on behalf of the Certificate Administrator,
will distribute (other than the final distribution on any Certificate), on the fourth Business Day after each Determination Date
(each such date, a “Distribution Date”) an amount equal to such Person’s pro rata share (based on the
Percentage Interest represented by this Certificate) of that portion of the aggregate amount of principal and interest then distributable,
if any, allocable to the Class A-4 Certificates for such Distribution Date, all as more fully described in the Pooling and
Servicing Agreement. “Determination Date” is defined in the Pooling and Servicing Agreement as the eleventh day of
each month, or if such eleventh day is not a Business Day, then the next Business Day, commencing in February 2018. Holders of
this Certificate may be entitled to Prepayment Premiums and Yield Maintenance Charges as provided in the Pooling and Servicing
Agreement.

 

During each Interest
Accrual Period (as defined below), interest on the Class A-4 Certificates will be calculated based on a 360-day year consisting
of twelve 30-day months on the outstanding Certificate Balance hereof.

 

Interest accrued on this
Certificate during an Interest Accrual Period, plus the aggregate unpaid Interest Shortfall with respect to this Certificate, if
any, will be payable on the related Distribution Date to the extent provided in the Pooling and Servicing Agreement. The “Interest
Accrual Period” means, with respect to any Distribution Date, the calendar month immediately preceding the month in which
such Distribution Date occurs. Each Interest Accrual Period is assumed to consist of 30 days.

 

All distributions (other
than the final distribution on any Certificate) will be made by the Paying Agent to the Persons in whose names the Certificates
are registered at the close of business on each Record Date, which will be the close of business on the last Business Day of the
calendar month immediately preceding the month in which such Distribution Date occurs.

 

    A-5-3

     

    

 

Such distributions shall be made on each
Distribution Date other than the Termination Date to each Certificateholder of record on the related Record Date, (i) by wire transfer
of immediately available funds to the account of such Holder at a bank or other entity located in the United States and having
appropriate facilities therefor if such Holder shall have provided the Paying Agent with wire instructions in writing at least
five Business Days prior to the related Record Date (which wiring instructions may be in the form of a standing order applicable
to all subsequent distributions), or (ii) otherwise, by check mailed by first-class mail to the address set forth therefor in the
Certificate Register. The final distribution on each Certificate shall be made in like manner, but only upon presentment and surrender
of such Certificate at the office of the Certificate Administrator or its agent (which may be the Paying Agent or the Certificate
Registrar acting as such agent) that is specified in the notice to Holders of such final distribution.

 

Any funds not distributed
on the Termination Date because of the failure of any Certificateholders to tender their Certificates shall, on such date, be set
aside and held for the benefit of the appropriate non-tendering Certificateholders. If any Certificates as to which notice of the
Termination Date has been given pursuant to the Pooling and Servicing Agreement shall not have been surrendered for cancellation
within six months after the time specified in such notice, the Certificate Administrator shall mail a second notice to the remaining
non-tendering Certificateholders to surrender their Certificates for cancellation to receive the final distribution with respect
thereto. If within one year after the second notice not all of such Certificates shall have been surrendered for cancellation,
the Certificate Administrator may, directly or through an agent, take appropriate steps to contact the remaining non-tendering
Certificateholders concerning surrender of their Certificates. The costs and expenses of holding such funds in trust and of contacting
such Certificateholders shall be paid out of such funds. Subject to applicable state escheatment laws, if within two years after
the second notice any such Certificates shall not have been surrendered for cancellation, the Paying Agent shall distribute to
the Certificate Administrator all amounts distributable to the Holders thereof, and the Certificate Administrator shall thereafter
hold such amounts for the benefit of such Holders until the earlier of (i) its termination as Certificate Administrator under the
Pooling and Servicing Agreement and the transfer of such amounts to a successor Certificate Administrator and (ii) the termination
of the Trust Fund and distribution of such amounts to the Class R Certificateholders. No interest shall accrue or be payable to
any Certificateholder on any amount held under the Pooling and Servicing Agreement or by the Certificate Administrator as a result
of such Certificateholder’s failure to surrender its Certificate(s) for final payment thereof in accordance with the Pooling
and Servicing Agreement. Any such amounts transferred to the Certificate Administrator may be invested in Permitted Investments
and all income and gain realized from investment of such funds shall accrue for its benefit.

 

This Certificate is limited
in right of payment to, among other things, certain collections and recoveries in respect of the Mortgage Loans, as more specifically
set forth herein and in the Pooling and Servicing Agreement.

 

As provided in the Pooling
and Servicing Agreement, the Trust Fund includes (in each case, to the extent of the Trust Fund’s interest therein and specifically
excluding any interest of any Serviced Companion Loan Noteholder therein): (i) such Mortgage Loans as from time to time are subject
to the Pooling and Servicing Agreement, together with the Mortgage Files relating thereto; (ii) all scheduled or unscheduled payments
on or collections in respect of

 

    A-5-4

     

    

 

the Mortgage Loans due after the Cut-off Date; (iii) the Trust Fund’s interest in any REO
Property; (iv) all revenues received in respect of any REO Property; (v) any Assignments of Leases, Rents and Profits and any security
agreements related to the Mortgage Loans; (vi) any indemnities or guaranties given as additional security for any Mortgage Loans;
(vii) a security interest in all assets deposited in the Lock-Box Accounts, Cash Collateral Accounts, Escrow Accounts, and Reserve
Accounts; (viii) the Loss of Value Reserve Fund; (ix) the Collection Account, the Serviced Whole Loan Collection Accounts, the
Distribution Accounts, any Gain-on-Sale Reserve Account, the Interest Reserve Account, and the Trust’s interest in any REO
Account, including any amounts on deposit therein, assets credited thereto and any reinvestment income, as applicable; (x) a security
interest in any environmental indemnity agreements relating to the Mortgaged Properties; (xi) a security interest in all insurance
policies with respect to the Mortgage Loans and the Mortgaged Properties; (xii) the rights and remedies under the Mortgage Loan
Purchase Agreements relating to document delivery requirements with respect to the Mortgage Loans and the representations and warranties
of the related Mortgage Loan Seller regarding its Mortgage Loans; (xiii) the Lower-Tier Regular Interests; (xiv) the Class VRR
Upper-Tier Regular Interests; and (xv) the proceeds of the foregoing (other than any interest earned on deposits in the Lock-Box
Accounts, Cash Collateral Accounts, Escrow Accounts and any Reserve Accounts, to the extent such interest belongs to the related
Borrower). As provided in the Pooling and Servicing Agreement, withdrawals may be made from certain of the above accounts for purposes
other than distributions to Certificateholders.

 

This Certificate does
not purport to summarize the Pooling and Servicing Agreement, and reference is made to the Pooling and Servicing Agreement for
the interests, rights, benefits, obligations and duties evidenced hereby, and the limitations thereon, and the rights, duties and
immunities of the Certificate Administrator.

 

As provided in the Pooling
and Servicing Agreement and subject to certain limitations set forth therein, this Certificate is transferable or exchangeable
only upon surrender of this Certificate to the Certificate Registrar at its offices together with an assignment and transfer (executed
by the Holder or his duly authorized attorney), subject to the requirements in Article V of the Pooling and Servicing Agreement.
Upon surrender for registration of transfer of this Certificate, subject to the requirements in Article V of the Pooling and Servicing
Agreement, the Certificate Administrator shall execute and the Authenticating Agent shall duly authenticate in the name of the
designated transferee or transferees, one or more new Certificates in authorized denominations of a like aggregate denomination
as the Certificate being surrendered. Such Certificates shall be delivered by the Certificate Registrar in accordance with Article
V of the Pooling and Servicing Agreement.

 

Prior to due presentation
of this Certificate for registration of transfer, the Depositor, the Master Servicer, the Special Servicer, the Operating Advisor,
the Asset Representations Reviewer, the Certificate Administrator, the Trustee, the Certificate Registrar, any Paying Agent and
any agent of any of them may treat the Person in whose name this Certificate is registered as the owner hereof for all purposes,
and none of the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator, the Trustee, the Certificate
Registrar, any Paying Agent or any agent of any of them shall be affected by notice or knowledge to the contrary.

 

    A-5-5

     

    

 

No fee or service charge
shall be imposed by the Certificate Registrar for its services in respect of any registration of transfer or exchange referred
to in Section 5.02 of the Pooling and Servicing Agreement other than for transfers to Institutional Accredited Investors as provided
in Section 5.02(h) of the Pooling and Servicing Agreement. In connection with any transfer to an Institutional Accredited Investor,
the transferor shall reimburse the Trust Fund for any costs (including the cost of the Certificate Registrar’s counsel’s
review of the documents and any legal opinions, submitted by the transferor or transferee to the Certificate Registrar as provided
in the Pooling and Servicing Agreement) incurred by the Certificate Registrar in connection with such transfer. The Certificate
Registrar may require payment by each transferor of a sum sufficient to cover any tax, expense or other governmental charge payable
in connection with any such transfer.

 

The Pooling and Servicing
Agreement or any Custodial Agreement may be amended at any time by the Depositor, the Master Servicer, the Special Servicer, the
Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the Trustee without the consent of any
of the Certificateholders or any Serviced Companion Loan Noteholders, (i) to cure any ambiguity or to correct any manifest error;
(ii) to cause the provisions of the Pooling and Servicing Agreement or any Custodial Agreement to conform or be consistent
with or in furtherance of the statements made in the Prospectus or Private Placement Memorandum with respect to the Certificates,
the Trust or the Pooling and Servicing Agreement or to correct or supplement any provisions of the Pooling and Servicing Agreement
or any Custodial Agreement which may be defective or inconsistent with any other provisions of the Pooling and Servicing Agreement
or any Custodial Agreement; (iii) to change the timing and/or nature of deposits in the Collection Account, the Distribution
Accounts or any REO Account; provided that (a) the Master Servicer Remittance Date shall in no event be later than the Business
Day prior to the related Distribution Date and (b) such change shall not adversely affect in any material respect the interests
of any Certificateholder, as evidenced in writing by an Opinion of Counsel at the expense of the party requesting such amendment
or as evidenced by a Rating Agency Confirmation from each Rating Agency with respect to such amendment; (iv) to modify, eliminate
or add to any of its provisions to such extent as shall be necessary to maintain the qualification of any Trust REMIC as a REMIC
or the Grantor Trust as a grantor trust under the relevant provisions of the Code at all times that any Certificate is outstanding,
or to avoid or minimize the risk of imposition of any tax on the Trust Fund or any Trust REMIC or the Grantor Trust that would
be a claim against the Trust Fund or any Trust REMIC or the Grantor Trust; provided that the Trustee and the Certificate
Administrator have received an Opinion of Counsel (at the expense of the party requesting such amendment) to the effect that (a) such
action is necessary or desirable to maintain such qualification or to avoid or minimize the risk of the imposition of any such
tax and (b) such action will not adversely affect in any material respect the interests of any Certificateholder or Companion
Loan Noteholder; (v) to modify, eliminate or add to the provisions any provision of the Pooling and Servicing Agreement restricting
transfer of the Class R Certificates; provided the Depositor has determined that such change shall not, as evidenced
by an Opinion of Counsel, cause the Trust Fund, any Trust REMIC or any of the Certificateholders (other than the Transferor) to
be subject to a federal tax caused by a Transfer to a Person that is a Disqualified Organization or a Non-U.S. Tax Person; (vi)
to revise or add any other provisions with respect to matters or questions arising under the Pooling and Servicing Agreement or
any other change; provided that the required action shall not adversely affect in any material respect the interests of
any Certificateholder or any holder of a Serviced Pari Passu

 

    A-5-6

     

    

 

Companion Loan not consenting thereto as evidenced in writing by an
Opinion of Counsel, at the expense of the party requesting such amendment or as evidenced by a Rating Agency Confirmation from
each of the Rating Agencies with respect to such amendment or supplement and confirmation of the applicable rating agencies that
such action will not result in the downgrade, withdrawal or qualification of its then-current ratings of any securities related
to a Companion Loan, if any (provided that such rating agency confirmation may be considered satisfied in the same manner
as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates); (vii) to amend or supplement any
provision of the Pooling and Servicing Agreement to the extent necessary to maintain the then-current ratings assigned to each
Class of Certificates by each Rating Agency, as evidenced by a Rating Agency Confirmation from each of the Rating Agencies; provided
that such amendment or supplement shall not adversely affect in any material respect the interests of any Certificateholder not
consenting thereto as evidenced by an Opinion of Counsel, or any holder of a Serviced Pari Passu Companion Loan not consenting
to such revision or addition, as evidenced by an Opinion of Counsel at the expense of the party requesting such amendment or as
evidenced by confirmation of the applicable Rating Agencies that such action will not result in the downgrade, withdrawal or qualification
of its then-current ratings of any securities related to a Companion Loan, if any (provided that such Rating Agency Confirmation
may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the
Certificates); (viii) to modify the provisions of Section 3.06 and Section 3.17 of the Pooling and Servicing Agreement
(with respect to reimbursement of Nonrecoverable Advances and Workout-Delayed Reimbursement Amounts) if (a) the Depositor,
the Master Servicer, the Trustee and, for so long as a Control Termination Event has not occurred and is not continuing, the Directing
Holder, determine that the commercial mortgage backed securities industry standard for such provisions has changed, in order to
conform to such industry standard, (b) such modification does not adversely affect the status of any Trust REMIC as a REMIC
or the status of the Grantor Trust as a grantor trust under the relevant provisions of the Code, as evidenced by an Opinion of
Counsel and (c) each Rating Agency has delivered a Rating Agency Confirmation and, with regard to any class of Serviced Companion
Loan Securities, the applicable rating agencies have delivered a confirmation that such action will not result in the downgrade,
withdrawal or qualification of its then-current ratings (provided that such rating agency confirmation may be considered
satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates); (ix)
to modify the procedures of the Pooling and Servicing Agreement relating to compliance with Rule 17g-5 of the Exchange Act;
provided that such amendment shall not adversely affect in any material respects the interests of any Certificateholders,
as evidenced by (x) an Opinion of Counsel or (y) if any Certificate is then rated, receipt of Rating Agency Confirmation
from each Rating Agency rating such Certificates; and provided, further, that the Certificate Administrator shall
give notice of any such amendment to the 17g-5 Information Provider for posting to the 17g-5 Information Provider’s Website
and the Certificate Administrator shall post such notice to the Certificate Administrator’s Website; (x) to modify, eliminate
or add to any provisions of the Pooling and Servicing Agreement to such extent as would be necessary to comply with the requirements
for use of Form SF-3 in registered offerings to the extent provided in CFR 239.45(b)(1)(ii), (iii) or (iv); and (xi) to modify,
eliminate or add to any of its provisions (a) to such extent as will be necessary to comply with the requirements of the Risk Retention
Rule, as evidenced by an Opinion of Counsel, or (b) in the event the Risk Retention Rule or any other

 

    A-5-7

     

    

 

regulation applicable to
the risk retention requirements for this securitization transaction are amended or repealed, to the extent required to comply with
any such amendment or to modify or eliminate the risk retention requirements in the event of such repeal, as evidenced by an Opinion
of Counsel.

 

The Pooling and Servicing
Agreement or any Custodial Agreement may also be amended from time to time by the Depositor, the Master Servicer, the Special Servicer,
the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the Trustee with the prior written
consent of the Holders of Certificates representing not less than a majority of the Percentage Interests of each Class of
Certificates affected thereby (without regard to Certificates held by the Depositor, any of the Depositor’s Affiliates and/or
agents) and each Serviced Companion Loan Noteholder affected thereby for the purpose of adding any provisions to or changing in
any manner or eliminating any of the provisions of the Pooling and Servicing Agreement or modifying in any manner the rights of
the Certificateholders or the Serviced Companion Loan Noteholders; provided, that no such amendment may:

 

		(i)	reduce in any manner the amount of, or delay the timing of, payments received on the Mortgage Loans
or Serviced Whole Loan which are required to be distributed on any Certificate, without the consent of the Holders of Certificates
representing all of the Percentage Interests of the Class or Classes affected thereby or which are required to be distributed to
any Companion Loan Noteholders without the consent of such Companion Loan Noteholders;

 

		(ii)	reduce the aforesaid percentage of Certificates of any Class the Holders of which are required
to consent to any such amendment or remove the requirement to obtain consent of any Companion Loan Noteholder, in any such case
without the consent of the Holders of all Certificates of such Class then-outstanding or such Companion Loan Noteholder, as applicable;

 

		(iii)	adversely affect the Voting Rights of any Class of Certificates without the consent of the Holders
of all Certificates of such Class then outstanding;

 

		(iv)	change in any manner any defined term used in any Mortgage Loan Purchase Agreement or the obligations
of any Mortgage Loan Seller under such Mortgage Loan Purchase Agreement or otherwise or change any rights of any Mortgage Loan
Seller as a third party beneficiary hereunder, without the consent of such Mortgage Loan Seller; or

 

		(v)	amend the Servicing Standard without the consent of 100% of the Certificateholders or receipt of
Rating Agency Confirmation from each Rating Agency and confirmation of the applicable rating agencies that such action will not
result in the downgrade, withdrawal or qualification of its then-current ratings of any securities related to a Companion Loan,
if any (provided that such rating agency confirmation may be considered 

 

    A-5-8

     

    

 

		 	satisfied in the same manner
as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates).

 

Further, the Depositor,
the Master Servicer, the Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer
and the Trustee, at any time and from time to time, without the consent of the Certificateholders or, if applicable, the Serviced
Companion Loan Noteholders, may amend the Pooling and Servicing Agreement to modify, eliminate or add to any of its provisions
(i) to such extent as shall be necessary to maintain the qualification of the Lower-Tier REMIC or the Upper-Tier REMIC as a REMIC
or the qualification of the Grantor Trust as a grantor trust, or to prevent the imposition of any additional material state or
local taxes, at all times that any Certificates are outstanding; provided that such action, as evidenced by an Opinion of
Counsel (obtained at the expense of the Trust Fund), is necessary or helpful to maintain such qualification or to prevent the imposition
of any such taxes, and would not adversely affect in any material respect the interest of any Certificateholder or if applicable,
any Serviced Companion Loan Noteholder or (ii) to the extent necessary to comply with the Investment Company Act of 1940, as amended,
the Exchange Act, Regulation AB, and/or any related regulatory actions and/or interpretations.

 

The Certificateholder
owning a majority of the Percentage Interest in the Controlling Class and, if no such Certificateholder exercises such option,
the Special Servicer, and if the Special Servicer does not exercise such option, the Master Servicer may effect an early termination
of the Trust Fund, upon not less than 30 days’ prior Notice of Termination given to the Trustee, the Special Servicer and
the Master Servicer any time specifying the Anticipated Termination Date, which shall be on or after the Early Termination Notice
Date (defined as any date as of which the aggregate Stated Principal Balance of the Mortgage Loans remaining in the Trust is less
than 1.0% of the aggregate Stated Principal Balance of the Mortgage Loans as of the Cut-off Date) by purchasing on such date all,
but not less than all, of the Mortgage Loans then included in the Trust Fund, and the Trust’s interest in all property acquired
in respect of any Mortgage Loan, at a purchase price, payable in cash, equal to the sum of, without duplication:

 

		(A)	100% of the Stated Principal Balance of each Mortgage Loan included in the Trust as of the last
day of the month preceding such Anticipated Termination Date (less any P&I Advances previously made on account of principal);

 

		(B)	the fair market value of all other property included in the Trust Fund as of the last day of the
month preceding such Anticipated Termination Date, as determined by an Independent appraiser acceptable to the Master Servicer
as of a date not more than 30 days prior to the last day of the month preceding such Distribution Date;

 

		(C)	all unpaid interest accrued on the unpaid balance of each Mortgage Loan (including any Mortgage
Loan as to which title to the related Mortgaged Property has been acquired) at the Mortgage Rate to the last day of the month preceding
such Anticipated Termination Date 

 

    A-5-9

     

    

 

		 	(less any P&I Advances previously made on account of interest); and

 

		(D)	the aggregate amount of unreimbursed
                                         Advances, with interest thereon at the Reimbursement Rate, and unpaid Servicing Compensation,
                                         Special Servicing Compensation, Operating Advisor Fees, Certificate Administrator/Trustee
                                         Fees, the CREFC® Intellectual Property Royalty License Fees and Trust
                                         Fund expenses.

 

In addition, the Pooling
and Servicing Agreement provides that following the date on which the Class X-A Notional Amount, the Class X-B Notional Amount,
the Class X-D Notional Amount and the aggregate Certificate Balance of the Class A-1, Class A-2, Class A-3, Class A-SB,
Class A-4, Class A-5, Class A-M, Class B, Class C and Class D Certificates is reduced to zero, the Sole Certificateholder shall
have the right to exchange all of the then-outstanding Certificates (other than the Class S or Class R Certificates) for all
of the Mortgage Loans and each REO Property remaining in the Trust Fund as contemplated by clause (ii) of Section 9.01(a)
of the Pooling and Servicing Agreement by giving written notice to all the parties to the Pooling and Servicing Agreement no later
than 60 days prior to the anticipated date of exchange.

 

All costs and expenses
incurred by any and all parties to the Pooling and Servicing Agreement or by the Trust Fund in connection with the purchase of
the Mortgage Loans and the other assets of the Trust Fund pursuant to Section 9.01(c) of the Pooling and Servicing Agreement
shall be borne by the party exercising its purchase rights thereunder. The Trustee and the Certificate Administrator shall be entitled
to rely conclusively on any determination made by an Independent appraiser pursuant to Section 9.01(c) of the Pooling and
Servicing Agreement.

 

The respective obligations
and responsibilities of the Master Servicer, the Special Servicer, the Depositor, the Certificate Administrator, the Operating
Advisor, the Asset Representations Reviewer and the Trustee created by the Pooling and Servicing Agreement with respect to the
Certificates (other than the obligations of the Certificate Administrator to make certain payments and to send certain notices
to Certificateholders as set forth in the Pooling and Servicing Agreement) shall terminate upon payment (or provision for payment)
to the Certificateholders and the Serviced Companion Loan Noteholders of all amounts held by or on behalf of the Trustee, the Certificate
Administrator and the Master Servicer, as the case may be, required under the Pooling and Servicing Agreement to be so paid on
the Distribution Date following the earlier to occur of (i) the purchase of the Mortgage Loans and all other property held by the
Trust Fund in accordance with Section 9.01(c) of the Pooling and Servicing Agreement; (ii) the exchange by the Sole Certificateholder
of its Certificates for the Mortgage Loans in accordance with Section 9.01(g) of the Pooling and Servicing Agreement; and (iii) the
later of (a) the receipt or collection of the last payment due on any Mortgage Loan included in the Trust Fund, or (b) the
liquidation and disposition pursuant to the Pooling and Servicing Agreement of the last asset held by the Trust Fund; provided
that in no event shall the trust created by the Pooling and Servicing Agreement continue beyond the expiration of 21 years
from

 

    A-5-10

     

    

 

the death of the last survivor of the descendants of Joseph P. Kennedy, the late Ambassador of the United States to the United
Kingdom, living on the date hereof.

 

Unless the Certificate
of Authentication on this Certificate has been executed by the Authenticating Agent, by manual signature, this Certificate shall
not be entitled to any benefit under the Pooling and Servicing Agreement or be valid for any purpose.

 

    A-5-11

     

    

 

IN WITNESS WHEREOF, the
Certificate Administrator has caused this Class A-4 Certificate to be duly executed.

 

Dated: January 31, 2018

 

	 	WELLS FARGO
BANK, NATIONAL ASSOCIATION, not in its individual capacity but solely as Certificate Administrator
	 	 	 
	 	By: 	 
	 	 	Authorized Signatory

 

Certificate of Authentication

 

This is one of the Class A-4
Certificates referred to in the Pooling and Servicing Agreement.

 

Dated: January 31, 2018

 

	 	WELLS FARGO
BANK, NATIONAL ASSOCIATION, not in its individual capacity but solely as Authenticating Agent
	 	 	 
	 	By: 	 
	 	 	Authorized Signatory

 

    A-5-12

     

    

EXHIBIT
A-6

 

FORM
OF CLASS A-5 CERTIFICATE

 

[UNLESS
THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”),
TO THE CERTIFICATE REGISTRAR FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE
NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO
CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER
USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS
AN INTEREST HEREIN.]1

 

THIS
CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN THE DEPOSITOR, THE ORIGINATOR, THE MASTER SERVICER, THE SPECIAL
SERVICER, THE CERTIFICATE ADMINISTRATOR, THE CERTIFICATE REGISTRAR, THE OPERATING ADVISOR, THE ASSET REPRESENTATIONS REVIEWER,
THE RISK RETENTION CONSULTATION PARTY, THE TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THE CERTIFICATES NOR THE UNDERLYING
MORTGAGE LOANS ARE INSURED OR GUARANTEED BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY.

 

PRINCIPAL
PAYMENTS ON THIS CERTIFICATE ARE PAYABLE IN INSTALLMENTS AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING CERTIFICATE BALANCE
OF THIS CERTIFICATE AT ANY TIME MAY BE LESS THAN THE INITIAL CERTIFICATE BALANCE SET FORTH BELOW.

 

FOR
U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE REPRESENTS A “REGULAR INTEREST” IN A “REAL ESTATE MORTGAGE
INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G(a)(1) AND 860D OF THE INTERNAL REVENUE
CODE OF 1986, AS AMENDED.

 

 

1
Legend required as long as DTC is the Depository under the Pooling and Servicing Agreement.

 

    A-6-1 

     

    

 

BENCHMARK
2018-B1 MORTGAGE TRUST COMMERCIAL MORTGAGE

PASS-THROUGH CERTIFICATES, CLASS A-5

 

	Class A-5 Pass-Through
    Rate:  Equal to the lesser of (i) the WAC Rate and (ii) 3.666%	 	CUSIP: 08162PAX9

         

        ISIN:     US08162PAX96

         

	Original Aggregate Certificate Balance of the

    Class A-5 Certificates: $387,112,000	 	Initial Certificate Balance of this Certificate:
    $[__]
	 	 	 
	First Distribution Date: February 16, 2018	 	Cut-off Date: The close of business on the later
    of the related Due Date of such Mortgage Loan in January 2018 (or, in the case of any Mortgage Loan that has its first Due
    Date subsequent to January 2018, the date that would have been its Due Date in January 2018 under the terms of that Mortgage
    Loan if a Periodic Payment were scheduled to be due in that month) and the date of origination of such Mortgage Loan
	 	 	 
	Assumed Final Distribution Date:  December
    2027	 	No.: A-5-[_]

 

This
certifies that [              ] is the registered
owner of a beneficial ownership interest in a Trust Fund, including the distributions to be made with respect to the Class A-5
Certificates. The Trust Fund, described more fully below, consists primarily of a pool of Mortgage Loans secured by first liens
on commercial and multifamily properties and held in trust by the Trustee and serviced by the Master Servicer. The Trust Fund
was created, and the Mortgage Loans are to be serviced, pursuant to the Pooling and Servicing Agreement (as defined below). The
Holder of this Certificate, by virtue of the acceptance hereof, assents to the terms, provisions and conditions of the Pooling
and Servicing Agreement and is bound thereby.

 

The
Pooling and Servicing Agreement, dated as of January 1, 2018 (the “Pooling and Servicing Agreement”), between
the Depositor, Wells Fargo Bank, National Association, as master servicer (in such capacity, the “Master Servicer”),
Midland Loan Services, a Division of PNC Bank, National Association, as special servicer (the “Special Servicer”),
Wilmington Trust, National Association, as trustee (the “Trustee”), Wells Fargo Bank, National Association,
as certificate administrator (in such capacity, the “Certificate Administrator”), custodian and paying agent,
and Park Bridge Lender Services LLC, as operating advisor (in such capacity, the “Operating Advisor”) and asset
representations reviewer (in such capacity, the “Asset Representations Reviewer”) evidences the issuance of
the Class A-1, Class A-2, Class A-3, Class A-SB, Class A-4, Class A-5, Class A-M, Class B, Class C, Class D, Class E,
Class F-RR, Class G-RR, Class X-A, Class X-B, Class X-D, Class X-E, Class S, Class R, Class V2, Class V1-A1, Class
V1-A2, Class V1-A3, Class V1-ASB, Class V1-A4, Class V1-A5, Class V1-AM,

 

    A-6-2 

     

    

 

Class V1-B, Class V1-C, Class V1-D, Class V1-E, Class
V1-F and Class V1-G Certificates (the “Certificates”; the Holders of Certificates issued under the Pooling
and Servicing Agreement are collectively referred to herein as “Certificateholders”). This Certificate is issued
pursuant to, and in accordance with, the terms of the Pooling and Servicing Agreement. To the extent not defined herein, capitalized
terms used herein shall have the meanings assigned thereto in the Pooling and Servicing Agreement.

 

This
Certificate represents a “regular interest” in a “real estate mortgage investment conduit”, as those terms
are defined, respectively, in Sections 860G(a)(1) and 860D of the Internal Revenue Code of 1986, as amended. Each Holder of this
Certificate, by acceptance hereof, agrees to treat, and take no action inconsistent with the treatment of, this Certificate in
accordance with the preceding sentence for purposes of federal income taxes, state and local income and franchise taxes and other
taxes imposed on or measured by income.

 

The
Certificate Administrator makes no representation or warranty as to any of the statements contained herein or the validity or
sufficiency of the Certificates or the Mortgage Loans and has executed this Certificate in its limited capacity as Certificate
Administrator under the Pooling and Servicing Agreement. In the event that there is any conflict between any provision of this
Certificate and any provision of the Pooling and Servicing Agreement, such provision of this Certificate shall be superseded to
the extent of such inconsistency.

 

Pursuant
to the terms of the Pooling and Servicing Agreement, the Certificate Administrator, or the Paying Agent on behalf of the Certificate
Administrator, will distribute (other than the final distribution on any Certificate), on the fourth Business Day after each Determination
Date (each such date, a “Distribution Date”) an amount equal to such Person’s pro rata share (based on
the Percentage Interest represented by this Certificate) of that portion of the aggregate amount of principal and interest then
distributable, if any, allocable to the Class A-5 Certificates for such Distribution Date, all as more fully described in
the Pooling and Servicing Agreement. “Determination Date” is defined in the Pooling and Servicing Agreement as the
eleventh day of each month, or if such eleventh day is not a Business Day, then the next Business Day, commencing in February
2018. Holders of this Certificate may be entitled to Prepayment Premiums and Yield Maintenance Charges as provided in the Pooling
and Servicing Agreement.

 

During
each Interest Accrual Period (as defined below), interest on the Class A-5 Certificates will be calculated based on a 360-day
year consisting of twelve 30-day months on the outstanding Certificate Balance hereof.

 

Interest
accrued on this Certificate during an Interest Accrual Period, plus the aggregate unpaid Interest Shortfall with respect to this
Certificate, if any, will be payable on the related Distribution Date to the extent provided in the Pooling and Servicing Agreement.
The “Interest Accrual Period” means, with respect to any Distribution Date, the calendar month immediately preceding
the month in which such Distribution Date occurs. Each Interest Accrual Period is assumed to consist of 30 days.

 

All
distributions (other than the final distribution on any Certificate) will be made by the Paying Agent to the Persons in whose
names the Certificates are registered at the close of business on each Record Date, which will be the close of business on the
last Business Day of

 

    A-6-3 

     

    

 

the calendar month immediately preceding the month in which such Distribution Date occurs. Such distributions
shall be made on each Distribution Date other than the Termination Date to each Certificateholder of record on the related Record
Date, (i) by wire transfer of immediately available funds to the account of such Holder at a bank or other entity located in the
United States and having appropriate facilities therefor if such Holder shall have provided the Paying Agent with wire instructions
in writing at least five Business Days prior to the related Record Date (which wiring instructions may be in the form of a standing
order applicable to all subsequent distributions), or (ii) otherwise, by check mailed by first-class mail to the address set forth
therefor in the Certificate Register. The final distribution on each Certificate shall be made in like manner, but only upon presentment
and surrender of such Certificate at the office of the Certificate Administrator or its agent (which may be the Paying Agent or
the Certificate Registrar acting as such agent) that is specified in the notice to Holders of such final distribution.

 

Any
funds not distributed on the Termination Date because of the failure of any Certificateholders to tender their Certificates shall,
on such date, be set aside and held for the benefit of the appropriate non-tendering Certificateholders. If any Certificates as
to which notice of the Termination Date has been given pursuant to the Pooling and Servicing Agreement shall not have been surrendered
for cancellation within six months after the time specified in such notice, the Certificate Administrator shall mail a second
notice to the remaining non-tendering Certificateholders to surrender their Certificates for cancellation to receive the final
distribution with respect thereto. If within one year after the second notice not all of such Certificates shall have been surrendered
for cancellation, the Certificate Administrator may, directly or through an agent, take appropriate steps to contact the remaining
non-tendering Certificateholders concerning surrender of their Certificates. The costs and expenses of holding such funds in trust
and of contacting such Certificateholders shall be paid out of such funds. Subject to applicable state escheatment laws, if within
two years after the second notice any such Certificates shall not have been surrendered for cancellation, the Paying Agent shall
distribute to the Certificate Administrator all amounts distributable to the Holders thereof, and the Certificate Administrator
shall thereafter hold such amounts for the benefit of such Holders until the earlier of (i) its termination as Certificate Administrator
under the Pooling and Servicing Agreement and the transfer of such amounts to a successor Certificate Administrator and (ii) the
termination of the Trust Fund and distribution of such amounts to the Class R Certificateholders. No interest shall accrue or
be payable to any Certificateholder on any amount held under the Pooling and Servicing Agreement or by the Certificate Administrator
as a result of such Certificateholder’s failure to surrender its Certificate(s) for final payment thereof in accordance
with the Pooling and Servicing Agreement. Any such amounts transferred to the Certificate Administrator may be invested in Permitted
Investments and all income and gain realized from investment of such funds shall accrue for its benefit.

 

This
Certificate is limited in right of payment to, among other things, certain collections and recoveries in respect of the Mortgage
Loans, as more specifically set forth herein and in the Pooling and Servicing Agreement.

 

As
provided in the Pooling and Servicing Agreement, the Trust Fund includes (in each case, to the extent of the Trust Fund’s
interest therein and specifically excluding any interest of any Serviced Companion Loan Noteholder therein): (i) such Mortgage
Loans as from time to time are subject to the Pooling and Servicing Agreement, together with the Mortgage 

 

    A-6-4 

     

    

 

Files relating thereto;
(ii) all scheduled or unscheduled payments on or collections in respect of the Mortgage Loans due after the Cut-off Date; (iii)
the Trust Fund’s interest in any REO Property; (iv) all revenues received in respect of any REO Property; (v) any Assignments
of Leases, Rents and Profits and any security agreements related to the Mortgage Loans; (vi) any indemnities or guaranties given
as additional security for any Mortgage Loans; (vii) a security interest in all assets deposited in the Lock-Box Accounts, Cash
Collateral Accounts, Escrow Accounts, and Reserve Accounts; (viii) the Loss of Value Reserve Fund; (ix) the Collection Account,
the Serviced Whole Loan Collection Accounts, the Distribution Accounts, any Gain-on-Sale Reserve Account, the Interest Reserve
Account, and the Trust’s interest in any REO Account, including any amounts on deposit therein, assets credited thereto
and any reinvestment income, as applicable; (x) a security interest in any environmental indemnity agreements relating to the
Mortgaged Properties; (xi) a security interest in all insurance policies with respect to the Mortgage Loans and the Mortgaged
Properties; (xii) the rights and remedies under the Mortgage Loan Purchase Agreements relating to document delivery requirements
with respect to the Mortgage Loans and the representations and warranties of the related Mortgage Loan Seller regarding its Mortgage
Loans; (xiii) the Lower-Tier Regular Interests; (xiv) the Class VRR Upper-Tier Regular Interests; and (xv) the proceeds of the
foregoing (other than any interest earned on deposits in the Lock-Box Accounts, Cash Collateral Accounts, Escrow Accounts and
any Reserve Accounts, to the extent such interest belongs to the related Borrower). As provided in the Pooling and Servicing Agreement,
withdrawals may be made from certain of the above accounts for purposes other than distributions to Certificateholders.

 

This
Certificate does not purport to summarize the Pooling and Servicing Agreement, and reference is made to the Pooling and Servicing
Agreement for the interests, rights, benefits, obligations and duties evidenced hereby, and the limitations thereon, and the rights,
duties and immunities of the Certificate Administrator.

 

As
provided in the Pooling and Servicing Agreement and subject to certain limitations set forth therein, this Certificate is transferable
or exchangeable only upon surrender of this Certificate to the Certificate Registrar at its offices together with an assignment
and transfer (executed by the Holder or his duly authorized attorney), subject to the requirements in Article V of the Pooling
and Servicing Agreement. Upon surrender for registration of transfer of this Certificate, subject to the requirements in Article
V of the Pooling and Servicing Agreement, the Certificate Administrator shall execute and the Authenticating Agent shall duly
authenticate in the name of the designated transferee or transferees, one or more new Certificates in authorized denominations
of a like aggregate denomination as the Certificate being surrendered. Such Certificates shall be delivered by the Certificate
Registrar in accordance with Article V of the Pooling and Servicing Agreement.

 

Prior
to due presentation of this Certificate for registration of transfer, the Depositor, the Master Servicer, the Special Servicer,
the Operating Advisor, the Asset Representations Reviewer, the Certificate Administrator, the Trustee, the Certificate Registrar,
any Paying Agent and any agent of any of them may treat the Person in whose name this Certificate is registered as the owner hereof
for all purposes, and none of the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator, the Trustee,
the Certificate Registrar, any Paying Agent or any agent of any of them shall be affected by notice or knowledge to the contrary.

 

    A-6-5 

     

    

 

No
fee or service charge shall be imposed by the Certificate Registrar for its services in respect of any registration of transfer
or exchange referred to in Section 5.02 of the Pooling and Servicing Agreement other than for transfers to Institutional Accredited
Investors as provided in Section 5.02(h) of the Pooling and Servicing Agreement. In connection with any transfer to an Institutional
Accredited Investor, the transferor shall reimburse the Trust Fund for any costs (including the cost of the Certificate Registrar’s
counsel’s review of the documents and any legal opinions, submitted by the transferor or transferee to the Certificate Registrar
as provided in the Pooling and Servicing Agreement) incurred by the Certificate Registrar in connection with such transfer. The
Certificate Registrar may require payment by each transferor of a sum sufficient to cover any tax, expense or other governmental
charge payable in connection with any such transfer.

 

The
Pooling and Servicing Agreement or any Custodial Agreement may be amended at any time by the Depositor, the Master Servicer, the
Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the Trustee without
the consent of any of the Certificateholders or any Serviced Companion Loan Noteholders, (i) to cure any ambiguity or to correct
any manifest error; (ii) to cause the provisions of the Pooling and Servicing Agreement or any Custodial Agreement to conform
or be consistent with or in furtherance of the statements made in the Prospectus or Private Placement Memorandum with respect
to the Certificates, the Trust or the Pooling and Servicing Agreement or to correct or supplement any provisions of the Pooling
and Servicing Agreement or any Custodial Agreement which may be defective or inconsistent with any other provisions of the Pooling
and Servicing Agreement or any Custodial Agreement; (iii) to change the timing and/or nature of deposits in the Collection
Account, the Distribution Accounts or any REO Account; provided that (a) the Master Servicer Remittance Date shall in no event
be later than the Business Day prior to the related Distribution Date and (b) such change shall not adversely affect in any material
respect the interests of any Certificateholder, as evidenced in writing by an Opinion of Counsel at the expense of the party requesting
such amendment or as evidenced by a Rating Agency Confirmation from each Rating Agency with respect to such amendment; (iv) to
modify, eliminate or add to any of its provisions to such extent as shall be necessary to maintain the qualification of any Trust
REMIC as a REMIC or the Grantor Trust as a grantor trust under the relevant provisions of the Code at all times that any Certificate
is outstanding, or to avoid or minimize the risk of imposition of any tax on the Trust Fund or any Trust REMIC or the Grantor
Trust that would be a claim against the Trust Fund or any Trust REMIC or the Grantor Trust; provided that the Trustee and
the Certificate Administrator have received an Opinion of Counsel (at the expense of the party requesting such amendment) to the
effect that (a) such action is necessary or desirable to maintain such qualification or to avoid or minimize the risk of
the imposition of any such tax and (b) such action will not adversely affect in any material respect the interests of any
Certificateholder or Companion Loan Noteholder; (v) to modify, eliminate or add to the provisions any provision of the Pooling
and Servicing Agreement restricting transfer of the Class R Certificates; provided the Depositor has determined that
such change shall not, as evidenced by an Opinion of Counsel, cause the Trust Fund, any Trust REMIC or any of the Certificateholders
(other than the Transferor) to be subject to a federal tax caused by a Transfer to a Person that is a Disqualified Organization
or a Non-U.S. Tax Person; (vi) to revise or add any other provisions with respect to matters or questions arising under the Pooling
and Servicing Agreement or any other change; provided that the required action shall not adversely affect in any material
respect the interests of any Certificateholder or any holder of a Serviced Pari Passu

 

    A-6-6 

     

    

 

Companion Loan not consenting thereto as
evidenced in writing by an Opinion of Counsel, at the expense of the party requesting such amendment or as evidenced by a Rating
Agency Confirmation from each of the Rating Agencies with respect to such amendment or supplement and confirmation of the applicable
rating agencies that such action will not result in the downgrade, withdrawal or qualification of its then-current ratings of
any securities related to a Companion Loan, if any (provided that such rating agency confirmation may be considered satisfied
in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates); (vii) to amend
or supplement any provision of the Pooling and Servicing Agreement to the extent necessary to maintain the then-current ratings
assigned to each Class of Certificates by each Rating Agency, as evidenced by a Rating Agency Confirmation from each of the Rating
Agencies; provided that such amendment or supplement shall not adversely affect in any material respect the interests of
any Certificateholder not consenting thereto as evidenced by an Opinion of Counsel, or any holder of a Serviced Pari Passu Companion
Loan not consenting to such revision or addition, as evidenced by an Opinion of Counsel at the expense of the party requesting
such amendment or as evidenced by confirmation of the applicable Rating Agencies that such action will not result in the downgrade,
withdrawal or qualification of its then-current ratings of any securities related to a Companion Loan, if any (provided
that such Rating Agency Confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered
satisfied with respect to the Certificates); (viii) to modify the provisions of Section 3.06 and Section 3.17 of
the Pooling and Servicing Agreement (with respect to reimbursement of Nonrecoverable Advances and Workout-Delayed Reimbursement
Amounts) if (a) the Depositor, the Master Servicer, the Trustee and, for so long as a Control Termination Event has not occurred
and is not continuing, the Directing Holder, determine that the commercial mortgage backed securities industry standard for such
provisions has changed, in order to conform to such industry standard, (b) such modification does not adversely affect the
status of any Trust REMIC as a REMIC or the status of the Grantor Trust as a grantor trust under the relevant provisions of the
Code, as evidenced by an Opinion of Counsel and (c) each Rating Agency has delivered a Rating Agency Confirmation and, with
regard to any class of Serviced Companion Loan Securities, the applicable rating agencies have delivered a confirmation that such
action will not result in the downgrade, withdrawal or qualification of its then-current ratings (provided that such rating
agency confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied
with respect to the Certificates); (ix) to modify the procedures of the Pooling and Servicing Agreement relating to compliance
with Rule 17g-5 of the Exchange Act; provided that such amendment shall not adversely affect in any material respects
the interests of any Certificateholders, as evidenced by (x) an Opinion of Counsel or (y) if any Certificate is then
rated, receipt of Rating Agency Confirmation from each Rating Agency rating such Certificates; and provided, further,
that the Certificate Administrator shall give notice of any such amendment to the 17g-5 Information Provider for posting to the
17g-5 Information Provider’s Website and the Certificate Administrator shall post such notice to the Certificate Administrator’s
Website; (x) to modify, eliminate or add to any provisions of the Pooling and Servicing Agreement to such extent as would be necessary
to comply with the requirements for use of Form SF-3 in registered offerings to the extent provided in CFR 239.45(b)(1)(ii), (iii)
or (iv); and (xi) to modify, eliminate or add to any of its provisions (a) to such extent as will be necessary to comply with
the requirements of the Risk Retention Rule, as evidenced by an Opinion of Counsel, or (b) in the event the Risk Retention Rule
or any other

 

    A-6-7 

     

    

 

regulation applicable to the risk retention requirements for this securitization transaction are amended or repealed,
to the extent required to comply with any such amendment or to modify or eliminate the risk retention requirements in the event
of such repeal, as evidenced by an Opinion of Counsel.

 

The
Pooling and Servicing Agreement or any Custodial Agreement may also be amended from time to time by the Depositor, the Master
Servicer, the Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the
Trustee with the prior written consent of the Holders of Certificates representing not less than a majority of the Percentage
Interests of each Class of Certificates affected thereby (without regard to Certificates held by the Depositor, any of the
Depositor’s Affiliates and/or agents) and each Serviced Companion Loan Noteholder affected thereby for the purpose of adding
any provisions to or changing in any manner or eliminating any of the provisions of the Pooling and Servicing Agreement or modifying
in any manner the rights of the Certificateholders or the Serviced Companion Loan Noteholders; provided, that no such amendment
may:

 

		(i)	reduce
                                         in any manner the amount of, or delay the timing of, payments received on the Mortgage
                                         Loans or Serviced Whole Loan which are required to be distributed on any Certificate,
                                         without the consent of the Holders of Certificates representing all of the Percentage
                                         Interests of the Class or Classes affected thereby or which are required to be distributed
                                         to any Companion Loan Noteholders without the consent of such Companion Loan Noteholders;

 

		(ii)	reduce
                                         the aforesaid percentage of Certificates of any Class the Holders of which are required
                                         to consent to any such amendment or remove the requirement to obtain consent of any Companion
                                         Loan Noteholder, in any such case without the consent of the Holders of all Certificates
                                         of such Class then-outstanding or such Companion Loan Noteholder, as applicable;

 

		(iii)	adversely
                                         affect the Voting Rights of any Class of Certificates without the consent of the Holders
                                         of all Certificates of such Class then outstanding;

 

		(iv)	change
                                         in any manner any defined term used in any Mortgage Loan Purchase Agreement or the obligations
                                         of any Mortgage Loan Seller under such Mortgage Loan Purchase Agreement or otherwise
                                         or change any rights of any Mortgage Loan Seller as a third party beneficiary hereunder,
                                         without the consent of such Mortgage Loan Seller; or

 

		(v)	amend
                                         the Servicing Standard without the consent of 100% of the Certificateholders or receipt
                                         of Rating Agency Confirmation from each Rating Agency and confirmation of the applicable
                                         rating agencies that such action will not result in the downgrade, withdrawal or qualification
                                         of its then-current ratings of any securities related to a Companion Loan, if any (provided
                                         that such rating agency confirmation may be considered 

 

    A-6-8 

     

    

 

	 	 	satisfied in the same manner
                                         as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates).

 

Further,
the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations
Reviewer and the Trustee, at any time and from time to time, without the consent of the Certificateholders or, if applicable,
the Serviced Companion Loan Noteholders, may amend the Pooling and Servicing Agreement to modify, eliminate or add to any of its
provisions (i) to such extent as shall be necessary to maintain the qualification of the Lower-Tier REMIC or the Upper-Tier REMIC
as a REMIC or the qualification of the Grantor Trust as a grantor trust, or to prevent the imposition of any additional material
state or local taxes, at all times that any Certificates are outstanding; provided that such action, as evidenced by an
Opinion of Counsel (obtained at the expense of the Trust Fund), is necessary or helpful to maintain such qualification or to prevent
the imposition of any such taxes, and would not adversely affect in any material respect the interest of any Certificateholder
or if applicable, any Serviced Companion Loan Noteholder or (ii) to the extent necessary to comply with the Investment Company
Act of 1940, as amended, the Exchange Act, Regulation AB, and/or any related regulatory actions and/or interpretations.

 

The
Certificateholder owning a majority of the Percentage Interest in the Controlling Class and, if no such Certificateholder
exercises such option, the Special Servicer, and if the Special Servicer does not exercise such option, the Master Servicer may
effect an early termination of the Trust Fund, upon not less than 30 days’ prior Notice of Termination given to the Trustee,
the Special Servicer and the Master Servicer any time specifying the Anticipated Termination Date, which shall be on or after
the Early Termination Notice Date (defined as any date as of which the aggregate Stated Principal Balance of the Mortgage Loans
remaining in the Trust is less than 1.0% of the aggregate Stated Principal Balance of the Mortgage Loans as of the Cut-off Date)
by purchasing on such date all, but not less than all, of the Mortgage Loans then included in the Trust Fund, and the Trust’s
interest in all property acquired in respect of any Mortgage Loan, at a purchase price, payable in cash, equal to the sum of,
without duplication:

 

		(A)	100%
                                         of the Stated Principal Balance of each Mortgage Loan included in the Trust as of the
                                         last day of the month preceding such Anticipated Termination Date (less any P&I Advances
                                         previously made on account of principal);

 

		(B)	the
                                         fair market value of all other property included in the Trust Fund as of the last day
                                         of the month preceding such Anticipated Termination Date, as determined by an Independent
                                         appraiser acceptable to the Master Servicer as of a date not more than 30 days prior
                                         to the last day of the month preceding such Distribution Date;

 

		(C)	all
                                         unpaid interest accrued on the unpaid balance of each Mortgage Loan (including any Mortgage
                                         Loan as to which title to the related Mortgaged Property has been acquired) at the Mortgage
                                         Rate to the last day of the month preceding such Anticipated Termination Date 

 

    A-6-9 

     

    

 

	 	 	(less any
                                         P&I Advances previously made on account of interest); and

 

		(D)	the
                                         aggregate amount of unreimbursed Advances, with interest thereon at the Reimbursement
                                         Rate, and unpaid Servicing Compensation, Special Servicing Compensation, Operating Advisor
                                         Fees, Certificate Administrator/Trustee Fees, the CREFC® Intellectual
                                         Property Royalty License Fees and Trust Fund expenses.

 

In
addition, the Pooling and Servicing Agreement provides that following the date on which the Class X-A Notional Amount, the
Class X-B Notional Amount, the Class X-D Notional Amount and the aggregate Certificate Balance of the Class A-1, Class A-2,
Class A-3, Class A-SB, Class A-4, Class A-5, Class A-M, Class B, Class C and Class D Certificates is reduced to zero, the Sole
Certificateholder shall have the right to exchange all of the then-outstanding Certificates (other than the Class S or Class
R Certificates) for all of the Mortgage Loans and each REO Property remaining in the Trust Fund as contemplated by clause (ii) of
Section 9.01(a) of the Pooling and Servicing Agreement by giving written notice to all the parties to the Pooling and Servicing
Agreement no later than 60 days prior to the anticipated date of exchange.

 

All
costs and expenses incurred by any and all parties to the Pooling and Servicing Agreement or by the Trust Fund in connection with
the purchase of the Mortgage Loans and the other assets of the Trust Fund pursuant to Section 9.01(c) of the Pooling and
Servicing Agreement shall be borne by the party exercising its purchase rights thereunder. The Trustee and the Certificate Administrator
shall be entitled to rely conclusively on any determination made by an Independent appraiser pursuant to Section 9.01(c)
of the Pooling and Servicing Agreement.

 

The
respective obligations and responsibilities of the Master Servicer, the Special Servicer, the Depositor, the Certificate Administrator,
the Operating Advisor, the Asset Representations Reviewer and the Trustee created by the Pooling and Servicing Agreement with
respect to the Certificates (other than the obligations of the Certificate Administrator to make certain payments and to send
certain notices to Certificateholders as set forth in the Pooling and Servicing Agreement) shall terminate upon payment (or provision
for payment) to the Certificateholders and the Serviced Companion Loan Noteholders of all amounts held by or on behalf of the
Trustee, the Certificate Administrator and the Master Servicer, as the case may be, required under the Pooling and Servicing Agreement
to be so paid on the Distribution Date following the earlier to occur of (i) the purchase of the Mortgage Loans and all other
property held by the Trust Fund in accordance with Section 9.01(c) of the Pooling and Servicing Agreement; (ii) the exchange by
the Sole Certificateholder of its Certificates for the Mortgage Loans in accordance with Section 9.01(g) of the Pooling and Servicing
Agreement; and (iii) the later of (a) the receipt or collection of the last payment due on any Mortgage Loan included
in the Trust Fund, or (b) the liquidation and disposition pursuant to the Pooling and Servicing Agreement of the last asset
held by the Trust Fund; provided that in no event shall the trust created by the Pooling and Servicing Agreement continue beyond
the expiration of 21 years from

 

    A-6-10 

     

    

 

the death of the last survivor of the descendants of Joseph P. Kennedy, the late Ambassador
of the United States to the United Kingdom, living on the date hereof.

 

Unless
the Certificate of Authentication on this Certificate has been executed by the Authenticating Agent, by manual signature, this
Certificate shall not be entitled to any benefit under the Pooling and Servicing Agreement or be valid for any purpose.

 

    A-6-11 

     

    
 

IN WITNESS WHEREOF, the
Certificate Administrator has caused this Class A-5 Certificate to be duly executed.

 

Dated: January 31, 2018

	 	 	 
	 	WELLS FARGO
BANK, NATIONAL ASSOCIATION, not in its individual capacity but solely as Certificate Administrator
	 	 	 
	 	By: 	 
	 	 	Authorized Signatory

 

Certificate of Authentication

 

This is one of the Class A-5
Certificates referred to in the Pooling and Servicing Agreement.

 

Dated: January 31, 2018

	 	 	 
	 	WELLS FARGO
BANK, NATIONAL ASSOCIATION, not in its individual capacity but solely as Authenticating Agent
	 	 	 
	 	By: 	 
	 	 	Authorized Signatory

 

    A-6-12 

     

    

 

EXHIBIT
A-7

 

FORM
OF CLASS A-M CERTIFICATE

 

[UNLESS
THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”),
TO THE CERTIFICATE REGISTRAR FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE
NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO
CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER
USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS
AN INTEREST HEREIN.]1

 

THIS
CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN THE DEPOSITOR, THE ORIGINATOR, THE MASTER SERVICER, THE SPECIAL
SERVICER, THE CERTIFICATE ADMINISTRATOR, THE CERTIFICATE REGISTRAR, THE OPERATING ADVISOR, THE ASSET REPRESENTATIONS REVIEWER,
THE RISK RETENTION CONSULTATION PARTY, THE TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THE CERTIFICATES NOR THE UNDERLYING
MORTGAGE LOANS ARE INSURED OR GUARANTEED BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY.

 

PRINCIPAL
PAYMENTS ON THIS CERTIFICATE ARE PAYABLE IN INSTALLMENTS AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING CERTIFICATE BALANCE
OF THIS CERTIFICATE AT ANY TIME MAY BE LESS THAN THE INITIAL CERTIFICATE BALANCE SET FORTH BELOW.

 

THIS
CERTIFICATE IS SUBORDINATE TO ONE OR MORE OTHER CLASSES OF CERTIFICATES AS AND TO THE EXTENT SET FORTH IN THE POOLING AND SERVICING
AGREEMENT REFERRED TO HEREIN.

 

FOR
U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE REPRESENTS A “REGULAR INTEREST” IN A “REAL ESTATE MORTGAGE
INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G(a)(1) AND 860D OF THE INTERNAL REVENUE
CODE OF 1986, AS AMENDED.

 

 

1
Legend required as long as DTC is the Depository under the Pooling and Servicing Agreement.

 

    A-7-1 

     

    

 

BENCHMARK
2018-B1 MORTGAGE TRUST COMMERCIAL MORTGAGE

PASS-THROUGH CERTIFICATES, CLASS A-M

 

	Class A-M Pass-Through
    Rate:  Equal to the lesser of (i) the WAC Rate and (ii) 3.878%	 	CUSIP:   08162PAZ4

         

        ISIN:      US08162PAZ45

         

	Original Aggregate Certificate Balance of the

    Class A-M Certificates: $97,114,000	 	Initial Certificate Balance of this Certificate:
    $[__]
	 	 	 
	First Distribution Date: February 16, 2018	 	Cut-off Date: The close of business on the later
    of the related Due Date of such Mortgage Loan in January 2018 (or, in the case of any Mortgage Loan that has its first Due
    Date subsequent to January 2018, the date that would have been its Due Date in January 2018 under the terms of that Mortgage
    Loan if a Periodic Payment were scheduled to be due in that month) and the date of origination of such Mortgage Loan
	 	 	 
	Assumed Final Distribution Date:  December
    2027	 	No.: A-M-[_]

 

This
certifies that [              ] is the registered
owner of a beneficial ownership interest in a Trust Fund, including the distributions to be made with respect to the Class A-M
Certificates. The Trust Fund, described more fully below, consists primarily of a pool of Mortgage Loans secured by first liens
on commercial and multifamily properties and held in trust by the Trustee and serviced by the Master Servicer. The Trust Fund
was created, and the Mortgage Loans are to be serviced, pursuant to the Pooling and Servicing Agreement (as defined below). The
Holder of this Certificate, by virtue of the acceptance hereof, assents to the terms, provisions and conditions of the Pooling
and Servicing Agreement and is bound thereby.

 

The
Pooling and Servicing Agreement, dated as of January 1, 2018 (the “Pooling and Servicing Agreement”), between
the Depositor, Wells Fargo Bank, National Association, as master servicer (in such capacity, the “Master Servicer”),
Midland Loan Services, a Division of PNC Bank, National Association, as special servicer (the “Special Servicer”),
Wilmington Trust, National Association, as trustee (the “Trustee”), Wells Fargo Bank, National Association,
as certificate administrator (in such capacity, the “Certificate Administrator”), custodian and paying agent,
and Park Bridge Lender Services LLC, as operating advisor (in such capacity, the “Operating Advisor”) and asset
representations reviewer (in such capacity, the “Asset Representations Reviewer”) evidences the issuance of
the Class A-1, Class A-2, Class A-3, Class A-SB, Class A-4, Class A-5, Class A-M, Class B, Class C, Class D, Class E,
Class F-RR, Class G-RR, Class X-A, Class X-B, Class X-D, Class X-E, Class S, Class R, Class V2, Class V1-A1, Class
V1-A2, Class V1-A3, Class V1-ASB, Class V1-A4, Class V1-A5, Class V1-AM, Class V1-B, Class V1-C, Class V1-D, Class V1-E, Class
V1-F and Class V1-G Certificates (the

 

    A-7-2 

     

    

 

“Certificates”; the Holders of Certificates issued under the Pooling
and Servicing Agreement are collectively referred to herein as “Certificateholders”). This Certificate is issued
pursuant to, and in accordance with, the terms of the Pooling and Servicing Agreement. To the extent not defined herein, capitalized
terms used herein shall have the meanings assigned thereto in the Pooling and Servicing Agreement.

 

This
Certificate represents a “regular interest” in a “real estate mortgage investment conduit”, as those terms
are defined, respectively, in Sections 860G(a)(1) and 860D of the Internal Revenue Code of 1986, as amended. Each Holder of this
Certificate, by acceptance hereof, agrees to treat, and take no action inconsistent with the treatment of, this Certificate in
accordance with the preceding sentence for purposes of federal income taxes, state and local income and franchise taxes and other
taxes imposed on or measured by income.

 

The
Certificate Administrator makes no representation or warranty as to any of the statements contained herein or the validity or
sufficiency of the Certificates or the Mortgage Loans and has executed this Certificate in its limited capacity as Certificate
Administrator under the Pooling and Servicing Agreement. In the event that there is any conflict between any provision of this
Certificate and any provision of the Pooling and Servicing Agreement, such provision of this Certificate shall be superseded to
the extent of such inconsistency.

 

Pursuant
to the terms of the Pooling and Servicing Agreement, the Certificate Administrator, or the Paying Agent on behalf of the Certificate
Administrator, will distribute (other than the final distribution on any Certificate), on the fourth Business Day after each Determination
Date (each such date, a “Distribution Date”) an amount equal to such Person’s pro rata share (based on
the Percentage Interest represented by this Certificate) of that portion of the aggregate amount of principal and interest then
distributable, if any, allocable to the Class A-M Certificates for such Distribution Date, all as more fully described in
the Pooling and Servicing Agreement. “Determination Date” is defined in the Pooling and Servicing Agreement as the
eleventh day of each month, or if such eleventh day is not a Business Day, then the next Business Day, commencing in February
2018. Holders of this Certificate may be entitled to Prepayment Premiums and Yield Maintenance Charges as provided in the Pooling
and Servicing Agreement.

 

During
each Interest Accrual Period (as defined below), interest on the Class A-M Certificates will be calculated based on a 360-day
year consisting of twelve 30-day months on the outstanding Certificate Balance hereof.

 

Interest
accrued on this Certificate during an Interest Accrual Period, plus the aggregate unpaid Interest Shortfall with respect to this
Certificate, if any, will be payable on the related Distribution Date to the extent provided in the Pooling and Servicing Agreement.
The “Interest Accrual Period” means, with respect to any Distribution Date, the calendar month immediately preceding
the month in which such Distribution Date occurs. Each Interest Accrual Period is assumed to consist of 30 days.

 

All
distributions (other than the final distribution on any Certificate) will be made by the Paying Agent to the Persons in whose
names the Certificates are registered at the close of business on each Record Date, which will be the close of business on the
last Business Day of the calendar month immediately preceding the month in which such Distribution Date occurs.

 

    A-7-3 

     

    

 

Such distributions
shall be made on each Distribution Date other than the Termination Date to each Certificateholder of record on the related Record
Date, (i) by wire transfer of immediately available funds to the account of such Holder at a bank or other entity located in the
United States and having appropriate facilities therefor if such Holder shall have provided the Paying Agent with wire instructions
in writing at least five Business Days prior to the related Record Date (which wiring instructions may be in the form of a standing
order applicable to all subsequent distributions), or (ii) otherwise, by check mailed by first-class mail to the address set forth
therefor in the Certificate Register. The final distribution on each Certificate shall be made in like manner, but only upon presentment
and surrender of such Certificate at the office of the Certificate Administrator or its agent (which may be the Paying Agent or
the Certificate Registrar acting as such agent) that is specified in the notice to Holders of such final distribution.

 

Any
funds not distributed on the Termination Date because of the failure of any Certificateholders to tender their Certificates shall,
on such date, be set aside and held for the benefit of the appropriate non-tendering Certificateholders. If any Certificates as
to which notice of the Termination Date has been given pursuant to the Pooling and Servicing Agreement shall not have been surrendered
for cancellation within six months after the time specified in such notice, the Certificate Administrator shall mail a second
notice to the remaining non-tendering Certificateholders to surrender their Certificates for cancellation to receive the final
distribution with respect thereto. If within one year after the second notice not all of such Certificates shall have been surrendered
for cancellation, the Certificate Administrator may, directly or through an agent, take appropriate steps to contact the remaining
non-tendering Certificateholders concerning surrender of their Certificates. The costs and expenses of holding such funds in trust
and of contacting such Certificateholders shall be paid out of such funds. Subject to applicable state escheatment laws, if within
two years after the second notice any such Certificates shall not have been surrendered for cancellation, the Paying Agent shall
distribute to the Certificate Administrator all amounts distributable to the Holders thereof, and the Certificate Administrator
shall thereafter hold such amounts for the benefit of such Holders until the earlier of (i) its termination as Certificate Administrator
under the Pooling and Servicing Agreement and the transfer of such amounts to a successor Certificate Administrator and (ii) the
termination of the Trust Fund and distribution of such amounts to the Class R Certificateholders. No interest shall accrue or
be payable to any Certificateholder on any amount held under the Pooling and Servicing Agreement or by the Certificate Administrator
as a result of such Certificateholder’s failure to surrender its Certificate(s) for final payment thereof in accordance
with the Pooling and Servicing Agreement. Any such amounts transferred to the Certificate Administrator may be invested in Permitted
Investments and all income and gain realized from investment of such funds shall accrue for its benefit.

 

This
Certificate is limited in right of payment to, among other things, certain collections and recoveries in respect of the Mortgage
Loans, as more specifically set forth herein and in the Pooling and Servicing Agreement.

 

As
provided in the Pooling and Servicing Agreement, the Trust Fund includes (in each case, to the extent of the Trust Fund’s
interest therein and specifically excluding any interest of any Serviced Companion Loan Noteholder therein): (i) such Mortgage
Loans as from time to time are subject to the Pooling and Servicing Agreement, together with the Mortgage Files relating thereto;
(ii) all scheduled or unscheduled payments on or collections in respect of

 

    A-7-4 

     

    

 

the Mortgage Loans due after the Cut-off Date; (iii)
the Trust Fund’s interest in any REO Property; (iv) all revenues received in respect of any REO Property; (v) any Assignments
of Leases, Rents and Profits and any security agreements related to the Mortgage Loans; (vi) any indemnities or guaranties given
as additional security for any Mortgage Loans; (vii) a security interest in all assets deposited in the Lock-Box Accounts, Cash
Collateral Accounts, Escrow Accounts, and Reserve Accounts; (viii) the Loss of Value Reserve Fund; (ix) the Collection Account,
the Serviced Whole Loan Collection Accounts, the Distribution Accounts, any Gain-on-Sale Reserve Account, the Interest Reserve
Account, and the Trust’s interest in any REO Account, including any amounts on deposit therein, assets credited thereto
and any reinvestment income, as applicable; (x) a security interest in any environmental indemnity agreements relating to the
Mortgaged Properties; (xi) a security interest in all insurance policies with respect to the Mortgage Loans and the Mortgaged
Properties; (xii) the rights and remedies under the Mortgage Loan Purchase Agreements relating to document delivery requirements
with respect to the Mortgage Loans and the representations and warranties of the related Mortgage Loan Seller regarding its Mortgage
Loans; (xiii) the Lower-Tier Regular Interests; (xiv) the Class VRR Upper-Tier Regular Interests; and (xv) the proceeds of the
foregoing (other than any interest earned on deposits in the Lock-Box Accounts, Cash Collateral Accounts, Escrow Accounts and
any Reserve Accounts, to the extent such interest belongs to the related Borrower). As provided in the Pooling and Servicing Agreement,
withdrawals may be made from certain of the above accounts for purposes other than distributions to Certificateholders.

 

This
Certificate does not purport to summarize the Pooling and Servicing Agreement, and reference is made to the Pooling and Servicing
Agreement for the interests, rights, benefits, obligations and duties evidenced hereby, and the limitations thereon, and the rights,
duties and immunities of the Certificate Administrator.

 

As
provided in the Pooling and Servicing Agreement and subject to certain limitations set forth therein, this Certificate is transferable
or exchangeable only upon surrender of this Certificate to the Certificate Registrar at its offices together with an assignment
and transfer (executed by the Holder or his duly authorized attorney), subject to the requirements in Article V of the Pooling
and Servicing Agreement. Upon surrender for registration of transfer of this Certificate, subject to the requirements in Article
V of the Pooling and Servicing Agreement, the Certificate Administrator shall execute and the Authenticating Agent shall duly
authenticate in the name of the designated transferee or transferees, one or more new Certificates in authorized denominations
of a like aggregate denomination as the Certificate being surrendered. Such Certificates shall be delivered by the Certificate
Registrar in accordance with Article V of the Pooling and Servicing Agreement.

 

Prior
to due presentation of this Certificate for registration of transfer, the Depositor, the Master Servicer, the Special Servicer,
the Operating Advisor, the Asset Representations Reviewer, the Certificate Administrator, the Trustee, the Certificate Registrar,
any Paying Agent and any agent of any of them may treat the Person in whose name this Certificate is registered as the owner hereof
for all purposes, and none of the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator, the Trustee,
the Certificate Registrar, any Paying Agent or any agent of any of them shall be affected by notice or knowledge to the contrary.

 

    A-7-5 

     

    

 

No
fee or service charge shall be imposed by the Certificate Registrar for its services in respect of any registration of transfer
or exchange referred to in Section 5.02 of the Pooling and Servicing Agreement other than for transfers to Institutional Accredited
Investors as provided in Section 5.02(h) of the Pooling and Servicing Agreement. In connection with any transfer to an Institutional
Accredited Investor, the transferor shall reimburse the Trust Fund for any costs (including the cost of the Certificate Registrar’s
counsel’s review of the documents and any legal opinions, submitted by the transferor or transferee to the Certificate Registrar
as provided in the Pooling and Servicing Agreement) incurred by the Certificate Registrar in connection with such transfer. The
Certificate Registrar may require payment by each transferor of a sum sufficient to cover any tax, expense or other governmental
charge payable in connection with any such transfer.

 

The
Pooling and Servicing Agreement or any Custodial Agreement may be amended at any time by the Depositor, the Master Servicer, the
Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the Trustee without
the consent of any of the Certificateholders or any Serviced Companion Loan Noteholders, (i) to cure any ambiguity or to correct
any manifest error; (ii) to cause the provisions of the Pooling and Servicing Agreement or any Custodial Agreement to conform
or be consistent with or in furtherance of the statements made in the Prospectus or Private Placement Memorandum with respect
to the Certificates, the Trust or the Pooling and Servicing Agreement or to correct or supplement any provisions of the Pooling
and Servicing Agreement or any Custodial Agreement which may be defective or inconsistent with any other provisions of the Pooling
and Servicing Agreement or any Custodial Agreement; (iii) to change the timing and/or nature of deposits in the Collection
Account, the Distribution Accounts or any REO Account; provided that (a) the Master Servicer Remittance Date shall in no event
be later than the Business Day prior to the related Distribution Date and (b) such change shall not adversely affect in any material
respect the interests of any Certificateholder, as evidenced in writing by an Opinion of Counsel at the expense of the party requesting
such amendment or as evidenced by a Rating Agency Confirmation from each Rating Agency with respect to such amendment; (iv) to
modify, eliminate or add to any of its provisions to such extent as shall be necessary to maintain the qualification of any Trust
REMIC as a REMIC or the Grantor Trust as a grantor trust under the relevant provisions of the Code at all times that any Certificate
is outstanding, or to avoid or minimize the risk of imposition of any tax on the Trust Fund or any Trust REMIC or the Grantor
Trust that would be a claim against the Trust Fund or any Trust REMIC or the Grantor Trust; provided that the Trustee and
the Certificate Administrator have received an Opinion of Counsel (at the expense of the party requesting such amendment) to the
effect that (a) such action is necessary or desirable to maintain such qualification or to avoid or minimize the risk of
the imposition of any such tax and (b) such action will not adversely affect in any material respect the interests of any
Certificateholder or Companion Loan Noteholder; (v) to modify, eliminate or add to the provisions any provision of the Pooling
and Servicing Agreement restricting transfer of the Class R Certificates; provided the Depositor has determined that
such change shall not, as evidenced by an Opinion of Counsel, cause the Trust Fund, any Trust REMIC or any of the Certificateholders
(other than the Transferor) to be subject to a federal tax caused by a Transfer to a Person that is a Disqualified Organization
or a Non-U.S. Tax Person; (vi) to revise or add any other provisions with respect to matters or questions arising under the Pooling
and Servicing Agreement or any other change; provided that the required action shall not adversely affect in any material
respect the interests of any Certificateholder or any holder of a Serviced Pari Passu

 

    A-7-6 

     

    

 

Companion Loan not consenting thereto as
evidenced in writing by an Opinion of Counsel, at the expense of the party requesting such amendment or as evidenced by a Rating
Agency Confirmation from each of the Rating Agencies with respect to such amendment or supplement and confirmation of the applicable
rating agencies that such action will not result in the downgrade, withdrawal or qualification of its then-current ratings of
any securities related to a Companion Loan, if any (provided that such rating agency confirmation may be considered satisfied
in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates); (vii) to amend
or supplement any provision of the Pooling and Servicing Agreement to the extent necessary to maintain the then-current ratings
assigned to each Class of Certificates by each Rating Agency, as evidenced by a Rating Agency Confirmation from each of the Rating
Agencies; provided that such amendment or supplement shall not adversely affect in any material respect the interests of
any Certificateholder not consenting thereto as evidenced by an Opinion of Counsel, or any holder of a Serviced Pari Passu Companion
Loan not consenting to such revision or addition, as evidenced by an Opinion of Counsel at the expense of the party requesting
such amendment or as evidenced by confirmation of the applicable Rating Agencies that such action will not result in the downgrade,
withdrawal or qualification of its then-current ratings of any securities related to a Companion Loan, if any (provided
that such Rating Agency Confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered
satisfied with respect to the Certificates); (viii) to modify the provisions of Section 3.06 and Section 3.17 of
the Pooling and Servicing Agreement (with respect to reimbursement of Nonrecoverable Advances and Workout-Delayed Reimbursement
Amounts) if (a) the Depositor, the Master Servicer, the Trustee and, for so long as a Control Termination Event has not occurred
and is not continuing, the Directing Holder, determine that the commercial mortgage backed securities industry standard for such
provisions has changed, in order to conform to such industry standard, (b) such modification does not adversely affect the
status of any Trust REMIC as a REMIC or the status of the Grantor Trust as a grantor trust under the relevant provisions of the
Code, as evidenced by an Opinion of Counsel and (c) each Rating Agency has delivered a Rating Agency Confirmation and, with
regard to any class of Serviced Companion Loan Securities, the applicable rating agencies have delivered a confirmation that such
action will not result in the downgrade, withdrawal or qualification of its then-current ratings (provided that such rating
agency confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied
with respect to the Certificates); (ix) to modify the procedures of the Pooling and Servicing Agreement relating to compliance
with Rule 17g-5 of the Exchange Act; provided that such amendment shall not adversely affect in any material respects
the interests of any Certificateholders, as evidenced by (x) an Opinion of Counsel or (y) if any Certificate is then
rated, receipt of Rating Agency Confirmation from each Rating Agency rating such Certificates; and provided, further,
that the Certificate Administrator shall give notice of any such amendment to the 17g-5 Information Provider for posting to the
17g-5 Information Provider’s Website and the Certificate Administrator shall post such notice to the Certificate Administrator’s
Website; (x) to modify, eliminate or add to any provisions of the Pooling and Servicing Agreement to such extent as would be necessary
to comply with the requirements for use of Form SF-3 in registered offerings to the extent provided in CFR 239.45(b)(1)(ii), (iii)
or (iv); and (xi) to modify, eliminate or add to any of its provisions (a) to such extent as will be necessary to comply with
the requirements of the Risk Retention Rule, as evidenced by an Opinion of Counsel, or (b) in the event the Risk Retention Rule
or any other 

 

    A-7-7 

     

    

 

regulation
applicable to the risk retention requirements for this securitization transaction are amended or repealed, to the extent
required to comply with any such amendment or to modify or eliminate the risk retention requirements in the event of such
repeal, as evidenced by an Opinion of Counsel.

 

The
Pooling and Servicing Agreement or any Custodial Agreement may also be amended from time to time by the Depositor, the Master
Servicer, the Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the
Trustee with the prior written consent of the Holders of Certificates representing not less than a majority of the Percentage
Interests of each Class of Certificates affected thereby (without regard to Certificates held by the Depositor, any of the Depositor’s
Affiliates and/or agents) and each Serviced Companion Loan Noteholder affected thereby for the purpose of adding any provisions
to or changing in any manner or eliminating any of the provisions of the Pooling and Servicing Agreement or modifying in any manner
the rights of the Certificateholders or the Serviced Companion Loan Noteholders; provided, that no such amendment may:

 

		(i)	reduce
                                         in any manner the amount of, or delay the timing of, payments received on the Mortgage
                                         Loans or Serviced Whole Loan which are required to be distributed on any Certificate,
                                         without the consent of the Holders of Certificates representing all of the Percentage
                                         Interests of the Class or Classes affected thereby or which are required to be distributed
                                         to any Companion Loan Noteholders without the consent of such Companion Loan Noteholders;

 

		(ii)	reduce
                                         the aforesaid percentage of Certificates of any Class the Holders of which are required
                                         to consent to any such amendment or remove the requirement to obtain consent of any Companion
                                         Loan Noteholder, in any such case without the consent of the Holders of all Certificates
                                         of such Class then-outstanding or such Companion Loan Noteholder, as applicable;

 

		(iii)	adversely
                                         affect the Voting Rights of any Class of Certificates without the consent of the Holders
                                         of all Certificates of such Class then outstanding;

 

		(iv)	change
                                         in any manner any defined term used in any Mortgage Loan Purchase Agreement or the obligations
                                         of any Mortgage Loan Seller under such Mortgage Loan Purchase Agreement or otherwise
                                         or change any rights of any Mortgage Loan Seller as a third party beneficiary hereunder,
                                         without the consent of such Mortgage Loan Seller; or

 

		(v)	amend
                                         the Servicing Standard without the consent of 100% of the Certificateholders or receipt
                                         of Rating Agency Confirmation from each Rating Agency and confirmation of the applicable
                                         rating agencies that such action will not result in the downgrade, withdrawal or qualification
                                         of its then-current ratings of any securities related to a Companion Loan, if any (provided that such rating agency confirmation may be considered 

 

    A-7-8 

     

    

 

	 	 	satisfied
                                         in the same manner as any Rating Agency Confirmation may be considered satisfied with
                                         respect to the Certificates).

 

Further,
the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations
Reviewer and the Trustee, at any time and from time to time, without the consent of the Certificateholders or, if applicable,
the Serviced Companion Loan Noteholders, may amend the Pooling and Servicing Agreement to modify, eliminate or add to any of its
provisions (i) to such extent as shall be necessary to maintain the qualification of the Lower-Tier REMIC or the Upper-Tier REMIC
as a REMIC or the qualification of the Grantor Trust as a grantor trust, or to prevent the imposition of any additional material
state or local taxes, at all times that any Certificates are outstanding; provided that such action, as evidenced by an
Opinion of Counsel (obtained at the expense of the Trust Fund), is necessary or helpful to maintain such qualification or to prevent
the imposition of any such taxes, and would not adversely affect in any material respect the interest of any Certificateholder
or if applicable, any Serviced Companion Loan Noteholder or (ii) to the extent necessary to comply with the Investment Company
Act of 1940, as amended, the Exchange Act, Regulation AB, and/or any related regulatory actions and/or interpretations.

 

The
Certificateholder owning a majority of the Percentage Interest in the Controlling Class and, if no such Certificateholder
exercises such option, the Special Servicer, and if the Special Servicer does not exercise such option, the Master Servicer may
effect an early termination of the Trust Fund, upon not less than 30 days’ prior Notice of Termination given to the Trustee,
the Special Servicer and the Master Servicer any time specifying the Anticipated Termination Date, which shall be on or after
the Early Termination Notice Date (defined as any date as of which the aggregate Stated Principal Balance of the Mortgage Loans
remaining in the Trust is less than 1.0% of the aggregate Stated Principal Balance of the Mortgage Loans as of the Cut-off Date)
by purchasing on such date all, but not less than all, of the Mortgage Loans then included in the Trust Fund, and the Trust’s
interest in all property acquired in respect of any Mortgage Loan, at a purchase price, payable in cash, equal to the sum of,
without duplication:

 

		(A)	100%
                                         of the Stated Principal Balance of each Mortgage Loan included in the Trust as of the
                                         last day of the month preceding such Anticipated Termination Date (less any P&I Advances
                                         previously made on account of principal);

 

		(B)	the
                                         fair market value of all other property included in the Trust Fund as of the last day
                                         of the month preceding such Anticipated Termination Date, as determined by an Independent
                                         appraiser acceptable to the Master Servicer as of a date not more than 30 days prior
                                         to the last day of the month preceding such Distribution Date;

 

		(C)	all
                                         unpaid interest accrued on the unpaid balance of each Mortgage Loan (including any Mortgage
                                         Loan as to which title to the related Mortgaged Property has been acquired) at the Mortgage
                                         Rate to the last day of the month preceding such Anticipated Termination Date 

 

    A-7-9 

     

    

 

	 	 	(less
                                         any P&I Advances previously made on account of interest); and

 

		(D)	the
                                         aggregate amount of unreimbursed Advances, with interest thereon at the Reimbursement
                                         Rate, and unpaid Servicing Compensation, Special Servicing Compensation, Operating Advisor
                                         Fees, Certificate Administrator/Trustee Fees, the CREFC® Intellectual
                                         Property Royalty License Fees and Trust Fund expenses.

 

In
addition, the Pooling and Servicing Agreement provides that following the date on which the Class X-A Notional Amount, the
Class X-B Notional Amount, the Class X-D Notional Amount and the aggregate Certificate Balance of the Class A-1, Class A-2,
Class A-3, Class A-SB, Class A-4, Class A-5, Class A-M, Class B, Class C and Class D Certificates is reduced to zero, the Sole
Certificateholder shall have the right to exchange all of the then-outstanding Certificates (other than the Class S or Class
R Certificates) for all of the Mortgage Loans and each REO Property remaining in the Trust Fund as contemplated by clause (ii) of
Section 9.01(a) of the Pooling and Servicing Agreement by giving written notice to all the parties to the Pooling and Servicing
Agreement no later than 60 days prior to the anticipated date of exchange.

 

All
costs and expenses incurred by any and all parties to the Pooling and Servicing Agreement or by the Trust Fund in connection with
the purchase of the Mortgage Loans and the other assets of the Trust Fund pursuant to Section 9.01(c) of the Pooling and
Servicing Agreement shall be borne by the party exercising its purchase rights thereunder. The Trustee and the Certificate Administrator
shall be entitled to rely conclusively on any determination made by an Independent appraiser pursuant to Section 9.01(c)
of the Pooling and Servicing Agreement.

 

The
respective obligations and responsibilities of the Master Servicer, the Special Servicer, the Depositor, the Certificate Administrator,
the Operating Advisor, the Asset Representations Reviewer and the Trustee created by the Pooling and Servicing Agreement with
respect to the Certificates (other than the obligations of the Certificate Administrator to make certain payments and to send
certain notices to Certificateholders as set forth in the Pooling and Servicing Agreement) shall terminate upon payment (or provision
for payment) to the Certificateholders and the Serviced Companion Loan Noteholders of all amounts held by or on behalf of the
Trustee, the Certificate Administrator and the Master Servicer, as the case may be, required under the Pooling and Servicing Agreement
to be so paid on the Distribution Date following the earlier to occur of (i) the purchase of the Mortgage Loans and all other
property held by the Trust Fund in accordance with Section 9.01(c) of the Pooling and Servicing Agreement; (ii) the exchange by
the Sole Certificateholder of its Certificates for the Mortgage Loans in accordance with Section 9.01(g) of the Pooling and Servicing
Agreement; and (iii) the later of (a) the receipt or collection of the last payment due on any Mortgage Loan included
in the Trust Fund, or (b) the liquidation and disposition pursuant to the Pooling and Servicing Agreement of the last asset
held by the Trust Fund; provided that in no event shall the trust created by the Pooling and Servicing Agreement continue beyond
the expiration of 21 years from

 

    A-7-10 

     

    

 

the death of the last survivor of the descendants of Joseph P. Kennedy, the late Ambassador
of the United States to the United Kingdom, living on the date hereof.

 

Unless
the Certificate of Authentication on this Certificate has been executed by the Authenticating Agent, by manual signature, this
Certificate shall not be entitled to any benefit under the Pooling and Servicing Agreement or be valid for any purpose.

 

    A-7-11 

     

    

 

IN WITNESS WHEREOF, the
Certificate Administrator has caused this Class A-M Certificate to be duly executed.

 

Dated: January 31, 2018

	 	 	 
	 	WELLS FARGO
BANK, NATIONAL ASSOCIATION, not in its individual capacity but solely as Certificate Administrator
	 	 	 
	 	By: 	 
	 	 	Authorized Signatory

 

Certificate of Authentication

 

This is one of the Class A-M
Certificates referred to in the Pooling and Servicing Agreement.

 

Dated: January 31, 2018

	 	 	 
	 	WELLS FARGO
BANK, NATIONAL ASSOCIATION, not in its individual capacity but solely as Authenticating Agent
	 	 	 
	 	By: 	 
	 	 	Authorized Signatory

 

    A-7-12 

     

    

 

EXHIBIT
A-8

 

FORM
OF CLASS B CERTIFICATE

 

[UNLESS
THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”),
TO THE CERTIFICATE REGISTRAR FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE
NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO
CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER
USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS
AN INTEREST HEREIN.]1

 

THIS
CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN THE DEPOSITOR, THE ORIGINATOR, THE MASTER SERVICER, THE SPECIAL
SERVICER, THE CERTIFICATE ADMINISTRATOR, THE CERTIFICATE REGISTRAR, THE OPERATING ADVISOR, THE ASSET REPRESENTATIONS REVIEWER,
THE RISK RETENTION CONSULTATION PARTY, THE TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THE CERTIFICATES NOR THE UNDERLYING
MORTGAGE LOANS ARE INSURED OR GUARANTEED BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY.

 

PRINCIPAL
PAYMENTS ON THIS CERTIFICATE ARE PAYABLE IN INSTALLMENTS AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING CERTIFICATE BALANCE
OF THIS CERTIFICATE AT ANY TIME MAY BE LESS THAN THE INITIAL CERTIFICATE BALANCE SET FORTH BELOW.

 

THIS
CERTIFICATE IS SUBORDINATE TO ONE OR MORE OTHER CLASSES OF CERTIFICATES AS AND TO THE EXTENT SET FORTH IN THE POOLING AND SERVICING
AGREEMENT REFERRED TO HEREIN.

 

FOR
U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE REPRESENTS A “REGULAR INTEREST” IN A “REAL ESTATE MORTGAGE
INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G(a)(1) AND 860D OF THE INTERNAL REVENUE
CODE OF 1986, AS AMENDED.

 

 

1
Legend required as long as DTC is the Depository under the Pooling and Servicing Agreement.

 

    A-8-1 

     

    

 

BENCHMARK
2018-B1 MORTGAGE TRUST COMMERCIAL MORTGAGE

PASS-THROUGH CERTIFICATES, CLASS B

 

	Class B Pass-Through
    Rate:  Equal to the lesser of (i) the WAC Rate and (ii) 4.059%	 	CUSIP:  08162PBA8

         

        ISIN:     US08162PBA84

         

	Original Aggregate Certificate Balance of the

    Class B Certificates: $47,853,000	 	Initial Certificate Balance of this Certificate:
    $[__]
	 	 	 
	First Distribution Date:  February
    16, 2018	 	Cut-off Date: The close of business on the later
    of the related Due Date of such Mortgage Loan in January 2018 (or, in the case of any Mortgage Loan that has its first Due
    Date subsequent to January 2018, the date that would have been its Due Date in January 2018 under the terms of that Mortgage
    Loan if a Periodic Payment were scheduled to be due in that month) and the date of origination of such Mortgage Loan
	 	 	 
	Assumed Final Distribution Date:  December
    2027	 	No.: B-[_]

 

This
certifies that [              ] is the registered
owner of a beneficial ownership interest in a Trust Fund, including the distributions to be made with respect to the Class B
Certificates. The Trust Fund, described more fully below, consists primarily of a pool of Mortgage Loans secured by first liens
on commercial and multifamily properties and held in trust by the Trustee and serviced by the Master Servicer. The Trust Fund
was created, and the Mortgage Loans are to be serviced, pursuant to the Pooling and Servicing Agreement (as defined below). The
Holder of this Certificate, by virtue of the acceptance hereof, assents to the terms, provisions and conditions of the Pooling
and Servicing Agreement and is bound thereby.

 

The
Pooling and Servicing Agreement, dated as of January 1, 2018 (the “Pooling and Servicing Agreement”), between
the Depositor, Wells Fargo Bank, National Association, as master servicer (in such capacity, the “Master Servicer”),
Midland Loan Services, a Division of PNC Bank, National Association, as special servicer (the “Special Servicer”),
Wilmington Trust, National Association, as trustee (the “Trustee”), Wells Fargo Bank, National Association,
as certificate administrator (in such capacity, the “Certificate Administrator”), custodian and paying agent,
and Park Bridge Lender Services LLC, as operating advisor (in such capacity, the “Operating Advisor”) and asset
representations reviewer (in such capacity, the “Asset Representations Reviewer”) evidences the issuance of
the Class A-1, Class A-2, Class A-3, Class A-SB, Class A-4, Class A-5, Class A-M, Class B, Class C, Class D, Class E,
Class F-RR, Class G-RR, Class X-A, Class X-B, Class X-D, Class X-E, Class S, Class R, Class V2, Class V1-A1, Class
V1-A2, Class V1-A3, Class V1-ASB, Class V1-A4, Class V1-A5, Class V1-AM,

 

    A-8-2 

     

    

 

Class V1-B, Class V1-C, Class V1-D, Class V1-E, Class
V1-F and Class V1-G Certificates (the “Certificates”; the Holders of Certificates issued under the Pooling
and Servicing Agreement are collectively referred to herein as “Certificateholders”). This Certificate is issued
pursuant to, and in accordance with, the terms of the Pooling and Servicing Agreement. To the extent not defined herein, capitalized
terms used herein shall have the meanings assigned thereto in the Pooling and Servicing Agreement.

 

This
Certificate represents a “regular interest” in a “real estate mortgage investment conduit”, as those terms
are defined, respectively, in Sections 860G(a)(1) and 860D of the Internal Revenue Code of 1986, as amended. Each Holder of this
Certificate, by acceptance hereof, agrees to treat, and take no action inconsistent with the treatment of, this Certificate in
accordance with the preceding sentence for purposes of federal income taxes, state and local income and franchise taxes and other
taxes imposed on or measured by income.

 

The
Certificate Administrator makes no representation or warranty as to any of the statements contained herein or the validity or
sufficiency of the Certificates or the Mortgage Loans and has executed this Certificate in its limited capacity as Certificate
Administrator under the Pooling and Servicing Agreement. In the event that there is any conflict between any provision of this
Certificate and any provision of the Pooling and Servicing Agreement, such provision of this Certificate shall be superseded to
the extent of such inconsistency.

 

Pursuant
to the terms of the Pooling and Servicing Agreement, the Certificate Administrator, or the Paying Agent on behalf of the Certificate
Administrator, will distribute (other than the final distribution on any Certificate), on the fourth Business Day after each Determination
Date (each such date, a “Distribution Date”) an amount equal to such Person’s pro rata share (based on
the Percentage Interest represented by this Certificate) of that portion of the aggregate amount of principal and interest then
distributable, if any, allocable to the Class B Certificates for such Distribution Date, all as more fully described in the
Pooling and Servicing Agreement. “Determination Date” is defined in the Pooling and Servicing Agreement as the eleventh
day of each month, or if such eleventh day is not a Business Day, then the next Business Day, commencing in February 2018. Holders
of this Certificate may be entitled to Prepayment Premiums and Yield Maintenance Charges as provided in the Pooling and Servicing
Agreement.

 

During
each Interest Accrual Period (as defined below), interest on the Class B Certificates will be calculated based on a 360-day
year consisting of twelve 30-day months on the outstanding Certificate Balance hereof.

 

Interest
accrued on this Certificate during an Interest Accrual Period, plus the aggregate unpaid Interest Shortfall with respect to this
Certificate, if any, will be payable on the related Distribution Date to the extent provided in the Pooling and Servicing Agreement.
The “Interest Accrual Period” means, with respect to any Distribution Date, the calendar month immediately preceding
the month in which such Distribution Date occurs. Each Interest Accrual Period is assumed to consist of 30 days.

 

All
distributions (other than the final distribution on any Certificate) will be made by the Paying Agent to the Persons in whose
names the Certificates are registered at the close of business on each Record Date, which will be the close of business on the
last Business Day of 

 

    A-8-3 

     

    

 

the calendar
month immediately preceding the month in which such Distribution Date occurs. Such
distributions shall be made on each Distribution Date other than the Termination Date to each Certificateholder of record on the
related Record Date, (i) by wire transfer of immediately available funds to the account of such Holder at a bank or other entity
located in the United States and having appropriate facilities therefor if such Holder shall have provided the Paying Agent with
wire instructions in writing at least five Business Days prior to the related Record Date (which wiring instructions may be in
the form of a standing order applicable to all subsequent distributions), or (ii) otherwise, by check mailed by first-class mail
to the address set forth therefor in the Certificate Register. The final distribution on each Certificate shall be made in like
manner, but only upon presentment and surrender of such Certificate at the office of the Certificate Administrator or its agent
(which may be the Paying Agent or the Certificate Registrar acting as such agent) that is specified in the notice to Holders of
such final distribution.

 

Any
funds not distributed on the Termination Date because of the failure of any Certificateholders to tender their Certificates shall,
on such date, be set aside and held for the benefit of the appropriate non-tendering Certificateholders. If any Certificates as
to which notice of the Termination Date has been given pursuant to the Pooling and Servicing Agreement shall not have been surrendered
for cancellation within six months after the time specified in such notice, the Certificate Administrator shall mail a second
notice to the remaining non-tendering Certificateholders to surrender their Certificates for cancellation to receive the final
distribution with respect thereto. If within one year after the second notice not all of such Certificates shall have been surrendered
for cancellation, the Certificate Administrator may, directly or through an agent, take appropriate steps to contact the remaining
non-tendering Certificateholders concerning surrender of their Certificates. The costs and expenses of holding such funds in trust
and of contacting such Certificateholders shall be paid out of such funds. Subject to applicable state escheatment laws, if within
two years after the second notice any such Certificates shall not have been surrendered for cancellation, the Paying Agent shall
distribute to the Certificate Administrator all amounts distributable to the Holders thereof, and the Certificate Administrator
shall thereafter hold such amounts for the benefit of such Holders until the earlier of (i) its termination as Certificate Administrator
under the Pooling and Servicing Agreement and the transfer of such amounts to a successor Certificate Administrator and (ii) the
termination of the Trust Fund and distribution of such amounts to the Class R Certificateholders. No interest shall accrue or
be payable to any Certificateholder on any amount held under the Pooling and Servicing Agreement or by the Certificate Administrator
as a result of such Certificateholder’s failure to surrender its Certificate(s) for final payment thereof in accordance
with the Pooling and Servicing Agreement. Any such amounts transferred to the Certificate Administrator may be invested in Permitted
Investments and all income and gain realized from investment of such funds shall accrue for its benefit.

 

This
Certificate is limited in right of payment to, among other things, certain collections and recoveries in respect of the Mortgage
Loans, as more specifically set forth herein and in the Pooling and Servicing Agreement.

 

As
provided in the Pooling and Servicing Agreement, the Trust Fund includes (in each case, to the extent of the Trust Fund’s
interest therein and specifically excluding any interest of any Serviced Companion Loan Noteholder therein): (i) such Mortgage
Loans as from time to time are subject to the Pooling and Servicing Agreement, together with the Mortgage 

 

    A-8-4 

     

    

 

Files
relating thereto; (ii) all scheduled or unscheduled payments on or collections in respect of the Mortgage Loans due after the
Cut-off Date; (iii) the Trust Fund’s interest in any REO Property; (iv) all revenues received in respect of any REO Property;
(v) any Assignments of Leases, Rents and Profits and any security agreements related to the Mortgage Loans; (vi) any indemnities
or guaranties given as additional security for any Mortgage Loans; (vii) a security interest in all assets deposited in the Lock-Box
Accounts, Cash Collateral Accounts, Escrow Accounts, and Reserve Accounts; (viii) the Loss of Value Reserve Fund; (ix) the Collection
Account, the Serviced Whole Loan Collection Accounts, the Distribution Accounts, any Gain-on-Sale Reserve Account, the Interest
Reserve Account, and the Trust’s interest in any REO Account, including any amounts on deposit therein, assets credited
thereto and any reinvestment income, as applicable; (x) a security interest in any environmental indemnity agreements relating
to the Mortgaged Properties; (xi) a security interest in all insurance policies with respect to the Mortgage Loans and the Mortgaged
Properties; (xii) the rights and remedies under the Mortgage Loan Purchase Agreements relating to document delivery requirements
with respect to the Mortgage Loans and the representations and warranties of the related Mortgage Loan Seller regarding its Mortgage
Loans; (xiii) the Lower-Tier Regular Interests; (xiv) the Class VRR Upper-Tier Regular Interests; and (xv) the proceeds of the
foregoing (other than any interest earned on deposits in the Lock-Box Accounts, Cash Collateral Accounts, Escrow Accounts and
any Reserve Accounts, to the extent such interest belongs to the related Borrower). As provided in the Pooling and Servicing Agreement,
withdrawals may be made from certain of the above accounts for purposes other than distributions to Certificateholders.

 

This
Certificate does not purport to summarize the Pooling and Servicing Agreement, and reference is made to the Pooling and Servicing
Agreement for the interests, rights, benefits, obligations and duties evidenced hereby, and the limitations thereon, and the rights,
duties and immunities of the Certificate Administrator.

 

As
provided in the Pooling and Servicing Agreement and subject to certain limitations set forth therein, this Certificate is transferable
or exchangeable only upon surrender of this Certificate to the Certificate Registrar at its offices together with an assignment
and transfer (executed by the Holder or his duly authorized attorney), subject to the requirements in Article V of the Pooling
and Servicing Agreement. Upon surrender for registration of transfer of this Certificate, subject to the requirements in Article
V of the Pooling and Servicing Agreement, the Certificate Administrator shall execute and the Authenticating Agent shall duly
authenticate in the name of the designated transferee or transferees, one or more new Certificates in authorized denominations
of a like aggregate denomination as the Certificate being surrendered. Such Certificates shall be delivered by the Certificate
Registrar in accordance with Article V of the Pooling and Servicing Agreement.

 

Prior
to due presentation of this Certificate for registration of transfer, the Depositor, the Master Servicer, the Special Servicer,
the Operating Advisor, the Asset Representations Reviewer, the Certificate Administrator, the Trustee, the Certificate Registrar,
any Paying Agent and any agent of any of them may treat the Person in whose name this Certificate is registered as the owner hereof
for all purposes, and none of the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator, the Trustee,
the Certificate Registrar, any Paying Agent or any agent of any of them shall be affected by notice or knowledge to the contrary.

 

    A-8-5 

     

    

 

No
fee or service charge shall be imposed by the Certificate Registrar for its services in respect of any registration of transfer
or exchange referred to in Section 5.02 of the Pooling and Servicing Agreement other than for transfers to Institutional Accredited
Investors as provided in Section 5.02(h) of the Pooling and Servicing Agreement. In connection with any transfer to an Institutional
Accredited Investor, the transferor shall reimburse the Trust Fund for any costs (including the cost of the Certificate Registrar’s
counsel’s review of the documents and any legal opinions, submitted by the transferor or transferee to the Certificate Registrar
as provided in the Pooling and Servicing Agreement) incurred by the Certificate Registrar in connection with such transfer. The
Certificate Registrar may require payment by each transferor of a sum sufficient to cover any tax, expense or other governmental
charge payable in connection with any such transfer.

 

The
Pooling and Servicing Agreement or any Custodial Agreement may be amended at any time by the Depositor, the Master Servicer, the
Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the Trustee without
the consent of any of the Certificateholders or any Serviced Companion Loan Noteholders, (i) to cure any ambiguity or to correct
any manifest error; (ii) to cause the provisions of the Pooling and Servicing Agreement or any Custodial Agreement to conform
or be consistent with or in furtherance of the statements made in the Prospectus or Private Placement Memorandum with respect
to the Certificates, the Trust or the Pooling and Servicing Agreement or to correct or supplement any provisions of the Pooling
and Servicing Agreement or any Custodial Agreement which may be defective or inconsistent with any other provisions of the Pooling
and Servicing Agreement or any Custodial Agreement; (iii) to change the timing and/or nature of deposits in the Collection
Account, the Distribution Accounts or any REO Account; provided that (a) the Master Servicer Remittance Date shall in no event
be later than the Business Day prior to the related Distribution Date and (b) such change shall not adversely affect in any material
respect the interests of any Certificateholder, as evidenced in writing by an Opinion of Counsel at the expense of the party requesting
such amendment or as evidenced by a Rating Agency Confirmation from each Rating Agency with respect to such amendment; (iv) to
modify, eliminate or add to any of its provisions to such extent as shall be necessary to maintain the qualification of any Trust
REMIC as a REMIC or the Grantor Trust as a grantor trust under the relevant provisions of the Code at all times that any Certificate
is outstanding, or to avoid or minimize the risk of imposition of any tax on the Trust Fund or any Trust REMIC or the Grantor
Trust that would be a claim against the Trust Fund or any Trust REMIC or the Grantor Trust; provided that the Trustee and
the Certificate Administrator have received an Opinion of Counsel (at the expense of the party requesting such amendment) to the
effect that (a) such action is necessary or desirable to maintain such qualification or to avoid or minimize the risk of
the imposition of any such tax and (b) such action will not adversely affect in any material respect the interests of any
Certificateholder or Companion Loan Noteholder; (v) to modify, eliminate or add to the provisions any provision of the Pooling
and Servicing Agreement restricting transfer of the Class R Certificates; provided the Depositor has determined that
such change shall not, as evidenced by an Opinion of Counsel, cause the Trust Fund, any Trust REMIC or any of the Certificateholders
(other than the Transferor) to be subject to a federal tax caused by a Transfer to a Person that is a Disqualified Organization
or a Non-U.S. Tax Person; (vi) to revise or add any other provisions with respect to matters or questions arising under the Pooling
and Servicing Agreement or any other change; provided that the required action shall not adversely affect in any material
respect the interests of any Certificateholder or any holder of a Serviced Pari Passu

 

    A-8-6 

     

    

 

Companion Loan not consenting thereto as
evidenced in writing by an Opinion of Counsel, at the expense of the party requesting such amendment or as evidenced by a Rating
Agency Confirmation from each of the Rating Agencies with respect to such amendment or supplement and confirmation of the applicable
rating agencies that such action will not result in the downgrade, withdrawal or qualification of its then-current ratings of
any securities related to a Companion Loan, if any (provided that such rating agency confirmation may be considered satisfied
in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates); (vii) to amend
or supplement any provision of the Pooling and Servicing Agreement to the extent necessary to maintain the then-current ratings
assigned to each Class of Certificates by each Rating Agency, as evidenced by a Rating Agency Confirmation from each of the Rating
Agencies; provided that such amendment or supplement shall not adversely affect in any material respect the interests of
any Certificateholder not consenting thereto as evidenced by an Opinion of Counsel, or any holder of a Serviced Pari Passu Companion
Loan not consenting to such revision or addition, as evidenced by an Opinion of Counsel at the expense of the party requesting
such amendment or as evidenced by confirmation of the applicable Rating Agencies that such action will not result in the downgrade,
withdrawal or qualification of its then-current ratings of any securities related to a Companion Loan, if any (provided
that such Rating Agency Confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered
satisfied with respect to the Certificates); (viii) to modify the provisions of Section 3.06 and Section 3.17 of
the Pooling and Servicing Agreement (with respect to reimbursement of Nonrecoverable Advances and Workout-Delayed Reimbursement
Amounts) if (a) the Depositor, the Master Servicer, the Trustee and, for so long as a Control Termination Event has not occurred
and is not continuing, the Directing Holder, determine that the commercial mortgage backed securities industry standard for such
provisions has changed, in order to conform to such industry standard, (b) such modification does not adversely affect the
status of any Trust REMIC as a REMIC or the status of the Grantor Trust as a grantor trust under the relevant provisions of the
Code, as evidenced by an Opinion of Counsel and (c) each Rating Agency has delivered a Rating Agency Confirmation and, with
regard to any class of Serviced Companion Loan Securities, the applicable rating agencies have delivered a confirmation that such
action will not result in the downgrade, withdrawal or qualification of its then-current ratings (provided that such rating
agency confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied
with respect to the Certificates); (ix) to modify the procedures of the Pooling and Servicing Agreement relating to compliance
with Rule 17g-5 of the Exchange Act; provided that such amendment shall not adversely affect in any material respects
the interests of any Certificateholders, as evidenced by (x) an Opinion of Counsel or (y) if any Certificate is then
rated, receipt of Rating Agency Confirmation from each Rating Agency rating such Certificates; and provided, further,
that the Certificate Administrator shall give notice of any such amendment to the 17g-5 Information Provider for posting to the
17g-5 Information Provider’s Website and the Certificate Administrator shall post such notice to the Certificate Administrator’s
Website; (x) to modify, eliminate or add to any provisions of the Pooling and Servicing Agreement to such extent as would be necessary
to comply with the requirements for use of Form SF-3 in registered offerings to the extent provided in CFR 239.45(b)(1)(ii), (iii)
or (iv); and (xi) to modify, eliminate or add to any of its provisions (a) to such extent as will be necessary to comply with
the requirements of the Risk Retention Rule, as evidenced by an Opinion of Counsel, or (b) in the event the Risk Retention Rule
or any other

 

    A-8-7 

     

    

 

regulation applicable to the risk retention requirements for this securitization transaction are amended or repealed,
to the extent required to comply with any such amendment or to modify or eliminate the risk retention requirements in the event
of such repeal, as evidenced by an Opinion of Counsel.

 

The
Pooling and Servicing Agreement or any Custodial Agreement may also be amended from time to time by the Depositor, the Master
Servicer, the Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the
Trustee with the prior written consent of the Holders of Certificates representing not less than a majority of the Percentage
Interests of each Class of Certificates affected thereby (without regard to Certificates held by the Depositor, any of the
Depositor’s Affiliates and/or agents) and each Serviced Companion Loan Noteholder affected thereby for the purpose of adding
any provisions to or changing in any manner or eliminating any of the provisions of the Pooling and Servicing Agreement or modifying
in any manner the rights of the Certificateholders or the Serviced Companion Loan Noteholders; provided, that no such amendment
may:

 

		(i)	reduce
                                         in any manner the amount of, or delay the timing of, payments received on the Mortgage
                                         Loans or Serviced Whole Loan which are required to be distributed on any Certificate,
                                         without the consent of the Holders of Certificates representing all of the Percentage
                                         Interests of the Class or Classes affected thereby or which are required to be distributed
                                         to any Companion Loan Noteholders without the consent of such Companion Loan Noteholders;

 

		(ii)	reduce
                                         the aforesaid percentage of Certificates of any Class the Holders of which are required
                                         to consent to any such amendment or remove the requirement to obtain consent of any Companion
                                         Loan Noteholder, in any such case without the consent of the Holders of all Certificates
                                         of such Class then-outstanding or such Companion Loan Noteholder, as applicable;

 

		(iii)	adversely
                                         affect the Voting Rights of any Class of Certificates without the consent of the Holders
                                         of all Certificates of such Class then outstanding;

 

		(iv)	change
                                         in any manner any defined term used in any Mortgage Loan Purchase Agreement or the obligations
                                         of any Mortgage Loan Seller under such Mortgage Loan Purchase Agreement or otherwise
                                         or change any rights of any Mortgage Loan Seller as a third party beneficiary hereunder,
                                         without the consent of such Mortgage Loan Seller; or

 

		(v)	amend
                                         the Servicing Standard without the consent of 100% of the Certificateholders or receipt
                                         of Rating Agency Confirmation from each Rating Agency and confirmation of the applicable
                                         rating agencies that such action will not result in the downgrade, withdrawal or qualification
                                         of its then-current ratings of any securities related to a Companion Loan, if any (provided that such rating agency confirmation may be considered 

 

    A-8-8 

     

    

 

	 	 	satisfied
                                         in the same manner as any Rating Agency Confirmation may be considered satisfied with
                                         respect to the Certificates).

 

Further,
the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations
Reviewer and the Trustee, at any time and from time to time, without the consent of the Certificateholders or, if applicable,
the Serviced Companion Loan Noteholders, may amend the Pooling and Servicing Agreement to modify, eliminate or add to any of its
provisions (i) to such extent as shall be necessary to maintain the qualification of the Lower-Tier REMIC or the Upper-Tier REMIC
as a REMIC or the qualification of the Grantor Trust as a grantor trust, or to prevent the imposition of any additional material
state or local taxes, at all times that any Certificates are outstanding; provided that such action, as evidenced by an
Opinion of Counsel (obtained at the expense of the Trust Fund), is necessary or helpful to maintain such qualification or to prevent
the imposition of any such taxes, and would not adversely affect in any material respect the interest of any Certificateholder
or if applicable, any Serviced Companion Loan Noteholder or (ii) to the extent necessary to comply with the Investment Company
Act of 1940, as amended, the Exchange Act, Regulation AB, and/or any related regulatory actions and/or interpretations.

 

The
Certificateholder owning a majority of the Percentage Interest in the Controlling Class and, if no such Certificateholder
exercises such option, the Special Servicer, and if the Special Servicer does not exercise such option, the Master Servicer may
effect an early termination of the Trust Fund, upon not less than 30 days’ prior Notice of Termination given to the Trustee,
the Special Servicer and the Master Servicer any time specifying the Anticipated Termination Date, which shall be on or after
the Early Termination Notice Date (defined as any date as of which the aggregate Stated Principal Balance of the Mortgage Loans
remaining in the Trust is less than 1.0% of the aggregate Stated Principal Balance of the Mortgage Loans as of the Cut-off Date)
by purchasing on such date all, but not less than all, of the Mortgage Loans then included in the Trust Fund, and the Trust’s
interest in all property acquired in respect of any Mortgage Loan, at a purchase price, payable in cash, equal to the sum of,
without duplication:

 

		(A)	100%
                                         of the Stated Principal Balance of each Mortgage Loan included in the Trust as of the
                                         last day of the month preceding such Anticipated Termination Date (less any P&I Advances
                                         previously made on account of principal);

 

		(B)	the
                                         fair market value of all other property included in the Trust Fund as of the last day
                                         of the month preceding such Anticipated Termination Date, as determined by an Independent
                                         appraiser acceptable to the Master Servicer as of a date not more than 30 days prior
                                         to the last day of the month preceding such Distribution Date;

 

		(C)	all
                                         unpaid interest accrued on the unpaid balance of each Mortgage Loan (including any Mortgage
                                         Loan as to which title to the related Mortgaged Property has been acquired) at the Mortgage
                                         Rate to the last day of the month preceding such Anticipated Termination Date 

 

    A-8-9 

     

    

	 	 	(less
                                         any P&I Advances previously made on account of interest); and

 

		(D)	the
                                         aggregate amount of unreimbursed Advances, with interest thereon at the Reimbursement
                                         Rate, and unpaid Servicing Compensation, Special Servicing Compensation, Operating Advisor
                                         Fees, Certificate Administrator/Trustee Fees, the CREFC® Intellectual
                                         Property Royalty License Fees and Trust Fund expenses.

 

In
addition, the Pooling and Servicing Agreement provides that following the date on which the Class X-A Notional Amount, the
Class X-B Notional Amount, the Class X-D Notional Amount and the aggregate Certificate Balance of the Class A-1, Class A-2,
Class A-3, Class A-SB, Class A-4, Class A-5, Class A-M, Class B, Class C and Class D Certificates is reduced to zero, the Sole
Certificateholder shall have the right to exchange all of the then-outstanding Certificates (other than the Class S or Class
R Certificates) for all of the Mortgage Loans and each REO Property remaining in the Trust Fund as contemplated by clause (ii) of
Section 9.01(a) of the Pooling and Servicing Agreement by giving written notice to all the parties to the Pooling and Servicing
Agreement no later than 60 days prior to the anticipated date of exchange.

 

All
costs and expenses incurred by any and all parties to the Pooling and Servicing Agreement or by the Trust Fund in connection with
the purchase of the Mortgage Loans and the other assets of the Trust Fund pursuant to Section 9.01(c) of the Pooling and
Servicing Agreement shall be borne by the party exercising its purchase rights thereunder. The Trustee and the Certificate Administrator
shall be entitled to rely conclusively on any determination made by an Independent appraiser pursuant to Section 9.01(c)
of the Pooling and Servicing Agreement.

 

The
respective obligations and responsibilities of the Master Servicer, the Special Servicer, the Depositor, the Certificate Administrator,
the Operating Advisor, the Asset Representations Reviewer and the Trustee created by the Pooling and Servicing Agreement with
respect to the Certificates (other than the obligations of the Certificate Administrator to make certain payments and to send
certain notices to Certificateholders as set forth in the Pooling and Servicing Agreement) shall terminate upon payment (or provision
for payment) to the Certificateholders and the Serviced Companion Loan Noteholders of all amounts held by or on behalf of the
Trustee, the Certificate Administrator and the Master Servicer, as the case may be, required under the Pooling and Servicing Agreement
to be so paid on the Distribution Date following the earlier to occur of (i) the purchase of the Mortgage Loans and all other
property held by the Trust Fund in accordance with Section 9.01(c) of the Pooling and Servicing Agreement; (ii) the exchange by
the Sole Certificateholder of its Certificates for the Mortgage Loans in accordance with Section 9.01(g) of the Pooling and Servicing
Agreement; and (iii) the later of (a) the receipt or collection of the last payment due on any Mortgage Loan included
in the Trust Fund, or (b) the liquidation and disposition pursuant to the Pooling and Servicing Agreement of the last asset
held by the Trust Fund; provided that in no event shall the trust created by the Pooling and Servicing Agreement continue beyond
the expiration of 21 years from

 

    A-8-10 

     

    

 

the death of the last survivor of the descendants of Joseph P. Kennedy, the late Ambassador
of the United States to the United Kingdom, living on the date hereof.

 

Unless
the Certificate of Authentication on this Certificate has been executed by the Authenticating Agent, by manual signature, this
Certificate shall not be entitled to any benefit under the Pooling and Servicing Agreement or be valid for any purpose.

 

    A-8-11 

     

    

 

IN WITNESS WHEREOF, the
Certificate Administrator has caused this Class B Certificate to be duly executed.

 

Dated: January 31, 2018

	 	 	 
	 	WELLS FARGO
BANK, NATIONAL ASSOCIATION, not in its individual capacity but solely as Certificate Administrator
	 	 	 
	 	By: 	 
	 	 	Authorized Signatory

 

Certificate of Authentication

 

This is one of the Class B
Certificates referred to in the Pooling and Servicing Agreement.

 

Dated: January 31, 2018

	 	 	 
	 	WELLS FARGO
BANK, NATIONAL ASSOCIATION, not in its individual capacity but solely as Authenticating Agent
	 	 	 
	 	By: 	 
	 	 	Authorized Signatory

 

    A-8-12 

     

    

 

EXHIBIT
A-9

 

FORM
OF CLASS C CERTIFICATE

 

[UNLESS
THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”),
TO THE CERTIFICATE REGISTRAR FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE
NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO
CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER
USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS
AN INTEREST HEREIN.]1

 

THIS
CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN THE DEPOSITOR, THE ORIGINATOR, THE MASTER SERVICER, THE SPECIAL
SERVICER, THE CERTIFICATE ADMINISTRATOR, THE CERTIFICATE REGISTRAR, THE OPERATING ADVISOR, THE ASSET REPRESENTATIONS REVIEWER,
THE RISK RETENTION CONSULTATION PARTY, THE TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THE CERTIFICATES NOR THE UNDERLYING
MORTGAGE LOANS ARE INSURED OR GUARANTEED BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY.

 

PRINCIPAL
PAYMENTS ON THIS CERTIFICATE ARE PAYABLE IN INSTALLMENTS AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING CERTIFICATE BALANCE
OF THIS CERTIFICATE AT ANY TIME MAY BE LESS THAN THE INITIAL CERTIFICATE BALANCE SET FORTH BELOW.

 

THIS
CERTIFICATE IS SUBORDINATE TO ONE OR MORE OTHER CLASSES OF CERTIFICATES AS AND TO THE EXTENT SET FORTH IN THE POOLING AND SERVICING
AGREEMENT REFERRED TO HEREIN.

 

FOR
U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE REPRESENTS A “REGULAR INTEREST” IN A “REAL ESTATE MORTGAGE
INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G(a)(1) AND 860D OF THE INTERNAL REVENUE
CODE OF 1986, AS AMENDED.

 

 

1
Legend required as long as DTC is the Depository under the Pooling and Servicing Agreement.

 

    A-9-1 

     

    

 

BENCHMARK
2018-B1 MORTGAGE TRUST COMMERCIAL MORTGAGE

PASS-THROUGH CERTIFICATES, CLASS C

 

	Class C Pass-Through
    Rate:  Equal to the WAC Rate	 	CUSIP:
                           08162PBB6

         

        ISIN:     US08162PBB67

         

	Original Aggregate Certificate Balance of the

    Class C Certificates: $52,075,000	 	Initial Certificate Balance of this Certificate:
    $[__]
	 	 	 
	First Distribution Date: February 16, 2018	 	Cut-off Date: The close of business on the later
    of the related Due Date of such Mortgage Loan in January 2018 (or, in the case of any Mortgage Loan that has its first Due
    Date subsequent to January 2018, the date that would have been its Due Date in January 2018 under the terms of that Mortgage
    Loan if a Periodic Payment were scheduled to be due in that month) and the date of origination of such Mortgage Loan
	 	 	 
	Assumed Final Distribution Date:  January
    2028	 	No.: C-[_]

 

This
certifies that [              ] is the registered
owner of a beneficial ownership interest in a Trust Fund, including the distributions to be made with respect to the Class C
Certificates. The Trust Fund, described more fully below, consists primarily of a pool of Mortgage Loans secured by first liens
on commercial and multifamily properties and held in trust by the Trustee and serviced by the Master Servicer. The Trust Fund
was created, and the Mortgage Loans are to be serviced, pursuant to the Pooling and Servicing Agreement (as defined below). The
Holder of this Certificate, by virtue of the acceptance hereof, assents to the terms, provisions and conditions of the Pooling
and Servicing Agreement and is bound thereby.

 

The
Pooling and Servicing Agreement, dated as of January 1, 2018 (the “Pooling and Servicing Agreement”), between
the Depositor, Wells Fargo Bank, National Association, as master servicer (in such capacity, the “Master Servicer”),
Midland Loan Services, a Division of PNC Bank, National Association, as special servicer (the “Special Servicer”),
Wilmington Trust, National Association, as trustee (the “Trustee”), Wells Fargo Bank, National Association,
as certificate administrator (in such capacity, the “Certificate Administrator”), custodian and paying agent,
and Park Bridge Lender Services LLC, as operating advisor (in such capacity, the “Operating Advisor”) and asset
representations reviewer (in such capacity, the “Asset Representations Reviewer”) evidences the issuance of
the Class A-1, Class A-2, Class A-3, Class A-SB, Class A-4, Class A-5, Class A-M, Class B, Class C, Class D, Class E,
Class F-RR, Class G-RR, Class X-A, Class X-B, Class X-D, Class X-E, Class S, Class R, Class V2, Class V1-A1, Class
V1-A2, Class V1-A3, Class V1-ASB, Class V1-A4, Class V1-A5, Class V1-AM, Class V1-B, Class V1-C, Class V1-D, Class V1-E, Class
V1-F and Class V1-G Certificates (the

 

    A-9-2 

     

    

 

“Certificates”; the Holders of Certificates issued under the Pooling
and Servicing Agreement are collectively referred to herein as “Certificateholders”). This Certificate is issued
pursuant to, and in accordance with, the terms of the Pooling and Servicing Agreement. To the extent not defined herein, capitalized
terms used herein shall have the meanings assigned thereto in the Pooling and Servicing Agreement.

 

This
Certificate represents a “regular interest” in a “real estate mortgage investment conduit”, as those terms
are defined, respectively, in Sections 860G(a)(1) and 860D of the Internal Revenue Code of 1986, as amended. Each Holder of this
Certificate, by acceptance hereof, agrees to treat, and take no action inconsistent with the treatment of, this Certificate in
accordance with the preceding sentence for purposes of federal income taxes, state and local income and franchise taxes and other
taxes imposed on or measured by income.

 

The
Certificate Administrator makes no representation or warranty as to any of the statements contained herein or the validity or
sufficiency of the Certificates or the Mortgage Loans and has executed this Certificate in its limited capacity as Certificate
Administrator under the Pooling and Servicing Agreement. In the event that there is any conflict between any provision of this
Certificate and any provision of the Pooling and Servicing Agreement, such provision of this Certificate shall be superseded to
the extent of such inconsistency.

 

Pursuant
to the terms of the Pooling and Servicing Agreement, the Certificate Administrator, or the Paying Agent on behalf of the Certificate
Administrator, will distribute (other than the final distribution on any Certificate), on the fourth Business Day after each Determination
Date (each such date, a “Distribution Date”) an amount equal to such Person’s pro rata share (based on
the Percentage Interest represented by this Certificate) of that portion of the aggregate amount of principal and interest then
distributable, if any, allocable to the Class C Certificates for such Distribution Date, all as more fully described in the
Pooling and Servicing Agreement. “Determination Date” is defined in the Pooling and Servicing Agreement as the eleventh
day of each month, or if such eleventh day is not a Business Day, then the next Business Day, commencing in February 2018. Holders
of this Certificate may be entitled to Prepayment Premiums and Yield Maintenance Charges as provided in the Pooling and Servicing
Agreement.

 

During
each Interest Accrual Period (as defined below), interest on the Class C Certificates will be calculated based on a 360-day
year consisting of twelve 30-day months on the outstanding Certificate Balance hereof.

 

Interest
accrued on this Certificate during an Interest Accrual Period, plus the aggregate unpaid Interest Shortfall with respect to this
Certificate, if any, will be payable on the related Distribution Date to the extent provided in the Pooling and Servicing Agreement.
The “Interest Accrual Period” means, with respect to any Distribution Date, the calendar month immediately preceding
the month in which such Distribution Date occurs. Each Interest Accrual Period is assumed to consist of 30 days.

 

All
distributions (other than the final distribution on any Certificate) will be made by the Paying Agent to the Persons in whose
names the Certificates are registered at the close of business on each Record Date, which will be the close of business on the
last Business Day of the calendar month immediately preceding the month in which such Distribution Date occurs.

 

    A-9-3 

     

    

 

Such distributions
shall be made on each Distribution Date other than the Termination Date to each Certificateholder of record on the related Record
Date, (i) by wire transfer of immediately available funds to the account of such Holder at a bank or other entity located in the
United States and having appropriate facilities therefor if such Holder shall have provided the Paying Agent with wire instructions
in writing at least five Business Days prior to the related Record Date (which wiring instructions may be in the form of a standing
order applicable to all subsequent distributions), or (ii) otherwise, by check mailed by first-class mail to the address set forth
therefor in the Certificate Register. The final distribution on each Certificate shall be made in like manner, but only upon presentment
and surrender of such Certificate at the office of the Certificate Administrator or its agent (which may be the Paying Agent or
the Certificate Registrar acting as such agent) that is specified in the notice to Holders of such final distribution.

 

Any
funds not distributed on the Termination Date because of the failure of any Certificateholders to tender their Certificates shall,
on such date, be set aside and held for the benefit of the appropriate non-tendering Certificateholders. If any Certificates as
to which notice of the Termination Date has been given pursuant to the Pooling and Servicing Agreement shall not have been surrendered
for cancellation within six months after the time specified in such notice, the Certificate Administrator shall mail a second
notice to the remaining non-tendering Certificateholders to surrender their Certificates for cancellation to receive the final
distribution with respect thereto. If within one year after the second notice not all of such Certificates shall have been surrendered
for cancellation, the Certificate Administrator may, directly or through an agent, take appropriate steps to contact the remaining
non-tendering Certificateholders concerning surrender of their Certificates. The costs and expenses of holding such funds in trust
and of contacting such Certificateholders shall be paid out of such funds. Subject to applicable state escheatment laws, if within
two years after the second notice any such Certificates shall not have been surrendered for cancellation, the Paying Agent shall
distribute to the Certificate Administrator all amounts distributable to the Holders thereof, and the Certificate Administrator
shall thereafter hold such amounts for the benefit of such Holders until the earlier of (i) its termination as Certificate Administrator
under the Pooling and Servicing Agreement and the transfer of such amounts to a successor Certificate Administrator and (ii) the
termination of the Trust Fund and distribution of such amounts to the Class R Certificateholders. No interest shall accrue or
be payable to any Certificateholder on any amount held under the Pooling and Servicing Agreement or by the Certificate Administrator
as a result of such Certificateholder’s failure to surrender its Certificate(s) for final payment thereof in accordance
with the Pooling and Servicing Agreement. Any such amounts transferred to the Certificate Administrator may be invested in Permitted
Investments and all income and gain realized from investment of such funds shall accrue for its benefit.

 

This
Certificate is limited in right of payment to, among other things, certain collections and recoveries in respect of the Mortgage
Loans, as more specifically set forth herein and in the Pooling and Servicing Agreement.

 

As
provided in the Pooling and Servicing Agreement, the Trust Fund includes (in each case, to the extent of the Trust Fund’s
interest therein and specifically excluding any interest of any Serviced Companion Loan Noteholder therein): (i) such Mortgage
Loans as from time to time are subject to the Pooling and Servicing Agreement, together with the Mortgage Files relating thereto;
(ii) all scheduled or unscheduled payments on or collections in respect of

 

    A-9-4 

     

    

 

the Mortgage Loans due after the Cut-off Date; (iii)
the Trust Fund’s interest in any REO Property; (iv) all revenues received in respect of any REO Property; (v) any Assignments
of Leases, Rents and Profits and any security agreements related to the Mortgage Loans; (vi) any indemnities or guaranties given
as additional security for any Mortgage Loans; (vii) a security interest in all assets deposited in the Lock-Box Accounts, Cash
Collateral Accounts, Escrow Accounts, and Reserve Accounts; (viii) the Loss of Value Reserve Fund; (ix) the Collection Account,
the Serviced Whole Loan Collection Accounts, the Distribution Accounts, any Gain-on-Sale Reserve Account, the Interest Reserve
Account, and the Trust’s interest in any REO Account, including any amounts on deposit therein, assets credited thereto
and any reinvestment income, as applicable; (x) a security interest in any environmental indemnity agreements relating to the
Mortgaged Properties; (xi) a security interest in all insurance policies with respect to the Mortgage Loans and the Mortgaged
Properties; (xii) the rights and remedies under the Mortgage Loan Purchase Agreements relating to document delivery requirements
with respect to the Mortgage Loans and the representations and warranties of the related Mortgage Loan Seller regarding its Mortgage
Loans; (xiii) the Lower-Tier Regular Interests; (xiv) the Class VRR Upper-Tier Regular Interests; and (xv) the proceeds of the
foregoing (other than any interest earned on deposits in the Lock-Box Accounts, Cash Collateral Accounts, Escrow Accounts and
any Reserve Accounts, to the extent such interest belongs to the related Borrower). As provided in the Pooling and Servicing Agreement,
withdrawals may be made from certain of the above accounts for purposes other than distributions to Certificateholders.

 

This
Certificate does not purport to summarize the Pooling and Servicing Agreement, and reference is made to the Pooling and Servicing
Agreement for the interests, rights, benefits, obligations and duties evidenced hereby, and the limitations thereon, and the rights,
duties and immunities of the Certificate Administrator.

 

As
provided in the Pooling and Servicing Agreement and subject to certain limitations set forth therein, this Certificate is transferable
or exchangeable only upon surrender of this Certificate to the Certificate Registrar at its offices together with an assignment
and transfer (executed by the Holder or his duly authorized attorney), subject to the requirements in Article V of the Pooling
and Servicing Agreement. Upon surrender for registration of transfer of this Certificate, subject to the requirements in Article
V of the Pooling and Servicing Agreement, the Certificate Administrator shall execute and the Authenticating Agent shall duly
authenticate in the name of the designated transferee or transferees, one or more new Certificates in authorized denominations
of a like aggregate denomination as the Certificate being surrendered. Such Certificates shall be delivered by the Certificate
Registrar in accordance with Article V of the Pooling and Servicing Agreement.

 

Prior
to due presentation of this Certificate for registration of transfer, the Depositor, the Master Servicer, the Special Servicer,
the Operating Advisor, the Asset Representations Reviewer, the Certificate Administrator, the Trustee, the Certificate Registrar,
any Paying Agent and any agent of any of them may treat the Person in whose name this Certificate is registered as the owner hereof
for all purposes, and none of the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator, the Trustee,
the Certificate Registrar, any Paying Agent or any agent of any of them shall be affected by notice or knowledge to the contrary.

 

    A-9-5 

     

    

 

No
fee or service charge shall be imposed by the Certificate Registrar for its services in respect of any registration of transfer
or exchange referred to in Section 5.02 of the Pooling and Servicing Agreement other than for transfers to Institutional Accredited
Investors as provided in Section 5.02(h) of the Pooling and Servicing Agreement. In connection with any transfer to an Institutional
Accredited Investor, the transferor shall reimburse the Trust Fund for any costs (including the cost of the Certificate Registrar’s
counsel’s review of the documents and any legal opinions, submitted by the transferor or transferee to the Certificate Registrar
as provided in the Pooling and Servicing Agreement) incurred by the Certificate Registrar in connection with such transfer. The
Certificate Registrar may require payment by each transferor of a sum sufficient to cover any tax, expense or other governmental
charge payable in connection with any such transfer.

 

The
Pooling and Servicing Agreement or any Custodial Agreement may be amended at any time by the Depositor, the Master Servicer, the
Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the Trustee without
the consent of any of the Certificateholders or any Serviced Companion Loan Noteholders, (i) to cure any ambiguity or to correct
any manifest error; (ii) to cause the provisions of the Pooling and Servicing Agreement or any Custodial Agreement to conform
or be consistent with or in furtherance of the statements made in the Prospectus or Private Placement Memorandum with respect
to the Certificates, the Trust or the Pooling and Servicing Agreement or to correct or supplement any provisions of the Pooling
and Servicing Agreement or any Custodial Agreement which may be defective or inconsistent with any other provisions of the Pooling
and Servicing Agreement or any Custodial Agreement; (iii) to change the timing and/or nature of deposits in the Collection
Account, the Distribution Accounts or any REO Account; provided that (a) the Master Servicer Remittance Date shall in no event
be later than the Business Day prior to the related Distribution Date and (b) such change shall not adversely affect in any material
respect the interests of any Certificateholder, as evidenced in writing by an Opinion of Counsel at the expense of the party requesting
such amendment or as evidenced by a Rating Agency Confirmation from each Rating Agency with respect to such amendment; (iv) to
modify, eliminate or add to any of its provisions to such extent as shall be necessary to maintain the qualification of any Trust
REMIC as a REMIC or the Grantor Trust as a grantor trust under the relevant provisions of the Code at all times that any Certificate
is outstanding, or to avoid or minimize the risk of imposition of any tax on the Trust Fund or any Trust REMIC or the Grantor
Trust that would be a claim against the Trust Fund or any Trust REMIC or the Grantor Trust; provided that the Trustee and
the Certificate Administrator have received an Opinion of Counsel (at the expense of the party requesting such amendment) to the
effect that (a) such action is necessary or desirable to maintain such qualification or to avoid or minimize the risk of
the imposition of any such tax and (b) such action will not adversely affect in any material respect the interests of any
Certificateholder or Companion Loan Noteholder; (v) to modify, eliminate or add to the provisions any provision of the Pooling
and Servicing Agreement restricting transfer of the Class R Certificates; provided the Depositor has determined that
such change shall not, as evidenced by an Opinion of Counsel, cause the Trust Fund, any Trust REMIC or any of the Certificateholders
(other than the Transferor) to be subject to a federal tax caused by a Transfer to a Person that is a Disqualified Organization
or a Non-U.S. Tax Person; (vi) to revise or add any other provisions with respect to matters or questions arising under the Pooling
and Servicing Agreement or any other change; provided that the required action shall not adversely affect in any material
respect the interests of any Certificateholder or any holder of a Serviced Pari Passu

 

    A-9-6 

     

    

 

Companion Loan not consenting thereto as
evidenced in writing by an Opinion of Counsel, at the expense of the party requesting such amendment or as evidenced by a Rating
Agency Confirmation from each of the Rating Agencies with respect to such amendment or supplement and confirmation of the applicable
rating agencies that such action will not result in the downgrade, withdrawal or qualification of its then-current ratings of
any securities related to a Companion Loan, if any (provided that such rating agency confirmation may be considered satisfied
in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates); (vii) to amend
or supplement any provision of the Pooling and Servicing Agreement to the extent necessary to maintain the then-current ratings
assigned to each Class of Certificates by each Rating Agency, as evidenced by a Rating Agency Confirmation from each of the Rating
Agencies; provided that such amendment or supplement shall not adversely affect in any material respect the interests of
any Certificateholder not consenting thereto as evidenced by an Opinion of Counsel, or any holder of a Serviced Pari Passu Companion
Loan not consenting to such revision or addition, as evidenced by an Opinion of Counsel at the expense of the party requesting
such amendment or as evidenced by confirmation of the applicable Rating Agencies that such action will not result in the downgrade,
withdrawal or qualification of its then-current ratings of any securities related to a Companion Loan, if any (provided
that such Rating Agency Confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered
satisfied with respect to the Certificates); (viii) to modify the provisions of Section 3.06 and Section 3.17 of
the Pooling and Servicing Agreement (with respect to reimbursement of Nonrecoverable Advances and Workout-Delayed Reimbursement
Amounts) if (a) the Depositor, the Master Servicer, the Trustee and, for so long as a Control Termination Event has not occurred
and is not continuing, the Directing Holder, determine that the commercial mortgage backed securities industry standard for such
provisions has changed, in order to conform to such industry standard, (b) such modification does not adversely affect the
status of any Trust REMIC as a REMIC or the status of the Grantor Trust as a grantor trust under the relevant provisions of the
Code, as evidenced by an Opinion of Counsel and (c) each Rating Agency has delivered a Rating Agency Confirmation and, with
regard to any class of Serviced Companion Loan Securities, the applicable rating agencies have delivered a confirmation that such
action will not result in the downgrade, withdrawal or qualification of its then-current ratings (provided that such rating
agency confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied
with respect to the Certificates); (ix) to modify the procedures of the Pooling and Servicing Agreement relating to compliance
with Rule 17g-5 of the Exchange Act; provided that such amendment shall not adversely affect in any material respects
the interests of any Certificateholders, as evidenced by (x) an Opinion of Counsel or (y) if any Certificate is then
rated, receipt of Rating Agency Confirmation from each Rating Agency rating such Certificates; and provided, further,
that the Certificate Administrator shall give notice of any such amendment to the 17g-5 Information Provider for posting to the
17g-5 Information Provider’s Website and the Certificate Administrator shall post such notice to the Certificate Administrator’s
Website; (x) to modify, eliminate or add to any provisions of the Pooling and Servicing Agreement to such extent as would be necessary
to comply with the requirements for use of Form SF-3 in registered offerings to the extent provided in CFR 239.45(b)(1)(ii), (iii)
or (iv); and (xi) to modify, eliminate or add to any of its provisions (a) to such extent as will be necessary to comply with
the requirements of the Risk Retention Rule, as evidenced by an Opinion of Counsel, or (b) in the event the Risk Retention Rule
or any other

 

    A-9-7 

     

    

 

regulation applicable to the risk retention requirements for this securitization transaction are amended or repealed,
to the extent required to comply with any such amendment or to modify or eliminate the risk retention requirements in the event
of such repeal, as evidenced by an Opinion of Counsel.

 

The
Pooling and Servicing Agreement or any Custodial Agreement may also be amended from time to time by the Depositor, the Master
Servicer, the Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the
Trustee with the prior written consent of the Holders of Certificates representing not less than a majority of the Percentage
Interests of each Class of Certificates affected thereby (without regard to Certificates held by the Depositor, any of the
Depositor’s Affiliates and/or agents) and each Serviced Companion Loan Noteholder affected thereby for the purpose of adding
any provisions to or changing in any manner or eliminating any of the provisions of the Pooling and Servicing Agreement or modifying
in any manner the rights of the Certificateholders or the Serviced Companion Loan Noteholders; provided, that no such amendment
may:

 

		(i)	reduce
                                         in any manner the amount of, or delay the timing of, payments received on the Mortgage
                                         Loans or Serviced Whole Loan which are required to be distributed on any Certificate,
                                         without the consent of the Holders of Certificates representing all of the Percentage
                                         Interests of the Class or Classes affected thereby or which are required to be distributed
                                         to any Companion Loan Noteholders without the consent of such Companion Loan Noteholders;

 

		(ii)	reduce
                                         the aforesaid percentage of Certificates of any Class the Holders of which are required
                                         to consent to any such amendment or remove the requirement to obtain consent of any Companion
                                         Loan Noteholder, in any such case without the consent of the Holders of all Certificates
                                         of such Class then-outstanding or such Companion Loan Noteholder, as applicable;

 

		(iii)	adversely
                                         affect the Voting Rights of any Class of Certificates without the consent of the Holders
                                         of all Certificates of such Class then outstanding;

 

		(iv)	change
                                         in any manner any defined term used in any Mortgage Loan Purchase Agreement or the obligations
                                         of any Mortgage Loan Seller under such Mortgage Loan Purchase Agreement or otherwise
                                         or change any rights of any Mortgage Loan Seller as a third party beneficiary hereunder,
                                         without the consent of such Mortgage Loan Seller; or

 

		(v)	amend
                                         the Servicing Standard without the consent of 100% of the Certificateholders or receipt
                                         of Rating Agency Confirmation from each Rating Agency and confirmation of the applicable
                                         rating agencies that such action will not result in the downgrade, withdrawal or qualification
                                         of its then-current ratings of any securities related to a Companion Loan, if any (provided
                                         that such rating agency confirmation may be considered 

 

    A-9-8 

     

    

 

	 	 	satisfied in the same manner
                                         as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates).

 

Further,
the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations
Reviewer and the Trustee, at any time and from time to time, without the consent of the Certificateholders or, if applicable,
the Serviced Companion Loan Noteholders, may amend the Pooling and Servicing Agreement to modify, eliminate or add to any of its
provisions (i) to such extent as shall be necessary to maintain the qualification of the Lower-Tier REMIC or the Upper-Tier REMIC
as a REMIC or the qualification of the Grantor Trust as a grantor trust, or to prevent the imposition of any additional material
state or local taxes, at all times that any Certificates are outstanding; provided that such action, as evidenced by an
Opinion of Counsel (obtained at the expense of the Trust Fund), is necessary or helpful to maintain such qualification or to prevent
the imposition of any such taxes, and would not adversely affect in any material respect the interest of any Certificateholder
or if applicable, any Serviced Companion Loan Noteholder or (ii) to the extent necessary to comply with the Investment Company
Act of 1940, as amended, the Exchange Act, Regulation AB, and/or any related regulatory actions and/or interpretations.

 

The
Certificateholder owning a majority of the Percentage Interest in the Controlling Class and, if no such Certificateholder
exercises such option, the Special Servicer, and if the Special Servicer does not exercise such option, the Master Servicer may
effect an early termination of the Trust Fund, upon not less than 30 days’ prior Notice of Termination given to the Trustee,
the Special Servicer and the Master Servicer any time specifying the Anticipated Termination Date, which shall be on or after
the Early Termination Notice Date (defined as any date as of which the aggregate Stated Principal Balance of the Mortgage Loans
remaining in the Trust is less than 1.0% of the aggregate Stated Principal Balance of the Mortgage Loans as of the Cut-off Date)
by purchasing on such date all, but not less than all, of the Mortgage Loans then included in the Trust Fund, and the Trust’s
interest in all property acquired in respect of any Mortgage Loan, at a purchase price, payable in cash, equal to the sum of,
without duplication:

 

		(A)	100%
                                         of the Stated Principal Balance of each Mortgage Loan included in the Trust as of the
                                         last day of the month preceding such Anticipated Termination Date (less any P&I Advances
                                         previously made on account of principal);

 

		(B)	the
                                         fair market value of all other property included in the Trust Fund as of the last day
                                         of the month preceding such Anticipated Termination Date, as determined by an Independent
                                         appraiser acceptable to the Master Servicer as of a date not more than 30 days prior
                                         to the last day of the month preceding such Distribution Date;

 

		(C)	all
                                         unpaid interest accrued on the unpaid balance of each Mortgage Loan (including any Mortgage
                                         Loan as to which title to the related Mortgaged Property has been acquired) at the Mortgage
                                         Rate to the last day of the month preceding such Anticipated Termination Date 

 

    A-9-9 

     

    

 

	 	 	(less any
                                         P&I Advances previously made on account of interest); and

 

		(D)	the
                                         aggregate amount of unreimbursed Advances, with interest thereon at the Reimbursement
                                         Rate, and unpaid Servicing Compensation, Special Servicing Compensation, Operating Advisor
                                         Fees, Certificate Administrator/Trustee Fees, the CREFC® Intellectual
                                         Property Royalty License Fees and Trust Fund expenses.

 

In
addition, the Pooling and Servicing Agreement provides that following the date on which the Class X-A Notional Amount, the
Class X-B Notional Amount, the Class X-D Notional Amount and the aggregate Certificate Balance of the Class A-1, Class A-2,
Class A-3, Class A-SB, Class A-4, Class A-5, Class A-M, Class B, Class C and Class D Certificates is reduced to zero, the Sole
Certificateholder shall have the right to exchange all of the then-outstanding Certificates (other than the Class S or Class
R Certificates) for all of the Mortgage Loans and each REO Property remaining in the Trust Fund as contemplated by clause (ii) of
Section 9.01(a) of the Pooling and Servicing Agreement by giving written notice to all the parties to the Pooling and Servicing
Agreement no later than 60 days prior to the anticipated date of exchange.

 

All
costs and expenses incurred by any and all parties to the Pooling and Servicing Agreement or by the Trust Fund in connection with
the purchase of the Mortgage Loans and the other assets of the Trust Fund pursuant to Section 9.01(c) of the Pooling and
Servicing Agreement shall be borne by the party exercising its purchase rights thereunder. The Trustee and the Certificate Administrator
shall be entitled to rely conclusively on any determination made by an Independent appraiser pursuant to Section 9.01(c)
of the Pooling and Servicing Agreement.

 

The
respective obligations and responsibilities of the Master Servicer, the Special Servicer, the Depositor, the Certificate Administrator,
the Operating Advisor, the Asset Representations Reviewer and the Trustee created by the Pooling and Servicing Agreement with
respect to the Certificates (other than the obligations of the Certificate Administrator to make certain payments and to send
certain notices to Certificateholders as set forth in the Pooling and Servicing Agreement) shall terminate upon payment (or provision
for payment) to the Certificateholders and the Serviced Companion Loan Noteholders of all amounts held by or on behalf of the
Trustee, the Certificate Administrator and the Master Servicer, as the case may be, required under the Pooling and Servicing Agreement
to be so paid on the Distribution Date following the earlier to occur of (i) the purchase of the Mortgage Loans and all other
property held by the Trust Fund in accordance with Section 9.01(c) of the Pooling and Servicing Agreement; (ii) the exchange by
the Sole Certificateholder of its Certificates for the Mortgage Loans in accordance with Section 9.01(g) of the Pooling and Servicing
Agreement; and (iii) the later of (a) the receipt or collection of the last payment due on any Mortgage Loan included
in the Trust Fund, or (b) the liquidation and disposition pursuant to the Pooling and Servicing Agreement of the last asset
held by the Trust Fund; provided that in no event shall the trust created by the Pooling and Servicing Agreement continue beyond
the expiration of 21 years from

 

    A-9-10 

     

    

 

the death of the last survivor of the descendants of Joseph P. Kennedy, the late Ambassador
of the United States to the United Kingdom, living on the date hereof.

 

Unless
the Certificate of Authentication on this Certificate has been executed by the Authenticating Agent, by manual signature, this
Certificate shall not be entitled to any benefit under the Pooling and Servicing Agreement or be valid for any purpose.

 

    A-9-11 

     

    

 

IN WITNESS WHEREOF, the
Certificate Administrator has caused this Class C Certificate to be duly executed.

 

Dated: January 31, 2018

	 	 	 
	 	WELLS FARGO
BANK, NATIONAL ASSOCIATION, not in its individual capacity but solely as Certificate Administrator
	 	 	 
	 	By: 	 
	 	 	Authorized Signatory

 

Certificate of Authentication

 

This is one of the Class C
Certificates referred to in the Pooling and Servicing Agreement.

 

Dated: January 31, 2018

	 	 	 
	 	WELLS FARGO
BANK, NATIONAL ASSOCIATION, not in its individual capacity but solely as Authenticating Agent
	 	 	 
	 	By: 	 
	 	 	Authorized Signatory

 

    A-9-12 

     

    

 

EXHIBIT
A-10

 

FORM
OF CLASS D [RULE 144A] 1 [REG S]2 CERTIFICATE

 

[UNLESS
THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”),
TO THE CERTIFICATE REGISTRAR FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE
NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO
CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER
USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS
AN INTEREST HEREIN.]3

 

THIS
CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED OR QUALIFIED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”), OR ANY STATE OR FOREIGN SECURITIES LAW. THE HOLDER HEREOF, BY PURCHASING THIS CERTIFICATE, AGREES THAT THIS CERTIFICATE
MAY BE REOFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY IN COMPLIANCE WITH THE SECURITIES ACT AND OTHER APPLICABLE LAWS,
AND ONLY (A)(1) PURSUANT TO A REGISTRATION STATEMENT WHICH HAS BEEN DECLARED EFFECTIVE UNDER THE SECURITIES ACT, (2) FOR SO LONG
AS THIS CERTIFICATE IS ELIGIBLE FOR RESALE PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”), TO
AN INSTITUTIONAL INVESTOR THAT THE HOLDER REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” WITHIN THE MEANING
OF RULE 144A (“QUALIFIED INSTITUTIONAL BUYER”), PURCHASING FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF ANOTHER
QUALIFIED INSTITUTIONAL BUYER, WHOM THE HOLDER HAS INFORMED, IN EACH CASE, THAT THE REOFFER, RESALE, PLEDGE OR OTHER TRANSFER
IS BEING MADE IN RELIANCE ON RULE 144A, (3) TO AN INSTITUTIONAL “ACCREDITED INVESTOR,” WITHIN THE MEANING OF RULE
501(a)(1), (2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT OR ANY ENTITY IN WHICH ALL OF THE EQUITY OWNERS ARE SUCH ACCREDITED
INVESTORS, OR (4) TO INSTITUTIONS THAT ARE A NON-“U.S. PERSON” IN AN “OFFSHORE TRANSACTION,” AS SUCH TERMS
ARE DEFINED IN, AND IN ACCORDANCE WITH RULE 903 OR RULE 904 OF, REGULATION S UNDER THE SECURITIES ACT, AND (B) IN ACCORDANCE WITH
ANY OTHER APPLICABLE SECURITIES

 

 

 

1
For Rule 144A Global Certificates only.

2
For Reg S Global Certificates only.

3 Legend
required as long as DTC is the Depository under the Pooling and Servicing Agreement.

 

    A-10-1 

     

    

 

LAWS OF ANY STATE OF THE UNITED STATES OR ANY OTHER APPLICABLE JURISDICTION.

 

THE
INITIAL INVESTOR IN THIS CERTIFICATE, AND EACH SUBSEQUENT PURCHASER OF THIS CERTIFICATE, BY PURCHASING THIS CERTIFICATE OR AN
INTEREST HEREIN, IS DEEMED TO HAVE AGREED TO COMPLY WITH CERTAIN TRANSFER REQUIREMENTS SET FORTH IN THE POOLING AND SERVICING
AGREEMENT.  A TRANSFEREE IS ALSO REQUIRED TO DELIVER AN INVESTMENT REPRESENTATION LETTER SUBSTANTIALLY IN THE FORM OF EXHIBIT
D-1 TO THE POOLING AND SERVICING AGREEMENT IF SUCH TRANSFEREE IS A QUALIFIED INSTITUTIONAL BUYER OR (OTHER THAN WITH RESPECT TO
A RESIDUAL CERTIFICATE) AN INSTITUTIONAL ACCREDITED INVESTOR, AND MAY ALSO BE REQUIRED TO DELIVER AN OPINION OF COUNSEL IF SUCH
TRANSFEREE IS NOT A QUALIFIED INSTITUTIONAL BUYER WITHIN THE MEANING OF RULE 144A.

 

ANY
HOLDER DESIRING TO EFFECT A TRANSFER OF THIS CERTIFICATE SHALL, AND DOES HEREBY AGREE TO, INDEMNIFY THE CERTIFICATE REGISTRAR,
THE CERTIFICATE ADMINISTRATOR, THE TRUSTEE, THE MASTER SERVICER AND THE DEPOSITOR AGAINST ANY LOSS, LIABILITY OR EXPENSE THAT
MAY RESULT IF THE TRANSFER IS NOT EXEMPT FROM THE SECURITIES ACT OR IS NOT MADE IN ACCORDANCE WITH FEDERAL AND STATE LAWS.

 

THIS
CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN THE DEPOSITOR, THE ORIGINATOR, THE MASTER SERVICER, THE SPECIAL
SERVICER, THE CERTIFICATE ADMINISTRATOR, THE CERTIFICATE REGISTRAR, THE OPERATING ADVISOR, THE ASSET REPRESENTATIONS REVIEWER,
THE RISK RETENTION CONSULTATION PARTY, THE TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THE CERTIFICATES NOR THE UNDERLYING
MORTGAGE LOANS ARE INSURED OR GUARANTEED BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY.

 

PRINCIPAL
PAYMENTS ON THIS CERTIFICATE ARE PAYABLE IN INSTALLMENTS AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING CERTIFICATE BALANCE
OF THIS CERTIFICATE AT ANY TIME MAY BE LESS THAN THE INITIAL CERTIFICATE BALANCE SET FORTH BELOW.

 

TRANSFERS
AND EXCHANGES OF PORTIONS OF THIS CERTIFICATE ARE SUBJECT TO RESTRICTIONS AS PROVIDED IN THE POOLING AND SERVICING AGREEMENT REFERRED
TO BELOW.

 

THIS
CERTIFICATE IS SUBORDINATE TO ONE OR MORE OTHER CLASSES OF CERTIFICATES AS AND TO THE EXTENT SET FORTH IN THE POOLING AND SERVICING
AGREEMENT REFERRED TO HEREIN.

 

    A-10-2 

     

    

 

FOR
U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE REPRESENTS A “REGULAR INTEREST” IN A “REAL ESTATE MORTGAGE
INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G(a)(1) AND 860D OF THE INTERNAL REVENUE
CODE OF 1986, AS AMENDED.

 

[THIS
CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT AND, PRIOR TO THE DATE THAT IS 40 DAYS
AFTER THE OFFERING OF THE CERTIFICATES, MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED IN THE UNITED STATES OR TO
A U.S. PERSON EXCEPT PURSUANT TO AN EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT.]4

 

 

 

4
For Reg S Global Certificates only.

  

    A-10-3 

     

    

 

BENCHMARK
2018-B1 MORTGAGE TRUST COMMERCIAL MORTGAGE

PASS-THROUGH CERTIFICATES, CLASS D

 

	Class D Pass-Through
    Rate:   2.750%	 	CUSIP:
   08162PAG65

                           U0733TAD96

                           08162PAJ07

         

        ISIN:       US08162PAG638
         USU0733TAD919
         US08162PAH4710

         

	Original
        Aggregate Certificate Balance of the Class D Certificates: $60,520,000

         
	 	Initial Certificate Balance of this Certificate:
    $[__]
	First Distribution Date: February 16, 2018	 	Cut-off Date: The close of business on the later of the related Due Date of such Mortgage Loan in January 2018 (or, in the case of any Mortgage Loan that has its first Due Date subsequent to January 2018, the date that would have been its Due Date in January 2018 under the terms of that Mortgage Loan if a Periodic Payment were scheduled to be due in that month) and the date of origination of such Mortgage Loan

         

	Assumed Final Distribution Date:  January
    2028	 	No.: D-[__]

 

This
certifies that [              ] is the registered
owner of a beneficial ownership interest in a Trust Fund, including the distributions to be made with respect to the Class D
Certificates. The Trust Fund, described more fully below, consists primarily of a pool of Mortgage Loans secured by first liens
on commercial and multifamily properties and held in trust by the Trustee and serviced by the Master Servicer. The Trust Fund
was created, and the Mortgage Loans are to be serviced, pursuant to the Pooling and Servicing Agreement (as defined below). The
Holder of this Certificate, by virtue of the acceptance hereof, assents to the terms, provisions and conditions of the Pooling
and Servicing Agreement and is bound thereby.

 

The
Pooling and Servicing Agreement, dated as of January 1, 2018 (the “Pooling and Servicing Agreement”), between
the Depositor, Wells Fargo Bank, National Association, as 

 

 

 

5
For Rule 144A Certificates 

6
For Regulation S Certificates 

7
For IAI Certificates 

8
For Rule 144A Certificates 

9
For Regulation S Certificates 

10 For
IAI Certificates

  

    A-10-4 

     

    

 

master servicer (in such capacity, the “Master Servicer”),
Midland Loan Services, a Division of PNC Bank, National Association, as special servicer (the “Special Servicer”),
Wilmington Trust, National Association, as trustee (the “Trustee”), Wells Fargo Bank, National Association,
as certificate administrator (in such capacity, the “Certificate Administrator”), custodian and paying agent,
and Park Bridge Lender Services LLC, as operating advisor (in such capacity, the “Operating Advisor”) and asset
representations reviewer (in such capacity, the “Asset Representations Reviewer”) evidences the issuance of
the Class A-1, Class A-2, Class A-3, Class A-SB, Class A-4, Class A-5, Class A-M, Class B, Class C, Class D, Class E,
Class F-RR, Class G-RR, Class X-A, Class X-B, Class X-D, Class X-E, Class S, Class R, Class V2, Class V1-A1, Class
V1-A2, Class V1-A3, Class V1-ASB, Class V1-A4, Class V1-A5, Class V1-AM, Class V1-B, Class V1-C, Class V1-D, Class V1-E, Class
V1-F and Class V1-G Certificates (the “Certificates”; the Holders of Certificates issued under the Pooling
and Servicing Agreement are collectively referred to herein as “Certificateholders”). This Certificate is issued
pursuant to, and in accordance with, the terms of the Pooling and Servicing Agreement. To the extent not defined herein, capitalized
terms used herein shall have the meanings assigned thereto in the Pooling and Servicing Agreement.

 

This
Certificate represents a “regular interest” in a “real estate mortgage investment conduit”, as those terms
are defined, respectively, in Sections 860G(a)(1) and 860D of the Internal Revenue Code of 1986, as amended. Each Holder of this
Certificate, by acceptance hereof, agrees to treat, and take no action inconsistent with the treatment of, this Certificate in
accordance with the preceding sentence for purposes of federal income taxes, state and local income and franchise taxes and other
taxes imposed on or measured by income.

 

The
Certificate Administrator makes no representation or warranty as to any of the statements contained herein or the validity or
sufficiency of the Certificates or the Mortgage Loans and has executed this Certificate in its limited capacity as Certificate
Administrator under the Pooling and Servicing Agreement. In the event that there is any conflict between any provision of this
Certificate and any provision of the Pooling and Servicing Agreement, such provision of this Certificate shall be superseded to
the extent of such inconsistency.

 

Pursuant
to the terms of the Pooling and Servicing Agreement, the Certificate Administrator, or the Paying Agent on behalf of the Certificate
Administrator, will distribute (other than the final distribution on any Certificate), on the fourth Business Day after each Determination
Date (each such date, a “Distribution Date”) an amount equal to such Person’s pro rata share (based on
the Percentage Interest represented by this Certificate) of that portion of the aggregate amount of principal and interest then
distributable, if any, allocable to the Class D Certificates for such Distribution Date, all as more fully described in the
Pooling and Servicing Agreement. “Determination Date” is defined in the Pooling and Servicing Agreement as the eleventh
day of each month, or if such eleventh day is not a Business Day, then the next Business Day, commencing in February 2018. Holders
of this Certificate may be entitled to Prepayment Premiums and Yield Maintenance Charges as provided in the Pooling and Servicing
Agreement.

 

During
each Interest Accrual Period (as defined below), interest on the Class D Certificates will be calculated based on a 360-day
year consisting of twelve 30-day months on the outstanding Certificate Balance hereof.

 

    A-10-5 

     

    

 

Interest
accrued on this Certificate during an Interest Accrual Period, plus the aggregate unpaid Interest Shortfall with respect to this
Certificate, if any, will be payable on the related Distribution Date to the extent provided in the Pooling and Servicing Agreement.
The “Interest Accrual Period” means, with respect to any Distribution Date, the calendar month immediately preceding
the month in which such Distribution Date occurs. Each Interest Accrual Period is assumed to consist of 30 days.

 

All
distributions (other than the final distribution on any Certificate) will be made by the Paying Agent to the Persons in whose
names the Certificates are registered at the close of business on each Record Date, which will be the close of business on the
last Business Day of the calendar month immediately preceding the month in which such Distribution Date occurs. Such distributions
shall be made on each Distribution Date other than the Termination Date to each Certificateholder of record on the related Record
Date, (i) by wire transfer of immediately available funds to the account of such Holder at a bank or other entity located in the
United States and having appropriate facilities therefor if such Holder shall have provided the Paying Agent with wire instructions
in writing at least five Business Days prior to the related Record Date (which wiring instructions may be in the form of a standing
order applicable to all subsequent distributions), or (ii) otherwise, by check mailed by first-class mail to the address set forth
therefor in the Certificate Register. The final distribution on each Certificate shall be made in like manner, but only upon presentment
and surrender of such Certificate at the office of the Certificate Administrator or its agent (which may be the Paying Agent or
the Certificate Registrar acting as such agent) that is specified in the notice to Holders of such final distribution.

 

Any
funds not distributed on the Termination Date because of the failure of any Certificateholders to tender their Certificates shall,
on such date, be set aside and held for the benefit of the appropriate non-tendering Certificateholders. If any Certificates as
to which notice of the Termination Date has been given pursuant to the Pooling and Servicing Agreement shall not have been surrendered
for cancellation within six months after the time specified in such notice, the Certificate Administrator shall mail a second
notice to the remaining non-tendering Certificateholders to surrender their Certificates for cancellation to receive the final
distribution with respect thereto. If within one year after the second notice not all of such Certificates shall have been surrendered
for cancellation, the Certificate Administrator may, directly or through an agent, take appropriate steps to contact the remaining
non-tendering Certificateholders concerning surrender of their Certificates. The costs and expenses of holding such funds in trust
and of contacting such Certificateholders shall be paid out of such funds. Subject to applicable state escheatment laws, if within
two years after the second notice any such Certificates shall not have been surrendered for cancellation, the Paying Agent shall
distribute to the Certificate Administrator all amounts distributable to the Holders thereof, and the Certificate Administrator
shall thereafter hold such amounts for the benefit of such Holders until the earlier of (i) its termination as Certificate Administrator
under the Pooling and Servicing Agreement and the transfer of such amounts to a successor Certificate Administrator and (ii) the
termination of the Trust Fund and distribution of such amounts to the Class R Certificateholders. No interest shall accrue or
be payable to any Certificateholder on any amount held under the Pooling and Servicing Agreement or by the Certificate Administrator
as a result of such Certificateholder’s failure to surrender its Certificate(s) for final payment thereof in accordance
with the Pooling and Servicing Agreement. Any such amounts transferred to the Certificate Administrator may be

 

    A-10-6 

     

    

 

invested in Permitted
Investments and all income and gain realized from investment of such funds shall accrue for its benefit.

 

This
Certificate is limited in right of payment to, among other things, certain collections and recoveries in respect of the Mortgage
Loans, as more specifically set forth herein and in the Pooling and Servicing Agreement.

 

As
provided in the Pooling and Servicing Agreement, the Trust Fund includes (in each case, to the extent of the Trust Fund’s
interest therein and specifically excluding any interest of any Serviced Companion Loan Noteholder therein): (i) such Mortgage
Loans as from time to time are subject to the Pooling and Servicing Agreement, together with the Mortgage Files relating thereto;
(ii) all scheduled or unscheduled payments on or collections in respect of the Mortgage Loans due after the Cut-off Date; (iii)
the Trust Fund’s interest in any REO Property; (iv) all revenues received in respect of any REO Property; (v) any Assignments
of Leases, Rents and Profits and any security agreements related to the Mortgage Loans; (vi) any indemnities or guaranties given
as additional security for any Mortgage Loans; (vii) a security interest in all assets deposited in the Lock-Box Accounts, Cash
Collateral Accounts, Escrow Accounts, and Reserve Accounts; (viii) the Loss of Value Reserve Fund; (ix) the Collection Account,
the Serviced Whole Loan Collection Accounts, the Distribution Accounts, any Gain-on-Sale Reserve Account, the Interest Reserve
Account, and the Trust’s interest in any REO Account, including any amounts on deposit therein, assets credited thereto
and any reinvestment income, as applicable; (x) a security interest in any environmental indemnity agreements relating to the
Mortgaged Properties; (xi) a security interest in all insurance policies with respect to the Mortgage Loans and the Mortgaged
Properties; (xii) the rights and remedies under the Mortgage Loan Purchase Agreements relating to document delivery requirements
with respect to the Mortgage Loans and the representations and warranties of the related Mortgage Loan Seller regarding its Mortgage
Loans; (xiii) the Lower-Tier Regular Interests; (xiv) the Class VRR Upper-Tier Regular Interests; and (xv) the proceeds of the
foregoing (other than any interest earned on deposits in the Lock-Box Accounts, Cash Collateral Accounts, Escrow Accounts and
any Reserve Accounts, to the extent such interest belongs to the related Borrower). As provided in the Pooling and Servicing Agreement,
withdrawals may be made from certain of the above accounts for purposes other than distributions to Certificateholders.

 

This
Certificate does not purport to summarize the Pooling and Servicing Agreement, and reference is made to the Pooling and Servicing
Agreement for the interests, rights, benefits, obligations and duties evidenced hereby, and the limitations thereon, and the rights,
duties and immunities of the Certificate Administrator.

 

As
provided in the Pooling and Servicing Agreement and subject to certain limitations set forth therein, this Certificate is transferable
or exchangeable only upon surrender of this Certificate to the Certificate Registrar at its offices together with an assignment
and transfer (executed by the Holder or his duly authorized attorney), subject to the requirements in Article V of the Pooling
and Servicing Agreement. Upon surrender for registration of transfer of this Certificate, subject to the requirements in Article
V of the Pooling and Servicing Agreement, the Certificate Administrator shall execute and the Authenticating Agent shall duly
authenticate in the name of the designated transferee or transferees, one or more new Certificates in authorized denominations
of a like aggregate denomination as the Certificate being surrendered.

 

    A-10-7 

     

    

 

Such Certificates shall be delivered by the Certificate
Registrar in accordance with Article V of the Pooling and Servicing Agreement.

 

Prior
to due presentation of this Certificate for registration of transfer, the Depositor, the Master Servicer, the Special Servicer,
the Operating Advisor, the Asset Representations Reviewer, the Certificate Administrator, the Trustee, the Certificate Registrar,
any Paying Agent and any agent of any of them may treat the Person in whose name this Certificate is registered as the owner hereof
for all purposes, and none of the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator, the Trustee,
the Certificate Registrar, any Paying Agent or any agent of any of them shall be affected by notice or knowledge to the contrary.

 

No
fee or service charge shall be imposed by the Certificate Registrar for its services in respect of any registration of transfer
or exchange referred to in Section 5.02 of the Pooling and Servicing Agreement other than for transfers to Institutional Accredited
Investors as provided in Section 5.02(h) of the Pooling and Servicing Agreement. In connection with any transfer to an Institutional
Accredited Investor, the transferor shall reimburse the Trust Fund for any costs (including the cost of the Certificate Registrar’s
counsel’s review of the documents and any legal opinions, submitted by the transferor or transferee to the Certificate Registrar
as provided in the Pooling and Servicing Agreement) incurred by the Certificate Registrar in connection with such transfer. The
Certificate Registrar may require payment by each transferor of a sum sufficient to cover any tax, expense or other governmental
charge payable in connection with any such transfer.

 

The
Pooling and Servicing Agreement or any Custodial Agreement may be amended at any time by the Depositor, the Master Servicer, the
Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the Trustee without
the consent of any of the Certificateholders or any Serviced Companion Loan Noteholders, (i) to cure any ambiguity or to correct
any manifest error; (ii) to cause the provisions of the Pooling and Servicing Agreement or any Custodial Agreement to conform
or be consistent with or in furtherance of the statements made in the Prospectus or Private Placement Memorandum with respect
to the Certificates, the Trust or the Pooling and Servicing Agreement or to correct or supplement any provisions of the Pooling
and Servicing Agreement or any Custodial Agreement which may be defective or inconsistent with any other provisions of the Pooling
and Servicing Agreement or any Custodial Agreement; (iii) to change the timing and/or nature of deposits in the Collection
Account, the Distribution Accounts or any REO Account; provided that (a) the Master Servicer Remittance Date shall in no event
be later than the Business Day prior to the related Distribution Date and (b) such change shall not adversely affect in any material
respect the interests of any Certificateholder, as evidenced in writing by an Opinion of Counsel at the expense of the party requesting
such amendment or as evidenced by a Rating Agency Confirmation from each Rating Agency with respect to such amendment; (iv) to
modify, eliminate or add to any of its provisions to such extent as shall be necessary to maintain the qualification of any Trust
REMIC as a REMIC or the Grantor Trust as a grantor trust under the relevant provisions of the Code at all times that any Certificate
is outstanding, or to avoid or minimize the risk of imposition of any tax on the Trust Fund or any Trust REMIC or the Grantor
Trust that would be a claim against the Trust Fund or any Trust REMIC or the Grantor Trust; provided that the Trustee and
the Certificate Administrator have received an Opinion of Counsel

 

    A-10-8 

     

    

 

(at the expense of the party requesting such amendment) to the
effect that (a) such action is necessary or desirable to maintain such qualification or to avoid or minimize the risk of
the imposition of any such tax and (b) such action will not adversely affect in any material respect the interests of any
Certificateholder or Companion Loan Noteholder; (v) to modify, eliminate or add to the provisions any provision of the Pooling
and Servicing Agreement restricting transfer of the Class R Certificates; provided the Depositor has determined that
such change shall not, as evidenced by an Opinion of Counsel, cause the Trust Fund, any Trust REMIC or any of the Certificateholders
(other than the Transferor) to be subject to a federal tax caused by a Transfer to a Person that is a Disqualified Organization
or a Non-U.S. Tax Person; (vi) to revise or add any other provisions with respect to matters or questions arising under the Pooling
and Servicing Agreement or any other change; provided that the required action shall not adversely affect in any material
respect the interests of any Certificateholder or any holder of a Serviced Pari Passu Companion Loan not consenting thereto as
evidenced in writing by an Opinion of Counsel, at the expense of the party requesting such amendment or as evidenced by a Rating
Agency Confirmation from each of the Rating Agencies with respect to such amendment or supplement and confirmation of the applicable
rating agencies that such action will not result in the downgrade, withdrawal or qualification of its then-current ratings of
any securities related to a Companion Loan, if any (provided that such rating agency confirmation may be considered satisfied
in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates); (vii) to amend
or supplement any provision of the Pooling and Servicing Agreement to the extent necessary to maintain the then-current ratings
assigned to each Class of Certificates by each Rating Agency, as evidenced by a Rating Agency Confirmation from each of the Rating
Agencies; provided that such amendment or supplement shall not adversely affect in any material respect the interests of
any Certificateholder not consenting thereto as evidenced by an Opinion of Counsel, or any holder of a Serviced Pari Passu Companion
Loan not consenting to such revision or addition, as evidenced by an Opinion of Counsel at the expense of the party requesting
such amendment or as evidenced by confirmation of the applicable Rating Agencies that such action will not result in the downgrade,
withdrawal or qualification of its then-current ratings of any securities related to a Companion Loan, if any (provided
that such Rating Agency Confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered
satisfied with respect to the Certificates); (viii) to modify the provisions of Section 3.06 and Section 3.17 of
the Pooling and Servicing Agreement (with respect to reimbursement of Nonrecoverable Advances and Workout-Delayed Reimbursement
Amounts) if (a) the Depositor, the Master Servicer, the Trustee and, for so long as a Control Termination Event has not occurred
and is not continuing, the Directing Holder, determine that the commercial mortgage backed securities industry standard for such
provisions has changed, in order to conform to such industry standard, (b) such modification does not adversely affect the
status of any Trust REMIC as a REMIC or the status of the Grantor Trust as a grantor trust under the relevant provisions of the
Code, as evidenced by an Opinion of Counsel and (c) each Rating Agency has delivered a Rating Agency Confirmation and, with
regard to any class of Serviced Companion Loan Securities, the applicable rating agencies have delivered a confirmation that such
action will not result in the downgrade, withdrawal or qualification of its then-current ratings (provided that such rating
agency confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied
with respect to the Certificates); (ix) to modify the procedures of the Pooling and Servicing Agreement relating to compliance
with Rule 17g-5 of

 

    A-10-9 

     

    

 

the Exchange Act; provided that such amendment shall not adversely affect in any material respects
the interests of any Certificateholders, as evidenced by (x) an Opinion of Counsel or (y) if any Certificate is then
rated, receipt of Rating Agency Confirmation from each Rating Agency rating such Certificates; and provided, further,
that the Certificate Administrator shall give notice of any such amendment to the 17g-5 Information Provider for posting to the
17g-5 Information Provider’s Website and the Certificate Administrator shall post such notice to the Certificate Administrator’s
Website; (x) to modify, eliminate or add to any provisions of the Pooling and Servicing Agreement to such extent as would be necessary
to comply with the requirements for use of Form SF-3 in registered offerings to the extent provided in CFR 239.45(b)(1)(ii), (iii)
or (iv); and (xi) to modify, eliminate or add to any of its provisions (a) to such extent as will be necessary to comply with
the requirements of the Risk Retention Rule, as evidenced by an Opinion of Counsel, or (b) in the event the Risk Retention Rule
or any other regulation applicable to the risk retention requirements for this securitization transaction are amended or repealed,
to the extent required to comply with any such amendment or to modify or eliminate the risk retention requirements in the event
of such repeal, as evidenced by an Opinion of Counsel.

 

The
Pooling and Servicing Agreement or any Custodial Agreement may also be amended from time to time by the Depositor, the Master
Servicer, the Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the
Trustee with the prior written consent of the Holders of Certificates representing not less than a majority of the Percentage
Interests of each Class of Certificates affected thereby (without regard to Certificates held by the Depositor, any of the
Depositor’s Affiliates and/or agents) and each Serviced Companion Loan Noteholder affected thereby for the purpose of adding
any provisions to or changing in any manner or eliminating any of the provisions of the Pooling and Servicing Agreement or modifying
in any manner the rights of the Certificateholders or the Serviced Companion Loan Noteholders; provided, that no such amendment
may:

 

		(i)	reduce
                                         in any manner the amount of, or delay the timing of, payments received on the Mortgage
                                         Loans or Serviced Whole Loan which are required to be distributed on any Certificate,
                                         without the consent of the Holders of Certificates representing all of the Percentage
                                         Interests of the Class or Classes affected thereby or which are required to be distributed
                                         to any Companion Loan Noteholders without the consent of such Companion Loan Noteholders;

 

		(ii)	reduce
                                         the aforesaid percentage of Certificates of any Class the Holders of which are required
                                         to consent to any such amendment or remove the requirement to obtain consent of any Companion
                                         Loan Noteholder, in any such case without the consent of the Holders of all Certificates
                                         of such Class then-outstanding or such Companion Loan Noteholder, as applicable;

 

		(iii)	adversely
                                         affect the Voting Rights of any Class of Certificates without the consent of the Holders
                                         of all Certificates of such Class then outstanding;

 

    A-10-10 

     

    

 

		(iv)	change
                                         in any manner any defined term used in any Mortgage Loan Purchase Agreement or the obligations
                                         of any Mortgage Loan Seller under such Mortgage Loan Purchase Agreement or otherwise
                                         or change any rights of any Mortgage Loan Seller as a third party beneficiary hereunder,
                                         without the consent of such Mortgage Loan Seller; or

 

		(v)	amend
                                         the Servicing Standard without the consent of 100% of the Certificateholders or receipt
                                         of Rating Agency Confirmation from each Rating Agency and confirmation of the applicable
                                         rating agencies that such action will not result in the downgrade, withdrawal or qualification
                                         of its then-current ratings of any securities related to a Companion Loan, if any (provided that such rating agency confirmation may be considered satisfied in the same manner
                                         as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates).

 

Further,
the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations
Reviewer and the Trustee, at any time and from time to time, without the consent of the Certificateholders or, if applicable,
the Serviced Companion Loan Noteholders, may amend the Pooling and Servicing Agreement to modify, eliminate or add to any of its
provisions (i) to such extent as shall be necessary to maintain the qualification of the Lower-Tier REMIC or the Upper-Tier REMIC
as a REMIC or the qualification of the Grantor Trust as a grantor trust, or to prevent the imposition of any additional material
state or local taxes, at all times that any Certificates are outstanding; provided that such action, as evidenced by an
Opinion of Counsel (obtained at the expense of the Trust Fund), is necessary or helpful to maintain such qualification or to prevent
the imposition of any such taxes, and would not adversely affect in any material respect the interest of any Certificateholder
or if applicable, any Serviced Companion Loan Noteholder or (ii) to the extent necessary to comply with the Investment Company
Act of 1940, as amended, the Exchange Act, Regulation AB, and/or any related regulatory actions and/or interpretations.

 

The
Certificateholder owning a majority of the Percentage Interest in the Controlling Class and, if no such Certificateholder
exercises such option, the Special Servicer, and if the Special Servicer does not exercise such option, the Master Servicer may
effect an early termination of the Trust Fund, upon not less than 30 days’ prior Notice of Termination given to the Trustee,
the Special Servicer and the Master Servicer any time specifying the Anticipated Termination Date, which shall be on or after
the Early Termination Notice Date (defined as any date as of which the aggregate Stated Principal Balance of the Mortgage Loans
remaining in the Trust is less than 1.0% of the aggregate Stated Principal Balance of the Mortgage Loans as of the Cut-off Date)
by purchasing on such date all, but not less than all, of the Mortgage Loans then included in the Trust Fund, and the Trust’s
interest in all property acquired in respect of any Mortgage Loan, at a purchase price, payable in cash, equal to the sum of,
without duplication:

 

		(A)	100%
                                         of the Stated Principal Balance of each Mortgage Loan included in the Trust as of the
                                         last day of the month preceding such Anticipated Termination Date (less any P&I Advances
                                         previously made on account of principal);

 

    A-10-11 

     

    

 

		(B)	the
                                         fair market value of all other property included in the Trust Fund as of the last day
                                         of the month preceding such Anticipated Termination Date, as determined by an Independent
                                         appraiser acceptable to the Master Servicer as of a date not more than 30 days prior
                                         to the last day of the month preceding such Distribution Date;

 

		(C)	all
                                         unpaid interest accrued on the unpaid balance of each Mortgage Loan (including any Mortgage
                                         Loan as to which title to the related Mortgaged Property has been acquired) at the Mortgage
                                         Rate to the last day of the month preceding such Anticipated Termination Date (less any
                                         P&I Advances previously made on account of interest); and

 

		(D)	the
                                         aggregate amount of unreimbursed Advances, with interest thereon at the Reimbursement
                                         Rate, and unpaid Servicing Compensation, Special Servicing Compensation, Operating Advisor
                                         Fees, Certificate Administrator/Trustee Fees, the CREFC® Intellectual
                                         Property Royalty License Fees and Trust Fund expenses.

 

In
addition, the Pooling and Servicing Agreement provides that following the date on which the Class X-A Notional Amount, the
Class X-B Notional Amount, the Class X-D Notional Amount and the aggregate Certificate Balance of the Class A-1, Class A-2,
Class A-3, Class A-SB, Class A-4, Class A-5, Class A-M, Class B, Class C and Class D Certificates is reduced to zero, the Sole
Certificateholder shall have the right to exchange all of the then-outstanding Certificates (other than the Class S or Class
R Certificates) for all of the Mortgage Loans and each REO Property remaining in the Trust Fund as contemplated by clause (ii) of
Section 9.01(a) of the Pooling and Servicing Agreement by giving written notice to all the parties to the Pooling and Servicing
Agreement no later than 60 days prior to the anticipated date of exchange.

 

All
costs and expenses incurred by any and all parties to the Pooling and Servicing Agreement or by the Trust Fund in connection with
the purchase of the Mortgage Loans and the other assets of the Trust Fund pursuant to Section 9.01(c) of the Pooling and
Servicing Agreement shall be borne by the party exercising its purchase rights thereunder. The Trustee and the Certificate Administrator
shall be entitled to rely conclusively on any determination made by an Independent appraiser pursuant to Section 9.01(c)
of the Pooling and Servicing Agreement.

 

The
respective obligations and responsibilities of the Master Servicer, the Special Servicer, the Depositor, the Certificate Administrator,
the Operating Advisor, the Asset Representations Reviewer and the Trustee created by the Pooling and Servicing Agreement with
respect to the Certificates (other than the obligations of the Certificate Administrator to make certain payments and to send
certain notices to Certificateholders as set forth in the Pooling and Servicing Agreement) shall terminate upon payment (or provision
for payment) to the Certificateholders and the Serviced Companion Loan Noteholders of all amounts held by or on

 

    A-10-12 

     

    

 

behalf of the
Trustee, the Certificate Administrator and the Master Servicer, as the case may be, required under the Pooling and Servicing Agreement
to be so paid on the Distribution Date following the earlier to occur of (i) the purchase of the Mortgage Loans and all other
property held by the Trust Fund in accordance with Section 9.01(c) of the Pooling and Servicing Agreement; (ii) the exchange by
the Sole Certificateholder of its Certificates for the Mortgage Loans in accordance with Section 9.01(g) of the Pooling and Servicing
Agreement; and (iii) the later of (a) the receipt or collection of the last payment due on any Mortgage Loan included
in the Trust Fund, or (b) the liquidation and disposition pursuant to the Pooling and Servicing Agreement of the last asset
held by the Trust Fund; provided that in no event shall the trust created by the Pooling and Servicing Agreement continue
beyond the expiration of 21 years from the death of the last survivor of the descendants of Joseph P. Kennedy, the late Ambassador
of the United States to the United Kingdom, living on the date hereof.

 

Unless
the Certificate of Authentication on this Certificate has been executed by the Authenticating Agent, by manual signature, this
Certificate shall not be entitled to any benefit under the Pooling and Servicing Agreement or be valid for any purpose.

 

    A-10-13 

     

    

 

IN
WITNESS WHEREOF, the Certificate Administrator has caused this Class D Certificate to be duly executed.

 

Dated:
January 31, 2018

	 	 	 
	 	WELLS
FARGO BANK, NATIONAL ASSOCIATION, not in its individual
capacity but solely as Certificate Administrator
	 	 	 
	 	By: 	 
	 	 	Authorized Signatory

  

Certificate
of Authentication

 

This
is one of the Class D Certificates referred to in the Pooling and Servicing Agreement.

 

Dated:
January 31, 2018

	 	 	 
	 	WELLS
FARGO BANK, NATIONAL ASSOCIATION, not in its individual
capacity but solely as Authenticating Agent
	 	 	 
	 	By: 	 
	 	 	Authorized Signatory

   

 

    A-10-14 

     

    

  

EXHIBIT
A-11

 

FORM
OF CLASS E [RULE 144A] 1 [REG S]2 CERTIFICATE

 

[UNLESS
THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”),
TO THE CERTIFICATE REGISTRAR FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE
NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO
CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER
USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS
AN INTEREST HEREIN.]3

 

THIS
CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED OR QUALIFIED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”), OR ANY STATE OR FOREIGN SECURITIES LAW. THE HOLDER HEREOF, BY PURCHASING THIS CERTIFICATE, AGREES THAT THIS CERTIFICATE
MAY BE REOFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY IN COMPLIANCE WITH THE SECURITIES ACT AND OTHER APPLICABLE LAWS,
AND ONLY (A)(1) PURSUANT TO A REGISTRATION STATEMENT WHICH HAS BEEN DECLARED EFFECTIVE UNDER THE SECURITIES ACT, (2) FOR SO LONG
AS THIS CERTIFICATE IS ELIGIBLE FOR RESALE PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”), TO
AN INSTITUTIONAL INVESTOR THAT THE HOLDER REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” WITHIN THE MEANING
OF RULE 144A (“QUALIFIED INSTITUTIONAL BUYER”), PURCHASING FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF ANOTHER
QUALIFIED INSTITUTIONAL BUYER, WHOM THE HOLDER HAS INFORMED, IN EACH CASE, THAT THE REOFFER, RESALE, PLEDGE OR OTHER TRANSFER
IS BEING MADE IN RELIANCE ON RULE 144A, (3) TO AN INSTITUTIONAL “ACCREDITED INVESTOR,” WITHIN THE MEANING OF RULE
501(a)(1), (2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT OR ANY ENTITY IN WHICH ALL OF THE EQUITY OWNERS ARE SUCH ACCREDITED
INVESTORS, OR (4) TO INSTITUTIONS THAT ARE A NON-“U.S. PERSON” IN AN “OFFSHORE TRANSACTION,” AS SUCH TERMS
ARE DEFINED IN, AND IN ACCORDANCE WITH RULE 903 OR RULE 904 OF, REGULATION S UNDER THE SECURITIES ACT, AND (B) IN ACCORDANCE WITH
ANY OTHER APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR ANY OTHER APPLICABLE JURISDICTION.

 

 

 

1
For Rule 144A Global Certificates only. 

2
For Reg S Global Certificates only. 

3 Legend
required as long as DTC is the Depository under the Pooling and Servicing Agreement.

  

    A-11-1 

     

    

 

THE
INITIAL INVESTOR IN THIS CERTIFICATE, AND EACH SUBSEQUENT PURCHASER OF THIS CERTIFICATE, BY PURCHASING THIS CERTIFICATE OR AN
INTEREST HEREIN, IS DEEMED TO HAVE AGREED TO COMPLY WITH CERTAIN TRANSFER REQUIREMENTS SET FORTH IN THE POOLING AND SERVICING
AGREEMENT.  A TRANSFEREE IS ALSO REQUIRED TO DELIVER AN INVESTMENT REPRESENTATION LETTER SUBSTANTIALLY IN THE FORM OF EXHIBIT
D-1 TO THE POOLING AND SERVICING AGREEMENT IF SUCH TRANSFEREE IS A QUALIFIED INSTITUTIONAL BUYER OR (OTHER THAN WITH RESPECT TO
A RESIDUAL CERTIFICATE) AN INSTITUTIONAL ACCREDITED INVESTOR, AND MAY ALSO BE REQUIRED TO DELIVER AN OPINION OF COUNSEL IF SUCH
TRANSFEREE IS NOT A QUALIFIED INSTITUTIONAL BUYER WITHIN THE MEANING OF RULE 144A.

 

ANY
HOLDER DESIRING TO EFFECT A TRANSFER OF THIS CERTIFICATE SHALL, AND DOES HEREBY AGREE TO, INDEMNIFY THE CERTIFICATE REGISTRAR,
THE CERTIFICATE ADMINISTRATOR, THE TRUSTEE, THE MASTER SERVICER AND THE DEPOSITOR AGAINST ANY LOSS, LIABILITY OR EXPENSE THAT
MAY RESULT IF THE TRANSFER IS NOT EXEMPT FROM THE SECURITIES ACT OR IS NOT MADE IN ACCORDANCE WITH FEDERAL AND STATE LAWS.

 

THIS
CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN THE DEPOSITOR, THE ORIGINATOR, THE MASTER SERVICER, THE SPECIAL
SERVICER, THE CERTIFICATE ADMINISTRATOR, THE CERTIFICATE REGISTRAR, THE OPERATING ADVISOR, THE ASSET REPRESENTATIONS REVIEWER,
THE RISK RETENTION CONSULTATION PARTY, THE TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THE CERTIFICATES NOR THE UNDERLYING
MORTGAGE LOANS ARE INSURED OR GUARANTEED BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY.

 

PRINCIPAL
PAYMENTS ON THIS CERTIFICATE ARE PAYABLE IN INSTALLMENTS AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING CERTIFICATE BALANCE
OF THIS CERTIFICATE AT ANY TIME MAY BE LESS THAN THE INITIAL CERTIFICATE BALANCE SET FORTH BELOW.

 

TRANSFERS
AND EXCHANGES OF PORTIONS OF THIS CERTIFICATE ARE SUBJECT TO RESTRICTIONS AS PROVIDED IN THE POOLING AND SERVICING AGREEMENT REFERRED
TO BELOW.

 

THIS
CERTIFICATE IS SUBORDINATE TO ONE OR MORE OTHER CLASSES OF CERTIFICATES AS AND TO THE EXTENT SET FORTH IN THE POOLING AND SERVICING
AGREEMENT REFERRED TO HEREIN.

 

THIS
CERTIFICATE SHOULD NOT BE PURCHASED BY A TRANSFEREE THAT IS OR BECOMES (A) AN EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT ARRANGEMENT,
INCLUDING AN INDIVIDUAL RETIREMENT ACCOUNT OR A KEOGH PLAN, WHICH IS SUBJECT TO THE EMPLOYEE RETIREMENT INCOME

 

    A-11-2 

     

    

 

SECURITY ACT OF
1974, AS AMENDED (“ERISA”), OR SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”)
OR A GOVERNMENTAL PLAN, AS DEFINED IN SECTION 3(32) OF ERISA, OR OTHER PLAN SUBJECT TO ANY FEDERAL, STATE OR LOCAL LAW (“SIMILAR
LAW”) WHICH IS TO A MATERIAL EXTENT SIMILAR TO THE FOREGOING PROVISIONS OF ERISA OR THE CODE (EACH, A “PLAN”),
OR (B) A COLLECTIVE INVESTMENT FUND WHOSE UNDERLYING ASSETS INCLUDE PLAN ASSETS BY REASON OF A PLAN’S INVESTMENT IN THE
COLLECTIVE INVESTMENT FUND (PURSUANT TO U.S. DEPARTMENT OF LABOR REGULATION SECTION 2510.3-101, AS MODIFIED BY SECTION 3(42) OF
ERISA), AN INSURANCE COMPANY USING ASSETS OF SEPARATE ACCOUNTS OR GENERAL ACCOUNTS WHICH INCLUDE ASSETS OF PLANS (OR WHICH ARE
DEEMED PURSUANT TO ERISA OR ANY SIMILAR LAW TO INCLUDE ASSETS OF PLANS) OR OTHER PERSON ACTING ON BEHALF OF ANY SUCH PLAN OR USING
THE ASSETS OF ANY SUCH PLAN, OTHER THAN AN INSURANCE COMPANY USING THE ASSETS OF ITS GENERAL ACCOUNT UNDER CIRCUMSTANCES WHEREBY
SUCH PURCHASE AND THE SUBSEQUENT HOLDING OF SUCH CERTIFICATE BY SUCH INSURANCE COMPANY WOULD BE EXEMPT FROM THE PROHIBITED TRANSACTION
PROVISIONS OF SECTIONS 406 AND 407 OF ERISA, AND CODE SECTION 4975 UNDER SECTIONS I AND III OF PTCE 95-60 OR A SUBSTANTIALLY SIMILAR
EXEMPTION UNDER SIMILAR LAW. TRANSFEREES OF THIS CERTIFICATE TAKING DELIVERY IN CERTIFICATED FORM SHALL BE REQUIRED EITHER (i)
TO DELIVER A LETTER IN THE FORM ATTACHED TO THE POOLING AND SERVICING AGREEMENT TO SUCH EFFECT, OR (ii) IF THE TRANSFEREE IS SUCH
AN ENTITY SPECIFIED IN (A) OR (B) ABOVE, SUCH ENTITY SHALL PROVIDE ANY OPINIONS OF COUNSEL, OFFICERS’ CERTIFICATES OR AGREEMENTS
AS MAY BE REQUIRED BY, AND IN FORM AND SUBSTANCE SATISFACTORY TO, THE DEPOSITOR, THE CERTIFICATE ADMINISTRATOR AND THE CERTIFICATE
REGISTRAR, TO THE EFFECT THAT THE PURCHASE AND HOLDING OF THE CERTIFICATES BY OR ON BEHALF OF A PLAN WILL NOT CONSTITUTE OR RESULT
IN A NON-EXEMPT PROHIBITED TRANSACTION WITHIN THE MEANING OF SECTION 406 OR 407 OF ERISA OR CODE SECTION 4975 (OR SIMILAR VIOLATION
OF SIMILAR LAW), AND WILL NOT SUBJECT THE MASTER SERVICER, THE SPECIAL SERVICER, THE DEPOSITOR, THE CERTIFICATE ADMINISTRATOR,
THE OPERATING ADVISOR, THE ASSET REPRESENTATIONS REVIEWER, THE TRUSTEE OR THE CERTIFICATE REGISTRAR TO ANY OBLIGATION OR LIABILITY.
THE TRANSFEREE OF A BENEFICIAL INTEREST IN A “GLOBAL CERTIFICATE” THAT IS A “RESTRICTED CERTIFICATE” (EACH
AS DEFINED IN THE POOLING AND SERVICING AGREEMENT) SHALL BE DEEMED TO REPRESENT THAT IT IS NOT A PLAN OR A PERSON ACTING ON BEHALF
OF ANY PLAN OR USING THE ASSETS OF ANY PLAN TO ACQUIRE SUCH INTEREST, OTHER THAN AN INSURANCE COMPANY USING THE ASSETS OF ITS
GENERAL ACCOUNT UNDER CIRCUMSTANCES WHEREBY SUCH PURCHASE AND THE SUBSEQUENT HOLDING OF SUCH CERTIFICATE BY SUCH INSURANCE COMPANY
WOULD BE EXEMPT FROM THE PROHIBITED TRANSACTION PROVISIONS OF SECTIONS

 

    A-11-3 

     

    

 

406 AND 407 OF ERISA, AND CODE SECTION 4975 UNDER SECTIONS
I AND III OF PTCE 95-60, OR A SUBSTANTIALLY SIMILAR EXEMPTION UNDER SIMILAR LAW.

 

FOR
U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE REPRESENTS A “REGULAR INTEREST” IN A “REAL ESTATE MORTGAGE
INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G(a)(1) AND 860D OF THE INTERNAL REVENUE
CODE OF 1986, AS AMENDED.

 

[THIS
CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT AND, PRIOR TO THE DATE THAT IS 40 DAYS
AFTER THE OFFERING OF THE CERTIFICATES, MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED IN THE UNITED STATES OR TO
A U.S. PERSON EXCEPT PURSUANT TO AN EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT.]4

 

 

 

4
For Reg S Global Certificates only.

 

    A-11-4 

     

    

 

BENCHMARK
2018-B1 MORTGAGE TRUST COMMERCIAL MORTGAGE

PASS-THROUGH CERTIFICATES, CLASS E

 

	Class E Pass-Through
    Rate:   Equal to the lesser of (i) the WAC Rate and (ii) 3.000%	 	CUSIP:    08162PAJ05

                           U0733TAE76

                           08162PAK77

         

        ISIN:        US08162PAJ038

        USU0733TAE74 9

        US08162PAK7510

         

	Original
        Aggregate Certificate Balance of the Class E Certificates: $25,334,000

         
	 	Initial Certificate Balance of this Certificate:
    $[__]
	First Distribution Date: February 16, 2018	 	Cut-off Date: The close of business on the later of the related Due Date of such Mortgage Loan in January 2018 (or, in the case of any Mortgage Loan that has its first Due Date subsequent to January 2018, the date that would have been its Due Date in January 2018 under the terms of that Mortgage Loan if a Periodic Payment were scheduled to be due in that month) and the date of origination of such Mortgage Loan

         

	Assumed Final Distribution Date:  January
    2028	 	No.: E-[__]

 

This
certifies that [              ] is the registered
owner of a beneficial ownership interest in a Trust Fund, including the distributions to be made with respect to the Class E
Certificates. The Trust Fund, described more fully below, consists primarily of a pool of Mortgage Loans secured by first liens
on commercial and multifamily properties and held in trust by the Trustee and serviced by the Master Servicer. The Trust Fund
was created, and the Mortgage Loans are to be serviced, pursuant to the Pooling and Servicing Agreement (as defined below). The
Holder of this Certificate, by virtue of the acceptance hereof, assents to the terms, provisions and conditions of the Pooling
and Servicing Agreement and is bound thereby.

 

The
Pooling and Servicing Agreement, dated as of January 1, 2018 (the “Pooling and Servicing Agreement”), between
the Depositor, Wells Fargo Bank, National Association, as

 

 

 

5
For Rule 144A Certificates 

6
For Regulation S Certificates 

7
For IAI Certificates 

8
For Rule 144A Certificates 

9
For Regulation S Certificates 

10 For IAI Certificates

  

    A-11-5 

     

    

 

master servicer (in such capacity, the “Master Servicer”),
Midland Loan Services, a Division of PNC Bank, National Association, as special servicer (the “Special Servicer”),
Wilmington Trust, National Association, as trustee (the “Trustee”), Wells Fargo Bank, National Association,
as certificate administrator (in such capacity, the “Certificate Administrator”), custodian and paying agent,
and Park Bridge Lender Services LLC, as operating advisor (in such capacity, the “Operating Advisor”) and asset
representations reviewer (in such capacity, the “Asset Representations Reviewer”) evidences the issuance of
the Class A-1, Class A-2, Class A-3, Class A-SB, Class A-4, Class A-5, Class A-M, Class B, Class C, Class D, Class E,
Class F-RR, Class G-RR, Class X-A, Class X-B, Class X-D, Class X-E, Class S, Class R, Class V2, Class V1-A1, Class
V1-A2, Class V1-A3, Class V1-ASB, Class V1-A4, Class V1-A5, Class V1-AM, Class V1-B, Class V1-C, Class V1-D, Class V1-E, Class
V1-F and Class V1-G Certificates (the “Certificates”; the Holders of Certificates issued under the Pooling
and Servicing Agreement are collectively referred to herein as “Certificateholders”). This Certificate is issued
pursuant to, and in accordance with, the terms of the Pooling and Servicing Agreement. To the extent not defined herein, capitalized
terms used herein shall have the meanings assigned thereto in the Pooling and Servicing Agreement.

 

This
Certificate represents a “regular interest” in a “real estate mortgage investment conduit”, as those terms
are defined, respectively, in Sections 860G(a)(1) and 860D of the Internal Revenue Code of 1986, as amended. Each Holder of this
Certificate, by acceptance hereof, agrees to treat, and take no action inconsistent with the treatment of, this Certificate in
accordance with the preceding sentence for purposes of federal income taxes, state and local income and franchise taxes and other
taxes imposed on or measured by income.

 

The
Certificate Administrator makes no representation or warranty as to any of the statements contained herein or the validity or
sufficiency of the Certificates or the Mortgage Loans and has executed this Certificate in its limited capacity as Certificate
Administrator under the Pooling and Servicing Agreement. In the event that there is any conflict between any provision of this
Certificate and any provision of the Pooling and Servicing Agreement, such provision of this Certificate shall be superseded to
the extent of such inconsistency.

 

Pursuant
to the terms of the Pooling and Servicing Agreement, the Certificate Administrator, or the Paying Agent on behalf of the Certificate
Administrator, will distribute (other than the final distribution on any Certificate), on the fourth Business Day after each Determination
Date (each such date, a “Distribution Date”) an amount equal to such Person’s pro rata share (based on
the Percentage Interest represented by this Certificate) of that portion of the aggregate amount of principal and interest then
distributable, if any, allocable to the Class E Certificates for such Distribution Date, all as more fully described in the Pooling
and Servicing Agreement. “Determination Date” is defined in the Pooling and Servicing Agreement as the eleventh day
of each month, or if such eleventh day is not a Business Day, then the next Business Day, commencing in February 2018.

 

During
each Interest Accrual Period (as defined below), interest on the Class E Certificates will be calculated based on a 360-day
year consisting of twelve 30-day months on the outstanding Certificate Balance hereof.

 

    A-11-6 

     

    

 

Interest
accrued on this Certificate during an Interest Accrual Period, plus the aggregate unpaid Interest Shortfall with respect to this
Certificate, if any, will be payable on the related Distribution Date to the extent provided in the Pooling and Servicing Agreement.
The “Interest Accrual Period” means, with respect to any Distribution Date, the calendar month immediately preceding
the month in which such Distribution Date occurs. Each Interest Accrual Period is assumed to consist of 30 days.

 

All
distributions (other than the final distribution on any Certificate) will be made by the Paying Agent to the Persons in whose
names the Certificates are registered at the close of business on each Record Date, which will be the close of business on the
last Business Day of the calendar month immediately preceding the month in which such Distribution Date occurs. Such distributions
shall be made on each Distribution Date other than the Termination Date to each Certificateholder of record on the related Record
Date, (i) by wire transfer of immediately available funds to the account of such Holder at a bank or other entity located in the
United States and having appropriate facilities therefor if such Holder shall have provided the Paying Agent with wire instructions
in writing at least five Business Days prior to the related Record Date (which wiring instructions may be in the form of a standing
order applicable to all subsequent distributions), or (ii) otherwise, by check mailed by first-class mail to the address set forth
therefor in the Certificate Register. The final distribution on each Certificate shall be made in like manner, but only upon presentment
and surrender of such Certificate at the office of the Certificate Administrator or its agent (which may be the Paying Agent or
the Certificate Registrar acting as such agent) that is specified in the notice to Holders of such final distribution.

 

Any
funds not distributed on the Termination Date because of the failure of any Certificateholders to tender their Certificates shall,
on such date, be set aside and held for the benefit of the appropriate non-tendering Certificateholders. If any Certificates as
to which notice of the Termination Date has been given pursuant to the Pooling and Servicing Agreement shall not have been surrendered
for cancellation within six months after the time specified in such notice, the Certificate Administrator shall mail a second
notice to the remaining non-tendering Certificateholders to surrender their Certificates for cancellation to receive the final
distribution with respect thereto. If within one year after the second notice not all of such Certificates shall have been surrendered
for cancellation, the Certificate Administrator may, directly or through an agent, take appropriate steps to contact the remaining
non-tendering Certificateholders concerning surrender of their Certificates. The costs and expenses of holding such funds in trust
and of contacting such Certificateholders shall be paid out of such funds. Subject to applicable state escheatment laws, if within
two years after the second notice any such Certificates shall not have been surrendered for cancellation, the Paying Agent shall
distribute to the Certificate Administrator all amounts distributable to the Holders thereof, and the Certificate Administrator
shall thereafter hold such amounts for the benefit of such Holders until the earlier of (i) its termination as Certificate Administrator
under the Pooling and Servicing Agreement and the transfer of such amounts to a successor Certificate Administrator and (ii) the
termination of the Trust Fund and distribution of such amounts to the Class R Certificateholders. No interest shall accrue or
be payable to any Certificateholder on any amount held under the Pooling and Servicing Agreement or by the Certificate Administrator
as a result of such Certificateholder’s failure to surrender its Certificate(s) for final payment thereof in accordance
with the Pooling and Servicing Agreement. Any such amounts transferred to the Certificate Administrator may be

 

    A-11-7 

     

    

 

invested in Permitted
Investments and all income and gain realized from investment of such funds shall accrue for its benefit.

 

This
Certificate is limited in right of payment to, among other things, certain collections and recoveries in respect of the Mortgage
Loans, as more specifically set forth herein and in the Pooling and Servicing Agreement.

 

As
provided in the Pooling and Servicing Agreement, the Trust Fund includes (in each case, to the extent of the Trust Fund’s
interest therein and specifically excluding any interest of any Serviced Companion Loan Noteholder therein): (i) such Mortgage
Loans as from time to time are subject to the Pooling and Servicing Agreement, together with the Mortgage Files relating thereto;
(ii) all scheduled or unscheduled payments on or collections in respect of the Mortgage Loans due after the Cut-off Date; (iii)
the Trust Fund’s interest in any REO Property; (iv) all revenues received in respect of any REO Property; (v) any Assignments
of Leases, Rents and Profits and any security agreements related to the Mortgage Loans; (vi) any indemnities or guaranties given
as additional security for any Mortgage Loans; (vii) a security interest in all assets deposited in the Lock-Box Accounts, Cash
Collateral Accounts, Escrow Accounts, and Reserve Accounts; (viii) the Loss of Value Reserve Fund; (ix) the Collection Account,
the Serviced Whole Loan Collection Accounts, the Distribution Accounts, any Gain-on-Sale Reserve Account, the Interest Reserve
Account, and the Trust’s interest in any REO Account, including any amounts on deposit therein, assets credited thereto
and any reinvestment income, as applicable; (x) a security interest in any environmental indemnity agreements relating to the
Mortgaged Properties; (xi) a security interest in all insurance policies with respect to the Mortgage Loans and the Mortgaged
Properties; (xii) the rights and remedies under the Mortgage Loan Purchase Agreements relating to document delivery requirements
with respect to the Mortgage Loans and the representations and warranties of the related Mortgage Loan Seller regarding its Mortgage
Loans; (xiii) the Lower-Tier Regular Interests; (xiv) the Class VRR Upper-Tier Regular Interests; and (xv) the proceeds of the
foregoing (other than any interest earned on deposits in the Lock-Box Accounts, Cash Collateral Accounts, Escrow Accounts and
any Reserve Accounts, to the extent such interest belongs to the related Borrower). As provided in the Pooling and Servicing Agreement,
withdrawals may be made from certain of the above accounts for purposes other than distributions to Certificateholders.

 

This
Certificate does not purport to summarize the Pooling and Servicing Agreement, and reference is made to the Pooling and Servicing
Agreement for the interests, rights, benefits, obligations and duties evidenced hereby, and the limitations thereon, and the rights,
duties and immunities of the Certificate Administrator.

 

As
provided in the Pooling and Servicing Agreement and subject to certain limitations set forth therein, this Certificate is transferable
or exchangeable only upon surrender of this Certificate to the Certificate Registrar at its offices together with an assignment
and transfer (executed by the Holder or his duly authorized attorney), subject to the requirements in Article V of the Pooling
and Servicing Agreement. Upon surrender for registration of transfer of this Certificate, subject to the requirements in Article
V of the Pooling and Servicing Agreement, the Certificate Administrator shall execute and the Authenticating Agent shall duly
authenticate in the name of the designated transferee or transferees, one or more new Certificates in authorized denominations
of a like aggregate denomination as the Certificate being surrendered.

 

    A-11-8 

     

    

 

Such Certificates shall be delivered by the Certificate
Registrar in accordance with Article V of the Pooling and Servicing Agreement.

 

Prior
to due presentation of this Certificate for registration of transfer, the Depositor, the Master Servicer, the Special Servicer,
the Operating Advisor, the Asset Representations Reviewer, the Certificate Administrator, the Trustee, the Certificate Registrar,
any Paying Agent and any agent of any of them may treat the Person in whose name this Certificate is registered as the owner hereof
for all purposes, and none of the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator, the Trustee,
the Certificate Registrar, any Paying Agent or any agent of any of them shall be affected by notice or knowledge to the contrary.

 

No
fee or service charge shall be imposed by the Certificate Registrar for its services in respect of any registration of transfer
or exchange referred to in Section 5.02 of the Pooling and Servicing Agreement other than for transfers to Institutional Accredited
Investors as provided in Section 5.02(h) of the Pooling and Servicing Agreement. In connection with any transfer to an Institutional
Accredited Investor, the transferor shall reimburse the Trust Fund for any costs (including the cost of the Certificate Registrar’s
counsel’s review of the documents and any legal opinions, submitted by the transferor or transferee to the Certificate Registrar
as provided in the Pooling and Servicing Agreement) incurred by the Certificate Registrar in connection with such transfer. The
Certificate Registrar may require payment by each transferor of a sum sufficient to cover any tax, expense or other governmental
charge payable in connection with any such transfer.

 

The
Pooling and Servicing Agreement or any Custodial Agreement may be amended at any time by the Depositor, the Master Servicer, the
Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the Trustee without
the consent of any of the Certificateholders or any Serviced Companion Loan Noteholders, (i) to cure any ambiguity or to correct
any manifest error; (ii) to cause the provisions of the Pooling and Servicing Agreement or any Custodial Agreement to conform
or be consistent with or in furtherance of the statements made in the Prospectus or Private Placement Memorandum with respect
to the Certificates, the Trust or the Pooling and Servicing Agreement or to correct or supplement any provisions of the Pooling
and Servicing Agreement or any Custodial Agreement which may be defective or inconsistent with any other provisions of the Pooling
and Servicing Agreement or any Custodial Agreement; (iii) to change the timing and/or nature of deposits in the Collection
Account, the Distribution Accounts or any REO Account; provided that (a) the Master Servicer Remittance Date shall in no event
be later than the Business Day prior to the related Distribution Date and (b) such change shall not adversely affect in any material
respect the interests of any Certificateholder, as evidenced in writing by an Opinion of Counsel at the expense of the party requesting
such amendment or as evidenced by a Rating Agency Confirmation from each Rating Agency with respect to such amendment; (iv) to
modify, eliminate or add to any of its provisions to such extent as shall be necessary to maintain the qualification of any Trust
REMIC as a REMIC or the Grantor Trust as a grantor trust under the relevant provisions of the Code at all times that any Certificate
is outstanding, or to avoid or minimize the risk of imposition of any tax on the Trust Fund or any Trust REMIC or the Grantor
Trust that would be a claim against the Trust Fund or any Trust REMIC or the Grantor Trust; provided that the Trustee and
the Certificate Administrator have received an Opinion of Counsel

 

    A-11-9 

     

    

 

(at the expense of the party requesting such amendment) to the
effect that (a) such action is necessary or desirable to maintain such qualification or to avoid or minimize the risk of
the imposition of any such tax and (b) such action will not adversely affect in any material respect the interests of any
Certificateholder or Companion Loan Noteholder; (v) to modify, eliminate or add to the provisions any provision of the Pooling
and Servicing Agreement restricting transfer of the Class R Certificates; provided the Depositor has determined that
such change shall not, as evidenced by an Opinion of Counsel, cause the Trust Fund, any Trust REMIC or any of the Certificateholders
(other than the Transferor) to be subject to a federal tax caused by a Transfer to a Person that is a Disqualified Organization
or a Non-U.S. Tax Person; (vi) to revise or add any other provisions with respect to matters or questions arising under the Pooling
and Servicing Agreement or any other change; provided that the required action shall not adversely affect in any material
respect the interests of any Certificateholder or any holder of a Serviced Pari Passu Companion Loan not consenting thereto as
evidenced in writing by an Opinion of Counsel, at the expense of the party requesting such amendment or as evidenced by a Rating
Agency Confirmation from each of the Rating Agencies with respect to such amendment or supplement and confirmation of the applicable
rating agencies that such action will not result in the downgrade, withdrawal or qualification of its then-current ratings of
any securities related to a Companion Loan, if any (provided that such rating agency confirmation may be considered satisfied
in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates); (vii) to amend
or supplement any provision of the Pooling and Servicing Agreement to the extent necessary to maintain the then-current ratings
assigned to each Class of Certificates by each Rating Agency, as evidenced by a Rating Agency Confirmation from each of the Rating
Agencies; provided that such amendment or supplement shall not adversely affect in any material respect the interests of
any Certificateholder not consenting thereto as evidenced by an Opinion of Counsel, or any holder of a Serviced Pari Passu Companion
Loan not consenting to such revision or addition, as evidenced by an Opinion of Counsel at the expense of the party requesting
such amendment or as evidenced by confirmation of the applicable Rating Agencies that such action will not result in the downgrade,
withdrawal or qualification of its then-current ratings of any securities related to a Companion Loan, if any (provided
that such Rating Agency Confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered
satisfied with respect to the Certificates); (viii) to modify the provisions of Section 3.06 and Section 3.17 of
the Pooling and Servicing Agreement (with respect to reimbursement of Nonrecoverable Advances and Workout-Delayed Reimbursement
Amounts) if (a) the Depositor, the Master Servicer, the Trustee and, for so long as a Control Termination Event has not occurred
and is not continuing, the Directing Holder, determine that the commercial mortgage backed securities industry standard for such
provisions has changed, in order to conform to such industry standard, (b) such modification does not adversely affect the
status of any Trust REMIC as a REMIC or the status of the Grantor Trust as a grantor trust under the relevant provisions of the
Code, as evidenced by an Opinion of Counsel and (c) each Rating Agency has delivered a Rating Agency Confirmation and, with
regard to any class of Serviced Companion Loan Securities, the applicable rating agencies have delivered a confirmation that such
action will not result in the downgrade, withdrawal or qualification of its then-current ratings (provided that such rating
agency confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied
with respect to the Certificates); (ix) to modify the procedures of the Pooling and Servicing Agreement relating to compliance
with Rule 17g-5 of

 

    A-11-10 

     

    

 

the Exchange Act; provided that such amendment shall not adversely affect in any material respects
the interests of any Certificateholders, as evidenced by (x) an Opinion of Counsel or (y) if any Certificate is then
rated, receipt of Rating Agency Confirmation from each Rating Agency rating such Certificates; and provided, further,
that the Certificate Administrator shall give notice of any such amendment to the 17g-5 Information Provider for posting to the
17g-5 Information Provider’s Website and the Certificate Administrator shall post such notice to the Certificate Administrator’s
Website; (x) to modify, eliminate or add to any provisions of the Pooling and Servicing Agreement to such extent as would be necessary
to comply with the requirements for use of Form SF-3 in registered offerings to the extent provided in CFR 239.45(b)(1)(ii), (iii)
or (iv); and (xi) to modify, eliminate or add to any of its provisions (a) to such extent as will be necessary to comply with
the requirements of the Risk Retention Rule, as evidenced by an Opinion of Counsel, or (b) in the event the Risk Retention Rule
or any other regulation applicable to the risk retention requirements for this securitization transaction are amended or repealed,
to the extent required to comply with any such amendment or to modify or eliminate the risk retention requirements in the event
of such repeal, as evidenced by an Opinion of Counsel.

 

The
Pooling and Servicing Agreement or any Custodial Agreement may also be amended from time to time by the Depositor, the Master
Servicer, the Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the
Trustee with the prior written consent of the Holders of Certificates representing not less than a majority of the Percentage
Interests of each Class of Certificates affected thereby (without regard to Certificates held by the Depositor, any of the
Depositor’s Affiliates and/or agents) and each Serviced Companion Loan Noteholder affected thereby for the purpose of adding
any provisions to or changing in any manner or eliminating any of the provisions of the Pooling and Servicing Agreement or modifying
in any manner the rights of the Certificateholders or the Serviced Companion Loan Noteholders; provided, that no such amendment
may:

 

		(i)	reduce
                                         in any manner the amount of, or delay the timing of, payments received on the Mortgage
                                         Loans or Serviced Whole Loan which are required to be distributed on any Certificate,
                                         without the consent of the Holders of Certificates representing all of the Percentage
                                         Interests of the Class or Classes affected thereby or which are required to be distributed
                                         to any Companion Loan Noteholders without the consent of such Companion Loan Noteholders;

 

		(ii)	reduce
                                         the aforesaid percentage of Certificates of any Class the Holders of which are required
                                         to consent to any such amendment or remove the requirement to obtain consent of any Companion
                                         Loan Noteholder, in any such case without the consent of the Holders of all Certificates
                                         of such Class then-outstanding or such Companion Loan Noteholder, as applicable;

 

		(iii)	adversely
                                         affect the Voting Rights of any Class of Certificates without the consent of the Holders
                                         of all Certificates of such Class then outstanding;

 

    A-11-11 

     

    

 

		(iv)	change
                                         in any manner any defined term used in any Mortgage Loan Purchase Agreement or the obligations
                                         of any Mortgage Loan Seller under such Mortgage Loan Purchase Agreement or otherwise
                                         or change any rights of any Mortgage Loan Seller as a third party beneficiary hereunder,
                                         without the consent of such Mortgage Loan Seller; or

 

		(v)	amend
                                         the Servicing Standard without the consent of 100% of the Certificateholders or receipt
                                         of Rating Agency Confirmation from each Rating Agency and confirmation of the applicable
                                         rating agencies that such action will not result in the downgrade, withdrawal or qualification
                                         of its then-current ratings of any securities related to a Companion Loan, if any (provided
                                         that such rating agency confirmation may be considered satisfied in the same manner as
                                         any Rating Agency Confirmation may be considered satisfied with respect to the Certificates).

 

Further,
the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations
Reviewer and the Trustee, at any time and from time to time, without the consent of the Certificateholders or, if applicable,
the Serviced Companion Loan Noteholders, may amend the Pooling and Servicing Agreement to modify, eliminate or add to any of its
provisions (i) to such extent as shall be necessary to maintain the qualification of the Lower-Tier REMIC or the Upper-Tier REMIC
as a REMIC or the qualification of the Grantor Trust as a grantor trust, or to prevent the imposition of any additional material
state or local taxes, at all times that any Certificates are outstanding; provided that such action, as evidenced by an
Opinion of Counsel (obtained at the expense of the Trust Fund), is necessary or helpful to maintain such qualification or to prevent
the imposition of any such taxes, and would not adversely affect in any material respect the interest of any Certificateholder
or if applicable, any Serviced Companion Loan Noteholder or (ii) to the extent necessary to comply with the Investment Company
Act of 1940, as amended, the Exchange Act, Regulation AB, and/or any related regulatory actions and/or interpretations.

 

The
Certificateholder owning a majority of the Percentage Interest in the Controlling Class and, if no such Certificateholder
exercises such option, the Special Servicer, and if the Special Servicer does not exercise such option, the Master Servicer may
effect an early termination of the Trust Fund, upon not less than 30 days’ prior Notice of Termination given to the Trustee,
the Special Servicer and the Master Servicer any time specifying the Anticipated Termination Date, which shall be on or after
the Early Termination Notice Date (defined as any date as of which the aggregate Stated Principal Balance of the Mortgage Loans
remaining in the Trust is less than 1.0% of the aggregate Stated Principal Balance of the Mortgage Loans as of the Cut-off Date)
by purchasing on such date all, but not less than all, of the Mortgage Loans then included in the Trust Fund, and the Trust’s
interest in all property acquired in respect of any Mortgage Loan, at a purchase price, payable in cash, equal to the sum of,
without duplication:

 

		(A)	100%
                                         of the Stated Principal Balance of each Mortgage Loan included in the Trust as of the
                                         last day of the month preceding such Anticipated Termination Date (less any P&I Advances
                                         previously made on account of principal);

 

    A-11-12 

     

    

 

		(B)	the
                                         fair market value of all other property included in the Trust Fund as of the last day
                                         of the month preceding such Anticipated Termination Date, as determined by an Independent
                                         appraiser acceptable to the Master Servicer as of a date not more than 30 days prior
                                         to the last day of the month preceding such Distribution Date;

 

		(C)	all
                                         unpaid interest accrued on the unpaid balance of each Mortgage Loan (including any Mortgage
                                         Loan as to which title to the related Mortgaged Property has been acquired) at the Mortgage
                                         Rate to the last day of the month preceding such Anticipated Termination Date (less any
                                         P&I Advances previously made on account of interest); and

 

		(D)	the
                                         aggregate amount of unreimbursed Advances, with interest thereon at the Reimbursement
                                         Rate, and unpaid Servicing Compensation, Special Servicing Compensation, Operating Advisor
                                         Fees, Certificate Administrator/Trustee Fees, the CREFC® Intellectual
                                         Property Royalty License Fees and Trust Fund expenses.

 

In
addition, the Pooling and Servicing Agreement provides that following the date on which the Class X-A Notional Amount, the
Class X-B Notional Amount, the Class X-D Notional Amount and the aggregate Certificate Balance of the Class A-1, Class A-2,
Class A-3, Class A-SB, Class A-4, Class A-5, Class A-M, Class B, Class C and Class D Certificates is reduced to zero, the Sole
Certificateholder shall have the right to exchange all of the then-outstanding Certificates (other than the Class S or Class
R Certificates) for all of the Mortgage Loans and each REO Property remaining in the Trust Fund as contemplated by clause (ii) of
Section 9.01(a) of the Pooling and Servicing Agreement by giving written notice to all the parties to the Pooling and Servicing
Agreement no later than 60 days prior to the anticipated date of exchange.

 

All
costs and expenses incurred by any and all parties to the Pooling and Servicing Agreement or by the Trust Fund in connection with
the purchase of the Mortgage Loans and the other assets of the Trust Fund pursuant to Section 9.01(c) of the Pooling and
Servicing Agreement shall be borne by the party exercising its purchase rights thereunder. The Trustee and the Certificate Administrator
shall be entitled to rely conclusively on any determination made by an Independent appraiser pursuant to Section 9.01(c)
of the Pooling and Servicing Agreement.

 

The
respective obligations and responsibilities of the Master Servicer, the Special Servicer, the Depositor, the Certificate Administrator,
the Operating Advisor, the Asset Representations Reviewer and the Trustee created by the Pooling and Servicing Agreement with
respect to the Certificates (other than the obligations of the Certificate Administrator to make certain payments and to send
certain notices to Certificateholders as set forth in the Pooling and Servicing Agreement) shall terminate upon payment (or provision
for payment) to the Certificateholders and the Serviced Companion Loan Noteholders of all amounts held by or on

 

    A-11-13 

     

    

 

behalf of the
Trustee, the Certificate Administrator and the Master Servicer, as the case may be, required under the Pooling and Servicing Agreement
to be so paid on the Distribution Date following the earlier to occur of (i) the purchase of the Mortgage Loans and all other
property held by the Trust Fund in accordance with Section 9.01(c) of the Pooling and Servicing Agreement; (ii) the exchange by
the Sole Certificateholder of its Certificates for the Mortgage Loans in accordance with Section 9.01(g) of the Pooling and Servicing
Agreement; and (iii) the later of (a) the receipt or collection of the last payment due on any Mortgage Loan included
in the Trust Fund, or (b) the liquidation and disposition pursuant to the Pooling and Servicing Agreement of the last asset
held by the Trust Fund; provided that in no event shall the trust created by the Pooling and Servicing Agreement continue
beyond the expiration of 21 years from the death of the last survivor of the descendants of Joseph P. Kennedy, the late Ambassador
of the United States to the United Kingdom, living on the date hereof.

 

Unless
the Certificate of Authentication on this Certificate has been executed by the Authenticating Agent, by manual signature, this
Certificate shall not be entitled to any benefit under the Pooling and Servicing Agreement or be valid for any purpose.

 

    A-11-14 

     

    

 

IN
WITNESS WHEREOF, the Certificate Administrator has caused this Class E Certificate to be duly executed.

 

Dated:
January 31, 2018

	 	 	 
	 	WELLS
FARGO BANK, NATIONAL ASSOCIATION, not in its individual
capacity but solely as Certificate Administrator

	 	 	 
	 	By: 	 
	 	 	Authorized Signatory

 

Certificate
of Authentication

 

This
is one of the Class E Certificates referred to in the Pooling and Servicing Agreement.

 

Dated:
January 31, 2018 

	 	 	 
	 	WELLS
FARGO BANK, NATIONAL ASSOCIATION, not in its individual
capacity but solely as Authenticating Agent 

	 	 	 
	 	By: 	 
	 	 	Authorized Signatory

  

    A-11-15 

     

    

 

EXHIBIT A-12

 

FORM OF CLASS F-RR [RULE 144A]1
[REG S]2 CERTIFICATE

 

[UNLESS THIS CERTIFICATE IS PRESENTED
BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE CERTIFICATE
REGISTRAR FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE &
CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR
TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE
OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.]3

 

THIS CERTIFICATE HAS NOT BEEN AND WILL
NOT BE REGISTERED OR QUALIFIED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR
ANY STATE OR FOREIGN SECURITIES LAW. THE HOLDER HEREOF, BY PURCHASING THIS CERTIFICATE, AGREES THAT THIS CERTIFICATE MAY BE REOFFERED,
RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY IN COMPLIANCE WITH THE SECURITIES ACT AND OTHER APPLICABLE LAWS, AND ONLY (A)(1)
PURSUANT TO A REGISTRATION STATEMENT WHICH HAS BEEN DECLARED EFFECTIVE UNDER THE SECURITIES ACT, (2) FOR SO LONG AS THIS CERTIFICATE
IS ELIGIBLE FOR RESALE PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”), TO AN INSTITUTIONAL INVESTOR
THAT THE HOLDER REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” WITHIN THE MEANING OF RULE 144A (“QUALIFIED
INSTITUTIONAL BUYER”), PURCHASING FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF ANOTHER QUALIFIED INSTITUTIONAL BUYER, WHOM
THE HOLDER HAS INFORMED, IN EACH CASE, THAT THE REOFFER, RESALE, PLEDGE OR OTHER TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A,
(3) TO AN INSTITUTIONAL “ACCREDITED INVESTOR,” WITHIN THE MEANING OF RULE 501(a)(1), (2), (3) OR (7) OF REGULATION
D UNDER THE SECURITIES ACT OR ANY ENTITY IN WHICH ALL OF THE EQUITY OWNERS ARE SUCH ACCREDITED INVESTORS, OR (4) TO INSTITUTIONS
THAT ARE A NON-“U.S. PERSON” IN AN “OFFSHORE TRANSACTION,” AS SUCH TERMS ARE DEFINED IN, AND IN ACCORDANCE
WITH RULE 903 OR RULE 904 OF, REGULATION S UNDER THE SECURITIES ACT, AND (B) IN ACCORDANCE WITH ANY OTHER APPLICABLE SECURITIES
LAWS OF ANY STATE OF THE UNITED STATES OR ANY OTHER APPLICABLE JURISDICTION.

 

 

 

1 For Rule 144A Global
Certificates only.

2 For Reg S Global Certificates
only.

3 Legend
required as long as DTC is the Depository under the Pooling and Servicing Agreement.

 

    A-12-1

     

    

 

THIS CERTIFICATE IS INTENDED TO CONSTITUTE
PART OF AN “ELIGIBLE HORIZONTAL RESIDUAL INTEREST” (AS DEFINED IN REGULATION RR PROMULGATED UNDER SECTION 15G OF THE
SECURITIES EXCHANGE ACT OF 1934, AS AMENDED), AND AS SUCH IS SUBJECT TO VARIOUS PROHIBITIONS ON HEDGING, TRANSFER AND FINANCING
SET FORTH IN REGULATION RR PROMULGATED UNDER SECTION 15G OF THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED. THE INITIAL PURCHASER
OF THIS CERTIFICATE, AND EACH SUBSEQUENT PURCHASER OF THIS CERTIFICATE, BY PURCHASING THIS CERTIFICATE OR AN INTEREST HEREIN, IS
DEEMED TO HAVE AGREED TO COMPLY WITH CERTAIN TRANSFER REQUIREMENTS SET FORTH IN THE POOLING AND SERVICING AGREEMENT. 

 

THE INITIAL INVESTOR IN THIS CERTIFICATE,
AND EACH SUBSEQUENT PURCHASER OF THIS CERTIFICATE, BY PURCHASING THIS CERTIFICATE OR AN INTEREST HEREIN, IS DEEMED TO HAVE AGREED
TO COMPLY WITH CERTAIN TRANSFER REQUIREMENTS SET FORTH IN THE POOLING AND SERVICING AGREEMENT.  A TRANSFEREE IS ALSO REQUIRED
TO DELIVER AN INVESTMENT REPRESENTATION LETTER SUBSTANTIALLY IN THE FORM OF EXHIBIT D-1 TO THE POOLING AND SERVICING AGREEMENT
IF SUCH TRANSFEREE IS A QUALIFIED INSTITUTIONAL BUYER OR (OTHER THAN WITH RESPECT TO A RESIDUAL CERTIFICATE) AN INSTITUTIONAL ACCREDITED
INVESTOR, AND MAY ALSO BE REQUIRED TO DELIVER AN OPINION OF COUNSEL IF SUCH TRANSFEREE IS NOT A QUALIFIED INSTITUTIONAL BUYER WITHIN
THE MEANING OF RULE 144A.

 

ANY HOLDER DESIRING TO EFFECT A TRANSFER
OF THIS CERTIFICATE SHALL, AND DOES HEREBY AGREE TO, INDEMNIFY THE CERTIFICATE REGISTRAR, THE CERTIFICATE ADMINISTRATOR, THE TRUSTEE,
THE MASTER SERVICER AND THE DEPOSITOR AGAINST ANY LOSS, LIABILITY OR EXPENSE THAT MAY RESULT IF THE TRANSFER IS NOT EXEMPT FROM
THE SECURITIES ACT OR IS NOT MADE IN ACCORDANCE WITH FEDERAL AND STATE LAWS.

 

THIS CERTIFICATE DOES NOT REPRESENT
AN OBLIGATION OF OR INTEREST IN THE DEPOSITOR, THE ORIGINATOR, THE MASTER SERVICER, THE SPECIAL SERVICER, THE CERTIFICATE ADMINISTRATOR,
THE CERTIFICATE REGISTRAR, THE OPERATING ADVISOR, THE ASSET REPRESENTATIONS REVIEWER, THE RISK RETENTION CONSULTATION PARTY, THE
TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THE CERTIFICATES NOR THE UNDERLYING MORTGAGE LOANS ARE INSURED OR GUARANTEED
BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY.

 

PRINCIPAL PAYMENTS ON THIS CERTIFICATE
ARE PAYABLE IN INSTALLMENTS AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING CERTIFICATE BALANCE OF THIS CERTIFICATE AT ANY TIME
MAY BE LESS THAN THE INITIAL CERTIFICATE BALANCE SET FORTH BELOW.

 

    A-12-2

     

    

 

TRANSFERS AND EXCHANGES OF PORTIONS
OF THIS CERTIFICATE ARE SUBJECT TO RESTRICTIONS AS PROVIDED IN THE POOLING AND SERVICING AGREEMENT REFERRED TO BELOW.

 

THIS CERTIFICATE IS SUBORDINATE TO ONE
OR MORE OTHER CLASSES OF CERTIFICATES AS AND TO THE EXTENT SET FORTH IN THE POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN.

 

THIS CERTIFICATE SHOULD NOT BE PURCHASED
BY A TRANSFEREE THAT IS OR BECOMES (A) AN EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT ARRANGEMENT, INCLUDING AN INDIVIDUAL RETIREMENT
ACCOUNT OR A KEOGH PLAN, WHICH IS SUBJECT TO THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”),
OR SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”) OR A GOVERNMENTAL PLAN, AS DEFINED
IN SECTION 3(32) OF ERISA, OR OTHER PLAN SUBJECT TO ANY FEDERAL, STATE OR LOCAL LAW (“SIMILAR LAW”) WHICH IS
TO A MATERIAL EXTENT SIMILAR TO THE FOREGOING PROVISIONS OF ERISA OR THE CODE (EACH, A “PLAN”), OR (B) A COLLECTIVE
INVESTMENT FUND WHOSE UNDERLYING ASSETS INCLUDE PLAN ASSETS BY REASON OF A PLAN’S INVESTMENT IN THE COLLECTIVE INVESTMENT
FUND (PURSUANT TO U.S. DEPARTMENT OF LABOR REGULATION SECTION 2510.3-101, AS MODIFIED BY SECTION 3(42) OF ERISA), AN INSURANCE
COMPANY USING ASSETS OF SEPARATE ACCOUNTS OR GENERAL ACCOUNTS WHICH INCLUDE ASSETS OF PLANS (OR WHICH ARE DEEMED PURSUANT TO ERISA
OR ANY SIMILAR LAW TO INCLUDE ASSETS OF PLANS) OR OTHER PERSON ACTING ON BEHALF OF ANY SUCH PLAN OR USING THE ASSETS OF ANY SUCH
PLAN, OTHER THAN AN INSURANCE COMPANY USING THE ASSETS OF ITS GENERAL ACCOUNT UNDER CIRCUMSTANCES WHEREBY SUCH PURCHASE AND THE
SUBSEQUENT HOLDING OF SUCH CERTIFICATE BY SUCH INSURANCE COMPANY WOULD BE EXEMPT FROM THE PROHIBITED TRANSACTION PROVISIONS OF
SECTIONS 406 AND 407 OF ERISA, AND CODE SECTION 4975 UNDER SECTIONS I AND III OF PTCE 95-60 OR A SUBSTANTIALLY SIMILAR EXEMPTION
UNDER SIMILAR LAW. TRANSFEREES OF THIS CERTIFICATE TAKING DELIVERY IN CERTIFICATED FORM SHALL BE REQUIRED EITHER (i) TO DELIVER
A LETTER IN THE FORM ATTACHED TO THE POOLING AND SERVICING AGREEMENT TO SUCH EFFECT, OR (ii) IF THE TRANSFEREE IS SUCH AN ENTITY
SPECIFIED IN (A) OR (B) ABOVE, SUCH ENTITY SHALL PROVIDE ANY OPINIONS OF COUNSEL, OFFICERS’ CERTIFICATES OR AGREEMENTS AS
MAY BE REQUIRED BY, AND IN FORM AND SUBSTANCE SATISFACTORY TO, THE DEPOSITOR, THE CERTIFICATE ADMINISTRATOR AND THE CERTIFICATE
REGISTRAR, TO THE EFFECT THAT THE PURCHASE AND HOLDING OF THE CERTIFICATES BY OR ON BEHALF OF A PLAN WILL NOT CONSTITUTE OR RESULT
IN A NON-EXEMPT PROHIBITED TRANSACTION WITHIN THE MEANING OF SECTION 406 OR 407 OF ERISA OR CODE SECTION 4975 (OR SIMILAR VIOLATION
OF SIMILAR LAW), AND WILL NOT SUBJECT THE MASTER SERVICER, THE SPECIAL SERVICER, THE DEPOSITOR, THE CERTIFICATE ADMINISTRATOR,
THE OPERATING ADVISOR,

 

    A-12-3

     

    

 

THE ASSET REPRESENTATIONS REVIEWER, THE TRUSTEE OR THE CERTIFICATE REGISTRAR TO ANY OBLIGATION OR LIABILITY.
THE TRANSFEREE OF A BENEFICIAL INTEREST IN A “GLOBAL CERTIFICATE” THAT IS A “RESTRICTED CERTIFICATE” (EACH
AS DEFINED IN THE POOLING AND SERVICING AGREEMENT) SHALL BE DEEMED TO REPRESENT THAT IT IS NOT A PLAN OR A PERSON ACTING ON BEHALF
OF ANY PLAN OR USING THE ASSETS OF ANY PLAN TO ACQUIRE SUCH INTEREST, OTHER THAN AN INSURANCE COMPANY USING THE ASSETS OF ITS GENERAL
ACCOUNT UNDER CIRCUMSTANCES WHEREBY SUCH PURCHASE AND THE SUBSEQUENT HOLDING OF SUCH CERTIFICATE BY SUCH INSURANCE COMPANY WOULD
BE EXEMPT FROM THE PROHIBITED TRANSACTION PROVISIONS OF SECTIONS 406 AND 407 OF ERISA, AND CODE SECTION 4975 UNDER SECTIONS I AND
III OF PTCE 95-60, OR A SUBSTANTIALLY SIMILAR EXEMPTION UNDER SIMILAR LAW.

 

FOR U.S. FEDERAL INCOME TAX PURPOSES,
THIS CERTIFICATE REPRESENTS A “REGULAR INTEREST” IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE
TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G(a)(1) AND 860D OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED.

 

[THIS CERTIFICATE HAS NOT BEEN AND WILL
NOT BE REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT AND, PRIOR TO THE DATE THAT IS 40 DAYS AFTER THE OFFERING OF THE CERTIFICATES,
MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED IN THE UNITED STATES OR TO A U.S. PERSON EXCEPT PURSUANT TO AN EXEMPTION
FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT.]4

 

 

 

4
For Reg S Global Certificates only.

 

    A-12-4

     

    

 

BENCHMARK 2018-B1 MORTGAGE TRUST COMMERCIAL
MORTGAGE

PASS-THROUGH CERTIFICATES, CLASS F-RR

 

	Class F-RR Pass-Through Rate:  Equal to WAC Rate	 	
        CUSIP:  08162PAL55

                      U0733TAF46

                      08162PAM37

         

        ISIN:     US08162PAL588

                      USU0733TAF409

                      US08162PAM3210

         

	Original Aggregate Certificate Balance of the

Class F-RR Certificates: $14,074,000	 	Initial Certificate Balance of this Certificate: $[_____]
	 	 	 
	First Distribution Date: February 16, 2018	 	Cut-off Date: The close of business on the later of the related Due Date of such Mortgage Loan in January 2018 (or, in the case of any Mortgage Loan that has its first Due Date subsequent to January 2018, the date that would have been its Due Date in January 2018 under the terms of that Mortgage Loan if a Periodic Payment were scheduled to be due in that month) and the date of origination of such Mortgage Loan
	 	 	 
	Assumed Final Distribution Date: January 2028	 	No.: F-RR-[__]

 

This certifies that [              ]
is the registered owner of a beneficial ownership interest in a Trust Fund, including the distributions to be made with respect
to the Class F-RR Certificates. The Trust Fund, described more fully below, consists primarily of a pool of Mortgage Loans
secured by first liens on commercial and multifamily properties and held in trust by the Trustee and serviced by the Master Servicer.
The Trust Fund was created, and the Mortgage Loans are to be serviced, pursuant to the Pooling and Servicing Agreement (as defined
below). The Holder of this Certificate, by virtue of the acceptance hereof, assents to the terms, provisions and conditions of
the Pooling and Servicing Agreement and is bound thereby.

 

The Pooling and Servicing
Agreement, dated as of January 1, 2018 (the “Pooling and Servicing Agreement”), between the Depositor, Wells
Fargo Bank, National Association, as

 

 

 

5 For Rule 144A Certificates

6 For Regulation S Certificates

7 For IAI Certificates

8 For Rule 144A Certificates

9 For Regulation S Certificates

10 For IAI
Certificates

 

    A-12-5

     

    

 

master servicer (in such capacity, the “Master Servicer”), Midland Loan
Services, a Division of PNC Bank, National Association, as special servicer (the “Special Servicer”), Wilmington
Trust, National Association, as trustee (the “Trustee”), Wells Fargo Bank, National Association, as certificate
administrator (in such capacity, the “Certificate Administrator”), custodian and paying agent, and Park Bridge
Lender Services LLC, as operating advisor (in such capacity, the “Operating Advisor”) and asset representations
reviewer (in such capacity, the “Asset Representations Reviewer”) evidences the issuance of the Class A-1, Class
A-2, Class A-3, Class A-SB, Class A-4, Class A-5, Class A-M, Class B, Class C, Class D, Class E, Class F-RR, Class G-RR,
Class X-A, Class X-B, Class X-D, Class X-E, Class S, Class R, Class V2, Class V1-A1, Class V1-A2, Class V1-A3, Class V1-ASB,
Class V1-A4, Class V1-A5, Class V1-AM, Class V1-B, Class V1-C, Class V1-D, Class V1-E, Class V1-F and Class V1-G Certificates (the
“Certificates”; the Holders of Certificates issued under the Pooling and Servicing Agreement are collectively
referred to herein as “Certificateholders”). This Certificate is issued pursuant to, and in accordance with,
the terms of the Pooling and Servicing Agreement. To the extent not defined herein, capitalized terms used herein shall have the
meanings assigned thereto in the Pooling and Servicing Agreement.

 

This Certificate represents
a “regular interest” in a “real estate mortgage investment conduit”, as those terms are defined, respectively,
in Sections 860G(a)(1) and 860D of the Internal Revenue Code of 1986, as amended. Each Holder of this Certificate, by acceptance
hereof, agrees to treat, and take no action inconsistent with the treatment of, this Certificate in accordance with the preceding
sentence for purposes of federal income taxes, state and local income and franchise taxes and other taxes imposed on or measured
by income.

 

The Certificate Administrator
makes no representation or warranty as to any of the statements contained herein or the validity or sufficiency of the Certificates
or the Mortgage Loans and has executed this Certificate in its limited capacity as Certificate Administrator under the Pooling
and Servicing Agreement. In the event that there is any conflict between any provision of this Certificate and any provision of
the Pooling and Servicing Agreement, such provision of this Certificate shall be superseded to the extent of such inconsistency.

 

Pursuant to the terms
of the Pooling and Servicing Agreement, the Certificate Administrator, or the Paying Agent on behalf of the Certificate Administrator,
will distribute (other than the final distribution on any Certificate), on the fourth Business Day after each Determination Date
(each such date, a “Distribution Date”) an amount equal to such Person’s pro rata share (based on the
Percentage Interest represented by this Certificate) of that portion of the aggregate amount of principal and interest then distributable,
if any, allocable to the Class F-RR Certificates for such Distribution Date, all as more fully described in the Pooling and
Servicing Agreement. “Determination Date” is defined in the Pooling and Servicing Agreement as the eleventh day of
each month, or if such eleventh day is not a Business Day, then the next Business Day, commencing in February 2018.

 

During each Interest
Accrual Period (as defined below), interest on the Class F-RR Certificates will be calculated based on a 360-day year consisting
of twelve 30-day months on the outstanding Certificate Balance hereof.

 

    A-12-6

     

    

 

Interest accrued on this
Certificate during an Interest Accrual Period, plus the aggregate unpaid Interest Shortfall with respect to this Certificate, if
any, will be payable on the related Distribution Date to the extent provided in the Pooling and Servicing Agreement. The “Interest
Accrual Period” means, with respect to any Distribution Date, the calendar month immediately preceding the month in which
such Distribution Date occurs. Each Interest Accrual Period is assumed to consist of 30 days.

 

All distributions (other
than the final distribution on any Certificate) will be made by the Paying Agent to the Persons in whose names the Certificates
are registered at the close of business on each Record Date, which will be the close of business on the last Business Day of the
calendar month immediately preceding the month in which such Distribution Date occurs. Such distributions shall be made on each
Distribution Date other than the Termination Date to each Certificateholder of record on the related Record Date, (i) by wire transfer
of immediately available funds to the account of such Holder at a bank or other entity located in the United States and having
appropriate facilities therefor if such Holder shall have provided the Paying Agent with wire instructions in writing at least
five Business Days prior to the related Record Date (which wiring instructions may be in the form of a standing order applicable
to all subsequent distributions), or (ii) otherwise, by check mailed by first-class mail to the address set forth therefor in the
Certificate Register. The final distribution on each Certificate shall be made in like manner, but only upon presentment and surrender
of such Certificate at the office of the Certificate Administrator or its agent (which may be the Paying Agent or the Certificate
Registrar acting as such agent) that is specified in the notice to Holders of such final distribution.

 

Any funds not distributed
on the Termination Date because of the failure of any Certificateholders to tender their Certificates shall, on such date, be set
aside and held for the benefit of the appropriate non-tendering Certificateholders. If any Certificates as to which notice of the
Termination Date has been given pursuant to the Pooling and Servicing Agreement shall not have been surrendered for cancellation
within six months after the time specified in such notice, the Certificate Administrator shall mail a second notice to the remaining
non-tendering Certificateholders to surrender their Certificates for cancellation to receive the final distribution with respect
thereto. If within one year after the second notice not all of such Certificates shall have been surrendered for cancellation,
the Certificate Administrator may, directly or through an agent, take appropriate steps to contact the remaining non-tendering
Certificateholders concerning surrender of their Certificates. The costs and expenses of holding such funds in trust and of contacting
such Certificateholders shall be paid out of such funds. Subject to applicable state escheatment laws, if within two years after
the second notice any such Certificates shall not have been surrendered for cancellation, the Paying Agent shall distribute to
the Certificate Administrator all amounts distributable to the Holders thereof, and the Certificate Administrator shall thereafter
hold such amounts for the benefit of such Holders until the earlier of (i) its termination as Certificate Administrator under the
Pooling and Servicing Agreement and the transfer of such amounts to a successor Certificate Administrator and (ii) the termination
of the Trust Fund and distribution of such amounts to the Class R Certificateholders. No interest shall accrue or be payable to
any Certificateholder on any amount held under the Pooling and Servicing Agreement or by the Certificate Administrator as a result
of such Certificateholder’s failure to surrender its Certificate(s) for final payment thereof in accordance with the Pooling
and Servicing Agreement. Any such amounts transferred to the Certificate Administrator may be

 

    A-12-7

     

    

 

invested in Permitted Investments
and all income and gain realized from investment of such funds shall accrue for its benefit.

 

This Certificate is limited
in right of payment to, among other things, certain collections and recoveries in respect of the Mortgage Loans, as more specifically
set forth herein and in the Pooling and Servicing Agreement.

 

As provided in the Pooling
and Servicing Agreement, the Trust Fund includes (in each case, to the extent of the Trust Fund’s interest therein and specifically
excluding any interest of any Serviced Companion Loan Noteholder therein): (i) such Mortgage Loans as from time to time are subject
to the Pooling and Servicing Agreement, together with the Mortgage Files relating thereto; (ii) all scheduled or unscheduled payments
on or collections in respect of the Mortgage Loans due after the Cut-off Date; (iii) the Trust Fund’s interest in any REO
Property; (iv) all revenues received in respect of any REO Property; (v) any Assignments of Leases, Rents and Profits and any security
agreements related to the Mortgage Loans; (vi) any indemnities or guaranties given as additional security for any Mortgage Loans;
(vii) a security interest in all assets deposited in the Lock-Box Accounts, Cash Collateral Accounts, Escrow Accounts, and Reserve
Accounts; (viii) the Loss of Value Reserve Fund; (ix) the Collection Account, the Serviced Whole Loan Collection Accounts, the
Distribution Accounts, any Gain-on-Sale Reserve Account, the Interest Reserve Account, and the Trust’s interest in any REO
Account, including any amounts on deposit therein, assets credited thereto and any reinvestment income, as applicable; (x) a security
interest in any environmental indemnity agreements relating to the Mortgaged Properties; (xi) a security interest in all insurance
policies with respect to the Mortgage Loans and the Mortgaged Properties; (xii) the rights and remedies under the Mortgage Loan
Purchase Agreements relating to document delivery requirements with respect to the Mortgage Loans and the representations and warranties
of the related Mortgage Loan Seller regarding its Mortgage Loans; (xiii) the Lower-Tier Regular Interests; (xiv) the Class VRR
Upper-Tier Regular Interests; and (xv) the proceeds of the foregoing (other than any interest earned on deposits in the Lock-Box
Accounts, Cash Collateral Accounts, Escrow Accounts and any Reserve Accounts, to the extent such interest belongs to the related
Borrower). As provided in the Pooling and Servicing Agreement, withdrawals may be made from certain of the above accounts for purposes
other than distributions to Certificateholders.

 

This Certificate does
not purport to summarize the Pooling and Servicing Agreement, and reference is made to the Pooling and Servicing Agreement for
the interests, rights, benefits, obligations and duties evidenced hereby, and the limitations thereon, and the rights, duties and
immunities of the Certificate Administrator.

 

As provided in the Pooling
and Servicing Agreement and subject to certain limitations set forth therein, this Certificate is transferable or exchangeable
only upon surrender of this Certificate to the Certificate Registrar at its offices together with an assignment and transfer (executed
by the Holder or his duly authorized attorney), subject to the requirements in Article V of the Pooling and Servicing Agreement.
Upon surrender for registration of transfer of this Certificate, subject to the requirements in Article V of the Pooling and Servicing
Agreement, the Certificate Administrator shall execute and the Authenticating Agent shall duly authenticate in the name of the
designated transferee or transferees, one or more new Certificates in authorized denominations of a like aggregate denomination
as the Certificate being surrendered.

 

    A-12-8

     

    

 

Such Certificates shall be delivered by the Certificate Registrar in accordance with Article
V of the Pooling and Servicing Agreement.

 

Prior to due presentation
of this Certificate for registration of transfer, the Depositor, the Master Servicer, the Special Servicer, the Operating Advisor,
the Asset Representations Reviewer, the Certificate Administrator, the Trustee, the Certificate Registrar, any Paying Agent and
any agent of any of them may treat the Person in whose name this Certificate is registered as the owner hereof for all purposes,
and none of the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator, the Trustee, the Certificate
Registrar, any Paying Agent or any agent of any of them shall be affected by notice or knowledge to the contrary.

 

No fee or service charge
shall be imposed by the Certificate Registrar for its services in respect of any registration of transfer or exchange referred
to in Section 5.02 of the Pooling and Servicing Agreement other than for transfers to Institutional Accredited Investors as provided
in Section 5.02(h) of the Pooling and Servicing Agreement. In connection with any transfer to an Institutional Accredited Investor,
the transferor shall reimburse the Trust Fund for any costs (including the cost of the Certificate Registrar’s counsel’s
review of the documents and any legal opinions, submitted by the transferor or transferee to the Certificate Registrar as provided
in the Pooling and Servicing Agreement) incurred by the Certificate Registrar in connection with such transfer. The Certificate
Registrar may require payment by each transferor of a sum sufficient to cover any tax, expense or other governmental charge payable
in connection with any such transfer.

 

The Pooling and Servicing
Agreement or any Custodial Agreement may be amended at any time by the Depositor, the Master Servicer, the Special Servicer, the
Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the Trustee without the consent of any
of the Certificateholders or any Serviced Companion Loan Noteholders, (i) to cure any ambiguity or to correct any manifest error;
(ii) to cause the provisions of the Pooling and Servicing Agreement or any Custodial Agreement to conform or be consistent
with or in furtherance of the statements made in the Prospectus or Private Placement Memorandum with respect to the Certificates,
the Trust or the Pooling and Servicing Agreement or to correct or supplement any provisions of the Pooling and Servicing Agreement
or any Custodial Agreement which may be defective or inconsistent with any other provisions of the Pooling and Servicing Agreement
or any Custodial Agreement; (iii) to change the timing and/or nature of deposits in the Collection Account, the Distribution
Accounts or any REO Account; provided that (a) the Master Servicer Remittance Date shall in no event be later than the Business
Day prior to the related Distribution Date and (b) such change shall not adversely affect in any material respect the interests
of any Certificateholder, as evidenced in writing by an Opinion of Counsel at the expense of the party requesting such amendment
or as evidenced by a Rating Agency Confirmation from each Rating Agency with respect to such amendment; (iv) to modify, eliminate
or add to any of its provisions to such extent as shall be necessary to maintain the qualification of any Trust REMIC as a REMIC
or the Grantor Trust as a grantor trust under the relevant provisions of the Code at all times that any Certificate is outstanding,
or to avoid or minimize the risk of imposition of any tax on the Trust Fund or any Trust REMIC or the Grantor Trust that would
be a claim against the Trust Fund or any Trust REMIC or the Grantor Trust; provided that the Trustee and the Certificate
Administrator have received an Opinion of Counsel

 

    A-12-9

     

    

 

(at the expense of the party requesting such amendment) to the effect that (a) such
action is necessary or desirable to maintain such qualification or to avoid or minimize the risk of the imposition of any such
tax and (b) such action will not adversely affect in any material respect the interests of any Certificateholder or Companion
Loan Noteholder; (v) to modify, eliminate or add to the provisions any provision of the Pooling and Servicing Agreement restricting
transfer of the Class R Certificates; provided the Depositor has determined that such change shall not, as evidenced
by an Opinion of Counsel, cause the Trust Fund, any Trust REMIC or any of the Certificateholders (other than the Transferor) to
be subject to a federal tax caused by a Transfer to a Person that is a Disqualified Organization or a Non-U.S. Tax Person; (vi)
to revise or add any other provisions with respect to matters or questions arising under the Pooling and Servicing Agreement or
any other change; provided that the required action shall not adversely affect in any material respect the interests of
any Certificateholder or any holder of a Serviced Pari Passu Companion Loan not consenting thereto as evidenced in writing by an
Opinion of Counsel, at the expense of the party requesting such amendment or as evidenced by a Rating Agency Confirmation from
each of the Rating Agencies with respect to such amendment or supplement and confirmation of the applicable rating agencies that
such action will not result in the downgrade, withdrawal or qualification of its then-current ratings of any securities related
to a Companion Loan, if any (provided that such rating agency confirmation may be considered satisfied in the same manner
as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates); (vii) to amend or supplement any
provision of the Pooling and Servicing Agreement to the extent necessary to maintain the then-current ratings assigned to each
Class of Certificates by each Rating Agency, as evidenced by a Rating Agency Confirmation from each of the Rating Agencies; provided
that such amendment or supplement shall not adversely affect in any material respect the interests of any Certificateholder not
consenting thereto as evidenced by an Opinion of Counsel, or any holder of a Serviced Pari Passu Companion Loan not consenting
to such revision or addition, as evidenced by an Opinion of Counsel at the expense of the party requesting such amendment or as
evidenced by confirmation of the applicable Rating Agencies that such action will not result in the downgrade, withdrawal or qualification
of its then-current ratings of any securities related to a Companion Loan, if any (provided that such Rating Agency Confirmation
may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the
Certificates); (viii) to modify the provisions of Section 3.06 and Section 3.17 of the Pooling and Servicing Agreement
(with respect to reimbursement of Nonrecoverable Advances and Workout-Delayed Reimbursement Amounts) if (a) the Depositor,
the Master Servicer, the Trustee and, for so long as a Control Termination Event has not occurred and is not continuing, the Directing
Holder, determine that the commercial mortgage backed securities industry standard for such provisions has changed, in order to
conform to such industry standard, (b) such modification does not adversely affect the status of any Trust REMIC as a REMIC
or the status of the Grantor Trust as a grantor trust under the relevant provisions of the Code, as evidenced by an Opinion of
Counsel and (c) each Rating Agency has delivered a Rating Agency Confirmation and, with regard to any class of Serviced Companion
Loan Securities, the applicable rating agencies have delivered a confirmation that such action will not result in the downgrade,
withdrawal or qualification of its then-current ratings (provided that such rating agency confirmation may be considered
satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates); (ix)
to modify the procedures of the Pooling and Servicing Agreement relating to compliance with Rule 17g-5 of

 

    A-12-10

     

    

 

the Exchange Act;
provided that such amendment shall not adversely affect in any material respects the interests of any Certificateholders,
as evidenced by (x) an Opinion of Counsel or (y) if any Certificate is then rated, receipt of Rating Agency Confirmation
from each Rating Agency rating such Certificates; and provided, further, that the Certificate Administrator shall
give notice of any such amendment to the 17g-5 Information Provider for posting to the 17g-5 Information Provider’s Website
and the Certificate Administrator shall post such notice to the Certificate Administrator’s Website; (x) to modify, eliminate
or add to any provisions of the Pooling and Servicing Agreement to such extent as would be necessary to comply with the requirements
for use of Form SF-3 in registered offerings to the extent provided in CFR 239.45(b)(1)(ii), (iii) or (iv); and (xi) to modify,
eliminate or add to any of its provisions (a) to such extent as will be necessary to comply with the requirements of the Risk Retention
Rule, as evidenced by an Opinion of Counsel, or (b) in the event the Risk Retention Rule or any other regulation applicable to
the risk retention requirements for this securitization transaction are amended or repealed, to the extent required to comply with
any such amendment or to modify or eliminate the risk retention requirements in the event of such repeal, as evidenced by an Opinion
of Counsel.

 

The Pooling and Servicing
Agreement or any Custodial Agreement may also be amended from time to time by the Depositor, the Master Servicer, the Special Servicer,
the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the Trustee with the prior written
consent of the Holders of Certificates representing not less than a majority of the Percentage Interests of each Class of
Certificates affected thereby (without regard to Certificates held by the Depositor, any of the Depositor’s Affiliates and/or
agents) and each Serviced Companion Loan Noteholder affected thereby for the purpose of adding any provisions to or changing in
any manner or eliminating any of the provisions of the Pooling and Servicing Agreement or modifying in any manner the rights of
the Certificateholders or the Serviced Companion Loan Noteholders; provided, that no such amendment may:

 

		(i)	reduce in any manner the amount of, or delay the timing of, payments received on the Mortgage Loans
or Serviced Whole Loan which are required to be distributed on any Certificate, without the consent of the Holders of Certificates
representing all of the Percentage Interests of the Class or Classes affected thereby or which are required to be distributed to
any Companion Loan Noteholders without the consent of such Companion Loan Noteholders;

 

		(ii)	reduce the aforesaid percentage of Certificates of any Class the Holders of which are required
to consent to any such amendment or remove the requirement to obtain consent of any Companion Loan Noteholder, in any such case
without the consent of the Holders of all Certificates of such Class then-outstanding or such Companion Loan Noteholder, as applicable;

 

		(iii)	adversely affect the Voting Rights of any Class of Certificates without the consent of the Holders
of all Certificates of such Class then outstanding;

 

    A-12-11

     

    

 

		(iv)	change in any manner any defined term used in any Mortgage Loan Purchase Agreement or the obligations
of any Mortgage Loan Seller under such Mortgage Loan Purchase Agreement or otherwise or change any rights of any Mortgage Loan
Seller as a third party beneficiary hereunder, without the consent of such Mortgage Loan Seller; or

 

		(v)	amend the Servicing Standard without the consent of 100% of the Certificateholders or receipt of
Rating Agency Confirmation from each Rating Agency and confirmation of the applicable rating agencies that such action will not
result in the downgrade, withdrawal or qualification of its then-current ratings of any securities related to a Companion Loan,
if any (provided that such rating agency confirmation may be considered satisfied in the same manner as any Rating Agency
Confirmation may be considered satisfied with respect to the Certificates).

 

Further, the Depositor,
the Master Servicer, the Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer
and the Trustee, at any time and from time to time, without the consent of the Certificateholders or, if applicable, the Serviced
Companion Loan Noteholders, may amend the Pooling and Servicing Agreement to modify, eliminate or add to any of its provisions
(i) to such extent as shall be necessary to maintain the qualification of the Lower-Tier REMIC or the Upper-Tier REMIC as a REMIC
or the qualification of the Grantor Trust as a grantor trust, or to prevent the imposition of any additional material state or
local taxes, at all times that any Certificates are outstanding; provided that such action, as evidenced by an Opinion of
Counsel (obtained at the expense of the Trust Fund), is necessary or helpful to maintain such qualification or to prevent the imposition
of any such taxes, and would not adversely affect in any material respect the interest of any Certificateholder or if applicable,
any Serviced Companion Loan Noteholder or (ii) to the extent necessary to comply with the Investment Company Act of 1940, as amended,
the Exchange Act, Regulation AB, and/or any related regulatory actions and/or interpretations.

 

The Certificateholder
owning a majority of the Percentage Interest in the Controlling Class and, if no such Certificateholder exercises such option,
the Special Servicer, and if the Special Servicer does not exercise such option, the Master Servicer may effect an early termination
of the Trust Fund, upon not less than 30 days’ prior Notice of Termination given to the Trustee, the Special Servicer and
the Master Servicer any time specifying the Anticipated Termination Date, which shall be on or after the Early Termination Notice
Date (defined as any date as of which the aggregate Stated Principal Balance of the Mortgage Loans remaining in the Trust is less
than 1.0% of the aggregate Stated Principal Balance of the Mortgage Loans as of the Cut-off Date) by purchasing on such date all,
but not less than all, of the Mortgage Loans then included in the Trust Fund, and the Trust’s interest in all property acquired
in respect of any Mortgage Loan, at a purchase price, payable in cash, equal to the sum of, without duplication:

 

		(A)	100% of the Stated Principal Balance of each Mortgage Loan included in the Trust as of the last
day of the month preceding such Anticipated Termination Date (less any P&I Advances previously made on account of principal);

 

    A-12-12

     

    

 

		(B)	the fair market value of all other property included in the Trust Fund as of the last day of the
month preceding such Anticipated Termination Date, as determined by an Independent appraiser acceptable to the Master Servicer
as of a date not more than 30 days prior to the last day of the month preceding such Distribution Date;

 

		(C)	all unpaid interest accrued on the unpaid balance of each Mortgage Loan (including any Mortgage
Loan as to which title to the related Mortgaged Property has been acquired) at the Mortgage Rate to the last day of the month preceding
such Anticipated Termination Date (less any P&I Advances previously made on account of interest); and

 

		(D)	the aggregate amount of unreimbursed Advances, with interest thereon at the Reimbursement Rate,
and unpaid Servicing Compensation, Special Servicing Compensation, Operating Advisor Fees, Certificate Administrator/Trustee Fees,
the CREFC® Intellectual Property Royalty License Fees and Trust Fund expenses.

 

In addition, the Pooling
and Servicing Agreement provides that following the date on which the Class X-A Notional Amount, the Class X-B Notional Amount,
the Class X-D Notional Amount and the aggregate Certificate Balance of the Class A-1, Class A-2, Class A-3, Class A-SB,
Class A-4, Class A-5, Class A-M, Class B, Class C and Class D Certificates is reduced to zero, the Sole Certificateholder shall
have the right to exchange all of the then-outstanding Certificates (other than the Class S or Class R Certificates) for all
of the Mortgage Loans and each REO Property remaining in the Trust Fund as contemplated by clause (ii) of Section 9.01(a)
of the Pooling and Servicing Agreement by giving written notice to all the parties to the Pooling and Servicing Agreement no later
than 60 days prior to the anticipated date of exchange.

 

All costs and expenses
incurred by any and all parties to the Pooling and Servicing Agreement or by the Trust Fund in connection with the purchase of
the Mortgage Loans and the other assets of the Trust Fund pursuant to Section 9.01(c) of the Pooling and Servicing Agreement
shall be borne by the party exercising its purchase rights thereunder. The Trustee and the Certificate Administrator shall be entitled
to rely conclusively on any determination made by an Independent appraiser pursuant to Section 9.01(c) of the Pooling and
Servicing Agreement.

 

The respective obligations
and responsibilities of the Master Servicer, the Special Servicer, the Depositor, the Certificate Administrator, the Operating
Advisor, the Asset Representations Reviewer and the Trustee created by the Pooling and Servicing Agreement with respect to the
Certificates (other than the obligations of the Certificate Administrator to make certain payments and to send certain notices
to Certificateholders as set forth in the Pooling and Servicing Agreement) shall terminate upon payment (or provision for payment)
to the Certificateholders and the Serviced Companion Loan Noteholders of all amounts held by or on

 

    A-12-13

     

    

 

behalf of the Trustee, the Certificate
Administrator and the Master Servicer, as the case may be, required under the Pooling and Servicing Agreement to be so paid on
the Distribution Date following the earlier to occur of (i) the purchase of the Mortgage Loans and all other property held by the
Trust Fund in accordance with Section 9.01(c) of the Pooling and Servicing Agreement; (ii) the exchange by the Sole Certificateholder
of its Certificates for the Mortgage Loans in accordance with Section 9.01(g) of the Pooling and Servicing Agreement; and (iii) the
later of (a) the receipt or collection of the last payment due on any Mortgage Loan included in the Trust Fund, or (b) the
liquidation and disposition pursuant to the Pooling and Servicing Agreement of the last asset held by the Trust Fund; provided
that in no event shall the trust created by the Pooling and Servicing Agreement continue beyond the expiration of 21 years
from the death of the last survivor of the descendants of Joseph P. Kennedy, the late Ambassador of the United States to the United
Kingdom, living on the date hereof.

 

Unless the Certificate
of Authentication on this Certificate has been executed by the Authenticating Agent, by manual signature, this Certificate shall
not be entitled to any benefit under the Pooling and Servicing Agreement or be valid for any purpose.

 

    A-12-14

     

    

 

IN WITNESS WHEREOF, the
Certificate Administrator has caused this Class F-RR Certificate to be duly executed.

 

Dated: January 31, 2018 

	 	 	 
	 	WELLS FARGO BANK, NATIONAL ASSOCIATION,
    not in its individual capacity but solely as Certificate Administrator
	 	 	 
	 	By: 	 
	 	 	Authorized Signatory

 

Certificate of Authentication

 

This is one of the Class F-RR
Certificates referred to in the Pooling and Servicing Agreement.

 

Dated: January 31, 2018

	 	 	 
	 	WELLS FARGO BANK, NATIONAL ASSOCIATION,
    not in its individual capacity but solely as Authenticating
    Agent
	 	 	 
	 	By: 	 
	 	 	Authorized Signatory

 

    A-12-15

     

    

 

EXHIBIT A-13

 

FORM OF CLASS G-RR [RULE 144A]1
[REG S]2 CERTIFICATE

 

[UNLESS THIS CERTIFICATE IS PRESENTED
BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE CERTIFICATE
REGISTRAR FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE &
CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR
TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE
OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.]3

 

THIS CERTIFICATE HAS NOT BEEN AND WILL
NOT BE REGISTERED OR QUALIFIED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR
ANY STATE OR FOREIGN SECURITIES LAW. THE HOLDER HEREOF, BY PURCHASING THIS CERTIFICATE, AGREES THAT THIS CERTIFICATE MAY BE REOFFERED,
RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY IN COMPLIANCE WITH THE SECURITIES ACT AND OTHER APPLICABLE LAWS, AND ONLY (A)(1)
PURSUANT TO A REGISTRATION STATEMENT WHICH HAS BEEN DECLARED EFFECTIVE UNDER THE SECURITIES ACT, (2) FOR SO LONG AS THIS CERTIFICATE
IS ELIGIBLE FOR RESALE PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”), TO AN INSTITUTIONAL INVESTOR
THAT THE HOLDER REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” WITHIN THE MEANING OF RULE 144A (“QUALIFIED
INSTITUTIONAL BUYER”), PURCHASING FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF ANOTHER QUALIFIED INSTITUTIONAL BUYER, WHOM
THE HOLDER HAS INFORMED, IN EACH CASE, THAT THE REOFFER, RESALE, PLEDGE OR OTHER TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A,
(3) TO AN INSTITUTIONAL “ACCREDITED INVESTOR,” WITHIN THE MEANING OF RULE 501(a)(1), (2), (3) OR (7) OF REGULATION
D UNDER THE SECURITIES ACT OR ANY ENTITY IN WHICH ALL OF THE EQUITY OWNERS ARE SUCH ACCREDITED INVESTORS, OR (4) TO INSTITUTIONS
THAT ARE A NON-“U.S. PERSON” IN AN “OFFSHORE TRANSACTION,” AS SUCH TERMS ARE DEFINED IN, AND IN ACCORDANCE
WITH RULE 903 OR RULE 904 OF, REGULATION S UNDER THE SECURITIES ACT, AND (B) IN ACCORDANCE WITH ANY OTHER APPLICABLE SECURITIES
LAWS OF ANY STATE OF THE UNITED STATES OR ANY OTHER APPLICABLE JURISDICTION.

 

 

 

1 For Rule 144A Global
Certificates only.

2 For Reg S Global Certificates
only.

3 Legend
required as long as DTC is the Depository under the Pooling and Servicing Agreement.

 

    A-13-1

     

    

 

THIS CERTIFICATE IS INTENDED TO CONSTITUTE
PART OF AN “ELIGIBLE HORIZONTAL RESIDUAL INTEREST” (AS DEFINED IN REGULATION RR PROMULGATED UNDER SECTION 15G OF THE
SECURITIES EXCHANGE ACT OF 1934, AS AMENDED), AND AS SUCH IS SUBJECT TO VARIOUS PROHIBITIONS ON HEDGING, TRANSFER AND FINANCING
SET FORTH IN REGULATION RR PROMULGATED UNDER SECTION 15G OF THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED. THE INITIAL PURCHASER
OF THIS CERTIFICATE, AND EACH SUBSEQUENT PURCHASER OF THIS CERTIFICATE, BY PURCHASING THIS CERTIFICATE OR AN INTEREST HEREIN, IS
DEEMED TO HAVE AGREED TO COMPLY WITH CERTAIN TRANSFER REQUIREMENTS SET FORTH IN THE POOLING AND SERVICING AGREEMENT. 

 

THE INITIAL INVESTOR IN THIS CERTIFICATE,
AND EACH SUBSEQUENT PURCHASER OF THIS CERTIFICATE, BY PURCHASING THIS CERTIFICATE OR AN INTEREST HEREIN, IS DEEMED TO HAVE AGREED
TO COMPLY WITH CERTAIN TRANSFER REQUIREMENTS SET FORTH IN THE POOLING AND SERVICING AGREEMENT.  A TRANSFEREE IS ALSO REQUIRED
TO DELIVER AN INVESTMENT REPRESENTATION LETTER SUBSTANTIALLY IN THE FORM OF EXHIBIT D-1 TO THE POOLING AND SERVICING AGREEMENT
IF SUCH TRANSFEREE IS A QUALIFIED INSTITUTIONAL BUYER OR (OTHER THAN WITH RESPECT TO A RESIDUAL CERTIFICATE) AN INSTITUTIONAL ACCREDITED
INVESTOR, AND MAY ALSO BE REQUIRED TO DELIVER AN OPINION OF COUNSEL IF SUCH TRANSFEREE IS NOT A QUALIFIED INSTITUTIONAL BUYER WITHIN
THE MEANING OF RULE 144A.

 

ANY HOLDER DESIRING TO EFFECT A TRANSFER
OF THIS CERTIFICATE SHALL, AND DOES HEREBY AGREE TO, INDEMNIFY THE CERTIFICATE REGISTRAR, THE CERTIFICATE ADMINISTRATOR, THE TRUSTEE,
THE MASTER SERVICER AND THE DEPOSITOR AGAINST ANY LOSS, LIABILITY OR EXPENSE THAT MAY RESULT IF THE TRANSFER IS NOT EXEMPT FROM
THE SECURITIES ACT OR IS NOT MADE IN ACCORDANCE WITH FEDERAL AND STATE LAWS.

 

THIS CERTIFICATE DOES NOT REPRESENT
AN OBLIGATION OF OR INTEREST IN THE DEPOSITOR, THE ORIGINATOR, THE MASTER SERVICER, THE SPECIAL SERVICER, THE CERTIFICATE ADMINISTRATOR,
THE CERTIFICATE REGISTRAR, THE OPERATING ADVISOR, THE ASSET REPRESENTATIONS REVIEWER, THE RISK RETENTION CONSULTATION PARTY, THE
TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THE CERTIFICATES NOR THE UNDERLYING MORTGAGE LOANS ARE INSURED OR GUARANTEED
BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY.

 

PRINCIPAL PAYMENTS ON THIS CERTIFICATE
ARE PAYABLE IN INSTALLMENTS AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING CERTIFICATE BALANCE OF THIS CERTIFICATE AT ANY TIME
MAY BE LESS THAN THE INITIAL CERTIFICATE BALANCE SET FORTH BELOW.

 

    A-13-2

     

    

 

TRANSFERS AND EXCHANGES OF PORTIONS
OF THIS CERTIFICATE ARE SUBJECT TO RESTRICTIONS AS PROVIDED IN THE POOLING AND SERVICING AGREEMENT REFERRED TO BELOW.

 

THIS CERTIFICATE IS SUBORDINATE TO ONE
OR MORE OTHER CLASSES OF CERTIFICATES AS AND TO THE EXTENT SET FORTH IN THE POOLING AND SERVICING AGREEMENT REFERRED TO HEREIN.

 

THIS CERTIFICATE SHOULD NOT BE PURCHASED
BY A TRANSFEREE THAT IS OR BECOMES (A) AN EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT ARRANGEMENT, INCLUDING AN INDIVIDUAL RETIREMENT
ACCOUNT OR A KEOGH PLAN, WHICH IS SUBJECT TO THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”),
OR SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”) OR A GOVERNMENTAL PLAN, AS DEFINED
IN SECTION 3(32) OF ERISA, OR OTHER PLAN SUBJECT TO ANY FEDERAL, STATE OR LOCAL LAW (“SIMILAR LAW”) WHICH IS
TO A MATERIAL EXTENT SIMILAR TO THE FOREGOING PROVISIONS OF ERISA OR THE CODE (EACH, A “PLAN”), OR (B) A COLLECTIVE
INVESTMENT FUND WHOSE UNDERLYING ASSETS INCLUDE PLAN ASSETS BY REASON OF A PLAN’S INVESTMENT IN THE COLLECTIVE INVESTMENT
FUND (PURSUANT TO U.S. DEPARTMENT OF LABOR REGULATION SECTION 2510.3-101, AS MODIFIED BY SECTION 3(42) OF ERISA), AN INSURANCE
COMPANY USING ASSETS OF SEPARATE ACCOUNTS OR GENERAL ACCOUNTS WHICH INCLUDE ASSETS OF PLANS (OR WHICH ARE DEEMED PURSUANT TO ERISA
OR ANY SIMILAR LAW TO INCLUDE ASSETS OF PLANS) OR OTHER PERSON ACTING ON BEHALF OF ANY SUCH PLAN OR USING THE ASSETS OF ANY SUCH
PLAN, OTHER THAN AN INSURANCE COMPANY USING THE ASSETS OF ITS GENERAL ACCOUNT UNDER CIRCUMSTANCES WHEREBY SUCH PURCHASE AND THE
SUBSEQUENT HOLDING OF SUCH CERTIFICATE BY SUCH INSURANCE COMPANY WOULD BE EXEMPT FROM THE PROHIBITED TRANSACTION PROVISIONS OF
SECTIONS 406 AND 407 OF ERISA, AND CODE SECTION 4975 UNDER SECTIONS I AND III OF PTCE 95-60 OR A SUBSTANTIALLY SIMILAR EXEMPTION
UNDER SIMILAR LAW. TRANSFEREES OF THIS CERTIFICATE TAKING DELIVERY IN CERTIFICATED FORM SHALL BE REQUIRED EITHER (i) TO DELIVER
A LETTER IN THE FORM ATTACHED TO THE POOLING AND SERVICING AGREEMENT TO SUCH EFFECT, OR (ii) IF THE TRANSFEREE IS SUCH AN ENTITY
SPECIFIED IN (A) OR (B) ABOVE, SUCH ENTITY SHALL PROVIDE ANY OPINIONS OF COUNSEL, OFFICERS’ CERTIFICATES OR AGREEMENTS AS
MAY BE REQUIRED BY, AND IN FORM AND SUBSTANCE SATISFACTORY TO, THE DEPOSITOR, THE CERTIFICATE ADMINISTRATOR AND THE CERTIFICATE
REGISTRAR, TO THE EFFECT THAT THE PURCHASE AND HOLDING OF THE CERTIFICATES BY OR ON BEHALF OF A PLAN WILL NOT CONSTITUTE OR RESULT
IN A NON-EXEMPT PROHIBITED TRANSACTION WITHIN THE MEANING OF SECTION 406 OR 407 OF ERISA OR CODE SECTION 4975 (OR SIMILAR VIOLATION
OF SIMILAR LAW), AND WILL NOT SUBJECT THE MASTER SERVICER, THE SPECIAL SERVICER, THE DEPOSITOR, THE CERTIFICATE ADMINISTRATOR,
THE OPERATING ADVISOR,

 

    A-13-3

     

    

 

THE ASSET REPRESENTATIONS REVIEWER, THE TRUSTEE OR THE CERTIFICATE REGISTRAR TO ANY OBLIGATION OR LIABILITY.
THE TRANSFEREE OF A BENEFICIAL INTEREST IN A “GLOBAL CERTIFICATE” THAT IS A “RESTRICTED CERTIFICATE” (EACH
AS DEFINED IN THE POOLING AND SERVICING AGREEMENT) SHALL BE DEEMED TO REPRESENT THAT IT IS NOT A PLAN OR A PERSON ACTING ON BEHALF
OF ANY PLAN OR USING THE ASSETS OF ANY PLAN TO ACQUIRE SUCH INTEREST, OTHER THAN AN INSURANCE COMPANY USING THE ASSETS OF ITS GENERAL
ACCOUNT UNDER CIRCUMSTANCES WHEREBY SUCH PURCHASE AND THE SUBSEQUENT HOLDING OF SUCH CERTIFICATE BY SUCH INSURANCE COMPANY WOULD
BE EXEMPT FROM THE PROHIBITED TRANSACTION PROVISIONS OF SECTIONS 406 AND 407 OF ERISA, AND CODE SECTION 4975 UNDER SECTIONS I AND
III OF PTCE 95-60, OR A SUBSTANTIALLY SIMILAR EXEMPTION UNDER SIMILAR LAW.

 

FOR U.S. FEDERAL INCOME TAX PURPOSES,
THIS CERTIFICATE REPRESENTS A “REGULAR INTEREST” IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE
TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G(a)(1) AND 860D OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED.

 

[THIS CERTIFICATE HAS NOT BEEN AND WILL
NOT BE REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT AND, PRIOR TO THE DATE THAT IS 40 DAYS AFTER THE OFFERING OF THE CERTIFICATES,
MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED IN THE UNITED STATES OR TO A U.S. PERSON EXCEPT PURSUANT TO AN EXEMPTION
FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT.]4

 

 

 

4
For Reg S Global Certificates only.

 

    A-13-4

     

    

 

 

BENCHMARK 2018-B1 MORTGAGE TRUST COMMERCIAL
MORTGAGE

PASS-THROUGH CERTIFICATES, CLASS G-RR

 

	Class G-RR Pass-Through Rate:  Equal to WAC Rate	 	
        CUSIP:  08162PAN15

                      U0733TAG26

                      08162PAP67

         

        ISIN:     US08162PAN158

                      USU0733TAG239

                      US08162PAP6210

         

	Original Aggregate Certificate Balance of the

Class G-RR Certificates: $40,816,346	 	Initial Certificate Balance of this Certificate: $[_____]
	 	 	 
	First Distribution Date: February 16, 2018	 	Cut-off Date: The close of business on the later of the related Due Date of such Mortgage Loan in January 2018 (or, in the case of any Mortgage Loan that has its first Due Date subsequent to January 2018, the date that would have been its Due Date in January 2018 under the terms of that Mortgage Loan if a Periodic Payment were scheduled to be due in that month) and the date of origination of such Mortgage Loan
	 	 	 
	Assumed Final Distribution Date: January 2028	 	No.: G-RR-[__]

 

This certifies that [              ]
is the registered owner of a beneficial ownership interest in a Trust Fund, including the distributions to be made with respect
to the Class G-RR Certificates. The Trust Fund, described more fully below, consists primarily of a pool of Mortgage Loans
secured by first liens on commercial and multifamily properties and held in trust by the Trustee and serviced by the Master Servicer.
The Trust Fund was created, and the Mortgage Loans are to be serviced, pursuant to the Pooling and Servicing Agreement (as defined
below). The Holder of this Certificate, by virtue of the acceptance hereof, assents to the terms, provisions and conditions of
the Pooling and Servicing Agreement and is bound thereby.

 

The Pooling and Servicing
Agreement, dated as of January 1, 2018 (the “Pooling and Servicing Agreement”), between the Depositor, Wells
Fargo Bank, National Association, as

 

 

 

5 For Rule 144A Certificates

6 For Regulation S Certificates

7 For IAI Certificates

8 For Rule 144A Certificates

9 For Regulation S Certificates

10 For IAI
Certificates

 

    A-13-5

     

    

 

master servicer (in such capacity, the “Master Servicer”), Midland Loan
Services, a Division of PNC Bank, National Association, as special servicer (the “Special Servicer”), Wilmington
Trust, National Association, as trustee (the “Trustee”), Wells Fargo Bank, National Association, as certificate
administrator (in such capacity, the “Certificate Administrator”), custodian and paying agent, and Park Bridge
Lender Services LLC, as operating advisor (in such capacity, the “Operating Advisor”) and asset representations
reviewer (in such capacity, the “Asset Representations Reviewer”) evidences the issuance of the Class A-1, Class
A-2, Class A-3, Class A-SB, Class A-4, Class A-5, Class A-M, Class B, Class C, Class D, Class E, Class F-RR, Class G-RR,
Class X-A, Class X-B, Class X-D, Class X-E, Class S, Class R, Class V2, Class V1-A1, Class V1-A2, Class V1-A3, Class V1-ASB,
Class V1-A4, Class V1-A5, Class V1-AM, Class V1-B, Class V1-C, Class V1-D, Class V1-E, Class V1-F and Class V1-G Certificates (the
“Certificates”; the Holders of Certificates issued under the Pooling and Servicing Agreement are collectively
referred to herein as “Certificateholders”). This Certificate is issued pursuant to, and in accordance with,
the terms of the Pooling and Servicing Agreement. To the extent not defined herein, capitalized terms used herein shall have the
meanings assigned thereto in the Pooling and Servicing Agreement.

 

This Certificate represents
a “regular interest” in a “real estate mortgage investment conduit”, as those terms are defined, respectively,
in Sections 860G(a)(1) and 860D of the Internal Revenue Code of 1986, as amended. Each Holder of this Certificate, by acceptance
hereof, agrees to treat, and take no action inconsistent with the treatment of, this Certificate in accordance with the preceding
sentence for purposes of federal income taxes, state and local income and franchise taxes and other taxes imposed on or measured
by income.

 

The Certificate Administrator
makes no representation or warranty as to any of the statements contained herein or the validity or sufficiency of the Certificates
or the Mortgage Loans and has executed this Certificate in its limited capacity as Certificate Administrator under the Pooling
and Servicing Agreement. In the event that there is any conflict between any provision of this Certificate and any provision of
the Pooling and Servicing Agreement, such provision of this Certificate shall be superseded to the extent of such inconsistency.

 

Pursuant to the terms
of the Pooling and Servicing Agreement, the Certificate Administrator, or the Paying Agent on behalf of the Certificate Administrator,
will distribute (other than the final distribution on any Certificate), on the fourth Business Day after each Determination Date
(each such date, a “Distribution Date”) an amount equal to such Person’s pro rata share (based on the
Percentage Interest represented by this Certificate) of that portion of the aggregate amount of principal and interest then distributable,
if any, allocable to the Class G-RR Certificates for such Distribution Date, all as more fully described in the Pooling and
Servicing Agreement. “Determination Date” is defined in the Pooling and Servicing Agreement as the eleventh day of
each month, or if such eleventh day is not a Business Day, then the next Business Day, commencing in February 2018.

 

During each Interest
Accrual Period (as defined below), interest on the Class G-RR Certificates will be calculated based on a 360-day year consisting
of twelve 30-day months on the outstanding Certificate Balance hereof.

 

    A-13-6

     

    

 

Interest accrued on this
Certificate during an Interest Accrual Period, plus the aggregate unpaid Interest Shortfall with respect to this Certificate, if
any, will be payable on the related Distribution Date to the extent provided in the Pooling and Servicing Agreement. The “Interest
Accrual Period” means, with respect to any Distribution Date, the calendar month immediately preceding the month in which
such Distribution Date occurs. Each Interest Accrual Period is assumed to consist of 30 days.

 

All distributions (other
than the final distribution on any Certificate) will be made by the Paying Agent to the Persons in whose names the Certificates
are registered at the close of business on each Record Date, which will be the close of business on the last Business Day of the
calendar month immediately preceding the month in which such Distribution Date occurs. Such distributions shall be made on each
Distribution Date other than the Termination Date to each Certificateholder of record on the related Record Date, (i) by wire transfer
of immediately available funds to the account of such Holder at a bank or other entity located in the United States and having
appropriate facilities therefor if such Holder shall have provided the Paying Agent with wire instructions in writing at least
five Business Days prior to the related Record Date (which wiring instructions may be in the form of a standing order applicable
to all subsequent distributions), or (ii) otherwise, by check mailed by first-class mail to the address set forth therefor in the
Certificate Register. The final distribution on each Certificate shall be made in like manner, but only upon presentment and surrender
of such Certificate at the office of the Certificate Administrator or its agent (which may be the Paying Agent or the Certificate
Registrar acting as such agent) that is specified in the notice to Holders of such final distribution.

 

Any funds not distributed
on the Termination Date because of the failure of any Certificateholders to tender their Certificates shall, on such date, be set
aside and held for the benefit of the appropriate non-tendering Certificateholders. If any Certificates as to which notice of the
Termination Date has been given pursuant to the Pooling and Servicing Agreement shall not have been surrendered for cancellation
within six months after the time specified in such notice, the Certificate Administrator shall mail a second notice to the remaining
non-tendering Certificateholders to surrender their Certificates for cancellation to receive the final distribution with respect
thereto. If within one year after the second notice not all of such Certificates shall have been surrendered for cancellation,
the Certificate Administrator may, directly or through an agent, take appropriate steps to contact the remaining non-tendering
Certificateholders concerning surrender of their Certificates. The costs and expenses of holding such funds in trust and of contacting
such Certificateholders shall be paid out of such funds. Subject to applicable state escheatment laws, if within two years after
the second notice any such Certificates shall not have been surrendered for cancellation, the Paying Agent shall distribute to
the Certificate Administrator all amounts distributable to the Holders thereof, and the Certificate Administrator shall thereafter
hold such amounts for the benefit of such Holders until the earlier of (i) its termination as Certificate Administrator under the
Pooling and Servicing Agreement and the transfer of such amounts to a successor Certificate Administrator and (ii) the termination
of the Trust Fund and distribution of such amounts to the Class R Certificateholders. No interest shall accrue or be payable to
any Certificateholder on any amount held under the Pooling and Servicing Agreement or by the Certificate Administrator as a result
of such Certificateholder’s failure to surrender its Certificate(s) for final payment thereof in accordance with the Pooling
and Servicing Agreement. Any such amounts transferred to the Certificate Administrator may be

 

    A-13-7

     

    

 

invested in Permitted Investments
and all income and gain realized from investment of such funds shall accrue for its benefit.

 

This Certificate is limited
in right of payment to, among other things, certain collections and recoveries in respect of the Mortgage Loans, as more specifically
set forth herein and in the Pooling and Servicing Agreement.

 

As provided in the Pooling
and Servicing Agreement, the Trust Fund includes (in each case, to the extent of the Trust Fund’s interest therein and specifically
excluding any interest of any Serviced Companion Loan Noteholder therein): (i) such Mortgage Loans as from time to time are subject
to the Pooling and Servicing Agreement, together with the Mortgage Files relating thereto; (ii) all scheduled or unscheduled payments
on or collections in respect of the Mortgage Loans due after the Cut-off Date; (iii) the Trust Fund’s interest in any REO
Property; (iv) all revenues received in respect of any REO Property; (v) any Assignments of Leases, Rents and Profits and any security
agreements related to the Mortgage Loans; (vi) any indemnities or guaranties given as additional security for any Mortgage Loans;
(vii) a security interest in all assets deposited in the Lock-Box Accounts, Cash Collateral Accounts, Escrow Accounts, and Reserve
Accounts; (viii) the Loss of Value Reserve Fund; (ix) the Collection Account, the Serviced Whole Loan Collection Accounts, the
Distribution Accounts, any Gain-on-Sale Reserve Account, the Interest Reserve Account, and the Trust’s interest in any REO
Account, including any amounts on deposit therein, assets credited thereto and any reinvestment income, as applicable; (x) a security
interest in any environmental indemnity agreements relating to the Mortgaged Properties; (xi) a security interest in all insurance
policies with respect to the Mortgage Loans and the Mortgaged Properties; (xii) the rights and remedies under the Mortgage Loan
Purchase Agreements relating to document delivery requirements with respect to the Mortgage Loans and the representations and warranties
of the related Mortgage Loan Seller regarding its Mortgage Loans; (xiii) the Lower-Tier Regular Interests; (xiv) the Class VRR
Upper-Tier Regular Interests; and (xv) the proceeds of the foregoing (other than any interest earned on deposits in the Lock-Box
Accounts, Cash Collateral Accounts, Escrow Accounts and any Reserve Accounts, to the extent such interest belongs to the related
Borrower). As provided in the Pooling and Servicing Agreement, withdrawals may be made from certain of the above accounts for purposes
other than distributions to Certificateholders.

 

This Certificate does
not purport to summarize the Pooling and Servicing Agreement, and reference is made to the Pooling and Servicing Agreement for
the interests, rights, benefits, obligations and duties evidenced hereby, and the limitations thereon, and the rights, duties and
immunities of the Certificate Administrator.

 

As provided in the Pooling
and Servicing Agreement and subject to certain limitations set forth therein, this Certificate is transferable or exchangeable
only upon surrender of this Certificate to the Certificate Registrar at its offices together with an assignment and transfer (executed
by the Holder or his duly authorized attorney), subject to the requirements in Article V of the Pooling and Servicing Agreement.
Upon surrender for registration of transfer of this Certificate, subject to the requirements in Article V of the Pooling and Servicing
Agreement, the Certificate Administrator shall execute and the Authenticating Agent shall duly authenticate in the name of the
designated transferee or transferees, one or more new Certificates in authorized denominations of a like aggregate denomination
as the Certificate being surrendered.

 

    A-13-8

     

    

 

Such Certificates shall be delivered by the Certificate Registrar in accordance with Article
V of the Pooling and Servicing Agreement.

 

Prior to due presentation
of this Certificate for registration of transfer, the Depositor, the Master Servicer, the Special Servicer, the Operating Advisor,
the Asset Representations Reviewer, the Certificate Administrator, the Trustee, the Certificate Registrar, any Paying Agent and
any agent of any of them may treat the Person in whose name this Certificate is registered as the owner hereof for all purposes,
and none of the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator, the Trustee, the Certificate
Registrar, any Paying Agent or any agent of any of them shall be affected by notice or knowledge to the contrary.

 

No fee or service charge
shall be imposed by the Certificate Registrar for its services in respect of any registration of transfer or exchange referred
to in Section 5.02 of the Pooling and Servicing Agreement other than for transfers to Institutional Accredited Investors as provided
in Section 5.02(h) of the Pooling and Servicing Agreement. In connection with any transfer to an Institutional Accredited Investor,
the transferor shall reimburse the Trust Fund for any costs (including the cost of the Certificate Registrar’s counsel’s
review of the documents and any legal opinions, submitted by the transferor or transferee to the Certificate Registrar as provided
in the Pooling and Servicing Agreement) incurred by the Certificate Registrar in connection with such transfer. The Certificate
Registrar may require payment by each transferor of a sum sufficient to cover any tax, expense or other governmental charge payable
in connection with any such transfer.

 

The Pooling and Servicing
Agreement or any Custodial Agreement may be amended at any time by the Depositor, the Master Servicer, the Special Servicer, the
Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the Trustee without the consent of any
of the Certificateholders or any Serviced Companion Loan Noteholders, (i) to cure any ambiguity or to correct any manifest error;
(ii) to cause the provisions of the Pooling and Servicing Agreement or any Custodial Agreement to conform or be consistent
with or in furtherance of the statements made in the Prospectus or Private Placement Memorandum with respect to the Certificates,
the Trust or the Pooling and Servicing Agreement or to correct or supplement any provisions of the Pooling and Servicing Agreement
or any Custodial Agreement which may be defective or inconsistent with any other provisions of the Pooling and Servicing Agreement
or any Custodial Agreement; (iii) to change the timing and/or nature of deposits in the Collection Account, the Distribution
Accounts or any REO Account; provided that (a) the Master Servicer Remittance Date shall in no event be later than the Business
Day prior to the related Distribution Date and (b) such change shall not adversely affect in any material respect the interests
of any Certificateholder, as evidenced in writing by an Opinion of Counsel at the expense of the party requesting such amendment
or as evidenced by a Rating Agency Confirmation from each Rating Agency with respect to such amendment; (iv) to modify, eliminate
or add to any of its provisions to such extent as shall be necessary to maintain the qualification of any Trust REMIC as a REMIC
or the Grantor Trust as a grantor trust under the relevant provisions of the Code at all times that any Certificate is outstanding,
or to avoid or minimize the risk of imposition of any tax on the Trust Fund or any Trust REMIC or the Grantor Trust that would
be a claim against the Trust Fund or any Trust REMIC or the Grantor Trust; provided that the Trustee and the Certificate
Administrator have received an Opinion of Counsel

 

    A-13-9

     

    

 

(at the expense of the party requesting such amendment) to the effect that (a) such
action is necessary or desirable to maintain such qualification or to avoid or minimize the risk of the imposition of any such
tax and (b) such action will not adversely affect in any material respect the interests of any Certificateholder or Companion
Loan Noteholder; (v) to modify, eliminate or add to the provisions any provision of the Pooling and Servicing Agreement restricting
transfer of the Class R Certificates; provided the Depositor has determined that such change shall not, as evidenced
by an Opinion of Counsel, cause the Trust Fund, any Trust REMIC or any of the Certificateholders (other than the Transferor) to
be subject to a federal tax caused by a Transfer to a Person that is a Disqualified Organization or a Non-U.S. Tax Person; (vi)
to revise or add any other provisions with respect to matters or questions arising under the Pooling and Servicing Agreement or
any other change; provided that the required action shall not adversely affect in any material respect the interests of
any Certificateholder or any holder of a Serviced Pari Passu Companion Loan not consenting thereto as evidenced in writing by an
Opinion of Counsel, at the expense of the party requesting such amendment or as evidenced by a Rating Agency Confirmation from
each of the Rating Agencies with respect to such amendment or supplement and confirmation of the applicable rating agencies that
such action will not result in the downgrade, withdrawal or qualification of its then-current ratings of any securities related
to a Companion Loan, if any (provided that such rating agency confirmation may be considered satisfied in the same manner
as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates); (vii) to amend or supplement any
provision of the Pooling and Servicing Agreement to the extent necessary to maintain the then-current ratings assigned to each
Class of Certificates by each Rating Agency, as evidenced by a Rating Agency Confirmation from each of the Rating Agencies; provided
that such amendment or supplement shall not adversely affect in any material respect the interests of any Certificateholder not
consenting thereto as evidenced by an Opinion of Counsel, or any holder of a Serviced Pari Passu Companion Loan not consenting
to such revision or addition, as evidenced by an Opinion of Counsel at the expense of the party requesting such amendment or as
evidenced by confirmation of the applicable Rating Agencies that such action will not result in the downgrade, withdrawal or qualification
of its then-current ratings of any securities related to a Companion Loan, if any (provided that such Rating Agency Confirmation
may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the
Certificates); (viii) to modify the provisions of Section 3.06 and Section 3.17 of the Pooling and Servicing Agreement
(with respect to reimbursement of Nonrecoverable Advances and Workout-Delayed Reimbursement Amounts) if (a) the Depositor,
the Master Servicer, the Trustee and, for so long as a Control Termination Event has not occurred and is not continuing, the Directing
Holder, determine that the commercial mortgage backed securities industry standard for such provisions has changed, in order to
conform to such industry standard, (b) such modification does not adversely affect the status of any Trust REMIC as a REMIC
or the status of the Grantor Trust as a grantor trust under the relevant provisions of the Code, as evidenced by an Opinion of
Counsel and (c) each Rating Agency has delivered a Rating Agency Confirmation and, with regard to any class of Serviced Companion
Loan Securities, the applicable rating agencies have delivered a confirmation that such action will not result in the downgrade,
withdrawal or qualification of its then-current ratings (provided that such rating agency confirmation may be considered
satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates); (ix)
to modify the procedures of the Pooling and Servicing Agreement relating to compliance with Rule 17g-5 of

 

    A-13-10

     

    

 

the Exchange Act;
provided that such amendment shall not adversely affect in any material respects the interests of any Certificateholders,
as evidenced by (x) an Opinion of Counsel or (y) if any Certificate is then rated, receipt of Rating Agency Confirmation
from each Rating Agency rating such Certificates; and provided, further, that the Certificate Administrator shall
give notice of any such amendment to the 17g-5 Information Provider for posting to the 17g-5 Information Provider’s Website
and the Certificate Administrator shall post such notice to the Certificate Administrator’s Website; (x) to modify, eliminate
or add to any provisions of the Pooling and Servicing Agreement to such extent as would be necessary to comply with the requirements
for use of Form SF-3 in registered offerings to the extent provided in CFR 239.45(b)(1)(ii), (iii) or (iv); and (xi) to modify,
eliminate or add to any of its provisions (a) to such extent as will be necessary to comply with the requirements of the Risk Retention
Rule, as evidenced by an Opinion of Counsel, or (b) in the event the Risk Retention Rule or any other regulation applicable to
the risk retention requirements for this securitization transaction are amended or repealed, to the extent required to comply with
any such amendment or to modify or eliminate the risk retention requirements in the event of such repeal, as evidenced by an Opinion
of Counsel.

 

The Pooling and Servicing
Agreement or any Custodial Agreement may also be amended from time to time by the Depositor, the Master Servicer, the Special Servicer,
the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the Trustee with the prior written
consent of the Holders of Certificates representing not less than a majority of the Percentage Interests of each Class of
Certificates affected thereby (without regard to Certificates held by the Depositor, any of the Depositor’s Affiliates and/or
agents) and each Serviced Companion Loan Noteholder affected thereby for the purpose of adding any provisions to or changing in
any manner or eliminating any of the provisions of the Pooling and Servicing Agreement or modifying in any manner the rights of
the Certificateholders or the Serviced Companion Loan Noteholders; provided, that no such amendment may:

 

		(i)	reduce in any manner the amount of, or delay the timing of, payments received on the Mortgage Loans
or Serviced Whole Loan which are required to be distributed on any Certificate, without the consent of the Holders of Certificates
representing all of the Percentage Interests of the Class or Classes affected thereby or which are required to be distributed to
any Companion Loan Noteholders without the consent of such Companion Loan Noteholders;

 

		(ii)	reduce the aforesaid percentage of Certificates of any Class the Holders of which are required
to consent to any such amendment or remove the requirement to obtain consent of any Companion Loan Noteholder, in any such case
without the consent of the Holders of all Certificates of such Class then-outstanding or such Companion Loan Noteholder, as applicable;

 

		(iii)	adversely affect the Voting Rights of any Class of Certificates without the consent of the Holders
of all Certificates of such Class then outstanding;

 

    A-13-11

     

    

 

		(iv)	change in any manner any defined term used in any Mortgage Loan Purchase Agreement or the obligations
of any Mortgage Loan Seller under such Mortgage Loan Purchase Agreement or otherwise or change any rights of any Mortgage Loan
Seller as a third party beneficiary hereunder, without the consent of such Mortgage Loan Seller; or

 

		(v)	amend the Servicing Standard without the consent of 100% of the Certificateholders or receipt of
Rating Agency Confirmation from each Rating Agency and confirmation of the applicable rating agencies that such action will not
result in the downgrade, withdrawal or qualification of its then-current ratings of any securities related to a Companion Loan,
if any (provided that such rating agency confirmation may be considered satisfied in the same manner as any Rating Agency
Confirmation may be considered satisfied with respect to the Certificates).

 

Further, the Depositor,
the Master Servicer, the Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer
and the Trustee, at any time and from time to time, without the consent of the Certificateholders or, if applicable, the Serviced
Companion Loan Noteholders, may amend the Pooling and Servicing Agreement to modify, eliminate or add to any of its provisions
(i) to such extent as shall be necessary to maintain the qualification of the Lower-Tier REMIC or the Upper-Tier REMIC as a REMIC
or the qualification of the Grantor Trust as a grantor trust, or to prevent the imposition of any additional material state or
local taxes, at all times that any Certificates are outstanding; provided that such action, as evidenced by an Opinion of
Counsel (obtained at the expense of the Trust Fund), is necessary or helpful to maintain such qualification or to prevent the imposition
of any such taxes, and would not adversely affect in any material respect the interest of any Certificateholder or if applicable,
any Serviced Companion Loan Noteholder or (ii) to the extent necessary to comply with the Investment Company Act of 1940, as amended,
the Exchange Act, Regulation AB, and/or any related regulatory actions and/or interpretations.

 

The Certificateholder
owning a majority of the Percentage Interest in the Controlling Class and, if no such Certificateholder exercises such option,
the Special Servicer, and if the Special Servicer does not exercise such option, the Master Servicer may effect an early termination
of the Trust Fund, upon not less than 30 days’ prior Notice of Termination given to the Trustee, the Special Servicer and
the Master Servicer any time specifying the Anticipated Termination Date, which shall be on or after the Early Termination Notice
Date (defined as any date as of which the aggregate Stated Principal Balance of the Mortgage Loans remaining in the Trust is less
than 1.0% of the aggregate Stated Principal Balance of the Mortgage Loans as of the Cut-off Date) by purchasing on such date all,
but not less than all, of the Mortgage Loans then included in the Trust Fund, and the Trust’s interest in all property acquired
in respect of any Mortgage Loan, at a purchase price, payable in cash, equal to the sum of, without duplication:

 

		(A)	100% of the Stated Principal Balance of each Mortgage Loan included in the Trust as of the last
day of the month preceding such Anticipated Termination Date (less any P&I Advances previously made on account of principal);

 

    A-13-12

     

    

 

		(B)	the fair market value of all other property included in the Trust Fund as of the last day of the
month preceding such Anticipated Termination Date, as determined by an Independent appraiser acceptable to the Master Servicer
as of a date not more than 30 days prior to the last day of the month preceding such Distribution Date;

 

		(C)	all unpaid interest accrued on the unpaid balance of each Mortgage Loan (including any Mortgage
Loan as to which title to the related Mortgaged Property has been acquired) at the Mortgage Rate to the last day of the month preceding
such Anticipated Termination Date (less any P&I Advances previously made on account of interest); and

 

		(D)	the aggregate amount of unreimbursed Advances, with interest thereon at the Reimbursement Rate,
and unpaid Servicing Compensation, Special Servicing Compensation, Operating Advisor Fees, Certificate Administrator/Trustee Fees,
the CREFC® Intellectual Property Royalty License Fees and Trust Fund expenses.

 

In addition, the Pooling
and Servicing Agreement provides that following the date on which the Class X-A Notional Amount, the Class X-B Notional Amount,
the Class X-D Notional Amount and the aggregate Certificate Balance of the Class A-1, Class A-2, Class A-3, Class A-SB,
Class A-4, Class A-5, Class A-M, Class B, Class C and Class D Certificates is reduced to zero, the Sole Certificateholder shall
have the right to exchange all of the then-outstanding Certificates (other than the Class S or Class R Certificates) for all
of the Mortgage Loans and each REO Property remaining in the Trust Fund as contemplated by clause (ii) of Section 9.01(a)
of the Pooling and Servicing Agreement by giving written notice to all the parties to the Pooling and Servicing Agreement no later
than 60 days prior to the anticipated date of exchange.

 

All costs and expenses
incurred by any and all parties to the Pooling and Servicing Agreement or by the Trust Fund in connection with the purchase of
the Mortgage Loans and the other assets of the Trust Fund pursuant to Section 9.01(c) of the Pooling and Servicing Agreement
shall be borne by the party exercising its purchase rights thereunder. The Trustee and the Certificate Administrator shall be entitled
to rely conclusively on any determination made by an Independent appraiser pursuant to Section 9.01(c) of the Pooling and
Servicing Agreement.

 

The respective obligations
and responsibilities of the Master Servicer, the Special Servicer, the Depositor, the Certificate Administrator, the Operating
Advisor, the Asset Representations Reviewer and the Trustee created by the Pooling and Servicing Agreement with respect to the
Certificates (other than the obligations of the Certificate Administrator to make certain payments and to send certain notices
to Certificateholders as set forth in the Pooling and Servicing Agreement) shall terminate upon payment (or provision for payment)
to the Certificateholders and the Serviced Companion Loan Noteholders of all amounts held by or on

 

    A-13-13

     

    

 

behalf of the Trustee, the Certificate
Administrator and the Master Servicer, as the case may be, required under the Pooling and Servicing Agreement to be so paid on
the Distribution Date following the earlier to occur of (i) the purchase of the Mortgage Loans and all other property held by the
Trust Fund in accordance with Section 9.01(c) of the Pooling and Servicing Agreement; (ii) the exchange by the Sole Certificateholder
of its Certificates for the Mortgage Loans in accordance with Section 9.01(g) of the Pooling and Servicing Agreement; and (iii) the
later of (a) the receipt or collection of the last payment due on any Mortgage Loan included in the Trust Fund, or (b) the
liquidation and disposition pursuant to the Pooling and Servicing Agreement of the last asset held by the Trust Fund; provided
that in no event shall the trust created by the Pooling and Servicing Agreement continue beyond the expiration of 21 years
from the death of the last survivor of the descendants of Joseph P. Kennedy, the late Ambassador of the United States to the United
Kingdom, living on the date hereof.

 

Unless the Certificate
of Authentication on this Certificate has been executed by the Authenticating Agent, by manual signature, this Certificate shall
not be entitled to any benefit under the Pooling and Servicing Agreement or be valid for any purpose.

 

    A-13-14

     

    

 

IN WITNESS WHEREOF, the Certificate Administrator
has caused this Class G-RR Certificate to be duly executed.

 

Dated: January 31, 2018

	 	 	 
	 	WELLS FARGO BANK, NATIONAL ASSOCIATION,
    not in its individual capacity but solely as Certificate Administrator
	 	 	 
	 	By: 	 
	 	 	Authorized Signatory

 

Certificate of Authentication

 

This is one of the Class G-RR
Certificates referred to in the Pooling and Servicing Agreement.

 

Dated: January 31, 2018

	 	 	 
	 	WELLS FARGO BANK, NATIONAL ASSOCIATION,
    not in its individual capacity but solely as Authenticating
    Agent
	 	 	 
	 	By: 	 
	 	 	Authorized Signatory

 

    A-13-15

     

    

 

EXHIBIT A-14

 

FORM OF CLASS X-A CERTIFICATE

 

[UNLESS THIS CERTIFICATE IS PRESENTED
BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE CERTIFICATE
REGISTRAR FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE &
CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR
TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE
OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.]1

 

THIS CERTIFICATE DOES NOT REPRESENT
AN OBLIGATION OF OR INTEREST IN THE DEPOSITOR, THE ORIGINATOR, THE MASTER SERVICER, THE SPECIAL SERVICER, THE CERTIFICATE ADMINISTRATOR,
THE CERTIFICATE REGISTRAR, THE OPERATING ADVISOR, THE ASSET REPRESENTATIONS REVIEWER, THE RISK RETENTION CONSULTATION PARTY, THE
TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THE CERTIFICATES NOR THE UNDERLYING MORTGAGE LOANS ARE INSURED OR GUARANTEED
BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY.

 

THE HOLDERS OF THIS CLASS X-A CERTIFICATE
WILL BE ENTITLED ONLY TO DISTRIBUTIONS OF INTEREST ON THE NOTIONAL BALANCE OF THE CLASS X-A CERTIFICATES AND WILL NOT BE ENTITLED
TO ANY DISTRIBUTIONS WITH RESPECT TO PRINCIPAL. THE NOTIONAL BALANCE OF THE CLASS X-A CERTIFICATES IS EQUAL TO AN AMOUNT AS SET
FORTH IN THE POOLING AND SERVICING AGREEMENT REFERRED TO BELOW. ACCORDINGLY, THE OUTSTANDING NOTIONAL BALANCE OF THIS CERTIFICATE
AT ANY TIME MAY BE LESS THAN THE INITIAL NOTIONAL BALANCE SET FORTH BELOW.

 

FOR U.S. FEDERAL INCOME TAX PURPOSES,
THIS CERTIFICATE REPRESENTS A “REGULAR INTEREST” IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE
TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G(a)(1) AND 860D OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED.

 

 

 

1
Legend required as long as DTC is the Depository under the Pooling and Servicing Agreement.

 

    A-14-1

     

    

 

BENCHMARK 2018-B1 MORTGAGE TRUST COMMERCIAL
MORTGAGE

PASS-THROUGH CERTIFICATES, CLASS X-A

 

	Class X-A Pass-Through Rate:  Variable	 	
        CUSIP: 08162PAY7

         

        ISIN:    US08162PAY79

         

	Original Aggregate Notional Balance of the

Class X-A Certificates: $885,279,000	 	Initial Certificate Balance of this Certificate: $[__]
	 	 	 
	First Distribution Date: February 16, 2018	 	Cut-off Date: The close of business on the later of the related Due Date of such Mortgage Loan in January 2018 (or, in the case of any Mortgage Loan that has its first Due Date subsequent to January 2018, the date that would have been its Due Date in January 2018 under the terms of that Mortgage Loan if a Periodic Payment were scheduled to be due in that month) and the date of origination of such Mortgage Loan
	 	 	 
	Assumed Final Distribution Date:  December 2027	 	No.: X-A-[_]

 

This certifies that [              ]
is the registered owner of a beneficial ownership interest in a Trust Fund, including the distributions to be made with respect
to the Class X-A Certificates. The Trust Fund, described more fully below, consists primarily of a pool of Mortgage Loans
secured by first liens on commercial and multifamily properties and held in trust by the Trustee and serviced by the Master Servicer.
The Trust Fund was created, and the Mortgage Loans are to be serviced, pursuant to the Pooling and Servicing Agreement (as defined
below). The Holder of this Certificate, by virtue of the acceptance hereof, assents to the terms, provisions and conditions of
the Pooling and Servicing Agreement and is bound thereby.

 

The Pooling and Servicing
Agreement, dated as of January 1, 2018 (the “Pooling and Servicing Agreement”), between the Depositor, Wells
Fargo Bank, National Association, as master servicer (in such capacity, the “Master Servicer”), Midland Loan
Services, a Division of PNC Bank, National Association, as special servicer (the “Special Servicer”), Wilmington
Trust, National Association, as trustee (the “Trustee”), Wells Fargo Bank, National Association, as certificate
administrator (in such capacity, the “Certificate Administrator”), custodian and paying agent, and Park Bridge
Lender Services LLC, as operating advisor (in such capacity, the “Operating Advisor”) and asset representations
reviewer (in such capacity, the “Asset Representations Reviewer”) evidences the issuance of the Class A-1, Class
A-2, Class A-3, Class A-SB, Class A-4, Class A-5, Class A-M, Class B, Class C, Class D, Class E, Class F-RR, Class G-RR,
Class X-A, Class X-B, Class X-D, Class X-E, Class S, Class R, Class V2, Class V1-A1, Class V1-A2, Class V1-A3, Class V1-ASB,
Class V1-A4, Class V1-A5, Class V1-AM,

 

    A-14-2

     

    

 

Class V1-B, Class V1-C, Class V1-D, Class V1-E, Class V1-F and Class V1-G Certificates (the
“Certificates”; the Holders of Certificates issued under the Pooling and Servicing Agreement are collectively
referred to herein as “Certificateholders”). This Certificate is issued pursuant to, and in accordance with,
the terms of the Pooling and Servicing Agreement. To the extent not defined herein, capitalized terms used herein shall have the
meanings assigned thereto in the Pooling and Servicing Agreement.

 

This Certificate represents
a “regular interest” in a “real estate mortgage investment conduit”, as those terms are defined, respectively,
in Sections 860G(a)(1) and 860D of the Internal Revenue Code of 1986, as amended. Each Holder of this Certificate, by acceptance
hereof, agrees to treat, and take no action inconsistent with the treatment of, this Certificate in accordance with the preceding
sentence for purposes of federal income taxes, state and local income and franchise taxes and other taxes imposed on or measured
by income.

 

The Certificate Administrator
makes no representation or warranty as to any of the statements contained herein or the validity or sufficiency of the Certificates
or the Mortgage Loans and has executed this Certificate in its limited capacity as Certificate Administrator under the Pooling
and Servicing Agreement. In the event that there is any conflict between any provision of this Certificate and any provision of
the Pooling and Servicing Agreement, such provision of this Certificate shall be superseded to the extent of such inconsistency.

 

Pursuant to the terms
of the Pooling and Servicing Agreement, the Certificate Administrator, or the Paying Agent on behalf of the Certificate Administrator,
will distribute (other than the final distribution on any Certificate), on the fourth Business Day after each Determination Date
(each such date, a “Distribution Date”) an amount equal to such Person’s pro rata share (based on the
Percentage Interest represented by this Certificate) of that portion of the aggregate amount of interest then distributable, if
any, allocable to the Class X-A Certificates for such Distribution Date, all as more fully described in the Pooling and Servicing
Agreement. “Determination Date” is defined in the Pooling and Servicing Agreement as the eleventh day of each month,
or if such eleventh day is not a Business Day, then the next Business Day, commencing in February 2018. Holders of this Certificate
may be entitled to Prepayment Premiums and Yield Maintenance Charges as provided in the Pooling and Servicing Agreement.

 

During each Interest
Accrual Period (as defined below), interest on the Class X-A Certificates will be calculated based on a 360-day year consisting
of twelve 30-day months on the outstanding Notional Balance hereof.

 

Interest accrued on this
Certificate during an Interest Accrual Period, plus the aggregate unpaid Interest Shortfall with respect to this Certificate, if
any, will be payable on the related Distribution Date to the extent provided in the Pooling and Servicing Agreement. The “Interest
Accrual Period” means, with respect to any Distribution Date, the calendar month immediately preceding the month in which
such Distribution Date occurs. Each Interest Accrual Period is assumed to consist of 30 days.

 

All distributions (other
than the final distribution on any Certificate) will be made by the Paying Agent to the Persons in whose names the Certificates
are registered at the close of business on each Record Date, which will be the close of business on the last Business Day of

 

    A-14-3

     

    

 

the
calendar month immediately preceding the month in which such Distribution Date occurs. Such distributions shall be made on each
Distribution Date other than the Termination Date to each Certificateholder of record on the related Record Date, (i) by wire transfer
of immediately available funds to the account of such Holder at a bank or other entity located in the United States and having
appropriate facilities therefor if such Holder shall have provided the Paying Agent with wire instructions in writing at least
five Business Days prior to the related Record Date (which wiring instructions may be in the form of a standing order applicable
to all subsequent distributions), or (ii) otherwise, by check mailed by first-class mail to the address set forth therefor in the
Certificate Register. The final distribution on each Certificate shall be made in like manner, but only upon presentment and surrender
of such Certificate at the office of the Certificate Administrator or its agent (which may be the Paying Agent or the Certificate
Registrar acting as such agent) that is specified in the notice to Holders of such final distribution.

 

Any funds not distributed
on the Termination Date because of the failure of any Certificateholders to tender their Certificates shall, on such date, be set
aside and held for the benefit of the appropriate non-tendering Certificateholders. If any Certificates as to which notice of the
Termination Date has been given pursuant to the Pooling and Servicing Agreement shall not have been surrendered for cancellation
within six months after the time specified in such notice, the Certificate Administrator shall mail a second notice to the remaining
non-tendering Certificateholders to surrender their Certificates for cancellation to receive the final distribution with respect
thereto. If within one year after the second notice not all of such Certificates shall have been surrendered for cancellation,
the Certificate Administrator may, directly or through an agent, take appropriate steps to contact the remaining non-tendering
Certificateholders concerning surrender of their Certificates. The costs and expenses of holding such funds in trust and of contacting
such Certificateholders shall be paid out of such funds. Subject to applicable state escheatment laws, if within two years after
the second notice any such Certificates shall not have been surrendered for cancellation, the Paying Agent shall distribute to
the Certificate Administrator all amounts distributable to the Holders thereof, and the Certificate Administrator shall thereafter
hold such amounts for the benefit of such Holders until the earlier of (i) its termination as Certificate Administrator under the
Pooling and Servicing Agreement and the transfer of such amounts to a successor Certificate Administrator and (ii) the termination
of the Trust Fund and distribution of such amounts to the Class R Certificateholders. No interest shall accrue or be payable to
any Certificateholder on any amount held under the Pooling and Servicing Agreement or by the Certificate Administrator as a result
of such Certificateholder’s failure to surrender its Certificate(s) for final payment thereof in accordance with the Pooling
and Servicing Agreement. Any such amounts transferred to the Certificate Administrator may be invested in Permitted Investments
and all income and gain realized from investment of such funds shall accrue for its benefit.

 

This Certificate is limited
in right of payment to, among other things, certain collections and recoveries in respect of the Mortgage Loans, as more specifically
set forth herein and in the Pooling and Servicing Agreement.

 

As provided in the Pooling
and Servicing Agreement, the Trust Fund includes (in each case, to the extent of the Trust Fund’s interest therein and specifically
excluding any interest of any Serviced Companion Loan Noteholder therein): (i) such Mortgage Loans as from time to time are subject
to the Pooling and Servicing Agreement, together with the Mortgage

 

    A-14-4

     

    

 

Files relating thereto; (ii) all scheduled or unscheduled payments
on or collections in respect of the Mortgage Loans due after the Cut-off Date; (iii) the Trust Fund’s interest in any REO
Property; (iv) all revenues received in respect of any REO Property; (v) any Assignments of Leases, Rents and Profits and any security
agreements related to the Mortgage Loans; (vi) any indemnities or guaranties given as additional security for any Mortgage Loans;
(vii) a security interest in all assets deposited in the Lock-Box Accounts, Cash Collateral Accounts, Escrow Accounts, and Reserve
Accounts; (viii) the Loss of Value Reserve Fund; (ix) the Collection Account, the Serviced Whole Loan Collection Accounts, the
Distribution Accounts, any Gain-on-Sale Reserve Account, the Interest Reserve Account, and the Trust’s interest in any REO
Account, including any amounts on deposit therein, assets credited thereto and any reinvestment income, as applicable; (x) a security
interest in any environmental indemnity agreements relating to the Mortgaged Properties; (xi) a security interest in all insurance
policies with respect to the Mortgage Loans and the Mortgaged Properties; (xii) the rights and remedies under the Mortgage Loan
Purchase Agreements relating to document delivery requirements with respect to the Mortgage Loans and the representations and warranties
of the related Mortgage Loan Seller regarding its Mortgage Loans; (xiii) the Lower-Tier Regular Interests; (xiv) the Class VRR
Upper-Tier Regular Interests; and (xv) the proceeds of the foregoing (other than any interest earned on deposits in the Lock-Box
Accounts, Cash Collateral Accounts, Escrow Accounts and any Reserve Accounts, to the extent such interest belongs to the related
Borrower). As provided in the Pooling and Servicing Agreement, withdrawals may be made from certain of the above accounts for purposes
other than distributions to Certificateholders.

 

This Certificate does
not purport to summarize the Pooling and Servicing Agreement, and reference is made to the Pooling and Servicing Agreement for
the interests, rights, benefits, obligations and duties evidenced hereby, and the limitations thereon, and the rights, duties and
immunities of the Certificate Administrator.

 

As provided in the Pooling
and Servicing Agreement and subject to certain limitations set forth therein, this Certificate is transferable or exchangeable
only upon surrender of this Certificate to the Certificate Registrar at its offices together with an assignment and transfer (executed
by the Holder or his duly authorized attorney), subject to the requirements in Article V of the Pooling and Servicing Agreement.
Upon surrender for registration of transfer of this Certificate, subject to the requirements in Article V of the Pooling and Servicing
Agreement, the Certificate Administrator shall execute and the Authenticating Agent shall duly authenticate in the name of the
designated transferee or transferees, one or more new Certificates in authorized denominations of a like aggregate denomination
as the Certificate being surrendered. Such Certificates shall be delivered by the Certificate Registrar in accordance with Article
V of the Pooling and Servicing Agreement.

 

Prior to due presentation
of this Certificate for registration of transfer, the Depositor, the Master Servicer, the Special Servicer, the Operating Advisor,
the Asset Representations Reviewer, the Certificate Administrator, the Trustee, the Certificate Registrar, any Paying Agent and
any agent of any of them may treat the Person in whose name this Certificate is registered as the owner hereof for all purposes,
and none of the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator, the Trustee, the Certificate
Registrar, any Paying Agent or any agent of any of them shall be affected by notice or knowledge to the contrary.

 

    A-14-5

     

    

 

No fee or service charge
shall be imposed by the Certificate Registrar for its services in respect of any registration of transfer or exchange referred
to in Section 5.02 of the Pooling and Servicing Agreement other than for transfers to Institutional Accredited Investors as provided
in Section 5.02(h) of the Pooling and Servicing Agreement. In connection with any transfer to an Institutional Accredited Investor,
the transferor shall reimburse the Trust Fund for any costs (including the cost of the Certificate Registrar’s counsel’s
review of the documents and any legal opinions, submitted by the transferor or transferee to the Certificate Registrar as provided
in the Pooling and Servicing Agreement) incurred by the Certificate Registrar in connection with such transfer. The Certificate
Registrar may require payment by each transferor of a sum sufficient to cover any tax, expense or other governmental charge payable
in connection with any such transfer.

 

The Pooling and Servicing
Agreement or any Custodial Agreement may be amended at any time by the Depositor, the Master Servicer, the Special Servicer, the
Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the Trustee without the consent of any
of the Certificateholders or any Serviced Companion Loan Noteholders, (i) to cure any ambiguity or to correct any manifest error;
(ii) to cause the provisions of the Pooling and Servicing Agreement or any Custodial Agreement to conform or be consistent
with or in furtherance of the statements made in the Prospectus or Private Placement Memorandum with respect to the Certificates,
the Trust or the Pooling and Servicing Agreement or to correct or supplement any provisions of the Pooling and Servicing Agreement
or any Custodial Agreement which may be defective or inconsistent with any other provisions of the Pooling and Servicing Agreement
or any Custodial Agreement; (iii) to change the timing and/or nature of deposits in the Collection Account, the Distribution
Accounts or any REO Account; provided that (a) the Master Servicer Remittance Date shall in no event be later than the Business
Day prior to the related Distribution Date and (b) such change shall not adversely affect in any material respect the interests
of any Certificateholder, as evidenced in writing by an Opinion of Counsel at the expense of the party requesting such amendment
or as evidenced by a Rating Agency Confirmation from each Rating Agency with respect to such amendment; (iv) to modify, eliminate
or add to any of its provisions to such extent as shall be necessary to maintain the qualification of any Trust REMIC as a REMIC
or the Grantor Trust as a grantor trust under the relevant provisions of the Code at all times that any Certificate is outstanding,
or to avoid or minimize the risk of imposition of any tax on the Trust Fund or any Trust REMIC or the Grantor Trust that would
be a claim against the Trust Fund or any Trust REMIC or the Grantor Trust; provided that the Trustee and the Certificate
Administrator have received an Opinion of Counsel (at the expense of the party requesting such amendment) to the effect that (a) such
action is necessary or desirable to maintain such qualification or to avoid or minimize the risk of the imposition of any such
tax and (b) such action will not adversely affect in any material respect the interests of any Certificateholder or Companion
Loan Noteholder; (v) to modify, eliminate or add to the provisions any provision of the Pooling and Servicing Agreement restricting
transfer of the Class R Certificates; provided the Depositor has determined that such change shall not, as evidenced
by an Opinion of Counsel, cause the Trust Fund, any Trust REMIC or any of the Certificateholders (other than the Transferor) to
be subject to a federal tax caused by a Transfer to a Person that is a Disqualified Organization or a Non-U.S. Tax Person; (vi)
to revise or add any other provisions with respect to matters or questions arising under the Pooling and Servicing Agreement or
any other change; provided that the required action shall not adversely affect in any material respect the interests of
any Certificateholder or any holder of a Serviced Pari Passu

 

    A-14-6

     

    

 

Companion Loan not consenting thereto as evidenced in writing by an
Opinion of Counsel, at the expense of the party requesting such amendment or as evidenced by a Rating Agency Confirmation from
each of the Rating Agencies with respect to such amendment or supplement and confirmation of the applicable rating agencies that
such action will not result in the downgrade, withdrawal or qualification of its then-current ratings of any securities related
to a Companion Loan, if any (provided that such rating agency confirmation may be considered satisfied in the same manner
as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates); (vii) to amend or supplement any
provision of the Pooling and Servicing Agreement to the extent necessary to maintain the then-current ratings assigned to each
Class of Certificates by each Rating Agency, as evidenced by a Rating Agency Confirmation from each of the Rating Agencies; provided
that such amendment or supplement shall not adversely affect in any material respect the interests of any Certificateholder not
consenting thereto as evidenced by an Opinion of Counsel, or any holder of a Serviced Pari Passu Companion Loan not consenting
to such revision or addition, as evidenced by an Opinion of Counsel at the expense of the party requesting such amendment or as
evidenced by confirmation of the applicable Rating Agencies that such action will not result in the downgrade, withdrawal or qualification
of its then-current ratings of any securities related to a Companion Loan, if any (provided that such Rating Agency Confirmation
may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the
Certificates); (viii) to modify the provisions of Section 3.06 and Section 3.17 of the Pooling and Servicing Agreement
(with respect to reimbursement of Nonrecoverable Advances and Workout-Delayed Reimbursement Amounts) if (a) the Depositor,
the Master Servicer, the Trustee and, for so long as a Control Termination Event has not occurred and is not continuing, the Directing
Holder, determine that the commercial mortgage backed securities industry standard for such provisions has changed, in order to
conform to such industry standard, (b) such modification does not adversely affect the status of any Trust REMIC as a REMIC
or the status of the Grantor Trust as a grantor trust under the relevant provisions of the Code, as evidenced by an Opinion of
Counsel and (c) each Rating Agency has delivered a Rating Agency Confirmation and, with regard to any class of Serviced Companion
Loan Securities, the applicable rating agencies have delivered a confirmation that such action will not result in the downgrade,
withdrawal or qualification of its then-current ratings (provided that such rating agency confirmation may be considered
satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates); (ix)
to modify the procedures of the Pooling and Servicing Agreement relating to compliance with Rule 17g-5 of the Exchange Act;
provided that such amendment shall not adversely affect in any material respects the interests of any Certificateholders,
as evidenced by (x) an Opinion of Counsel or (y) if any Certificate is then rated, receipt of Rating Agency Confirmation
from each Rating Agency rating such Certificates; and provided, further, that the Certificate Administrator shall
give notice of any such amendment to the 17g-5 Information Provider for posting to the 17g-5 Information Provider’s Website
and the Certificate Administrator shall post such notice to the Certificate Administrator’s Website; (x) to modify, eliminate
or add to any provisions of the Pooling and Servicing Agreement to such extent as would be necessary to comply with the requirements
for use of Form SF-3 in registered offerings to the extent provided in CFR 239.45(b)(1)(ii), (iii) or (iv); and (xi) to modify,
eliminate or add to any of its provisions (a) to such extent as will be necessary to comply with the requirements of the Risk Retention
Rule, as evidenced by an Opinion of Counsel, or (b) in the event the Risk Retention Rule or any other

 

    A-14-7

     

    

 

regulation applicable to
the risk retention requirements for this securitization transaction are amended or repealed, to the extent required to comply with
any such amendment or to modify or eliminate the risk retention requirements in the event of such repeal, as evidenced by an Opinion
of Counsel.

 

The Pooling and Servicing
Agreement or any Custodial Agreement may also be amended from time to time by the Depositor, the Master Servicer, the Special Servicer,
the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the Trustee with the prior written
consent of the Holders of Certificates representing not less than a majority of the Percentage Interests of each Class of
Certificates affected thereby (without regard to Certificates held by the Depositor, any of the Depositor’s Affiliates and/or
agents) and each Serviced Companion Loan Noteholder affected thereby for the purpose of adding any provisions to or changing in
any manner or eliminating any of the provisions of the Pooling and Servicing Agreement or modifying in any manner the rights of
the Certificateholders or the Serviced Companion Loan Noteholders; provided, that no such amendment may:

 

		(i)	reduce in any manner the amount of, or delay the timing of, payments received on the Mortgage Loans
or Serviced Whole Loan which are required to be distributed on any Certificate, without the consent of the Holders of Certificates
representing all of the Percentage Interests of the Class or Classes affected thereby or which are required to be distributed to
any Companion Loan Noteholders without the consent of such Companion Loan Noteholders;

 

		(ii)	reduce the aforesaid percentage of Certificates of any Class the Holders of which are required
to consent to any such amendment or remove the requirement to obtain consent of any Companion Loan Noteholder, in any such case
without the consent of the Holders of all Certificates of such Class then-outstanding or such Companion Loan Noteholder, as applicable;

 

		(iii)	adversely affect the Voting Rights of any Class of Certificates without the consent of the Holders
of all Certificates of such Class then outstanding;

 

		(iv)	change in any manner any defined term used in any Mortgage Loan Purchase Agreement or the obligations
of any Mortgage Loan Seller under such Mortgage Loan Purchase Agreement or otherwise or change any rights of any Mortgage Loan
Seller as a third party beneficiary hereunder, without the consent of such Mortgage Loan Seller; or

 

		(v)	amend the Servicing Standard without the consent of 100% of the Certificateholders or receipt of
Rating Agency Confirmation from each Rating Agency and confirmation of the applicable rating agencies that such action will not
result in the downgrade, withdrawal or qualification of its then-current ratings of any securities related to a Companion Loan,
if any (provided that such rating agency confirmation may be considered 

 

    A-14-8

     

    

 

satisfied in the same manner as any Rating Agency
Confirmation may be considered satisfied with respect to the Certificates).

 

Further, the Depositor,
the Master Servicer, the Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer
and the Trustee, at any time and from time to time, without the consent of the Certificateholders or, if applicable, the Serviced
Companion Loan Noteholders, may amend the Pooling and Servicing Agreement to modify, eliminate or add to any of its provisions
(i) to such extent as shall be necessary to maintain the qualification of the Lower-Tier REMIC or the Upper-Tier REMIC as a REMIC
or the qualification of the Grantor Trust as a grantor trust, or to prevent the imposition of any additional material state or
local taxes, at all times that any Certificates are outstanding; provided that such action, as evidenced by an Opinion of
Counsel (obtained at the expense of the Trust Fund), is necessary or helpful to maintain such qualification or to prevent the imposition
of any such taxes, and would not adversely affect in any material respect the interest of any Certificateholder or if applicable,
any Serviced Companion Loan Noteholder or (ii) to the extent necessary to comply with the Investment Company Act of 1940, as amended,
the Exchange Act, Regulation AB, and/or any related regulatory actions and/or interpretations.

 

The Certificateholder
owning a majority of the Percentage Interest in the Controlling Class and, if no such Certificateholder exercises such option,
the Special Servicer, and if the Special Servicer does not exercise such option, the Master Servicer may effect an early termination
of the Trust Fund, upon not less than 30 days’ prior Notice of Termination given to the Trustee, the Special Servicer and
the Master Servicer any time specifying the Anticipated Termination Date, which shall be on or after the Early Termination Notice
Date (defined as any date as of which the aggregate Stated Principal Balance of the Mortgage Loans remaining in the Trust is less
than 1.0% of the aggregate Stated Principal Balance of the Mortgage Loans as of the Cut-off Date) by purchasing on such date all,
but not less than all, of the Mortgage Loans then included in the Trust Fund, and the Trust’s interest in all property acquired
in respect of any Mortgage Loan, at a purchase price, payable in cash, equal to the sum of, without duplication:

 

		(A)	100% of the Stated Principal Balance of each Mortgage Loan included in the Trust as of the last
day of the month preceding such Anticipated Termination Date (less any P&I Advances previously made on account of principal);

 

		(B)	the fair market value of all other property included in the Trust Fund as of the last day of the
month preceding such Anticipated Termination Date, as determined by an Independent appraiser acceptable to the Master Servicer
as of a date not more than 30 days prior to the last day of the month preceding such Distribution Date;

 

		(C)	all unpaid interest accrued on the unpaid balance of each Mortgage Loan (including any Mortgage
Loan as to which title to the related Mortgaged Property has been acquired) at the Mortgage Rate to the last day of the month preceding
such Anticipated Termination Date 

 

    A-14-9

     

    

 

			 (less any P&I Advances previously made on account of interest); and

 

		(D)	the aggregate amount of unreimbursed Advances, with interest thereon at the Reimbursement Rate,
and unpaid Servicing Compensation, Special Servicing Compensation, Operating Advisor Fees, Certificate Administrator/Trustee Fees,
the CREFC® Intellectual Property Royalty License Fees and Trust Fund expenses.

 

In addition, the Pooling
and Servicing Agreement provides that following the date on which the Class X-A Notional Amount, the Class X-B Notional Amount,
the Class X-D Notional Amount and the aggregate Certificate Balance of the Class A-1, Class A-2, Class A-3, Class A-SB,
Class A-4, Class A-5, Class A-M, Class B, Class C and Class D Certificates is reduced to zero, the Sole Certificateholder shall
have the right to exchange all of the then-outstanding Certificates (other than the Class S or Class R Certificates) for all
of the Mortgage Loans and each REO Property remaining in the Trust Fund as contemplated by clause (ii) of Section 9.01(a)
of the Pooling and Servicing Agreement by giving written notice to all the parties to the Pooling and Servicing Agreement no later
than 60 days prior to the anticipated date of exchange.

 

All costs and expenses
incurred by any and all parties to the Pooling and Servicing Agreement or by the Trust Fund in connection with the purchase of
the Mortgage Loans and the other assets of the Trust Fund pursuant to Section 9.01(c) of the Pooling and Servicing Agreement
shall be borne by the party exercising its purchase rights thereunder. The Trustee and the Certificate Administrator shall be entitled
to rely conclusively on any determination made by an Independent appraiser pursuant to Section 9.01(c) of the Pooling and
Servicing Agreement.

 

The respective obligations
and responsibilities of the Master Servicer, the Special Servicer, the Depositor, the Certificate Administrator, the Operating
Advisor, the Asset Representations Reviewer and the Trustee created by the Pooling and Servicing Agreement with respect to the
Certificates (other than the obligations of the Certificate Administrator to make certain payments and to send certain notices
to Certificateholders as set forth in the Pooling and Servicing Agreement) shall terminate upon payment (or provision for payment)
to the Certificateholders and the Serviced Companion Loan Noteholders of all amounts held by or on behalf of the Trustee, the Certificate
Administrator and the Master Servicer, as the case may be, required under the Pooling and Servicing Agreement to be so paid on
the Distribution Date following the earlier to occur of (i) the purchase of the Mortgage Loans and all other property held by the
Trust Fund in accordance with Section 9.01(c) of the Pooling and Servicing Agreement; (ii) the exchange by the Sole Certificateholder
of its Certificates for the Mortgage Loans in accordance with Section 9.01(g) of the Pooling and Servicing Agreement; and (iii) the
later of (a) the receipt or collection of the last payment due on any Mortgage Loan included in the Trust Fund, or (b) the
liquidation and disposition pursuant to the Pooling and Servicing Agreement of the last asset held by the Trust Fund; provided
that in no event shall the trust created by the Pooling and Servicing Agreement continue beyond the expiration of 21 years
from

 

    A-14-10

     

    

 

the death of the last survivor of the descendants of Joseph P. Kennedy, the late Ambassador of the United States to the United
Kingdom, living on the date hereof.

 

Unless the Certificate
of Authentication on this Certificate has been executed by the Authenticating Agent, by manual signature, this Certificate shall
not be entitled to any benefit under the Pooling and Servicing Agreement or be valid for any purpose.

 

    A-14-11

     

    

IN WITNESS WHEREOF, the
Certificate Administrator has caused this Class X-A Certificate to be duly executed.

 

Dated: January 31, 2018

	 	 	 
	 	WELLS FARGO BANK, NATIONAL ASSOCIATION,
    not in its individual capacity but solely as Certificate Administrator
	 	 	 
	 	By: 	 
	 	 	Authorized Signatory

 

Certificate of Authentication

 

This is one of the Class X-A
Certificates referred to in the Pooling and Servicing Agreement.

 

Dated: January 31, 2018

	 	 	 
	 	WELLS FARGO BANK, NATIONAL ASSOCIATION,
    not in its individual capacity but solely as Authenticating
    Agent
	 	 	 
	 	By: 	 
	 	 	Authorized Signatory

 

    A-14-12

     

    

 

EXHIBIT A-15

 

FORM OF CLASS X-B [RULE 144A]1
[REG S]2 CERTIFICATE

 

[UNLESS THIS CERTIFICATE IS PRESENTED
BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE CERTIFICATE
REGISTRAR FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE &
CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR
TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE
OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.]3

 

THIS CERTIFICATE HAS NOT BEEN AND WILL
NOT BE REGISTERED OR QUALIFIED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR
ANY STATE OR FOREIGN SECURITIES LAW. THE HOLDER HEREOF, BY PURCHASING THIS CERTIFICATE, AGREES THAT THIS CERTIFICATE MAY BE REOFFERED,
RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY IN COMPLIANCE WITH THE SECURITIES ACT AND OTHER APPLICABLE LAWS, AND ONLY (A)(1)
PURSUANT TO A REGISTRATION STATEMENT WHICH HAS BEEN DECLARED EFFECTIVE UNDER THE SECURITIES ACT, (2) FOR SO LONG AS THIS CERTIFICATE
IS ELIGIBLE FOR RESALE PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”), TO AN INSTITUTIONAL INVESTOR
THAT THE HOLDER REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” WITHIN THE MEANING OF RULE 144A (“QUALIFIED
INSTITUTIONAL BUYER”), PURCHASING FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF ANOTHER QUALIFIED INSTITUTIONAL BUYER, WHOM
THE HOLDER HAS INFORMED, IN EACH CASE, THAT THE REOFFER, RESALE, PLEDGE OR OTHER TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A,
(3) TO AN INSTITUTIONAL “ACCREDITED INVESTOR,” WITHIN THE MEANING OF RULE 501(a)(1), (2), (3) OR (7) OF REGULATION
D UNDER THE SECURITIES ACT OR ANY ENTITY IN WHICH ALL OF THE EQUITY OWNERS ARE SUCH ACCREDITED INVESTORS, OR (4) TO INSTITUTIONS
THAT ARE A NON-“U.S. PERSON” IN AN “OFFSHORE TRANSACTION,” AS SUCH TERMS ARE DEFINED IN, AND IN ACCORDANCE
WITH RULE 903 OR RULE 904 OF, REGULATION S UNDER THE SECURITIES ACT, AND (B) IN ACCORDANCE WITH ANY OTHER APPLICABLE SECURITIES
LAWS OF ANY STATE OF THE UNITED STATES OR ANY OTHER APPLICABLE JURISDICTION.

 

 

 

1 For Rule 144A Global
Certificates only.

2 For Reg S Global Certificates
only.

3 Legend
required as long as DTC is the Depository under the Pooling and Servicing Agreement.

 

    A-15-1

     

    

 

ANY HOLDER DESIRING TO EFFECT A TRANSFER
OF THIS CERTIFICATE SHALL, AND DOES HEREBY AGREE TO, INDEMNIFY THE CERTIFICATE REGISTRAR, THE CERTIFICATE ADMINISTRATOR, THE CERTIFICATE
REGISTRAR, THE TRUSTEE, THE MASTER SERVICER AND THE DEPOSITOR AGAINST ANY LOSS, LIABILITY OR EXPENSE THAT MAY RESULT IF THE TRANSFER
IS NOT EXEMPT FROM THE SECURITIES ACT OR IS NOT MADE IN ACCORDANCE WITH FEDERAL AND STATE LAWS.

 

THIS CERTIFICATE DOES NOT REPRESENT
AN OBLIGATION OF OR INTEREST IN THE DEPOSITOR, THE ORIGINATOR, THE MASTER SERVICER, THE SPECIAL SERVICER, THE CERTIFICATE ADMINISTRATOR,
THE CERTIFICATE REGISTRAR, THE OPERATING ADVISOR, THE ASSET REPRESENTATIONS REVIEWER, THE RISK RETENTION CONSULTATION PARTY, THE
TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THE CERTIFICATES NOR THE UNDERLYING MORTGAGE LOANS ARE INSURED OR GUARANTEED
BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY.

 

THE HOLDERS OF THIS CLASS X-B CERTIFICATE
WILL BE ENTITLED ONLY TO DISTRIBUTIONS OF INTEREST ON THE NOTIONAL BALANCE OF THE CLASS X-B CERTIFICATES AND WILL NOT BE ENTITLED
TO ANY DISTRIBUTIONS WITH RESPECT TO PRINCIPAL. THE NOTIONAL BALANCE OF THE CLASS X-B CERTIFICATES IS EQUAL TO AN AMOUNT AS
SET FORTH IN THE POOLING AND SERVICING AGREEMENT REFERRED TO BELOW. ACCORDINGLY, THE OUTSTANDING NOTIONAL BALANCE OF THIS CERTIFICATE
AT ANY TIME MAY BE LESS THAN THE INITIAL NOTIONAL BALANCE SET FORTH BELOW.

 

TRANSFERS AND EXCHANGES OF PORTIONS
OF THIS CERTIFICATE ARE SUBJECT TO RESTRICTIONS AS PROVIDED IN THE POOLING AND SERVICING AGREEMENT REFERRED TO BELOW.

 

FOR U.S. FEDERAL INCOME TAX PURPOSES,
THIS CERTIFICATE REPRESENTS A “REGULAR INTEREST” IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE
TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G(a)(1) AND 860D OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED.

 

[THIS CERTIFICATE HAS NOT BEEN AND WILL
NOT BE REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT AND, PRIOR TO THE DATE THAT IS 40 DAYS AFTER THE OFFERING OF THE CERTIFICATES,
MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED IN THE UNITED STATES OR TO A U.S. PERSON EXCEPT PURSUANT TO AN EXEMPTION
FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT.]4

 

 

 

4
For Reg S Global Certificates only.

 

    A-15-2

     

    

 

BENCHMARK 2018-B1 MORTGAGE TRUST

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES, CLASS X-B

 

	
        Class X-B Pass-Through Rate: Variable

         
	 	
        CUSIP:  08162PAA95

        U0733TAA56

        08162PAB77

         

        ISIN:     US08162PAA938

        USU0733TAA529

        US08162PAB7610

         

	Original Aggregate Notional Balance of the

Class X-B Certificates:  $47,853,000	 	Initial Notional Balance of this Certificate:  $[_____]
	 	 	 
	First Distribution Date:  February 16, 2018	 	Cut-off Date:  The close of business on the later of the related Due Date of such Mortgage Loan in January 2018 (or, in the case of any Mortgage Loan that has its first Due Date subsequent to January 2018, the date that would have been its Due Date in January 2018 under the terms of that Mortgage Loan if a Periodic Payment were scheduled to be due in that month) and the date of origination of such Mortgage Loan
	 	 	 
	Assumed Final Distribution Date:  December 2027	 	No.:  X-B-[__]

 

This certifies that [              ]
is the registered owner of a beneficial ownership interest in a Trust Fund, including the distributions to be made with respect
to the Class X-B Certificates. The Trust Fund, described more fully below, consists primarily of a pool of Mortgage Loans
secured by first liens on commercial and multifamily properties and held in trust by the Trustee and serviced by the Master Servicer.
The Trust Fund was created, and the Mortgage Loans are to be serviced, pursuant to the Pooling and Servicing Agreement (as defined
below). The Holder of this Certificate, by virtue of the acceptance hereof, assents to the terms, provisions and conditions of
the Pooling and Servicing Agreement and is bound thereby.

 

 

 

5 For Rule 144A Certificates

6 For Regulation S Certificates

7 For IAI Certificates

8 For Rule 144A Certificates

9 For Regulation S Certificates

10 For IAI
Certificates

 

    A-15-3

     

    

 

The Pooling and Servicing
Agreement, dated as of January 1, 2018 (the “Pooling and Servicing Agreement”), between the Depositor, Wells
Fargo Bank, National Association, as master servicer (in such capacity, the “Master Servicer”), Midland Loan
Services, a Division of PNC Bank, National Association, as special servicer (the “Special Servicer”), Wilmington
Trust, National Association, as trustee (the “Trustee”), Wells Fargo Bank, National Association, as certificate
administrator (in such capacity, the “Certificate Administrator”), custodian and paying agent, and Park Bridge
Lender Services LLC, as operating advisor (in such capacity, the “Operating Advisor”) and asset representations
reviewer (in such capacity, the “Asset Representations Reviewer”) evidences the issuance of the Class A-1, Class
A-2, Class A-3, Class A-SB, Class A-4, Class A-5, Class A-M, Class B, Class C, Class D, Class E, Class F-RR, Class G-RR,
Class X-A, Class X-B, Class X-D, Class X-E, Class S, Class R, Class V2, Class V1-A1, Class V1-A2, Class V1-A3, Class V1-ASB,
Class V1-A4, Class V1-A5, Class V1-AM, Class V1-B, Class V1-C, Class V1-D, Class V1-E, Class V1-F and Class V1-G Certificates (the
“Certificates”; the Holders of Certificates issued under the Pooling and Servicing Agreement are collectively
referred to herein as “Certificateholders”). This Certificate is issued pursuant to, and in accordance with,
the terms of the Pooling and Servicing Agreement. To the extent not defined herein, capitalized terms used herein shall have the
meanings assigned thereto in the Pooling and Servicing Agreement.

 

This Certificate represents
a “regular interest” in a “real estate mortgage investment conduit”, as those terms are defined, respectively,
in Sections 860G(a)(1) and 860D of the Internal Revenue Code of 1986, as amended. Each Holder of this Certificate, by acceptance
hereof, agrees to treat, and take no action inconsistent with the treatment of, this Certificate in accordance with the preceding
sentence for purposes of federal income taxes, state and local income and franchise taxes and other taxes imposed on or measured
by income.

 

The Certificate Administrator
makes no representation or warranty as to any of the statements contained herein or the validity or sufficiency of the Certificates
or the Mortgage Loans and has executed this Certificate in its limited capacity as Certificate Administrator under the Pooling
and Servicing Agreement. In the event that there is any conflict between any provision of this Certificate and any provision of
the Pooling and Servicing Agreement, such provision of this Certificate shall be superseded to the extent of such inconsistency.

 

Pursuant to the terms
of the Pooling and Servicing Agreement, the Certificate Administrator, or the Paying Agent on behalf of the Certificate Administrator,
will distribute (other than the final distribution on any Certificate), on the fourth Business Day after each Determination Date
(each such date, a “Distribution Date”) an amount equal to such Person’s pro rata share (based on the
Percentage Interest represented by this Certificate) of that portion of the aggregate amount of interest then distributable, if
any, allocable to the Class X-B Certificates for such Distribution Date, all as more fully described in the Pooling and Servicing
Agreement. “Determination Date” is defined in the Pooling and Servicing Agreement as the eleventh day of each month,
or if such eleventh day is not a Business Day, then the next Business Day, commencing in February 2018. Holders of this Certificate
may be entitled to Prepayment Premiums and Yield Maintenance Charges as provided in the Pooling and Servicing Agreement.

 

    A-15-4

     

    

 

During each Interest
Accrual Period (as defined below), interest on the Class X-B Certificates will be calculated based on a 360-day year consisting
of twelve 30-day months on the outstanding Notional Balance hereof.

 

Interest accrued on this
Certificate during an Interest Accrual Period, plus the aggregate unpaid Interest Shortfall with respect to this Certificate, if
any, will be payable on the related Distribution Date to the extent provided in the Pooling and Servicing Agreement. The “Interest
Accrual Period” means, with respect to any Distribution Date, the calendar month immediately preceding the month in which
such Distribution Date occurs. Each Interest Accrual Period is assumed to consist of 30 days.

 

All distributions (other
than the final distribution on any Certificate) will be made by the Paying Agent to the Persons in whose names the Certificates
are registered at the close of business on each Record Date, which will be the close of business on the last Business Day of the
calendar month immediately preceding the month in which such Distribution Date occurs. Such distributions shall be made on each
Distribution Date other than the Termination Date to each Certificateholder of record on the related Record Date, (i) by wire transfer
of immediately available funds to the account of such Holder at a bank or other entity located in the United States and having
appropriate facilities therefor if such Holder shall have provided the Paying Agent with wire instructions in writing at least
five Business Days prior to the related Record Date (which wiring instructions may be in the form of a standing order applicable
to all subsequent distributions), or (ii) otherwise, by check mailed by first-class mail to the address set forth therefor in the
Certificate Register. The final distribution on each Certificate shall be made in like manner, but only upon presentment and surrender
of such Certificate at the office of the Certificate Administrator or its agent (which may be the Paying Agent or the Certificate
Registrar acting as such agent) that is specified in the notice to Holders of such final distribution.

 

Any funds not distributed
on the Termination Date because of the failure of any Certificateholders to tender their Certificates shall, on such date, be set
aside and held for the benefit of the appropriate non-tendering Certificateholders. If any Certificates as to which notice of the
Termination Date has been given pursuant to the Pooling and Servicing Agreement shall not have been surrendered for cancellation
within six months after the time specified in such notice, the Certificate Administrator shall mail a second notice to the remaining
non-tendering Certificateholders to surrender their Certificates for cancellation to receive the final distribution with respect
thereto. If within one year after the second notice not all of such Certificates shall have been surrendered for cancellation,
the Certificate Administrator may, directly or through an agent, take appropriate steps to contact the remaining non-tendering
Certificateholders concerning surrender of their Certificates. The costs and expenses of holding such funds in trust and of contacting
such Certificateholders shall be paid out of such funds. Subject to applicable state escheatment laws, if within two years after
the second notice any such Certificates shall not have been surrendered for cancellation, the Paying Agent shall distribute to
the Certificate Administrator all amounts distributable to the Holders thereof, and the Certificate Administrator shall thereafter
hold such amounts for the benefit of such Holders until the earlier of (i) its termination as Certificate Administrator under the
Pooling and Servicing Agreement and the transfer of such amounts to a successor Certificate Administrator and (ii) the termination
of the Trust Fund and distribution of such amounts to the Class R Certificateholders. No interest shall accrue or be payable to
any Certificateholder on any amount held under the Pooling and

 

    A-15-5

     

    

 

Servicing Agreement or by the Certificate Administrator as a result
of such Certificateholder’s failure to surrender its Certificate(s) for final payment thereof in accordance with the Pooling
and Servicing Agreement. Any such amounts transferred to the Certificate Administrator may be invested in Permitted Investments
and all income and gain realized from investment of such funds shall accrue for its benefit.

 

This Certificate is limited
in right of payment to, among other things, certain collections and recoveries in respect of the Mortgage Loans, as more specifically
set forth herein and in the Pooling and Servicing Agreement.

 

As provided in the Pooling
and Servicing Agreement, the Trust Fund includes (in each case, to the extent of the Trust Fund’s interest therein and specifically
excluding any interest of any Serviced Companion Loan Noteholder therein): (i) such Mortgage Loans as from time to time are subject
to the Pooling and Servicing Agreement, together with the Mortgage Files relating thereto; (ii) all scheduled or unscheduled payments
on or collections in respect of the Mortgage Loans due after the Cut-off Date; (iii) the Trust Fund’s interest in any REO
Property; (iv) all revenues received in respect of any REO Property; (v) any Assignments of Leases, Rents and Profits and any security
agreements related to the Mortgage Loans; (vi) any indemnities or guaranties given as additional security for any Mortgage Loans;
(vii) a security interest in all assets deposited in the Lock-Box Accounts, Cash Collateral Accounts, Escrow Accounts, and Reserve
Accounts; (viii) the Loss of Value Reserve Fund; (ix) the Collection Account, the Serviced Whole Loan Collection Accounts, the
Distribution Accounts, any Gain-on-Sale Reserve Account, the Interest Reserve Account, and the Trust’s interest in any REO
Account, including any amounts on deposit therein, assets credited thereto and any reinvestment income, as applicable; (x) a security
interest in any environmental indemnity agreements relating to the Mortgaged Properties; (xi) a security interest in all insurance
policies with respect to the Mortgage Loans and the Mortgaged Properties; (xii) the rights and remedies under the Mortgage Loan
Purchase Agreements relating to document delivery requirements with respect to the Mortgage Loans and the representations and warranties
of the related Mortgage Loan Seller regarding its Mortgage Loans; (xiii) the Lower-Tier Regular Interests; (xiv) the Class VRR
Upper-Tier Regular Interests; and (xv) the proceeds of the foregoing (other than any interest earned on deposits in the Lock-Box
Accounts, Cash Collateral Accounts, Escrow Accounts and any Reserve Accounts, to the extent such interest belongs to the related
Borrower). As provided in the Pooling and Servicing Agreement, withdrawals may be made from certain of the above accounts for purposes
other than distributions to Certificateholders.

 

This Certificate does
not purport to summarize the Pooling and Servicing Agreement, and reference is made to the Pooling and Servicing Agreement for
the interests, rights, benefits, obligations and duties evidenced hereby, and the limitations thereon, and the rights, duties and
immunities of the Certificate Administrator.

 

As provided in the Pooling
and Servicing Agreement and subject to certain limitations set forth therein, this Certificate is transferable or exchangeable
only upon surrender of this Certificate to the Certificate Registrar at its offices together with an assignment and transfer (executed
by the Holder or his duly authorized attorney), subject to the requirements in Article V of the Pooling and Servicing Agreement.
Upon surrender for registration of transfer of this Certificate, subject to the requirements in Article V of the Pooling and Servicing
Agreement,

 

    A-15-6

     

    

 

the Certificate Administrator shall execute and the Authenticating Agent shall duly authenticate in the name of the
designated transferee or transferees, one or more new Certificates in authorized denominations of a like aggregate denomination
as the Certificate being surrendered. Such Certificates shall be delivered by the Certificate Registrar in accordance with Article
V of the Pooling and Servicing Agreement.

 

Prior to due presentation
of this Certificate for registration of transfer, the Depositor, the Master Servicer, the Special Servicer, the Operating Advisor,
the Asset Representations Reviewer, the Certificate Administrator, the Trustee, the Certificate Registrar, any Paying Agent and
any agent of any of them may treat the Person in whose name this Certificate is registered as the owner hereof for all purposes,
and none of the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator, the Trustee, the Certificate
Registrar, any Paying Agent or any agent of any of them shall be affected by notice or knowledge to the contrary.

 

No fee or service charge
shall be imposed by the Certificate Registrar for its services in respect of any registration of transfer or exchange referred
to in Section 5.02 of the Pooling and Servicing Agreement other than for transfers to Institutional Accredited Investors as provided
in Section 5.02(h) of the Pooling and Servicing Agreement. In connection with any transfer to an Institutional Accredited Investor,
the transferor shall reimburse the Trust Fund for any costs (including the cost of the Certificate Registrar’s counsel’s
review of the documents and any legal opinions, submitted by the transferor or transferee to the Certificate Registrar as provided
in the Pooling and Servicing Agreement) incurred by the Certificate Registrar in connection with such transfer. The Certificate
Registrar may require payment by each transferor of a sum sufficient to cover any tax, expense or other governmental charge payable
in connection with any such transfer.

 

The Pooling and Servicing
Agreement or any Custodial Agreement may be amended at any time by the Depositor, the Master Servicer, the Special Servicer, the
Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the Trustee without the consent of any
of the Certificateholders or any Serviced Companion Loan Noteholders, (i) to cure any ambiguity or to correct any manifest error;
(ii) to cause the provisions of the Pooling and Servicing Agreement or any Custodial Agreement to conform or be consistent
with or in furtherance of the statements made in the Prospectus or Private Placement Memorandum with respect to the Certificates,
the Trust or the Pooling and Servicing Agreement or to correct or supplement any provisions of the Pooling and Servicing Agreement
or any Custodial Agreement which may be defective or inconsistent with any other provisions of the Pooling and Servicing Agreement
or any Custodial Agreement; (iii) to change the timing and/or nature of deposits in the Collection Account, the Distribution
Accounts or any REO Account; provided that (a) the Master Servicer Remittance Date shall in no event be later than the Business
Day prior to the related Distribution Date and (b) such change shall not adversely affect in any material respect the interests
of any Certificateholder, as evidenced in writing by an Opinion of Counsel at the expense of the party requesting such amendment
or as evidenced by a Rating Agency Confirmation from each Rating Agency with respect to such amendment; (iv) to modify, eliminate
or add to any of its provisions to such extent as shall be necessary to maintain the qualification of any Trust REMIC as a REMIC
or the Grantor Trust as a grantor trust under the relevant provisions of the Code at all times that any Certificate is outstanding,
or to avoid or

 

    A-15-7

     

    

 

minimize the risk of imposition of any tax on the Trust Fund or any Trust REMIC or the Grantor Trust that would
be a claim against the Trust Fund or any Trust REMIC or the Grantor Trust; provided that the Trustee and the Certificate
Administrator have received an Opinion of Counsel (at the expense of the party requesting such amendment) to the effect that (a) such
action is necessary or desirable to maintain such qualification or to avoid or minimize the risk of the imposition of any such
tax and (b) such action will not adversely affect in any material respect the interests of any Certificateholder or Companion
Loan Noteholder; (v) to modify, eliminate or add to the provisions any provision of the Pooling and Servicing Agreement restricting
transfer of the Class R Certificates; provided the Depositor has determined that such change shall not, as evidenced
by an Opinion of Counsel, cause the Trust Fund, any Trust REMIC or any of the Certificateholders (other than the Transferor) to
be subject to a federal tax caused by a Transfer to a Person that is a Disqualified Organization or a Non-U.S. Tax Person; (vi)
to revise or add any other provisions with respect to matters or questions arising under the Pooling and Servicing Agreement or
any other change; provided that the required action shall not adversely affect in any material respect the interests of
any Certificateholder or any holder of a Serviced Pari Passu Companion Loan not consenting thereto as evidenced in writing by an
Opinion of Counsel, at the expense of the party requesting such amendment or as evidenced by a Rating Agency Confirmation from
each of the Rating Agencies with respect to such amendment or supplement and confirmation of the applicable rating agencies that
such action will not result in the downgrade, withdrawal or qualification of its then-current ratings of any securities related
to a Companion Loan, if any (provided that such rating agency confirmation may be considered satisfied in the same manner
as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates); (vii) to amend or supplement any
provision of the Pooling and Servicing Agreement to the extent necessary to maintain the then-current ratings assigned to each
Class of Certificates by each Rating Agency, as evidenced by a Rating Agency Confirmation from each of the Rating Agencies; provided
that such amendment or supplement shall not adversely affect in any material respect the interests of any Certificateholder not
consenting thereto as evidenced by an Opinion of Counsel, or any holder of a Serviced Pari Passu Companion Loan not consenting
to such revision or addition, as evidenced by an Opinion of Counsel at the expense of the party requesting such amendment or as
evidenced by confirmation of the applicable Rating Agencies that such action will not result in the downgrade, withdrawal or qualification
of its then-current ratings of any securities related to a Companion Loan, if any (provided that such Rating Agency Confirmation
may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the
Certificates); (viii) to modify the provisions of Section 3.06 and Section 3.17 of the Pooling and Servicing Agreement
(with respect to reimbursement of Nonrecoverable Advances and Workout-Delayed Reimbursement Amounts) if (a) the Depositor,
the Master Servicer, the Trustee and, for so long as a Control Termination Event has not occurred and is not continuing, the Directing
Holder, determine that the commercial mortgage backed securities industry standard for such provisions has changed, in order to
conform to such industry standard, (b) such modification does not adversely affect the status of any Trust REMIC as a REMIC
or the status of the Grantor Trust as a grantor trust under the relevant provisions of the Code, as evidenced by an Opinion of
Counsel and (c) each Rating Agency has delivered a Rating Agency Confirmation and, with regard to any class of Serviced Companion
Loan Securities, the applicable rating agencies have delivered a confirmation that such action will not result in the downgrade,
withdrawal or qualification of its then-current ratings (provided that such rating agency

 

    A-15-8

     

    

 

confirmation may be considered
satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates); (ix)
to modify the procedures of the Pooling and Servicing Agreement relating to compliance with Rule 17g-5 of the Exchange Act;
provided that such amendment shall not adversely affect in any material respects the interests of any Certificateholders,
as evidenced by (x) an Opinion of Counsel or (y) if any Certificate is then rated, receipt of Rating Agency Confirmation
from each Rating Agency rating such Certificates; and provided, further, that the Certificate Administrator shall
give notice of any such amendment to the 17g-5 Information Provider for posting to the 17g-5 Information Provider’s Website
and the Certificate Administrator shall post such notice to the Certificate Administrator’s Website; (x) to modify, eliminate
or add to any provisions of the Pooling and Servicing Agreement to such extent as would be necessary to comply with the requirements
for use of Form SF-3 in registered offerings to the extent provided in CFR 239.45(b)(1)(ii), (iii) or (iv); and (xi) to modify,
eliminate or add to any of its provisions (a) to such extent as will be necessary to comply with the requirements of the Risk Retention
Rule, as evidenced by an Opinion of Counsel, or (b) in the event the Risk Retention Rule or any other regulation applicable to
the risk retention requirements for this securitization transaction are amended or repealed, to the extent required to comply with
any such amendment or to modify or eliminate the risk retention requirements in the event of such repeal, as evidenced by an Opinion
of Counsel.

 

The Pooling and Servicing
Agreement or any Custodial Agreement may also be amended from time to time by the Depositor, the Master Servicer, the Special Servicer,
the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the Trustee with the prior written
consent of the Holders of Certificates representing not less than a majority of the Percentage Interests of each Class of Certificates
affected thereby (without regard to Certificates held by the Depositor, any of the Depositor’s Affiliates and/or agents)
and each Serviced Companion Loan Noteholder affected thereby for the purpose of adding any provisions to or changing in any manner
or eliminating any of the provisions of the Pooling and Servicing Agreement or modifying in any manner the rights of the Certificateholders
or the Serviced Companion Loan Noteholders; provided, that no such amendment may:

 

		(i)	reduce in any manner the amount of, or delay the timing of, payments received on the Mortgage Loans
or Serviced Whole Loan which are required to be distributed on any Certificate, without the consent of the Holders of Certificates
representing all of the Percentage Interests of the Class or Classes affected thereby or which are required to be distributed to
any Companion Loan Noteholders without the consent of such Companion Loan Noteholders;

 

		(ii)	reduce the aforesaid percentage of Certificates of any Class the Holders of which are required
to consent to any such amendment or remove the requirement to obtain consent of any Companion Loan Noteholder, in any such case
without the consent of the Holders of all Certificates of such Class then-outstanding or such Companion Loan Noteholder, as applicable;

 

    A-15-9

     

    

 

		(iii)	adversely affect the Voting Rights of any Class of Certificates without the consent of the Holders
of all Certificates of such Class then outstanding;

 

		(iv)	change in any manner any defined term used in any Mortgage Loan Purchase Agreement or the obligations
of any Mortgage Loan Seller under such Mortgage Loan Purchase Agreement or otherwise or change any rights of any Mortgage Loan
Seller as a third party beneficiary hereunder, without the consent of such Mortgage Loan Seller; or

 

		(v)	amend the Servicing Standard without the consent of 100% of the Certificateholders or receipt of
Rating Agency Confirmation from each Rating Agency and confirmation of the applicable rating agencies that such action will not
result in the downgrade, withdrawal or qualification of its then-current ratings of any securities related to a Companion Loan,
if any (provided that such rating agency confirmation may be considered satisfied in the same manner as any Rating Agency
Confirmation may be considered satisfied with respect to the Certificates).

 

Further, the Depositor,
the Master Servicer, the Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer
and the Trustee, at any time and from time to time, without the consent of the Certificateholders or, if applicable, the Serviced
Companion Loan Noteholders, may amend the Pooling and Servicing Agreement to modify, eliminate or add to any of its provisions
(i) to such extent as shall be necessary to maintain the qualification of the Lower-Tier REMIC or the Upper-Tier REMIC as a REMIC
or the qualification of the Grantor Trust as a grantor trust, or to prevent the imposition of any additional material state or
local taxes, at all times that any Certificates are outstanding; provided that such action, as evidenced by an Opinion of
Counsel (obtained at the expense of the Trust Fund), is necessary or helpful to maintain such qualification or to prevent the imposition
of any such taxes, and would not adversely affect in any material respect the interest of any Certificateholder or if applicable,
any Serviced Companion Loan Noteholder or (ii) to the extent necessary to comply with the Investment Company Act of 1940, as amended,
the Exchange Act, Regulation AB, and/or any related regulatory actions and/or interpretations.

 

The Certificateholder
owning a majority of the Percentage Interest in the Controlling Class and, if no such Certificateholder exercises such option,
the Special Servicer, and if the Special Servicer does not exercise such option, the Master Servicer may effect an early termination
of the Trust Fund, upon not less than 30 days’ prior Notice of Termination given to the Trustee, the Special Servicer and
the Master Servicer any time specifying the Anticipated Termination Date, which shall be on or after the Early Termination Notice
Date (defined as any date as of which the aggregate Stated Principal Balance of the Mortgage Loans remaining in the Trust is less
than 1.0% of the aggregate Stated Principal Balance of the Mortgage Loans as of the Cut-off Date) by purchasing on such date all,
but not less than all, of the Mortgage Loans then included in the Trust Fund, and the Trust’s interest in all property acquired
in respect of any Mortgage Loan, at a purchase price, payable in cash, equal to the sum of, without duplication:

 

		(A)	100% of the Stated Principal Balance of each Mortgage Loan included in the Trust as of the last
day of the month preceding such 

 

    A-15-10

     

    

 

		 	 Anticipated Termination Date (less any P&I Advances previously made on account of principal);

 

 

		(B)	the fair market value of all other property included in the Trust Fund as of the last day of the
month preceding such Anticipated Termination Date, as determined by an Independent appraiser acceptable to the Master Servicer
as of a date not more than 30 days prior to the last day of the month preceding such Distribution Date;

 

		(C)	all unpaid interest accrued on the unpaid balance of each Mortgage Loan (including any Mortgage
Loan as to which title to the related Mortgaged Property has been acquired) at the Mortgage Rate to the last day of the month preceding
such Anticipated Termination Date (less any P&I Advances previously made on account of interest); and

 

		(D)	the aggregate amount of unreimbursed
                                         Advances, with interest thereon at the Reimbursement Rate, and unpaid Servicing Compensation,
                                         Special Servicing Compensation, Operating Advisor Fees, Certificate Administrator/Trustee
                                         Fees, the CREFC® Intellectual Property Royalty License Fees and Trust
                                         Fund expenses.

 

In addition, the Pooling
and Servicing Agreement provides that following the date on which the Class X-A Notional Amount, the Class X-B Notional Amount,
the Class X-D Notional Amount and the aggregate Certificate Balance of the Class A-1, Class A-2, Class A-3, Class A-SB,
Class A-4, Class A-5, Class A-M, Class B, Class C and Class D Certificates is reduced to zero, the Sole Certificateholder shall
have the right to exchange all of the then-outstanding Certificates (other than the Class S or Class R Certificates) for all
of the Mortgage Loans and each REO Property remaining in the Trust Fund as contemplated by clause (ii) of Section 9.01(a)
of the Pooling and Servicing Agreement by giving written notice to all the parties to the Pooling and Servicing Agreement no later
than 60 days prior to the anticipated date of exchange.

 

All costs and expenses
incurred by any and all parties to the Pooling and Servicing Agreement or by the Trust Fund in connection with the purchase of
the Mortgage Loans and the other assets of the Trust Fund pursuant to Section 9.01(c) of the Pooling and Servicing Agreement
shall be borne by the party exercising its purchase rights thereunder. The Trustee and the Certificate Administrator shall be entitled
to rely conclusively on any determination made by an Independent appraiser pursuant to Section 9.01(c) of the Pooling and
Servicing Agreement.

 

The respective obligations
and responsibilities of the Master Servicer, the Special Servicer, the Depositor, the Certificate Administrator, the Operating
Advisor, the Asset Representations Reviewer and the Trustee created by the Pooling and Servicing Agreement with respect to the
Certificates (other than the obligations of the Certificate Administrator to make

 

    A-15-11

     

    

 

certain payments and to send certain notices
to Certificateholders as set forth in the Pooling and Servicing Agreement) shall terminate upon payment (or provision for payment)
to the Certificateholders and the Serviced Companion Loan Noteholders of all amounts held by or on behalf of the Trustee, the Certificate
Administrator and the Master Servicer, as the case may be, required under the Pooling and Servicing Agreement to be so paid on
the Distribution Date following the earlier to occur of (i) the purchase of the Mortgage Loans and all other property held by the
Trust Fund in accordance with Section 9.01(c) of the Pooling and Servicing Agreement; (ii) the exchange by the Sole Certificateholder
of its Certificates for the Mortgage Loans in accordance with Section 9.01(g) of the Pooling and Servicing Agreement; and (iii) the
later of (a) the receipt or collection of the last payment due on any Mortgage Loan included in the Trust Fund, or (b) the
liquidation and disposition pursuant to the Pooling and Servicing Agreement of the last asset held by the Trust Fund; provided
that in no event shall the trust created by the Pooling and Servicing Agreement continue beyond the expiration of 21 years from
the death of the last survivor of the descendants of Joseph P. Kennedy, the late Ambassador of the United States to the United
Kingdom, living on the date hereof.

 

Unless the Certificate
of Authentication on this Certificate has been executed by the Authenticating Agent, by manual signature, this Certificate shall
not be entitled to any benefit under the Pooling and Servicing Agreement or be valid for any purpose.

 

    A-15-12

     

    

  

IN WITNESS WHEREOF, the Certificate Administrator
has caused this Class X-B Certificate to be duly executed.

 

Dated: January 31, 2018

	 	 	 
	 	WELLS FARGO BANK, NATIONAL ASSOCIATION,
    not in its individual capacity but solely as Certificate Administrator
	 	 	 
	 	By: 	 
	 	 	Authorized Signatory

 

Certificate of Authentication

 

This is one of the Class X-B
Certificates referred to in the Pooling and Servicing Agreement.

 

Dated: January 31, 2018

	 	 	 
	 	WELLS FARGO BANK, NATIONAL ASSOCIATION,
    not in its individual capacity but solely as Authenticating
    Agent
	 	 	 
	 	By: 	 
	 	 	Authorized Signatory

 

    A-15-13

     

    

 

EXHIBIT A-16

 

FORM OF CLASS X-D [RULE 144A]1
[REG S]2 CERTIFICATE

 

[UNLESS THIS CERTIFICATE IS PRESENTED
BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE CERTIFICATE
REGISTRAR FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE &
CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR
TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE
OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.]3

 

THIS CERTIFICATE HAS NOT BEEN AND WILL
NOT BE REGISTERED OR QUALIFIED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR
ANY STATE OR FOREIGN SECURITIES LAW. THE HOLDER HEREOF, BY PURCHASING THIS CERTIFICATE, AGREES THAT THIS CERTIFICATE MAY BE REOFFERED,
RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY IN COMPLIANCE WITH THE SECURITIES ACT AND OTHER APPLICABLE LAWS, AND ONLY (A)(1)
PURSUANT TO A REGISTRATION STATEMENT WHICH HAS BEEN DECLARED EFFECTIVE UNDER THE SECURITIES ACT, (2) FOR SO LONG AS THIS CERTIFICATE
IS ELIGIBLE FOR RESALE PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”), TO AN INSTITUTIONAL INVESTOR
THAT THE HOLDER REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” WITHIN THE MEANING OF RULE 144A (“QUALIFIED
INSTITUTIONAL BUYER”), PURCHASING FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF ANOTHER QUALIFIED INSTITUTIONAL BUYER, WHOM
THE HOLDER HAS INFORMED, IN EACH CASE, THAT THE REOFFER, RESALE, PLEDGE OR OTHER TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A,
(3) TO AN INSTITUTIONAL “ACCREDITED INVESTOR,” WITHIN THE MEANING OF RULE 501(a)(1), (2), (3) OR (7) OF REGULATION
D UNDER THE SECURITIES ACT OR ANY ENTITY IN WHICH ALL OF THE EQUITY OWNERS ARE SUCH ACCREDITED INVESTORS, OR (4) TO INSTITUTIONS
THAT ARE A NON-“U.S. PERSON” IN AN “OFFSHORE TRANSACTION,” AS SUCH TERMS ARE DEFINED IN, AND IN ACCORDANCE
WITH RULE 903 OR RULE 904 OF, REGULATION S UNDER THE SECURITIES ACT, AND (B) IN ACCORDANCE WITH ANY OTHER APPLICABLE SECURITIES
LAWS OF ANY STATE OF THE UNITED STATES OR ANY OTHER APPLICABLE JURISDICTION.

 

 

 

1 For Rule 144A Global
Certificates only.

2 For Reg S Global Certificates
only.

3 Legend
required as long as DTC is the Depository under the Pooling and Servicing Agreement.

 

    A-16-1

     

    

 

ANY HOLDER DESIRING TO EFFECT A TRANSFER
OF THIS CERTIFICATE SHALL, AND DOES HEREBY AGREE TO, INDEMNIFY THE CERTIFICATE REGISTRAR, THE CERTIFICATE ADMINISTRATOR, THE TRUSTEE,
THE MASTER SERVICER AND THE DEPOSITOR AGAINST ANY LOSS, LIABILITY OR EXPENSE THAT MAY RESULT IF THE TRANSFER IS NOT EXEMPT FROM
THE SECURITIES ACT OR IS NOT MADE IN ACCORDANCE WITH FEDERAL AND STATE LAWS.

 

THIS CERTIFICATE DOES NOT REPRESENT
AN OBLIGATION OF OR INTEREST IN THE DEPOSITOR, THE ORIGINATOR, THE MASTER SERVICER, THE SPECIAL SERVICER, THE CERTIFICATE ADMINISTRATOR,
THE CERTIFICATE REGISTRAR, THE OPERATING ADVISOR, THE ASSET REPRESENTATIONS REVIEWER, THE RISK RETENTION CONSULTATION PARTY, THE
TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THE CERTIFICATES NOR THE UNDERLYING MORTGAGE LOANS ARE INSURED OR GUARANTEED
BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY.

 

THE HOLDERS OF THIS CLASS X-D CERTIFICATE
WILL BE ENTITLED ONLY TO DISTRIBUTIONS OF INTEREST ON THE NOTIONAL BALANCE OF THE CLASS X-D CERTIFICATES AND WILL NOT BE ENTITLED
TO ANY DISTRIBUTIONS WITH RESPECT TO PRINCIPAL. THE NOTIONAL BALANCE OF THE CLASS X-D CERTIFICATES IS EQUAL TO AN AMOUNT AS
SET FORTH IN THE POOLING AND SERVICING AGREEMENT REFERRED TO BELOW. ACCORDINGLY, THE OUTSTANDING NOTIONAL BALANCE OF THIS CERTIFICATE
AT ANY TIME MAY BE LESS THAN THE INITIAL NOTIONAL BALANCE SET FORTH BELOW.

 

TRANSFERS AND EXCHANGES OF PORTIONS
OF THIS CERTIFICATE ARE SUBJECT TO RESTRICTIONS AS PROVIDED IN THE POOLING AND SERVICING AGREEMENT REFERRED TO BELOW.

 

FOR U.S. FEDERAL INCOME TAX PURPOSES,
THIS CERTIFICATE REPRESENTS A “REGULAR INTEREST” IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE
TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G(a)(1) AND 860D OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED.

 

[THIS CERTIFICATE HAS NOT BEEN AND WILL
NOT BE REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT AND, PRIOR TO THE DATE THAT IS 40 DAYS AFTER THE OFFERING OF THE CERTIFICATES,
MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED IN THE UNITED STATES OR TO A U.S. PERSON EXCEPT PURSUANT TO AN EXEMPTION
FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT.]4

 

 

 

 

4
For Reg S Global Certificates only.

 

    A-16-2

     

    

 

BENCHMARK 2018-B1 MORTGAGE TRUST

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES, CLASS X-D

 

	Class X-D Pass-Through Rate:  Variable	 	
        CUSIP:  08162PAC55

        U0733TAB36

        08162PAD37

        

        

         

        ISIN:     US08162PAC598

        USU0733TAB369

        US08162PAD3310

         

	Original Aggregate Notional Balance of the

Class X-D Certificates:  $60,520,000	 	Initial Notional Balance of this Certificate:  $[_____]
	 	 	 
	First Distribution Date: February 16, 2018	 	Cut-off Date:  The close of business on the later of the related Due Date of such Mortgage Loan in January 2018 (or, in the case of any Mortgage Loan that has its first Due Date subsequent to January 2018, the date that would have been its Due Date in January 2018 under the terms of that Mortgage Loan if a Periodic Payment were scheduled to be due in that month) and the date of origination of such Mortgage Loan
	 	 	 
	Assumed Final Distribution Date:  January 2028	 	No.:  X-D-[__]

 

This certifies that [              ]
is the registered owner of a beneficial ownership interest in a Trust Fund, including the distributions to be made with respect
to the Class X-D Certificates. The Trust Fund, described more fully below, consists primarily of a pool of Mortgage Loans
secured by first liens on commercial and multifamily properties and held in trust by the Trustee and serviced by the Master Servicer.
The Trust Fund was created, and the Mortgage Loans are to be serviced, pursuant to the Pooling and Servicing Agreement (as defined
below). The Holder of this Certificate, by virtue of the acceptance hereof, assents to the terms, provisions and conditions of
the Pooling and Servicing Agreement and is bound thereby.

 

 

 

5 For Rule 144A Certificates

6 For Regulation S Certificates

7 For IAI Certificates

8 For Rule 144A Certificates

9 For Regulation S Certificates

10 For IAI
Certificates

 

    A-16-3

     

    

 

The Pooling and Servicing
Agreement, dated as of January 1, 2018 (the “Pooling and Servicing Agreement”), between the Depositor, Wells
Fargo Bank, National Association, as master servicer (in such capacity, the “Master Servicer”), Midland Loan
Services, a Division of PNC Bank, National Association, as special servicer (the “Special Servicer”), Wilmington
Trust, National Association, as trustee (the “Trustee”), Wells Fargo Bank, National Association, as certificate
administrator (in such capacity, the “Certificate Administrator”), custodian and paying agent, and Park Bridge
Lender Services LLC, as operating advisor (in such capacity, the “Operating Advisor”) and asset representations
reviewer (in such capacity, the “Asset Representations Reviewer”) evidences the issuance of the Class A-1, Class
A-2, Class A-3, Class A-SB, Class A-4, Class A-5, Class A-M, Class B, Class C, Class D, Class E, Class F-RR, Class G-RR,
Class X-A, Class X-B, Class X-D, Class X-E, Class S, Class R, Class V2, Class V1-A1, Class V1-A2, Class V1-A3, Class V1-ASB,
Class V1-A4, Class V1-A5, Class V1-AM, Class V1-B, Class V1-C, Class V1-D, Class V1-E, Class V1-F and Class V1-G Certificates (the
“Certificates”; the Holders of Certificates issued under the Pooling and Servicing Agreement are collectively
referred to herein as “Certificateholders”). This Certificate is issued pursuant to, and in accordance with,
the terms of the Pooling and Servicing Agreement. To the extent not defined herein, capitalized terms used herein shall have the
meanings assigned thereto in the Pooling and Servicing Agreement.

 

This Certificate represents
a “regular interest” in a “real estate mortgage investment conduit”, as those terms are defined, respectively,
in Sections 860G(a)(1) and 860D of the Internal Revenue Code of 1986, as amended. Each Holder of this Certificate, by acceptance
hereof, agrees to treat, and take no action inconsistent with the treatment of, this Certificate in accordance with the preceding
sentence for purposes of federal income taxes, state and local income and franchise taxes and other taxes imposed on or measured
by income.

 

The Certificate Administrator
makes no representation or warranty as to any of the statements contained herein or the validity or sufficiency of the Certificates
or the Mortgage Loans and has executed this Certificate in its limited capacity as Certificate Administrator under the Pooling
and Servicing Agreement. In the event that there is any conflict between any provision of this Certificate and any provision of
the Pooling and Servicing Agreement, such provision of this Certificate shall be superseded to the extent of such inconsistency.

 

Pursuant to the terms
of the Pooling and Servicing Agreement, the Certificate Administrator, or the Paying Agent on behalf of the Certificate Administrator,
will distribute (other than the final distribution on any Certificate), on the fourth Business Day after each Determination Date
(each such date, a “Distribution Date”) an amount equal to such Person’s pro rata share (based on the
Percentage Interest represented by this Certificate) of that portion of the aggregate amount of interest then distributable, if
any, allocable to the Class X-D Certificates for such Distribution Date, all as more fully described in the Pooling and Servicing
Agreement. “Determination Date” is defined in the Pooling and Servicing Agreement as the eleventh day of each month,
or if such eleventh day is not a Business Day, then the next Business Day, commencing in February 2018. Holders of this Certificate
may be entitled to Prepayment Premiums and Yield Maintenance Charges as provided in the Pooling and Servicing Agreement.

 

    A-16-4

     

    

 

During each Interest
Accrual Period (as defined below), interest on the Class X-D Certificates will be calculated based on a 360-day year consisting
of twelve 30-day months on the outstanding Notional Balance hereof.

 

Interest accrued on this
Certificate during an Interest Accrual Period, plus the aggregate unpaid Interest Shortfall with respect to this Certificate, if
any, will be payable on the related Distribution Date to the extent provided in the Pooling and Servicing Agreement. The “Interest
Accrual Period” means, with respect to any Distribution Date, the calendar month immediately preceding the month in which
such Distribution Date occurs. Each Interest Accrual Period is assumed to consist of 30 days.

 

All distributions (other
than the final distribution on any Certificate) will be made by the Paying Agent to the Persons in whose names the Certificates
are registered at the close of business on each Record Date, which will be the close of business on the last Business Day of the
calendar month immediately preceding the month in which such Distribution Date occurs. Such distributions shall be made on each
Distribution Date other than the Termination Date to each Certificateholder of record on the related Record Date, (i) by wire transfer
of immediately available funds to the account of such Holder at a bank or other entity located in the United States and having
appropriate facilities therefor if such Holder shall have provided the Paying Agent with wire instructions in writing at least
five Business Days prior to the related Record Date (which wiring instructions may be in the form of a standing order applicable
to all subsequent distributions), or (ii) otherwise, by check mailed by first-class mail to the address set forth therefor in the
Certificate Register. The final distribution on each Certificate shall be made in like manner, but only upon presentment and surrender
of such Certificate at the office of the Certificate Administrator or its agent (which may be the Paying Agent or the Certificate
Registrar acting as such agent) that is specified in the notice to Holders of such final distribution.

 

Any funds not distributed
on the Termination Date because of the failure of any Certificateholders to tender their Certificates shall, on such date, be set
aside and held for the benefit of the appropriate non-tendering Certificateholders. If any Certificates as to which notice of the
Termination Date has been given pursuant to the Pooling and Servicing Agreement shall not have been surrendered for cancellation
within six months after the time specified in such notice, the Certificate Administrator shall mail a second notice to the remaining
non-tendering Certificateholders to surrender their Certificates for cancellation to receive the final distribution with respect
thereto. If within one year after the second notice not all of such Certificates shall have been surrendered for cancellation,
the Certificate Administrator may, directly or through an agent, take appropriate steps to contact the remaining non-tendering
Certificateholders concerning surrender of their Certificates. The costs and expenses of holding such funds in trust and of contacting
such Certificateholders shall be paid out of such funds. Subject to applicable state escheatment laws, if within two years after
the second notice any such Certificates shall not have been surrendered for cancellation, the Paying Agent shall distribute to
the Certificate Administrator all amounts distributable to the Holders thereof, and the Certificate Administrator shall thereafter
hold such amounts for the benefit of such Holders until the earlier of (i) its termination as Certificate Administrator under the
Pooling and Servicing Agreement and the transfer of such amounts to a successor Certificate Administrator and (ii) the termination
of the Trust Fund and distribution of such amounts to the Class R Certificateholders. No interest shall accrue or be payable to
any Certificateholder on any amount held under the Pooling and

 

    A-16-5

     

    

 

Servicing Agreement or by the Certificate Administrator as a result
of such Certificateholder’s failure to surrender its Certificate(s) for final payment thereof in accordance with the Pooling
and Servicing Agreement. Any such amounts transferred to the Certificate Administrator may be invested in Permitted Investments
and all income and gain realized from investment of such funds shall accrue for its benefit.

 

This Certificate is limited
in right of payment to, among other things, certain collections and recoveries in respect of the Mortgage Loans, as more specifically
set forth herein and in the Pooling and Servicing Agreement.

 

As provided in the Pooling
and Servicing Agreement, the Trust Fund includes (in each case, to the extent of the Trust Fund’s interest therein and specifically
excluding any interest of any Serviced Companion Loan Noteholder therein): (i) such Mortgage Loans as from time to time are subject
to the Pooling and Servicing Agreement, together with the Mortgage Files relating thereto; (ii) all scheduled or unscheduled payments
on or collections in respect of the Mortgage Loans due after the Cut-off Date; (iii) the Trust Fund’s interest in any REO
Property; (iv) all revenues received in respect of any REO Property; (v) any Assignments of Leases, Rents and Profits and any security
agreements related to the Mortgage Loans; (vi) any indemnities or guaranties given as additional security for any Mortgage Loans;
(vii) a security interest in all assets deposited in the Lock-Box Accounts, Cash Collateral Accounts, Escrow Accounts, and Reserve
Accounts; (viii) the Loss of Value Reserve Fund; (ix) the Collection Account, the Serviced Whole Loan Collection Accounts, the
Distribution Accounts, any Gain-on-Sale Reserve Account, the Interest Reserve Account, and the Trust’s interest in any REO
Account, including any amounts on deposit therein, assets credited thereto and any reinvestment income, as applicable; (x) a security
interest in any environmental indemnity agreements relating to the Mortgaged Properties; (xi) a security interest in all insurance
policies with respect to the Mortgage Loans and the Mortgaged Properties; (xii) the rights and remedies under the Mortgage Loan
Purchase Agreements relating to document delivery requirements with respect to the Mortgage Loans and the representations and warranties
of the related Mortgage Loan Seller regarding its Mortgage Loans; (xiii) the Lower-Tier Regular Interests; (xiv) the Class VRR
Upper-Tier Regular Interests; and (xv) the proceeds of the foregoing (other than any interest earned on deposits in the Lock-Box
Accounts, Cash Collateral Accounts, Escrow Accounts and any Reserve Accounts, to the extent such interest belongs to the related
Borrower). As provided in the Pooling and Servicing Agreement, withdrawals may be made from certain of the above accounts for purposes
other than distributions to Certificateholders.

 

This Certificate does
not purport to summarize the Pooling and Servicing Agreement, and reference is made to the Pooling and Servicing Agreement for
the interests, rights, benefits, obligations and duties evidenced hereby, and the limitations thereon, and the rights, duties and
immunities of the Certificate Administrator.

 

As provided in the Pooling
and Servicing Agreement and subject to certain limitations set forth therein, this Certificate is transferable or exchangeable
only upon surrender of this Certificate to the Certificate Registrar at its offices together with an assignment and transfer (executed
by the Holder or his duly authorized attorney), subject to the requirements in Article V of the Pooling and Servicing Agreement.
Upon surrender for registration of transfer of this Certificate, subject to the requirements in Article V of the Pooling and Servicing
Agreement,

 

    A-16-6

     

    

 

the Certificate Administrator shall execute and the Authenticating Agent shall duly authenticate in the name of the
designated transferee or transferees, one or more new Certificates in authorized denominations of a like aggregate denomination
as the Certificate being surrendered. Such Certificates shall be delivered by the Certificate Registrar in accordance with Article
V of the Pooling and Servicing Agreement.

 

Prior to due presentation
of this Certificate for registration of transfer, the Depositor, the Master Servicer, the Special Servicer, the Operating Advisor,
the Asset Representations Reviewer, the Certificate Administrator, the Trustee, the Certificate Registrar, any Paying Agent and
any agent of any of them may treat the Person in whose name this Certificate is registered as the owner hereof for all purposes,
and none of the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator, the Trustee, the Certificate
Registrar, any Paying Agent or any agent of any of them shall be affected by notice or knowledge to the contrary.

 

No fee or service charge
shall be imposed by the Certificate Registrar for its services in respect of any registration of transfer or exchange referred
to in Section 5.02 of the Pooling and Servicing Agreement other than for transfers to Institutional Accredited Investors as provided
in Section 5.02(h) of the Pooling and Servicing Agreement. In connection with any transfer to an Institutional Accredited Investor,
the transferor shall reimburse the Trust Fund for any costs (including the cost of the Certificate Registrar’s counsel’s
review of the documents and any legal opinions, submitted by the transferor or transferee to the Certificate Registrar as provided
in the Pooling and Servicing Agreement) incurred by the Certificate Registrar in connection with such transfer. The Certificate
Registrar may require payment by each transferor of a sum sufficient to cover any tax, expense or other governmental charge payable
in connection with any such transfer.

 

The Pooling and Servicing
Agreement or any Custodial Agreement may be amended at any time by the Depositor, the Master Servicer, the Special Servicer, the
Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the Trustee without the consent of any
of the Certificateholders or any Serviced Companion Loan Noteholders, (i) to cure any ambiguity or to correct any manifest error;
(ii) to cause the provisions of the Pooling and Servicing Agreement or any Custodial Agreement to conform or be consistent
with or in furtherance of the statements made in the Prospectus or Private Placement Memorandum with respect to the Certificates,
the Trust or the Pooling and Servicing Agreement or to correct or supplement any provisions of the Pooling and Servicing Agreement
or any Custodial Agreement which may be defective or inconsistent with any other provisions of the Pooling and Servicing Agreement
or any Custodial Agreement; (iii) to change the timing and/or nature of deposits in the Collection Account, the Distribution
Accounts or any REO Account; provided that (a) the Master Servicer Remittance Date shall in no event be later than the Business
Day prior to the related Distribution Date and (b) such change shall not adversely affect in any material respect the interests
of any Certificateholder, as evidenced in writing by an Opinion of Counsel at the expense of the party requesting such amendment
or as evidenced by a Rating Agency Confirmation from each Rating Agency with respect to such amendment; (iv) to modify, eliminate
or add to any of its provisions to such extent as shall be necessary to maintain the qualification of any Trust REMIC as a REMIC
or the Grantor Trust as a grantor trust under the relevant provisions of the Code at all times that any Certificate is outstanding,
or to avoid or

 

    A-16-7

     

    

 

minimize the risk of imposition of any tax on the Trust Fund or any Trust REMIC or the Grantor Trust that would
be a claim against the Trust Fund or any Trust REMIC or the Grantor Trust; provided that the Trustee and the Certificate
Administrator have received an Opinion of Counsel (at the expense of the party requesting such amendment) to the effect that (a) such
action is necessary or desirable to maintain such qualification or to avoid or minimize the risk of the imposition of any such
tax and (b) such action will not adversely affect in any material respect the interests of any Certificateholder or Companion
Loan Noteholder; (v) to modify, eliminate or add to the provisions any provision of the Pooling and Servicing Agreement restricting
transfer of the Class R Certificates; provided the Depositor has determined that such change shall not, as evidenced
by an Opinion of Counsel, cause the Trust Fund, any Trust REMIC or any of the Certificateholders (other than the Transferor) to
be subject to a federal tax caused by a Transfer to a Person that is a Disqualified Organization or a Non-U.S. Tax Person; (vi)
to revise or add any other provisions with respect to matters or questions arising under the Pooling and Servicing Agreement or
any other change; provided that the required action shall not adversely affect in any material respect the interests of
any Certificateholder or any holder of a Serviced Pari Passu Companion Loan not consenting thereto as evidenced in writing by an
Opinion of Counsel, at the expense of the party requesting such amendment or as evidenced by a Rating Agency Confirmation from
each of the Rating Agencies with respect to such amendment or supplement and confirmation of the applicable rating agencies that
such action will not result in the downgrade, withdrawal or qualification of its then-current ratings of any securities related
to a Companion Loan, if any (provided that such rating agency confirmation may be considered satisfied in the same manner
as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates); (vii) to amend or supplement any
provision of the Pooling and Servicing Agreement to the extent necessary to maintain the then-current ratings assigned to each
Class of Certificates by each Rating Agency, as evidenced by a Rating Agency Confirmation from each of the Rating Agencies; provided
that such amendment or supplement shall not adversely affect in any material respect the interests of any Certificateholder not
consenting thereto as evidenced by an Opinion of Counsel, or any holder of a Serviced Pari Passu Companion Loan not consenting
to such revision or addition, as evidenced by an Opinion of Counsel at the expense of the party requesting such amendment or as
evidenced by confirmation of the applicable Rating Agencies that such action will not result in the downgrade, withdrawal or qualification
of its then-current ratings of any securities related to a Companion Loan, if any (provided that such Rating Agency Confirmation
may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the
Certificates); (viii) to modify the provisions of Section 3.06 and Section 3.17 of the Pooling and Servicing Agreement
(with respect to reimbursement of Nonrecoverable Advances and Workout-Delayed Reimbursement Amounts) if (a) the Depositor,
the Master Servicer, the Trustee and, for so long as a Control Termination Event has not occurred and is not continuing, the Directing
Holder, determine that the commercial mortgage backed securities industry standard for such provisions has changed, in order to
conform to such industry standard, (b) such modification does not adversely affect the status of any Trust REMIC as a REMIC
or the status of the Grantor Trust as a grantor trust under the relevant provisions of the Code, as evidenced by an Opinion of
Counsel and (c) each Rating Agency has delivered a Rating Agency Confirmation and, with regard to any class of Serviced Companion
Loan Securities, the applicable rating agencies have delivered a confirmation that such action will not result in the downgrade,
withdrawal or qualification of its then-current ratings (provided that such rating agency

 

    A-16-8

     

    

 

confirmation may be considered
satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates); (ix)
to modify the procedures of the Pooling and Servicing Agreement relating to compliance with Rule 17g-5 of the Exchange Act;
provided that such amendment shall not adversely affect in any material respects the interests of any Certificateholders,
as evidenced by (x) an Opinion of Counsel or (y) if any Certificate is then rated, receipt of Rating Agency Confirmation
from each Rating Agency rating such Certificates; and provided, further, that the Certificate Administrator shall
give notice of any such amendment to the 17g-5 Information Provider for posting to the 17g-5 Information Provider’s Website
and the Certificate Administrator shall post such notice to the Certificate Administrator’s Website; (x) to modify, eliminate
or add to any provisions of the Pooling and Servicing Agreement to such extent as would be necessary to comply with the requirements
for use of Form SF-3 in registered offerings to the extent provided in CFR 239.45(b)(1)(ii), (iii) or (iv); and (xi) to modify,
eliminate or add to any of its provisions (a) to such extent as will be necessary to comply with the requirements of the Risk Retention
Rule, as evidenced by an Opinion of Counsel, or (b) in the event the Risk Retention Rule or any other regulation applicable to
the risk retention requirements for this securitization transaction are amended or repealed, to the extent required to comply with
any such amendment or to modify or eliminate the risk retention requirements in the event of such repeal, as evidenced by an Opinion
of Counsel.

 

The Pooling and Servicing
Agreement or any Custodial Agreement may also be amended from time to time by the Depositor, the Master Servicer, the Special Servicer,
the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the Trustee with the prior written
consent of the Holders of Certificates representing not less than a majority of the Percentage Interests of each Class of Certificates
affected thereby (without regard to Certificates held by the Depositor, any of the Depositor’s Affiliates and/or agents)
and each Serviced Companion Loan Noteholder affected thereby for the purpose of adding any provisions to or changing in any manner
or eliminating any of the provisions of the Pooling and Servicing Agreement or modifying in any manner the rights of the Certificateholders
or the Serviced Companion Loan Noteholders; provided, that no such amendment may:

 

		(i)	reduce in any manner the amount of, or delay the timing of, payments received on the Mortgage Loans
or Serviced Whole Loan which are required to be distributed on any Certificate, without the consent of the Holders of Certificates
representing all of the Percentage Interests of the Class or Classes affected thereby or which are required to be distributed to
any Companion Loan Noteholders without the consent of such Companion Loan Noteholders;

 

		(ii)	reduce the aforesaid percentage of Certificates of any Class the Holders of which are required
to consent to any such amendment or remove the requirement to obtain consent of any Companion Loan Noteholder, in any such case
without the consent of the Holders of all Certificates of such Class then-outstanding or such Companion Loan Noteholder, as applicable;

 

    A-16-9

     

    

 

		(iii)	adversely affect the Voting Rights of any Class of Certificates without the consent of the Holders
of all Certificates of such Class then outstanding;

 

		(iv)	change in any manner any defined term used in any Mortgage Loan Purchase Agreement or the obligations
of any Mortgage Loan Seller under such Mortgage Loan Purchase Agreement or otherwise or change any rights of any Mortgage Loan
Seller as a third party beneficiary hereunder, without the consent of such Mortgage Loan Seller; or

 

		(v)	amend the Servicing Standard without the consent of 100% of the Certificateholders or receipt of
Rating Agency Confirmation from each Rating Agency and confirmation of the applicable rating agencies that such action will not
result in the downgrade, withdrawal or qualification of its then-current ratings of any securities related to a Companion Loan,
if any (provided that such rating agency confirmation may be considered satisfied in the same manner as any Rating Agency
Confirmation may be considered satisfied with respect to the Certificates).

 

Further, the Depositor,
the Master Servicer, the Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer
and the Trustee, at any time and from time to time, without the consent of the Certificateholders or, if applicable, the Serviced
Companion Loan Noteholders, may amend the Pooling and Servicing Agreement to modify, eliminate or add to any of its provisions
(i) to such extent as shall be necessary to maintain the qualification of the Lower-Tier REMIC or the Upper-Tier REMIC as a REMIC
or the qualification of the Grantor Trust as a grantor trust, or to prevent the imposition of any additional material state or
local taxes, at all times that any Certificates are outstanding; provided that such action, as evidenced by an Opinion of
Counsel (obtained at the expense of the Trust Fund), is necessary or helpful to maintain such qualification or to prevent the imposition
of any such taxes, and would not adversely affect in any material respect the interest of any Certificateholder or if applicable,
any Serviced Companion Loan Noteholder or (ii) to the extent necessary to comply with the Investment Company Act of 1940, as amended,
the Exchange Act, Regulation AB, and/or any related regulatory actions and/or interpretations.

 

The Certificateholder
owning a majority of the Percentage Interest in the Controlling Class and, if no such Certificateholder exercises such option,
the Special Servicer, and if the Special Servicer does not exercise such option, the Master Servicer may effect an early termination
of the Trust Fund, upon not less than 30 days’ prior Notice of Termination given to the Trustee, the Special Servicer and
the Master Servicer any time specifying the Anticipated Termination Date, which shall be on or after the Early Termination Notice
Date (defined as any date as of which the aggregate Stated Principal Balance of the Mortgage Loans remaining in the Trust is less
than 1.0% of the aggregate Stated Principal Balance of the Mortgage Loans as of the Cut-off Date) by purchasing on such date all,
but not less than all, of the Mortgage Loans then included in the Trust Fund, and the Trust’s interest in all property acquired
in respect of any Mortgage Loan, at a purchase price, payable in cash, equal to the sum of, without duplication:

 

		(A)	100% of the Stated Principal Balance of each Mortgage Loan included in the Trust as of the last
day of the month preceding such 

 

    A-16-10

     

    

 

		 	Anticipated Termination Date (less any P&I Advances previously made on account of principal);

 

		(B)	the fair market value of all other property included in the Trust Fund as of the last day of the
month preceding such Anticipated Termination Date, as determined by an Independent appraiser acceptable to the Master Servicer
as of a date not more than 30 days prior to the last day of the month preceding such Distribution Date;

 

		(C)	all unpaid interest accrued on the unpaid balance of each Mortgage Loan (including any Mortgage
Loan as to which title to the related Mortgaged Property has been acquired) at the Mortgage Rate to the last day of the month preceding
such Anticipated Termination Date (less any P&I Advances previously made on account of interest); and

 

		(D)	the aggregate amount of unreimbursed Advances, with interest thereon at the Reimbursement Rate,
and unpaid Servicing Compensation, Special Servicing Compensation, Operating Advisor Fees, Certificate Administrator/Trustee Fees,
the CREFC® Intellectual Property Royalty License Fees and Trust Fund expenses.

 

In addition, the Pooling
and Servicing Agreement provides that following the date on which the Class X-A Notional Amount, the Class X-B Notional Amount,
the Class X-D Notional Amount and the aggregate Certificate Balance of the Class A-1, Class A-2, Class A-3, Class A-SB,
Class A-4, Class A-5, Class A-M, Class B, Class C and Class D Certificates is reduced to zero, the Sole Certificateholder shall
have the right to exchange all of the then-outstanding Certificates (other than the Class S or Class R Certificates) for all
of the Mortgage Loans and each REO Property remaining in the Trust Fund as contemplated by clause (ii) of Section 9.01(a)
of the Pooling and Servicing Agreement by giving written notice to all the parties to the Pooling and Servicing Agreement no later
than 60 days prior to the anticipated date of exchange.

 

All costs and expenses
incurred by any and all parties to the Pooling and Servicing Agreement or by the Trust Fund in connection with the purchase of
the Mortgage Loans and the other assets of the Trust Fund pursuant to Section 9.01(c) of the Pooling and Servicing Agreement
shall be borne by the party exercising its purchase rights thereunder. The Trustee and the Certificate Administrator shall be entitled
to rely conclusively on any determination made by an Independent appraiser pursuant to Section 9.01(c) of the Pooling and
Servicing Agreement.

 

The respective obligations
and responsibilities of the Master Servicer, the Special Servicer, the Depositor, the Certificate Administrator, the Operating
Advisor, the Asset Representations Reviewer and the Trustee created by the Pooling and Servicing Agreement with respect to the
Certificates (other than the obligations of the Certificate Administrator to make

 

    A-16-11

     

    

 

certain payments and to send certain notices
to Certificateholders as set forth in the Pooling and Servicing Agreement) shall terminate upon payment (or provision for payment)
to the Certificateholders and the Serviced Companion Loan Noteholders of all amounts held by or on behalf of the Trustee, the Certificate
Administrator and the Master Servicer, as the case may be, required under the Pooling and Servicing Agreement to be so paid on
the Distribution Date following the earlier to occur of (i) the purchase of the Mortgage Loans and all other property held by the
Trust Fund in accordance with Section 9.01(c) of the Pooling and Servicing Agreement; (ii) the exchange by the Sole Certificateholder
of its Certificates for the Mortgage Loans in accordance with Section 9.01(g) of the Pooling and Servicing Agreement; and (iii) the
later of (a) the receipt or collection of the last payment due on any Mortgage Loan included in the Trust Fund, or (b) the
liquidation and disposition pursuant to the Pooling and Servicing Agreement of the last asset held by the Trust Fund; provided
that in no event shall the trust created by the Pooling and Servicing Agreement continue beyond the expiration of 21 years from
the death of the last survivor of the descendants of Joseph P. Kennedy, the late Ambassador of the United States to the United
Kingdom, living on the date hereof.

 

Unless the Certificate
of Authentication on this Certificate has been executed by the Authenticating Agent, by manual signature, this Certificate shall
not be entitled to any benefit under the Pooling and Servicing Agreement or be valid for any purpose.

 

    A-16-12

     

    

 

IN WITNESS WHEREOF, the Certificate Administrator
has caused this Class X-D Certificate to be duly executed.

 

Dated: January 31, 2018

	 	 	 
	 	WELLS FARGO BANK, NATIONAL ASSOCIATION,
    not in its individual capacity but solely as Certificate Administrator
	 	 	 
	 	By: 	 
	 	 	Authorized Signatory

 

Certificate of Authentication

 

This is one of the Class X-D
Certificates referred to in the Pooling and Servicing Agreement.

 

Dated: January 31, 2018

	 	 	 
	 	WELLS FARGO BANK, NATIONAL ASSOCIATION,
    not in its individual capacity but solely as Authenticating
    Agent
	 	 	 
	 	By: 	 
	 	 	Authorized Signatory

 

    A-16-13

     

    

  

EXHIBIT
A-17

 

FORM
OF CLASS X-E [RULE 144A]1 [REG S]2 CERTIFICATE

 

[UNLESS
THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”),
TO THE CERTIFICATE REGISTRAR FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE
NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO
CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER
USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS
AN INTEREST HEREIN.]3

 

THIS
CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED OR QUALIFIED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”), OR ANY STATE OR FOREIGN SECURITIES LAW. THE HOLDER HEREOF, BY PURCHASING THIS CERTIFICATE, AGREES THAT THIS CERTIFICATE
MAY BE REOFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY IN COMPLIANCE WITH THE SECURITIES ACT AND OTHER APPLICABLE LAWS,
AND ONLY (A)(1) PURSUANT TO A REGISTRATION STATEMENT WHICH HAS BEEN DECLARED EFFECTIVE UNDER THE SECURITIES ACT, (2) FOR SO LONG
AS THIS CERTIFICATE IS ELIGIBLE FOR RESALE PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”), TO
AN INSTITUTIONAL INVESTOR THAT THE HOLDER REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” WITHIN THE MEANING
OF RULE 144A (“QUALIFIED INSTITUTIONAL BUYER”), PURCHASING FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF ANOTHER
QUALIFIED INSTITUTIONAL BUYER, WHOM THE HOLDER HAS INFORMED, IN EACH CASE, THAT THE REOFFER, RESALE, PLEDGE OR OTHER TRANSFER
IS BEING MADE IN RELIANCE ON RULE 144A, (3) TO AN INSTITUTIONAL “ACCREDITED INVESTOR,” WITHIN THE MEANING OF RULE
501(a)(1), (2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT OR ANY ENTITY IN WHICH ALL OF THE EQUITY OWNERS ARE SUCH ACCREDITED
INVESTORS, OR (4) TO INSTITUTIONS THAT ARE A NON-“U.S. PERSON” IN AN “OFFSHORE TRANSACTION,” AS SUCH TERMS
ARE DEFINED IN, AND IN ACCORDANCE WITH RULE 903 OR RULE 904 OF, REGULATION S UNDER THE SECURITIES ACT, AND (B) IN ACCORDANCE WITH
ANY OTHER APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR ANY OTHER APPLICABLE JURISDICTION.

 

 

 

	1	For
                                         Rule 144A Global Certificates only.

	2	For
                                         Reg S Global Certificates only.

	3	Legend
                                         required as long as DTC is the Depository under the Pooling and Servicing Agreement.

 

     A-17-1

     

    

 

ANY
HOLDER DESIRING TO EFFECT A TRANSFER OF THIS CERTIFICATE SHALL, AND DOES HEREBY AGREE TO, INDEMNIFY THE CERTIFICATE REGISTRAR,
THE CERTIFICATE ADMINISTRATOR, THE TRUSTEE, THE MASTER SERVICER AND THE DEPOSITOR AGAINST ANY LOSS, LIABILITY OR EXPENSE THAT
MAY RESULT IF THE TRANSFER IS NOT EXEMPT FROM THE SECURITIES ACT OR IS NOT MADE IN ACCORDANCE WITH FEDERAL AND STATE LAWS.

 

THIS
CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN THE DEPOSITOR, THE ORIGINATOR, THE MASTER SERVICER, THE SPECIAL
SERVICER, THE CERTIFICATE ADMINISTRATOR, THE CERTIFICATE REGISTRAR, THE OPERATING ADVISOR, THE ASSET REPRESENTATIONS REVIEWER,
THE RISK RETENTION CONSULTATION PARTY, THE TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THE CERTIFICATES NOR THE UNDERLYING
MORTGAGE LOANS ARE INSURED OR GUARANTEED BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY.

 

THE
HOLDERS OF THIS CLASS X-E CERTIFICATE WILL BE ENTITLED ONLY TO DISTRIBUTIONS OF INTEREST ON THE NOTIONAL BALANCE OF THE CLASS X-E
CERTIFICATES AND WILL NOT BE ENTITLED TO ANY DISTRIBUTIONS WITH RESPECT TO PRINCIPAL. THE NOTIONAL BALANCE OF THE CLASS X-E
CERTIFICATES IS EQUAL TO AN AMOUNT AS SET FORTH IN THE POOLING AND SERVICING AGREEMENT REFERRED TO BELOW. ACCORDINGLY, THE OUTSTANDING
NOTIONAL BALANCE OF THIS CERTIFICATE AT ANY TIME MAY BE LESS THAN THE INITIAL NOTIONAL BALANCE SET FORTH BELOW.

 

TRANSFERS
AND EXCHANGES OF PORTIONS OF THIS CERTIFICATE ARE SUBJECT TO RESTRICTIONS AS PROVIDED IN THE POOLING AND SERVICING AGREEMENT REFERRED
TO BELOW.

 

THIS
CERTIFICATE SHOULD NOT BE PURCHASED BY A TRANSFEREE THAT IS OR BECOMES (A) AN EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT ARRANGEMENT,
INCLUDING AN INDIVIDUAL RETIREMENT ACCOUNT OR A KEOGH PLAN, WHICH IS SUBJECT TO THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF
1974, AS AMENDED (“ERISA”), OR SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”)
OR A GOVERNMENTAL PLAN, AS DEFINED IN SECTION 3(32) OF ERISA, OR OTHER PLAN SUBJECT TO ANY FEDERAL, STATE OR LOCAL LAW (“SIMILAR
LAW”) WHICH IS TO A MATERIAL EXTENT SIMILAR TO THE FOREGOING PROVISIONS OF ERISA OR THE CODE (EACH, A “PLAN”),
OR (B) A COLLECTIVE INVESTMENT FUND WHOSE UNDERLYING ASSETS INCLUDE PLAN ASSETS BY REASON OF A PLAN’S INVESTMENT IN THE
COLLECTIVE INVESTMENT FUND (PURSUANT TO U.S. DEPARTMENT OF LABOR REGULATION SECTION 2510.3-101, AS MODIFIED BY SECTION 3(42) OF
ERISA), AN INSURANCE COMPANY USING ASSETS OF SEPARATE ACCOUNTS OR GENERAL ACCOUNTS WHICH INCLUDE ASSETS OF PLANS (OR WHICH ARE
DEEMED PURSUANT TO ERISA OR ANY SIMILAR LAW TO INCLUDE ASSETS OF PLANS) OR OTHER PERSON

 

     A-17-2

     

    

 

ACTING ON BEHALF OF ANY SUCH PLAN OR USING
THE ASSETS OF ANY SUCH PLAN, OTHER THAN AN INSURANCE COMPANY USING THE ASSETS OF ITS GENERAL ACCOUNT UNDER CIRCUMSTANCES WHEREBY
SUCH PURCHASE AND THE SUBSEQUENT HOLDING OF SUCH CERTIFICATE BY SUCH INSURANCE COMPANY WOULD BE EXEMPT FROM THE PROHIBITED TRANSACTION
PROVISIONS OF SECTIONS 406 AND 407 OF ERISA, AND CODE SECTION 4975 UNDER SECTIONS I AND III OF PTCE 95-60 OR A SUBSTANTIALLY SIMILAR
EXEMPTION UNDER SIMILAR LAW. TRANSFEREES OF THIS CERTIFICATE TAKING DELIVERY IN CERTIFICATED FORM SHALL BE REQUIRED EITHER (i)
TO DELIVER A LETTER IN THE FORM ATTACHED TO THE POOLING AND SERVICING AGREEMENT TO SUCH EFFECT, OR (ii) IF THE TRANSFEREE IS SUCH
AN ENTITY SPECIFIED IN (A) OR (B) ABOVE, SUCH ENTITY SHALL PROVIDE ANY OPINIONS OF COUNSEL, OFFICERS’ CERTIFICATES OR AGREEMENTS
AS MAY BE REQUIRED BY, AND IN FORM AND SUBSTANCE SATISFACTORY TO, THE DEPOSITOR, THE CERTIFICATE ADMINISTRATOR AND THE CERTIFICATE
REGISTRAR, TO THE EFFECT THAT THE PURCHASE AND HOLDING OF THE CERTIFICATES BY OR ON BEHALF OF A PLAN WILL NOT CONSTITUTE OR RESULT
IN A NON-EXEMPT PROHIBITED TRANSACTION WITHIN THE MEANING OF SECTION 406 OR 407 OF ERISA OR CODE SECTION 4975 (OR SIMILAR VIOLATION
OF SIMILAR LAW), AND WILL NOT SUBJECT THE MASTER SERVICER, THE SPECIAL SERVICER, THE DEPOSITOR, THE CERTIFICATE ADMINISTRATOR,
THE OPERATING ADVISOR, THE ASSET REPRESENTATIONS REVIEWER, THE TRUSTEE OR THE CERTIFICATE REGISTRAR TO ANY OBLIGATION OR LIABILITY.
THE TRANSFEREE OF A BENEFICIAL INTEREST IN A “GLOBAL CERTIFICATE” THAT IS A “RESTRICTED CERTIFICATE” (EACH
AS DEFINED IN THE POOLING AND SERVICING AGREEMENT) SHALL BE DEEMED TO REPRESENT THAT IT IS NOT A PLAN OR A PERSON ACTING ON BEHALF
OF ANY PLAN OR USING THE ASSETS OF ANY PLAN TO ACQUIRE SUCH INTEREST, OTHER THAN AN INSURANCE COMPANY USING THE ASSETS OF ITS
GENERAL ACCOUNT UNDER CIRCUMSTANCES WHEREBY SUCH PURCHASE AND THE SUBSEQUENT HOLDING OF SUCH CERTIFICATE BY SUCH INSURANCE COMPANY
WOULD BE EXEMPT FROM THE PROHIBITED TRANSACTION PROVISIONS OF SECTIONS 406 AND 407 OF ERISA, AND CODE SECTION 4975 UNDER SECTIONS
I AND III OF PTCE 95-60, OR A SUBSTANTIALLY SIMILAR EXEMPTION UNDER SIMILAR LAW.

 

FOR
U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE REPRESENTS A “REGULAR INTEREST” IN A “REAL ESTATE MORTGAGE
INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G(a)(1) AND 860D OF THE INTERNAL REVENUE
CODE OF 1986, AS AMENDED.

 

[THIS
CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED OR QUALIFIED UNDER THE SECURITIES ACT AND, PRIOR TO THE DATE THAT IS 40 DAYS
AFTER THE OFFERING OF THE CERTIFICATES, MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED IN THE UNITED

 

     A-17-3

     

    

  

STATES OR TO
A U.S. PERSON EXCEPT PURSUANT TO AN EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT.]4

  

 

 

	4	For
                                         Reg S Global Certificates only.

 

     A-17-4

     

    

 

BENCHMARK
2018-B1 MORTGAGE TRUST

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES, CLASS X-E

 

	Class X-E Pass-Through
    Rate:  Variable	 	CUSIP: 08162PAE15

                           U0733TAC16

                           08162PAF87

                           

         

        ISIN: US08162PAE168

        USU0733TAC199

        US08162PAF8010

         

	Original Aggregate Notional Balance of the

    Class X-E Certificates:  $25,334,000	 	Initial Notional Balance of this Certificate:  $[_____]
	 	 	 
	First Distribution Date: February 16, 2018	 	Cut-off Date:  The close of business
    on the later of the related Due Date of such Mortgage Loan in January 2018 (or, in the case of any Mortgage Loan that has
    its first Due Date subsequent to January 2018, the date that would have been its Due Date in January 2018 under the terms
    of that Mortgage Loan if a Periodic Payment were scheduled to be due in that month) and the date of origination of such Mortgage
    Loan
	 	 	 
	Assumed Final Distribution Date:  January
    2028	 	No.:  X-E-[__]

 

This
certifies that [              ] is the registered
owner of a beneficial ownership interest in a Trust Fund, including the distributions to be made with respect to the Class X-E
Certificates. The Trust Fund, described more fully below, consists primarily of a pool of Mortgage Loans secured by first liens
on commercial and multifamily properties and held in trust by the Trustee and serviced by the Master Servicer. The Trust Fund
was created, and the Mortgage Loans are to be serviced, pursuant to the Pooling and Servicing Agreement (as defined below). The
Holder of this Certificate, by virtue of the acceptance hereof, assents to the terms, provisions and conditions of the Pooling
and Servicing Agreement and is bound thereby.

 

The
Pooling and Servicing Agreement, dated as of January 1, 2018 (the “Pooling and Servicing Agreement”), between
the Depositor, Wells Fargo Bank, National Association, as

 

 

  

		5	For
                                         Rule 144A Certificates

		6	For
                                         Regulation S Certificates

		7	For
                                         IAI Certificates

		8	For
                                         Rule 144A Certificates

		9	For
                                         Regulation S Certificates

		10	For
                                         IAI Certificates

 

     A-17-5

     

    

 

master servicer (in such capacity, the “Master Servicer”),
Midland Loan Services, a Division of PNC Bank, National Association, as special servicer (the “Special Servicer”),
Wilmington Trust, National Association, as trustee (the “Trustee”), Wells Fargo Bank, National Association,
as certificate administrator (in such capacity, the “Certificate Administrator”), custodian and paying agent,
and Park Bridge Lender Services LLC, as operating advisor (in such capacity, the “Operating Advisor”) and asset
representations reviewer (in such capacity, the “Asset Representations Reviewer”) evidences the issuance of
the Class A-1, Class A-2, Class A-3, Class A-SB, Class A-4, Class A-5, Class A-M, Class B, Class C, Class D, Class E,
Class F-RR, Class G-RR, Class X-A, Class X-B, Class X-D, Class X-E, Class S, Class R, Class V2, Class V1-A1, Class
V1-A2, Class V1-A3, Class V1-ASB, Class V1-A4, Class V1-A5, Class V1-AM, Class V1-B, Class V1-C, Class V1-D, Class V1-E, Class
V1-F and Class V1-G Certificates (the “Certificates”; the Holders of Certificates issued under the Pooling
and Servicing Agreement are collectively referred to herein as “Certificateholders”). This Certificate is issued
pursuant to, and in accordance with, the terms of the Pooling and Servicing Agreement. To the extent not defined herein, capitalized
terms used herein shall have the meanings assigned thereto in the Pooling and Servicing Agreement.

 

This
Certificate represents a “regular interest” in a “real estate mortgage investment conduit”, as those terms
are defined, respectively, in Sections 860G(a)(1) and 860D of the Internal Revenue Code of 1986, as amended. Each Holder of this
Certificate, by acceptance hereof, agrees to treat, and take no action inconsistent with the treatment of, this Certificate in
accordance with the preceding sentence for purposes of federal income taxes, state and local income and franchise taxes and other
taxes imposed on or measured by income.

 

The
Certificate Administrator makes no representation or warranty as to any of the statements contained herein or the validity or
sufficiency of the Certificates or the Mortgage Loans and has executed this Certificate in its limited capacity as Certificate
Administrator under the Pooling and Servicing Agreement. In the event that there is any conflict between any provision of this
Certificate and any provision of the Pooling and Servicing Agreement, such provision of this Certificate shall be superseded to
the extent of such inconsistency.

 

Pursuant
to the terms of the Pooling and Servicing Agreement, the Certificate Administrator, or the Paying Agent on behalf of the Certificate
Administrator, will distribute (other than the final distribution on any Certificate), on the fourth Business Day after each Determination
Date (each such date, a “Distribution Date”) an amount equal to such Person’s pro rata share (based on
the Percentage Interest represented by this Certificate) of that portion of the aggregate amount of interest then distributable,
if any, allocable to the Class X-E Certificates for such Distribution Date, all as more fully described in the Pooling and
Servicing Agreement. “Determination Date” is defined in the Pooling and Servicing Agreement as the eleventh day of
each month, or if such eleventh day is not a Business Day, then the next Business Day, commencing in February 2018.

 

During
each Interest Accrual Period (as defined below), interest on the Class X-E Certificates will be calculated based on a 360-day
year consisting of twelve 30-day months on the outstanding Notional Balance hereof.

 

     A-17-6

     

    

 

Interest
accrued on this Certificate during an Interest Accrual Period, plus the aggregate unpaid Interest Shortfall with respect to this
Certificate, if any, will be payable on the related Distribution Date to the extent provided in the Pooling and Servicing Agreement.
The “Interest Accrual Period” means, with respect to any Distribution Date, the calendar month immediately preceding
the month in which such Distribution Date occurs. Each Interest Accrual Period is assumed to consist of 30 days.

 

All
distributions (other than the final distribution on any Certificate) will be made by the Paying Agent to the Persons in whose
names the Certificates are registered at the close of business on each Record Date, which will be the close of business on the
last Business Day of the calendar month immediately preceding the month in which such Distribution Date occurs. Such distributions
shall be made on each Distribution Date other than the Termination Date to each Certificateholder of record on the related Record
Date, (i) by wire transfer of immediately available funds to the account of such Holder at a bank or other entity located in the
United States and having appropriate facilities therefor if such Holder shall have provided the Paying Agent with wire instructions
in writing at least five Business Days prior to the related Record Date (which wiring instructions may be in the form of a standing
order applicable to all subsequent distributions), or (ii) otherwise, by check mailed by first-class mail to the address set forth
therefor in the Certificate Register. The final distribution on each Certificate shall be made in like manner, but only upon presentment
and surrender of such Certificate at the office of the Certificate Administrator or its agent (which may be the Paying Agent or
the Certificate Registrar acting as such agent) that is specified in the notice to Holders of such final distribution.

 

Any
funds not distributed on the Termination Date because of the failure of any Certificateholders to tender their Certificates shall,
on such date, be set aside and held for the benefit of the appropriate non-tendering Certificateholders. If any Certificates as
to which notice of the Termination Date has been given pursuant to the Pooling and Servicing Agreement shall not have been surrendered
for cancellation within six months after the time specified in such notice, the Certificate Administrator shall mail a second
notice to the remaining non-tendering Certificateholders to surrender their Certificates for cancellation to receive the final
distribution with respect thereto. If within one year after the second notice not all of such Certificates shall have been surrendered
for cancellation, the Certificate Administrator may, directly or through an agent, take appropriate steps to contact the remaining
non-tendering Certificateholders concerning surrender of their Certificates. The costs and expenses of holding such funds in trust
and of contacting such Certificateholders shall be paid out of such funds. Subject to applicable state escheatment laws, if within
two years after the second notice any such Certificates shall not have been surrendered for cancellation, the Paying Agent shall
distribute to the Certificate Administrator all amounts distributable to the Holders thereof, and the Certificate Administrator
shall thereafter hold such amounts for the benefit of such Holders until the earlier of (i) its termination as Certificate Administrator
under the Pooling and Servicing Agreement and the transfer of such amounts to a successor Certificate Administrator and (ii) the
termination of the Trust Fund and distribution of such amounts to the Class R Certificateholders. No interest shall accrue or
be payable to any Certificateholder on any amount held under the Pooling and Servicing Agreement or by the Certificate Administrator
as a result of such Certificateholder’s failure to surrender its Certificate(s) for final payment thereof in accordance
with the Pooling and Servicing Agreement. Any such amounts transferred to the Certificate Administrator may be 

 

     A-17-7

     

    

 

invested in Permitted
Investments and all income and gain realized from investment of such funds shall accrue for its benefit.

 

This
Certificate is limited in right of payment to, among other things, certain collections and recoveries in respect of the Mortgage
Loans, as more specifically set forth herein and in the Pooling and Servicing Agreement.

 

As
provided in the Pooling and Servicing Agreement, the Trust Fund includes (in each case, to the extent of the Trust Fund’s
interest therein and specifically excluding any interest of any Serviced Companion Loan Noteholder therein): (i) such Mortgage
Loans as from time to time are subject to the Pooling and Servicing Agreement, together with the Mortgage Files relating thereto;
(ii) all scheduled or unscheduled payments on or collections in respect of the Mortgage Loans due after the Cut-off Date; (iii)
the Trust Fund’s interest in any REO Property; (iv) all revenues received in respect of any REO Property; (v) any Assignments
of Leases, Rents and Profits and any security agreements related to the Mortgage Loans; (vi) any indemnities or guaranties given
as additional security for any Mortgage Loans; (vii) a security interest in all assets deposited in the Lock-Box Accounts, Cash
Collateral Accounts, Escrow Accounts, and Reserve Accounts; (viii) the Loss of Value Reserve Fund; (ix) the Collection Account,
the Serviced Whole Loan Collection Accounts, the Distribution Accounts, any Gain-on-Sale Reserve Account, the Interest Reserve
Account, and the Trust’s interest in any REO Account, including any amounts on deposit therein, assets credited thereto
and any reinvestment income, as applicable; (x) a security interest in any environmental indemnity agreements relating to the
Mortgaged Properties; (xi) a security interest in all insurance policies with respect to the Mortgage Loans and the Mortgaged
Properties; (xii) the rights and remedies under the Mortgage Loan Purchase Agreements relating to document delivery requirements
with respect to the Mortgage Loans and the representations and warranties of the related Mortgage Loan Seller regarding its Mortgage
Loans; (xiii) the Lower-Tier Regular Interests; (xiv) the Class VRR Upper-Tier Regular Interests; and (xv) the proceeds of the
foregoing (other than any interest earned on deposits in the Lock-Box Accounts, Cash Collateral Accounts, Escrow Accounts and
any Reserve Accounts, to the extent such interest belongs to the related Borrower). As provided in the Pooling and Servicing Agreement,
withdrawals may be made from certain of the above accounts for purposes other than distributions to Certificateholders.

 

This
Certificate does not purport to summarize the Pooling and Servicing Agreement, and reference is made to the Pooling and Servicing
Agreement for the interests, rights, benefits, obligations and duties evidenced hereby, and the limitations thereon, and the rights,
duties and immunities of the Certificate Administrator.

 

As
provided in the Pooling and Servicing Agreement and subject to certain limitations set forth therein, this Certificate is transferable
or exchangeable only upon surrender of this Certificate to the Certificate Registrar at its offices together with an assignment
and transfer (executed by the Holder or his duly authorized attorney), subject to the requirements in Article V of the Pooling
and Servicing Agreement. Upon surrender for registration of transfer of this Certificate, subject to the requirements in Article
V of the Pooling and Servicing Agreement, the Certificate Administrator shall execute and the Authenticating Agent shall duly
authenticate in the name of the designated transferee or transferees, one or more new Certificates in authorized denominations
of a like aggregate denomination as the Certificate being surrendered.

 

     A-17-8

     

    

 

Such Certificates shall be delivered by the Certificate
Registrar in accordance with Article V of the Pooling and Servicing Agreement.

 

Prior
to due presentation of this Certificate for registration of transfer, the Depositor, the Master Servicer, the Special Servicer,
the Operating Advisor, the Asset Representations Reviewer, the Certificate Administrator, the Trustee, the Certificate Registrar,
any Paying Agent and any agent of any of them may treat the Person in whose name this Certificate is registered as the owner hereof
for all purposes, and none of the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator, the Trustee,
the Certificate Registrar, any Paying Agent or any agent of any of them shall be affected by notice or knowledge to the contrary.

 

No
fee or service charge shall be imposed by the Certificate Registrar for its services in respect of any registration of transfer
or exchange referred to in Section 5.02 of the Pooling and Servicing Agreement other than for transfers to Institutional Accredited
Investors as provided in Section 5.02(h) of the Pooling and Servicing Agreement. In connection with any transfer to an Institutional
Accredited Investor, the transferor shall reimburse the Trust Fund for any costs (including the cost of the Certificate Registrar’s
counsel’s review of the documents and any legal opinions, submitted by the transferor or transferee to the Certificate Registrar
as provided in the Pooling and Servicing Agreement) incurred by the Certificate Registrar in connection with such transfer. The
Certificate Registrar may require payment by each transferor of a sum sufficient to cover any tax, expense or other governmental
charge payable in connection with any such transfer.

 

The
Pooling and Servicing Agreement or any Custodial Agreement may be amended at any time by the Depositor, the Master Servicer, the
Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the Trustee without
the consent of any of the Certificateholders or any Serviced Companion Loan Noteholders, (i) to cure any ambiguity or to correct
any manifest error; (ii) to cause the provisions of the Pooling and Servicing Agreement or any Custodial Agreement to conform
or be consistent with or in furtherance of the statements made in the Prospectus or Private Placement Memorandum with respect
to the Certificates, the Trust or the Pooling and Servicing Agreement or to correct or supplement any provisions of the Pooling
and Servicing Agreement or any Custodial Agreement which may be defective or inconsistent with any other provisions of the Pooling
and Servicing Agreement or any Custodial Agreement; (iii) to change the timing and/or nature of deposits in the Collection
Account, the Distribution Accounts or any REO Account; provided that (a) the Master Servicer Remittance Date shall in no event
be later than the Business Day prior to the related Distribution Date and (b) such change shall not adversely affect in any material
respect the interests of any Certificateholder, as evidenced in writing by an Opinion of Counsel at the expense of the party requesting
such amendment or as evidenced by a Rating Agency Confirmation from each Rating Agency with respect to such amendment; (iv) to
modify, eliminate or add to any of its provisions to such extent as shall be necessary to maintain the qualification of any Trust
REMIC as a REMIC or the Grantor Trust as a grantor trust under the relevant provisions of the Code at all times that any Certificate
is outstanding, or to avoid or minimize the risk of imposition of any tax on the Trust Fund or any Trust REMIC or the Grantor
Trust that would be a claim against the Trust Fund or any Trust REMIC or the Grantor Trust; provided that the Trustee and
the Certificate Administrator have received an Opinion of Counsel

 

     A-17-9

     

    

 

(at the expense of the party requesting such amendment) to the
effect that (a) such action is necessary or desirable to maintain such qualification or to avoid or minimize the risk of
the imposition of any such tax and (b) such action will not adversely affect in any material respect the interests of any
Certificateholder or Companion Loan Noteholder; (v) to modify, eliminate or add to the provisions any provision of the Pooling
and Servicing Agreement restricting transfer of the Class R Certificates; provided the Depositor has determined that
such change shall not, as evidenced by an Opinion of Counsel, cause the Trust Fund, any Trust REMIC or any of the Certificateholders
(other than the Transferor) to be subject to a federal tax caused by a Transfer to a Person that is a Disqualified Organization
or a Non-U.S. Tax Person; (vi) to revise or add any other provisions with respect to matters or questions arising under the Pooling
and Servicing Agreement or any other change; provided that the required action shall not adversely affect in any material
respect the interests of any Certificateholder or any holder of a Serviced Pari Passu Companion Loan not consenting thereto as
evidenced in writing by an Opinion of Counsel, at the expense of the party requesting such amendment or as evidenced by a Rating
Agency Confirmation from each of the Rating Agencies with respect to such amendment or supplement and confirmation of the applicable
rating agencies that such action will not result in the downgrade, withdrawal or qualification of its then-current ratings of
any securities related to a Companion Loan, if any (provided that such rating agency confirmation may be considered satisfied
in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates); (vii) to amend
or supplement any provision of the Pooling and Servicing Agreement to the extent necessary to maintain the then-current ratings
assigned to each Class of Certificates by each Rating Agency, as evidenced by a Rating Agency Confirmation from each of the Rating
Agencies; provided that such amendment or supplement shall not adversely affect in any material respect the interests of
any Certificateholder not consenting thereto as evidenced by an Opinion of Counsel, or any holder of a Serviced Pari Passu Companion
Loan not consenting to such revision or addition, as evidenced by an Opinion of Counsel at the expense of the party requesting
such amendment or as evidenced by confirmation of the applicable Rating Agencies that such action will not result in the downgrade,
withdrawal or qualification of its then-current ratings of any securities related to a Companion Loan, if any (provided
that such Rating Agency Confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered
satisfied with respect to the Certificates); (viii) to modify the provisions of Section 3.06 and Section 3.17 of
the Pooling and Servicing Agreement (with respect to reimbursement of Nonrecoverable Advances and Workout-Delayed Reimbursement
Amounts) if (a) the Depositor, the Master Servicer, the Trustee and, for so long as a Control Termination Event has not occurred
and is not continuing, the Directing Holder, determine that the commercial mortgage backed securities industry standard for such
provisions has changed, in order to conform to such industry standard, (b) such modification does not adversely affect the
status of any Trust REMIC as a REMIC or the status of the Grantor Trust as a grantor trust under the relevant provisions of the
Code, as evidenced by an Opinion of Counsel and (c) each Rating Agency has delivered a Rating Agency Confirmation and, with
regard to any class of Serviced Companion Loan Securities, the applicable rating agencies have delivered a confirmation that such
action will not result in the downgrade, withdrawal or qualification of its then-current ratings (provided that such rating
agency confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied
with respect to the Certificates); (ix) to modify the procedures of the Pooling and Servicing Agreement relating to compliance
with Rule 17g-5 of

 

     A-17-10

     

    

 

the Exchange Act; provided that such amendment shall not adversely affect in any material respects
the interests of any Certificateholders, as evidenced by (x) an Opinion of Counsel or (y) if any Certificate is then
rated, receipt of Rating Agency Confirmation from each Rating Agency rating such Certificates; and provided, further,
that the Certificate Administrator shall give notice of any such amendment to the 17g-5 Information Provider for posting to the
17g-5 Information Provider’s Website and the Certificate Administrator shall post such notice to the Certificate Administrator’s
Website; (x) to modify, eliminate or add to any provisions of the Pooling and Servicing Agreement to such extent as would be necessary
to comply with the requirements for use of Form SF-3 in registered offerings to the extent provided in CFR 239.45(b)(1)(ii), (iii)
or (iv); and (xi) to modify, eliminate or add to any of its provisions (a) to such extent as will be necessary to comply with
the requirements of the Risk Retention Rule, as evidenced by an Opinion of Counsel, or (b) in the event the Risk Retention Rule
or any other regulation applicable to the risk retention requirements for this securitization transaction are amended or repealed,
to the extent required to comply with any such amendment or to modify or eliminate the risk retention requirements in the event
of such repeal, as evidenced by an Opinion of Counsel.

 

The
Pooling and Servicing Agreement or any Custodial Agreement may also be amended from time to time by the Depositor, the Master
Servicer, the Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the
Trustee with the prior written consent of the Holders of Certificates representing not less than a majority of the Percentage
Interests of each Class of Certificates affected thereby (without regard to Certificates held by the Depositor, any of the Depositor’s
Affiliates and/or agents) and each Serviced Companion Loan Noteholder affected thereby for the purpose of adding any provisions
to or changing in any manner or eliminating any of the provisions of the Pooling and Servicing Agreement or modifying in any manner
the rights of the Certificateholders or the Serviced Companion Loan Noteholders; provided, that no such amendment may:

 

		(i)	reduce
                                         in any manner the amount of, or delay the timing of, payments received on the Mortgage
                                         Loans or Serviced Whole Loan which are required to be distributed on any Certificate,
                                         without the consent of the Holders of Certificates representing all of the Percentage
                                         Interests of the Class or Classes affected thereby or which are required to be distributed
                                         to any Companion Loan Noteholders without the consent of such Companion Loan Noteholders;

 

		(ii)	reduce
                                         the aforesaid percentage of Certificates of any Class the Holders of which are required
                                         to consent to any such amendment or remove the requirement to obtain consent of any Companion
                                         Loan Noteholder, in any such case without the consent of the Holders of all Certificates
                                         of such Class then-outstanding or such Companion Loan Noteholder, as applicable;

 

		(iii)	adversely
                                         affect the Voting Rights of any Class of Certificates without the consent of the Holders
                                         of all Certificates of such Class then outstanding;

 

     A-17-11

     

    

 

		(iv)	change
                                         in any manner any defined term used in any Mortgage Loan Purchase Agreement or the obligations
                                         of any Mortgage Loan Seller under such Mortgage Loan Purchase Agreement or otherwise
                                         or change any rights of any Mortgage Loan Seller as a third party beneficiary hereunder,
                                         without the consent of such Mortgage Loan Seller; or

 

		(v)	amend
                                         the Servicing Standard without the consent of 100% of the Certificateholders or receipt
                                         of Rating Agency Confirmation from each Rating Agency and confirmation of the applicable
                                         rating agencies that such action will not result in the downgrade, withdrawal or qualification
                                         of its then-current ratings of any securities related to a Companion Loan, if any (provided that such rating agency confirmation may be considered satisfied in the same manner
                                         as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates).

 

Further,
the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations
Reviewer and the Trustee, at any time and from time to time, without the consent of the Certificateholders or, if applicable,
the Serviced Companion Loan Noteholders, may amend the Pooling and Servicing Agreement to modify, eliminate or add to any of its
provisions (i) to such extent as shall be necessary to maintain the qualification of the Lower-Tier REMIC or the Upper-Tier REMIC
as a REMIC or the qualification of the Grantor Trust as a grantor trust, or to prevent the imposition of any additional material
state or local taxes, at all times that any Certificates are outstanding; provided that such action, as evidenced by an
Opinion of Counsel (obtained at the expense of the Trust Fund), is necessary or helpful to maintain such qualification or to prevent
the imposition of any such taxes, and would not adversely affect in any material respect the interest of any Certificateholder
or if applicable, any Serviced Companion Loan Noteholder or (ii) to the extent necessary to comply with the Investment Company
Act of 1940, as amended, the Exchange Act, Regulation AB, and/or any related regulatory actions and/or interpretations.

 

The
Certificateholder owning a majority of the Percentage Interest in the Controlling Class and, if no such Certificateholder
exercises such option, the Special Servicer, and if the Special Servicer does not exercise such option, the Master Servicer may
effect an early termination of the Trust Fund, upon not less than 30 days’ prior Notice of Termination given to the Trustee,
the Special Servicer and the Master Servicer any time specifying the Anticipated Termination Date, which shall be on or after
the Early Termination Notice Date (defined as any date as of which the aggregate Stated Principal Balance of the Mortgage Loans
remaining in the Trust is less than 1.0% of the aggregate Stated Principal Balance of the Mortgage Loans as of the Cut-off Date)
by purchasing on such date all, but not less than all, of the Mortgage Loans then included in the Trust Fund, and the Trust’s
interest in all property acquired in respect of any Mortgage Loan, at a purchase price, payable in cash, equal to the sum of,
without duplication:

 

		(A)	100%
                                         of the Stated Principal Balance of each Mortgage Loan included in the Trust as of the
                                         last day of the month preceding such Anticipated Termination Date (less any P&I Advances
                                         previously made on account of principal);

 

     A-17-12

     

    

 

		(B)	the
                                         fair market value of all other property included in the Trust Fund as of the last day
                                         of the month preceding such Anticipated Termination Date, as determined by an Independent
                                         appraiser acceptable to the Master Servicer as of a date not more than 30 days prior
                                         to the last day of the month preceding such Distribution Date;

 

		(C)	all
                                         unpaid interest accrued on the unpaid balance of each Mortgage Loan (including any Mortgage
                                         Loan as to which title to the related Mortgaged Property has been acquired) at the Mortgage
                                         Rate to the last day of the month preceding such Anticipated Termination Date (less any
                                         P&I Advances previously made on account of interest); and

 

		(D)	the
                                         aggregate amount of unreimbursed Advances, with interest thereon at the Reimbursement
                                         Rate, and unpaid Servicing Compensation, Special Servicing Compensation, Operating Advisor
                                         Fees, Certificate Administrator/Trustee Fees, the CREFC® Intellectual
                                         Property Royalty License Fees and Trust Fund expenses.

 

In
addition, the Pooling and Servicing Agreement provides that following the date on which the Class X-A Notional Amount, the
Class X-B Notional Amount, the Class X-D Notional Amount and the aggregate Certificate Balance of the Class A-1, Class A-2,
Class A-3, Class A-SB, Class A-4, Class A-5, Class A-M, Class B, Class C and Class D Certificates is reduced to zero, the Sole
Certificateholder shall have the right to exchange all of the then-outstanding Certificates (other than the Class S or Class
R Certificates) for all of the Mortgage Loans and each REO Property remaining in the Trust Fund as contemplated by clause (ii) of
Section 9.01(a) of the Pooling and Servicing Agreement by giving written notice to all the parties to the Pooling and Servicing
Agreement no later than 60 days prior to the anticipated date of exchange.

 

All
costs and expenses incurred by any and all parties to the Pooling and Servicing Agreement or by the Trust Fund in connection with
the purchase of the Mortgage Loans and the other assets of the Trust Fund pursuant to Section 9.01(c) of the Pooling and
Servicing Agreement shall be borne by the party exercising its purchase rights thereunder. The Trustee and the Certificate Administrator
shall be entitled to rely conclusively on any determination made by an Independent appraiser pursuant to Section 9.01(c)
of the Pooling and Servicing Agreement.

 

The
respective obligations and responsibilities of the Master Servicer, the Special Servicer, the Depositor, the Certificate Administrator,
the Operating Advisor, the Asset Representations Reviewer and the Trustee created by the Pooling and Servicing Agreement with
respect to the Certificates (other than the obligations of the Certificate Administrator to make certain payments and to send
certain notices to Certificateholders as set forth in the Pooling and Servicing Agreement) shall terminate upon payment (or provision
for payment) to the Certificateholders and the Serviced Companion Loan Noteholders of all amounts held by or on

 

     A-17-13

     

    

  

behalf of the
Trustee, the Certificate Administrator and the Master Servicer, as the case may be, required under the Pooling and Servicing Agreement
to be so paid on the Distribution Date following the earlier to occur of (i) the purchase of the Mortgage Loans and all other
property held by the Trust Fund in accordance with Section 9.01(c) of the Pooling and Servicing Agreement; (ii) the exchange by
the Sole Certificateholder of its Certificates for the Mortgage Loans in accordance with Section 9.01(g) of the Pooling and Servicing
Agreement; and (iii) the later of (a) the receipt or collection of the last payment due on any Mortgage Loan included
in the Trust Fund, or (b) the liquidation and disposition pursuant to the Pooling and Servicing Agreement of the last asset
held by the Trust Fund; provided that in no event shall the trust created by the Pooling and Servicing Agreement continue
beyond the expiration of 21 years from the death of the last survivor of the descendants of Joseph P. Kennedy, the late Ambassador
of the United States to the United Kingdom, living on the date hereof.

 

Unless
the Certificate of Authentication on this Certificate has been executed by the Authenticating Agent, by manual signature, this
Certificate shall not be entitled to any benefit under the Pooling and Servicing Agreement or be valid for any purpose.

 

     A-17-14

     

    

  

IN
WITNESS WHEREOF, the Certificate Administrator has caused this Class X-E Certificate to be duly executed.

 

Dated: January 31, 2018

 

	 	 	 
	 	WELLS FARGO BANK, NATIONAL ASSOCIATION, not
    in its individual capacity but solely as Certificate Administrator
	 	 	 
	 	By: 	 
	 	 	Authorized Signatory

 

Certificate
of Authentication

 

This
is one of the Class X-E Certificates referred to in the Pooling and Servicing Agreement.

 

Dated: January 31, 2018

 

	 	 	 
	 	WELLS FARGO BANK, NATIONAL ASSOCIATION, not
    in its individual capacity but solely as Authenticating Agent
	 	 	 
	 	By: 	 
	 	 	Authorized Signatory

 

     A-17-15

     

    

 

 

EXHIBIT
A-18

 

FORM
OF CLASS S CERTIFICATE

 

THIS
CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED OR QUALIFIED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”), OR ANY STATE OR FOREIGN SECURITIES LAW. THE HOLDER HEREOF, BY PURCHASING THIS CERTIFICATE, AGREES THAT THIS CERTIFICATE
MAY BE REOFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY IN COMPLIANCE WITH THE SECURITIES ACT AND OTHER APPLICABLE LAWS,
AND ONLY (A)(1) PURSUANT TO A REGISTRATION STATEMENT WHICH HAS BEEN DECLARED EFFECTIVE UNDER THE SECURITIES ACT, (2) FOR SO LONG
AS THIS CERTIFICATE IS ELIGIBLE FOR RESALE PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”), TO
AN INSTITUTIONAL INVESTOR THAT THE HOLDER REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” WITHIN THE MEANING
OF RULE 144A (“QUALIFIED INSTITUTIONAL BUYER”), PURCHASING FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF ANOTHER
QUALIFIED INSTITUTIONAL BUYER, WHOM THE HOLDER HAS INFORMED, IN EACH CASE, THAT THE REOFFER, RESALE, PLEDGE OR OTHER TRANSFER
IS BEING MADE IN RELIANCE ON RULE 144A, (3) TO AN INSTITUTIONAL “ACCREDITED INVESTOR,” WITHIN THE MEANING OF RULE
501(a)(1), (2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT, OR ANY ENTITY IN WHICH ALL OF THE EQUITY OWNERS ARE SUCH
ACCREDITED INVESTORS, OR (4) TO INSTITUTIONS THAT ARE A NON-“U.S. PERSON” IN AN “OFFSHORE TRANSACTION,”
AS SUCH TERMS ARE DEFINED IN, AND IN ACCORDANCE WITH RULE 903 OR RULE 904 OF, REGULATION S UNDER THE SECURITIES ACT, AND (B) IN
ACCORDANCE WITH ANY OTHER APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR ANY OTHER APPLICABLE JURISDICTION.

 

THE
INITIAL INVESTOR IN THIS CERTIFICATE, AND EACH SUBSEQUENT PURCHASER OF THIS CERTIFICATE, BY PURCHASING THIS CERTIFICATE OR AN
INTEREST HEREIN, IS DEEMED TO HAVE AGREED TO COMPLY WITH CERTAIN TRANSFER REQUIREMENTS SET FORTH IN THE POOLING AND SERVICING
AGREEMENT.  A TRANSFEREE IS ALSO REQUIRED TO DELIVER AN INVESTMENT REPRESENTATION LETTER SUBSTANTIALLY IN THE FORM OF EXHIBIT
D-1 TO THE POOLING AND SERVICING AGREEMENT IF SUCH TRANSFEREE IS A QUALIFIED INSTITUTIONAL BUYER OR (OTHER THAN WITH RESPECT TO
A RESIDUAL CERTIFICATE) AN INSTITUTIONAL ACCREDITED INVESTOR, AND MAY ALSO BE REQUIRED TO DELIVER AN OPINION OF COUNSEL IF SUCH
TRANSFEREE IS NOT A QUALIFIED INSTITUTIONAL BUYER WITHIN THE MEANING OF RULE 144A.

 

ANY
HOLDER DESIRING TO EFFECT A TRANSFER OF THIS CERTIFICATE SHALL, AND DOES HEREBY AGREE TO, INDEMNIFY THE CERTIFICATE REGISTRAR,
THE CERTIFICATE ADMINISTRATOR, THE TRUSTEE, THE

 

    A-18-1

     

    

 

MASTER SERVICER AND THE DEPOSITOR AGAINST ANY LOSS, LIABILITY OR EXPENSE THAT
MAY RESULT IF THE TRANSFER IS NOT EXEMPT FROM THE SECURITIES ACT OR IS NOT MADE IN ACCORDANCE WITH FEDERAL AND STATE LAWS.

 

THIS
CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN THE DEPOSITOR, THE ORIGINATOR, THE MASTER SERVICER, THE SPECIAL
SERVICER, THE CERTIFICATE ADMINISTRATOR, THE CERTIFICATE REGISTRAR, THE OPERATING ADVISOR, THE ASSET REPRESENTATIONS REVIEWER,
THE RISK RETENTION CONSULTATION PARTY, THE TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THE CERTIFICATES NOR THE UNDERLYING
MORTGAGE LOANS ARE INSURED OR GUARANTEED BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY.

 

TRANSFERS
AND EXCHANGES OF PORTIONS OF THIS CERTIFICATE ARE SUBJECT TO RESTRICTIONS AS PROVIDED IN THE POOLING AND SERVICING AGREEMENT REFERRED
TO BELOW.

 

THIS
CERTIFICATE SHOULD NOT BE PURCHASED BY A TRANSFEREE THAT IS OR BECOMES (A) AN EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT ARRANGEMENT,
INCLUDING AN INDIVIDUAL RETIREMENT ACCOUNT OR A KEOGH PLAN, WHICH IS SUBJECT TO THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF
1974, AS AMENDED (“ERISA”), SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”),
OR A GOVERNMENTAL PLAN, AS DEFINED IN SECTION 3(32) OF ERISA, OR OTHER PLAN SUBJECT TO ANY FEDERAL, STATE OR LOCAL LAW (“SIMILAR
LAW”) WHICH IS TO A MATERIAL EXTENT SIMILAR TO THE FOREGOING PROVISIONS OF ERISA OR THE CODE (EACH, A “PLAN”),
OR (B) A COLLECTIVE INVESTMENT FUND WHOSE UNDERLYING ASSETS INCLUDE PLAN ASSETS BY REASON OF A PLAN’S INVESTMENT IN THE
COLLECTIVE INVESTMENT FUND (PURSUANT TO U.S. DEPARTMENT OF LABOR REGULATION SECTION 2510.3-101, AS MODIFIED BY SECTION 3(42) OF
ERISA), AN INSURANCE COMPANY USING ASSETS OF SEPARATE ACCOUNTS OR GENERAL ACCOUNTS WHICH INCLUDE ASSETS OF PLANS (OR WHICH ARE
DEEMED PURSUANT TO ERISA OR ANY SIMILAR LAW TO INCLUDE ASSETS OF PLANS) OR OTHER PERSON ACTING ON BEHALF OF ANY SUCH PLAN OR USING
THE ASSETS OF ANY SUCH PLAN. TRANSFEREES OF THIS CERTIFICATE TAKING DELIVERY IN CERTIFICATED FORM SHALL BE REQUIRED TO DELIVER
A LETTER IN THE FORM ATTACHED TO THE POOLING AND SERVICING AGREEMENT TO SUCH EFFECT.

 

    A-18-2

     

    

 

BENCHMARK
2018-B1 MORTGAGE TRUST COMMERCIAL MORTGAGE

PASS-THROUGH CERTIFICATES, CLASS S

 

	No.: S-1	 	Percentage
                           Interest: [_]%

         

        CUSIP: 08162PBC41

         

        ISIN: 
           US08162PBC412

         

This
certifies that [              ] is the registered
owner of a beneficial ownership interest in a Trust Fund, including the distributions to be made with respect to the Class S Certificates.
The Trust Fund, described more fully below, consists primarily of a pool of Mortgage Loans secured by first liens on commercial
and multifamily properties and held in trust by the Trustee and serviced by the Master Servicer. The Trust Fund was created, and
the Mortgage Loans are to be serviced, pursuant to the Pooling and Servicing Agreement (as defined below). The Holder of this
Certificate, by virtue of the acceptance hereof, assents to the terms, provisions and conditions of the Pooling and Servicing
Agreement and is bound thereby.

 

The
Pooling and Servicing Agreement, dated as of January 1, 2018 (the “Pooling and Servicing Agreement”), between
the Depositor, Wells Fargo Bank, National Association, as master servicer (in such capacity, the “Master Servicer”),
Midland Loan Services, a Division of PNC Bank, National Association, as special servicer (the “Special Servicer”),
Wilmington Trust, National Association, as trustee (the “Trustee”), Wells Fargo Bank, National Association,
as certificate administrator (in such capacity, the “Certificate Administrator”), custodian and paying agent,
and Park Bridge Lender Services LLC, as operating advisor (in such capacity, the “Operating Advisor”) and asset
representations reviewer (in such capacity, the “Asset Representations Reviewer”) evidences the issuance of
the Class A-1, Class A-2, Class A-3, Class A-SB, Class A-4, Class A-5, Class A-M, Class B, Class C, Class D, Class E,
Class F-RR, Class G-RR, Class X-A, Class X-B, Class X-D, Class X-E, Class S, Class R, Class V2, Class V1-A1, Class
V1-A2, Class V1-A3, Class V1-ASB, Class V1-A4, Class V1-A5, Class V1-AM, Class V1-B, Class V1-C, Class V1-D, Class V1-E, Class
V1-F and Class V1-G Certificates (the “Certificates”; the Holders of Certificates issued under the Pooling
and Servicing Agreement are collectively referred to herein as “Certificateholders”). This Certificate is issued
pursuant to, and in accordance with, the terms of the Pooling and Servicing Agreement. To the extent not defined herein, capitalized
terms used herein shall have the meanings assigned thereto in the Pooling and Servicing Agreement.

 

This
Certificate represents a beneficial ownership interest in a portion of the Excess Interest collected on the ARD Loans and amounts
held from time to time in the Excess Interest Distribution Account. Each Holder of this Certificate, by acceptance hereof, agrees
to treat, and take no action inconsistent with the treatment of, this Certificate in accordance with the preceding sentence for
purposes of federal income taxes, state and local income and franchise taxes and other taxes imposed on or measured by income.

 

 

 

1
For IAI Certificates

 

2
For IAI Certificates 

 

    A-18-3

     

    

 

The
Certificate Administrator makes no representation or warranty as to any of the statements contained herein or the validity or
sufficiency of the Certificates or the Mortgage Loans and has executed this Certificate in its limited capacity as Certificate
Administrator under the Pooling and Servicing Agreement. In the event that there is any conflict between any provision of this
Certificate and any provision of the Pooling and Servicing Agreement, such provision of this Certificate shall be superseded to
the extent of such inconsistency.

 

Pursuant
to the terms of the Pooling and Servicing Agreement, the Certificate Administrator, or the Paying Agent on behalf of the Certificate
Administrator, will distribute (other than the final distribution on any Certificate), on the fourth Business Day after each Determination
Date (each such date, a “Distribution Date”) an amount equal to such Person’s pro rata share (based on
the Percentage Interest represented by this Certificate) of that portion of the aggregate amount of interest then distributable,
if any, allocable to the Class S Certificates for such Distribution Date, all as more fully described in the Pooling and Servicing
Agreement. “Determination Date” is defined in the Pooling and Servicing Agreement as the eleventh day of each month,
or if such eleventh day is not a Business Day, then the next Business Day, commencing in February 2018. Holders of this Certificate
may be entitled to Prepayment Premiums and Yield Maintenance Charges as provided in the Pooling and Servicing Agreement.

 

All
distributions (other than the final distribution on any Certificate) will be made by the Paying Agent to the Persons in whose
names the Certificates are registered at the close of business on each Record Date, which will be the close of business on the
last Business Day of the calendar month immediately preceding the month in which such Distribution Date occurs. Such distributions
shall be made on each Distribution Date other than the Termination Date to each Certificateholder of record on the related Record
Date, (i) by wire transfer of immediately available funds to the account of such Holder at a bank or other entity located in the
United States and having appropriate facilities therefor if such Holder shall have provided the Paying Agent with wire instructions
in writing at least five Business Days prior to the related Record Date (which wiring instructions may be in the form of a standing
order applicable to all subsequent distributions), or (ii) otherwise, by check mailed by first-class mail to the address set forth
therefor in the Certificate Register. The final distribution on each Certificate shall be made in like manner, but only upon presentment
and surrender of such Certificate at the office of the Certificate Administrator or its agent (which may be the Paying Agent or
the Certificate Registrar acting as such agent) that is specified in the notice to Holders of such final distribution.

 

Any
funds not distributed on the Termination Date because of the failure of any Certificateholders to tender their Certificates shall,
on such date, be set aside and held for the benefit of the appropriate non-tendering Certificateholders. If any Certificates as
to which notice of the Termination Date has been given pursuant to the Pooling and Servicing Agreement shall not have been surrendered
for cancellation within six months after the time specified in such notice, the Certificate Administrator shall mail a second
notice to the remaining non-tendering Certificateholders to surrender their Certificates for cancellation to receive the final
distribution with respect thereto. If within one year after the second notice not all of such Certificates shall have been surrendered
for cancellation, the Certificate Administrator may, directly or through an agent, take appropriate steps to contact the remaining
non-tendering Certificateholders concerning surrender of their Certificates. The costs and expenses of holding such funds in trust
and of contacting such Certificateholders shall be paid out of such funds. Subject to applicable

 

    A-18-4

     

    

 

state escheatment laws, if within
two years after the second notice any such Certificates shall not have been surrendered for cancellation, the Paying Agent shall
distribute to the Certificate Administrator all amounts distributable to the Holders thereof, and the Certificate Administrator
shall thereafter hold such amounts for the benefit of such Holders until the earlier of (i) its termination as Certificate Administrator
under the Pooling and Servicing Agreement and the transfer of such amounts to a successor Certificate Administrator and (ii) the
termination of the Trust Fund and distribution of such amounts to the Class S Certificateholders. No interest shall accrue or
be payable to any Certificateholder on any amount held under the Pooling and Servicing Agreement or by the Certificate Administrator
as a result of such Certificateholder’s failure to surrender its Certificate(s) for final payment thereof in accordance
with the Pooling and Servicing Agreement. Any such amounts transferred to the Certificate Administrator may be invested in Permitted
Investments and all income and gain realized from investment of such funds shall accrue for its benefit.

 

This
Certificate is limited in right of payment to, among other things, certain collections and recoveries in respect of the Mortgage
Loans, as more specifically set forth herein and in the Pooling and Servicing Agreement.

 

As
provided in the Pooling and Servicing Agreement, the Trust Fund includes (in each case, to the extent of the Trust Fund’s
interest therein and specifically excluding any interest of any Serviced Companion Loan Noteholder therein): (i) such Mortgage
Loans as from time to time are subject to the Pooling and Servicing Agreement, together with the Mortgage Files relating thereto;
(ii) all scheduled or unscheduled payments on or collections in respect of the Mortgage Loans due after the Cut-off Date; (iii)
the Trust Fund’s interest in any REO Property; (iv) all revenues received in respect of any REO Property; (v) any Assignments
of Leases, Rents and Profits and any security agreements related to the Mortgage Loans; (vi) any indemnities or guaranties given
as additional security for any Mortgage Loans; (vii) a security interest in all assets deposited in the Lock-Box Accounts, Cash
Collateral Accounts, Escrow Accounts, and Reserve Accounts; (viii) the Loss of Value Reserve Fund; (ix) the Collection Account,
the Serviced Whole Loan Collection Accounts, the Distribution Accounts, any Gain-on-Sale Reserve Account, the Interest Reserve
Account, and the Trust’s interest in any REO Account, including any amounts on deposit therein, assets credited thereto
and any reinvestment income, as applicable; (x) a security interest in any environmental indemnity agreements relating to the
Mortgaged Properties; (xi) a security interest in all insurance policies with respect to the Mortgage Loans and the Mortgaged
Properties; (xii) the rights and remedies under the Mortgage Loan Purchase Agreements relating to document delivery requirements
with respect to the Mortgage Loans and the representations and warranties of the related Mortgage Loan Seller regarding its Mortgage
Loans; (xiii) the Lower-Tier Regular Interests; (xiv) the Class VRR Upper-Tier Regular Interests; and (xv) the proceeds of the
foregoing (other than any interest earned on deposits in the Lock-Box Accounts, Cash Collateral Accounts, Escrow Accounts and
any Reserve Accounts, to the extent such interest belongs to the related Borrower). As provided in the Pooling and Servicing Agreement,
withdrawals may be made from certain of the above accounts for purposes other than distributions to Certificateholders.

 

This
Certificate does not purport to summarize the Pooling and Servicing Agreement, and reference is made to the Pooling and Servicing
Agreement for the interests,

 

    A-18-5

     

    

 

rights, benefits, obligations and duties evidenced hereby, and the limitations thereon, and the rights,
duties and immunities of the Certificate Administrator.

 

As
provided in the Pooling and Servicing Agreement and subject to certain limitations set forth therein, this Certificate is transferable
or exchangeable only upon surrender of this Certificate to the Certificate Registrar at its offices together with an assignment
and transfer (executed by the Holder or his duly authorized attorney), subject to the requirements in Article V of the Pooling
and Servicing Agreement. Upon surrender for registration of transfer of this Certificate, subject to the requirements in Article
V of the Pooling and Servicing Agreement, the Certificate Administrator shall execute and the Authenticating Agent shall duly
authenticate in the name of the designated transferee or transferees, one or more new Certificates in authorized denominations
of a like aggregate denomination as the Certificate being surrendered. Such Certificates shall be delivered by the Certificate
Registrar in accordance with Article V of the Pooling and Servicing Agreement.

 

Prior
to due presentation of this Certificate for registration of transfer, the Depositor, the Master Servicer, the Special Servicer,
the Operating Advisor, the Asset Representations Reviewer, the Certificate Administrator, the Trustee, the Certificate Registrar,
any Paying Agent and any agent of any of them may treat the Person in whose name this Certificate is registered as the owner hereof
for all purposes, and none of the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator, the Trustee,
the Certificate Registrar, any Paying Agent or any agent of any of them shall be affected by notice or knowledge to the contrary.

 

No
fee or service charge shall be imposed by the Certificate Registrar for its services in respect of any registration of transfer
or exchange referred to in Section 5.02 of the Pooling and Servicing Agreement other than for transfers to Institutional Accredited
Investors as provided in Section 5.02(h) of the Pooling and Servicing Agreement. In connection with any transfer to an Institutional
Accredited Investor, the transferor shall reimburse the Trust Fund for any costs (including the cost of the Certificate Registrar’s
counsel’s review of the documents and any legal opinions, submitted by the transferor or transferee to the Certificate Registrar
as provided in the Pooling and Servicing Agreement) incurred by the Certificate Registrar in connection with such transfer. The
Certificate Registrar may require payment by each transferor of a sum sufficient to cover any tax, expense or other governmental
charge payable in connection with any such transfer.

 

The
Pooling and Servicing Agreement or any Custodial Agreement may be amended at any time by the Depositor, the Master Servicer, the
Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the Trustee without
the consent of any of the Certificateholders or any Serviced Companion Loan Noteholders, (i) to cure any ambiguity or to correct
any manifest error; (ii) to cause the provisions of the Pooling and Servicing Agreement or any Custodial Agreement to conform
or be consistent with or in furtherance of the statements made in the Prospectus or Private Placement Memorandum with respect
to the Certificates, the Trust or the Pooling and Servicing Agreement or to correct or supplement any provisions of the Pooling
and Servicing Agreement or any Custodial Agreement which may be defective or inconsistent with any other provisions of the Pooling
and Servicing Agreement or any Custodial Agreement; (iii) to change the timing

 

    A-18-6

     

    

 

and/or nature of deposits in the Collection
Account, the Distribution Accounts or any REO Account; provided that (a) the Master Servicer Remittance Date shall in no event
be later than the Business Day prior to the related Distribution Date and (b) such change shall not adversely affect in any material
respect the interests of any Certificateholder, as evidenced in writing by an Opinion of Counsel at the expense of the party requesting
such amendment or as evidenced by a Rating Agency Confirmation from each Rating Agency with respect to such amendment; (iv) to
modify, eliminate or add to any of its provisions to such extent as shall be necessary to maintain the qualification of any Trust
REMIC as a REMIC or the Grantor Trust as a grantor trust under the relevant provisions of the Code at all times that any Certificate
is outstanding, or to avoid or minimize the risk of imposition of any tax on the Trust Fund or any Trust REMIC or the Grantor
Trust that would be a claim against the Trust Fund or any Trust REMIC or the Grantor Trust; provided that the Trustee and
the Certificate Administrator have received an Opinion of Counsel (at the expense of the party requesting such amendment) to the
effect that (a) such action is necessary or desirable to maintain such qualification or to avoid or minimize the risk of
the imposition of any such tax and (b) such action will not adversely affect in any material respect the interests of any
Certificateholder or Companion Loan Noteholder; (v) to modify, eliminate or add to the provisions any provision of the Pooling
and Servicing Agreement restricting transfer of the Class R Certificates; provided the Depositor has determined that
such change shall not, as evidenced by an Opinion of Counsel, cause the Trust Fund, any Trust REMIC or any of the Certificateholders
(other than the Transferor) to be subject to a federal tax caused by a Transfer to a Person that is a Disqualified Organization
or a Non-U.S. Tax Person; (vi) to revise or add any other provisions with respect to matters or questions arising under the Pooling
and Servicing Agreement or any other change; provided that the required action shall not adversely affect in any material
respect the interests of any Certificateholder or any holder of a Serviced Pari Passu Companion Loan not consenting thereto as
evidenced in writing by an Opinion of Counsel, at the expense of the party requesting such amendment or as evidenced by a Rating
Agency Confirmation from each of the Rating Agencies with respect to such amendment or supplement and confirmation of the applicable
rating agencies that such action will not result in the downgrade, withdrawal or qualification of its then-current ratings of
any securities related to a Companion Loan, if any (provided that such rating agency confirmation may be considered satisfied
in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates); (vii) to amend
or supplement any provision of the Pooling and Servicing Agreement to the extent necessary to maintain the then-current ratings
assigned to each Class of Certificates by each Rating Agency, as evidenced by a Rating Agency Confirmation from each of the Rating
Agencies; provided that such amendment or supplement shall not adversely affect in any material respect the interests of
any Certificateholder not consenting thereto as evidenced by an Opinion of Counsel, or any holder of a Serviced Pari Passu Companion
Loan not consenting to such revision or addition, as evidenced by an Opinion of Counsel at the expense of the party requesting
such amendment or as evidenced by confirmation of the applicable Rating Agencies that such action will not result in the downgrade,
withdrawal or qualification of its then-current ratings of any securities related to a Companion Loan, if any (provided
that such Rating Agency Confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered
satisfied with respect to the Certificates); (viii) to modify the provisions of Section 3.06 and Section 3.17 of
the Pooling and Servicing Agreement (with respect to reimbursement of Nonrecoverable Advances and Workout-Delayed Reimbursement
Amounts) if (a) the Depositor, the Master Servicer, the

 

    A-18-7

     

    

 

Trustee and, for so long as a Control Termination Event has not occurred
and is not continuing, the Directing Holder, determine that the commercial mortgage backed securities industry standard for such
provisions has changed, in order to conform to such industry standard, (b) such modification does not adversely affect the
status of any Trust REMIC as a REMIC or the status of the Grantor Trust as a grantor trust under the relevant provisions of the
Code, as evidenced by an Opinion of Counsel and (c) each Rating Agency has delivered a Rating Agency Confirmation and, with
regard to any class of Serviced Companion Loan Securities, the applicable rating agencies have delivered a confirmation that such
action will not result in the downgrade, withdrawal or qualification of its then-current ratings (provided that such rating
agency confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied
with respect to the Certificates); (ix) to modify the procedures of the Pooling and Servicing Agreement relating to compliance
with Rule 17g-5 of the Exchange Act; provided that such amendment shall not adversely affect in any material respects
the interests of any Certificateholders, as evidenced by (x) an Opinion of Counsel or (y) if any Certificate is then
rated, receipt of Rating Agency Confirmation from each Rating Agency rating such Certificates; and provided, further,
that the Certificate Administrator shall give notice of any such amendment to the 17g-5 Information Provider for posting to the
17g-5 Information Provider’s Website and the Certificate Administrator shall post such notice to the Certificate Administrator’s
Website; (x) to modify, eliminate or add to any provisions of the Pooling and Servicing Agreement to such extent as would be necessary
to comply with the requirements for use of Form SF-3 in registered offerings to the extent provided in CFR 239.45(b)(1)(ii), (iii)
or (iv); and (xi) to modify, eliminate or add to any of its provisions (a) to such extent as will be necessary to comply with
the requirements of the Risk Retention Rule, as evidenced by an Opinion of Counsel, or (b) in the event the Risk Retention Rule
or any other regulation applicable to the risk retention requirements for this securitization transaction are amended or repealed,
to the extent required to comply with any such amendment or to modify or eliminate the risk retention requirements in the event
of such repeal, as evidenced by an Opinion of Counsel.

 

The
Pooling and Servicing Agreement or any Custodial Agreement may also be amended from time to time by the Depositor, the Master
Servicer, the Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the
Trustee with the prior written consent of the Holders of Certificates representing not less than a majority of the Percentage
Interests of each Class of Certificates affected thereby (without regard to Certificates held by the Depositor, any of the
Depositor’s Affiliates and/or agents) and each Serviced Companion Loan Noteholder affected thereby for the purpose of adding
any provisions to or changing in any manner or eliminating any of the provisions of the Pooling and Servicing Agreement or modifying
in any manner the rights of the Certificateholders or the Serviced Companion Loan Noteholders; provided, that no such amendment
may:

 

		(i)	reduce
                                         in any manner the amount of, or delay the timing of, payments received on the Mortgage
                                         Loans or Serviced Whole Loan which are required to be distributed on any Certificate,
                                         without the consent of the Holders of Certificates representing all of the Percentage
                                         Interests of the Class or Classes affected thereby or which are required to be distributed
                                         to any Companion Loan Noteholders without the consent of such Companion Loan Noteholders;

 

    A-18-8

     

    

 

		(ii)	reduce
                                         the aforesaid percentage of Certificates of any Class the Holders of which are required
                                         to consent to any such amendment or remove the requirement to obtain consent of any Companion
                                         Loan Noteholder, in any such case without the consent of the Holders of all Certificates
                                         of such Class then-outstanding or such Companion Loan Noteholder, as applicable;

 

		(iii)	adversely
                                         affect the Voting Rights of any Class of Certificates without the consent of the Holders
                                         of all Certificates of such Class then outstanding;

 

		(iv)	change
                                         in any manner any defined term used in any Mortgage Loan Purchase Agreement or the obligations
                                         of any Mortgage Loan Seller under such Mortgage Loan Purchase Agreement or otherwise
                                         or change any rights of any Mortgage Loan Seller as a third party beneficiary hereunder,
                                         without the consent of such Mortgage Loan Seller; or

 

		(v)	amend
                                         the Servicing Standard without the consent of 100% of the Certificateholders or receipt
                                         of Rating Agency Confirmation from each Rating Agency and confirmation of the applicable
                                         rating agencies that such action will not result in the downgrade, withdrawal or qualification
                                         of its then-current ratings of any securities related to a Companion Loan, if any (provided
                                         that such rating agency confirmation may be considered satisfied in the same manner
                                         as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates).

 

Further,
the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations
Reviewer and the Trustee, at any time and from time to time, without the consent of the Certificateholders or, if applicable,
the Serviced Companion Loan Noteholders, may amend the Pooling and Servicing Agreement to modify, eliminate or add to any of its
provisions (i) to such extent as shall be necessary to maintain the qualification of the Lower-Tier REMIC or the Upper-Tier REMIC
as a REMIC or the qualification of the Grantor Trust as a grantor trust, or to prevent the imposition of any additional material
state or local taxes, at all times that any Certificates are outstanding; provided that such action, as evidenced by an
Opinion of Counsel (obtained at the expense of the Trust Fund), is necessary or helpful to maintain such qualification or to prevent
the imposition of any such taxes, and would not adversely affect in any material respect the interest of any Certificateholder
or if applicable, any Serviced Companion Loan Noteholder or (ii) to the extent necessary to comply with the Investment Company
Act of 1940, as amended, the Exchange Act, Regulation AB, and/or any related regulatory actions and/or interpretations.

 

The
Certificateholder owning a majority of the Percentage Interest in the Controlling Class and, if no such Certificateholder
exercises such option, the Special Servicer, and if the Special Servicer does not exercise such option, the Master Servicer may
effect an early termination of the Trust Fund, upon not less than 30 days’ prior Notice of Termination given to the Trustee,
the Special Servicer and the Master Servicer any time specifying the Anticipated Termination Date, which shall be on or after
the Early Termination Notice Date (defined as any date as of which the aggregate Stated Principal Balance of the Mortgage Loans
remaining in the

 

    A-18-9

     

    

 

Trust is less than 1.0% of the aggregate Stated Principal Balance of the Mortgage Loans as of the Cut-off Date)
by purchasing on such date all, but not less than all, of the Mortgage Loans then included in the Trust Fund, and the Trust’s
interest in all property acquired in respect of any Mortgage Loan, at a purchase price, payable in cash, equal to the sum of,
without duplication:

 

		(A)	100%
                                         of the Stated Principal Balance of each Mortgage Loan included in the Trust as of the
                                         last day of the month preceding such Anticipated Termination Date (less any P&I Advances
                                         previously made on account of principal);

 

		(B)	the
                                         fair market value of all other property included in the Trust Fund as of the last day
                                         of the month preceding such Anticipated Termination Date, as determined by an Independent
                                         appraiser acceptable to the Master Servicer as of a date not more than 30 days prior
                                         to the last day of the month preceding such Distribution Date;

 

		(C)	all
                                         unpaid interest accrued on the unpaid balance of each Mortgage Loan (including any Mortgage
                                         Loan as to which title to the related Mortgaged Property has been acquired) at the Mortgage
                                         Rate to the last day of the month preceding such Anticipated Termination Date (less any
                                         P&I Advances previously made on account of interest); and

 

		(D)	the
                                         aggregate amount of unreimbursed Advances, with interest thereon at the Reimbursement
                                         Rate, and unpaid Servicing Compensation, Special Servicing Compensation, Operating Advisor
                                         Fees, Certificate Administrator/Trustee Fees, the CREFC® Intellectual
                                         Property Royalty License Fees and Trust Fund expenses.

 

In
addition, the Pooling and Servicing Agreement provides that following the date on which the Class X-A Notional Amount, the
Class X-B Notional Amount, the Class X-D Notional Amount and the aggregate Certificate Balance of the Class A-1, Class A-2,
Class A-3, Class A-SB, Class A-4, Class A-5, Class A-M, Class B, Class C and Class D Certificates is reduced to zero, the Sole
Certificateholder shall have the right to exchange all of the then-outstanding Certificates (other than the Class S or Class
R Certificates) for all of the Mortgage Loans and each REO Property remaining in the Trust Fund as contemplated by clause (ii) of
Section 9.01(a) of the Pooling and Servicing Agreement by giving written notice to all the parties to the Pooling and Servicing
Agreement no later than 60 days prior to the anticipated date of exchange.

 

All
costs and expenses incurred by any and all parties to the Pooling and Servicing Agreement or by the Trust Fund in connection with
the purchase of the Mortgage Loans and the other assets of the Trust Fund pursuant to Section 9.01(c) of the Pooling and
Servicing Agreement shall be borne by the party exercising its purchase rights thereunder. The Trustee and the Certificate Administrator
shall be entitled to rely conclusively on any

 

    A-18-10

     

    

 

determination made by an Independent appraiser pursuant to Section 9.01(c)
of the Pooling and Servicing Agreement.

 

The
respective obligations and responsibilities of the Master Servicer, the Special Servicer, the Depositor, the Certificate Administrator,
the Operating Advisor, the Asset Representations Reviewer and the Trustee created by the Pooling and Servicing Agreement with
respect to the Certificates (other than the obligations of the Certificate Administrator to make certain payments and to send
certain notices to Certificateholders as set forth in the Pooling and Servicing Agreement) shall terminate upon payment (or provision
for payment) to the Certificateholders and the Serviced Companion Loan Noteholders of all amounts held by or on behalf of the
Trustee, the Certificate Administrator and the Master Servicer, as the case may be, required under the Pooling and Servicing Agreement
to be so paid on the Distribution Date following the earlier to occur of (i) the purchase of the Mortgage Loans and all other
property held by the Trust Fund in accordance with Section 9.01(c) of the Pooling and Servicing Agreement; (ii) the exchange by
the Sole Certificateholder of its Certificates for the Mortgage Loans in accordance with Section 9.01(g) of the Pooling and Servicing
Agreement; and (iii) the later of (a) the receipt or collection of the last payment due on any Mortgage Loan included
in the Trust Fund, or (b) the liquidation and disposition pursuant to the Pooling and Servicing Agreement of the last asset
held by the Trust Fund; provided that in no event shall the trust created by the Pooling and Servicing Agreement continue
beyond the expiration of 21 years from the death of the last survivor of the descendants of Joseph P. Kennedy, the late Ambassador
of the United States to the United Kingdom, living on the date hereof.

 

Unless
the Certificate of Authentication on this Certificate has been executed by the Authenticating Agent, by manual signature, this
Certificate shall not be entitled to any benefit under the Pooling and Servicing Agreement or be valid for any purpose.

 

    A-18-11

     

    

 

IN
WITNESS WHEREOF, the Certificate Administrator has caused this Class S Certificate to be duly executed.

 

Dated: January 31, 2018

	 	 	 
	 	WELLS FARGO BANK, NATIONAL ASSOCIATION, not
    in its individual capacity but solely as Certificate Administrator
	 	 	 
	 	By: 	 
	 	 	Authorized Signatory

 

Certificate
of Authentication

 

This
is one of the Class S Certificates referred to in the Pooling and Servicing Agreement.

 

Dated: January 31, 2018

	 	 	 
	 	WELLS FARGO BANK, NATIONAL ASSOCIATION, not
    in its individual capacity but solely as Authenticating Agent
	 	 	 
	 	By: 	 
	 	 	Authorized Signatory

 

    A-18-12

     

    

  

EXHIBIT
A-19

 

FORM
OF CLASS R CERTIFICATE

 

THIS
CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN THE DEPOSITOR, THE ORIGINATOR, THE MASTER SERVICER, THE SPECIAL
SERVICER, THE CERTIFICATE ADMINISTRATOR, THE CERTIFICATE REGISTRAR, THE OPERATING ADVISOR, THE ASSET REPRESENTATIONS REVIEWER,
THE RISK RETENTION CONSULTATION PARTY, THE TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THE CERTIFICATES NOR THE UNDERLYING
MORTGAGE LOANS ARE INSURED OR GUARANTEED BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY.

 

FOR
U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE REPRESENTS A “RESIDUAL INTEREST” IN TWO “REAL ESTATE MORTGAGE
INVESTMENT CONDUITS” AS THOSE TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G(a)(2) AND 860D OF THE INTERNAL REVENUE CODE
OF 1986, AS AMENDED (THE “CODE”). A TRANSFEREE OF THIS CERTIFICATE, BY ACCEPTANCE HEREOF, IS DEEMED TO HAVE ACCEPTED
THIS CERTIFICATE SUBJECT TO CERTAIN RESTRICTIONS ON TRANSFERABILITY, AS SET FORTH IN SECTION 5.02(l) OF THE POOLING AND SERVICING
AGREEMENT, AND SHALL BE REQUIRED TO FURNISH AN AFFIDAVIT TO THE TRANSFEROR AND THE CERTIFICATE ADMINISTRATOR TO THE EFFECT THAT,
AMONG OTHER THINGS, (A) IT IS NOT A DISQUALIFIED ORGANIZATION, AS SUCH TERM IS DEFINED IN SECTION 860E(e)(5) OF THE CODE, OR AN
AGENT (INCLUDING A BROKER, NOMINEE OR OTHER MIDDLEMAN) FOR SUCH DISQUALIFIED ORGANIZATION AND IS OTHERWISE A PERMITTED TRANSFEREE,
(B) IT WILL NOT CAUSE INCOME WITH RESPECT TO THIS CERTIFICATE TO BE ATTRIBUTABLE TO A FOREIGN PERMANENT ESTABLISHMENT OR FIXED
BASE, WITHIN THE MEANING OF AN APPLICABLE INCOME TAX TREATY, OF SUCH PERSON OR ANY OTHER U.S. PERSON, (C) IT HAS HISTORICALLY
PAID ITS DEBTS AS THEY HAVE COME DUE AND INTENDS TO CONTINUE TO PAY ITS DEBTS AS THEY COME DUE IN THE FUTURE, AND (D) IT INTENDS
TO PAY ANY TAXES ASSOCIATED WITH HOLDING THIS CERTIFICATE AS THEY BECOME DUE. ANY PURPORTED TRANSFER TO A DISQUALIFIED ORGANIZATION
OR OTHER PERSON THAT IS NOT A PERMITTED TRANSFEREE OR OTHERWISE IN VIOLATION OF THESE RESTRICTIONS SHALL BE ABSOLUTELY NULL AND
VOID AND SHALL VEST NO RIGHTS IN ANY PURPORTED TRANSFEREE. BECAUSE THIS CERTIFICATE REPRESENTS MULTIPLE “NON-ECONOMIC RESIDUAL
INTERESTS,” AS DEFINED IN TREASURY REGULATIONS SECTION 1.860E-1(c), TRANSFERS OF THIS CERTIFICATE MAY BE DISREGARDED FOR
FEDERAL INCOME TAX PURPOSES. IN ORDER TO SATISFY A REGULATORY SAFE HARBOR UNDER WHICH SUCH TRANSFERS WILL NOT BE DISREGARDED,
THE TRANSFEROR MAY BE REQUIRED, AMONG OTHER THINGS, TO SATISFY ITSELF AS TO THE FINANCIAL CONDITION OF THE PROPOSED TRANSFEREE
AND EITHER TO PAY A SPECIFIED AMOUNT TO THE

 

    A-19-1

     

    

 

PROPOSED TRANSFEREE OR TRANSFER TO AN ELIGIBLE TRANSFEREE AS PROVIDED IN REGULATIONS.

 

THE
HOLDER OF THIS CERTIFICATE, BY ACCEPTANCE HEREOF, IS DEEMED TO HAVE AGREED TO CONSENT TO ACT AS “TAX MATTERS PERSON”
AND “PARTNERSHIP REPRESENTATIVE” (AS DEFINED IN CODE SECTION 6223, TO THE EXTENT SUCH PROVISION IS APPLICABLE TO THE
TRUST REMICS) OF THE UPPER-TIER REMIC AND THE LOWER-TIER REMIC AND TO THE APPOINTMENT OF THE CERTIFICATE ADMINISTRATOR AS ATTORNEY-IN-FACT
AND AGENT FOR THE “TAX MATTERS PERSON” AND “PARTNERSHIP REPRESENTATIVE” OR AS OTHERWISE PROVIDED IN THE
POOLING AND SERVICING AGREEMENT TO PERFORM THE FUNCTIONS OF A “TAX MATTERS PARTNER” AND “PARTNERSHIP REPRESENTATIVE”
FOR PURPOSES OF SUBCHAPTER C OF CHAPTER 63 OF SUBTITLE F OF THE CODE.

 

THIS
CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED OR QUALIFIED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”), OR ANY STATE OR FOREIGN SECURITIES LAW. THE HOLDER HEREOF, BY PURCHASING THIS CERTIFICATE, AGREES THAT THIS CERTIFICATE
MAY BE REOFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY IN COMPLIANCE WITH THE SECURITIES ACT AND OTHER APPLICABLE LAWS,
AND ONLY (A)(1) PURSUANT TO A REGISTRATION STATEMENT WHICH HAS BEEN DECLARED EFFECTIVE UNDER THE SECURITIES ACT, OR (2) FOR SO
LONG AS THIS CERTIFICATE IS ELIGIBLE FOR RESALE PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”),
TO AN INSTITUTIONAL INVESTOR THAT THE HOLDER REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” WITHIN THE MEANING
OF RULE 144A (“QUALIFIED INSTITUTIONAL BUYER”) PURCHASING FOR ITS OWN ACCOUNT, OR FOR THE ACCOUNT OF ANOTHER
QUALIFIED INSTITUTIONAL BUYER, WHOM THE HOLDER HAS INFORMED, IN EACH CASE, THAT THE REOFFER, RESALE, PLEDGE OR OTHER TRANSFER
IS BEING MADE IN RELIANCE ON RULE 144A, AND (B) IN ACCORDANCE WITH ANY OTHER APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED
STATES OR ANY OTHER APPLICABLE JURISDICTION.

 

THE
INITIAL INVESTOR IN THIS CERTIFICATE, AND EACH SUBSEQUENT PURCHASER OF THIS CERTIFICATE, BY PURCHASING THIS CERTIFICATE OR AN
INTEREST HEREIN, IS DEEMED TO HAVE AGREED TO COMPLY WITH CERTAIN TRANSFER REQUIREMENTS SET FORTH IN THE POOLING AND SERVICING
AGREEMENT.  A TRANSFEREE IS ALSO REQUIRED TO DELIVER AN INVESTMENT REPRESENTATION LETTER SUBSTANTIALLY IN THE FORM OF EXHIBIT
D-1 TO THE POOLING AND SERVICING AGREEMENT IF SUCH TRANSFEREE IS A QUALIFIED INSTITUTIONAL BUYER OR (OTHER THAN WITH RESPECT TO
A RESIDUAL CERTIFICATE) AN INSTITUTIONAL ACCREDITED INVESTOR, AND MAY ALSO BE REQUIRED TO DELIVER AN OPINION OF COUNSEL IF SUCH
TRANSFEREE IS NOT A QUALIFIED INSTITUTIONAL BUYER WITHIN THE MEANING OF RULE 144A.

 

    A-19-2

     

    

 

THIS
CERTIFICATE SHOULD NOT BE PURCHASED BY A TRANSFEREE THAT IS OR BECOMES (A) AN EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT ARRANGEMENT,
INCLUDING AN INDIVIDUAL RETIREMENT ACCOUNT OR A KEOGH PLAN, WHICH IS SUBJECT TO THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF
1974, AS AMENDED (“ERISA”), SECTION 4975 OF THE CODE, OR A GOVERNMENTAL PLAN, AS DEFINED IN SECTION 3(32) OF
ERISA, OR OTHER PLAN SUBJECT TO ANY FEDERAL, STATE OR LOCAL LAW (“SIMILAR LAW”) WHICH IS TO A MATERIAL EXTENT
SIMILAR TO THE FOREGOING PROVISIONS OF ERISA OR THE CODE (EACH, A “PLAN”), OR (B) A COLLECTIVE INVESTMENT FUND
WHOSE UNDERLYING ASSETS INCLUDE PLAN ASSETS BY REASON OF A PLAN’S INVESTMENT IN THE COLLECTIVE INVESTMENT FUND (PURSUANT
TO U.S. DEPARTMENT OF LABOR REGULATION SECTION 2510.3-101, AS MODIFIED BY SECTION 3(42) OF ERISA), AN INSURANCE COMPANY USING
ASSETS OF SEPARATE ACCOUNTS OR GENERAL ACCOUNTS WHICH INCLUDE ASSETS OF PLANS (OR WHICH ARE DEEMED PURSUANT TO ERISA OR ANY SIMILAR
LAW TO INCLUDE ASSETS OF PLANS) OR OTHER PERSON ACTING ON BEHALF OF ANY SUCH PLAN OR USING THE ASSETS OF ANY SUCH PLAN. TRANSFEREES
OF THIS CERTIFICATE TAKING DELIVERY IN CERTIFICATED FORM SHALL BE REQUIRED TO DELIVER A LETTER IN THE FORM ATTACHED TO THE POOLING
AND SERVICING AGREEMENT TO SUCH EFFECT. 

 

TRANSFERS
AND EXCHANGES OF PORTIONS OF THIS CERTIFICATE ARE SUBJECT TO RESTRICTIONS AS PROVIDED IN THE POOLING AND SERVICING AGREEMENT REFERRED
TO BELOW.

 

ANY
HOLDER DESIRING TO EFFECT A TRANSFER OF THIS CERTIFICATE SHALL, AND DOES HEREBY AGREE TO, INDEMNIFY THE CERTIFICATE REGISTRAR,
THE CERTIFICATE ADMINISTRATOR, THE TRUSTEE, THE MASTER SERVICER AND THE DEPOSITOR AGAINST ANY LOSS, LIABILITY OR EXPENSE THAT
MAY RESULT IF THE TRANSFER IS NOT EXEMPT FROM THE SECURITIES ACT OR IS NOT MADE IN ACCORDANCE WITH FEDERAL AND STATE LAWS.

 

    A-19-3

     

    

 

BENCHMARK
2018-B1 MORTGAGE TRUST COMMERCIAL MORTGAGE

PASS-THROUGH CERTIFICATES, CLASS R

 

	No.: R-1	Percentage Interest: [_]%
	 	 
	 	CUSIP: 08162PAR21 

         

        ISIN:     US08162PAR292

         

This
certifies that [              ] is the registered
owner of the Percentage Interest evidenced by this Certificate in the Class R Certificates issued by the Trust Fund. The Class R
Certificateholder is not entitled to interest or principal distributions. The Class R Certificateholder will be entitled
to receive the proceeds of the remaining assets of the Upper-Tier REMIC, if any, on the Final Scheduled Distribution Date for
the Certificates, after distributions in respect of any accrued but unpaid interest on the Certificates and after distributions
in reduction of principal balance have reduced the principal balances of the Certificates to zero. It is not anticipated that
there will be any assets remaining in the Upper-Tier REMIC or Trust Fund on the Final Scheduled Distribution Date following the
distributions on the Regular Certificates. The Trust Fund, described more fully below, consists primarily of a pool of Mortgage
Loans secured by first liens on commercial and multifamily properties and held in trust by the Trustee and serviced by the Master
Servicer. The Trust Fund was created, and the Mortgage Loans are to be serviced, pursuant to the Pooling and Servicing Agreement
(as defined below). The Holder of this Certificate, by virtue of the acceptance hereof, assents to the terms, provisions and conditions
of the Pooling and Servicing Agreement and is bound thereby.

 

The
Pooling and Servicing Agreement, dated as of January 1, 2018 (the “Pooling and Servicing Agreement”), between
the Depositor, Wells Fargo Bank, National Association, as master servicer (in such capacity, the “Master Servicer”),
Midland Loan Services, a Division of PNC Bank, National Association, as special servicer (the “Special Servicer”),
Wilmington Trust, National Association, as trustee (the “Trustee”), Wells Fargo Bank, National Association,
as certificate administrator (in such capacity, the “Certificate Administrator”), custodian and paying agent,
and Park Bridge Lender Services LLC, as operating advisor (in such capacity, the “Operating Advisor”) and asset
representations reviewer (in such capacity, the “Asset Representations Reviewer”) evidences the issuance of
the Class A-1, Class A-2, Class A-3, Class A-SB, Class A-4, Class A-5, Class A-M, Class B, Class C, Class D, Class E,
Class F-RR, Class G-RR, Class X-A, Class X-B, Class X-D, Class X-E, Class S, Class R, Class V2, Class V1-A1, Class
V1-A2, Class V1-A3, Class V1-ASB, Class V1-A4, Class V1-A5, Class V1-AM, Class V1-B, Class V1-C, Class V1-D, Class V1-E, Class
V1-F and Class V1-G Certificates (the “Certificates”; the Holders of Certificates issued under the Pooling
and Servicing Agreement are collectively referred to herein as “Certificateholders”). This Certificate is issued
pursuant to, and in accordance with, the terms of the Pooling and Servicing Agreement. To the extent not defined herein, capitalized
terms used herein shall have the meanings assigned thereto in the Pooling and Servicing Agreement.

 

 

 

1
For Rule 144A Certificates 

2
For Rule 144A Certificates 

 

    A-19-4

     

    

 

This
Class R Certificate represents the sole “residual interest” in two “real estate mortgage investment conduits”,
as those terms are defined, respectively, in Sections 860G(a)(2) and 860D of the Internal Revenue Code of 1986, as amended. Each
Holder of this Certificate, by acceptance hereof, agrees to treat, and take no action inconsistent with the treatment of, this
Certificate in accordance with the preceding sentence for purposes of federal income taxes, state and local income and franchise
taxes and other taxes imposed on or measured by income. The Holder of the largest Percentage Interest in the Class R Certificates
shall be the “tax matters person” pursuant to Treasury Regulations Section 1.860F-4(d) and “partnership representative”
(within the meaning of Section 6223 of the Code, to the extent such provision is applicable to the Trust REMICs) for each Trust
REMIC, and the Certificate Administrator is hereby irrevocably designated and shall serve as attorney-in-fact and agent for any
such Person that is the “tax matters person” and “partnership representative”.

 

The
Certificate Administrator makes no representation or warranty as to any of the statements contained herein or the validity or
sufficiency of the Certificates or the Mortgage Loans and has executed this Certificate in its limited capacity as Certificate
Administrator under the Pooling and Servicing Agreement. In the event that there is any conflict between any provision of this
Certificate and any provision of the Pooling and Servicing Agreement, such provision of this Certificate shall be superseded to
the extent of such inconsistency.

 

All
distributions (other than the final distribution on any Certificate) will be made by the Paying Agent to the Persons in whose
names the Certificates are registered at the close of business on each Record Date, which will be the close of business on the
last Business Day of the calendar month immediately preceding the month in which such Distribution Date occurs. Such distributions
shall be made on each Distribution Date other than the Termination Date to each Certificateholder of record on the related Record
Date, (i) by wire transfer of immediately available funds to the account of such Holder at a bank or other entity located in the
United States and having appropriate facilities therefor if such Holder shall have provided the Paying Agent with wire instructions
in writing at least five Business Days prior to the related Record Date (which wiring instructions may be in the form of a standing
order applicable to all subsequent distributions), or (ii) otherwise, by check mailed by first-class mail to the address set forth
therefor in the Certificate Register. The final distribution on each Certificate shall be made in like manner, but only upon presentment
and surrender of such Certificate at the office of the Certificate Administrator or its agent (which may be the Paying Agent or
the Certificate Registrar acting as such agent) that is specified in the notice to Holders of such final distribution.

 

Any
funds not distributed on the Termination Date because of the failure of any Certificateholders to tender their Certificates shall,
on such date, be set aside and held for the benefit of the appropriate non-tendering Certificateholders. If any Certificates as
to which notice of the Termination Date has been given pursuant to the Pooling and Servicing Agreement shall not have been surrendered
for cancellation within six months after the time specified in such notice, the Certificate Administrator shall mail a second
notice to the remaining non-tendering Certificateholders to surrender their Certificates for cancellation to receive the final
distribution with respect thereto. If within one year after the second notice not all of such Certificates shall have been surrendered
for cancellation, the Certificate Administrator may, directly or through an agent, take appropriate steps to contact the remaining
non-tendering Certificateholders concerning surrender of their Certificates. The costs and expenses of holding such funds in trust

 

    A-19-5

     

    

 

and of contacting such Certificateholders shall be paid out of such funds. Subject to applicable state escheatment laws, if within
two years after the second notice any such Certificates shall not have been surrendered for cancellation, the Paying Agent shall
distribute to the Certificate Administrator all amounts distributable to the Holders thereof, and the Certificate Administrator
shall thereafter hold such amounts for the benefit of such Holders until the earlier of (i) its termination as Certificate Administrator
under the Pooling and Servicing Agreement and the transfer of such amounts to a successor Certificate Administrator and (ii) the
termination of the Trust Fund and distribution of such amounts to the Class R Certificateholders. No interest shall accrue or
be payable to any Certificateholder on any amount held under the Pooling and Servicing Agreement or by the Certificate Administrator
as a result of such Certificateholder’s failure to surrender its Certificate(s) for final payment thereof in accordance
with the Pooling and Servicing Agreement. Any such amounts transferred to the Certificate Administrator may be invested in Permitted
Investments and all income and gain realized from investment of such funds shall accrue for its benefit.

 

This
Certificate is limited in right of payment to, among other things, certain collections and recoveries in respect of the Mortgage
Loans, as more specifically set forth herein and in the Pooling and Servicing Agreement.

 

As
provided in the Pooling and Servicing Agreement, the Trust Fund includes (in each case, to the extent of the Trust Fund’s
interest therein and specifically excluding any interest of any Serviced Companion Loan Noteholder therein): (i) such Mortgage
Loans as from time to time are subject to the Pooling and Servicing Agreement, together with the Mortgage Files relating thereto;
(ii) all scheduled or unscheduled payments on or collections in respect of the Mortgage Loans due after the Cut-off Date; (iii)
the Trust Fund’s interest in any REO Property; (iv) all revenues received in respect of any REO Property; (v) any Assignments
of Leases, Rents and Profits and any security agreements related to the Mortgage Loans; (vi) any indemnities or guaranties given
as additional security for any Mortgage Loans; (vii) a security interest in all assets deposited in the Lock-Box Accounts, Cash
Collateral Accounts, Escrow Accounts, and Reserve Accounts; (viii) the Loss of Value Reserve Fund; (ix) the Collection Account,
the Serviced Whole Loan Collection Accounts, the Distribution Accounts, any Gain-on-Sale Reserve Account, the Interest Reserve
Account, and the Trust’s interest in any REO Account, including any amounts on deposit therein, assets credited thereto
and any reinvestment income, as applicable; (x) a security interest in any environmental indemnity agreements relating to the
Mortgaged Properties; (xi) a security interest in all insurance policies with respect to the Mortgage Loans and the Mortgaged
Properties; (xii) the rights and remedies under the Mortgage Loan Purchase Agreements relating to document delivery requirements
with respect to the Mortgage Loans and the representations and warranties of the related Mortgage Loan Seller regarding its Mortgage
Loans; (xiii) the Lower-Tier Regular Interests; (xiv) the Class VRR Upper-Tier Regular Interests; and (xv) the proceeds of the
foregoing (other than any interest earned on deposits in the Lock-Box Accounts, Cash Collateral Accounts, Escrow Accounts and
any Reserve Accounts, to the extent such interest belongs to the related Borrower). As provided in the Pooling and Servicing Agreement,
withdrawals may be made from certain of the above accounts for purposes other than distributions to Certificateholders.

 

This
Certificate does not purport to summarize the Pooling and Servicing Agreement, and reference is made to the Pooling and Servicing
Agreement for the interests,

 

    A-19-6

     

    

 

rights, benefits, obligations and duties evidenced hereby, and the limitations thereon, and the rights,
duties and immunities of the Certificate Administrator.

 

As
provided in the Pooling and Servicing Agreement and subject to certain limitations set forth therein, this Certificate is transferable
or exchangeable only upon surrender of this Certificate to the Certificate Registrar at its offices together with an assignment
and transfer (executed by the Holder or his duly authorized attorney), subject to the requirements in Article V of the Pooling
and Servicing Agreement. Upon surrender for registration of transfer of this Certificate, subject to the requirements in Article
V of the Pooling and Servicing Agreement, the Certificate Administrator shall execute and the Authenticating Agent shall duly
authenticate in the name of the designated transferee or transferees, one or more new Certificates in authorized denominations
of a like aggregate denomination as the Certificate being surrendered. Such Certificates shall be delivered by the Certificate
Registrar in accordance with Article V of the Pooling and Servicing Agreement.

 

Prior
to due presentation of this Certificate for registration of transfer, the Depositor, the Master Servicer, the Special Servicer,
the Operating Advisor, the Asset Representations Reviewer, the Certificate Administrator, the Trustee, the Certificate Registrar,
any Paying Agent and any agent of any of them may treat the Person in whose name this Certificate is registered as the owner hereof
for all purposes, and none of the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator, the Trustee,
the Certificate Registrar, any Paying Agent or any agent of any of them shall be affected by notice or knowledge to the contrary.

 

No
fee or service charge shall be imposed by the Certificate Registrar for its services in respect of any registration of transfer
or exchange referred to in Section 5.02 of the Pooling and Servicing Agreement other than for transfers to Institutional Accredited
Investors as provided in Section 5.02(h) of the Pooling and Servicing Agreement. In connection with any transfer to an Institutional
Accredited Investor, the transferor shall reimburse the Trust Fund for any costs (including the cost of the Certificate Registrar’s
counsel’s review of the documents and any legal opinions, submitted by the transferor or transferee to the Certificate Registrar
as provided in the Pooling and Servicing Agreement) incurred by the Certificate Registrar in connection with such transfer. The
Certificate Registrar may require payment by each transferor of a sum sufficient to cover any tax, expense or other governmental
charge payable in connection with any such transfer.

 

The
Pooling and Servicing Agreement or any Custodial Agreement may be amended at any time by the Depositor, the Master Servicer, the
Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the Trustee without
the consent of any of the Certificateholders or any Serviced Companion Loan Noteholders, (i) to cure any ambiguity or to correct
any manifest error; (ii) to cause the provisions of the Pooling and Servicing Agreement or any Custodial Agreement to conform
or be consistent with or in furtherance of the statements made in the Prospectus or Private Placement Memorandum with respect
to the Certificates, the Trust or the Pooling and Servicing Agreement or to correct or supplement any provisions of the Pooling
and Servicing Agreement or any Custodial Agreement which may be defective or inconsistent with any other provisions of the Pooling
and Servicing Agreement or any Custodial Agreement; (iii) to change the timing

 

    A-19-7

     

    

 

and/or nature of deposits in the Collection
Account, the Distribution Accounts or any REO Account; provided that (a) the Master Servicer Remittance Date shall in no event
be later than the Business Day prior to the related Distribution Date and (b) such change shall not adversely affect in any material
respect the interests of any Certificateholder, as evidenced in writing by an Opinion of Counsel at the expense of the party requesting
such amendment or as evidenced by a Rating Agency Confirmation from each Rating Agency with respect to such amendment; (iv) to
modify, eliminate or add to any of its provisions to such extent as shall be necessary to maintain the qualification of any Trust
REMIC as a REMIC or the Grantor Trust as a grantor trust under the relevant provisions of the Code at all times that any Certificate
is outstanding, or to avoid or minimize the risk of imposition of any tax on the Trust Fund or any Trust REMIC or the Grantor
Trust that would be a claim against the Trust Fund or any Trust REMIC or the Grantor Trust; provided that the Trustee and
the Certificate Administrator have received an Opinion of Counsel (at the expense of the party requesting such amendment) to the
effect that (a) such action is necessary or desirable to maintain such qualification or to avoid or minimize the risk of
the imposition of any such tax and (b) such action will not adversely affect in any material respect the interests of any
Certificateholder or Companion Loan Noteholder; (v) to modify, eliminate or add to the provisions any provision of the Pooling
and Servicing Agreement restricting transfer of the Class R Certificates; provided the Depositor has determined that
such change shall not, as evidenced by an Opinion of Counsel, cause the Trust Fund, any Trust REMIC or any of the Certificateholders
(other than the Transferor) to be subject to a federal tax caused by a Transfer to a Person that is a Disqualified Organization
or a Non-U.S. Tax Person; (vi) to revise or add any other provisions with respect to matters or questions arising under the Pooling
and Servicing Agreement or any other change; provided that the required action shall not adversely affect in any material
respect the interests of any Certificateholder or any holder of a Serviced Pari Passu Companion Loan not consenting thereto as
evidenced in writing by an Opinion of Counsel, at the expense of the party requesting such amendment or as evidenced by a Rating
Agency Confirmation from each of the Rating Agencies with respect to such amendment or supplement and confirmation of the applicable
rating agencies that such action will not result in the downgrade, withdrawal or qualification of its then-current ratings of
any securities related to a Companion Loan, if any (provided that such rating agency confirmation may be considered satisfied
in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates); (vii) to amend
or supplement any provision of the Pooling and Servicing Agreement to the extent necessary to maintain the then-current ratings
assigned to each Class of Certificates by each Rating Agency, as evidenced by a Rating Agency Confirmation from each of the Rating
Agencies; provided that such amendment or supplement shall not adversely affect in any material respect the interests of
any Certificateholder not consenting thereto as evidenced by an Opinion of Counsel, or any holder of a Serviced Pari Passu Companion
Loan not consenting to such revision or addition, as evidenced by an Opinion of Counsel at the expense of the party requesting
such amendment or as evidenced by confirmation of the applicable Rating Agencies that such action will not result in the downgrade,
withdrawal or qualification of its then-current ratings of any securities related to a Companion Loan, if any (provided
that such Rating Agency Confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered
satisfied with respect to the Certificates); (viii) to modify the provisions of Section 3.06 and Section 3.17 of
the Pooling and Servicing Agreement (with respect to reimbursement of Nonrecoverable Advances and Workout-Delayed Reimbursement
Amounts) if (a) the Depositor, the Master Servicer, the

 

    A-19-8

     

    

 

Trustee and, for so long as a Control Termination Event has not occurred
and is not continuing, the Directing Holder, determine that the commercial mortgage backed securities industry standard for such
provisions has changed, in order to conform to such industry standard, (b) such modification does not adversely affect the
status of any Trust REMIC as a REMIC or the status of the Grantor Trust as a grantor trust under the relevant provisions of the
Code, as evidenced by an Opinion of Counsel and (c) each Rating Agency has delivered a Rating Agency Confirmation and, with
regard to any class of Serviced Companion Loan Securities, the applicable rating agencies have delivered a confirmation that such
action will not result in the downgrade, withdrawal or qualification of its then-current ratings (provided that such rating
agency confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied
with respect to the Certificates); (ix) to modify the procedures of the Pooling and Servicing Agreement relating to compliance
with Rule 17g-5 of the Exchange Act; provided that such amendment shall not adversely affect in any material respects
the interests of any Certificateholders, as evidenced by (x) an Opinion of Counsel or (y) if any Certificate is then
rated, receipt of Rating Agency Confirmation from each Rating Agency rating such Certificates; and provided, further,
that the Certificate Administrator shall give notice of any such amendment to the 17g-5 Information Provider for posting to the
17g-5 Information Provider’s Website and the Certificate Administrator shall post such notice to the Certificate Administrator’s
Website; (x) to modify, eliminate or add to any provisions of the Pooling and Servicing Agreement to such extent as would be necessary
to comply with the requirements for use of Form SF-3 in registered offerings to the extent provided in CFR 239.45(b)(1)(ii), (iii)
or (iv); and (xi) to modify, eliminate or add to any of its provisions (a) to such extent as will be necessary to comply with
the requirements of the Risk Retention Rule, as evidenced by an Opinion of Counsel, or (b) in the event the Risk Retention Rule
or any other regulation applicable to the risk retention requirements for this securitization transaction are amended or repealed,
to the extent required to comply with any such amendment or to modify or eliminate the risk retention requirements in the event
of such repeal, as evidenced by an Opinion of Counsel.

 

The
Pooling and Servicing Agreement or any Custodial Agreement may also be amended from time to time by the Depositor, the Master
Servicer, the Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the
Trustee with the prior written consent of the Holders of Certificates representing not less than a majority of the Percentage
Interests of each Class of Certificates affected thereby (without regard to Certificates held by the Depositor, any of the
Depositor’s Affiliates and/or agents) and each Serviced Companion Loan Noteholder affected thereby for the purpose of adding
any provisions to or changing in any manner or eliminating any of the provisions of the Pooling and Servicing Agreement or modifying
in any manner the rights of the Certificateholders or the Serviced Companion Loan Noteholders; provided, that no such amendment
may:

 

		(i)	reduce
                                         in any manner the amount of, or delay the timing of, payments received on the Mortgage
                                         Loans or Serviced Whole Loan which are required to be distributed on any Certificate,
                                         without the consent of the Holders of Certificates representing all of the Percentage
                                         Interests of the Class or Classes affected thereby or which are required to be distributed
                                         to any Companion Loan Noteholders without the consent of such Companion Loan Noteholders;

 

    A-19-9

     

    

 

		(ii)	reduce
                                         the aforesaid percentage of Certificates of any Class the Holders of which are required
                                         to consent to any such amendment or remove the requirement to obtain consent of any Companion
                                         Loan Noteholder, in any such case without the consent of the Holders of all Certificates
                                         of such Class then-outstanding or such Companion Loan Noteholder, as applicable;

 

		(iii)	adversely
                                         affect the Voting Rights of any Class of Certificates without the consent of the Holders
                                         of all Certificates of such Class then outstanding;

 

		(iv)	change
                                         in any manner any defined term used in any Mortgage Loan Purchase Agreement or the obligations
                                         of any Mortgage Loan Seller under such Mortgage Loan Purchase Agreement or otherwise
                                         or change any rights of any Mortgage Loan Seller as a third party beneficiary hereunder,
                                         without the consent of such Mortgage Loan Seller; or

 

		(v)	amend
                                         the Servicing Standard without the consent of 100% of the Certificateholders or receipt
                                         of Rating Agency Confirmation from each Rating Agency and confirmation of the applicable
                                         rating agencies that such action will not result in the downgrade, withdrawal or qualification
                                         of its then-current ratings of any securities related to a Companion Loan, if any (provided that such rating agency confirmation may be considered satisfied in the same manner
                                         as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates).

 

Further,
the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations
Reviewer and the Trustee, at any time and from time to time, without the consent of the Certificateholders or, if applicable,
the Serviced Companion Loan Noteholders, may amend the Pooling and Servicing Agreement to modify, eliminate or add to any of its
provisions (i) to such extent as shall be necessary to maintain the qualification of the Lower-Tier REMIC or the Upper-Tier REMIC
as a REMIC or the qualification of the Grantor Trust as a grantor trust, or to prevent the imposition of any additional material
state or local taxes, at all times that any Certificates are outstanding; provided that such action, as evidenced by an
Opinion of Counsel (obtained at the expense of the Trust Fund), is necessary or helpful to maintain such qualification or to prevent
the imposition of any such taxes, and would not adversely affect in any material respect the interest of any Certificateholder
or if applicable, any Serviced Companion Loan Noteholder or (ii) to the extent necessary to comply with the Investment Company
Act of 1940, as amended, the Exchange Act, Regulation AB, and/or any related regulatory actions and/or interpretations.

 

The
Certificateholder owning a majority of the Percentage Interest in the Controlling Class and, if no such Certificateholder
exercises such option, the Special Servicer, and if the Special Servicer does not exercise such option, the Master Servicer may
effect an early termination of the Trust Fund, upon not less than 30 days’ prior Notice of Termination given to the Trustee,
the Special Servicer and the Master Servicer any time specifying the Anticipated Termination Date, which shall be on or after
the Early Termination Notice Date (defined as any date as of which the aggregate Stated Principal Balance of the Mortgage Loans
remaining in the

 

    A-19-10

     

    

 

Trust is less than 1.0% of the aggregate Stated Principal Balance of the Mortgage Loans as of the Cut-off Date)
by purchasing on such date all, but not less than all, of the Mortgage Loans then included in the Trust Fund, and the Trust’s
interest in all property acquired in respect of any Mortgage Loan, at a purchase price, payable in cash, equal to the sum of,
without duplication:

 

		(A)	100%
                                         of the Stated Principal Balance of each Mortgage Loan included in the Trust as of the
                                         last day of the month preceding such Anticipated Termination Date (less any P&I Advances
                                         previously made on account of principal);

 

		(B)	the
                                         fair market value of all other property included in the Trust Fund as of the last day
                                         of the month preceding such Anticipated Termination Date, as determined by an Independent
                                         appraiser acceptable to the Master Servicer as of a date not more than 30 days prior
                                         to the last day of the month preceding such Distribution Date;

 

		(C)	all
                                         unpaid interest accrued on the unpaid balance of each Mortgage Loan (including any Mortgage
                                         Loan as to which title to the related Mortgaged Property has been acquired) at the Mortgage
                                         Rate to the last day of the month preceding such Anticipated Termination Date (less any
                                         P&I Advances previously made on account of interest); and

 

		(D)	the
                                         aggregate amount of unreimbursed Advances, with interest thereon at the Reimbursement
                                         Rate, and unpaid Servicing Compensation, Special Servicing Compensation, Operating Advisor
                                         Fees, Certificate Administrator/Trustee Fees, the CREFC® Intellectual
                                         Property Royalty License Fees and Trust Fund expenses.

 

In
addition, the Pooling and Servicing Agreement provides that following the date on which the Class X-A Notional Amount, the
Class X-B Notional Amount, the Class X-D Notional Amount and the aggregate Certificate Balance of the Class A-1, Class A-2,
Class A-3, Class A-SB, Class A-4, Class A-5, Class A-M, Class B, Class C and Class D Certificates is reduced to zero, the Sole
Certificateholder shall have the right to exchange all of the then-outstanding Certificates (other than the Class S or Class
R Certificates) for all of the Mortgage Loans and each REO Property remaining in the Trust Fund as contemplated by clause (ii) of
Section 9.01(a) of the Pooling and Servicing Agreement by giving written notice to all the parties to the Pooling and Servicing
Agreement no later than 60 days prior to the anticipated date of exchange.

 

All
costs and expenses incurred by any and all parties to the Pooling and Servicing Agreement or by the Trust Fund in connection with
the purchase of the Mortgage Loans and the other assets of the Trust Fund pursuant to Section 9.01(c) of the Pooling and
Servicing Agreement shall be borne by the party exercising its purchase rights thereunder. The Trustee and the Certificate Administrator
shall be entitled to rely conclusively on any

 

    A-19-11

     

    

 

determination made by an Independent appraiser pursuant to Section 9.01(c)
of the Pooling and Servicing Agreement.

 

The
respective obligations and responsibilities of the Master Servicer, the Special Servicer, the Depositor, the Certificate Administrator,
the Operating Advisor, the Asset Representations Reviewer and the Trustee created by the Pooling and Servicing Agreement with
respect to the Certificates (other than the obligations of the Certificate Administrator to make certain payments and to send
certain notices to Certificateholders as set forth in the Pooling and Servicing Agreement) shall terminate upon payment (or provision
for payment) to the Certificateholders and the Serviced Companion Loan Noteholders of all amounts held by or on behalf of the
Trustee, the Certificate Administrator and the Master Servicer, as the case may be, required under the Pooling and Servicing Agreement
to be so paid on the Distribution Date following the earlier to occur of (i) the purchase of the Mortgage Loans and all other
property held by the Trust Fund in accordance with Section 9.01(c) of the Pooling and Servicing Agreement; (ii) the exchange by
the Sole Certificateholder of its Certificates for the Mortgage Loans in accordance with Section 9.01(g) of the Pooling and Servicing
Agreement; and (iii) the later of (a) the receipt or collection of the last payment due on any Mortgage Loan included
in the Trust Fund, or (b) the liquidation and disposition pursuant to the Pooling and Servicing Agreement of the last asset
held by the Trust Fund; provided that in no event shall the trust created by the Pooling and Servicing Agreement continue
beyond the expiration of 21 years from the death of the last survivor of the descendants of Joseph P. Kennedy, the late Ambassador
of the United States to the United Kingdom, living on the date hereof.

 

Unless
the Certificate of Authentication on this Certificate has been executed by the Authenticating Agent, by manual signature, this
Certificate shall not be entitled to any benefit under the Pooling and Servicing Agreement or be valid for any purpose.

 

    A-19-12

     

    

 

IN
WITNESS WHEREOF, the Certificate Administrator has caused this Class R Certificate to be duly executed.

 

Dated: January 31, 2018

	 	 	 
	 	WELLS FARGO BANK, NATIONAL ASSOCIATION, not
    in its individual capacity but solely as Certificate Administrator
	 	 	 
	 	By: 	 
	 	 	Authorized Signatory

 

Certificate
of Authentication

 

This
is one of the Class R Certificates referred to in the Pooling and Servicing Agreement.

 

Dated: January 31, 2018

	 	 	 
	 	WELLS FARGO BANK, NATIONAL ASSOCIATION, not
    in its individual capacity but solely as Authenticating Agent
	 	 	 
	 	By: 	 
	 	 	Authorized Signatory

 

    A-19-13

     

    

 

EXHIBIT
A-20

 

FORM
OF CLASS V2 [RULE 144A]1 [REG S]2 CERTIFICATE

 

[UNLESS
THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”),
TO THE CERTIFICATE REGISTRAR FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE
NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO
CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER
USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS
AN INTEREST HEREIN.]3

 

THIS
CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN THE DEPOSITOR, THE ORIGINATOR, THE MASTER SERVICER, THE SPECIAL
SERVICER, THE CERTIFICATE ADMINISTRATOR, THE CERTIFICATE REGISTRAR, THE OPERATING ADVISOR, THE ASSET REPRESENTATIONS REVIEWER,
THE RISK RETENTION CONSULTATION PARTY, THE TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THE CERTIFICATES NOR THE UNDERLYING
MORTGAGE LOANS ARE INSURED OR GUARANTEED BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY.

 

PRINCIPAL
PAYMENTS ON THIS CERTIFICATE ARE PAYABLE IN INSTALLMENTS AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING CERTIFICATE BALANCE
OF THIS CERTIFICATE AT ANY TIME MAY BE LESS THAN THE INITIAL CERTIFICATE BALANCE SET FORTH BELOW.

 

THIS
CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED OR QUALIFIED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”), OR ANY STATE OR FOREIGN SECURITIES LAW. THE HOLDER HEREOF, BY PURCHASING THIS CERTIFICATE, AGREES THAT THIS CERTIFICATE
MAY BE REOFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY IN COMPLIANCE WITH THE SECURITIES ACT AND OTHER APPLICABLE LAWS,
AND ONLY (A)(1) PURSUANT TO A REGISTRATION STATEMENT WHICH HAS BEEN DECLARED EFFECTIVE UNDER THE SECURITIES ACT, (2) FOR SO LONG
AS THIS CERTIFICATE IS ELIGIBLE FOR RESALE PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”), TO
AN INSTITUTIONAL INVESTOR THAT THE HOLDER REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” WITHIN THE MEANING
OF RULE 144A (“QUALIFIED INSTITUTIONAL BUYER”), PURCHASING FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF ANOTHER
QUALIFIED

 

 

1
For Rule 144A Global Certificates only.

2
For Reg S Global Certificates only.

3
Legend required as long as DTC is the Depository under the Pooling and Servicing Agreement. 

 

    A-20-1

     

    

 

INSTITUTIONAL BUYER, WHOM THE HOLDER HAS INFORMED, IN EACH CASE, THAT THE REOFFER, RESALE, PLEDGE OR OTHER TRANSFER
IS BEING MADE IN RELIANCE ON RULE 144A, (3) TO AN INSTITUTIONAL “ACCREDITED INVESTOR,” WITHIN THE MEANING OF RULE
501(a)(1), (2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT OR ANY ENTITY IN WHICH ALL OF THE EQUITY OWNERS ARE SUCH ACCREDITED
INVESTORS, OR (4) TO INSTITUTIONS THAT ARE A NON-“U.S. PERSON” IN AN “OFFSHORE TRANSACTION,” AS SUCH TERMS
ARE DEFINED IN, AND IN ACCORDANCE WITH RULE 903 OR RULE 904 OF, REGULATION S UNDER THE SECURITIES ACT, AND (B) IN ACCORDANCE WITH
ANY OTHER APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR ANY OTHER APPLICABLE JURISDICTION.

 

IN
ADDITION, SUBJECT TO THE CONDITIONS SET FORTH IN THE POOLING AND SERVICING AGREEMENT, THIS CERTIFICATE, TOGETHER WITH THE OTHER
CERTIFICATES IN THE RELATED EXCHANGEABLE GROUP OF CERTIFICATES, MAY BE EXCHANGED FOR ANOTHER EXCHANGEABLE GROUP OF CERTIFICATES,
PURSUANT TO THE PROCEDURES SET FORTH IN THE POOLING AND SERVICING AGREEMENT.

 

THIS
CERTIFICATE SHOULD NOT BE PURCHASED BY A TRANSFEREE THAT IS OR BECOMES (A) AN EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT ARRANGEMENT,
INCLUDING AN INDIVIDUAL RETIREMENT ACCOUNT OR A KEOGH PLAN, WHICH IS SUBJECT TO THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF
1974, AS AMENDED (“ERISA”), SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”),
OR A GOVERNMENTAL PLAN, AS DEFINED IN SECTION 3(32) OF ERISA, OR OTHER PLAN SUBJECT TO ANY FEDERAL, STATE OR LOCAL LAW (“SIMILAR
LAW”) WHICH IS TO A MATERIAL EXTENT SIMILAR TO THE FOREGOING PROVISIONS OF ERISA OR THE CODE (EACH, A “PLAN”),
OR (B) A COLLECTIVE INVESTMENT FUND WHOSE UNDERLYING ASSETS INCLUDE PLAN ASSETS BY REASON OF A PLAN’S INVESTMENT IN THE
COLLECTIVE INVESTMENT FUND (PURSUANT TO U.S. DEPARTMENT OF LABOR REGULATION SECTION 2510.3-101, AS MODIFIED BY SECTION 3(42) OF
ERISA), AN INSURANCE COMPANY USING ASSETS OF SEPARATE ACCOUNTS OR GENERAL ACCOUNTS WHICH INCLUDE ASSETS OF PLANS (OR WHICH ARE
DEEMED PURSUANT TO ERISA OR ANY SIMILAR LAW TO INCLUDE ASSETS OF PLANS) OR OTHER PERSON ACTING ON BEHALF OF ANY SUCH PLAN OR USING
THE ASSETS OF ANY SUCH PLAN. TRANSFEREES OF THIS CERTIFICATE TAKING DELIVERY IN CERTIFICATED FORM SHALL BE REQUIRED TO DELIVER
A LETTER IN THE FORM ATTACHED TO THE POOLING AND SERVICING AGREEMENT TO SUCH EFFECT.

 

FOR
U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE REPRESENTS (I) A BENEFICIAL INTEREST IN MULTIPLE “REGULAR INTERESTS”
IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G(a)(1) AND
860D OF THE INTERNAL

 

    A-20-2

     

    

 

REVENUE CODE OF 1986, AS AMENDED, AND (II) A BENEFICIAL INTEREST IN THE EXCESS INTEREST AND PROCEEDS THEREOF
IN THE EXCESS INTEREST DISTRIBUTION ACCOUNT.

 

THIS
CERTIFICATE IS INTENDED TO CONSTITUTE PART OF AN “ELIGIBLE VERTICAL INTEREST” (AS DEFINED IN REGULATION RR PROMULGATED
UNDER SECTION 15G OF THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED), AND AS SUCH IS SUBJECT TO VARIOUS PROHIBITIONS ON HEDGING,
TRANSFER AND FINANCING SET FORTH IN REGULATION RR PROMULGATED UNDER SECTION 15G OF THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED.
THE INITIAL INVESTOR IN THIS CERTIFICATE, AND EACH SUBSEQUENT PURCHASER OF THIS CERTIFICATE, BY PURCHASING THIS CERTIFICATE OR
AN INTEREST HEREIN, IS DEEMED TO HAVE AGREED TO COMPLY WITH CERTAIN TRANSFER REQUIREMENTS SET FORTH IN THE POOLING AND SERVICING
AGREEMENT.

 

SUBJECT
TO THE CONDITIONS SET FORTH IN THE POOLING AND SERVICING AGREEMENT, THIS CERTIFICATE MAY BE EXCHANGED FOR OTHER EXCHANGEABLE CERTIFICATES,
PURSUANT TO THE PROCEDURES SET FORTH IN THE POOLING AND SERVICING AGREEMENT.

 

    A-20-3

     

    

 

 

BENCHMARK
2018-B1 MORTGAGE TRUST

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES, CLASS V2

 

	Class V2 Pass-Through
    Rate:  N/A.  The Class V2 Certificates will not have a Pass-Through Rate, but will be entitled to
    receive interest on any Distribution Date up to an amount equal to the product of (a) the VRR Interest Percentage, multiplied
    by (b) the VRR Allocation Percentage, multiplied by (c) the aggregate amount of interest distributed to the Class A-1, Class
    A-2, Class A-SB,  Class A-3, Class A-4, Class A-5, Class X-A, Class X-B, Class X-D, Class X-E, Class A-M, Class
    B, Class C, Class D, Class E, Class F-RR and Class G-RR Certificates for such Distribution Date.	 	CUSIP: 08162PBD2

         

        ISIN:    US08162PBD24

         

	 	 	 
	Original
        Aggregate Certificate Balance of the Class V2 Certificates: $40,426,662

         

        The
        aggregate initial Certificate Balance of the Class V2 Certificates represents the maximum aggregate Certificate Balance
        of the Class V2 Certificates that could be issued (without giving effect to any exchanges for, or any issuance of, the
        Class V1 Certificates).

         
	 	Initial Certificate Balance of this Certificate
    as of the Closing Date:  $[_____]
	First Distribution Date: February 16, 2018	 	Cut-off Date:  The close of business
    on the later of the related Due Date of such Mortgage Loan in January 2018 (or, in the case of any Mortgage Loan that has
    its first Due Date subsequent to January 2018, the date that would have been its Due Date in January 2018 under the terms
    of that Mortgage Loan if a Periodic Payment were scheduled to be due in that month) and the date of origination of such Mortgage
    Loan
	 	 	 
	Assumed Final Distribution Date:  January
    2028	 	No.:  V2-[__]
	 	 	 

This
certifies that [              ] is the registered
owner of a beneficial ownership interest in a Trust Fund, including the distributions to be made with respect to the Class V2
Certificates. The Trust Fund, described more fully below, consists primarily of a pool of Mortgage Loans secured by first liens
on commercial and multifamily properties and held in trust by the Trustee and serviced by the Master Servicer. The Trust Fund
was created, and the

 

    A-20-4

     

    

 

Mortgage Loans are to be serviced, pursuant to the Pooling and Servicing Agreement (as defined below). The
Holder of this Certificate, by virtue of the acceptance hereof, assents to the terms, provisions and conditions of the Pooling
and Servicing Agreement and is bound thereby.

 

The
Pooling and Servicing Agreement, dated as of January 1, 2018 (the “Pooling and Servicing Agreement”), between
the Depositor, Wells Fargo Bank, National Association, as master servicer (in such capacity, the “Master Servicer”),
Midland Loan Services, a Division of PNC Bank, National Association, as special servicer (the “Special Servicer”),
Wilmington Trust, National Association, as trustee (the “Trustee”), Wells Fargo Bank, National Association,
as certificate administrator (in such capacity, the “Certificate Administrator”), custodian and paying agent,
and Park Bridge Lender Services LLC, as operating advisor (in such capacity, the “Operating Advisor”) and asset
representations reviewer (in such capacity, the “Asset Representations Reviewer”) evidences the issuance of
the Class A-1, Class A-2, Class A-3, Class A-SB, Class A-4, Class A-5, Class A-M, Class B, Class C, Class D, Class
E, Class F-RR, Class G-RR, Class X-A, Class X-B, Class X-D, Class X-E, Class S, Class R, Class V2, Class V1-A1,
Class V1-A2, Class V1-A3, Class V1-ASB, Class V1-A4, Class V1-A5, Class V1-AM, Class V1-B, Class V1-C, Class V1-D, Class V1-E,
Class V1-F and Class V1-G Certificates (the “Certificates”; the Holders of Certificates issued under the Pooling
and Servicing Agreement are collectively referred to herein as “Certificateholders”). This Certificate is issued
pursuant to, and in accordance with, the terms of the Pooling and Servicing Agreement. To the extent not defined herein, capitalized
terms used herein shall have the meanings assigned thereto in the Pooling and Servicing Agreement.

 

This
Certificate represents (i) a beneficial interest in multiple “regular interests” in a “real estate mortgage
investment conduit,” as those terms are defined, respectively, in Sections 860G(a)(1) and 860D of the Internal Revenue Code
of 1986, as amended, and (ii) a beneficial interest in the Excess Interest and proceeds thereof in the Excess Interest Distribution
Account. Each Holder of this Certificate, by acceptance hereof, agrees to treat, and take no action inconsistent with the treatment
of, this Certificate in accordance with the preceding sentence for purposes of federal income taxes, state and local income and
franchise taxes and other taxes imposed on or measured by income.

 

The
Certificate Administrator makes no representation or warranty as to any of the statements contained herein or the validity or
sufficiency of the Certificates or the Mortgage Loans and has executed this Certificate in its limited capacity as Certificate
Administrator under the Pooling and Servicing Agreement. In the event that there is any conflict between any provision of this
Certificate and any provision of the Pooling and Servicing Agreement, such provision of this Certificate shall be superseded to
the extent of such inconsistency.

 

Pursuant
to the terms of the Pooling and Servicing Agreement, the Certificate Administrator, or the Paying Agent on behalf of the Certificate
Administrator, will distribute (other than the final distribution on any Certificate), on the fourth Business Day after each Determination
Date (each such date, a “Distribution Date”) an amount equal to such Person’s pro rata share (based on
the Percentage Interest represented by this Certificate) of that portion of the aggregate amount of principal and interest then
distributable, if any, allocable to the Class V2 Certificates for such Distribution Date, all as more fully described in
the Pooling and Servicing Agreement. “Determination Date” is defined in the Pooling and Servicing Agreement as the

 

    A-20-5

     

    

 

eleventh day of each month, or if such eleventh day is not a Business Day, then the next Business Day, commencing in February
2018. Holders of this Certificate may be entitled to Prepayment Premiums and Yield Maintenance Charges as provided in the Pooling
and Servicing Agreement.

 

During
each Interest Accrual Period (as defined below), interest on the Class V2 Certificates will be calculated based on a 360-day
year consisting of twelve 30-day months on the outstanding Certificate Balance hereof.

 

All
distributions (other than the final distribution on any Certificate) will be made by the Paying Agent to the Persons in whose
names the Certificates are registered at the close of business on each Record Date, which will be the close of business on the
last Business Day of the calendar month immediately preceding the month in which such Distribution Date occurs. Such distributions
shall be made on each Distribution Date other than the Termination Date to each Certificateholder of record on the related Record
Date, (i) by wire transfer of immediately available funds to the account of such Holder at a bank or other entity located in the
United States and having appropriate facilities therefor if such Holder shall have provided the Paying Agent with wire instructions
in writing at least five Business Days prior to the related Record Date (which wiring instructions may be in the form of a standing
order applicable to all subsequent distributions), or (ii) otherwise, by check mailed by first-class mail to the address set forth
therefor in the Certificate Register. The final distribution on each Certificate shall be made in like manner, but only upon presentment
and surrender of such Certificate at the office of the Certificate Administrator or its agent (which may be the Paying Agent or
the Certificate Registrar acting as such agent) that is specified in the notice to Holders of such final distribution.

 

Any
funds not distributed on the Termination Date because of the failure of any Certificateholders to tender their Certificates shall,
on such date, be set aside and held for the benefit of the appropriate non-tendering Certificateholders. If any Certificates as
to which notice of the Termination Date has been given pursuant to the Pooling and Servicing Agreement shall not have been surrendered
for cancellation within six months after the time specified in such notice, the Certificate Administrator shall mail a second
notice to the remaining non-tendering Certificateholders to surrender their Certificates for cancellation to receive the final
distribution with respect thereto. If within one year after the second notice not all of such Certificates shall have been surrendered
for cancellation, the Certificate Administrator may, directly or through an agent, take appropriate steps to contact the remaining
non-tendering Certificateholders concerning surrender of their Certificates. The costs and expenses of holding such funds in trust
and of contacting such Certificateholders shall be paid out of such funds. Subject to applicable state escheatment laws, if within
two years after the second notice any such Certificates shall not have been surrendered for cancellation, the Paying Agent shall
distribute to the Certificate Administrator all amounts distributable to the Holders thereof, and the Certificate Administrator
shall thereafter hold such amounts for the benefit of such Holders until the earlier of (i) its termination as Certificate Administrator
under the Pooling and Servicing Agreement and the transfer of such amounts to a successor Certificate Administrator and (ii) the
termination of the Trust Fund and distribution of such amounts to the Class R Certificateholders. No interest shall accrue or
be payable to any Certificateholder on any amount held under the Pooling and Servicing Agreement or by the Certificate Administrator
as a result of such Certificateholder’s failure to surrender its Certificate(s) for final payment thereof in accordance
with the Pooling and Servicing Agreement. Any such amounts transferred to the Certificate Administrator may be

 

    A-20-6

     

    

 

invested in Permitted
Investments and all income and gain realized from investment of such funds shall accrue for its benefit.

 

This
Certificate is limited in right of payment to, among other things, certain collections and recoveries in respect of the Mortgage
Loans, as more specifically set forth herein and in the Pooling and Servicing Agreement.

 

As
provided in the Pooling and Servicing Agreement, the Trust Fund includes (in each case, to the extent of the Trust Fund’s
interest therein and specifically excluding any interest of any Serviced Companion Loan Noteholder therein): (i) such Mortgage
Loans as from time to time are subject to the Pooling and Servicing Agreement, together with the Mortgage Files relating thereto;
(ii) all scheduled or unscheduled payments on or collections in respect of the Mortgage Loans due after the Cut-off Date; (iii)
the Trust Fund’s interest in any REO Property; (iv) all revenues received in respect of any REO Property; (v) any Assignments
of Leases, Rents and Profits and any security agreements related to the Mortgage Loans; (vi) any indemnities or guaranties given
as additional security for any Mortgage Loans; (vii) a security interest in all assets deposited in the Lock-Box Accounts, Cash
Collateral Accounts, Escrow Accounts, and Reserve Accounts; (viii) the Loss of Value Reserve Fund; (ix) the Collection Account,
the Serviced Whole Loan Collection Accounts, the Distribution Accounts, any Gain-on-Sale Reserve Account, the Interest Reserve
Account, and the Trust’s interest in any REO Account, including any amounts on deposit therein, assets credited thereto
and any reinvestment income, as applicable; (x) a security interest in any environmental indemnity agreements relating to the
Mortgaged Properties; (xi) a security interest in all insurance policies with respect to the Mortgage Loans and the Mortgaged
Properties; (xii) the rights and remedies under the Mortgage Loan Purchase Agreements relating to document delivery requirements
with respect to the Mortgage Loans and the representations and warranties of the related Mortgage Loan Seller regarding its Mortgage
Loans; (xiii) the Lower-Tier Regular Interests; (xiv) the Class VRR Upper-Tier Regular Interests; and (xv) the proceeds of the
foregoing (other than any interest earned on deposits in the Lock-Box Accounts, Cash Collateral Accounts, Escrow Accounts and
any Reserve Accounts, to the extent such interest belongs to the related Borrower). As provided in the Pooling and Servicing Agreement,
withdrawals may be made from certain of the above accounts for purposes other than distributions to Certificateholders.

 

This
Certificate does not purport to summarize the Pooling and Servicing Agreement, and reference is made to the Pooling and Servicing
Agreement for the interests, rights, benefits, obligations and duties evidenced hereby, and the limitations thereon, and the rights,
duties and immunities of the Certificate Administrator.

 

As
provided in the Pooling and Servicing Agreement and subject to certain limitations set forth therein, this Certificate is transferable
or exchangeable only upon surrender of this Certificate to the Certificate Registrar at its offices together with an assignment
and transfer (executed by the Holder or his duly authorized attorney), subject to the requirements in Article V of the Pooling
and Servicing Agreement. Upon surrender for registration of transfer of this Certificate, subject to the requirements in Article
V of the Pooling and Servicing Agreement, the Certificate Administrator shall execute and the Authenticating Agent shall duly
authenticate in the name of the designated transferee or transferees, one or more new Certificates in authorized denominations
of a like aggregate denomination as the Certificate being surrendered.

 

    A-20-7

     

    

 

Such Certificates shall be delivered by the Certificate
Registrar in accordance with Article V of the Pooling and Servicing Agreement.

 

Prior
to due presentation of this Certificate for registration of transfer, the Depositor, the Master Servicer, the Special Servicer,
the Operating Advisor, the Asset Representations Reviewer, the Certificate Administrator, the Trustee, the Certificate Registrar,
any Paying Agent and any agent of any of them may treat the Person in whose name this Certificate is registered as the owner hereof
for all purposes, and none of the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator, the Trustee,
the Certificate Registrar, any Paying Agent or any agent of any of them shall be affected by notice or knowledge to the contrary.

 

No
fee or service charge shall be imposed by the Certificate Registrar for its services in respect of any registration of transfer
or exchange referred to in Section 5.02 of the Pooling and Servicing Agreement other than for transfers to Institutional Accredited
Investors as provided in Section 5.02(h) of the Pooling and Servicing Agreement. In connection with any transfer to an Institutional
Accredited Investor, the transferor shall reimburse the Trust Fund for any costs (including the cost of the Certificate Registrar’s
counsel’s review of the documents and any legal opinions, submitted by the transferor or transferee to the Certificate Registrar
as provided in the Pooling and Servicing Agreement) incurred by the Certificate Registrar in connection with such transfer. The
Certificate Registrar may require payment by each transferor of a sum sufficient to cover any tax, expense or other governmental
charge payable in connection with any such transfer.

 

The
Pooling and Servicing Agreement or any Custodial Agreement may be amended at any time by the Depositor, the Master Servicer, the
Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the Trustee without
the consent of any of the Certificateholders or any Serviced Companion Loan Noteholders, (i) to cure any ambiguity or to correct
any manifest error; (ii) to cause the provisions of the Pooling and Servicing Agreement or any Custodial Agreement to conform
or be consistent with or in furtherance of the statements made in the Prospectus or Private Placement Memorandum with respect
to the Certificates, the Trust or the Pooling and Servicing Agreement or to correct or supplement any provisions of the Pooling
and Servicing Agreement or any Custodial Agreement which may be defective or inconsistent with any other provisions of the Pooling
and Servicing Agreement or any Custodial Agreement; (iii) to change the timing and/or nature of deposits in the Collection
Account, the Distribution Accounts or any REO Account; provided that (a) the Master Servicer Remittance Date shall in no event
be later than the Business Day prior to the related Distribution Date and (b) such change shall not adversely affect in any material
respect the interests of any Certificateholder, as evidenced in writing by an Opinion of Counsel at the expense of the party requesting
such amendment or as evidenced by a Rating Agency Confirmation from each Rating Agency with respect to such amendment; (iv) to
modify, eliminate or add to any of its provisions to such extent as shall be necessary to maintain the qualification of any Trust
REMIC as a REMIC or the Grantor Trust as a grantor trust under the relevant provisions of the Code at all times that any Certificate
is outstanding, or to avoid or minimize the risk of imposition of any tax on the Trust Fund or any Trust REMIC or the Grantor
Trust that would be a claim against the Trust Fund or any Trust REMIC or the Grantor Trust; provided that the Trustee and
the Certificate Administrator have received an Opinion of Counsel

 

    A-20-8

     

    

 

(at the expense of the party requesting such amendment) to the
effect that (a) such action is necessary or desirable to maintain such qualification or to avoid or minimize the risk of
the imposition of any such tax and (b) such action will not adversely affect in any material respect the interests of any
Certificateholder or Companion Loan Noteholder; (v) to modify, eliminate or add to the provisions any provision of the Pooling
and Servicing Agreement restricting transfer of the Class R Certificates; provided the Depositor has determined that
such change shall not, as evidenced by an Opinion of Counsel, cause the Trust Fund, any Trust REMIC or any of the Certificateholders
(other than the Transferor) to be subject to a federal tax caused by a Transfer to a Person that is a Disqualified Organization
or a Non-U.S. Tax Person; (vi) to revise or add any other provisions with respect to matters or questions arising under the Pooling
and Servicing Agreement or any other change; provided that the required action shall not adversely affect in any material
respect the interests of any Certificateholder or any holder of a Serviced Pari Passu Companion Loan not consenting thereto as
evidenced in writing by an Opinion of Counsel, at the expense of the party requesting such amendment or as evidenced by a Rating
Agency Confirmation from each of the Rating Agencies with respect to such amendment or supplement and confirmation of the applicable
rating agencies that such action will not result in the downgrade, withdrawal or qualification of its then-current ratings of
any securities related to a Companion Loan, if any (provided that such rating agency confirmation may be considered satisfied
in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates); (vii) to amend
or supplement any provision of the Pooling and Servicing Agreement to the extent necessary to maintain the then-current ratings
assigned to each Class of Certificates by each Rating Agency, as evidenced by a Rating Agency Confirmation from each of the Rating
Agencies; provided that such amendment or supplement shall not adversely affect in any material respect the interests of
any Certificateholder not consenting thereto as evidenced by an Opinion of Counsel, or any holder of a Serviced Pari Passu Companion
Loan not consenting to such revision or addition, as evidenced by an Opinion of Counsel at the expense of the party requesting
such amendment or as evidenced by confirmation of the applicable Rating Agencies that such action will not result in the downgrade,
withdrawal or qualification of its then-current ratings of any securities related to a Companion Loan, if any (provided
that such Rating Agency Confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered
satisfied with respect to the Certificates); (viii) to modify the provisions of Section 3.06 and Section 3.17 of
the Pooling and Servicing Agreement (with respect to reimbursement of Nonrecoverable Advances and Workout-Delayed Reimbursement
Amounts) if (a) the Depositor, the Master Servicer, the Trustee and, for so long as a Control Termination Event has not occurred
and is not continuing, the Directing Holder, determine that the commercial mortgage backed securities industry standard for such
provisions has changed, in order to conform to such industry standard, (b) such modification does not adversely affect the
status of any Trust REMIC as a REMIC or the status of the Grantor Trust as a grantor trust under the relevant provisions of the
Code, as evidenced by an Opinion of Counsel and (c) each Rating Agency has delivered a Rating Agency Confirmation and, with
regard to any class of Serviced Companion Loan Securities, the applicable rating agencies have delivered a confirmation that such
action will not result in the downgrade, withdrawal or qualification of its then-current ratings (provided that such rating
agency confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied
with respect to the Certificates); (ix) to modify the procedures of the Pooling and Servicing Agreement relating to compliance
with Rule 17g-5 of

 

    A-20-9

     

    

 

the Exchange Act; provided that such amendment shall not adversely affect in any material respects
the interests of any Certificateholders, as evidenced by (x) an Opinion of Counsel or (y) if any Certificate is then
rated, receipt of Rating Agency Confirmation from each Rating Agency rating such Certificates; and provided, further,
that the Certificate Administrator shall give notice of any such amendment to the 17g-5 Information Provider for posting to the
17g-5 Information Provider’s Website and the Certificate Administrator shall post such notice to the Certificate Administrator’s
Website; (x) to modify, eliminate or add to any provisions of the Pooling and Servicing Agreement to such extent as would be necessary
to comply with the requirements for use of Form SF-3 in registered offerings to the extent provided in CFR 239.45(b)(1)(ii), (iii)
or (iv); and (xi) to modify, eliminate or add to any of its provisions (a) to such extent as will be necessary to comply with
the requirements of the Risk Retention Rule, as evidenced by an Opinion of Counsel, or (b) in the event the Risk Retention Rule
or any other regulation applicable to the risk retention requirements for this securitization transaction are amended or repealed,
to the extent required to comply with any such amendment or to modify or eliminate the risk retention requirements in the event
of such repeal, as evidenced by an Opinion of Counsel.

 

The
Pooling and Servicing Agreement or any Custodial Agreement may also be amended from time to time by the Depositor, the Master
Servicer, the Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the
Trustee with the prior written consent of the Holders of Certificates representing not less than a majority of the Percentage
Interests of each Class of Certificates affected thereby (without regard to Certificates held by the Depositor, any of the Depositor’s
Affiliates and/or agents) and each Serviced Companion Loan Noteholder affected thereby for the purpose of adding any provisions
to or changing in any manner or eliminating any of the provisions of the Pooling and Servicing Agreement or modifying in any manner
the rights of the Certificateholders or the Serviced Companion Loan Noteholders; provided, that no such amendment may:

 

		(i)	reduce
                                         in any manner the amount of, or delay the timing of, payments received on the Mortgage
                                         Loans or Serviced Whole Loan which are required to be distributed on any Certificate,
                                         without the consent of the Holders of Certificates representing all of the Percentage
                                         Interests of the Class or Classes affected thereby or which are required to be distributed
                                         to any Companion Loan Noteholders without the consent of such Companion Loan Noteholders;

 

		(ii)	reduce
                                         the aforesaid percentage of Certificates of any Class the Holders of which are required
                                         to consent to any such amendment or remove the requirement to obtain consent of any Companion
                                         Loan Noteholder, in any such case without the consent of the Holders of all Certificates
                                         of such Class then-outstanding or such Companion Loan Noteholder, as applicable;

 

		(iii)	adversely
                                         affect the Voting Rights of any Class of Certificates without the consent of the Holders
                                         of all Certificates of such Class then outstanding;

 

    A-20-10

     

    

 

		(iv)	change
                                         in any manner any defined term used in any Mortgage Loan Purchase Agreement or the obligations
                                         of any Mortgage Loan Seller under such Mortgage Loan Purchase Agreement or otherwise
                                         or change any rights of any Mortgage Loan Seller as a third party beneficiary hereunder,
                                         without the consent of such Mortgage Loan Seller; or

 

		(v)	amend
                                         the Servicing Standard without the consent of 100% of the Certificateholders or receipt
                                         of Rating Agency Confirmation from each Rating Agency and confirmation of the applicable
                                         rating agencies that such action will not result in the downgrade, withdrawal or qualification
                                         of its then-current ratings of any securities related to a Companion Loan, if any (provided
                                         that such rating agency confirmation may be considered satisfied in the same manner
                                         as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates).

 

Further,
the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations
Reviewer and the Trustee, at any time and from time to time, without the consent of the Certificateholders or, if applicable,
the Serviced Companion Loan Noteholders, may amend the Pooling and Servicing Agreement to modify, eliminate or add to any of its
provisions (i) to such extent as shall be necessary to maintain the qualification of the Lower-Tier REMIC or the Upper-Tier REMIC
as a REMIC or the qualification of the Grantor Trust as a grantor trust, or to prevent the imposition of any additional material
state or local taxes, at all times that any Certificates are outstanding; provided that such action, as evidenced by an
Opinion of Counsel (obtained at the expense of the Trust Fund), is necessary or helpful to maintain such qualification or to prevent
the imposition of any such taxes, and would not adversely affect in any material respect the interest of any Certificateholder
or if applicable, any Serviced Companion Loan Noteholder or (ii) to the extent necessary to comply with the Investment Company
Act of 1940, as amended, the Exchange Act, Regulation AB, and/or any related regulatory actions and/or interpretations.

 

The
Certificateholder owning a majority of the Percentage Interest in the Controlling Class and, if no such Certificateholder
exercises such option, the Special Servicer, and if the Special Servicer does not exercise such option, the Master Servicer may
effect an early termination of the Trust Fund, upon not less than 30 days’ prior Notice of Termination given to the Trustee,
the Special Servicer and the Master Servicer any time specifying the Anticipated Termination Date, which shall be on or after
the Early Termination Notice Date (defined as any date as of which the aggregate Stated Principal Balance of the Mortgage Loans
remaining in the Trust is less than 1.0% of the aggregate Stated Principal Balance of the Mortgage Loans as of the Cut-off Date)
by purchasing on such date all, but not less than all, of the Mortgage Loans then included in the Trust Fund, and the Trust’s
interest in all property acquired in respect of any Mortgage Loan, at a purchase price, payable in cash, equal to the sum of,
without duplication:

 

		(A)	100%
                                         of the Stated Principal Balance of each Mortgage Loan included in the Trust as of the
                                         last day of the month preceding such Anticipated Termination Date (less any P&I Advances
                                         previously made on account of principal);

 

    A-20-11

     

    

 

		(B)	the
                                         fair market value of all other property included in the Trust Fund as of the last day
                                         of the month preceding such Anticipated Termination Date, as determined by an Independent
                                         appraiser acceptable to the Master Servicer as of a date not more than 30 days prior
                                         to the last day of the month preceding such Distribution Date;

 

		(C)	all
                                         unpaid interest accrued on the unpaid balance of each Mortgage Loan (including any Mortgage
                                         Loan as to which title to the related Mortgaged Property has been acquired) at the Mortgage
                                         Rate to the last day of the month preceding such Anticipated Termination Date (less any
                                         P&I Advances previously made on account of interest); and

 

		(D)	the
                                         aggregate amount of unreimbursed Advances, with interest thereon at the Reimbursement
                                         Rate, and unpaid Servicing Compensation, Special Servicing Compensation, Operating Advisor
                                         Fees, Certificate Administrator/Trustee Fees, the CREFC® Intellectual
                                         Property Royalty License Fees and Trust Fund expenses.

 

In
addition, the Pooling and Servicing Agreement provides that following the date on which the Class X-A Notional Amount, the
Class X-B Notional Amount, the Class X-D Notional Amount and the aggregate Certificate Balance of
the Class A-1, Class A-2, Class A-3, Class A-SB, Class A-4, Class A-5, Class A-M, Class B, Class C and Class D Certificates
is reduced to zero, the Sole Certificateholder shall have the right to exchange all of the then-outstanding Certificates (other
than the Class S or Class R Certificates) for all of the Mortgage Loans and each REO Property remaining in the Trust Fund
as contemplated by clause (ii) of Section 9.01(a) of the Pooling and Servicing Agreement by giving written notice to
all the parties to the Pooling and Servicing Agreement no later than 60 days prior to the anticipated date of exchange.

 

All
costs and expenses incurred by any and all parties to the Pooling and Servicing Agreement or by the Trust Fund in connection with
the purchase of the Mortgage Loans and the other assets of the Trust Fund pursuant to Section 9.01(c) of the Pooling and
Servicing Agreement shall be borne by the party exercising its purchase rights thereunder. The Trustee and the Certificate Administrator
shall be entitled to rely conclusively on any determination made by an Independent appraiser pursuant to Section 9.01(c)
of the Pooling and Servicing Agreement.

 

The
respective obligations and responsibilities of the Master Servicer, the Special Servicer, the Depositor, the Certificate Administrator,
the Operating Advisor, the Asset Representations Reviewer and the Trustee created by the Pooling and Servicing Agreement with
respect to the Certificates (other than the obligations of the Certificate Administrator to make certain payments and to send
certain notices to Certificateholders as set forth in the Pooling and Servicing Agreement) shall terminate upon payment (or provision
for payment) to the Certificateholders and the Serviced Companion Loan Noteholders of all amounts held by or on

 

    A-20-12

     

    

 

behalf of the
Trustee, the Certificate Administrator and the Master Servicer, as the case may be, required under the Pooling and Servicing Agreement
to be so paid on the Distribution Date following the earlier to occur of (i) the purchase of the Mortgage Loans and all other
property held by the Trust Fund in accordance with Section 9.01(c) of the Pooling and Servicing Agreement; (ii) the exchange by
the Sole Certificateholder of its Certificates for the Mortgage Loans in accordance with Section 9.01(g) of the Pooling and Servicing
Agreement; and (iii) the later of (a) the receipt or collection of the last payment due on any Mortgage Loan included
in the Trust Fund, or (b) the liquidation and disposition pursuant to the Pooling and Servicing Agreement of the last asset
held by the Trust Fund; provided that in no event shall the trust created by the Pooling and Servicing Agreement continue
beyond the expiration of 21 years from the death of the last survivor of the descendants of Joseph P. Kennedy, the late Ambassador
of the United States to the United Kingdom, living on the date hereof.

 

Unless
the Certificate of Authentication on this Certificate has been executed by the Authenticating Agent, by manual signature, this
Certificate shall not be entitled to any benefit under the Pooling and Servicing Agreement or be valid for any purpose.

 

    A-20-13

     

    

 

IN
WITNESS WHEREOF, the Certificate Administrator has caused this Class V2 Certificate to be duly executed.

 

Dated: January 31, 2018

	 	 	 
	 	WELLS FARGO BANK, NATIONAL ASSOCIATION, not
    in its individual capacity but solely as Certificate Administrator
	 	 	 
	 	By: 	 
	 	 	Authorized Signatory

 

Certificate
of Authentication

 

This
is one of the Class V2 Certificates referred to in the Pooling and Servicing Agreement.

 

Dated: January 31, 2018

	 	 	 
	 	WELLS FARGO BANK, NATIONAL ASSOCIATION, not
    in its individual capacity but solely as Authenticating Agent
	 	 	 
	 	By: 	 
	 	 	Authorized Signatory

 

    A-20-14

     

    

  

EXHIBIT
A-21

 

FORM
OF CLASS V1-A1 [RULE 144A]1 [REG S]2 CERTIFICATE

 

[UNLESS
THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”),
TO THE CERTIFICATE REGISTRAR FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE
NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO
CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER
USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS
AN INTEREST HEREIN.]3

 

THIS
CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED OR QUALIFIED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”), OR ANY STATE OR FOREIGN SECURITIES LAW. THE HOLDER HEREOF, BY PURCHASING THIS CERTIFICATE, AGREES THAT THIS CERTIFICATE
MAY BE REOFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY IN COMPLIANCE WITH THE SECURITIES ACT AND OTHER APPLICABLE LAWS,
AND ONLY (A)(1) PURSUANT TO A REGISTRATION STATEMENT WHICH HAS BEEN DECLARED EFFECTIVE UNDER THE SECURITIES ACT, (2) FOR SO LONG
AS THIS CERTIFICATE IS ELIGIBLE FOR RESALE PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”), TO
AN INSTITUTIONAL INVESTOR THAT THE HOLDER REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” WITHIN THE MEANING
OF RULE 144A (“QUALIFIED INSTITUTIONAL BUYER”), PURCHASING FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF ANOTHER
QUALIFIED INSTITUTIONAL BUYER, WHOM THE HOLDER HAS INFORMED, IN EACH CASE, THAT THE REOFFER, RESALE, PLEDGE OR OTHER TRANSFER
IS BEING MADE IN RELIANCE ON RULE 144A, (3) TO AN INSTITUTIONAL “ACCREDITED INVESTOR,” WITHIN THE MEANING OF RULE
501(a)(1), (2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT OR ANY ENTITY IN WHICH ALL OF THE EQUITY OWNERS ARE SUCH ACCREDITED
INVESTORS, OR (4) TO INSTITUTIONS THAT ARE A NON-“U.S. PERSON” IN AN “OFFSHORE TRANSACTION,” AS SUCH TERMS
ARE DEFINED IN, AND IN ACCORDANCE WITH RULE 903 OR RULE 904 OF, REGULATION S UNDER THE SECURITIES

 

 

 

1
For Rule 144A Global Certificates only.

2
For Reg S Global Certificates only.

3
Legend required as long as DTC is the Depository under the Pooling and Servicing Agreement.

 

    A-21-1

     

    

 

ACT, AND (B) IN ACCORDANCE WITH
ANY OTHER APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR ANY OTHER APPLICABLE JURISDICTION.

 

THE
INITIAL INVESTOR IN THIS CERTIFICATE, AND EACH SUBSEQUENT PURCHASER OF THIS CERTIFICATE, BY PURCHASING THIS CERTIFICATE OR AN
INTEREST HEREIN, IS DEEMED TO HAVE AGREED TO COMPLY WITH CERTAIN TRANSFER REQUIREMENTS SET FORTH IN THE POOLING AND SERVICING
AGREEMENT.  A TRANSFEREE IS ALSO REQUIRED TO DELIVER AN INVESTMENT REPRESENTATION LETTER SUBSTANTIALLY IN THE FORM OF EXHIBIT
D-1 TO THE POOLING AND SERVICING AGREEMENT IF SUCH TRANSFEREE IS A QUALIFIED INSTITUTIONAL BUYER OR (OTHER THAN WITH RESPECT TO
A RESIDUAL CERTIFICATE) AN INSTITUTIONAL ACCREDITED INVESTOR, AND MAY ALSO BE REQUIRED TO DELIVER AN OPINION OF COUNSEL IF SUCH
TRANSFEREE IS NOT A QUALIFIED INSTITUTIONAL BUYER WITHIN THE MEANING OF RULE 144A.

 

ANY
HOLDER DESIRING TO EFFECT A TRANSFER OF THIS CERTIFICATE SHALL, AND DOES HEREBY AGREE TO, INDEMNIFY THE CERTIFICATE REGISTRAR,
THE CERTIFICATE ADMINISTRATOR, THE TRUSTEE, THE MASTER SERVICER AND THE DEPOSITOR AGAINST ANY LOSS, LIABILITY OR EXPENSE THAT
MAY RESULT IF THE TRANSFER IS NOT EXEMPT FROM THE SECURITIES ACT OR IS NOT MADE IN ACCORDANCE WITH FEDERAL AND STATE LAWS.

 

THIS
CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN THE DEPOSITOR, THE ORIGINATOR, THE MASTER SERVICER, THE SPECIAL
SERVICER, THE CERTIFICATE ADMINISTRATOR, THE CERTIFICATE REGISTRAR, THE OPERATING ADVISOR, THE ASSET REPRESENTATIONS REVIEWER,
THE RISK RETENTION CONSULTATION PARTY, THE TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THE CERTIFICATES NOR THE UNDERLYING
MORTGAGE LOANS ARE INSURED OR GUARANTEED BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY.

 

PRINCIPAL
PAYMENTS ON THIS CERTIFICATE ARE PAYABLE IN INSTALLMENTS AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING CERTIFICATE BALANCE
OF THIS CERTIFICATE AT ANY TIME MAY BE LESS THAN THE INITIAL CERTIFICATE BALANCE SET FORTH BELOW.

 

IN
ADDITION, SUBJECT TO THE CONDITIONS SET FORTH IN THE POOLING AND SERVICING AGREEMENT, THIS CERTIFICATE, TOGETHER WITH THE OTHER
CERTIFICATES IN THE RELATED EXCHANGEABLE GROUP OF CERTIFICATES, MAY BE EXCHANGED FOR ANOTHER EXCHANGEABLE GROUP OF CERTIFICATES,
PURSUANT TO THE PROCEDURES SET FORTH IN THE POOLING AND SERVICING AGREEMENT.

 

    A-21-2

     

    

 

TRANSFERS
AND EXCHANGES OF PORTIONS OF THIS CERTIFICATE ARE SUBJECT TO RESTRICTIONS AS PROVIDED IN THE POOLING AND SERVICING AGREEMENT REFERRED
TO BELOW.

 

FOR
U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE REPRESENTS A BENEFICIAL INTEREST IN A “REGULAR INTEREST” IN A “REAL
ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G(a)(1) AND 860D OF THE INTERNAL
REVENUE CODE OF 1986, AS AMENDED.

 

THIS
CERTIFICATE IS INTENDED TO CONSTITUTE PART OF AN “ELIGIBLE VERTICAL INTEREST” (AS DEFINED IN REGULATION RR PROMULGATED
UNDER SECTION 15G OF THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED), AND AS SUCH IS SUBJECT TO VARIOUS PROHIBITIONS ON HEDGING,
TRANSFER AND FINANCING SET FORTH IN REGULATION RR PROMULGATED UNDER SECTION 15G OF THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED.
THE INITIAL INVESTOR IN THIS CERTIFICATE, AND EACH SUBSEQUENT PURCHASER OF THIS CERTIFICATE, BY PURCHASING THIS CERTIFICATE OR
AN INTEREST HEREIN, IS DEEMED TO HAVE AGREED TO COMPLY WITH CERTAIN TRANSFER REQUIREMENTS SET FORTH IN THE POOLING AND SERVICING
AGREEMENT.

 

In
no event shall Certificates representing a Percentage Interest in any Class of Class V1 Certificates be transferred to any Person
(and the Certificate Registrar shall refuse to register any such transfer) unless Certificates representing the exact same Percentage
Interest in each and every other outstanding Class of Class V1 Certificates are simultaneously transferred to the same Person.
Any Holder of Class V1 Certificates shall at all times hold the same Percentage Interest in each and every outstanding Class thereof.

 

SUBJECT
TO THE CONDITIONS SET FORTH IN THE POOLING AND SERVICING AGREEMENT, THIS CERTIFICATE, TOGETHER WITH CERTAIN OTHER EXCHANGEABLE
CERTIFICATES SET FORTH IN THE POOLING AND SERVICING AGREEMENT, MAY BE EXCHANGED FOR THE CLASS V2 CERTIFICATES, PURSUANT TO THE
PROCEDURES SET FORTH IN THE POOLING AND SERVICING AGREEMENT.

 

    A-21-3

     

    

 

BENCHMARK
2018-B1 MORTGAGE TRUST

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES, CLASS V1-A1

 

	Class V1-A1 Pass-Through
    Rate:  N/A.  The Class V1-A1 Certificates will not have a Pass-Through Rate, but will be entitled
    to receive interest on any Distribution Date up to an amount equal to the product of (a) the VRR Interest Percentage, multiplied
    by (b) the VRR Allocation Percentage, multiplied by (c) the aggregate amount of interest distributed to the Class A-1, Class
    A-2, Class A-SB,  Class A-3, Class A-4, Class A-5, Class X-A, Class X-B, Class X-D, Class X-E, Class A-M, Class
    B, Class C, Class D, Class E, Class F-RR and Class G-RR Certificates for such Distribution Date.	 	CUSIP: 08162PBE04

                           

         

        ISIN:     US08162PBE075

         

	 	 	 
	Original
        Aggregate Certificate Balance of the Class V1-A1 Certificates: $671,521

         

        The
        aggregate initial Certificate Balance of the Class V1-A1 Certificates represents the maximum aggregate Certificate Balance
        of the Class V1-A1 Certificates that could be issued (without giving effect to any exchanges for, or any issuance of,
        the Class V1 Certificates).

         
	 	Initial Certificate Balance of this Certificate:  $[_____]
	First Distribution Date: February 16, 2018	 	Cut-off Date:  The close of business
    on the later of the related Due Date of such Mortgage Loan in January 2018 (or, in the case of any Mortgage Loan that has
    its first Due Date subsequent to January 2018, the date that would have been its Due Date in January 2018 under the terms
    of that Mortgage Loan if a Periodic Payment were scheduled to be due in that month) and the date of origination of such Mortgage
    Loan
	 	 	 
	Assumed Final Distribution Date:  January
    2028	 	No.:  V1-A1-[__]
	 	 	 

This
certifies that [              ] is the registered
owner of a beneficial ownership interest in a Trust Fund, including the distributions to be made with respect to the Class V1-A1

 

 

 

4
For IAI Certificates

5
For IAI Certificates

 

    A-21-4

     

    

 

Certificates. The Trust Fund, described more fully below, consists primarily of a pool of Mortgage Loans secured by first liens
on commercial and multifamily properties and held in trust by the Trustee and serviced by the Master Servicer. The Trust Fund
was created, and the Mortgage Loans are to be serviced, pursuant to the Pooling and Servicing Agreement (as defined below). The
Holder of this Certificate, by virtue of the acceptance hereof, assents to the terms, provisions and conditions of the Pooling
and Servicing Agreement and is bound thereby.

 

The
Pooling and Servicing Agreement, dated as of January 1, 2018 (the “Pooling and Servicing Agreement”), between
the Depositor, Wells Fargo Bank, National Association, as master servicer (in such capacity, the “Master Servicer”),
Midland Loan Services, a Division of PNC Bank, National Association, as special servicer (the “Special Servicer”),
Wilmington Trust, National Association, as trustee (the “Trustee”), Wells Fargo Bank, National Association,
as certificate administrator (in such capacity, the “Certificate Administrator”), custodian and paying agent,
and Park Bridge Lender Services LLC, as operating advisor (in such capacity, the “Operating Advisor”) and asset
representations reviewer (in such capacity, the “Asset Representations Reviewer”) evidences the issuance of
the Class A-1, Class A-2, Class A-3, Class A-SB, Class A-4, Class A-5, Class A-M, Class B, Class C, Class D, Class
E, Class F-RR, Class G-RR, Class X-A, Class X-B, Class X-D, Class X-E, Class S, Class R, Class V2, Class V1-A1,
Class V1-A2, Class V1-A3, Class V1-ASB, Class V1-A4, Class V1-A5, Class V1-AM, Class V1-B, Class V1-C, Class V1-D, Class V1-E,
Class V1-F and Class V1-G Certificates (the “Certificates”; the Holders of Certificates issued under the Pooling
and Servicing Agreement are collectively referred to herein as “Certificateholders”). This Certificate is issued
pursuant to, and in accordance with, the terms of the Pooling and Servicing Agreement. To the extent not defined herein, capitalized
terms used herein shall have the meanings assigned thereto in the Pooling and Servicing Agreement.

 

This
Certificate represents a beneficial interest in a “regular interest” in a “real estate mortgage investment conduit,”
as those terms are defined, respectively, in Sections 860G(a)(1) and 860D of the Internal Revenue Code of 1986, as amended. Each
Holder of this Certificate, by acceptance hereof, agrees to treat, and take no action inconsistent with the treatment of, this
Certificate in accordance with the preceding sentence for purposes of federal income taxes, state and local income and franchise
taxes and other taxes imposed on or measured by income.

 

The
Certificate Administrator makes no representation or warranty as to any of the statements contained herein or the validity or
sufficiency of the Certificates or the Mortgage Loans and has executed this Certificate in its limited capacity as Certificate
Administrator under the Pooling and Servicing Agreement. In the event that there is any conflict between any provision of this
Certificate and any provision of the Pooling and Servicing Agreement, such provision of this Certificate shall be superseded to
the extent of such inconsistency.

 

Pursuant
to the terms of the Pooling and Servicing Agreement, the Certificate Administrator, or the Paying Agent on behalf of
the Certificate Administrator, will distribute (other than the final distribution on any Certificate), on the fourth Business
Day after each Determination Date (each such date, a “Distribution Date”) an amount equal to
such Person’s pro rata share (based on the Percentage Interest represented by this Certificate) of that portion of
the aggregate amount of principal and interest then distributable, if any, allocable to the Class V1-A1
Certificates

 

    A-21-5

     

    

 

for such Distribution Date, all as more fully described in the Pooling
and Servicing Agreement. “Determination Date” is defined in the Pooling and Servicing Agreement as the eleventh day
of each month, or if such eleventh day is not a Business Day, then the next Business Day, commencing in February 2018. Holders
of this Certificate may be entitled to Prepayment Premiums and Yield Maintenance Charges as provided in the Pooling and Servicing
Agreement.

 

During
each Interest Accrual Period (as defined below), interest on the Class V1-A1 Certificates will be calculated based on a 360-day
year consisting of twelve 30-day months on the outstanding Certificate Balance hereof.

 

Interest
accrued on this Certificate during an Interest Accrual Period, plus the aggregate unpaid Interest Shortfall with respect to this
Certificate, if any, will be payable on the related Distribution Date to the extent provided in the Pooling and Servicing Agreement.
The “Interest Accrual Period” means, with respect to any Distribution Date, the calendar month immediately preceding
the month in which such Distribution Date occurs. Each Interest Accrual Period is assumed to consist of 30 days.

 

All
distributions (other than the final distribution on any Certificate) will be made by the Paying Agent to the Persons in whose
names the Certificates are registered at the close of business on each Record Date, which will be the close of business on the
last Business Day of the calendar month immediately preceding the month in which such Distribution Date occurs. Such distributions
shall be made on each Distribution Date other than the Termination Date to each Certificateholder of record on the related Record
Date, (i) by wire transfer of immediately available funds to the account of such Holder at a bank or other entity located in the
United States and having appropriate facilities therefor if such Holder shall have provided the Paying Agent with wire instructions
in writing at least five Business Days prior to the related Record Date (which wiring instructions may be in the form of a standing
order applicable to all subsequent distributions), or (ii) otherwise, by check mailed by first-class mail to the address set forth
therefor in the Certificate Register. The final distribution on each Certificate shall be made in like manner, but only upon presentment
and surrender of such Certificate at the office of the Certificate Administrator or its agent (which may be the Paying Agent or
the Certificate Registrar acting as such agent) that is specified in the notice to Holders of such final distribution.

 

Any
funds not distributed on the Termination Date because of the failure of any Certificateholders to tender their Certificates shall,
on such date, be set aside and held for the benefit of the appropriate non-tendering Certificateholders. If any Certificates as
to which notice of the Termination Date has been given pursuant to the Pooling and Servicing Agreement shall not have been surrendered
for cancellation within six months after the time specified in such notice, the Certificate Administrator shall mail a second
notice to the remaining non-tendering Certificateholders to surrender their Certificates for cancellation to receive the final
distribution with respect thereto. If within one year after the second notice not all of such Certificates shall have been surrendered
for cancellation, the Certificate Administrator may, directly or through an agent, take appropriate steps to contact the remaining
non-tendering Certificateholders concerning surrender of their Certificates. The costs and expenses of holding such funds in trust
and of contacting such Certificateholders shall be paid out of such funds. Subject to applicable state escheatment laws, if within
two years after the second notice any such Certificates shall not have been surrendered for cancellation, the Paying Agent shall
distribute to the Certificate

 

    A-21-6

     

    

 

Administrator all amounts distributable to the Holders thereof, and the Certificate Administrator
shall thereafter hold such amounts for the benefit of such Holders until the earlier of (i) its termination as Certificate Administrator
under the Pooling and Servicing Agreement and the transfer of such amounts to a successor Certificate Administrator and (ii) the
termination of the Trust Fund and distribution of such amounts to the Class R Certificateholders. No interest shall accrue or
be payable to any Certificateholder on any amount held under the Pooling and Servicing Agreement or by the Certificate Administrator
as a result of such Certificateholder’s failure to surrender its Certificate(s) for final payment thereof in accordance
with the Pooling and Servicing Agreement. Any such amounts transferred to the Certificate Administrator may be invested in Permitted
Investments and all income and gain realized from investment of such funds shall accrue for its benefit.

 

This
Certificate is limited in right of payment to, among other things, certain collections and recoveries in respect of the Mortgage
Loans, as more specifically set forth herein and in the Pooling and Servicing Agreement.

 

As
provided in the Pooling and Servicing Agreement, the Trust Fund includes (in each case, to the extent of the Trust Fund’s
interest therein and specifically excluding any interest of any Serviced Companion Loan Noteholder therein): (i) such Mortgage
Loans as from time to time are subject to the Pooling and Servicing Agreement, together with the Mortgage Files relating thereto;
(ii) all scheduled or unscheduled payments on or collections in respect of the Mortgage Loans due after the Cut-off Date; (iii)
the Trust Fund’s interest in any REO Property; (iv) all revenues received in respect of any REO Property; (v) any Assignments
of Leases, Rents and Profits and any security agreements related to the Mortgage Loans; (vi) any indemnities or guaranties given
as additional security for any Mortgage Loans; (vii) a security interest in all assets deposited in the Lock-Box Accounts, Cash
Collateral Accounts, Escrow Accounts, and Reserve Accounts; (viii) the Loss of Value Reserve Fund; (ix) the Collection Account,
the Serviced Whole Loan Collection Accounts, the Distribution Accounts, any Gain-on-Sale Reserve Account, the Interest Reserve
Account, and the Trust’s interest in any REO Account, including any amounts on deposit therein, assets credited thereto
and any reinvestment income, as applicable; (x) a security interest in any environmental indemnity agreements relating to the
Mortgaged Properties; (xi) a security interest in all insurance policies with respect to the Mortgage Loans and the Mortgaged
Properties; (xii) the rights and remedies under the Mortgage Loan Purchase Agreements relating to document delivery requirements
with respect to the Mortgage Loans and the representations and warranties of the related Mortgage Loan Seller regarding its Mortgage
Loans; (xiii) the Lower-Tier Regular Interests; (xiv) the Class VRR Upper-Tier Regular Interests; and (xv) the proceeds of the
foregoing (other than any interest earned on deposits in the Lock-Box Accounts, Cash Collateral Accounts, Escrow Accounts and
any Reserve Accounts, to the extent such interest belongs to the related Borrower). As provided in the Pooling and Servicing Agreement,
withdrawals may be made from certain of the above accounts for purposes other than distributions to Certificateholders.

 

This
Certificate does not purport to summarize the Pooling and Servicing Agreement, and reference is made to the Pooling and Servicing
Agreement for the interests, rights, benefits, obligations and duties evidenced hereby, and the limitations thereon, and the rights,
duties and immunities of the Certificate Administrator.

 

    A-21-7

     

    

 

As
provided in the Pooling and Servicing Agreement and subject to certain limitations set forth therein, this Certificate is transferable
or exchangeable only upon surrender of this Certificate to the Certificate Registrar at its offices together with an assignment
and transfer (executed by the Holder or his duly authorized attorney), subject to the requirements in Article V of the Pooling
and Servicing Agreement. Upon surrender for registration of transfer of this Certificate, subject to the requirements in Article
V of the Pooling and Servicing Agreement, the Certificate Administrator shall execute and the Authenticating Agent shall duly
authenticate in the name of the designated transferee or transferees, one or more new Certificates in authorized denominations
of a like aggregate denomination as the Certificate being surrendered. Such Certificates shall be delivered by the Certificate
Registrar in accordance with Article V of the Pooling and Servicing Agreement.

 

In
no event shall Certificates representing a Percentage Interest in any Class of Class V1 Certificates be transferred to any Person
(and the Certificate Registrar shall refuse to register any such transfer) unless Certificates representing the exact same Percentage
Interest in each and every other outstanding Class of Class V1 Certificates are simultaneously transferred to the same Person.
Any Holder of Class V1 Certificates shall at all times hold the same Percentage Interest in each and every outstanding Class thereof.

 

Prior
to due presentation of this Certificate for registration of transfer, the Depositor, the Master Servicer, the Special Servicer,
the Operating Advisor, the Asset Representations Reviewer, the Certificate Administrator, the Trustee, the Certificate Registrar,
any Paying Agent and any agent of any of them may treat the Person in whose name this Certificate is registered as the owner hereof
for all purposes, and none of the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator, the Trustee,
the Certificate Registrar, any Paying Agent or any agent of any of them shall be affected by notice or knowledge to the contrary.

 

No
fee or service charge shall be imposed by the Certificate Registrar for its services in respect of any registration of transfer
or exchange referred to in Section 5.02 of the Pooling and Servicing Agreement other than for transfers to Institutional Accredited
Investors as provided in Section 5.02(h) of the Pooling and Servicing Agreement. In connection with any transfer to an Institutional
Accredited Investor, the transferor shall reimburse the Trust Fund for any costs (including the cost of the Certificate Registrar’s
counsel’s review of the documents and any legal opinions, submitted by the transferor or transferee to the Certificate Registrar
as provided in the Pooling and Servicing Agreement) incurred by the Certificate Registrar in connection with such transfer. The
Certificate Registrar may require payment by each transferor of a sum sufficient to cover any tax, expense or other governmental
charge payable in connection with any such transfer.

 

The
Pooling and Servicing Agreement or any Custodial Agreement may be amended at any time by the Depositor, the Master Servicer, the
Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the Trustee without
the consent of any of the Certificateholders or any Serviced Companion Loan Noteholders, (i) to cure any ambiguity or to correct
any manifest error; (ii) to cause the provisions of the Pooling and Servicing Agreement or any Custodial Agreement to conform
or be consistent with or in furtherance of the statements made in the Prospectus or Private

 

    A-21-8

     

    

 

Placement Memorandum with respect
to the Certificates, the Trust or the Pooling and Servicing Agreement or to correct or supplement any provisions of the Pooling
and Servicing Agreement or any Custodial Agreement which may be defective or inconsistent with any other provisions of the Pooling
and Servicing Agreement or any Custodial Agreement; (iii) to change the timing and/or nature of deposits in the Collection
Account, the Distribution Accounts or any REO Account; provided that (a) the Master Servicer Remittance Date shall in no event
be later than the Business Day prior to the related Distribution Date and (b) such change shall not adversely affect in any material
respect the interests of any Certificateholder, as evidenced in writing by an Opinion of Counsel at the expense of the party requesting
such amendment or as evidenced by a Rating Agency Confirmation from each Rating Agency with respect to such amendment; (iv) to
modify, eliminate or add to any of its provisions to such extent as shall be necessary to maintain the qualification of any Trust
REMIC as a REMIC or the Grantor Trust as a grantor trust under the relevant provisions of the Code at all times that any Certificate
is outstanding, or to avoid or minimize the risk of imposition of any tax on the Trust Fund or any Trust REMIC or the Grantor
Trust that would be a claim against the Trust Fund or any Trust REMIC or the Grantor Trust; provided that the Trustee and
the Certificate Administrator have received an Opinion of Counsel (at the expense of the party requesting such amendment) to the
effect that (a) such action is necessary or desirable to maintain such qualification or to avoid or minimize the risk of
the imposition of any such tax and (b) such action will not adversely affect in any material respect the interests of any
Certificateholder or Companion Loan Noteholder; (v) to modify, eliminate or add to the provisions any provision of the Pooling
and Servicing Agreement restricting transfer of the Class R Certificates; provided the Depositor has determined that
such change shall not, as evidenced by an Opinion of Counsel, cause the Trust Fund, any Trust REMIC or any of the Certificateholders
(other than the Transferor) to be subject to a federal tax caused by a Transfer to a Person that is a Disqualified Organization
or a Non-U.S. Tax Person; (vi) to revise or add any other provisions with respect to matters or questions arising under the Pooling
and Servicing Agreement or any other change; provided that the required action shall not adversely affect in any material
respect the interests of any Certificateholder or any holder of a Serviced Pari Passu Companion Loan not consenting thereto as
evidenced in writing by an Opinion of Counsel, at the expense of the party requesting such amendment or as evidenced by a Rating
Agency Confirmation from each of the Rating Agencies with respect to such amendment or supplement and confirmation of the applicable
rating agencies that such action will not result in the downgrade, withdrawal or qualification of its then-current ratings of
any securities related to a Companion Loan, if any (provided that such rating agency confirmation may be considered satisfied
in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates); (vii) to amend
or supplement any provision of the Pooling and Servicing Agreement to the extent necessary to maintain the then-current ratings
assigned to each Class of Certificates by each Rating Agency, as evidenced by a Rating Agency Confirmation from each of the Rating
Agencies; provided that such amendment or supplement shall not adversely affect in any material respect the interests of
any Certificateholder not consenting thereto as evidenced by an Opinion of Counsel, or any holder of a Serviced Pari Passu Companion
Loan not consenting to such revision or addition, as evidenced by an Opinion of Counsel at the expense of the party requesting
such amendment or as evidenced by confirmation of the applicable Rating Agencies that such action will not result in the downgrade,
withdrawal or qualification of its then-current ratings of any securities related to a Companion Loan, if any (provided
that such Rating Agency Confirmation may be considered satisfied in the

 

    A-21-9

     

    

 

same manner as any Rating Agency Confirmation may be considered
satisfied with respect to the Certificates); (viii) to modify the provisions of Section 3.06 and Section 3.17 of
the Pooling and Servicing Agreement (with respect to reimbursement of Nonrecoverable Advances and Workout-Delayed Reimbursement
Amounts) if (a) the Depositor, the Master Servicer, the Trustee and, for so long as a Control Termination Event has not occurred
and is not continuing, the Directing Holder, determine that the commercial mortgage backed securities industry standard for such
provisions has changed, in order to conform to such industry standard, (b) such modification does not adversely affect the
status of any Trust REMIC as a REMIC or the status of the Grantor Trust as a grantor trust under the relevant provisions of the
Code, as evidenced by an Opinion of Counsel and (c) each Rating Agency has delivered a Rating Agency Confirmation and, with
regard to any class of Serviced Companion Loan Securities, the applicable rating agencies have delivered a confirmation that such
action will not result in the downgrade, withdrawal or qualification of its then-current ratings (provided that such rating
agency confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied
with respect to the Certificates); (ix) to modify the procedures of the Pooling and Servicing Agreement relating to compliance
with Rule 17g-5 of the Exchange Act; provided that such amendment shall not adversely affect in any material respects
the interests of any Certificateholders, as evidenced by (x) an Opinion of Counsel or (y) if any Certificate is then
rated, receipt of Rating Agency Confirmation from each Rating Agency rating such Certificates; and provided, further,
that the Certificate Administrator shall give notice of any such amendment to the 17g-5 Information Provider for posting to the
17g-5 Information Provider’s Website and the Certificate Administrator shall post such notice to the Certificate Administrator’s
Website; (x) to modify, eliminate or add to any provisions of the Pooling and Servicing Agreement to such extent as would be necessary
to comply with the requirements for use of Form SF-3 in registered offerings to the extent provided in CFR 239.45(b)(1)(ii), (iii)
or (iv); and (xi) to modify, eliminate or add to any of its provisions (a) to such extent as will be necessary to comply with
the requirements of the Risk Retention Rule, as evidenced by an Opinion of Counsel, or (b) in the event the Risk Retention Rule
or any other regulation applicable to the risk retention requirements for this securitization transaction are amended or repealed,
to the extent required to comply with any such amendment or to modify or eliminate the risk retention requirements in the event
of such repeal, as evidenced by an Opinion of Counsel.

 

The
Pooling and Servicing Agreement or any Custodial Agreement may also be amended from time to time by the Depositor, the Master
Servicer, the Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the
Trustee with the prior written consent of the Holders of Certificates representing not less than a majority of the Percentage
Interests of each Class of Certificates affected thereby (without regard to Certificates held by the Depositor, any of the Depositor’s
Affiliates and/or agents) and each Serviced Companion Loan Noteholder affected thereby for the purpose of adding any provisions
to or changing in any manner or eliminating any of the provisions of the Pooling and Servicing Agreement or modifying in any manner
the rights of the Certificateholders or the Serviced Companion Loan Noteholders; provided, that no such amendment may:

 

		(i)	reduce
                                         in any manner the amount of, or delay the timing of, payments received on the Mortgage
                                         Loans or Serviced Whole Loan which are required to be distributed on any Certificate,
                                         without the consent of the 

 

    A-21-10

     

    

 

	 	 	Holders
                                         of Certificates representing all of the Percentage Interests of the Class or Classes
                                         affected thereby or which are required to be distributed to any Companion Loan Noteholders
                                         without the consent of such Companion Loan Noteholders;

 

		(ii)	reduce
                                         the aforesaid percentage of Certificates of any Class the Holders of which are required
                                         to consent to any such amendment or remove the requirement to obtain consent of any Companion
                                         Loan Noteholder, in any such case without the consent of the Holders of all Certificates
                                         of such Class then-outstanding or such Companion Loan Noteholder, as applicable;

 

		(iii)	adversely
                                         affect the Voting Rights of any Class of Certificates without the consent of the Holders
                                         of all Certificates of such Class then outstanding;

 

		(iv)	change
                                         in any manner any defined term used in any Mortgage Loan Purchase Agreement or the obligations
                                         of any Mortgage Loan Seller under such Mortgage Loan Purchase Agreement or otherwise
                                         or change any rights of any Mortgage Loan Seller as a third party beneficiary hereunder,
                                         without the consent of such Mortgage Loan Seller; or

 

		(v)	amend
                                         the Servicing Standard without the consent of 100% of the Certificateholders or receipt
                                         of Rating Agency Confirmation from each Rating Agency and confirmation of the applicable
                                         rating agencies that such action will not result in the downgrade, withdrawal or qualification
                                         of its then-current ratings of any securities related to a Companion Loan, if any (provided
                                         that such rating agency confirmation may be considered satisfied in the same manner
                                         as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates).

 

Further,
the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations
Reviewer and the Trustee, at any time and from time to time, without the consent of the Certificateholders or, if applicable,
the Serviced Companion Loan Noteholders, may amend the Pooling and Servicing Agreement to modify, eliminate or add to any of its
provisions (i) to such extent as shall be necessary to maintain the qualification of the Lower-Tier REMIC or the Upper-Tier REMIC
as a REMIC or the qualification of the Grantor Trust as a grantor trust, or to prevent the imposition of any additional material
state or local taxes, at all times that any Certificates are outstanding; provided that such action, as evidenced by an
Opinion of Counsel (obtained at the expense of the Trust Fund), is necessary or helpful to maintain such qualification or to prevent
the imposition of any such taxes, and would not adversely affect in any material respect the interest of any Certificateholder
or if applicable, any Serviced Companion Loan Noteholder or (ii) to the extent necessary to comply with the Investment Company
Act of 1940, as amended, the Exchange Act, Regulation AB, and/or any related regulatory actions and/or interpretations.

 

The
Certificateholder owning a majority of the Percentage Interest in the Controlling Class and, if no such Certificateholder
exercises such option, the Special Servicer,

 

    A-21-11

     

    

 

and if the Special Servicer does not exercise such option, the Master Servicer may
effect an early termination of the Trust Fund, upon not less than 30 days’ prior Notice of Termination given to the Trustee,
the Special Servicer and the Master Servicer any time specifying the Anticipated Termination Date, which shall be on or after
the Early Termination Notice Date (defined as any date as of which the aggregate Stated Principal Balance of the Mortgage Loans
remaining in the Trust is less than 1.0% of the aggregate Stated Principal Balance of the Mortgage Loans as of the Cut-off Date)
by purchasing on such date all, but not less than all, of the Mortgage Loans then included in the Trust Fund, and the Trust’s
interest in all property acquired in respect of any Mortgage Loan, at a purchase price, payable in cash, equal to the sum of,
without duplication:

 

		(A)	100%
                                         of the Stated Principal Balance of each Mortgage Loan included in the Trust as of the
                                         last day of the month preceding such Anticipated Termination Date (less any P&I Advances
                                         previously made on account of principal);

 

		(B)	the
                                         fair market value of all other property included in the Trust Fund as of the last day
                                         of the month preceding such Anticipated Termination Date, as determined by an Independent
                                         appraiser acceptable to the Master Servicer as of a date not more than 30 days prior
                                         to the last day of the month preceding such Distribution Date;

 

		(C)	all
                                         unpaid interest accrued on the unpaid balance of each Mortgage Loan (including any Mortgage
                                         Loan as to which title to the related Mortgaged Property has been acquired) at the Mortgage
                                         Rate to the last day of the month preceding such Anticipated Termination Date (less any
                                         P&I Advances previously made on account of interest); and

 

		(D)	the
                                         aggregate amount of unreimbursed Advances, with interest thereon at the Reimbursement
                                         Rate, and unpaid Servicing Compensation, Special Servicing Compensation, Operating Advisor
                                         Fees, Certificate Administrator/Trustee Fees, the CREFC® Intellectual
                                         Property Royalty License Fees and Trust Fund expenses.

 

In
addition, the Pooling and Servicing Agreement provides that following the date on which the Class X-A Notional Amount, the
Class X-B Notional Amount, the Class X-D Notional Amount and the aggregate Certificate Balance
of the Class A-1, Class A-2, Class A-3, Class A-SB, Class A-4, Class A-5, Class A-M, Class B, Class C and Class D Certificates
is reduced to zero, the Sole Certificateholder shall have the right to exchange all of the then-outstanding Certificates (other
than the Class S or Class R Certificates) for all of the Mortgage Loans and each REO Property remaining in the Trust Fund
as contemplated by clause (ii) of Section 9.01(a) of the Pooling and Servicing Agreement by giving written notice to
all the parties to the Pooling and Servicing Agreement no later than 60 days prior to the anticipated date of exchange.

 

    A-21-12

     

    

 

All
costs and expenses incurred by any and all parties to the Pooling and Servicing Agreement or by the Trust Fund in connection with
the purchase of the Mortgage Loans and the other assets of the Trust Fund pursuant to Section 9.01(c) of the Pooling and
Servicing Agreement shall be borne by the party exercising its purchase rights thereunder. The Trustee and the Certificate Administrator
shall be entitled to rely conclusively on any determination made by an Independent appraiser pursuant to Section 9.01(c)
of the Pooling and Servicing Agreement.

 

The
respective obligations and responsibilities of the Master Servicer, the Special Servicer, the Depositor, the Certificate Administrator,
the Operating Advisor, the Asset Representations Reviewer and the Trustee created by the Pooling and Servicing Agreement with
respect to the Certificates (other than the obligations of the Certificate Administrator to make certain payments and to send
certain notices to Certificateholders as set forth in the Pooling and Servicing Agreement) shall terminate upon payment (or provision
for payment) to the Certificateholders and the Serviced Companion Loan Noteholders of all amounts held by or on behalf of the
Trustee, the Certificate Administrator and the Master Servicer, as the case may be, required under the Pooling and Servicing Agreement
to be so paid on the Distribution Date following the earlier to occur of (i) the purchase of the Mortgage Loans and all other
property held by the Trust Fund in accordance with Section 9.01(c) of the Pooling and Servicing Agreement; (ii) the exchange by
the Sole Certificateholder of its Certificates for the Mortgage Loans in accordance with Section 9.01(g) of the Pooling and Servicing
Agreement; and (iii) the later of (a) the receipt or collection of the last payment due on any Mortgage Loan included
in the Trust Fund, or (b) the liquidation and disposition pursuant to the Pooling and Servicing Agreement of the last asset
held by the Trust Fund; provided that in no event shall the trust created by the Pooling and Servicing Agreement continue
beyond the expiration of 21 years from the death of the last survivor of the descendants of Joseph P. Kennedy, the late Ambassador
of the United States to the United Kingdom, living on the date hereof.

 

Unless
the Certificate of Authentication on this Certificate has been executed by the Authenticating Agent, by manual signature, this
Certificate shall not be entitled to any benefit under the Pooling and Servicing Agreement or be valid for any purpose.

 

    A-21-13

     

    

 

IN
WITNESS WHEREOF, the Certificate Administrator has caused this Class V1-A1 Certificate to be duly executed.

 

Dated: January 31, 2018

	 	 	 
	 	WELLS FARGO BANK, NATIONAL ASSOCIATION, not
    in its individual capacity but solely as Certificate Administrator
	 	 	 
	 	By: 	 
	 	 	Authorized Signatory

 

Certificate
of Authentication

 

This
is one of the Class V1-A1 Certificates referred to in the Pooling and Servicing Agreement.

 

Dated: January 31, 2018

	 	 	 
	 	WELLS FARGO BANK, NATIONAL ASSOCIATION, not
    in its individual capacity but solely as Authenticating Agent
	 	 	 
	 	By: 	 
	 	 	Authorized Signatory

 

    A-21-14

     

    

 

EXHIBIT
A-22

 

FORM
OF CLASS V1-A2 [RULE 144A]1 [REG S]2 CERTIFICATE

 

[UNLESS
THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”),
TO THE CERTIFICATE REGISTRAR FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE
NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO
CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER
USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS
AN INTEREST HEREIN.]3

 

THIS
CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED OR QUALIFIED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”), OR ANY STATE OR FOREIGN SECURITIES LAW. THE HOLDER HEREOF, BY PURCHASING THIS CERTIFICATE, AGREES THAT THIS CERTIFICATE
MAY BE REOFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY IN COMPLIANCE WITH THE SECURITIES ACT AND OTHER APPLICABLE LAWS,
AND ONLY (A)(1) PURSUANT TO A REGISTRATION STATEMENT WHICH HAS BEEN DECLARED EFFECTIVE UNDER THE SECURITIES ACT, (2) FOR SO LONG
AS THIS CERTIFICATE IS ELIGIBLE FOR RESALE PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”), TO
AN INSTITUTIONAL INVESTOR THAT THE HOLDER REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” WITHIN THE MEANING
OF RULE 144A (“QUALIFIED INSTITUTIONAL BUYER”), PURCHASING FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF ANOTHER
QUALIFIED INSTITUTIONAL BUYER, WHOM THE HOLDER HAS INFORMED, IN EACH CASE, THAT THE REOFFER, RESALE, PLEDGE OR OTHER TRANSFER
IS BEING MADE IN RELIANCE ON RULE 144A, (3) TO AN INSTITUTIONAL “ACCREDITED INVESTOR,” WITHIN THE MEANING OF RULE
501(a)(1), (2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT OR ANY ENTITY IN WHICH ALL OF THE EQUITY OWNERS ARE SUCH ACCREDITED
INVESTORS, OR (4) TO INSTITUTIONS THAT ARE A NON-“U.S. PERSON” IN AN “OFFSHORE TRANSACTION,” AS SUCH TERMS
ARE DEFINED IN, AND IN ACCORDANCE WITH RULE 903 OR RULE 904 OF, REGULATION S UNDER THE SECURITIES ACT, AND (B) IN ACCORDANCE WITH
ANY OTHER APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR ANY OTHER APPLICABLE JURISDICTION.

 

 

 

1
For Rule 144A Global Certificates only.

2
For Reg S Global Certificates only.

3
Legend required as long as DTC is the Depository under the Pooling and Servicing Agreement.

 

    A-22-1

     

    

 

THE
INITIAL INVESTOR IN THIS CERTIFICATE, AND EACH SUBSEQUENT PURCHASER OF THIS CERTIFICATE, BY PURCHASING THIS CERTIFICATE OR AN
INTEREST HEREIN, IS DEEMED TO HAVE AGREED TO COMPLY WITH CERTAIN TRANSFER REQUIREMENTS SET FORTH IN THE POOLING AND SERVICING
AGREEMENT.  A TRANSFEREE IS ALSO REQUIRED TO DELIVER AN INVESTMENT REPRESENTATION LETTER SUBSTANTIALLY IN THE FORM OF EXHIBIT
D-1 TO THE POOLING AND SERVICING AGREEMENT IF SUCH TRANSFEREE IS A QUALIFIED INSTITUTIONAL BUYER OR (OTHER THAN WITH RESPECT TO
A RESIDUAL CERTIFICATE) AN INSTITUTIONAL ACCREDITED INVESTOR, AND MAY ALSO BE REQUIRED TO DELIVER AN OPINION OF COUNSEL IF SUCH
TRANSFEREE IS NOT A QUALIFIED INSTITUTIONAL BUYER WITHIN THE MEANING OF RULE 144A.

 

ANY
HOLDER DESIRING TO EFFECT A TRANSFER OF THIS CERTIFICATE SHALL, AND DOES HEREBY AGREE TO, INDEMNIFY THE CERTIFICATE REGISTRAR,
THE CERTIFICATE ADMINISTRATOR, THE TRUSTEE, THE MASTER SERVICER AND THE DEPOSITOR AGAINST ANY LOSS, LIABILITY OR EXPENSE THAT
MAY RESULT IF THE TRANSFER IS NOT EXEMPT FROM THE SECURITIES ACT OR IS NOT MADE IN ACCORDANCE WITH FEDERAL AND STATE LAWS.

 

THIS
CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN THE DEPOSITOR, THE ORIGINATOR, THE MASTER SERVICER, THE SPECIAL
SERVICER, THE CERTIFICATE ADMINISTRATOR, THE CERTIFICATE REGISTRAR, THE OPERATING ADVISOR, THE ASSET REPRESENTATIONS REVIEWER,
THE RISK RETENTION CONSULTATION PARTY, THE TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THE CERTIFICATES NOR THE UNDERLYING
MORTGAGE LOANS ARE INSURED OR GUARANTEED BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY.

 

PRINCIPAL
PAYMENTS ON THIS CERTIFICATE ARE PAYABLE IN INSTALLMENTS AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING CERTIFICATE BALANCE
OF THIS CERTIFICATE AT ANY TIME MAY BE LESS THAN THE INITIAL CERTIFICATE BALANCE SET FORTH BELOW.

 

IN
ADDITION, SUBJECT TO THE CONDITIONS SET FORTH IN THE POOLING AND SERVICING AGREEMENT, THIS CERTIFICATE, TOGETHER WITH THE OTHER
CERTIFICATES IN THE RELATED EXCHANGEABLE GROUP OF CERTIFICATES, MAY BE EXCHANGED FOR ANOTHER EXCHANGEABLE GROUP OF CERTIFICATES,
PURSUANT TO THE PROCEDURES SET FORTH IN THE POOLING AND SERVICING AGREEMENT.

 

TRANSFERS
AND EXCHANGES OF PORTIONS OF THIS CERTIFICATE ARE SUBJECT TO RESTRICTIONS AS PROVIDED IN THE POOLING AND SERVICING AGREEMENT REFERRED
TO BELOW.

 

FOR
U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE REPRESENTS A BENEFICIAL INTEREST IN A “REGULAR INTEREST” IN A “REAL
ESTATE

 

    A-22-2

     

    

 

MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G(a)(1) AND 860D OF THE INTERNAL
REVENUE CODE OF 1986, AS AMENDED.

 

THIS
CERTIFICATE IS INTENDED TO CONSTITUTE PART OF AN “ELIGIBLE VERTICAL INTEREST” (AS DEFINED IN REGULATION RR PROMULGATED
UNDER SECTION 15G OF THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED), AND AS SUCH IS SUBJECT TO VARIOUS PROHIBITIONS ON HEDGING,
TRANSFER AND FINANCING SET FORTH IN REGULATION RR PROMULGATED UNDER SECTION 15G OF THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED.
THE INITIAL INVESTOR IN THIS CERTIFICATE, AND EACH SUBSEQUENT PURCHASER OF THIS CERTIFICATE, BY PURCHASING THIS CERTIFICATE OR
AN INTEREST HEREIN, IS DEEMED TO HAVE AGREED TO COMPLY WITH CERTAIN TRANSFER REQUIREMENTS SET FORTH IN THE POOLING AND SERVICING
AGREEMENT.

 

In
no event shall Certificates representing a Percentage Interest in any Class of Class V1 Certificates be transferred to any Person
(and the Certificate Registrar shall refuse to register any such transfer) unless Certificates representing the exact same Percentage
Interest in each and every other outstanding Class of Class V1 Certificates are simultaneously transferred to the same Person.
Any Holder of Class V1 Certificates shall at all times hold the same Percentage Interest in each and every outstanding Class thereof.

 

SUBJECT
TO THE CONDITIONS SET FORTH IN THE POOLING AND SERVICING AGREEMENT, THIS CERTIFICATE, TOGETHER WITH CERTAIN OTHER EXCHANGEABLE
CERTIFICATES SET FORTH IN THE POOLING AND SERVICING AGREEMENT, MAY BE EXCHANGED FOR THE CLASS V2 CERTIFICATES, PURSUANT TO THE
PROCEDURES SET FORTH IN THE POOLING AND SERVICING AGREEMENT.

 

    A-22-3

     

    

 

BENCHMARK
2018-B1 MORTGAGE TRUST

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES, CLASS V1-A2

 

	Class V1-A2 Pass-Through
    Rate:  N/A.  The Class V1-A2 Certificates will not have a Pass-Through Rate, but will be entitled
    to receive interest on any Distribution Date up to an amount equal to the product of (a) the VRR Interest Percentage, multiplied
    by (b) the VRR Allocation Percentage, multiplied by (c) the aggregate amount of interest distributed to the Class A-1, Class
    A-2, Class A-SB,  Class A-3, Class A-4, Class A-5, Class X-A, Class X-B, Class X-D, Class X-E, Class A-M, Class
    B, Class C, Class D, Class E, Class F-RR and Class G-RR Certificates for such Distribution Date.	 	CUSIP: 08162PBF714

                            

         

        ISIN:     US08162PBF7115

         

	 	 	 
	Original
        Aggregate Certificate Balance of the Class V1-A2 Certificates: $5,659,582

         

        The
        aggregate initial Certificate Balance of the Class V1-A2 Certificates represents the maximum aggregate Certificate Balance
        of the Class V1-A2 Certificates that could be issued (without giving effect to any exchanges for, or any issuance of,
        the Class V1 Certificates).

         
	 	Initial Certificate Balance of this Certificate:  $[_____]
	First Distribution Date: February 16, 2018	 	Cut-off Date:  The close of business
    on the later of the related Due Date of such Mortgage Loan in January 2018 (or, in the case of any Mortgage Loan that has
    its first Due Date subsequent to January 2018, the date that would have been its Due Date in January 2018 under the terms
    of that Mortgage Loan if a Periodic Payment were scheduled to be due in that month) and the date of origination of such Mortgage
    Loan
	 	 	 
	Assumed Final Distribution Date:  January
    2028	 	No.:  V1-A2-[__]
	 	 	 

This
certifies that [              ] is the registered
owner of a beneficial ownership interest in a Trust Fund, including the distributions to be made with respect to the Class V1-A2

 

 

 

4
For IAI Certificates

5
For IAI Certificates

 

    A-22-4

     

    

 

Certificates. The Trust Fund, described more fully below, consists primarily of a pool of Mortgage Loans secured by first liens
on commercial and multifamily properties and held in trust by the Trustee and serviced by the Master Servicer. The Trust Fund
was created, and the Mortgage Loans are to be serviced, pursuant to the Pooling and Servicing Agreement (as defined below). The
Holder of this Certificate, by virtue of the acceptance hereof, assents to the terms, provisions and conditions of the Pooling
and Servicing Agreement and is bound thereby.

 

The
Pooling and Servicing Agreement, dated as of January 1, 2018 (the “Pooling and Servicing Agreement”), between
the Depositor, Wells Fargo Bank, National Association, as master servicer (in such capacity, the “Master Servicer”),
Midland Loan Services, a Division of PNC Bank, National Association, as special servicer (the “Special Servicer”),
Wilmington Trust, National Association, as trustee (the “Trustee”), Wells Fargo Bank, National Association,
as certificate administrator (in such capacity, the “Certificate Administrator”), custodian and paying agent,
and Park Bridge Lender Services LLC, as operating advisor (in such capacity, the “Operating Advisor”) and asset
representations reviewer (in such capacity, the “Asset Representations Reviewer”) evidences the issuance of
the Class A-1, Class A-2, Class A-3, Class A-SB, Class A-4, Class A-5, Class A-M, Class B, Class C, Class D, Class
E, Class F-RR, Class G-RR, Class X-A, Class X-B, Class X-D, Class X-E, Class S, Class R, Class V2, Class V1-A1,
Class V1-A2, Class V1-A3, Class V1-ASB, Class V1-A4, Class V1-A5, Class V1-AM, Class V1-B, Class V1-C, Class V1-D, Class V1-E,
Class V1-F and Class V1-G Certificates (the “Certificates”; the Holders of Certificates issued under the Pooling
and Servicing Agreement are collectively referred to herein as “Certificateholders”). This Certificate is issued
pursuant to, and in accordance with, the terms of the Pooling and Servicing Agreement. To the extent not defined herein, capitalized
terms used herein shall have the meanings assigned thereto in the Pooling and Servicing Agreement.

 

This
Certificate represents a beneficial interest in a “regular interest” in a “real estate mortgage investment conduit,”
as those terms are defined, respectively, in Sections 860G(a)(1) and 860D of the Internal Revenue Code of 1986, as amended. Each
Holder of this Certificate, by acceptance hereof, agrees to treat, and take no action inconsistent with the treatment of, this
Certificate in accordance with the preceding sentence for purposes of federal income taxes, state and local income and franchise
taxes and other taxes imposed on or measured by income.

 

The
Certificate Administrator makes no representation or warranty as to any of the statements contained herein or the validity or
sufficiency of the Certificates or the Mortgage Loans and has executed this Certificate in its limited capacity as Certificate
Administrator under the Pooling and Servicing Agreement. In the event that there is any conflict between any provision of this
Certificate and any provision of the Pooling and Servicing Agreement, such provision of this Certificate shall be superseded to
the extent of such inconsistency.

 

Pursuant
to the terms of the Pooling and Servicing Agreement, the Certificate Administrator, or the Paying Agent on behalf of
the Certificate Administrator, will distribute (other than the final distribution on any Certificate), on the fourth Business
Day after each Determination Date (each such date, a “Distribution Date”) an amount equal to
such Person’s pro rata share (based on the Percentage Interest represented by this Certificate) of that portion of
the aggregate amount of principal and interest then distributable, if any, allocable to the Class V1-A2
Certificates

 

    A-22-5

     

    

 

for such Distribution Date, all as more fully described in the Pooling
and Servicing Agreement. “Determination Date” is defined in the Pooling and Servicing Agreement as the eleventh day
of each month, or if such eleventh day is not a Business Day, then the next Business Day, commencing in February 2018. Holders
of this Certificate may be entitled to Prepayment Premiums and Yield Maintenance Charges as provided in the Pooling and Servicing
Agreement.

 

During
each Interest Accrual Period (as defined below), interest on the Class V1-A2 Certificates will be calculated based on a 360-day
year consisting of twelve 30-day months on the outstanding Certificate Balance hereof.

 

All
distributions (other than the final distribution on any Certificate) will be made by the Paying Agent to the Persons in whose
names the Certificates are registered at the close of business on each Record Date, which will be the close of business on the
last Business Day of the calendar month immediately preceding the month in which such Distribution Date occurs. Such distributions
shall be made on each Distribution Date other than the Termination Date to each Certificateholder of record on the related Record
Date, (i) by wire transfer of immediately available funds to the account of such Holder at a bank or other entity located in the
United States and having appropriate facilities therefor if such Holder shall have provided the Paying Agent with wire instructions
in writing at least five Business Days prior to the related Record Date (which wiring instructions may be in the form of a standing
order applicable to all subsequent distributions), or (ii) otherwise, by check mailed by first-class mail to the address set forth
therefor in the Certificate Register. The final distribution on each Certificate shall be made in like manner, but only upon presentment
and surrender of such Certificate at the office of the Certificate Administrator or its agent (which may be the Paying Agent or
the Certificate Registrar acting as such agent) that is specified in the notice to Holders of such final distribution.

 

Any
funds not distributed on the Termination Date because of the failure of any Certificateholders to tender their Certificates shall,
on such date, be set aside and held for the benefit of the appropriate non-tendering Certificateholders. If any Certificates as
to which notice of the Termination Date has been given pursuant to the Pooling and Servicing Agreement shall not have been surrendered
for cancellation within six months after the time specified in such notice, the Certificate Administrator shall mail a second
notice to the remaining non-tendering Certificateholders to surrender their Certificates for cancellation to receive the final
distribution with respect thereto. If within one year after the second notice not all of such Certificates shall have been surrendered
for cancellation, the Certificate Administrator may, directly or through an agent, take appropriate steps to contact the remaining
non-tendering Certificateholders concerning surrender of their Certificates. The costs and expenses of holding such funds in trust
and of contacting such Certificateholders shall be paid out of such funds. Subject to applicable state escheatment laws, if within
two years after the second notice any such Certificates shall not have been surrendered for cancellation, the Paying Agent shall
distribute to the Certificate Administrator all amounts distributable to the Holders thereof, and the Certificate Administrator
shall thereafter hold such amounts for the benefit of such Holders until the earlier of (i) its termination as Certificate Administrator
under the Pooling and Servicing Agreement and the transfer of such amounts to a successor Certificate Administrator and (ii) the
termination of the Trust Fund and distribution of such amounts to the Class R Certificateholders. No interest shall accrue or
be payable to any Certificateholder on any amount held under the Pooling and Servicing Agreement or by the Certificate Administrator
as a result of such Certificateholder’s

 

    A-22-6

     

    

 

failure to surrender its Certificate(s) for final payment thereof in accordance
with the Pooling and Servicing Agreement. Any such amounts transferred to the Certificate Administrator may be invested in Permitted
Investments and all income and gain realized from investment of such funds shall accrue for its benefit.

 

This
Certificate is limited in right of payment to, among other things, certain collections and recoveries in respect of the Mortgage
Loans, as more specifically set forth herein and in the Pooling and Servicing Agreement.

 

As
provided in the Pooling and Servicing Agreement, the Trust Fund includes (in each case, to the extent of the Trust Fund’s
interest therein and specifically excluding any interest of any Serviced Companion Loan Noteholder therein): (i) such Mortgage
Loans as from time to time are subject to the Pooling and Servicing Agreement, together with the Mortgage Files relating thereto;
(ii) all scheduled or unscheduled payments on or collections in respect of the Mortgage Loans due after the Cut-off Date; (iii)
the Trust Fund’s interest in any REO Property; (iv) all revenues received in respect of any REO Property; (v) any Assignments
of Leases, Rents and Profits and any security agreements related to the Mortgage Loans; (vi) any indemnities or guaranties given
as additional security for any Mortgage Loans; (vii) a security interest in all assets deposited in the Lock-Box Accounts, Cash
Collateral Accounts, Escrow Accounts, and Reserve Accounts; (viii) the Loss of Value Reserve Fund; (ix) the Collection Account,
the Serviced Whole Loan Collection Accounts, the Distribution Accounts, any Gain-on-Sale Reserve Account, the Interest Reserve
Account, and the Trust’s interest in any REO Account, including any amounts on deposit therein, assets credited thereto
and any reinvestment income, as applicable; (x) a security interest in any environmental indemnity agreements relating to the
Mortgaged Properties; (xi) a security interest in all insurance policies with respect to the Mortgage Loans and the Mortgaged
Properties; (xii) the rights and remedies under the Mortgage Loan Purchase Agreements relating to document delivery requirements
with respect to the Mortgage Loans and the representations and warranties of the related Mortgage Loan Seller regarding its Mortgage
Loans; (xiii) the Lower-Tier Regular Interests; (xiv) the Class VRR Upper-Tier Regular Interests; and (xv) the proceeds of the
foregoing (other than any interest earned on deposits in the Lock-Box Accounts, Cash Collateral Accounts, Escrow Accounts and
any Reserve Accounts, to the extent such interest belongs to the related Borrower). As provided in the Pooling and Servicing Agreement,
withdrawals may be made from certain of the above accounts for purposes other than distributions to Certificateholders.

 

This
Certificate does not purport to summarize the Pooling and Servicing Agreement, and reference is made to the Pooling and Servicing
Agreement for the interests, rights, benefits, obligations and duties evidenced hereby, and the limitations thereon, and the rights,
duties and immunities of the Certificate Administrator.

 

As
provided in the Pooling and Servicing Agreement and subject to certain limitations set forth therein, this Certificate is transferable
or exchangeable only upon surrender of this Certificate to the Certificate Registrar at its offices together with an assignment
and transfer (executed by the Holder or his duly authorized attorney), subject to the requirements in Article V of the Pooling
and Servicing Agreement. Upon surrender for registration of transfer of this Certificate, subject to the requirements in Article
V of the Pooling and Servicing Agreement, the Certificate Administrator shall execute and the Authenticating Agent shall duly
authenticate

 

    A-22-7

     

    

 

in the name of the designated transferee or transferees, one or more new Certificates in authorized denominations
of a like aggregate denomination as the Certificate being surrendered. Such Certificates shall be delivered by the Certificate
Registrar in accordance with Article V of the Pooling and Servicing Agreement.

 

In
no event shall Certificates representing a Percentage Interest in any Class of Class V1 Certificates be transferred to any Person
(and the Certificate Registrar shall refuse to register any such transfer) unless Certificates representing the exact same Percentage
Interest in each and every other outstanding Class of Class V1 Certificates are simultaneously transferred to the same Person.
Any Holder of Class V1 Certificates shall at all times hold the same Percentage Interest in each and every outstanding Class thereof.

 

Prior
to due presentation of this Certificate for registration of transfer, the Depositor, the Master Servicer, the Special Servicer,
the Operating Advisor, the Asset Representations Reviewer, the Certificate Administrator, the Trustee, the Certificate Registrar,
any Paying Agent and any agent of any of them may treat the Person in whose name this Certificate is registered as the owner hereof
for all purposes, and none of the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator, the Trustee,
the Certificate Registrar, any Paying Agent or any agent of any of them shall be affected by notice or knowledge to the contrary.

 

No
fee or service charge shall be imposed by the Certificate Registrar for its services in respect of any registration of transfer
or exchange referred to in Section 5.02 of the Pooling and Servicing Agreement other than for transfers to Institutional Accredited
Investors as provided in Section 5.02(h) of the Pooling and Servicing Agreement. In connection with any transfer to an Institutional
Accredited Investor, the transferor shall reimburse the Trust Fund for any costs (including the cost of the Certificate Registrar’s
counsel’s review of the documents and any legal opinions, submitted by the transferor or transferee to the Certificate Registrar
as provided in the Pooling and Servicing Agreement) incurred by the Certificate Registrar in connection with such transfer. The
Certificate Registrar may require payment by each transferor of a sum sufficient to cover any tax, expense or other governmental
charge payable in connection with any such transfer.

 

The
Pooling and Servicing Agreement or any Custodial Agreement may be amended at any time by the Depositor, the Master Servicer, the
Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the Trustee without
the consent of any of the Certificateholders or any Serviced Companion Loan Noteholders, (i) to cure any ambiguity or to correct
any manifest error; (ii) to cause the provisions of the Pooling and Servicing Agreement or any Custodial Agreement to conform
or be consistent with or in furtherance of the statements made in the Prospectus or Private Placement Memorandum with respect
to the Certificates, the Trust or the Pooling and Servicing Agreement or to correct or supplement any provisions of the Pooling
and Servicing Agreement or any Custodial Agreement which may be defective or inconsistent with any other provisions of the Pooling
and Servicing Agreement or any Custodial Agreement; (iii) to change the timing and/or nature of deposits in the Collection
Account, the Distribution Accounts or any REO Account; provided that (a) the Master Servicer Remittance Date shall in no event
be later than the Business Day prior to the related Distribution Date and (b) such change shall not adversely

 

    A-22-8

     

    

 

affect in any material
respect the interests of any Certificateholder, as evidenced in writing by an Opinion of Counsel at the expense of the party requesting
such amendment or as evidenced by a Rating Agency Confirmation from each Rating Agency with respect to such amendment; (iv) to
modify, eliminate or add to any of its provisions to such extent as shall be necessary to maintain the qualification of any Trust
REMIC as a REMIC or the Grantor Trust as a grantor trust under the relevant provisions of the Code at all times that any Certificate
is outstanding, or to avoid or minimize the risk of imposition of any tax on the Trust Fund or any Trust REMIC or the Grantor
Trust that would be a claim against the Trust Fund or any Trust REMIC or the Grantor Trust; provided that the Trustee and
the Certificate Administrator have received an Opinion of Counsel (at the expense of the party requesting such amendment) to the
effect that (a) such action is necessary or desirable to maintain such qualification or to avoid or minimize the risk of
the imposition of any such tax and (b) such action will not adversely affect in any material respect the interests of any
Certificateholder or Companion Loan Noteholder; (v) to modify, eliminate or add to the provisions any provision of the Pooling
and Servicing Agreement restricting transfer of the Class R Certificates; provided the Depositor has determined that
such change shall not, as evidenced by an Opinion of Counsel, cause the Trust Fund, any Trust REMIC or any of the Certificateholders
(other than the Transferor) to be subject to a federal tax caused by a Transfer to a Person that is a Disqualified Organization
or a Non-U.S. Tax Person; (vi) to revise or add any other provisions with respect to matters or questions arising under the Pooling
and Servicing Agreement or any other change; provided that the required action shall not adversely affect in any material
respect the interests of any Certificateholder or any holder of a Serviced Pari Passu Companion Loan not consenting thereto as
evidenced in writing by an Opinion of Counsel, at the expense of the party requesting such amendment or as evidenced by a Rating
Agency Confirmation from each of the Rating Agencies with respect to such amendment or supplement and confirmation of the applicable
rating agencies that such action will not result in the downgrade, withdrawal or qualification of its then-current ratings of
any securities related to a Companion Loan, if any (provided that such rating agency confirmation may be considered satisfied
in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates); (vii) to amend
or supplement any provision of the Pooling and Servicing Agreement to the extent necessary to maintain the then-current ratings
assigned to each Class of Certificates by each Rating Agency, as evidenced by a Rating Agency Confirmation from each of the Rating
Agencies; provided that such amendment or supplement shall not adversely affect in any material respect the interests of
any Certificateholder not consenting thereto as evidenced by an Opinion of Counsel, or any holder of a Serviced Pari Passu Companion
Loan not consenting to such revision or addition, as evidenced by an Opinion of Counsel at the expense of the party requesting
such amendment or as evidenced by confirmation of the applicable Rating Agencies that such action will not result in the downgrade,
withdrawal or qualification of its then-current ratings of any securities related to a Companion Loan, if any (provided
that such Rating Agency Confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered
satisfied with respect to the Certificates); (viii) to modify the provisions of Section 3.06 and Section 3.17 of
the Pooling and Servicing Agreement (with respect to reimbursement of Nonrecoverable Advances and Workout-Delayed Reimbursement
Amounts) if (a) the Depositor, the Master Servicer, the Trustee and, for so long as a Control Termination Event has not occurred
and is not continuing, the Directing Holder, determine that the commercial mortgage backed securities industry standard for such
provisions has changed, in order to conform to such industry standard, (b) such

    A-22-9

     

    

 

modification does not adversely affect the
status of any Trust REMIC as a REMIC or the status of the Grantor Trust as a grantor trust under the relevant provisions of the
Code, as evidenced by an Opinion of Counsel and (c) each Rating Agency has delivered a Rating Agency Confirmation and, with
regard to any class of Serviced Companion Loan Securities, the applicable rating agencies have delivered a confirmation that such
action will not result in the downgrade, withdrawal or qualification of its then-current ratings (provided that such rating
agency confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied
with respect to the Certificates); (ix) to modify the procedures of the Pooling and Servicing Agreement relating to compliance
with Rule 17g-5 of the Exchange Act; provided that such amendment shall not adversely affect in any material respects
the interests of any Certificateholders, as evidenced by (x) an Opinion of Counsel or (y) if any Certificate is then
rated, receipt of Rating Agency Confirmation from each Rating Agency rating such Certificates; and provided, further,
that the Certificate Administrator shall give notice of any such amendment to the 17g-5 Information Provider for posting to the
17g-5 Information Provider’s Website and the Certificate Administrator shall post such notice to the Certificate Administrator’s
Website; (x) to modify, eliminate or add to any provisions of the Pooling and Servicing Agreement to such extent as would be necessary
to comply with the requirements for use of Form SF-3 in registered offerings to the extent provided in CFR 239.45(b)(1)(ii), (iii)
or (iv); and (xi) to modify, eliminate or add to any of its provisions (a) to such extent as will be necessary to comply with
the requirements of the Risk Retention Rule, as evidenced by an Opinion of Counsel, or (b) in the event the Risk Retention Rule
or any other regulation applicable to the risk retention requirements for this securitization transaction are amended or repealed,
to the extent required to comply with any such amendment or to modify or eliminate the risk retention requirements in the event
of such repeal, as evidenced by an Opinion of Counsel.

 

The
Pooling and Servicing Agreement or any Custodial Agreement may also be amended from time to time by the Depositor, the Master
Servicer, the Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the
Trustee with the prior written consent of the Holders of Certificates representing not less than a majority of the Percentage
Interests of each Class of Certificates affected thereby (without regard to Certificates held by the Depositor, any of the Depositor’s
Affiliates and/or agents) and each Serviced Companion Loan Noteholder affected thereby for the purpose of adding any provisions
to or changing in any manner or eliminating any of the provisions of the Pooling and Servicing Agreement or modifying in any manner
the rights of the Certificateholders or the Serviced Companion Loan Noteholders; provided, that no such amendment may:

 

		(i)	reduce
                                         in any manner the amount of, or delay the timing of, payments received on the Mortgage
                                         Loans or Serviced Whole Loan which are required to be distributed on any Certificate,
                                         without the consent of the Holders of Certificates representing all of the Percentage
                                         Interests of the Class or Classes affected thereby or which are required to be distributed
                                         to any Companion Loan Noteholders without the consent of such Companion Loan Noteholders;

 

		(ii)	reduce
                                         the aforesaid percentage of Certificates of any Class the Holders of which are required
                                         to consent to any such amendment or remove the 

 

    A-22-10

     

    

 

	 	 	requirement
                                         to obtain consent of any Companion Loan Noteholder, in any such case without the consent
                                         of the Holders of all Certificates of such Class then-outstanding or such Companion Loan
                                         Noteholder, as applicable;

 

		(iii)	adversely
                                         affect the Voting Rights of any Class of Certificates without the consent of the Holders
                                         of all Certificates of such Class then outstanding;

 

		(iv)	change
                                         in any manner any defined term used in any Mortgage Loan Purchase Agreement or the obligations
                                         of any Mortgage Loan Seller under such Mortgage Loan Purchase Agreement or otherwise
                                         or change any rights of any Mortgage Loan Seller as a third party beneficiary hereunder,
                                         without the consent of such Mortgage Loan Seller; or

 

		(v)	amend
                                         the Servicing Standard without the consent of 100% of the Certificateholders or receipt
                                         of Rating Agency Confirmation from each Rating Agency and confirmation of the applicable
                                         rating agencies that such action will not result in the downgrade, withdrawal or qualification
                                         of its then-current ratings of any securities related to a Companion Loan, if any (provided
                                         that such rating agency confirmation may be considered satisfied in the same manner
                                         as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates).

 

Further,
the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations
Reviewer and the Trustee, at any time and from time to time, without the consent of the Certificateholders or, if applicable,
the Serviced Companion Loan Noteholders, may amend the Pooling and Servicing Agreement to modify, eliminate or add to any of its
provisions (i) to such extent as shall be necessary to maintain the qualification of the Lower-Tier REMIC or the Upper-Tier REMIC
as a REMIC or the qualification of the Grantor Trust as a grantor trust, or to prevent the imposition of any additional material
state or local taxes, at all times that any Certificates are outstanding; provided that such action, as evidenced by an
Opinion of Counsel (obtained at the expense of the Trust Fund), is necessary or helpful to maintain such qualification or to prevent
the imposition of any such taxes, and would not adversely affect in any material respect the interest of any Certificateholder
or if applicable, any Serviced Companion Loan Noteholder or (ii) to the extent necessary to comply with the Investment Company
Act of 1940, as amended, the Exchange Act, Regulation AB, and/or any related regulatory actions and/or interpretations.

 

The
Certificateholder owning a majority of the Percentage Interest in the Controlling Class and, if no such Certificateholder
exercises such option, the Special Servicer, and if the Special Servicer does not exercise such option, the Master Servicer may
effect an early termination of the Trust Fund, upon not less than 30 days’ prior Notice of Termination given to the Trustee,
the Special Servicer and the Master Servicer any time specifying the Anticipated Termination Date, which shall be on or after
the Early Termination Notice Date (defined as any date as of which the aggregate Stated Principal Balance of the Mortgage Loans
remaining in the Trust is less than 1.0% of the aggregate Stated Principal Balance of the Mortgage Loans as of the Cut-off Date)
by purchasing on such date all, but not less than all, of the Mortgage Loans then

 

    A-22-11

     

    

 

included in the Trust Fund, and the Trust’s
interest in all property acquired in respect of any Mortgage Loan, at a purchase price, payable in cash, equal to the sum of,
without duplication:

 

		(A)	100%
                                         of the Stated Principal Balance of each Mortgage Loan included in the Trust as of the
                                         last day of the month preceding such Anticipated Termination Date (less any P&I Advances
                                         previously made on account of principal);

 

		(B)	the
                                         fair market value of all other property included in the Trust Fund as of the last day
                                         of the month preceding such Anticipated Termination Date, as determined by an Independent
                                         appraiser acceptable to the Master Servicer as of a date not more than 30 days prior
                                         to the last day of the month preceding such Distribution Date;

 

		(C)	all
                                         unpaid interest accrued on the unpaid balance of each Mortgage Loan (including any Mortgage
                                         Loan as to which title to the related Mortgaged Property has been acquired) at the Mortgage
                                         Rate to the last day of the month preceding such Anticipated Termination Date (less any
                                         P&I Advances previously made on account of interest); and

 

		(D)	the
                                         aggregate amount of unreimbursed Advances, with interest thereon at the Reimbursement
                                         Rate, and unpaid Servicing Compensation, Special Servicing Compensation, Operating Advisor
                                         Fees, Certificate Administrator/Trustee Fees, the CREFC® Intellectual
                                         Property Royalty License Fees and Trust Fund expenses.

 

In
addition, the Pooling and Servicing Agreement provides that following the date on which the Class X-A Notional Amount, the
Class X-B Notional Amount, the Class X-D Notional Amount and the aggregate Certificate Balance
of the Class A-1, Class A-2, Class A-3, Class A-SB, Class A-4, Class A-5, Class A-M, Class B, Class C and Class D Certificates
is reduced to zero, the Sole Certificateholder shall have the right to exchange all of the then-outstanding Certificates (other
than the Class S or Class R Certificates) for all of the Mortgage Loans and each REO Property remaining in the Trust Fund
as contemplated by clause (ii) of Section 9.01(a) of the Pooling and Servicing Agreement by giving written notice to
all the parties to the Pooling and Servicing Agreement no later than 60 days prior to the anticipated date of exchange.

 

All
costs and expenses incurred by any and all parties to the Pooling and Servicing Agreement or by the Trust Fund in connection with
the purchase of the Mortgage Loans and the other assets of the Trust Fund pursuant to Section 9.01(c) of the Pooling and
Servicing Agreement shall be borne by the party exercising its purchase rights thereunder. The Trustee and the Certificate Administrator
shall be entitled to rely conclusively on any determination made by an Independent appraiser pursuant to Section 9.01(c)
of the Pooling and Servicing Agreement.

 

    A-22-12

     

    

 

The
respective obligations and responsibilities of the Master Servicer, the Special Servicer, the Depositor, the Certificate Administrator,
the Operating Advisor, the Asset Representations Reviewer and the Trustee created by the Pooling and Servicing Agreement with
respect to the Certificates (other than the obligations of the Certificate Administrator to make certain payments and to send
certain notices to Certificateholders as set forth in the Pooling and Servicing Agreement) shall terminate upon payment (or provision
for payment) to the Certificateholders and the Serviced Companion Loan Noteholders of all amounts held by or on behalf of the
Trustee, the Certificate Administrator and the Master Servicer, as the case may be, required under the Pooling and Servicing Agreement
to be so paid on the Distribution Date following the earlier to occur of (i) the purchase of the Mortgage Loans and all other
property held by the Trust Fund in accordance with Section 9.01(c) of the Pooling and Servicing Agreement; (ii) the exchange by
the Sole Certificateholder of its Certificates for the Mortgage Loans in accordance with Section 9.01(g) of the Pooling and Servicing
Agreement; and (iii) the later of (a) the receipt or collection of the last payment due on any Mortgage Loan included
in the Trust Fund, or (b) the liquidation and disposition pursuant to the Pooling and Servicing Agreement of the last asset
held by the Trust Fund; provided that in no event shall the trust created by the Pooling and Servicing Agreement continue
beyond the expiration of 21 years from the death of the last survivor of the descendants of Joseph P. Kennedy, the late Ambassador
of the United States to the United Kingdom, living on the date hereof.

 

Unless
the Certificate of Authentication on this Certificate has been executed by the Authenticating Agent, by manual signature, this
Certificate shall not be entitled to any benefit under the Pooling and Servicing Agreement or be valid for any purpose.

 

    A-22-13

     

    

 

IN
WITNESS WHEREOF, the Certificate Administrator has caused this Class V1-A2 Certificate to be duly executed.

 

Dated: January 31, 2018

	 	 	 
	 	WELLS FARGO BANK, NATIONAL ASSOCIATION, not
    in its individual capacity but solely as Certificate Administrator
	 	 	 
	 	By: 	 
	 	 	Authorized Signatory

 

Certificate
of Authentication

 

This
is one of the Class V1-A2 Certificates referred to in the Pooling and Servicing Agreement.

 

Dated: January 31, 2018

	 	 	 
	 	WELLS FARGO BANK, NATIONAL ASSOCIATION, not
    in its individual capacity but solely as Authenticating Agent
	 	 	 
	 	By: 	 
	 	 	Authorized Signatory

 

    A-22-14

     

    

 

 

 

EXHIBIT
A-23

 

FORM
OF CLASS V1-A3 [RULE 144A]1 [REG S]2 CERTIFICATE

 

[UNLESS
THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”),
TO THE CERTIFICATE REGISTRAR FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE
NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO
CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER
USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS
AN INTEREST HEREIN.]3

 

THIS
CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED OR QUALIFIED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”), OR ANY STATE OR FOREIGN SECURITIES LAW. THE HOLDER HEREOF, BY PURCHASING THIS CERTIFICATE, AGREES THAT THIS CERTIFICATE
MAY BE REOFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY IN COMPLIANCE WITH THE SECURITIES ACT AND OTHER APPLICABLE LAWS,
AND ONLY (A)(1) PURSUANT TO A REGISTRATION STATEMENT WHICH HAS BEEN DECLARED EFFECTIVE UNDER THE SECURITIES ACT, (2) FOR SO LONG
AS THIS CERTIFICATE IS ELIGIBLE FOR RESALE PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”), TO
AN INSTITUTIONAL INVESTOR THAT THE HOLDER REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” WITHIN THE MEANING
OF RULE 144A (“QUALIFIED INSTITUTIONAL BUYER”), PURCHASING FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF ANOTHER
QUALIFIED INSTITUTIONAL BUYER, WHOM THE HOLDER HAS INFORMED, IN EACH CASE, THAT THE REOFFER, RESALE, PLEDGE OR OTHER TRANSFER
IS BEING MADE IN RELIANCE ON RULE 144A, (3) TO AN INSTITUTIONAL “ACCREDITED INVESTOR,” WITHIN THE MEANING OF RULE
501(a)(1), (2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT OR ANY ENTITY IN WHICH ALL OF THE EQUITY OWNERS ARE SUCH ACCREDITED
INVESTORS, OR (4) TO INSTITUTIONS THAT ARE A NON-“U.S. PERSON” IN AN “OFFSHORE TRANSACTION,” AS SUCH TERMS
ARE DEFINED IN, AND IN ACCORDANCE WITH RULE 903 OR RULE 904 OF, REGULATION S UNDER THE SECURITIES ACT, AND (B) IN ACCORDANCE WITH
ANY OTHER APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR ANY OTHER APPLICABLE JURISDICTION.

 

 

 

1
                                         For Rule 144A Global Certificates only.

2
For Reg S Global Certificates only.

3
Legend required as long as DTC is the Depository under the Pooling and Servicing Agreement.

 

    A-23-1

     

    

 

THE
INITIAL INVESTOR IN THIS CERTIFICATE, AND EACH SUBSEQUENT PURCHASER OF THIS CERTIFICATE, BY PURCHASING THIS CERTIFICATE OR AN
INTEREST HEREIN, IS DEEMED TO HAVE AGREED TO COMPLY WITH CERTAIN TRANSFER REQUIREMENTS SET FORTH IN THE POOLING AND SERVICING
AGREEMENT.  A TRANSFEREE IS ALSO REQUIRED TO DELIVER AN INVESTMENT REPRESENTATION LETTER SUBSTANTIALLY IN THE FORM OF EXHIBIT
D-1 TO THE POOLING AND SERVICING AGREEMENT IF SUCH TRANSFEREE IS A QUALIFIED INSTITUTIONAL BUYER OR (OTHER THAN WITH RESPECT TO
A RESIDUAL CERTIFICATE) AN INSTITUTIONAL ACCREDITED INVESTOR, AND MAY ALSO BE REQUIRED TO DELIVER AN OPINION OF COUNSEL IF SUCH
TRANSFEREE IS NOT A QUALIFIED INSTITUTIONAL BUYER WITHIN THE MEANING OF RULE 144A.

 

ANY
HOLDER DESIRING TO EFFECT A TRANSFER OF THIS CERTIFICATE SHALL, AND DOES HEREBY AGREE TO, INDEMNIFY THE CERTIFICATE REGISTRAR,
THE CERTIFICATE ADMINISTRATOR, THE TRUSTEE, THE MASTER SERVICER AND THE DEPOSITOR AGAINST ANY LOSS, LIABILITY OR EXPENSE THAT
MAY RESULT IF THE TRANSFER IS NOT EXEMPT FROM THE SECURITIES ACT OR IS NOT MADE IN ACCORDANCE WITH FEDERAL AND STATE LAWS.

 

THIS
CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN THE DEPOSITOR, THE ORIGINATOR, THE MASTER SERVICER, THE SPECIAL
SERVICER, THE CERTIFICATE ADMINISTRATOR, THE CERTIFICATE REGISTRAR, THE OPERATING ADVISOR, THE ASSET REPRESENTATIONS REVIEWER,
THE RISK RETENTION CONSULTATION PARTY, THE TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THE CERTIFICATES NOR THE UNDERLYING
MORTGAGE LOANS ARE INSURED OR GUARANTEED BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY.

 

PRINCIPAL
PAYMENTS ON THIS CERTIFICATE ARE PAYABLE IN INSTALLMENTS AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING CERTIFICATE BALANCE
OF THIS CERTIFICATE AT ANY TIME MAY BE LESS THAN THE INITIAL CERTIFICATE BALANCE SET FORTH BELOW.

 

IN
ADDITION, SUBJECT TO THE CONDITIONS SET FORTH IN THE POOLING AND SERVICING AGREEMENT, THIS CERTIFICATE, TOGETHER WITH THE OTHER
CERTIFICATES IN THE RELATED EXCHANGEABLE GROUP OF CERTIFICATES, MAY BE EXCHANGED FOR ANOTHER EXCHANGEABLE GROUP OF CERTIFICATES,
PURSUANT TO THE PROCEDURES SET FORTH IN THE POOLING AND SERVICING AGREEMENT.

 

TRANSFERS
AND EXCHANGES OF PORTIONS OF THIS CERTIFICATE ARE SUBJECT TO RESTRICTIONS AS PROVIDED IN THE POOLING AND SERVICING AGREEMENT REFERRED
TO BELOW.

 

FOR
U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE REPRESENTS A BENEFICIAL INTEREST IN A “REGULAR INTEREST” IN A “REAL
ESTATE

 

    A-23-2

     

    

 

MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G(a)(1) AND 860D OF THE INTERNAL
REVENUE CODE OF 1986, AS AMENDED.

 

THIS
CERTIFICATE IS INTENDED TO CONSTITUTE PART OF AN “ELIGIBLE VERTICAL INTEREST” (AS DEFINED IN REGULATION RR PROMULGATED
UNDER SECTION 15G OF THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED), AND AS SUCH IS SUBJECT TO VARIOUS PROHIBITIONS ON HEDGING,
TRANSFER AND FINANCING SET FORTH IN REGULATION RR PROMULGATED UNDER SECTION 15G OF THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED.
THE INITIAL INVESTOR IN THIS CERTIFICATE, AND EACH SUBSEQUENT PURCHASER OF THIS CERTIFICATE, BY PURCHASING THIS CERTIFICATE OR
AN INTEREST HEREIN, IS DEEMED TO HAVE AGREED TO COMPLY WITH CERTAIN TRANSFER REQUIREMENTS SET FORTH IN THE POOLING AND SERVICING
AGREEMENT.

 

In
no event shall Certificates representing a Percentage Interest in any Class of Class V1 Certificates be transferred to any Person
(and the Certificate Registrar shall refuse to register any such transfer) unless Certificates representing the exact same Percentage
Interest in each and every other outstanding Class of Class V1 Certificates are simultaneously transferred to the same Person.
Any Holder of Class V1 Certificates shall at all times hold the same Percentage Interest in each and every outstanding Class thereof.

 

SUBJECT
TO THE CONDITIONS SET FORTH IN THE POOLING AND SERVICING AGREEMENT, THIS CERTIFICATE, TOGETHER WITH CERTAIN OTHER EXCHANGEABLE
CERTIFICATES SET FORTH IN THE POOLING AND SERVICING AGREEMENT, MAY BE EXCHANGED FOR THE CLASS V2 CERTIFICATES, PURSUANT TO THE
PROCEDURES SET FORTH IN THE POOLING AND SERVICING AGREEMENT.

 

    A-23-3

     

    

 

BENCHMARK
2018-B1 MORTGAGE TRUST

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES, CLASS V1-A3

 

	Class V1-A3 Pass-Through
    Rate:  N/A.  The Class V1-A3 Certificates will not have a Pass-Through Rate, but will be entitled
    to receive interest on any Distribution Date up to an amount equal to the product of (a) the VRR Interest Percentage, multiplied
    by (b) the VRR Allocation Percentage, multiplied by (c) the aggregate amount of interest distributed to the Class A-1, Class
    A-2, Class A-SB,  Class A-3, Class A-4, Class A-5, Class X-A, Class X-B, Class X-D, Class X-E, Class A-M, Class
    B, Class C, Class D, Class E, Class F-RR and Class G-RR Certificates for such Distribution Date.	 	CUSIP: 08162PBG54

         

        ISIN: US08162PBG545

         

	 	 	 
	Original
        Aggregate Certificate Balance of the Class V1-A3 Certificates: $1,769,084

         

        The
        aggregate initial Certificate Balance of the Class V1-A3 Certificates represents the maximum aggregate Certificate Balance
        of the Class V1-A3 Certificates that could be issued (without giving effect to any exchanges for, or any issuance of,
        the Class V1 Certificates).

         
	 	Initial Certificate Balance of this Certificate:  $[_____]
	First Distribution Date: February 16, 2018	 	Cut-off Date:  The close of business
    on the later of the related Due Date of such Mortgage Loan in January 2018 (or, in the case of any Mortgage Loan that has
    its first Due Date subsequent to January 2018, the date that would have been its Due Date in January 2018 under the terms
    of that Mortgage Loan if a Periodic Payment were scheduled to be due in that month) and the date of origination of such Mortgage
    Loan
	 	 	 
	Assumed Final Distribution Date:  January
    2028	 	No.:  V1-A3-[__]

 

This
certifies that [              ] is the registered
owner of a beneficial ownership interest in a Trust Fund, including the distributions to be made with respect to the Class V1-A3

 

 

 

4
For IAI Certificates

5
For IAI Certificates

 

    A-23-4

     

    

 

Certificates. The Trust Fund, described more fully below, consists primarily of a pool of Mortgage Loans secured by first liens
on commercial and multifamily properties and held in trust by the Trustee and serviced by the Master Servicer. The Trust Fund
was created, and the Mortgage Loans are to be serviced, pursuant to the Pooling and Servicing Agreement (as defined below). The
Holder of this Certificate, by virtue of the acceptance hereof, assents to the terms, provisions and conditions of the Pooling
and Servicing Agreement and is bound thereby.

 

The
Pooling and Servicing Agreement, dated as of January 1, 2018 (the “Pooling and Servicing Agreement”), between
the Depositor, Wells Fargo Bank, National Association, as master servicer (in such capacity, the “Master Servicer”),
Midland Loan Services, a Division of PNC Bank, National Association, as special servicer (the “Special Servicer”),
Wilmington Trust, National Association, as trustee (the “Trustee”), Wells Fargo Bank, National Association,
as certificate administrator (in such capacity, the “Certificate Administrator”), custodian and paying agent,
and Park Bridge Lender Services LLC, as operating advisor (in such capacity, the “Operating Advisor”) and asset
representations reviewer (in such capacity, the “Asset Representations Reviewer”) evidences the issuance of
the Class A-1, Class A-2, Class A-3, Class A-SB, Class A-4, Class A-5, Class A-M, Class B, Class C, Class D, Class
E, Class F-RR, Class G-RR, Class X-A, Class X-B, Class X-D, Class X-E, Class S, Class R, Class V2, Class V1-A1,
Class V1-A2, Class V1-A3, Class V1-ASB, Class V1-A4, Class V1-A5, Class V1-AM, Class V1-B, Class V1-C, Class V1-D, Class V1-E,
Class V1-F and Class V1-G Certificates (the “Certificates”; the Holders of Certificates issued under the Pooling
and Servicing Agreement are collectively referred to herein as “Certificateholders”). This Certificate is issued
pursuant to, and in accordance with, the terms of the Pooling and Servicing Agreement. To the extent not defined herein, capitalized
terms used herein shall have the meanings assigned thereto in the Pooling and Servicing Agreement.

 

This
Certificate represents a beneficial interest in a “regular interest” in a “real estate mortgage investment conduit,”
as those terms are defined, respectively, in Sections 860G(a)(1) and 860D of the Internal Revenue Code of 1986, as amended. Each
Holder of this Certificate, by acceptance hereof, agrees to treat, and take no action inconsistent with the treatment of, this
Certificate in accordance with the preceding sentence for purposes of federal income taxes, state and local income and franchise
taxes and other taxes imposed on or measured by income.

 

The
Certificate Administrator makes no representation or warranty as to any of the statements contained herein or the validity or
sufficiency of the Certificates or the Mortgage Loans and has executed this Certificate in its limited capacity as Certificate
Administrator under the Pooling and Servicing Agreement. In the event that there is any conflict between any provision of this
Certificate and any provision of the Pooling and Servicing Agreement, such provision of this Certificate shall be superseded to
the extent of such inconsistency.

 

Pursuant
to the terms of the Pooling and Servicing Agreement, the Certificate Administrator, or the Paying Agent on behalf of
the Certificate Administrator, will distribute (other than the final distribution on any Certificate), on the fourth Business
Day after each Determination Date (each such date, a “Distribution Date”) an amount equal to
such Person’s pro rata share (based on the Percentage Interest represented by this Certificate) of that portion of
the aggregate amount of principal and interest then distributable, if any, allocable to the Class V1-A3
Certificates

 

    A-23-5

     

    

 

for such Distribution Date, all as more fully described in the Pooling
and Servicing Agreement. “Determination Date” is defined in the Pooling and Servicing Agreement as the eleventh day
of each month, or if such eleventh day is not a Business Day, then the next Business Day, commencing in February 2018. Holders
of this Certificate may be entitled to Prepayment Premiums and Yield Maintenance Charges as provided in the Pooling and Servicing
Agreement.

 

During
each Interest Accrual Period (as defined below), interest on the Class V1-A3Certificates will be calculated based on a 360-day
year consisting of twelve 30-day months on the outstanding Certificate Balance hereof.

 

All
distributions (other than the final distribution on any Certificate) will be made by the Paying Agent to the Persons in whose
names the Certificates are registered at the close of business on each Record Date, which will be the close of business on the
last Business Day of the calendar month immediately preceding the month in which such Distribution Date occurs. Such distributions
shall be made on each Distribution Date other than the Termination Date to each Certificateholder of record on the related Record
Date, (i) by wire transfer of immediately available funds to the account of such Holder at a bank or other entity located in the
United States and having appropriate facilities therefor if such Holder shall have provided the Paying Agent with wire instructions
in writing at least five Business Days prior to the related Record Date (which wiring instructions may be in the form of a standing
order applicable to all subsequent distributions), or (ii) otherwise, by check mailed by first-class mail to the address set forth
therefor in the Certificate Register. The final distribution on each Certificate shall be made in like manner, but only upon presentment
and surrender of such Certificate at the office of the Certificate Administrator or its agent (which may be the Paying Agent or
the Certificate Registrar acting as such agent) that is specified in the notice to Holders of such final distribution.

 

Any
funds not distributed on the Termination Date because of the failure of any Certificateholders to tender their Certificates shall,
on such date, be set aside and held for the benefit of the appropriate non-tendering Certificateholders. If any Certificates as
to which notice of the Termination Date has been given pursuant to the Pooling and Servicing Agreement shall not have been surrendered
for cancellation within six months after the time specified in such notice, the Certificate Administrator shall mail a second
notice to the remaining non-tendering Certificateholders to surrender their Certificates for cancellation to receive the final
distribution with respect thereto. If within one year after the second notice not all of such Certificates shall have been surrendered
for cancellation, the Certificate Administrator may, directly or through an agent, take appropriate steps to contact the remaining
non-tendering Certificateholders concerning surrender of their Certificates. The costs and expenses of holding such funds in trust
and of contacting such Certificateholders shall be paid out of such funds. Subject to applicable state escheatment laws, if within
two years after the second notice any such Certificates shall not have been surrendered for cancellation, the Paying Agent shall
distribute to the Certificate Administrator all amounts distributable to the Holders thereof, and the Certificate Administrator
shall thereafter hold such amounts for the benefit of such Holders until the earlier of (i) its termination as Certificate Administrator
under the Pooling and Servicing Agreement and the transfer of such amounts to a successor Certificate Administrator and (ii) the
termination of the Trust Fund and distribution of such amounts to the Class R Certificateholders. No interest shall accrue or
be payable to any Certificateholder on any amount held under the Pooling and Servicing Agreement or by the Certificate Administrator
as a result of such Certificateholder’s

 

    A-23-6

     

    

 

failure to surrender its Certificate(s) for final payment thereof in accordance
with the Pooling and Servicing Agreement. Any such amounts transferred to the Certificate Administrator may be invested in Permitted
Investments and all income and gain realized from investment of such funds shall accrue for its benefit.

 

This
Certificate is limited in right of payment to, among other things, certain collections and recoveries in respect of the Mortgage
Loans, as more specifically set forth herein and in the Pooling and Servicing Agreement.

 

As
provided in the Pooling and Servicing Agreement, the Trust Fund includes (in each case, to the extent of the Trust Fund’s
interest therein and specifically excluding any interest of any Serviced Companion Loan Noteholder therein): (i) such Mortgage
Loans as from time to time are subject to the Pooling and Servicing Agreement, together with the Mortgage Files relating thereto;
(ii) all scheduled or unscheduled payments on or collections in respect of the Mortgage Loans due after the Cut-off Date; (iii)
the Trust Fund’s interest in any REO Property; (iv) all revenues received in respect of any REO Property; (v) any Assignments
of Leases, Rents and Profits and any security agreements related to the Mortgage Loans; (vi) any indemnities or guaranties given
as additional security for any Mortgage Loans; (vii) a security interest in all assets deposited in the Lock-Box Accounts, Cash
Collateral Accounts, Escrow Accounts, and Reserve Accounts; (viii) the Loss of Value Reserve Fund; (ix) the Collection Account,
the Serviced Whole Loan Collection Accounts, the Distribution Accounts, any Gain-on-Sale Reserve Account, the Interest Reserve
Account, and the Trust’s interest in any REO Account, including any amounts on deposit therein, assets credited thereto
and any reinvestment income, as applicable; (x) a security interest in any environmental indemnity agreements relating to the
Mortgaged Properties; (xi) a security interest in all insurance policies with respect to the Mortgage Loans and the Mortgaged
Properties; (xii) the rights and remedies under the Mortgage Loan Purchase Agreements relating to document delivery requirements
with respect to the Mortgage Loans and the representations and warranties of the related Mortgage Loan Seller regarding its Mortgage
Loans; (xiii) the Lower-Tier Regular Interests; (xiv) the Class VRR Upper-Tier Regular Interests; and (xv) the proceeds of the
foregoing (other than any interest earned on deposits in the Lock-Box Accounts, Cash Collateral Accounts, Escrow Accounts and
any Reserve Accounts, to the extent such interest belongs to the related Borrower). As provided in the Pooling and Servicing Agreement,
withdrawals may be made from certain of the above accounts for purposes other than distributions to Certificateholders.

 

This
Certificate does not purport to summarize the Pooling and Servicing Agreement, and reference is made to the Pooling and Servicing
Agreement for the interests, rights, benefits, obligations and duties evidenced hereby, and the limitations thereon, and the rights,
duties and immunities of the Certificate Administrator.

 

As
provided in the Pooling and Servicing Agreement and subject to certain limitations set forth therein, this Certificate is transferable
or exchangeable only upon surrender of this Certificate to the Certificate Registrar at its offices together with an assignment
and transfer (executed by the Holder or his duly authorized attorney), subject to the requirements in Article V of the Pooling
and Servicing Agreement. Upon surrender for registration of transfer of this Certificate, subject to the requirements in Article
V of the Pooling and Servicing Agreement, the Certificate Administrator shall execute and the Authenticating Agent shall duly
authenticate

 

    A-23-7

     

    

 

in the name of the designated transferee or transferees, one or more new Certificates in authorized denominations
of a like aggregate denomination as the Certificate being surrendered. Such Certificates shall be delivered by the Certificate
Registrar in accordance with Article V of the Pooling and Servicing Agreement.

 

In
no event shall Certificates representing a Percentage Interest in any Class of Class V1 Certificates be transferred to any Person
(and the Certificate Registrar shall refuse to register any such transfer) unless Certificates representing the exact same Percentage
Interest in each and every other outstanding Class of Class V1 Certificates are simultaneously transferred to the same Person.
Any Holder of Class V1 Certificates shall at all times hold the same Percentage Interest in each and every outstanding Class thereof.

 

Prior
to due presentation of this Certificate for registration of transfer, the Depositor, the Master Servicer, the Special Servicer,
the Operating Advisor, the Asset Representations Reviewer, the Certificate Administrator, the Trustee, the Certificate Registrar,
any Paying Agent and any agent of any of them may treat the Person in whose name this Certificate is registered as the owner hereof
for all purposes, and none of the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator, the Trustee,
the Certificate Registrar, any Paying Agent or any agent of any of them shall be affected by notice or knowledge to the contrary.

 

No
fee or service charge shall be imposed by the Certificate Registrar for its services in respect of any registration of transfer
or exchange referred to in Section 5.02 of the Pooling and Servicing Agreement other than for transfers to Institutional Accredited
Investors as provided in Section 5.02(h) of the Pooling and Servicing Agreement. In connection with any transfer to an Institutional
Accredited Investor, the transferor shall reimburse the Trust Fund for any costs (including the cost of the Certificate Registrar’s
counsel’s review of the documents and any legal opinions, submitted by the transferor or transferee to the Certificate Registrar
as provided in the Pooling and Servicing Agreement) incurred by the Certificate Registrar in connection with such transfer. The
Certificate Registrar may require payment by each transferor of a sum sufficient to cover any tax, expense or other governmental
charge payable in connection with any such transfer.

 

The
Pooling and Servicing Agreement or any Custodial Agreement may be amended at any time by the Depositor, the Master Servicer, the
Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the Trustee without
the consent of any of the Certificateholders or any Serviced Companion Loan Noteholders, (i) to cure any ambiguity or to correct
any manifest error; (ii) to cause the provisions of the Pooling and Servicing Agreement or any Custodial Agreement to conform
or be consistent with or in furtherance of the statements made in the Prospectus or Private Placement Memorandum with respect
to the Certificates, the Trust or the Pooling and Servicing Agreement or to correct or supplement any provisions of the Pooling
and Servicing Agreement or any Custodial Agreement which may be defective or inconsistent with any other provisions of the Pooling
and Servicing Agreement or any Custodial Agreement; (iii) to change the timing and/or nature of deposits in the Collection
Account, the Distribution Accounts or any REO Account; provided that (a) the Master Servicer Remittance Date shall in no event
be later than the Business Day prior to the related Distribution Date and (b) such change shall not adversely

 

    A-23-8

     

    

 

affect in any material
respect the interests of any Certificateholder, as evidenced in writing by an Opinion of Counsel at the expense of the party requesting
such amendment or as evidenced by a Rating Agency Confirmation from each Rating Agency with respect to such amendment; (iv) to
modify, eliminate or add to any of its provisions to such extent as shall be necessary to maintain the qualification of any Trust
REMIC as a REMIC or the Grantor Trust as a grantor trust under the relevant provisions of the Code at all times that any Certificate
is outstanding, or to avoid or minimize the risk of imposition of any tax on the Trust Fund or any Trust REMIC or the Grantor
Trust that would be a claim against the Trust Fund or any Trust REMIC or the Grantor Trust; provided that the Trustee and
the Certificate Administrator have received an Opinion of Counsel (at the expense of the party requesting such amendment) to the
effect that (a) such action is necessary or desirable to maintain such qualification or to avoid or minimize the risk of
the imposition of any such tax and (b) such action will not adversely affect in any material respect the interests of any
Certificateholder or Companion Loan Noteholder; (v) to modify, eliminate or add to the provisions any provision of the Pooling
and Servicing Agreement restricting transfer of the Class R Certificates; provided the Depositor has determined that
such change shall not, as evidenced by an Opinion of Counsel, cause the Trust Fund, any Trust REMIC or any of the Certificateholders
(other than the Transferor) to be subject to a federal tax caused by a Transfer to a Person that is a Disqualified Organization
or a Non-U.S. Tax Person; (vi) to revise or add any other provisions with respect to matters or questions arising under the Pooling
and Servicing Agreement or any other change; provided that the required action shall not adversely affect in any material
respect the interests of any Certificateholder or any holder of a Serviced Pari Passu Companion Loan not consenting thereto as
evidenced in writing by an Opinion of Counsel, at the expense of the party requesting such amendment or as evidenced by a Rating
Agency Confirmation from each of the Rating Agencies with respect to such amendment or supplement and confirmation of the applicable
rating agencies that such action will not result in the downgrade, withdrawal or qualification of its then-current ratings of
any securities related to a Companion Loan, if any (provided that such rating agency confirmation may be considered satisfied
in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates); (vii) to amend
or supplement any provision of the Pooling and Servicing Agreement to the extent necessary to maintain the then-current ratings
assigned to each Class of Certificates by each Rating Agency, as evidenced by a Rating Agency Confirmation from each of the Rating
Agencies; provided that such amendment or supplement shall not adversely affect in any material respect the interests of
any Certificateholder not consenting thereto as evidenced by an Opinion of Counsel, or any holder of a Serviced Pari Passu Companion
Loan not consenting to such revision or addition, as evidenced by an Opinion of Counsel at the expense of the party requesting
such amendment or as evidenced by confirmation of the applicable Rating Agencies that such action will not result in the downgrade,
withdrawal or qualification of its then-current ratings of any securities related to a Companion Loan, if any (provided
that such Rating Agency Confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered
satisfied with respect to the Certificates); (viii) to modify the provisions of Section 3.06 and Section 3.17 of
the Pooling and Servicing Agreement (with respect to reimbursement of Nonrecoverable Advances and Workout-Delayed Reimbursement
Amounts) if (a) the Depositor, the Master Servicer, the Trustee and, for so long as a Control Termination Event has not occurred
and is not continuing, the Directing Holder, determine that the commercial mortgage backed securities industry standard for such
provisions has changed, in order to conform to such industry standard, (b) such

 

    A-23-9

     

    

 

modification does not adversely affect the
status of any Trust REMIC as a REMIC or the status of the Grantor Trust as a grantor trust under the relevant provisions of the
Code, as evidenced by an Opinion of Counsel and (c) each Rating Agency has delivered a Rating Agency Confirmation and, with
regard to any class of Serviced Companion Loan Securities, the applicable rating agencies have delivered a confirmation that such
action will not result in the downgrade, withdrawal or qualification of its then-current ratings (provided that such rating
agency confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied
with respect to the Certificates); (ix) to modify the procedures of the Pooling and Servicing Agreement relating to compliance
with Rule 17g-5 of the Exchange Act; provided that such amendment shall not adversely affect in any material respects
the interests of any Certificateholders, as evidenced by (x) an Opinion of Counsel or (y) if any Certificate is then
rated, receipt of Rating Agency Confirmation from each Rating Agency rating such Certificates; and provided, further,
that the Certificate Administrator shall give notice of any such amendment to the 17g-5 Information Provider for posting to the
17g-5 Information Provider’s Website and the Certificate Administrator shall post such notice to the Certificate Administrator’s
Website; (x) to modify, eliminate or add to any provisions of the Pooling and Servicing Agreement to such extent as would be necessary
to comply with the requirements for use of Form SF-3 in registered offerings to the extent provided in CFR 239.45(b)(1)(ii), (iii)
or (iv); and (xi) to modify, eliminate or add to any of its provisions (a) to such extent as will be necessary to comply with
the requirements of the Risk Retention Rule, as evidenced by an Opinion of Counsel, or (b) in the event the Risk Retention Rule
or any other regulation applicable to the risk retention requirements for this securitization transaction are amended or repealed,
to the extent required to comply with any such amendment or to modify or eliminate the risk retention requirements in the event
of such repeal, as evidenced by an Opinion of Counsel.

 

The
Pooling and Servicing Agreement or any Custodial Agreement may also be amended from time to time by the Depositor, the Master
Servicer, the Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the
Trustee with the prior written consent of the Holders of Certificates representing not less than a majority of the Percentage
Interests of each Class of Certificates affected thereby (without regard to Certificates held by the Depositor, any of the Depositor’s
Affiliates and/or agents) and each Serviced Companion Loan Noteholder affected thereby for the purpose of adding any provisions
to or changing in any manner or eliminating any of the provisions of the Pooling and Servicing Agreement or modifying in any manner
the rights of the Certificateholders or the Serviced Companion Loan Noteholders; provided, that no such amendment may:

 

		(i)	reduce
                                         in any manner the amount of, or delay the timing of, payments received on the Mortgage
                                         Loans or Serviced Whole Loan which are required to be distributed on any Certificate,
                                         without the consent of the Holders of Certificates representing all of the Percentage
                                         Interests of the Class or Classes affected thereby or which are required to be distributed
                                         to any Companion Loan Noteholders without the consent of such Companion Loan Noteholders;

 

		(ii)	reduce
                                         the aforesaid percentage of Certificates of any Class the Holders of which are required
                                         to consent to any such amendment or remove the 

 

    A-23-10

     

    

 

	 	 	requirement
                                         to obtain consent of any Companion Loan Noteholder, in any such case without the consent
                                         of the Holders of all Certificates of such Class then-outstanding or such Companion Loan
                                         Noteholder, as applicable;

 

		(iii)	adversely
                                         affect the Voting Rights of any Class of Certificates without the consent of the Holders
                                         of all Certificates of such Class then outstanding;

 

		(iv)	change
                                         in any manner any defined term used in any Mortgage Loan Purchase Agreement or the obligations
                                         of any Mortgage Loan Seller under such Mortgage Loan Purchase Agreement or otherwise
                                         or change any rights of any Mortgage Loan Seller as a third party beneficiary hereunder,
                                         without the consent of such Mortgage Loan Seller; or

 

		(v)	amend
                                         the Servicing Standard without the consent of 100% of the Certificateholders or receipt
                                         of Rating Agency Confirmation from each Rating Agency and confirmation of the applicable
                                         rating agencies that such action will not result in the downgrade, withdrawal or qualification
                                         of its then-current ratings of any securities related to a Companion Loan, if any (provided that such rating agency confirmation may be considered satisfied in the same manner
                                         as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates).

 

Further,
the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations
Reviewer and the Trustee, at any time and from time to time, without the consent of the Certificateholders or, if applicable,
the Serviced Companion Loan Noteholders, may amend the Pooling and Servicing Agreement to modify, eliminate or add to any of its
provisions (i) to such extent as shall be necessary to maintain the qualification of the Lower-Tier REMIC or the Upper-Tier REMIC
as a REMIC or the qualification of the Grantor Trust as a grantor trust, or to prevent the imposition of any additional material
state or local taxes, at all times that any Certificates are outstanding; provided that such action, as evidenced by an
Opinion of Counsel (obtained at the expense of the Trust Fund), is necessary or helpful to maintain such qualification or to prevent
the imposition of any such taxes, and would not adversely affect in any material respect the interest of any Certificateholder
or if applicable, any Serviced Companion Loan Noteholder or (ii) to the extent necessary to comply with the Investment Company
Act of 1940, as amended, the Exchange Act, Regulation AB, and/or any related regulatory actions and/or interpretations.

 

The
Certificateholder owning a majority of the Percentage Interest in the Controlling Class and, if no such Certificateholder
exercises such option, the Special Servicer, and if the Special Servicer does not exercise such option, the Master Servicer may
effect an early termination of the Trust Fund, upon not less than 30 days’ prior Notice of Termination given to the Trustee,
the Special Servicer and the Master Servicer any time specifying the Anticipated Termination Date, which shall be on or after
the Early Termination Notice Date (defined as any date as of which the aggregate Stated Principal Balance of the Mortgage Loans
remaining in the Trust is less than 1.0% of the aggregate Stated Principal Balance of the Mortgage Loans as of the Cut-off Date)
by purchasing on such date all, but not less than all, of the Mortgage Loans then

 

    A-23-11

     

    

 

included in the Trust Fund, and the Trust’s
interest in all property acquired in respect of any Mortgage Loan, at a purchase price, payable in cash, equal to the sum of,
without duplication:

 

		(A)	100%
                                         of the Stated Principal Balance of each Mortgage Loan included in the Trust as of the
                                         last day of the month preceding such Anticipated Termination Date (less any P&I Advances
                                         previously made on account of principal);

 

		(B)	the
                                         fair market value of all other property included in the Trust Fund as of the last day
                                         of the month preceding such Anticipated Termination Date, as determined by an Independent
                                         appraiser acceptable to the Master Servicer as of a date not more than 30 days prior
                                         to the last day of the month preceding such Distribution Date;

 

		(C)	all
                                         unpaid interest accrued on the unpaid balance of each Mortgage Loan (including any Mortgage
                                         Loan as to which title to the related Mortgaged Property has been acquired) at the Mortgage
                                         Rate to the last day of the month preceding such Anticipated Termination Date (less any
                                         P&I Advances previously made on account of interest); and

 

		(D)	the
                                         aggregate amount of unreimbursed Advances, with interest thereon at the Reimbursement
                                         Rate, and unpaid Servicing Compensation, Special Servicing Compensation, Operating Advisor
                                         Fees, Certificate Administrator/Trustee Fees, the CREFC® Intellectual
                                         Property Royalty License Fees and Trust Fund expenses.

 

In
addition, the Pooling and Servicing Agreement provides that following the date on which the Class X-A Notional Amount, the
Class X-B Notional Amount, the Class X-D Notional Amount and the aggregate Certificate Balance
of the Class A-1, Class A-2, Class A-3, Class A-SB, Class A-4, Class A-5, Class A-M, Class B, Class C and Class D Certificates
is reduced to zero, the Sole Certificateholder shall have the right to exchange all of the then-outstanding Certificates (other
than the Class S or Class R Certificates) for all of the Mortgage Loans and each REO Property remaining in the Trust Fund
as contemplated by clause (ii) of Section 9.01(a) of the Pooling and Servicing Agreement by giving written notice to
all the parties to the Pooling and Servicing Agreement no later than 60 days prior to the anticipated date of exchange.

 

All
costs and expenses incurred by any and all parties to the Pooling and Servicing Agreement or by the Trust Fund in connection with
the purchase of the Mortgage Loans and the other assets of the Trust Fund pursuant to Section 9.01(c) of the Pooling and
Servicing Agreement shall be borne by the party exercising its purchase rights thereunder. The Trustee and the Certificate Administrator
shall be entitled to rely conclusively on any determination made by an Independent appraiser pursuant to Section 9.01(c)
of the Pooling and Servicing Agreement.

 

    A-23-12

     

    

 

The
respective obligations and responsibilities of the Master Servicer, the Special Servicer, the Depositor, the Certificate Administrator,
the Operating Advisor, the Asset Representations Reviewer and the Trustee created by the Pooling and Servicing Agreement with
respect to the Certificates (other than the obligations of the Certificate Administrator to make certain payments and to send
certain notices to Certificateholders as set forth in the Pooling and Servicing Agreement) shall terminate upon payment (or provision
for payment) to the Certificateholders and the Serviced Companion Loan Noteholders of all amounts held by or on behalf of the
Trustee, the Certificate Administrator and the Master Servicer, as the case may be, required under the Pooling and Servicing Agreement
to be so paid on the Distribution Date following the earlier to occur of (i) the purchase of the Mortgage Loans and all other
property held by the Trust Fund in accordance with Section 9.01(c) of the Pooling and Servicing Agreement; (ii) the exchange by
the Sole Certificateholder of its Certificates for the Mortgage Loans in accordance with Section 9.01(g) of the Pooling and Servicing
Agreement; and (iii) the later of (a) the receipt or collection of the last payment due on any Mortgage Loan included
in the Trust Fund, or (b) the liquidation and disposition pursuant to the Pooling and Servicing Agreement of the last asset
held by the Trust Fund; provided that in no event shall the trust created by the Pooling and Servicing Agreement continue
beyond the expiration of 21 years from the death of the last survivor of the descendants of Joseph P. Kennedy, the late Ambassador
of the United States to the United Kingdom, living on the date hereof.

 

Unless
the Certificate of Authentication on this Certificate has been executed by the Authenticating Agent, by manual signature, this
Certificate shall not be entitled to any benefit under the Pooling and Servicing Agreement or be valid for any purpose.

 

    A-23-13

     

    

 

IN
WITNESS WHEREOF, the Certificate Administrator has caused this Class V1-A3 Certificate to be duly executed.

 

Dated:
January 31, 2018

	 	 	 
	 	WELLS FARGO BANK, NATIONAL ASSOCIATION, not
    in its individual capacity but solely as Certificate Administrator
	 	 	 
	 	By: 	 
	 	 	Authorized Signatory

 

Certificate
of Authentication

 

This
is one of the Class V1-A3 Certificates referred to in the Pooling and Servicing Agreement.

 

Dated:
January 31, 2018

	 	 	 
	 	WELLS FARGO BANK, NATIONAL ASSOCIATION, not
    in its individual capacity but solely as Authenticating Agent
	 	 	 
	 	By: 	 
	 	 	Authorized Signatory

 

    A-23-14

     

    

 

EXHIBIT
A-24

 

FORM
OF CLASS V1-ASB [RULE 144A]1 [REG S]2 CERTIFICATE

 

[UNLESS
THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”),
TO THE CERTIFICATE REGISTRAR FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE
NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO
CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER
USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS
AN INTEREST HEREIN.]3

 

THIS
CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED OR QUALIFIED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”), OR ANY STATE OR FOREIGN SECURITIES LAW. THE HOLDER HEREOF, BY PURCHASING THIS CERTIFICATE, AGREES THAT THIS CERTIFICATE
MAY BE REOFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY IN COMPLIANCE WITH THE SECURITIES ACT AND OTHER APPLICABLE LAWS,
AND ONLY (A)(1) PURSUANT TO A REGISTRATION STATEMENT WHICH HAS BEEN DECLARED EFFECTIVE UNDER THE SECURITIES ACT, (2) FOR SO LONG
AS THIS CERTIFICATE IS ELIGIBLE FOR RESALE PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”), TO
AN INSTITUTIONAL INVESTOR THAT THE HOLDER REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” WITHIN THE MEANING
OF RULE 144A (“QUALIFIED INSTITUTIONAL BUYER”), PURCHASING FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF ANOTHER
QUALIFIED INSTITUTIONAL BUYER, WHOM THE HOLDER HAS INFORMED, IN EACH CASE, THAT THE REOFFER, RESALE, PLEDGE OR OTHER TRANSFER
IS BEING MADE IN RELIANCE ON RULE 144A, (3) TO AN INSTITUTIONAL “ACCREDITED INVESTOR,” WITHIN THE MEANING OF RULE
501(a)(1), (2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT OR ANY ENTITY IN WHICH ALL OF THE EQUITY OWNERS ARE SUCH ACCREDITED
INVESTORS, OR (4) TO INSTITUTIONS THAT ARE A NON-“U.S. PERSON” IN AN “OFFSHORE TRANSACTION,” AS SUCH TERMS
ARE DEFINED IN, AND IN ACCORDANCE WITH RULE 903 OR RULE 904 OF, REGULATION S UNDER THE SECURITIES ACT, AND (B) IN ACCORDANCE WITH
ANY OTHER APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR ANY OTHER APPLICABLE JURISDICTION.

 

 

 

1
                                         For Rule 144A Global Certificates only.

2
For Reg S Global Certificates only.

3
Legend required as long as DTC is the Depository under the Pooling and Servicing Agreement.

 

    A-24-1

     

    

 

THE
INITIAL INVESTOR IN THIS CERTIFICATE, AND EACH SUBSEQUENT PURCHASER OF THIS CERTIFICATE, BY PURCHASING THIS CERTIFICATE OR AN
INTEREST HEREIN, IS DEEMED TO HAVE AGREED TO COMPLY WITH CERTAIN TRANSFER REQUIREMENTS SET FORTH IN THE POOLING AND SERVICING
AGREEMENT.  A TRANSFEREE IS ALSO REQUIRED TO DELIVER AN INVESTMENT REPRESENTATION LETTER SUBSTANTIALLY IN THE FORM OF EXHIBIT
D-1 TO THE POOLING AND SERVICING AGREEMENT IF SUCH TRANSFEREE IS A QUALIFIED INSTITUTIONAL BUYER OR (OTHER THAN WITH RESPECT TO
A RESIDUAL CERTIFICATE) AN INSTITUTIONAL ACCREDITED INVESTOR, AND MAY ALSO BE REQUIRED TO DELIVER AN OPINION OF COUNSEL IF SUCH
TRANSFEREE IS NOT A QUALIFIED INSTITUTIONAL BUYER WITHIN THE MEANING OF RULE 144A.

 

ANY
HOLDER DESIRING TO EFFECT A TRANSFER OF THIS CERTIFICATE SHALL, AND DOES HEREBY AGREE TO, INDEMNIFY THE CERTIFICATE REGISTRAR,
THE CERTIFICATE ADMINISTRATOR, THE TRUSTEE, THE MASTER SERVICER AND THE DEPOSITOR AGAINST ANY LOSS, LIABILITY OR EXPENSE THAT
MAY RESULT IF THE TRANSFER IS NOT EXEMPT FROM THE SECURITIES ACT OR IS NOT MADE IN ACCORDANCE WITH FEDERAL AND STATE LAWS.

 

THIS
CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN THE DEPOSITOR, THE ORIGINATOR, THE MASTER SERVICER, THE SPECIAL
SERVICER, THE CERTIFICATE ADMINISTRATOR, THE CERTIFICATE REGISTRAR, THE OPERATING ADVISOR, THE ASSET REPRESENTATIONS REVIEWER,
THE RISK RETENTION CONSULTATION PARTY, THE TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THE CERTIFICATES NOR THE UNDERLYING
MORTGAGE LOANS ARE INSURED OR GUARANTEED BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY.

 

PRINCIPAL
PAYMENTS ON THIS CERTIFICATE ARE PAYABLE IN INSTALLMENTS AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING CERTIFICATE BALANCE
OF THIS CERTIFICATE AT ANY TIME MAY BE LESS THAN THE INITIAL CERTIFICATE BALANCE SET FORTH BELOW.

 

IN
ADDITION, SUBJECT TO THE CONDITIONS SET FORTH IN THE POOLING AND SERVICING AGREEMENT, THIS CERTIFICATE, TOGETHER WITH THE OTHER
CERTIFICATES IN THE RELATED EXCHANGEABLE GROUP OF CERTIFICATES, MAY BE EXCHANGED FOR ANOTHER EXCHANGEABLE GROUP OF CERTIFICATES,
PURSUANT TO THE PROCEDURES SET FORTH IN THE POOLING AND SERVICING AGREEMENT.

 

TRANSFERS
AND EXCHANGES OF PORTIONS OF THIS CERTIFICATE ARE SUBJECT TO RESTRICTIONS AS PROVIDED IN THE POOLING AND SERVICING AGREEMENT REFERRED
TO BELOW.

 

FOR
U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE REPRESENTS A BENEFICIAL INTEREST IN A “REGULAR INTEREST” IN A “REAL
ESTATE

 

    A-24-2

     

    

 

MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G(a)(1) AND 860D OF THE INTERNAL
REVENUE CODE OF 1986, AS AMENDED.

 

THIS
CERTIFICATE IS INTENDED TO CONSTITUTE PART OF AN “ELIGIBLE VERTICAL INTEREST” (AS DEFINED IN REGULATION RR PROMULGATED
UNDER SECTION 15G OF THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED), AND AS SUCH IS SUBJECT TO VARIOUS PROHIBITIONS ON HEDGING,
TRANSFER AND FINANCING SET FORTH IN REGULATION RR PROMULGATED UNDER SECTION 15G OF THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED.
THE INITIAL INVESTOR IN THIS CERTIFICATE, AND EACH SUBSEQUENT PURCHASER OF THIS CERTIFICATE, BY PURCHASING THIS CERTIFICATE OR
AN INTEREST HEREIN, IS DEEMED TO HAVE AGREED TO COMPLY WITH CERTAIN TRANSFER REQUIREMENTS SET FORTH IN THE POOLING AND SERVICING
AGREEMENT.

 

In
no event shall Certificates representing a Percentage Interest in any Class of Class V1 Certificates be transferred to any Person
(and the Certificate Registrar shall refuse to register any such transfer) unless Certificates representing the exact same Percentage
Interest in each and every other outstanding Class of Class V1 Certificates are simultaneously transferred to the same Person.
Any Holder of Class V1 Certificates shall at all times hold the same Percentage Interest in each and every outstanding Class thereof.

 

SUBJECT
TO THE CONDITIONS SET FORTH IN THE POOLING AND SERVICING AGREEMENT, THIS CERTIFICATE, TOGETHER WITH CERTAIN OTHER EXCHANGEABLE
CERTIFICATES SET FORTH IN THE POOLING AND SERVICING AGREEMENT, MAY BE EXCHANGED FOR THE CLASS V2 CERTIFICATES, PURSUANT TO THE
PROCEDURES SET FORTH IN THE POOLING AND SERVICING AGREEMENT.

 

    A-24-3

     

    

 

BENCHMARK
2018-B1 MORTGAGE TRUST

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES, CLASS V1-ASB

 

	Class V1-ASB Pass-Through
    Rate:  N/A.  The Class V1-ASB Certificates will not have a Pass-Through Rate, but will be entitled
    to receive interest on any Distribution Date up to an amount equal to the product of (a) the VRR Interest Percentage, multiplied
    by (b) the VRR Allocation Percentage, multiplied by (c) the aggregate amount of interest distributed to the Class A-1, Class
    A-2, Class A-SB,  Class A-3, Class A-4, Class A-5, Class X-A, Class X-B, Class X-D, Class X-E, Class A-M, Class
    B, Class C, Class D, Class E, Class F-RR and Class G-RR Certificates for such Distribution Date.	 	CUSIP: 08162PBH34

         

        ISIN: US08162PBH385

         

	 	 	 
	Original
        Aggregate Certificate Balance of the Class V1-ASB Certificates: $1,452,299

         

        The
        aggregate initial Certificate Balance of the Class V1-ASB Certificates represents the maximum aggregate Certificate Balance
        of the Class V1-ASB Certificates that could be issued (without giving effect to any exchanges for, or any issuance of,
        the Class V1 Certificates).

         
	 	Initial Certificate Balance of this Certificate:  $[_____]
	First Distribution Date: February 16, 2018	 	Cut-off Date:  The close of business
    on the later of the related Due Date of such Mortgage Loan in January 2018 (or, in the case of any Mortgage Loan that has
    its first Due Date subsequent to January 2018, the date that would have been its Due Date in January 2018 under the terms
    of that Mortgage Loan if a Periodic Payment were scheduled to be due in that month) and the date of origination of such Mortgage
    Loan
	 	 	 
	Assumed Final Distribution Date:  January
    2028	 	No.:  V1-ASB -[__]

 

This
certifies that [              ] is the registered
owner of a beneficial ownership interest in a Trust Fund, including the distributions to be made with respect to the Class V1-ASB

 

 

 

4
                                         For IAI Certificates

5
For IAI Certificates

 

    A-24-4

     

    

 

Certificates. The Trust Fund, described more fully below, consists primarily of a pool of Mortgage Loans secured by first liens
on commercial and multifamily properties and held in trust by the Trustee and serviced by the Master Servicer. The Trust Fund
was created, and the Mortgage Loans are to be serviced, pursuant to the Pooling and Servicing Agreement (as defined below). The
Holder of this Certificate, by virtue of the acceptance hereof, assents to the terms, provisions and conditions of the Pooling
and Servicing Agreement and is bound thereby.

 

The
Pooling and Servicing Agreement, dated as of January 1, 2018 (the “Pooling and Servicing Agreement”), between
the Depositor, Wells Fargo Bank, National Association, as master servicer (in such capacity, the “Master Servicer”),
Midland Loan Services, a Division of PNC Bank, National Association, as special servicer (the “Special Servicer”),
Wilmington Trust, National Association, as trustee (the “Trustee”), Wells Fargo Bank, National Association,
as certificate administrator (in such capacity, the “Certificate Administrator”), custodian and paying agent,
and Park Bridge Lender Services LLC, as operating advisor (in such capacity, the “Operating Advisor”) and asset
representations reviewer (in such capacity, the “Asset Representations Reviewer”) evidences the issuance of
the Class A-1, Class A-2, Class A-3, Class A-SB, Class A-4, Class A-5, Class A-M, Class B, Class C, Class D, Class
E, Class F-RR, Class G-RR, Class X-A, Class X-B, Class X-D, Class X-E, Class S, Class R, Class V2, Class V1-A1,
Class V1-A2, Class V1-A3, Class V1-ASB, Class V1-A4, Class V1-A5, Class V1-AM, Class V1-B, Class V1-C, Class V1-D, Class V1-E,
Class V1-F and Class V1-G Certificates (the “Certificates”; the Holders of Certificates issued under the Pooling
and Servicing Agreement are collectively referred to herein as “Certificateholders”). This Certificate is issued
pursuant to, and in accordance with, the terms of the Pooling and Servicing Agreement. To the extent not defined herein, capitalized
terms used herein shall have the meanings assigned thereto in the Pooling and Servicing Agreement.

 

This
Certificate represents a beneficial interest in a “regular interest” in a “real estate mortgage investment conduit,”
as those terms are defined, respectively, in Sections 860G(a)(1) and 860D of the Internal Revenue Code of 1986, as amended. Each
Holder of this Certificate, by acceptance hereof, agrees to treat, and take no action inconsistent with the treatment of, this
Certificate in accordance with the preceding sentence for purposes of federal income taxes, state and local income and franchise
taxes and other taxes imposed on or measured by income.

 

The
Certificate Administrator makes no representation or warranty as to any of the statements contained herein or the validity or
sufficiency of the Certificates or the Mortgage Loans and has executed this Certificate in its limited capacity as Certificate
Administrator under the Pooling and Servicing Agreement. In the event that there is any conflict between any provision of this
Certificate and any provision of the Pooling and Servicing Agreement, such provision of this Certificate shall be superseded to
the extent of such inconsistency.

 

Pursuant
to the terms of the Pooling and Servicing Agreement, the Certificate Administrator, or the Paying Agent on behalf of the
Certificate Administrator, will distribute (other than the final distribution on any Certificate), on the fourth Business Day
after each Determination Date (each such date, a “Distribution Date”) an amount equal to such
Person’s pro rata share (based on the Percentage Interest represented by this Certificate) of that portion of the
aggregate amount of principal and interest then distributable, if any, allocable to the Class V1-ASB

 

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Certificates for such Distribution Date, all as more fully described in the Pooling
and Servicing Agreement. “Determination Date” is defined in the Pooling and Servicing Agreement as the eleventh day
of each month, or if such eleventh day is not a Business Day, then the next Business Day, commencing in February 2018. Holders
of this Certificate may be entitled to Prepayment Premiums and Yield Maintenance Charges as provided in the Pooling and Servicing
Agreement.

 

During
each Interest Accrual Period (as defined below), interest on the Class V1-ASB Certificates will be calculated based on a
360-day year consisting of twelve 30-day months on the outstanding Certificate Balance hereof.

 

All
distributions (other than the final distribution on any Certificate) will be made by the Paying Agent to the Persons in whose
names the Certificates are registered at the close of business on each Record Date, which will be the close of business on the
last Business Day of the calendar month immediately preceding the month in which such Distribution Date occurs. Such distributions
shall be made on each Distribution Date other than the Termination Date to each Certificateholder of record on the related Record
Date, (i) by wire transfer of immediately available funds to the account of such Holder at a bank or other entity located in the
United States and having appropriate facilities therefor if such Holder shall have provided the Paying Agent with wire instructions
in writing at least five Business Days prior to the related Record Date (which wiring instructions may be in the form of a standing
order applicable to all subsequent distributions), or (ii) otherwise, by check mailed by first-class mail to the address set forth
therefor in the Certificate Register. The final distribution on each Certificate shall be made in like manner, but only upon presentment
and surrender of such Certificate at the office of the Certificate Administrator or its agent (which may be the Paying Agent or
the Certificate Registrar acting as such agent) that is specified in the notice to Holders of such final distribution.

 

Any
funds not distributed on the Termination Date because of the failure of any Certificateholders to tender their Certificates shall,
on such date, be set aside and held for the benefit of the appropriate non-tendering Certificateholders. If any Certificates as
to which notice of the Termination Date has been given pursuant to the Pooling and Servicing Agreement shall not have been surrendered
for cancellation within six months after the time specified in such notice, the Certificate Administrator shall mail a second
notice to the remaining non-tendering Certificateholders to surrender their Certificates for cancellation to receive the final
distribution with respect thereto. If within one year after the second notice not all of such Certificates shall have been surrendered
for cancellation, the Certificate Administrator may, directly or through an agent, take appropriate steps to contact the remaining
non-tendering Certificateholders concerning surrender of their Certificates. The costs and expenses of holding such funds in trust
and of contacting such Certificateholders shall be paid out of such funds. Subject to applicable state escheatment laws, if within
two years after the second notice any such Certificates shall not have been surrendered for cancellation, the Paying Agent shall
distribute to the Certificate Administrator all amounts distributable to the Holders thereof, and the Certificate Administrator
shall thereafter hold such amounts for the benefit of such Holders until the earlier of (i) its termination as Certificate Administrator
under the Pooling and Servicing Agreement and the transfer of such amounts to a successor Certificate Administrator and (ii) the
termination of the Trust Fund and distribution of such amounts to the Class R Certificateholders. No interest shall accrue or
be payable to any Certificateholder on any amount held under the Pooling and Servicing Agreement or by the Certificate Administrator
as a result of such Certificateholder’s

 

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failure to surrender its Certificate(s) for final payment thereof in accordance
with the Pooling and Servicing Agreement. Any such amounts transferred to the Certificate Administrator may be invested in Permitted
Investments and all income and gain realized from investment of such funds shall accrue for its benefit.

 

This
Certificate is limited in right of payment to, among other things, certain collections and recoveries in respect of the Mortgage
Loans, as more specifically set forth herein and in the Pooling and Servicing Agreement.

 

As
provided in the Pooling and Servicing Agreement, the Trust Fund includes (in each case, to the extent of the Trust Fund’s
interest therein and specifically excluding any interest of any Serviced Companion Loan Noteholder therein): (i) such Mortgage
Loans as from time to time are subject to the Pooling and Servicing Agreement, together with the Mortgage Files relating thereto;
(ii) all scheduled or unscheduled payments on or collections in respect of the Mortgage Loans due after the Cut-off Date; (iii)
the Trust Fund’s interest in any REO Property; (iv) all revenues received in respect of any REO Property; (v) any Assignments
of Leases, Rents and Profits and any security agreements related to the Mortgage Loans; (vi) any indemnities or guaranties given
as additional security for any Mortgage Loans; (vii) a security interest in all assets deposited in the Lock-Box Accounts, Cash
Collateral Accounts, Escrow Accounts, and Reserve Accounts; (viii) the Loss of Value Reserve Fund; (ix) the Collection Account,
the Serviced Whole Loan Collection Accounts, the Distribution Accounts, any Gain-on-Sale Reserve Account, the Interest Reserve
Account, and the Trust’s interest in any REO Account, including any amounts on deposit therein, assets credited thereto
and any reinvestment income, as applicable; (x) a security interest in any environmental indemnity agreements relating to the
Mortgaged Properties; (xi) a security interest in all insurance policies with respect to the Mortgage Loans and the Mortgaged
Properties; (xii) the rights and remedies under the Mortgage Loan Purchase Agreements relating to document delivery requirements
with respect to the Mortgage Loans and the representations and warranties of the related Mortgage Loan Seller regarding its Mortgage
Loans; (xiii) the Lower-Tier Regular Interests; (xiv) the Class VRR Upper-Tier Regular Interests; and (xv) the proceeds of the
foregoing (other than any interest earned on deposits in the Lock-Box Accounts, Cash Collateral Accounts, Escrow Accounts and
any Reserve Accounts, to the extent such interest belongs to the related Borrower). As provided in the Pooling and Servicing Agreement,
withdrawals may be made from certain of the above accounts for purposes other than distributions to Certificateholders.

 

This
Certificate does not purport to summarize the Pooling and Servicing Agreement, and reference is made to the Pooling and Servicing
Agreement for the interests, rights, benefits, obligations and duties evidenced hereby, and the limitations thereon, and the rights,
duties and immunities of the Certificate Administrator.

 

As
provided in the Pooling and Servicing Agreement and subject to certain limitations set forth therein, this Certificate is transferable
or exchangeable only upon surrender of this Certificate to the Certificate Registrar at its offices together with an assignment
and transfer (executed by the Holder or his duly authorized attorney), subject to the requirements in Article V of the Pooling
and Servicing Agreement. Upon surrender for registration of transfer of this Certificate, subject to the requirements in Article
V of the Pooling and Servicing Agreement, the Certificate Administrator shall execute and the Authenticating Agent shall duly
authenticate

 

    A-24-7

     

    

 

in the name of the designated transferee or transferees, one or more new Certificates in authorized denominations
of a like aggregate denomination as the Certificate being surrendered. Such Certificates shall be delivered by the Certificate
Registrar in accordance with Article V of the Pooling and Servicing Agreement.

 

In
no event shall Certificates representing a Percentage Interest in any Class of Class V1 Certificates be transferred to any Person
(and the Certificate Registrar shall refuse to register any such transfer) unless Certificates representing the exact same Percentage
Interest in each and every other outstanding Class of Class V1 Certificates are simultaneously transferred to the same Person.
Any Holder of Class V1 Certificates shall at all times hold the same Percentage Interest in each and every outstanding Class thereof.

 

Prior
to due presentation of this Certificate for registration of transfer, the Depositor, the Master Servicer, the Special Servicer,
the Operating Advisor, the Asset Representations Reviewer, the Certificate Administrator, the Trustee, the Certificate Registrar,
any Paying Agent and any agent of any of them may treat the Person in whose name this Certificate is registered as the owner hereof
for all purposes, and none of the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator, the Trustee,
the Certificate Registrar, any Paying Agent or any agent of any of them shall be affected by notice or knowledge to the contrary.

 

No
fee or service charge shall be imposed by the Certificate Registrar for its services in respect of any registration of transfer
or exchange referred to in Section 5.02 of the Pooling and Servicing Agreement other than for transfers to Institutional Accredited
Investors as provided in Section 5.02(h) of the Pooling and Servicing Agreement. In connection with any transfer to an Institutional
Accredited Investor, the transferor shall reimburse the Trust Fund for any costs (including the cost of the Certificate Registrar’s
counsel’s review of the documents and any legal opinions, submitted by the transferor or transferee to the Certificate Registrar
as provided in the Pooling and Servicing Agreement) incurred by the Certificate Registrar in connection with such transfer. The
Certificate Registrar may require payment by each transferor of a sum sufficient to cover any tax, expense or other governmental
charge payable in connection with any such transfer.

 

The
Pooling and Servicing Agreement or any Custodial Agreement may be amended at any time by the Depositor, the Master Servicer, the
Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the Trustee without
the consent of any of the Certificateholders or any Serviced Companion Loan Noteholders, (i) to cure any ambiguity or to correct
any manifest error; (ii) to cause the provisions of the Pooling and Servicing Agreement or any Custodial Agreement to conform
or be consistent with or in furtherance of the statements made in the Prospectus or Private Placement Memorandum with respect
to the Certificates, the Trust or the Pooling and Servicing Agreement or to correct or supplement any provisions of the Pooling
and Servicing Agreement or any Custodial Agreement which may be defective or inconsistent with any other provisions of the Pooling
and Servicing Agreement or any Custodial Agreement; (iii) to change the timing and/or nature of deposits in the Collection
Account, the Distribution Accounts or any REO Account; provided that (a) the Master Servicer Remittance Date shall in no event
be later than the Business Day prior to the related Distribution Date and (b) such change shall not adversely

 

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affect in any material
respect the interests of any Certificateholder, as evidenced in writing by an Opinion of Counsel at the expense of the party requesting
such amendment or as evidenced by a Rating Agency Confirmation from each Rating Agency with respect to such amendment; (iv) to
modify, eliminate or add to any of its provisions to such extent as shall be necessary to maintain the qualification of any Trust
REMIC as a REMIC or the Grantor Trust as a grantor trust under the relevant provisions of the Code at all times that any Certificate
is outstanding, or to avoid or minimize the risk of imposition of any tax on the Trust Fund or any Trust REMIC or the Grantor
Trust that would be a claim against the Trust Fund or any Trust REMIC or the Grantor Trust; provided that the Trustee and
the Certificate Administrator have received an Opinion of Counsel (at the expense of the party requesting such amendment) to the
effect that (a) such action is necessary or desirable to maintain such qualification or to avoid or minimize the risk of
the imposition of any such tax and (b) such action will not adversely affect in any material respect the interests of any
Certificateholder or Companion Loan Noteholder; (v) to modify, eliminate or add to the provisions any provision of the Pooling
and Servicing Agreement restricting transfer of the Class R Certificates; provided the Depositor has determined that
such change shall not, as evidenced by an Opinion of Counsel, cause the Trust Fund, any Trust REMIC or any of the Certificateholders
(other than the Transferor) to be subject to a federal tax caused by a Transfer to a Person that is a Disqualified Organization
or a Non-U.S. Tax Person; (vi) to revise or add any other provisions with respect to matters or questions arising under the Pooling
and Servicing Agreement or any other change; provided that the required action shall not adversely affect in any material
respect the interests of any Certificateholder or any holder of a Serviced Pari Passu Companion Loan not consenting thereto as
evidenced in writing by an Opinion of Counsel, at the expense of the party requesting such amendment or as evidenced by a Rating
Agency Confirmation from each of the Rating Agencies with respect to such amendment or supplement and confirmation of the applicable
rating agencies that such action will not result in the downgrade, withdrawal or qualification of its then-current ratings of
any securities related to a Companion Loan, if any (provided that such rating agency confirmation may be considered satisfied
in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates); (vii) to amend
or supplement any provision of the Pooling and Servicing Agreement to the extent necessary to maintain the then-current ratings
assigned to each Class of Certificates by each Rating Agency, as evidenced by a Rating Agency Confirmation from each of the Rating
Agencies; provided that such amendment or supplement shall not adversely affect in any material respect the interests of
any Certificateholder not consenting thereto as evidenced by an Opinion of Counsel, or any holder of a Serviced Pari Passu Companion
Loan not consenting to such revision or addition, as evidenced by an Opinion of Counsel at the expense of the party requesting
such amendment or as evidenced by confirmation of the applicable Rating Agencies that such action will not result in the downgrade,
withdrawal or qualification of its then-current ratings of any securities related to a Companion Loan, if any (provided
that such Rating Agency Confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered
satisfied with respect to the Certificates); (viii) to modify the provisions of Section 3.06 and Section 3.17 of
the Pooling and Servicing Agreement (with respect to reimbursement of Nonrecoverable Advances and Workout-Delayed Reimbursement
Amounts) if (a) the Depositor, the Master Servicer, the Trustee and, for so long as a Control Termination Event has not occurred
and is not continuing, the Directing Holder, determine that the commercial mortgage backed securities industry standard for such
provisions has changed, in order to conform to such industry standard, (b) such

 

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modification does not adversely affect the
status of any Trust REMIC as a REMIC or the status of the Grantor Trust as a grantor trust under the relevant provisions of the
Code, as evidenced by an Opinion of Counsel and (c) each Rating Agency has delivered a Rating Agency Confirmation and, with
regard to any class of Serviced Companion Loan Securities, the applicable rating agencies have delivered a confirmation that such
action will not result in the downgrade, withdrawal or qualification of its then-current ratings (provided that such rating
agency confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied
with respect to the Certificates); (ix) to modify the procedures of the Pooling and Servicing Agreement relating to compliance
with Rule 17g-5 of the Exchange Act; provided that such amendment shall not adversely affect in any material respects
the interests of any Certificateholders, as evidenced by (x) an Opinion of Counsel or (y) if any Certificate is then
rated, receipt of Rating Agency Confirmation from each Rating Agency rating such Certificates; and provided, further,
that the Certificate Administrator shall give notice of any such amendment to the 17g-5 Information Provider for posting to the
17g-5 Information Provider’s Website and the Certificate Administrator shall post such notice to the Certificate Administrator’s
Website; (x) to modify, eliminate or add to any provisions of the Pooling and Servicing Agreement to such extent as would be necessary
to comply with the requirements for use of Form SF-3 in registered offerings to the extent provided in CFR 239.45(b)(1)(ii), (iii)
or (iv); and (xi) to modify, eliminate or add to any of its provisions (a) to such extent as will be necessary to comply with
the requirements of the Risk Retention Rule, as evidenced by an Opinion of Counsel, or (b) in the event the Risk Retention Rule
or any other regulation applicable to the risk retention requirements for this securitization transaction are amended or repealed,
to the extent required to comply with any such amendment or to modify or eliminate the risk retention requirements in the event
of such repeal, as evidenced by an Opinion of Counsel.

 

The
Pooling and Servicing Agreement or any Custodial Agreement may also be amended from time to time by the Depositor, the Master
Servicer, the Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the
Trustee with the prior written consent of the Holders of Certificates representing not less than a majority of the Percentage
Interests of each Class of Certificates affected thereby (without regard to Certificates held by the Depositor, any of the Depositor’s
Affiliates and/or agents) and each Serviced Companion Loan Noteholder affected thereby for the purpose of adding any provisions
to or changing in any manner or eliminating any of the provisions of the Pooling and Servicing Agreement or modifying in any manner
the rights of the Certificateholders or the Serviced Companion Loan Noteholders; provided, that no such amendment may:

 

		(i)	reduce
                                         in any manner the amount of, or delay the timing of, payments received on the Mortgage
                                         Loans or Serviced Whole Loan which are required to be distributed on any Certificate,
                                         without the consent of the Holders of Certificates representing all of the Percentage
                                         Interests of the Class or Classes affected thereby or which are required to be distributed
                                         to any Companion Loan Noteholders without the consent of such Companion Loan Noteholders;

 

		(ii)	reduce
                                         the aforesaid percentage of Certificates of any Class the Holders of which are required
                                         to consent to any such amendment or remove the 

 

    A-24-10

     

    

 

	 	 	requirement
                                         to obtain consent of any Companion Loan Noteholder, in any such case without the consent
                                         of the Holders of all Certificates of such Class then-outstanding or such Companion Loan
                                         Noteholder, as applicable;

 

		(iii)	adversely
                                         affect the Voting Rights of any Class of Certificates without the consent of the Holders
                                         of all Certificates of such Class then outstanding;

 

		(iv)	change
                                         in any manner any defined term used in any Mortgage Loan Purchase Agreement or the obligations
                                         of any Mortgage Loan Seller under such Mortgage Loan Purchase Agreement or otherwise
                                         or change any rights of any Mortgage Loan Seller as a third party beneficiary hereunder,
                                         without the consent of such Mortgage Loan Seller; or

 

		(v)	amend
                                         the Servicing Standard without the consent of 100% of the Certificateholders or receipt
                                         of Rating Agency Confirmation from each Rating Agency and confirmation of the applicable
                                         rating agencies that such action will not result in the downgrade, withdrawal or qualification
                                         of its then-current ratings of any securities related to a Companion Loan, if any (provided that such rating agency confirmation may be considered satisfied in the same manner
                                         as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates).

 

Further,
the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations
Reviewer and the Trustee, at any time and from time to time, without the consent of the Certificateholders or, if applicable,
the Serviced Companion Loan Noteholders, may amend the Pooling and Servicing Agreement to modify, eliminate or add to any of its
provisions (i) to such extent as shall be necessary to maintain the qualification of the Lower-Tier REMIC or the Upper-Tier REMIC
as a REMIC or the qualification of the Grantor Trust as a grantor trust, or to prevent the imposition of any additional material
state or local taxes, at all times that any Certificates are outstanding; provided that such action, as evidenced by an
Opinion of Counsel (obtained at the expense of the Trust Fund), is necessary or helpful to maintain such qualification or to prevent
the imposition of any such taxes, and would not adversely affect in any material respect the interest of any Certificateholder
or if applicable, any Serviced Companion Loan Noteholder or (ii) to the extent necessary to comply with the Investment Company
Act of 1940, as amended, the Exchange Act, Regulation AB, and/or any related regulatory actions and/or interpretations.

 

The
Certificateholder owning a majority of the Percentage Interest in the Controlling Class and, if no such Certificateholder
exercises such option, the Special Servicer, and if the Special Servicer does not exercise such option, the Master Servicer may
effect an early termination of the Trust Fund, upon not less than 30 days’ prior Notice of Termination given to the Trustee,
the Special Servicer and the Master Servicer any time specifying the Anticipated Termination Date, which shall be on or after
the Early Termination Notice Date (defined as any date as of which the aggregate Stated Principal Balance of the Mortgage Loans
remaining in the Trust is less than 1.0% of the aggregate Stated Principal Balance of the Mortgage Loans as of the Cut-off Date)
by purchasing on such date all, but not less than all, of the Mortgage Loans then

 

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included in the Trust Fund, and the Trust’s
interest in all property acquired in respect of any Mortgage Loan, at a purchase price, payable in cash, equal to the sum of,
without duplication:

 

		(A)	100%
                                         of the Stated Principal Balance of each Mortgage Loan included in the Trust as of the
                                         last day of the month preceding such Anticipated Termination Date (less any P&I Advances
                                         previously made on account of principal);

 

		(B)	the
                                         fair market value of all other property included in the Trust Fund as of the last day
                                         of the month preceding such Anticipated Termination Date, as determined by an Independent
                                         appraiser acceptable to the Master Servicer as of a date not more than 30 days prior
                                         to the last day of the month preceding such Distribution Date;

 

		(C)	all
                                         unpaid interest accrued on the unpaid balance of each Mortgage Loan (including any Mortgage
                                         Loan as to which title to the related Mortgaged Property has been acquired) at the Mortgage
                                         Rate to the last day of the month preceding such Anticipated Termination Date (less any
                                         P&I Advances previously made on account of interest); and

 

		(D)	the
                                         aggregate amount of unreimbursed Advances, with interest thereon at the Reimbursement
                                         Rate, and unpaid Servicing Compensation, Special Servicing Compensation, Operating Advisor
                                         Fees, Certificate Administrator/Trustee Fees, the CREFC® Intellectual
                                         Property Royalty License Fees and Trust Fund expenses.

 

In
addition, the Pooling and Servicing Agreement provides that following the date on which the Class X-A Notional Amount, the
Class X-B Notional Amount, the Class X-D Notional Amount and the aggregate Certificate Balance
of the Class A-1, Class A-2, Class A-3, Class A-SB, Class A-4, Class A-5, Class A-M, Class B, Class C and Class D Certificates
is reduced to zero, the Sole Certificateholder shall have the right to exchange all of the then-outstanding Certificates (other
than the Class S or Class R Certificates) for all of the Mortgage Loans and each REO Property remaining in the Trust Fund
as contemplated by clause (ii) of Section 9.01(a) of the Pooling and Servicing Agreement by giving written notice to
all the parties to the Pooling and Servicing Agreement no later than 60 days prior to the anticipated date of exchange.

 

All
costs and expenses incurred by any and all parties to the Pooling and Servicing Agreement or by the Trust Fund in connection with
the purchase of the Mortgage Loans and the other assets of the Trust Fund pursuant to Section 9.01(c) of the Pooling and
Servicing Agreement shall be borne by the party exercising its purchase rights thereunder. The Trustee and the Certificate Administrator
shall be entitled to rely conclusively on any determination made by an Independent appraiser pursuant to Section 9.01(c)
of the Pooling and Servicing Agreement.

 

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The
respective obligations and responsibilities of the Master Servicer, the Special Servicer, the Depositor, the Certificate Administrator,
the Operating Advisor, the Asset Representations Reviewer and the Trustee created by the Pooling and Servicing Agreement with
respect to the Certificates (other than the obligations of the Certificate Administrator to make certain payments and to send
certain notices to Certificateholders as set forth in the Pooling and Servicing Agreement) shall terminate upon payment (or provision
for payment) to the Certificateholders and the Serviced Companion Loan Noteholders of all amounts held by or on behalf of the
Trustee, the Certificate Administrator and the Master Servicer, as the case may be, required under the Pooling and Servicing Agreement
to be so paid on the Distribution Date following the earlier to occur of (i) the purchase of the Mortgage Loans and all other
property held by the Trust Fund in accordance with Section 9.01(c) of the Pooling and Servicing Agreement; (ii) the exchange by
the Sole Certificateholder of its Certificates for the Mortgage Loans in accordance with Section 9.01(g) of the Pooling and Servicing
Agreement; and (iii) the later of (a) the receipt or collection of the last payment due on any Mortgage Loan included
in the Trust Fund, or (b) the liquidation and disposition pursuant to the Pooling and Servicing Agreement of the last asset
held by the Trust Fund; provided that in no event shall the trust created by the Pooling and Servicing Agreement continue
beyond the expiration of 21 years from the death of the last survivor of the descendants of Joseph P. Kennedy, the late Ambassador
of the United States to the United Kingdom, living on the date hereof.

 

Unless
the Certificate of Authentication on this Certificate has been executed by the Authenticating Agent, by manual signature, this
Certificate shall not be entitled to any benefit under the Pooling and Servicing Agreement or be valid for any purpose.

 

    A-24-13

     

    

 

IN
WITNESS WHEREOF, the Certificate Administrator has caused this Class V1-ASB Certificate to be duly executed.

 

Dated:
January 31, 2018

	 	 	 
	 	WELLS FARGO BANK, NATIONAL ASSOCIATION, not
    in its individual capacity but solely as Certificate Administrator
	 	 	 
	 	By: 	 
	 	 	Authorized Signatory

 

Certificate
of Authentication

 

This
is one of the Class V1-ASB Certificates referred to in the Pooling and Servicing Agreement.

 

Dated:
January 31, 2018

	 	 	 
	 	WELLS FARGO BANK, NATIONAL ASSOCIATION, not
    in its individual capacity but solely as Authenticating Agent
	 	 	 
	 	By: 	 
	 	 	Authorized Signatory

 

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EXHIBIT
A-25

 

FORM
OF CLASS V1-A4 [RULE 144A]1 [REG S]2 CERTIFICATE

 

[UNLESS
THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”),
TO THE CERTIFICATE REGISTRAR FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE
NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO
CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER
USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS
AN INTEREST HEREIN.]3

 

THIS
CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED OR QUALIFIED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”), OR ANY STATE OR FOREIGN SECURITIES LAW. THE HOLDER HEREOF, BY PURCHASING THIS CERTIFICATE, AGREES THAT THIS CERTIFICATE
MAY BE REOFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY IN COMPLIANCE WITH THE SECURITIES ACT AND OTHER APPLICABLE LAWS,
AND ONLY (A)(1) PURSUANT TO A REGISTRATION STATEMENT WHICH HAS BEEN DECLARED EFFECTIVE UNDER THE SECURITIES ACT, (2) FOR SO LONG
AS THIS CERTIFICATE IS ELIGIBLE FOR RESALE PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”), TO
AN INSTITUTIONAL INVESTOR THAT THE HOLDER REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” WITHIN THE MEANING
OF RULE 144A (“QUALIFIED INSTITUTIONAL BUYER”), PURCHASING FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF ANOTHER
QUALIFIED INSTITUTIONAL BUYER, WHOM THE HOLDER HAS INFORMED, IN EACH CASE, THAT THE REOFFER, RESALE, PLEDGE OR OTHER TRANSFER
IS BEING MADE IN RELIANCE ON RULE 144A, (3) TO AN INSTITUTIONAL “ACCREDITED INVESTOR,” WITHIN THE MEANING OF RULE
501(a)(1), (2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT OR ANY ENTITY IN WHICH ALL OF THE EQUITY OWNERS ARE SUCH ACCREDITED
INVESTORS, OR (4) TO INSTITUTIONS THAT ARE A NON-“U.S. PERSON” IN AN “OFFSHORE TRANSACTION,” AS SUCH TERMS
ARE DEFINED IN, AND IN ACCORDANCE WITH RULE 903 OR RULE 904 OF, REGULATION S UNDER THE SECURITIES ACT, AND (B) IN ACCORDANCE WITH
ANY OTHER APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR ANY OTHER APPLICABLE JURISDICTION.

 

 

 

1
                                         For Rule 144A Global Certificates only.

2
For Reg S Global Certificates only.

3
Legend required as long as DTC is the Depository under the Pooling and Servicing Agreement.

 

    A-25-1

     

    

 

THE
INITIAL INVESTOR IN THIS CERTIFICATE, AND EACH SUBSEQUENT PURCHASER OF THIS CERTIFICATE, BY PURCHASING THIS CERTIFICATE OR AN
INTEREST HEREIN, IS DEEMED TO HAVE AGREED TO COMPLY WITH CERTAIN TRANSFER REQUIREMENTS SET FORTH IN THE POOLING AND SERVICING
AGREEMENT.  A TRANSFEREE IS ALSO REQUIRED TO DELIVER AN INVESTMENT REPRESENTATION LETTER SUBSTANTIALLY IN THE FORM OF EXHIBIT
D-1 TO THE POOLING AND SERVICING AGREEMENT IF SUCH TRANSFEREE IS A QUALIFIED INSTITUTIONAL BUYER OR (OTHER THAN WITH RESPECT TO
A RESIDUAL CERTIFICATE) AN INSTITUTIONAL ACCREDITED INVESTOR, AND MAY ALSO BE REQUIRED TO DELIVER AN OPINION OF COUNSEL IF SUCH
TRANSFEREE IS NOT A QUALIFIED INSTITUTIONAL BUYER WITHIN THE MEANING OF RULE 144A.

 

ANY
HOLDER DESIRING TO EFFECT A TRANSFER OF THIS CERTIFICATE SHALL, AND DOES HEREBY AGREE TO, INDEMNIFY THE CERTIFICATE REGISTRAR,
THE CERTIFICATE ADMINISTRATOR, THE TRUSTEE, THE MASTER SERVICER AND THE DEPOSITOR AGAINST ANY LOSS, LIABILITY OR EXPENSE THAT
MAY RESULT IF THE TRANSFER IS NOT EXEMPT FROM THE SECURITIES ACT OR IS NOT MADE IN ACCORDANCE WITH FEDERAL AND STATE LAWS.

 

THIS
CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN THE DEPOSITOR, THE ORIGINATOR, THE MASTER SERVICER, THE SPECIAL
SERVICER, THE CERTIFICATE ADMINISTRATOR, THE CERTIFICATE REGISTRAR, THE OPERATING ADVISOR, THE ASSET REPRESENTATIONS REVIEWER,
THE RISK RETENTION CONSULTATION PARTY, THE TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THE CERTIFICATES NOR THE UNDERLYING
MORTGAGE LOANS ARE INSURED OR GUARANTEED BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY.

 

PRINCIPAL
PAYMENTS ON THIS CERTIFICATE ARE PAYABLE IN INSTALLMENTS AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING CERTIFICATE BALANCE
OF THIS CERTIFICATE AT ANY TIME MAY BE LESS THAN THE INITIAL CERTIFICATE BALANCE SET FORTH BELOW.

 

IN
ADDITION, SUBJECT TO THE CONDITIONS SET FORTH IN THE POOLING AND SERVICING AGREEMENT, THIS CERTIFICATE, TOGETHER WITH THE OTHER
CERTIFICATES IN THE RELATED EXCHANGEABLE GROUP OF CERTIFICATES, MAY BE EXCHANGED FOR ANOTHER EXCHANGEABLE GROUP OF CERTIFICATES,
PURSUANT TO THE PROCEDURES SET FORTH IN THE POOLING AND SERVICING AGREEMENT.

 

TRANSFERS
AND EXCHANGES OF PORTIONS OF THIS CERTIFICATE ARE SUBJECT TO RESTRICTIONS AS PROVIDED IN THE POOLING AND SERVICING AGREEMENT REFERRED
TO BELOW.

 

FOR
U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE REPRESENTS A BENEFICIAL INTEREST IN A “REGULAR INTEREST” IN A “REAL
ESTATE

 

    A-25-2

     

    

 

MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G(a)(1) AND 860D OF THE INTERNAL
REVENUE CODE OF 1986, AS AMENDED.

 

THIS
CERTIFICATE IS INTENDED TO CONSTITUTE PART OF AN “ELIGIBLE VERTICAL INTEREST” (AS DEFINED IN REGULATION RR PROMULGATED
UNDER SECTION 15G OF THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED), AND AS SUCH IS SUBJECT TO VARIOUS PROHIBITIONS ON HEDGING,
TRANSFER AND FINANCING SET FORTH IN REGULATION RR PROMULGATED UNDER SECTION 15G OF THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED.
THE INITIAL INVESTOR IN THIS CERTIFICATE, AND EACH SUBSEQUENT PURCHASER OF THIS CERTIFICATE, BY PURCHASING THIS CERTIFICATE OR
AN INTEREST HEREIN, IS DEEMED TO HAVE AGREED TO COMPLY WITH CERTAIN TRANSFER REQUIREMENTS SET FORTH IN THE POOLING AND SERVICING
AGREEMENT.

 

In
no event shall Certificates representing a Percentage Interest in any Class of Class V1 Certificates be transferred to any Person
(and the Certificate Registrar shall refuse to register any such transfer) unless Certificates representing the exact same Percentage
Interest in each and every other outstanding Class of Class V1 Certificates are simultaneously transferred to the same Person.
Any Holder of Class V1 Certificates shall at all times hold the same Percentage Interest in each and every outstanding Class thereof.

 

SUBJECT
TO THE CONDITIONS SET FORTH IN THE POOLING AND SERVICING AGREEMENT, THIS CERTIFICATE, TOGETHER WITH CERTAIN OTHER EXCHANGEABLE
CERTIFICATES SET FORTH IN THE POOLING AND SERVICING AGREEMENT, MAY BE EXCHANGED FOR THE CLASS V2 CERTIFICATES, PURSUANT TO THE
PROCEDURES SET FORTH IN THE POOLING AND SERVICING AGREEMENT.

 

    A-25-3

     

    

 

BENCHMARK
2018-B1 MORTGAGE TRUST

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES, CLASS V1-A4

 

	Class V1-A4 Pass-Through
    Rate:  N/A.  The Class V1-A4 Certificates will not have a Pass-Through Rate, but will be entitled
    to receive interest on any Distribution Date up to an amount equal to the product of (a) the VRR Interest Percentage, multiplied
    by (b) the VRR Allocation Percentage, multiplied by (c) the aggregate amount of interest distributed to the Class A-1, Class
    A-2, Class A-SB,  Class A-3, Class A-4, Class A-5, Class X-A, Class X-B, Class X-D, Class X-E, Class A-M, Class
    B, Class C, Class D, Class E, Class F-RR and Class G-RR Certificates for such Distribution Date.	 	CUSIP: 08162PBJ94

         

        ISIN: US08162PBJ935

         

	 	 	 
	Original
        Aggregate Certificate Balance of the Class V1-A4 Certificates: $4,847,101

         

        The
        aggregate initial Certificate Balance of the Class V1-A4 Certificates represents the maximum aggregate Certificate Balance
        of the Class V1-A4 Certificates that could be issued (without giving effect to any exchanges for, or any issuance of,
        the Class V1 Certificates).

         
	 	Initial Certificate Balance of this Certificate:  $[_____]
	First Distribution Date: February 16, 2018	 	Cut-off Date:  The close of business
    on the later of the related Due Date of such Mortgage Loan in January 2018 (or, in the case of any Mortgage Loan that has
    its first Due Date subsequent to January 2018, the date that would have been its Due Date in January 2018 under the terms
    of that Mortgage Loan if a Periodic Payment were scheduled to be due in that month) and the date of origination of such Mortgage
    Loan
	 	 	 
	Assumed Final Distribution Date:  January
    2028	 	No.:  V1-A4-[__]

 

This
certifies that [              ] is the registered
owner of a beneficial ownership interest in a Trust Fund, including the distributions to be made with respect to the Class V1-A4

 

 

 

4
For IAI Certificates

5
For IAI Certificates

 

    A-25-4

     

    

 

Certificates. The Trust Fund, described more fully below, consists primarily of a pool of Mortgage Loans secured by first liens
on commercial and multifamily properties and held in trust by the Trustee and serviced by the Master Servicer. The Trust Fund
was created, and the Mortgage Loans are to be serviced, pursuant to the Pooling and Servicing Agreement (as defined below). The
Holder of this Certificate, by virtue of the acceptance hereof, assents to the terms, provisions and conditions of the Pooling
and Servicing Agreement and is bound thereby.

 

The
Pooling and Servicing Agreement, dated as of January 1, 2018 (the “Pooling and Servicing Agreement”), between
the Depositor, Wells Fargo Bank, National Association, as master servicer (in such capacity, the “Master Servicer”),
Midland Loan Services, a Division of PNC Bank, National Association, as special servicer (the “Special Servicer”),
Wilmington Trust, National Association, as trustee (the “Trustee”), Wells Fargo Bank, National Association,
as certificate administrator (in such capacity, the “Certificate Administrator”), custodian and paying agent,
and Park Bridge Lender Services LLC, as operating advisor (in such capacity, the “Operating Advisor”) and asset
representations reviewer (in such capacity, the “Asset Representations Reviewer”) evidences the issuance of
the Class A-1, Class A-2, Class A-3, Class A-SB, Class A-4, Class A-5, Class A-M, Class B, Class C, Class D, Class
E, Class F-RR, Class G-RR, Class X-A, Class X-B, Class X-D, Class X-E, Class S, Class R, Class V2, Class V1-A1,
Class V1-A2, Class V1-A3, Class V1-ASB, Class V1-A4, Class V1-A5, Class V1-AM, Class V1-B, Class V1-C, Class V1-D, Class V1-E,
Class V1-F and Class V1-G Certificates (the “Certificates”; the Holders of Certificates issued under the Pooling
and Servicing Agreement are collectively referred to herein as “Certificateholders”). This Certificate is issued
pursuant to, and in accordance with, the terms of the Pooling and Servicing Agreement. To the extent not defined herein, capitalized
terms used herein shall have the meanings assigned thereto in the Pooling and Servicing Agreement.

 

This
Certificate represents a beneficial interest in a “regular interest” in a “real estate mortgage investment conduit,”
as those terms are defined, respectively, in Sections 860G(a)(1) and 860D of the Internal Revenue Code of 1986, as amended. Each
Holder of this Certificate, by acceptance hereof, agrees to treat, and take no action inconsistent with the treatment of, this
Certificate in accordance with the preceding sentence for purposes of federal income taxes, state and local income and franchise
taxes and other taxes imposed on or measured by income.

 

The
Certificate Administrator makes no representation or warranty as to any of the statements contained herein or the validity or
sufficiency of the Certificates or the Mortgage Loans and has executed this Certificate in its limited capacity as Certificate
Administrator under the Pooling and Servicing Agreement. In the event that there is any conflict between any provision of this
Certificate and any provision of the Pooling and Servicing Agreement, such provision of this Certificate shall be superseded to
the extent of such inconsistency.

 

Pursuant
to the terms of the Pooling and Servicing Agreement, the Certificate Administrator, or the Paying Agent on behalf of
the Certificate Administrator, will distribute (other than the final distribution on any Certificate), on the fourth Business
Day after each Determination Date (each such date, a “Distribution Date”) an amount equal to
such Person’s pro rata share (based on the Percentage Interest represented by this Certificate) of that portion of
the aggregate amount of principal and interest then distributable, if any, allocable to the Class V1-A4
Certificates

 

    A-25-5

     

    

 

for such Distribution Date, all as more fully described in the Pooling
and Servicing Agreement. “Determination Date” is defined in the Pooling and Servicing Agreement as the eleventh day
of each month, or if such eleventh day is not a Business Day, then the next Business Day, commencing in February 2018. Holders
of this Certificate may be entitled to Prepayment Premiums and Yield Maintenance Charges as provided in the Pooling and Servicing
Agreement.

 

During
each Interest Accrual Period (as defined below), interest on the Class V1-A4 Certificates will be calculated based on a 360-day
year consisting of twelve 30-day months on the outstanding Certificate Balance hereof.

 

All
distributions (other than the final distribution on any Certificate) will be made by the Paying Agent to the Persons in whose
names the Certificates are registered at the close of business on each Record Date, which will be the close of business on the
last Business Day of the calendar month immediately preceding the month in which such Distribution Date occurs. Such distributions
shall be made on each Distribution Date other than the Termination Date to each Certificateholder of record on the related Record
Date, (i) by wire transfer of immediately available funds to the account of such Holder at a bank or other entity located in the
United States and having appropriate facilities therefor if such Holder shall have provided the Paying Agent with wire instructions
in writing at least five Business Days prior to the related Record Date (which wiring instructions may be in the form of a standing
order applicable to all subsequent distributions), or (ii) otherwise, by check mailed by first-class mail to the address set forth
therefor in the Certificate Register. The final distribution on each Certificate shall be made in like manner, but only upon presentment
and surrender of such Certificate at the office of the Certificate Administrator or its agent (which may be the Paying Agent or
the Certificate Registrar acting as such agent) that is specified in the notice to Holders of such final distribution.

 

Any
funds not distributed on the Termination Date because of the failure of any Certificateholders to tender their Certificates shall,
on such date, be set aside and held for the benefit of the appropriate non-tendering Certificateholders. If any Certificates as
to which notice of the Termination Date has been given pursuant to the Pooling and Servicing Agreement shall not have been surrendered
for cancellation within six months after the time specified in such notice, the Certificate Administrator shall mail a second
notice to the remaining non-tendering Certificateholders to surrender their Certificates for cancellation to receive the final
distribution with respect thereto. If within one year after the second notice not all of such Certificates shall have been surrendered
for cancellation, the Certificate Administrator may, directly or through an agent, take appropriate steps to contact the remaining
non-tendering Certificateholders concerning surrender of their Certificates. The costs and expenses of holding such funds in trust
and of contacting such Certificateholders shall be paid out of such funds. Subject to applicable state escheatment laws, if within
two years after the second notice any such Certificates shall not have been surrendered for cancellation, the Paying Agent shall
distribute to the Certificate Administrator all amounts distributable to the Holders thereof, and the Certificate Administrator
shall thereafter hold such amounts for the benefit of such Holders until the earlier of (i) its termination as Certificate Administrator
under the Pooling and Servicing Agreement and the transfer of such amounts to a successor Certificate Administrator and (ii) the
termination of the Trust Fund and distribution of such amounts to the Class R Certificateholders. No interest shall accrue or
be payable to any Certificateholder on any amount held under the Pooling and Servicing Agreement or by the Certificate Administrator
as a result of such Certificateholder’s

 

    A-25-6

     

    

 

failure to surrender its Certificate(s) for final payment thereof in accordance
with the Pooling and Servicing Agreement. Any such amounts transferred to the Certificate Administrator may be invested in Permitted
Investments and all income and gain realized from investment of such funds shall accrue for its benefit.

 

This
Certificate is limited in right of payment to, among other things, certain collections and recoveries in respect of the Mortgage
Loans, as more specifically set forth herein and in the Pooling and Servicing Agreement.

 

As
provided in the Pooling and Servicing Agreement, the Trust Fund includes (in each case, to the extent of the Trust Fund’s
interest therein and specifically excluding any interest of any Serviced Companion Loan Noteholder therein): (i) such Mortgage
Loans as from time to time are subject to the Pooling and Servicing Agreement, together with the Mortgage Files relating thereto;
(ii) all scheduled or unscheduled payments on or collections in respect of the Mortgage Loans due after the Cut-off Date; (iii)
the Trust Fund’s interest in any REO Property; (iv) all revenues received in respect of any REO Property; (v) any Assignments
of Leases, Rents and Profits and any security agreements related to the Mortgage Loans; (vi) any indemnities or guaranties given
as additional security for any Mortgage Loans; (vii) a security interest in all assets deposited in the Lock-Box Accounts, Cash
Collateral Accounts, Escrow Accounts, and Reserve Accounts; (viii) the Loss of Value Reserve Fund; (ix) the Collection Account,
the Serviced Whole Loan Collection Accounts, the Distribution Accounts, any Gain-on-Sale Reserve Account, the Interest Reserve
Account, and the Trust’s interest in any REO Account, including any amounts on deposit therein, assets credited thereto
and any reinvestment income, as applicable; (x) a security interest in any environmental indemnity agreements relating to the
Mortgaged Properties; (xi) a security interest in all insurance policies with respect to the Mortgage Loans and the Mortgaged
Properties; (xii) the rights and remedies under the Mortgage Loan Purchase Agreements relating to document delivery requirements
with respect to the Mortgage Loans and the representations and warranties of the related Mortgage Loan Seller regarding its Mortgage
Loans; (xiii) the Lower-Tier Regular Interests; (xiv) the Class VRR Upper-Tier Regular Interests; and (xv) the proceeds of the
foregoing (other than any interest earned on deposits in the Lock-Box Accounts, Cash Collateral Accounts, Escrow Accounts and
any Reserve Accounts, to the extent such interest belongs to the related Borrower). As provided in the Pooling and Servicing Agreement,
withdrawals may be made from certain of the above accounts for purposes other than distributions to Certificateholders.

 

This
Certificate does not purport to summarize the Pooling and Servicing Agreement, and reference is made to the Pooling and Servicing
Agreement for the interests, rights, benefits, obligations and duties evidenced hereby, and the limitations thereon, and the rights,
duties and immunities of the Certificate Administrator.

 

As
provided in the Pooling and Servicing Agreement and subject to certain limitations set forth therein, this Certificate is transferable
or exchangeable only upon surrender of this Certificate to the Certificate Registrar at its offices together with an assignment
and transfer (executed by the Holder or his duly authorized attorney), subject to the requirements in Article V of the Pooling
and Servicing Agreement. Upon surrender for registration of transfer of this Certificate, subject to the requirements in Article
V of the Pooling and Servicing Agreement, the Certificate Administrator shall execute and the Authenticating Agent shall duly
authenticate

 

    A-25-7

     

    

 

in the name of the designated transferee or transferees, one or more new Certificates in authorized denominations
of a like aggregate denomination as the Certificate being surrendered. Such Certificates shall be delivered by the Certificate
Registrar in accordance with Article V of the Pooling and Servicing Agreement.

 

In
no event shall Certificates representing a Percentage Interest in any Class of Class V1 Certificates be transferred to any Person
(and the Certificate Registrar shall refuse to register any such transfer) unless Certificates representing the exact same Percentage
Interest in each and every other outstanding Class of Class V1 Certificates are simultaneously transferred to the same Person.
Any Holder of Class V1 Certificates shall at all times hold the same Percentage Interest in each and every outstanding Class thereof.

 

Prior
to due presentation of this Certificate for registration of transfer, the Depositor, the Master Servicer, the Special Servicer,
the Operating Advisor, the Asset Representations Reviewer, the Certificate Administrator, the Trustee, the Certificate Registrar,
any Paying Agent and any agent of any of them may treat the Person in whose name this Certificate is registered as the owner hereof
for all purposes, and none of the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator, the Trustee,
the Certificate Registrar, any Paying Agent or any agent of any of them shall be affected by notice or knowledge to the contrary.

 

No
fee or service charge shall be imposed by the Certificate Registrar for its services in respect of any registration of transfer
or exchange referred to in Section 5.02 of the Pooling and Servicing Agreement other than for transfers to Institutional Accredited
Investors as provided in Section 5.02(h) of the Pooling and Servicing Agreement. In connection with any transfer to an Institutional
Accredited Investor, the transferor shall reimburse the Trust Fund for any costs (including the cost of the Certificate Registrar’s
counsel’s review of the documents and any legal opinions, submitted by the transferor or transferee to the Certificate Registrar
as provided in the Pooling and Servicing Agreement) incurred by the Certificate Registrar in connection with such transfer. The
Certificate Registrar may require payment by each transferor of a sum sufficient to cover any tax, expense or other governmental
charge payable in connection with any such transfer.

 

The
Pooling and Servicing Agreement or any Custodial Agreement may be amended at any time by the Depositor, the Master Servicer, the
Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the Trustee without
the consent of any of the Certificateholders or any Serviced Companion Loan Noteholders, (i) to cure any ambiguity or to correct
any manifest error; (ii) to cause the provisions of the Pooling and Servicing Agreement or any Custodial Agreement to conform
or be consistent with or in furtherance of the statements made in the Prospectus or Private Placement Memorandum with respect
to the Certificates, the Trust or the Pooling and Servicing Agreement or to correct or supplement any provisions of the Pooling
and Servicing Agreement or any Custodial Agreement which may be defective or inconsistent with any other provisions of the Pooling
and Servicing Agreement or any Custodial Agreement; (iii) to change the timing and/or nature of deposits in the Collection
Account, the Distribution Accounts or any REO Account; provided that (a) the Master Servicer Remittance Date shall in no event
be later than the Business Day prior to the related Distribution Date and (b) such change shall not adversely

 

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affect in any material
respect the interests of any Certificateholder, as evidenced in writing by an Opinion of Counsel at the expense of the party requesting
such amendment or as evidenced by a Rating Agency Confirmation from each Rating Agency with respect to such amendment; (iv) to
modify, eliminate or add to any of its provisions to such extent as shall be necessary to maintain the qualification of any Trust
REMIC as a REMIC or the Grantor Trust as a grantor trust under the relevant provisions of the Code at all times that any Certificate
is outstanding, or to avoid or minimize the risk of imposition of any tax on the Trust Fund or any Trust REMIC or the Grantor
Trust that would be a claim against the Trust Fund or any Trust REMIC or the Grantor Trust; provided that the Trustee and
the Certificate Administrator have received an Opinion of Counsel (at the expense of the party requesting such amendment) to the
effect that (a) such action is necessary or desirable to maintain such qualification or to avoid or minimize the risk of
the imposition of any such tax and (b) such action will not adversely affect in any material respect the interests of any
Certificateholder or Companion Loan Noteholder; (v) to modify, eliminate or add to the provisions any provision of the Pooling
and Servicing Agreement restricting transfer of the Class R Certificates; provided the Depositor has determined that
such change shall not, as evidenced by an Opinion of Counsel, cause the Trust Fund, any Trust REMIC or any of the Certificateholders
(other than the Transferor) to be subject to a federal tax caused by a Transfer to a Person that is a Disqualified Organization
or a Non-U.S. Tax Person; (vi) to revise or add any other provisions with respect to matters or questions arising under the Pooling
and Servicing Agreement or any other change; provided that the required action shall not adversely affect in any material
respect the interests of any Certificateholder or any holder of a Serviced Pari Passu Companion Loan not consenting thereto as
evidenced in writing by an Opinion of Counsel, at the expense of the party requesting such amendment or as evidenced by a Rating
Agency Confirmation from each of the Rating Agencies with respect to such amendment or supplement and confirmation of the applicable
rating agencies that such action will not result in the downgrade, withdrawal or qualification of its then-current ratings of
any securities related to a Companion Loan, if any (provided that such rating agency confirmation may be considered satisfied
in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates); (vii) to amend
or supplement any provision of the Pooling and Servicing Agreement to the extent necessary to maintain the then-current ratings
assigned to each Class of Certificates by each Rating Agency, as evidenced by a Rating Agency Confirmation from each of the Rating
Agencies; provided that such amendment or supplement shall not adversely affect in any material respect the interests of
any Certificateholder not consenting thereto as evidenced by an Opinion of Counsel, or any holder of a Serviced Pari Passu Companion
Loan not consenting to such revision or addition, as evidenced by an Opinion of Counsel at the expense of the party requesting
such amendment or as evidenced by confirmation of the applicable Rating Agencies that such action will not result in the downgrade,
withdrawal or qualification of its then-current ratings of any securities related to a Companion Loan, if any (provided
that such Rating Agency Confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered
satisfied with respect to the Certificates); (viii) to modify the provisions of Section 3.06 and Section 3.17 of
the Pooling and Servicing Agreement (with respect to reimbursement of Nonrecoverable Advances and Workout-Delayed Reimbursement
Amounts) if (a) the Depositor, the Master Servicer, the Trustee and, for so long as a Control Termination Event has not occurred
and is not continuing, the Directing Holder, determine that the commercial mortgage backed securities industry standard for such
provisions has changed, in order to conform to such industry standard, (b) such

 

    A-25-9

     

    

 

modification does not adversely affect the
status of any Trust REMIC as a REMIC or the status of the Grantor Trust as a grantor trust under the relevant provisions of the
Code, as evidenced by an Opinion of Counsel and (c) each Rating Agency has delivered a Rating Agency Confirmation and, with
regard to any class of Serviced Companion Loan Securities, the applicable rating agencies have delivered a confirmation that such
action will not result in the downgrade, withdrawal or qualification of its then-current ratings (provided that such rating
agency confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied
with respect to the Certificates); (ix) to modify the procedures of the Pooling and Servicing Agreement relating to compliance
with Rule 17g-5 of the Exchange Act; provided that such amendment shall not adversely affect in any material respects
the interests of any Certificateholders, as evidenced by (x) an Opinion of Counsel or (y) if any Certificate is then
rated, receipt of Rating Agency Confirmation from each Rating Agency rating such Certificates; and provided, further,
that the Certificate Administrator shall give notice of any such amendment to the 17g-5 Information Provider for posting to the
17g-5 Information Provider’s Website and the Certificate Administrator shall post such notice to the Certificate Administrator’s
Website; (x) to modify, eliminate or add to any provisions of the Pooling and Servicing Agreement to such extent as would be necessary
to comply with the requirements for use of Form SF-3 in registered offerings to the extent provided in CFR 239.45(b)(1)(ii), (iii)
or (iv); and (xi) to modify, eliminate or add to any of its provisions (a) to such extent as will be necessary to comply with
the requirements of the Risk Retention Rule, as evidenced by an Opinion of Counsel, or (b) in the event the Risk Retention Rule
or any other regulation applicable to the risk retention requirements for this securitization transaction are amended or repealed,
to the extent required to comply with any such amendment or to modify or eliminate the risk retention requirements in the event
of such repeal, as evidenced by an Opinion of Counsel.

 

The
Pooling and Servicing Agreement or any Custodial Agreement may also be amended from time to time by the Depositor, the Master
Servicer, the Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the
Trustee with the prior written consent of the Holders of Certificates representing not less than a majority of the Percentage
Interests of each Class of Certificates affected thereby (without regard to Certificates held by the Depositor, any of the Depositor’s
Affiliates and/or agents) and each Serviced Companion Loan Noteholder affected thereby for the purpose of adding any provisions
to or changing in any manner or eliminating any of the provisions of the Pooling and Servicing Agreement or modifying in any manner
the rights of the Certificateholders or the Serviced Companion Loan Noteholders; provided, that no such amendment may:

 

		(i)	reduce
                                         in any manner the amount of, or delay the timing of, payments received on the Mortgage
                                         Loans or Serviced Whole Loan which are required to be distributed on any Certificate,
                                         without the consent of the Holders of Certificates representing all of the Percentage
                                         Interests of the Class or Classes affected thereby or which are required to be distributed
                                         to any Companion Loan Noteholders without the consent of such Companion Loan Noteholders;

 

		(ii)	reduce
                                         the aforesaid percentage of Certificates of any Class the Holders of which are required
                                         to consent to any such amendment or remove the 

 

    A-25-10

     

    

 

	 	 	requirement
                                         to obtain consent of any Companion Loan Noteholder, in any such case without the consent
                                         of the Holders of all Certificates of such Class then-outstanding or such Companion Loan
                                         Noteholder, as applicable;

 

		(iii)	adversely
                                         affect the Voting Rights of any Class of Certificates without the consent of the Holders
                                         of all Certificates of such Class then outstanding;

 

		(iv)	change
                                         in any manner any defined term used in any Mortgage Loan Purchase Agreement or the obligations
                                         of any Mortgage Loan Seller under such Mortgage Loan Purchase Agreement or otherwise
                                         or change any rights of any Mortgage Loan Seller as a third party beneficiary hereunder,
                                         without the consent of such Mortgage Loan Seller; or

 

		(v)	amend
                                         the Servicing Standard without the consent of 100% of the Certificateholders or receipt
                                         of Rating Agency Confirmation from each Rating Agency and confirmation of the applicable
                                         rating agencies that such action will not result in the downgrade, withdrawal or qualification
                                         of its then-current ratings of any securities related to a Companion Loan, if any (provided that such rating agency confirmation may be considered satisfied in the same manner
                                         as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates).

 

Further,
the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations
Reviewer and the Trustee, at any time and from time to time, without the consent of the Certificateholders or, if applicable,
the Serviced Companion Loan Noteholders, may amend the Pooling and Servicing Agreement to modify, eliminate or add to any of its
provisions (i) to such extent as shall be necessary to maintain the qualification of the Lower-Tier REMIC or the Upper-Tier REMIC
as a REMIC or the qualification of the Grantor Trust as a grantor trust, or to prevent the imposition of any additional material
state or local taxes, at all times that any Certificates are outstanding; provided that such action, as evidenced by an
Opinion of Counsel (obtained at the expense of the Trust Fund), is necessary or helpful to maintain such qualification or to prevent
the imposition of any such taxes, and would not adversely affect in any material respect the interest of any Certificateholder
or if applicable, any Serviced Companion Loan Noteholder or (ii) to the extent necessary to comply with the Investment Company
Act of 1940, as amended, the Exchange Act, Regulation AB, and/or any related regulatory actions and/or interpretations.

 

The
Certificateholder owning a majority of the Percentage Interest in the Controlling Class and, if no such Certificateholder
exercises such option, the Special Servicer, and if the Special Servicer does not exercise such option, the Master Servicer may
effect an early termination of the Trust Fund, upon not less than 30 days’ prior Notice of Termination given to the Trustee,
the Special Servicer and the Master Servicer any time specifying the Anticipated Termination Date, which shall be on or after
the Early Termination Notice Date (defined as any date as of which the aggregate Stated Principal Balance of the Mortgage Loans
remaining in the Trust is less than 1.0% of the aggregate Stated Principal Balance of the Mortgage Loans as of the Cut-off Date)
by purchasing on such date all, but not less than all, of the Mortgage Loans then

 

    A-25-11

     

    

 

included in the Trust Fund, and the Trust’s
interest in all property acquired in respect of any Mortgage Loan, at a purchase price, payable in cash, equal to the sum of,
without duplication:

 

		(A)	100%
                                         of the Stated Principal Balance of each Mortgage Loan included in the Trust as of the
                                         last day of the month preceding such Anticipated Termination Date (less any P&I Advances
                                         previously made on account of principal);

 

		(B)	the
                                         fair market value of all other property included in the Trust Fund as of the last day
                                         of the month preceding such Anticipated Termination Date, as determined by an Independent
                                         appraiser acceptable to the Master Servicer as of a date not more than 30 days prior
                                         to the last day of the month preceding such Distribution Date;

 

		(C)	all
                                         unpaid interest accrued on the unpaid balance of each Mortgage Loan (including any Mortgage
                                         Loan as to which title to the related Mortgaged Property has been acquired) at the Mortgage
                                         Rate to the last day of the month preceding such Anticipated Termination Date (less any
                                         P&I Advances previously made on account of interest); and

 

		(D)	the
                                         aggregate amount of unreimbursed Advances, with interest thereon at the Reimbursement
                                         Rate, and unpaid Servicing Compensation, Special Servicing Compensation, Operating Advisor
                                         Fees, Certificate Administrator/Trustee Fees, the CREFC® Intellectual
                                         Property Royalty License Fees and Trust Fund expenses.

 

In
addition, the Pooling and Servicing Agreement provides that following the date on which the Class X-A Notional Amount, the
Class X-B Notional Amount, the Class X-D Notional Amount and the aggregate Certificate Balance
of the Class A-1, Class A-2, Class A-3, Class A-SB, Class A-4, Class A-5, Class A-M, Class B, Class C and Class D Certificates
is reduced to zero, the Sole Certificateholder shall have the right to exchange all of the then-outstanding Certificates (other
than the Class S or Class R Certificates) for all of the Mortgage Loans and each REO Property remaining in the Trust Fund
as contemplated by clause (ii) of Section 9.01(a) of the Pooling and Servicing Agreement by giving written notice to
all the parties to the Pooling and Servicing Agreement no later than 60 days prior to the anticipated date of exchange.

 

All
costs and expenses incurred by any and all parties to the Pooling and Servicing Agreement or by the Trust Fund in connection with
the purchase of the Mortgage Loans and the other assets of the Trust Fund pursuant to Section 9.01(c) of the Pooling and
Servicing Agreement shall be borne by the party exercising its purchase rights thereunder. The Trustee and the Certificate Administrator
shall be entitled to rely conclusively on any determination made by an Independent appraiser pursuant to Section 9.01(c)
of the Pooling and Servicing Agreement.

 

    A-25-12

     

    

 

The
respective obligations and responsibilities of the Master Servicer, the Special Servicer, the Depositor, the Certificate Administrator,
the Operating Advisor, the Asset Representations Reviewer and the Trustee created by the Pooling and Servicing Agreement with
respect to the Certificates (other than the obligations of the Certificate Administrator to make certain payments and to send
certain notices to Certificateholders as set forth in the Pooling and Servicing Agreement) shall terminate upon payment (or provision
for payment) to the Certificateholders and the Serviced Companion Loan Noteholders of all amounts held by or on behalf of the
Trustee, the Certificate Administrator and the Master Servicer, as the case may be, required under the Pooling and Servicing Agreement
to be so paid on the Distribution Date following the earlier to occur of (i) the purchase of the Mortgage Loans and all other
property held by the Trust Fund in accordance with Section 9.01(c) of the Pooling and Servicing Agreement; (ii) the exchange by
the Sole Certificateholder of its Certificates for the Mortgage Loans in accordance with Section 9.01(g) of the Pooling and Servicing
Agreement; and (iii) the later of (a) the receipt or collection of the last payment due on any Mortgage Loan included
in the Trust Fund, or (b) the liquidation and disposition pursuant to the Pooling and Servicing Agreement of the last asset
held by the Trust Fund; provided that in no event shall the trust created by the Pooling and Servicing Agreement continue
beyond the expiration of 21 years from the death of the last survivor of the descendants of Joseph P. Kennedy, the late Ambassador
of the United States to the United Kingdom, living on the date hereof.

 

Unless
the Certificate of Authentication on this Certificate has been executed by the Authenticating Agent, by manual signature, this
Certificate shall not be entitled to any benefit under the Pooling and Servicing Agreement or be valid for any purpose.

 

    A-25-13

     

    

 

IN
WITNESS WHEREOF, the Certificate Administrator has caused this Class V1-A4 Certificate to be duly executed.

 

Dated:
January 31, 2018

	 	 	 
	 	WELLS FARGO BANK, NATIONAL ASSOCIATION, not
    in its individual capacity but solely as Certificate Administrator
	 	 	 
	 	By: 	 
	 	 	Authorized Signatory

 

Certificate
of Authentication

 

This
is one of the Class V1-A4 Certificates referred to in the Pooling and Servicing Agreement.

 

Dated:
January 31, 2018

	 	 	 
	 	WELLS FARGO BANK, NATIONAL ASSOCIATION, not
    in its individual capacity but solely as Authenticating Agent
	 	 	 
	 	By: 	 
	 	 	Authorized Signatory

 

    A-25-14

     

    

 

EXHIBIT
A-26

 

FORM
OF CLASS V1-A5 [RULE 144A]1 [REG S]2 CERTIFICATE

 

[UNLESS
THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”),
TO THE CERTIFICATE REGISTRAR FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE
NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO
CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER
USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS
AN INTEREST HEREIN.]3

 

THIS
CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED OR QUALIFIED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”), OR ANY STATE OR FOREIGN SECURITIES LAW. THE HOLDER HEREOF, BY PURCHASING THIS CERTIFICATE, AGREES THAT THIS CERTIFICATE
MAY BE REOFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY IN COMPLIANCE WITH THE SECURITIES ACT AND OTHER APPLICABLE LAWS,
AND ONLY (A)(1) PURSUANT TO A REGISTRATION STATEMENT WHICH HAS BEEN DECLARED EFFECTIVE UNDER THE SECURITIES ACT, (2) FOR SO LONG
AS THIS CERTIFICATE IS ELIGIBLE FOR RESALE PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”), TO
AN INSTITUTIONAL INVESTOR THAT THE HOLDER REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” WITHIN THE MEANING
OF RULE 144A (“QUALIFIED INSTITUTIONAL BUYER”), PURCHASING FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF ANOTHER
QUALIFIED INSTITUTIONAL BUYER, WHOM THE HOLDER HAS INFORMED, IN EACH CASE, THAT THE REOFFER, RESALE, PLEDGE OR OTHER TRANSFER
IS BEING MADE IN RELIANCE ON RULE 144A, (3) TO AN INSTITUTIONAL “ACCREDITED INVESTOR,” WITHIN THE MEANING OF RULE
501(a)(1), (2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT OR ANY ENTITY IN WHICH ALL OF THE EQUITY OWNERS ARE SUCH ACCREDITED
INVESTORS, OR (4) TO INSTITUTIONS THAT ARE A NON-“U.S. PERSON” IN AN “OFFSHORE TRANSACTION,” AS SUCH TERMS
ARE DEFINED IN, AND IN ACCORDANCE WITH RULE 903 OR RULE 904 OF, REGULATION S UNDER THE SECURITIES ACT, AND (B) IN ACCORDANCE WITH
ANY OTHER APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR ANY OTHER APPLICABLE JURISDICTION.

 

 

 

1
                                         For Rule 144A Global Certificates only.

2
For Reg S Global Certificates only.

3
Legend required as long as DTC is the Depository under the Pooling and Servicing Agreement.

 

    A-26-1

     

    

 

THE
INITIAL INVESTOR IN THIS CERTIFICATE, AND EACH SUBSEQUENT PURCHASER OF THIS CERTIFICATE, BY PURCHASING THIS CERTIFICATE OR AN
INTEREST HEREIN, IS DEEMED TO HAVE AGREED TO COMPLY WITH CERTAIN TRANSFER REQUIREMENTS SET FORTH IN THE POOLING AND SERVICING
AGREEMENT.  A TRANSFEREE IS ALSO REQUIRED TO DELIVER AN INVESTMENT REPRESENTATION LETTER SUBSTANTIALLY IN THE FORM OF EXHIBIT
D-1 TO THE POOLING AND SERVICING AGREEMENT IF SUCH TRANSFEREE IS A QUALIFIED INSTITUTIONAL BUYER OR (OTHER THAN WITH RESPECT TO
A RESIDUAL CERTIFICATE) AN INSTITUTIONAL ACCREDITED INVESTOR, AND MAY ALSO BE REQUIRED TO DELIVER AN OPINION OF COUNSEL IF SUCH
TRANSFEREE IS NOT A QUALIFIED INSTITUTIONAL BUYER WITHIN THE MEANING OF RULE 144A.

 

ANY
HOLDER DESIRING TO EFFECT A TRANSFER OF THIS CERTIFICATE SHALL, AND DOES HEREBY AGREE TO, INDEMNIFY THE CERTIFICATE REGISTRAR,
THE CERTIFICATE ADMINISTRATOR, THE TRUSTEE, THE MASTER SERVICER AND THE DEPOSITOR AGAINST ANY LOSS, LIABILITY OR EXPENSE THAT
MAY RESULT IF THE TRANSFER IS NOT EXEMPT FROM THE SECURITIES ACT OR IS NOT MADE IN ACCORDANCE WITH FEDERAL AND STATE LAWS.

 

THIS
CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN THE DEPOSITOR, THE ORIGINATOR, THE MASTER SERVICER, THE SPECIAL
SERVICER, THE CERTIFICATE ADMINISTRATOR, THE CERTIFICATE REGISTRAR, THE OPERATING ADVISOR, THE ASSET REPRESENTATIONS REVIEWER,
THE RISK RETENTION CONSULTATION PARTY, THE TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THE CERTIFICATES NOR THE UNDERLYING
MORTGAGE LOANS ARE INSURED OR GUARANTEED BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY.

 

PRINCIPAL
PAYMENTS ON THIS CERTIFICATE ARE PAYABLE IN INSTALLMENTS AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING CERTIFICATE BALANCE
OF THIS CERTIFICATE AT ANY TIME MAY BE LESS THAN THE INITIAL CERTIFICATE BALANCE SET FORTH BELOW.

 

IN
ADDITION, SUBJECT TO THE CONDITIONS SET FORTH IN THE POOLING AND SERVICING AGREEMENT, THIS CERTIFICATE, TOGETHER WITH THE OTHER
CERTIFICATES IN THE RELATED EXCHANGEABLE GROUP OF CERTIFICATES, MAY BE EXCHANGED FOR ANOTHER EXCHANGEABLE GROUP OF CERTIFICATES,
PURSUANT TO THE PROCEDURES SET FORTH IN THE POOLING AND SERVICING AGREEMENT.

 

TRANSFERS
AND EXCHANGES OF PORTIONS OF THIS CERTIFICATE ARE SUBJECT TO RESTRICTIONS AS PROVIDED IN THE POOLING AND SERVICING AGREEMENT REFERRED
TO BELOW.

 

FOR
U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE REPRESENTS A BENEFICIAL INTEREST IN A “REGULAR INTEREST” IN A “REAL
ESTATE

 

    A-26-2

     

    

 

MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G(a)(1) AND 860D OF THE INTERNAL
REVENUE CODE OF 1986, AS AMENDED.

 

THIS
CERTIFICATE IS INTENDED TO CONSTITUTE PART OF AN “ELIGIBLE VERTICAL INTEREST” (AS DEFINED IN REGULATION RR PROMULGATED
UNDER SECTION 15G OF THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED), AND AS SUCH IS SUBJECT TO VARIOUS PROHIBITIONS ON HEDGING,
TRANSFER AND FINANCING SET FORTH IN REGULATION RR PROMULGATED UNDER SECTION 15G OF THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED.
THE INITIAL INVESTOR IN THIS CERTIFICATE, AND EACH SUBSEQUENT PURCHASER OF THIS CERTIFICATE, BY PURCHASING THIS CERTIFICATE OR
AN INTEREST HEREIN, IS DEEMED TO HAVE AGREED TO COMPLY WITH CERTAIN TRANSFER REQUIREMENTS SET FORTH IN THE POOLING AND SERVICING
AGREEMENT.

 

In
no event shall Certificates representing a Percentage Interest in any Class of Class V1 Certificates be transferred to any Person
(and the Certificate Registrar shall refuse to register any such transfer) unless Certificates representing the exact same Percentage
Interest in each and every other outstanding Class of Class V1 Certificates are simultaneously transferred to the same Person.
Any Holder of Class V1 Certificates shall at all times hold the same Percentage Interest in each and every outstanding Class thereof.

 

SUBJECT
TO THE CONDITIONS SET FORTH IN THE POOLING AND SERVICING AGREEMENT, THIS CERTIFICATE, TOGETHER WITH CERTAIN OTHER EXCHANGEABLE
CERTIFICATES SET FORTH IN THE POOLING AND SERVICING AGREEMENT, MAY BE EXCHANGED FOR THE CLASS V2 CERTIFICATES, PURSUANT TO THE
PROCEDURES SET FORTH IN THE POOLING AND SERVICING AGREEMENT.

 

    A-26-3

     

    

 

BENCHMARK
2018-B1 MORTGAGE TRUST

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES, CLASS V1-A5

 

	Class V1-A5 Pass-Through
    Rate:  N/A.  The Class V1-A5 Certificates will not have a Pass-Through Rate, but will be entitled
    to receive interest on any Distribution Date up to an amount equal to the product of (a) the VRR Interest Percentage, multiplied
    by (b) the VRR Allocation Percentage, multiplied by (c) the aggregate amount of interest distributed to the Class A-1, Class
    A-2, Class A-SB,  Class A-3, Class A-4, Class A-5, Class X-A, Class X-B, Class X-D, Class X-E, Class A-M, Class
    B, Class C, Class D, Class E, Class F-RR and Class G-RR Certificates for such Distribution Date.	 	CUSIP: 08162PBK64

         

        ISIN: US08162PBK665

         

	 	 	 
	Original
        Aggregate Certificate Balance of the Class V1-A5 Certificates: $13,899,043

         

        The
        aggregate initial Certificate Balance of the Class V1-A5 Certificates represents the maximum aggregate Certificate Balance
        of the Class V1-A5 Certificates that could be issued (without giving effect to any exchanges for, or any issuance of,
        the Class V1 Certificates).

         
	 	Initial Certificate Balance of this Certificate:  $[_____]
	First Distribution Date: February 16, 2018	 	Cut-off Date:  The close of business
    on the later of the related Due Date of such Mortgage Loan in January 2018 (or, in the case of any Mortgage Loan that has
    its first Due Date subsequent to January 2018, the date that would have been its Due Date in January 2018 under the terms
    of that Mortgage Loan if a Periodic Payment were scheduled to be due in that month) and the date of origination of such Mortgage
    Loan
	 	 	 
	Assumed Final Distribution Date:  January
    2028	 	No.:  V1-A5-[__]

 

This
certifies that [              ] is the registered
owner of a beneficial ownership interest in a Trust Fund, including the distributions to be made with respect to the Class V1-A5

 

 

 

4
                                         For IAI Certificates

5
For IAI Certificates

 

    A-26-4

     

    

 

Certificates. The Trust Fund, described more fully below, consists primarily of a pool of Mortgage Loans secured by first liens
on commercial and multifamily properties and held in trust by the Trustee and serviced by the Master Servicer. The Trust Fund
was created, and the Mortgage Loans are to be serviced, pursuant to the Pooling and Servicing Agreement (as defined below). The
Holder of this Certificate, by virtue of the acceptance hereof, assents to the terms, provisions and conditions of the Pooling
and Servicing Agreement and is bound thereby.

 

The
Pooling and Servicing Agreement, dated as of January 1, 2018 (the “Pooling and Servicing Agreement”), between
the Depositor, Wells Fargo Bank, National Association, as master servicer (in such capacity, the “Master Servicer”),
Midland Loan Services, a Division of PNC Bank, National Association, as special servicer (the “Special Servicer”),
Wilmington Trust, National Association, as trustee (the “Trustee”), Wells Fargo Bank, National Association,
as certificate administrator (in such capacity, the “Certificate Administrator”), custodian and paying agent,
and Park Bridge Lender Services LLC, as operating advisor (in such capacity, the “Operating Advisor”) and asset
representations reviewer (in such capacity, the “Asset Representations Reviewer”) evidences the issuance of
the Class A-1, Class A-2, Class A-3, Class A-SB, Class A-4, Class A-5, Class A-M, Class B, Class C, Class D, Class
E, Class F-RR, Class G-RR, Class X-A, Class X-B, Class X-D, Class X-E, Class S, Class R, Class V2, Class V1-A1,
Class V1-A2, Class V1-A3, Class V1-ASB, Class V1-A4, Class V1-A5, Class V1-AM, Class V1-B, Class V1-C, Class V1-D, Class V1-E,
Class V1-F and Class V1-G Certificates (the “Certificates”; the Holders of Certificates issued under the Pooling
and Servicing Agreement are collectively referred to herein as “Certificateholders”). This Certificate is issued
pursuant to, and in accordance with, the terms of the Pooling and Servicing Agreement. To the extent not defined herein, capitalized
terms used herein shall have the meanings assigned thereto in the Pooling and Servicing Agreement.

 

This
Certificate represents a beneficial interest in a “regular interest” in a “real estate mortgage investment conduit,”
as those terms are defined, respectively, in Sections 860G(a)(1) and 860D of the Internal Revenue Code of 1986, as amended. Each
Holder of this Certificate, by acceptance hereof, agrees to treat, and take no action inconsistent with the treatment of, this
Certificate in accordance with the preceding sentence for purposes of federal income taxes, state and local income and franchise
taxes and other taxes imposed on or measured by income.

 

The
Certificate Administrator makes no representation or warranty as to any of the statements contained herein or the validity or
sufficiency of the Certificates or the Mortgage Loans and has executed this Certificate in its limited capacity as Certificate
Administrator under the Pooling and Servicing Agreement. In the event that there is any conflict between any provision of this
Certificate and any provision of the Pooling and Servicing Agreement, such provision of this Certificate shall be superseded to
the extent of such inconsistency.

 

Pursuant
to the terms of the Pooling and Servicing Agreement, the Certificate Administrator, or the Paying Agent on behalf of
the Certificate Administrator, will distribute (other than the final distribution on any Certificate), on the fourth Business
Day after each Determination Date (each such date, a “Distribution Date”) an amount equal to
such Person’s pro rata share (based on the Percentage Interest represented by this Certificate) of that portion of
the aggregate amount of principal and interest then distributable, if any, allocable to the Class V1-A5
Certificates

 

    A-26-5

     

    

 

for such Distribution Date, all as more fully described in the Pooling
and Servicing Agreement. “Determination Date” is defined in the Pooling and Servicing Agreement as the eleventh day
of each month, or if such eleventh day is not a Business Day, then the next Business Day, commencing in February 2018. Holders
of this Certificate may be entitled to Prepayment Premiums and Yield Maintenance Charges as provided in the Pooling and Servicing
Agreement.

 

During
each Interest Accrual Period (as defined below), interest on the Class V1-A5 Certificates will be calculated based on a 360-day
year consisting of twelve 30-day months on the outstanding Certificate Balance hereof.

 

All
distributions (other than the final distribution on any Certificate) will be made by the Paying Agent to the Persons in whose
names the Certificates are registered at the close of business on each Record Date, which will be the close of business on the
last Business Day of the calendar month immediately preceding the month in which such Distribution Date occurs. Such distributions
shall be made on each Distribution Date other than the Termination Date to each Certificateholder of record on the related Record
Date, (i) by wire transfer of immediately available funds to the account of such Holder at a bank or other entity located in the
United States and having appropriate facilities therefor if such Holder shall have provided the Paying Agent with wire instructions
in writing at least five Business Days prior to the related Record Date (which wiring instructions may be in the form of a standing
order applicable to all subsequent distributions), or (ii) otherwise, by check mailed by first-class mail to the address set forth
therefor in the Certificate Register. The final distribution on each Certificate shall be made in like manner, but only upon presentment
and surrender of such Certificate at the office of the Certificate Administrator or its agent (which may be the Paying Agent or
the Certificate Registrar acting as such agent) that is specified in the notice to Holders of such final distribution.

 

Any
funds not distributed on the Termination Date because of the failure of any Certificateholders to tender their Certificates shall,
on such date, be set aside and held for the benefit of the appropriate non-tendering Certificateholders. If any Certificates as
to which notice of the Termination Date has been given pursuant to the Pooling and Servicing Agreement shall not have been surrendered
for cancellation within six months after the time specified in such notice, the Certificate Administrator shall mail a second
notice to the remaining non-tendering Certificateholders to surrender their Certificates for cancellation to receive the final
distribution with respect thereto. If within one year after the second notice not all of such Certificates shall have been surrendered
for cancellation, the Certificate Administrator may, directly or through an agent, take appropriate steps to contact the remaining
non-tendering Certificateholders concerning surrender of their Certificates. The costs and expenses of holding such funds in trust
and of contacting such Certificateholders shall be paid out of such funds. Subject to applicable state escheatment laws, if within
two years after the second notice any such Certificates shall not have been surrendered for cancellation, the Paying Agent shall
distribute to the Certificate Administrator all amounts distributable to the Holders thereof, and the Certificate Administrator
shall thereafter hold such amounts for the benefit of such Holders until the earlier of (i) its termination as Certificate Administrator
under the Pooling and Servicing Agreement and the transfer of such amounts to a successor Certificate Administrator and (ii) the
termination of the Trust Fund and distribution of such amounts to the Class R Certificateholders. No interest shall accrue or
be payable to any Certificateholder on any amount held under the Pooling and Servicing Agreement or by the Certificate Administrator
as a result of such Certificateholder’s

 

    A-26-6

     

    

 

failure to surrender its Certificate(s) for final payment thereof in accordance
with the Pooling and Servicing Agreement. Any such amounts transferred to the Certificate Administrator may be invested in Permitted
Investments and all income and gain realized from investment of such funds shall accrue for its benefit.

 

This
Certificate is limited in right of payment to, among other things, certain collections and recoveries in respect of the Mortgage
Loans, as more specifically set forth herein and in the Pooling and Servicing Agreement.

 

As
provided in the Pooling and Servicing Agreement, the Trust Fund includes (in each case, to the extent of the Trust Fund’s
interest therein and specifically excluding any interest of any Serviced Companion Loan Noteholder therein): (i) such Mortgage
Loans as from time to time are subject to the Pooling and Servicing Agreement, together with the Mortgage Files relating thereto;
(ii) all scheduled or unscheduled payments on or collections in respect of the Mortgage Loans due after the Cut-off Date; (iii)
the Trust Fund’s interest in any REO Property; (iv) all revenues received in respect of any REO Property; (v) any Assignments
of Leases, Rents and Profits and any security agreements related to the Mortgage Loans; (vi) any indemnities or guaranties given
as additional security for any Mortgage Loans; (vii) a security interest in all assets deposited in the Lock-Box Accounts, Cash
Collateral Accounts, Escrow Accounts, and Reserve Accounts; (viii) the Loss of Value Reserve Fund; (ix) the Collection Account,
the Serviced Whole Loan Collection Accounts, the Distribution Accounts, any Gain-on-Sale Reserve Account, the Interest Reserve
Account, and the Trust’s interest in any REO Account, including any amounts on deposit therein, assets credited thereto
and any reinvestment income, as applicable; (x) a security interest in any environmental indemnity agreements relating to the
Mortgaged Properties; (xi) a security interest in all insurance policies with respect to the Mortgage Loans and the Mortgaged
Properties; (xii) the rights and remedies under the Mortgage Loan Purchase Agreements relating to document delivery requirements
with respect to the Mortgage Loans and the representations and warranties of the related Mortgage Loan Seller regarding its Mortgage
Loans; (xiii) the Lower-Tier Regular Interests; (xiv) the Class VRR Upper-Tier Regular Interests; and (xv) the proceeds of the
foregoing (other than any interest earned on deposits in the Lock-Box Accounts, Cash Collateral Accounts, Escrow Accounts and
any Reserve Accounts, to the extent such interest belongs to the related Borrower). As provided in the Pooling and Servicing Agreement,
withdrawals may be made from certain of the above accounts for purposes other than distributions to Certificateholders.

 

This
Certificate does not purport to summarize the Pooling and Servicing Agreement, and reference is made to the Pooling and Servicing
Agreement for the interests, rights, benefits, obligations and duties evidenced hereby, and the limitations thereon, and the rights,
duties and immunities of the Certificate Administrator.

 

As
provided in the Pooling and Servicing Agreement and subject to certain limitations set forth therein, this Certificate is transferable
or exchangeable only upon surrender of this Certificate to the Certificate Registrar at its offices together with an assignment
and transfer (executed by the Holder or his duly authorized attorney), subject to the requirements in Article V of the Pooling
and Servicing Agreement. Upon surrender for registration of transfer of this Certificate, subject to the requirements in Article
V of the Pooling and Servicing Agreement, the Certificate Administrator shall execute and the Authenticating Agent shall duly
authenticate

 

    A-26-7

     

    

 

in the name of the designated transferee or transferees, one or more new Certificates in authorized denominations
of a like aggregate denomination as the Certificate being surrendered. Such Certificates shall be delivered by the Certificate
Registrar in accordance with Article V of the Pooling and Servicing Agreement.

 

In
no event shall Certificates representing a Percentage Interest in any Class of Class V1 Certificates be transferred to any Person
(and the Certificate Registrar shall refuse to register any such transfer) unless Certificates representing the exact same Percentage
Interest in each and every other outstanding Class of Class V1 Certificates are simultaneously transferred to the same Person.
Any Holder of Class V1 Certificates shall at all times hold the same Percentage Interest in each and every outstanding Class thereof.

 

Prior
to due presentation of this Certificate for registration of transfer, the Depositor, the Master Servicer, the Special Servicer,
the Operating Advisor, the Asset Representations Reviewer, the Certificate Administrator, the Trustee, the Certificate Registrar,
any Paying Agent and any agent of any of them may treat the Person in whose name this Certificate is registered as the owner hereof
for all purposes, and none of the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator, the Trustee,
the Certificate Registrar, any Paying Agent or any agent of any of them shall be affected by notice or knowledge to the contrary.

 

No
fee or service charge shall be imposed by the Certificate Registrar for its services in respect of any registration of transfer
or exchange referred to in Section 5.02 of the Pooling and Servicing Agreement other than for transfers to Institutional Accredited
Investors as provided in Section 5.02(h) of the Pooling and Servicing Agreement. In connection with any transfer to an Institutional
Accredited Investor, the transferor shall reimburse the Trust Fund for any costs (including the cost of the Certificate Registrar’s
counsel’s review of the documents and any legal opinions, submitted by the transferor or transferee to the Certificate Registrar
as provided in the Pooling and Servicing Agreement) incurred by the Certificate Registrar in connection with such transfer. The
Certificate Registrar may require payment by each transferor of a sum sufficient to cover any tax, expense or other governmental
charge payable in connection with any such transfer.

 

The
Pooling and Servicing Agreement or any Custodial Agreement may be amended at any time by the Depositor, the Master Servicer, the
Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the Trustee without
the consent of any of the Certificateholders or any Serviced Companion Loan Noteholders, (i) to cure any ambiguity or to correct
any manifest error; (ii) to cause the provisions of the Pooling and Servicing Agreement or any Custodial Agreement to conform
or be consistent with or in furtherance of the statements made in the Prospectus or Private Placement Memorandum with respect
to the Certificates, the Trust or the Pooling and Servicing Agreement or to correct or supplement any provisions of the Pooling
and Servicing Agreement or any Custodial Agreement which may be defective or inconsistent with any other provisions of the Pooling
and Servicing Agreement or any Custodial Agreement; (iii) to change the timing and/or nature of deposits in the Collection
Account, the Distribution Accounts or any REO Account; provided that (a) the Master Servicer Remittance Date shall in no event
be later than the Business Day prior to the related Distribution Date and (b) such change shall not adversely

 

    A-26-8

     

    

 

affect in any material
respect the interests of any Certificateholder, as evidenced in writing by an Opinion of Counsel at the expense of the party requesting
such amendment or as evidenced by a Rating Agency Confirmation from each Rating Agency with respect to such amendment; (iv) to
modify, eliminate or add to any of its provisions to such extent as shall be necessary to maintain the qualification of any Trust
REMIC as a REMIC or the Grantor Trust as a grantor trust under the relevant provisions of the Code at all times that any Certificate
is outstanding, or to avoid or minimize the risk of imposition of any tax on the Trust Fund or any Trust REMIC or the Grantor
Trust that would be a claim against the Trust Fund or any Trust REMIC or the Grantor Trust; provided that the Trustee and
the Certificate Administrator have received an Opinion of Counsel (at the expense of the party requesting such amendment) to the
effect that (a) such action is necessary or desirable to maintain such qualification or to avoid or minimize the risk of
the imposition of any such tax and (b) such action will not adversely affect in any material respect the interests of any
Certificateholder or Companion Loan Noteholder; (v) to modify, eliminate or add to the provisions any provision of the Pooling
and Servicing Agreement restricting transfer of the Class R Certificates; provided the Depositor has determined that
such change shall not, as evidenced by an Opinion of Counsel, cause the Trust Fund, any Trust REMIC or any of the Certificateholders
(other than the Transferor) to be subject to a federal tax caused by a Transfer to a Person that is a Disqualified Organization
or a Non-U.S. Tax Person; (vi) to revise or add any other provisions with respect to matters or questions arising under the Pooling
and Servicing Agreement or any other change; provided that the required action shall not adversely affect in any material
respect the interests of any Certificateholder or any holder of a Serviced Pari Passu Companion Loan not consenting thereto as
evidenced in writing by an Opinion of Counsel, at the expense of the party requesting such amendment or as evidenced by a Rating
Agency Confirmation from each of the Rating Agencies with respect to such amendment or supplement and confirmation of the applicable
rating agencies that such action will not result in the downgrade, withdrawal or qualification of its then-current ratings of
any securities related to a Companion Loan, if any (provided that such rating agency confirmation may be considered satisfied
in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates); (vii) to amend
or supplement any provision of the Pooling and Servicing Agreement to the extent necessary to maintain the then-current ratings
assigned to each Class of Certificates by each Rating Agency, as evidenced by a Rating Agency Confirmation from each of the Rating
Agencies; provided that such amendment or supplement shall not adversely affect in any material respect the interests of
any Certificateholder not consenting thereto as evidenced by an Opinion of Counsel, or any holder of a Serviced Pari Passu Companion
Loan not consenting to such revision or addition, as evidenced by an Opinion of Counsel at the expense of the party requesting
such amendment or as evidenced by confirmation of the applicable Rating Agencies that such action will not result in the downgrade,
withdrawal or qualification of its then-current ratings of any securities related to a Companion Loan, if any (provided
that such Rating Agency Confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered
satisfied with respect to the Certificates); (viii) to modify the provisions of Section 3.06 and Section 3.17 of
the Pooling and Servicing Agreement (with respect to reimbursement of Nonrecoverable Advances and Workout-Delayed Reimbursement
Amounts) if (a) the Depositor, the Master Servicer, the Trustee and, for so long as a Control Termination Event has not occurred
and is not continuing, the Directing Holder, determine that the commercial mortgage backed securities industry standard for such
provisions has changed, in order to conform to such industry standard, (b) such

 

    A-26-9

     

    

 

modification does not adversely affect the
status of any Trust REMIC as a REMIC or the status of the Grantor Trust as a grantor trust under the relevant provisions of the
Code, as evidenced by an Opinion of Counsel and (c) each Rating Agency has delivered a Rating Agency Confirmation and, with
regard to any class of Serviced Companion Loan Securities, the applicable rating agencies have delivered a confirmation that such
action will not result in the downgrade, withdrawal or qualification of its then-current ratings (provided that such rating
agency confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied
with respect to the Certificates); (ix) to modify the procedures of the Pooling and Servicing Agreement relating to compliance
with Rule 17g-5 of the Exchange Act; provided that such amendment shall not adversely affect in any material respects
the interests of any Certificateholders, as evidenced by (x) an Opinion of Counsel or (y) if any Certificate is then
rated, receipt of Rating Agency Confirmation from each Rating Agency rating such Certificates; and provided, further,
that the Certificate Administrator shall give notice of any such amendment to the 17g-5 Information Provider for posting to the
17g-5 Information Provider’s Website and the Certificate Administrator shall post such notice to the Certificate Administrator’s
Website; (x) to modify, eliminate or add to any provisions of the Pooling and Servicing Agreement to such extent as would be necessary
to comply with the requirements for use of Form SF-3 in registered offerings to the extent provided in CFR 239.45(b)(1)(ii), (iii)
or (iv); and (xi) to modify, eliminate or add to any of its provisions (a) to such extent as will be necessary to comply with
the requirements of the Risk Retention Rule, as evidenced by an Opinion of Counsel, or (b) in the event the Risk Retention Rule
or any other regulation applicable to the risk retention requirements for this securitization transaction are amended or repealed,
to the extent required to comply with any such amendment or to modify or eliminate the risk retention requirements in the event
of such repeal, as evidenced by an Opinion of Counsel.

 

The
Pooling and Servicing Agreement or any Custodial Agreement may also be amended from time to time by the Depositor, the Master
Servicer, the Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the
Trustee with the prior written consent of the Holders of Certificates representing not less than a majority of the Percentage
Interests of each Class of Certificates affected thereby (without regard to Certificates held by the Depositor, any of the Depositor’s
Affiliates and/or agents) and each Serviced Companion Loan Noteholder affected thereby for the purpose of adding any provisions
to or changing in any manner or eliminating any of the provisions of the Pooling and Servicing Agreement or modifying in any manner
the rights of the Certificateholders or the Serviced Companion Loan Noteholders; provided, that no such amendment may:

 

		(i)	reduce
                                         in any manner the amount of, or delay the timing of, payments received on the Mortgage
                                         Loans or Serviced Whole Loan which are required to be distributed on any Certificate,
                                         without the consent of the Holders of Certificates representing all of the Percentage
                                         Interests of the Class or Classes affected thereby or which are required to be distributed
                                         to any Companion Loan Noteholders without the consent of such Companion Loan Noteholders;

 

		(ii)	reduce
                                         the aforesaid percentage of Certificates of any Class the Holders of which are required
                                         to consent to any such amendment or remove the 

 

    A-26-10

     

    

 

	 	 	requirement to obtain consent of any Companion
                                         Loan Noteholder, in any such case without the consent of the Holders of all Certificates
                                         of such Class then-outstanding or such Companion Loan Noteholder, as applicable;

 

		(iii)	adversely
                                         affect the Voting Rights of any Class of Certificates without the consent of the Holders
                                         of all Certificates of such Class then outstanding;

 

		(iv)	change
                                         in any manner any defined term used in any Mortgage Loan Purchase Agreement or the obligations
                                         of any Mortgage Loan Seller under such Mortgage Loan Purchase Agreement or otherwise
                                         or change any rights of any Mortgage Loan Seller as a third party beneficiary hereunder,
                                         without the consent of such Mortgage Loan Seller; or

 

		(v)	amend
                                         the Servicing Standard without the consent of 100% of the Certificateholders or receipt
                                         of Rating Agency Confirmation from each Rating Agency and confirmation of the applicable
                                         rating agencies that such action will not result in the downgrade, withdrawal or qualification
                                         of its then-current ratings of any securities related to a Companion Loan, if any (provided that such rating agency confirmation may be considered satisfied in the same manner
                                         as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates).

 

Further,
the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations
Reviewer and the Trustee, at any time and from time to time, without the consent of the Certificateholders or, if applicable,
the Serviced Companion Loan Noteholders, may amend the Pooling and Servicing Agreement to modify, eliminate or add to any of its
provisions (i) to such extent as shall be necessary to maintain the qualification of the Lower-Tier REMIC or the Upper-Tier REMIC
as a REMIC or the qualification of the Grantor Trust as a grantor trust, or to prevent the imposition of any additional material
state or local taxes, at all times that any Certificates are outstanding; provided that such action, as evidenced by an
Opinion of Counsel (obtained at the expense of the Trust Fund), is necessary or helpful to maintain such qualification or to prevent
the imposition of any such taxes, and would not adversely affect in any material respect the interest of any Certificateholder
or if applicable, any Serviced Companion Loan Noteholder or (ii) to the extent necessary to comply with the Investment Company
Act of 1940, as amended, the Exchange Act, Regulation AB, and/or any related regulatory actions and/or interpretations.

 

The
Certificateholder owning a majority of the Percentage Interest in the Controlling Class and, if no such Certificateholder
exercises such option, the Special Servicer, and if the Special Servicer does not exercise such option, the Master Servicer may
effect an early termination of the Trust Fund, upon not less than 30 days’ prior Notice of Termination given to the Trustee,
the Special Servicer and the Master Servicer any time specifying the Anticipated Termination Date, which shall be on or after
the Early Termination Notice Date (defined as any date as of which the aggregate Stated Principal Balance of the Mortgage Loans
remaining in the Trust is less than 1.0% of the aggregate Stated Principal Balance of the Mortgage Loans as of the Cut-off Date)
by purchasing on such date all, but not less than all, of the Mortgage Loans then

 

    A-26-11

     

    

 

included in the Trust Fund, and the Trust’s
interest in all property acquired in respect of any Mortgage Loan, at a purchase price, payable in cash, equal to the sum of,
without duplication:

 

		(A)	100%
                                         of the Stated Principal Balance of each Mortgage Loan included in the Trust as of the
                                         last day of the month preceding such Anticipated Termination Date (less any P&I Advances
                                         previously made on account of principal);

 

		(B)	the
                                         fair market value of all other property included in the Trust Fund as of the last day
                                         of the month preceding such Anticipated Termination Date, as determined by an Independent
                                         appraiser acceptable to the Master Servicer as of a date not more than 30 days prior
                                         to the last day of the month preceding such Distribution Date;

 

		(C)	all
                                         unpaid interest accrued on the unpaid balance of each Mortgage Loan (including any Mortgage
                                         Loan as to which title to the related Mortgaged Property has been acquired) at the Mortgage
                                         Rate to the last day of the month preceding such Anticipated Termination Date (less any
                                         P&I Advances previously made on account of interest); and

 

		(D)	the
                                         aggregate amount of unreimbursed Advances, with interest thereon at the Reimbursement
                                         Rate, and unpaid Servicing Compensation, Special Servicing Compensation, Operating Advisor
                                         Fees, Certificate Administrator/Trustee Fees, the CREFC® Intellectual
                                         Property Royalty License Fees and Trust Fund expenses.

 

In
addition, the Pooling and Servicing Agreement provides that following the date on which the Class X-A Notional Amount, the
Class X-B Notional Amount, the Class X-D Notional Amount and the aggregate Certificate Balance
of the Class A-1, Class A-2, Class A-3, Class A-SB, Class A-4, Class A-5, Class A-M, Class B, Class C and Class D Certificates
is reduced to zero, the Sole Certificateholder shall have the right to exchange all of the then-outstanding Certificates (other
than the Class S or Class R Certificates) for all of the Mortgage Loans and each REO Property remaining in the Trust Fund
as contemplated by clause (ii) of Section 9.01(a) of the Pooling and Servicing Agreement by giving written notice to
all the parties to the Pooling and Servicing Agreement no later than 60 days prior to the anticipated date of exchange.

 

All
costs and expenses incurred by any and all parties to the Pooling and Servicing Agreement or by the Trust Fund in connection with
the purchase of the Mortgage Loans and the other assets of the Trust Fund pursuant to Section 9.01(c) of the Pooling and
Servicing Agreement shall be borne by the party exercising its purchase rights thereunder. The Trustee and the Certificate Administrator
shall be entitled to rely conclusively on any determination made by an Independent appraiser pursuant to Section 9.01(c)
of the Pooling and Servicing Agreement.

 

    A-26-12

     

    

 

The
respective obligations and responsibilities of the Master Servicer, the Special Servicer, the Depositor, the Certificate Administrator,
the Operating Advisor, the Asset Representations Reviewer and the Trustee created by the Pooling and Servicing Agreement with
respect to the Certificates (other than the obligations of the Certificate Administrator to make certain payments and to send
certain notices to Certificateholders as set forth in the Pooling and Servicing Agreement) shall terminate upon payment (or provision
for payment) to the Certificateholders and the Serviced Companion Loan Noteholders of all amounts held by or on behalf of the
Trustee, the Certificate Administrator and the Master Servicer, as the case may be, required under the Pooling and Servicing Agreement
to be so paid on the Distribution Date following the earlier to occur of (i) the purchase of the Mortgage Loans and all other
property held by the Trust Fund in accordance with Section 9.01(c) of the Pooling and Servicing Agreement; (ii) the exchange by
the Sole Certificateholder of its Certificates for the Mortgage Loans in accordance with Section 9.01(g) of the Pooling and Servicing
Agreement; and (iii) the later of (a) the receipt or collection of the last payment due on any Mortgage Loan included
in the Trust Fund, or (b) the liquidation and disposition pursuant to the Pooling and Servicing Agreement of the last asset
held by the Trust Fund; provided that in no event shall the trust created by the Pooling and Servicing Agreement continue
beyond the expiration of 21 years from the death of the last survivor of the descendants of Joseph P. Kennedy, the late Ambassador
of the United States to the United Kingdom, living on the date hereof.

 

Unless
the Certificate of Authentication on this Certificate has been executed by the Authenticating Agent, by manual signature, this
Certificate shall not be entitled to any benefit under the Pooling and Servicing Agreement or be valid for any purpose.

 

    A-26-13

     

    

 

IN
WITNESS WHEREOF, the Certificate Administrator has caused this Class V1-A5 Certificate to be duly executed.

 

Dated:
January 31, 2018

	 	 	 
	 	WELLS FARGO BANK, NATIONAL ASSOCIATION, not
    in its individual capacity but solely as Certificate Administrator
	 	 	 
	 	By: 	 
	 	 	Authorized Signatory

 

Certificate
of Authentication

 

This
is one of the Class V1-A5 Certificates referred to in the Pooling and Servicing Agreement.

 

Dated:
January 31, 2018

	 	 	 
	 	WELLS FARGO BANK, NATIONAL ASSOCIATION, not
    in its individual capacity but solely as Authenticating Agent
	 	 	 
	 	By: 	 
	 	 	Authorized Signatory

 

    A-26-14

     

    

  

EXHIBIT
A-27

 

FORM
OF CLASS V1-AM [RULE 144A]1 [REG S]2 CERTIFICATE

 

[UNLESS
THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”),
TO THE CERTIFICATE REGISTRAR FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE
NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO
CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER
USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS
AN INTEREST HEREIN.]3

 

THIS
CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED OR QUALIFIED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”), OR ANY STATE OR FOREIGN SECURITIES LAW. THE HOLDER HEREOF, BY PURCHASING THIS CERTIFICATE, AGREES THAT THIS CERTIFICATE
MAY BE REOFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY IN COMPLIANCE WITH THE SECURITIES ACT AND OTHER APPLICABLE LAWS,
AND ONLY (A)(1) PURSUANT TO A REGISTRATION STATEMENT WHICH HAS BEEN DECLARED EFFECTIVE UNDER THE SECURITIES ACT, (2) FOR SO LONG
AS THIS CERTIFICATE IS ELIGIBLE FOR RESALE PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”), TO
AN INSTITUTIONAL INVESTOR THAT THE HOLDER REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” WITHIN THE MEANING
OF RULE 144A (“QUALIFIED INSTITUTIONAL BUYER”), PURCHASING FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF ANOTHER
QUALIFIED INSTITUTIONAL BUYER, WHOM THE HOLDER HAS INFORMED, IN EACH CASE, THAT THE REOFFER, RESALE, PLEDGE OR OTHER TRANSFER
IS BEING MADE IN RELIANCE ON RULE 144A, (3) TO AN INSTITUTIONAL “ACCREDITED INVESTOR,” WITHIN THE MEANING OF RULE
501(a)(1), (2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT OR ANY ENTITY IN WHICH ALL OF THE EQUITY OWNERS ARE SUCH ACCREDITED
INVESTORS, OR (4) TO INSTITUTIONS THAT ARE A NON-“U.S. PERSON” IN AN “OFFSHORE TRANSACTION,” AS SUCH TERMS
ARE DEFINED IN, AND IN ACCORDANCE WITH RULE 903 OR RULE 904 OF, REGULATION S UNDER THE SECURITIES ACT, AND (B) IN ACCORDANCE WITH
ANY OTHER APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR ANY OTHER APPLICABLE JURISDICTION.

 

 

  

1
For Rule 144A Global Certificates only.

2
For Reg S Global Certificates only. 

3
Legend required as long as DTC is the Depository under the Pooling and Servicing Agreement.

 

    A-27-1 

     

    

 

THE
INITIAL INVESTOR IN THIS CERTIFICATE, AND EACH SUBSEQUENT PURCHASER OF THIS CERTIFICATE, BY PURCHASING THIS CERTIFICATE OR AN
INTEREST HEREIN, IS DEEMED TO HAVE AGREED TO COMPLY WITH CERTAIN TRANSFER REQUIREMENTS SET FORTH IN THE POOLING AND SERVICING
AGREEMENT.  A TRANSFEREE IS ALSO REQUIRED TO DELIVER AN INVESTMENT REPRESENTATION LETTER SUBSTANTIALLY IN THE FORM OF EXHIBIT
D-1 TO THE POOLING AND SERVICING AGREEMENT IF SUCH TRANSFEREE IS A QUALIFIED INSTITUTIONAL BUYER OR (OTHER THAN WITH RESPECT TO
A RESIDUAL CERTIFICATE) AN INSTITUTIONAL ACCREDITED INVESTOR, AND MAY ALSO BE REQUIRED TO DELIVER AN OPINION OF COUNSEL IF SUCH
TRANSFEREE IS NOT A QUALIFIED INSTITUTIONAL BUYER WITHIN THE MEANING OF RULE 144A.

 

ANY
HOLDER DESIRING TO EFFECT A TRANSFER OF THIS CERTIFICATE SHALL, AND DOES HEREBY AGREE TO, INDEMNIFY THE CERTIFICATE REGISTRAR,
THE CERTIFICATE ADMINISTRATOR, THE TRUSTEE, THE MASTER SERVICER AND THE DEPOSITOR AGAINST ANY LOSS, LIABILITY OR EXPENSE THAT
MAY RESULT IF THE TRANSFER IS NOT EXEMPT FROM THE SECURITIES ACT OR IS NOT MADE IN ACCORDANCE WITH FEDERAL AND STATE LAWS.

 

THIS
CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN THE DEPOSITOR, THE ORIGINATOR, THE MASTER SERVICER, THE SPECIAL
SERVICER, THE CERTIFICATE ADMINISTRATOR, THE CERTIFICATE REGISTRAR, THE OPERATING ADVISOR, THE ASSET REPRESENTATIONS REVIEWER,
THE RISK RETENTION CONSULTATION PARTY, THE TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THE CERTIFICATES NOR THE UNDERLYING
MORTGAGE LOANS ARE INSURED OR GUARANTEED BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY.

 

PRINCIPAL
PAYMENTS ON THIS CERTIFICATE ARE PAYABLE IN INSTALLMENTS AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING CERTIFICATE BALANCE
OF THIS CERTIFICATE AT ANY TIME MAY BE LESS THAN THE INITIAL CERTIFICATE BALANCE SET FORTH BELOW.

 

IN
ADDITION, SUBJECT TO THE CONDITIONS SET FORTH IN THE POOLING AND SERVICING AGREEMENT, THIS CERTIFICATE, TOGETHER WITH THE OTHER
CERTIFICATES IN THE RELATED EXCHANGEABLE GROUP OF CERTIFICATES, MAY BE EXCHANGED FOR ANOTHER EXCHANGEABLE GROUP OF CERTIFICATES,
PURSUANT TO THE PROCEDURES SET FORTH IN THE POOLING AND SERVICING AGREEMENT.

 

TRANSFERS
AND EXCHANGES OF PORTIONS OF THIS CERTIFICATE ARE SUBJECT TO RESTRICTIONS AS PROVIDED IN THE POOLING AND SERVICING AGREEMENT REFERRED
TO BELOW.

 

FOR
U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE REPRESENTS A BENEFICIAL INTEREST IN A “REGULAR INTEREST” IN A “REAL
ESTATE

 

    A-27-2 

     

    

 

MORTGAGE
INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G(a)(1) AND 860D OF THE INTERNAL REVENUE CODE
OF 1986, AS AMENDED.

 

THIS
CERTIFICATE IS INTENDED TO CONSTITUTE PART OF AN “ELIGIBLE VERTICAL INTEREST” (AS DEFINED IN REGULATION RR PROMULGATED
UNDER SECTION 15G OF THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED), AND AS SUCH IS SUBJECT TO VARIOUS PROHIBITIONS ON HEDGING,
TRANSFER AND FINANCING SET FORTH IN REGULATION RR PROMULGATED UNDER SECTION 15G OF THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED.
THE INITIAL INVESTOR IN THIS CERTIFICATE, AND EACH SUBSEQUENT PURCHASER OF THIS CERTIFICATE, BY PURCHASING THIS CERTIFICATE OR
AN INTEREST HEREIN, IS DEEMED TO HAVE AGREED TO COMPLY WITH CERTAIN TRANSFER REQUIREMENTS SET FORTH IN THE POOLING AND SERVICING
AGREEMENT.

 

In
no event shall Certificates representing a Percentage Interest in any Class of Class V1 Certificates be transferred to any Person
(and the Certificate Registrar shall refuse to register any such transfer) unless Certificates representing the exact same Percentage
Interest in each and every other outstanding Class of Class V1 Certificates are simultaneously transferred to the same Person.
Any Holder of Class V1 Certificates shall at all times hold the same Percentage Interest in each and every outstanding Class thereof.

 

SUBJECT
TO THE CONDITIONS SET FORTH IN THE POOLING AND SERVICING AGREEMENT, THIS CERTIFICATE, TOGETHER WITH CERTAIN OTHER EXCHANGEABLE
CERTIFICATES SET FORTH IN THE POOLING AND SERVICING AGREEMENT, MAY BE EXCHANGED FOR THE CLASS V2 CERTIFICATES, PURSUANT TO THE
PROCEDURES SET FORTH IN THE POOLING AND SERVICING AGREEMENT.

 

    A-27-3 

     

    

 

BENCHMARK
2018-B1 MORTGAGE TRUST

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES, CLASS V1-AM

 

	Class V1-AM
                           Pass-Through Rate:  N/A.  The Class V1-AM Certificates will not have a Pass-Through
                           Rate, but will be entitled to receive interest on any Distribution Date up to an amount equal to the
                           product of (a) the VRR Interest Percentage, multiplied by (b) the VRR Allocation Percentage, multiplied
                           by (c) the aggregate amount of interest distributed to the Class A-1, Class A-2, Class A-SB,  Class
                           A-3, Class A-4, Class A-5, Class X-A, Class X-B, Class X-D, Class X-E, Class A-M, Class B, Class C,
                           Class D, Class E, Class F-RR and Class G-RR Certificates for such Distribution Date.

                            
	 	CUSIP: 08162PBL44

                           

         

        ISIN:     US08162PBL405

         

	Original
Aggregate Certificate Balance of the Class V1-AM Certificates: $3,486,825

         

        The
        aggregate initial Certificate Balance of the Class V1-AM Certificates represents the maximum aggregate Certificate Balance
        of the Class V1-AM Certificates that could be issued (without giving effect to any exchanges for, or any issuance of,
        the Class V1 Certificates).

         
	 	Initial Certificate Balance of this Certificate:  $[_____]
	First Distribution Date: February 16, 2018	 	Cut-off Date:  The close of business
    on the later of the related Due Date of such Mortgage Loan in January 2018 (or, in the case of any Mortgage Loan that has
    its first Due Date subsequent to January 2018, the date that would have been its Due Date in January 2018 under the terms
    of that Mortgage Loan if a Periodic Payment were scheduled to be due in that month) and the date of origination of such Mortgage
    Loan
	 	 	 
	Assumed Final Distribution Date:  January
    2028	 	No.:  V1-AM -[__]

 

This
certifies that [              ] is the registered
owner of a beneficial ownership interest in a Trust Fund, including the distributions to be made with respect to the Class V1-AM

 

 

  

4
For IAI Certificates

5
For IAI Certificates

 

    A-27-4 

     

    

 

Certificates.
The Trust Fund, described more fully below, consists primarily of a pool of Mortgage Loans secured by first liens on commercial
and multifamily properties and held in trust by the Trustee and serviced by the Master Servicer. The Trust Fund was created, and
the Mortgage Loans are to be serviced, pursuant to the Pooling and Servicing Agreement (as defined below). The Holder of this
Certificate, by virtue of the acceptance hereof, assents to the terms, provisions and conditions of the Pooling and Servicing
Agreement and is bound thereby.

 

The
Pooling and Servicing Agreement, dated as of January 1, 2018 (the “Pooling and Servicing Agreement”), between
the Depositor, Wells Fargo Bank, National Association, as master servicer (in such capacity, the “Master Servicer”),
Midland Loan Services, a Division of PNC Bank, National Association, as special servicer (the “Special Servicer”),
Wilmington Trust, National Association, as trustee (the “Trustee”), Wells Fargo Bank, National Association,
as certificate administrator (in such capacity, the “Certificate Administrator”), custodian and paying agent,
and Park Bridge Lender Services LLC, as operating advisor (in such capacity, the “Operating Advisor”) and asset
representations reviewer (in such capacity, the “Asset Representations Reviewer”) evidences the issuance of
the Class A-1, Class A-2, Class A-3, Class A-SB, Class A-4, Class A-5, Class A-M, Class B, Class C, Class D, Class
E, Class F-RR, Class G-RR, Class X-A, Class X-B, Class X-D, Class X-E, Class S, Class R, Class V2, Class V1-A1,
Class V1-A2, Class V1-A3, Class V1-ASB, Class V1-A4, Class V1-A5, Class V1-AM, Class V1-B, Class V1-C, Class V1-D, Class V1-E,
Class V1-F and Class V1-G Certificates (the “Certificates”; the Holders of Certificates issued under the Pooling
and Servicing Agreement are collectively referred to herein as “Certificateholders”). This Certificate is issued
pursuant to, and in accordance with, the terms of the Pooling and Servicing Agreement. To the extent not defined herein, capitalized
terms used herein shall have the meanings assigned thereto in the Pooling and Servicing Agreement.

 

This
Certificate represents a beneficial interest in a “regular interest” in a “real estate mortgage investment conduit,”
as those terms are defined, respectively, in Sections 860G(a)(1) and 860D of the Internal Revenue Code of 1986, as amended. Each
Holder of this Certificate, by acceptance hereof, agrees to treat, and take no action inconsistent with the treatment of, this
Certificate in accordance with the preceding sentence for purposes of federal income taxes, state and local income and franchise
taxes and other taxes imposed on or measured by income.

 

The
Certificate Administrator makes no representation or warranty as to any of the statements contained herein or the validity or
sufficiency of the Certificates or the Mortgage Loans and has executed this Certificate in its limited capacity as Certificate
Administrator under the Pooling and Servicing Agreement. In the event that there is any conflict between any provision of this
Certificate and any provision of the Pooling and Servicing Agreement, such provision of this Certificate shall be superseded to
the extent of such inconsistency.

 

Pursuant
to the terms of the Pooling and Servicing Agreement, the Certificate Administrator, or the Paying Agent on behalf of
the Certificate Administrator, will distribute (other than the final distribution on any Certificate), on the fourth Business
Day after each Determination Date (each such date, a “Distribution Date”) an amount equal to
such Person’s pro rata share (based on the Percentage Interest represented by this Certificate) of that portion of
the aggregate amount of principal and interest then distributable, if any, allocable to the Class V1-AM
Certificates

 

    A-27-5 

     

    

 

for
such Distribution Date, all as more fully described in the Pooling and Servicing Agreement. “Determination Date” is
defined in the Pooling and Servicing Agreement as the eleventh day of each month, or if such eleventh day is not a Business Day,
then the next Business Day, commencing in February 2018. Holders of this Certificate may be entitled to Prepayment Premiums and
Yield Maintenance Charges as provided in the Pooling and Servicing Agreement.

 

During
each Interest Accrual Period (as defined below), interest on the Class V1-AM Certificates will be calculated based on a 360-day
year consisting of twelve 30-day months on the outstanding Certificate Balance hereof.

 

All
distributions (other than the final distribution on any Certificate) will be made by the Paying Agent to the Persons in whose
names the Certificates are registered at the close of business on each Record Date, which will be the close of business on the
last Business Day of the calendar month immediately preceding the month in which such Distribution Date occurs. Such distributions
shall be made on each Distribution Date other than the Termination Date to each Certificateholder of record on the related Record
Date, (i) by wire transfer of immediately available funds to the account of such Holder at a bank or other entity located in the
United States and having appropriate facilities therefor if such Holder shall have provided the Paying Agent with wire instructions
in writing at least five Business Days prior to the related Record Date (which wiring instructions may be in the form of a standing
order applicable to all subsequent distributions), or (ii) otherwise, by check mailed by first-class mail to the address set forth
therefor in the Certificate Register. The final distribution on each Certificate shall be made in like manner, but only upon presentment
and surrender of such Certificate at the office of the Certificate Administrator or its agent (which may be the Paying Agent or
the Certificate Registrar acting as such agent) that is specified in the notice to Holders of such final distribution.

 

Any
funds not distributed on the Termination Date because of the failure of any Certificateholders to tender their Certificates shall,
on such date, be set aside and held for the benefit of the appropriate non-tendering Certificateholders. If any Certificates as
to which notice of the Termination Date has been given pursuant to the Pooling and Servicing Agreement shall not have been surrendered
for cancellation within six months after the time specified in such notice, the Certificate Administrator shall mail a second
notice to the remaining non-tendering Certificateholders to surrender their Certificates for cancellation to receive the final
distribution with respect thereto. If within one year after the second notice not all of such Certificates shall have been surrendered
for cancellation, the Certificate Administrator may, directly or through an agent, take appropriate steps to contact the remaining
non-tendering Certificateholders concerning surrender of their Certificates. The costs and expenses of holding such funds in trust
and of contacting such Certificateholders shall be paid out of such funds. Subject to applicable state escheatment laws, if within
two years after the second notice any such Certificates shall not have been surrendered for cancellation, the Paying Agent shall
distribute to the Certificate Administrator all amounts distributable to the Holders thereof, and the Certificate Administrator
shall thereafter hold such amounts for the benefit of such Holders until the earlier of (i) its termination as Certificate Administrator
under the Pooling and Servicing Agreement and the transfer of such amounts to a successor Certificate Administrator and (ii) the
termination of the Trust Fund and distribution of such amounts to the Class R Certificateholders. No interest shall accrue or
be payable to any Certificateholder on any amount held under the Pooling and Servicing Agreement or by the Certificate Administrator
as a result of such Certificateholder’s

 

    A-27-6 

     

    

 

failure
to surrender its Certificate(s) for final payment thereof in accordance with the Pooling and Servicing Agreement. Any such amounts
transferred to the Certificate Administrator may be invested in Permitted Investments and all income and gain realized from investment
of such funds shall accrue for its benefit.

 

This
Certificate is limited in right of payment to, among other things, certain collections and recoveries in respect of the Mortgage
Loans, as more specifically set forth herein and in the Pooling and Servicing Agreement.

 

As
provided in the Pooling and Servicing Agreement, the Trust Fund includes (in each case, to the extent of the Trust Fund’s
interest therein and specifically excluding any interest of any Serviced Companion Loan Noteholder therein): (i) such Mortgage
Loans as from time to time are subject to the Pooling and Servicing Agreement, together with the Mortgage Files relating thereto;
(ii) all scheduled or unscheduled payments on or collections in respect of the Mortgage Loans due after the Cut-off Date; (iii)
the Trust Fund’s interest in any REO Property; (iv) all revenues received in respect of any REO Property; (v) any Assignments
of Leases, Rents and Profits and any security agreements related to the Mortgage Loans; (vi) any indemnities or guaranties given
as additional security for any Mortgage Loans; (vii) a security interest in all assets deposited in the Lock-Box Accounts, Cash
Collateral Accounts, Escrow Accounts, and Reserve Accounts; (viii) the Loss of Value Reserve Fund; (ix) the Collection Account,
the Serviced Whole Loan Collection Accounts, the Distribution Accounts, any Gain-on-Sale Reserve Account, the Interest Reserve
Account, and the Trust’s interest in any REO Account, including any amounts on deposit therein, assets credited thereto
and any reinvestment income, as applicable; (x) a security interest in any environmental indemnity agreements relating to the
Mortgaged Properties; (xi) a security interest in all insurance policies with respect to the Mortgage Loans and the Mortgaged
Properties; (xii) the rights and remedies under the Mortgage Loan Purchase Agreements relating to document delivery requirements
with respect to the Mortgage Loans and the representations and warranties of the related Mortgage Loan Seller regarding its Mortgage
Loans; (xiii) the Lower-Tier Regular Interests; (xiv) the Class VRR Upper-Tier Regular Interests; and (xv) the proceeds of the
foregoing (other than any interest earned on deposits in the Lock-Box Accounts, Cash Collateral Accounts, Escrow Accounts and
any Reserve Accounts, to the extent such interest belongs to the related Borrower). As provided in the Pooling and Servicing Agreement,
withdrawals may be made from certain of the above accounts for purposes other than distributions to Certificateholders.

 

This
Certificate does not purport to summarize the Pooling and Servicing Agreement, and reference is made to the Pooling and Servicing
Agreement for the interests, rights, benefits, obligations and duties evidenced hereby, and the limitations thereon, and the rights,
duties and immunities of the Certificate Administrator.

 

As
provided in the Pooling and Servicing Agreement and subject to certain limitations set forth therein, this Certificate is transferable
or exchangeable only upon surrender of this Certificate to the Certificate Registrar at its offices together with an assignment
and transfer (executed by the Holder or his duly authorized attorney), subject to the requirements in Article V of the Pooling
and Servicing Agreement. Upon surrender for registration of transfer of this Certificate, subject to the requirements in Article
V of the Pooling and Servicing Agreement, the Certificate Administrator shall execute and the Authenticating Agent shall duly
authenticate

 

    A-27-7 

     

    

 

in
the name of the designated transferee or transferees, one or more new Certificates in authorized denominations of a like aggregate
denomination as the Certificate being surrendered. Such Certificates shall be delivered by the Certificate Registrar in accordance
with Article V of the Pooling and Servicing Agreement.

 

In
no event shall Certificates representing a Percentage Interest in any Class of Class V1 Certificates be transferred to any Person
(and the Certificate Registrar shall refuse to register any such transfer) unless Certificates representing the exact same Percentage
Interest in each and every other outstanding Class of Class V1 Certificates are simultaneously transferred to the same Person.
Any Holder of Class V1 Certificates shall at all times hold the same Percentage Interest in each and every outstanding Class thereof.

 

Prior
to due presentation of this Certificate for registration of transfer, the Depositor, the Master Servicer, the Special Servicer,
the Operating Advisor, the Asset Representations Reviewer, the Certificate Administrator, the Trustee, the Certificate Registrar,
any Paying Agent and any agent of any of them may treat the Person in whose name this Certificate is registered as the owner hereof
for all purposes, and none of the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator, the Trustee,
the Certificate Registrar, any Paying Agent or any agent of any of them shall be affected by notice or knowledge to the contrary.

 

No
fee or service charge shall be imposed by the Certificate Registrar for its services in respect of any registration of transfer
or exchange referred to in Section 5.02 of the Pooling and Servicing Agreement other than for transfers to Institutional Accredited
Investors as provided in Section 5.02(h) of the Pooling and Servicing Agreement. In connection with any transfer to an Institutional
Accredited Investor, the transferor shall reimburse the Trust Fund for any costs (including the cost of the Certificate Registrar’s
counsel’s review of the documents and any legal opinions, submitted by the transferor or transferee to the Certificate Registrar
as provided in the Pooling and Servicing Agreement) incurred by the Certificate Registrar in connection with such transfer. The
Certificate Registrar may require payment by each transferor of a sum sufficient to cover any tax, expense or other governmental
charge payable in connection with any such transfer.

 

The
Pooling and Servicing Agreement or any Custodial Agreement may be amended at any time by the Depositor, the Master Servicer, the
Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the Trustee without
the consent of any of the Certificateholders or any Serviced Companion Loan Noteholders, (i) to cure any ambiguity or to correct
any manifest error; (ii) to cause the provisions of the Pooling and Servicing Agreement or any Custodial Agreement to conform
or be consistent with or in furtherance of the statements made in the Prospectus or Private Placement Memorandum with respect
to the Certificates, the Trust or the Pooling and Servicing Agreement or to correct or supplement any provisions of the Pooling
and Servicing Agreement or any Custodial Agreement which may be defective or inconsistent with any other provisions of the Pooling
and Servicing Agreement or any Custodial Agreement; (iii) to change the timing and/or nature of deposits in the Collection
Account, the Distribution Accounts or any REO Account; provided that (a) the Master Servicer Remittance Date shall in no event
be later than the Business Day prior to the related Distribution Date and (b) such change shall not adversely

 

    A-27-8 

     

    

 

affect
in any material respect the interests of any Certificateholder, as evidenced in writing by an Opinion of Counsel at the expense
of the party requesting such amendment or as evidenced by a Rating Agency Confirmation from each Rating Agency with respect to
such amendment; (iv) to modify, eliminate or add to any of its provisions to such extent as shall be necessary to maintain the
qualification of any Trust REMIC as a REMIC or the Grantor Trust as a grantor trust under the relevant provisions of the Code
at all times that any Certificate is outstanding, or to avoid or minimize the risk of imposition of any tax on the Trust Fund
or any Trust REMIC or the Grantor Trust that would be a claim against the Trust Fund or any Trust REMIC or the Grantor Trust;
provided that the Trustee and the Certificate Administrator have received an Opinion of Counsel (at the expense of the
party requesting such amendment) to the effect that (a) such action is necessary or desirable to maintain such qualification
or to avoid or minimize the risk of the imposition of any such tax and (b) such action will not adversely affect in any material
respect the interests of any Certificateholder or Companion Loan Noteholder; (v) to modify, eliminate or add to the provisions
any provision of the Pooling and Servicing Agreement restricting transfer of the Class R Certificates; provided the
Depositor has determined that such change shall not, as evidenced by an Opinion of Counsel, cause the Trust Fund, any Trust REMIC
or any of the Certificateholders (other than the Transferor) to be subject to a federal tax caused by a Transfer to a Person that
is a Disqualified Organization or a Non-U.S. Tax Person; (vi) to revise or add any other provisions with respect to matters or
questions arising under the Pooling and Servicing Agreement or any other change; provided that the required action shall
not adversely affect in any material respect the interests of any Certificateholder or any holder of a Serviced Pari Passu Companion
Loan not consenting thereto as evidenced in writing by an Opinion of Counsel, at the expense of the party requesting such amendment
or as evidenced by a Rating Agency Confirmation from each of the Rating Agencies with respect to such amendment or supplement
and confirmation of the applicable rating agencies that such action will not result in the downgrade, withdrawal or qualification
of its then-current ratings of any securities related to a Companion Loan, if any (provided that such rating agency confirmation
may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the
Certificates); (vii) to amend or supplement any provision of the Pooling and Servicing Agreement to the extent necessary to maintain
the then-current ratings assigned to each Class of Certificates by each Rating Agency, as evidenced by a Rating Agency Confirmation
from each of the Rating Agencies; provided that such amendment or supplement shall not adversely affect in any material
respect the interests of any Certificateholder not consenting thereto as evidenced by an Opinion of Counsel, or any holder of
a Serviced Pari Passu Companion Loan not consenting to such revision or addition, as evidenced by an Opinion of Counsel at the
expense of the party requesting such amendment or as evidenced by confirmation of the applicable Rating Agencies that such action
will not result in the downgrade, withdrawal or qualification of its then-current ratings of any securities related to a Companion
Loan, if any (provided that such Rating Agency Confirmation may be considered satisfied in the same manner as any Rating
Agency Confirmation may be considered satisfied with respect to the Certificates); (viii) to modify the provisions of Section
3.06 and Section 3.17 of the Pooling and Servicing Agreement (with respect to reimbursement of Nonrecoverable Advances
and Workout-Delayed Reimbursement Amounts) if (a) the Depositor, the Master Servicer, the Trustee and, for so long as a Control
Termination Event has not occurred and is not continuing, the Directing Holder, determine that the commercial mortgage backed
securities industry standard for such provisions has changed, in order to conform to such industry standard, (b) such

 

    A-27-9 

     

    

  

modification
does not adversely affect the status of any Trust REMIC as a REMIC or the status of the Grantor Trust as a grantor trust under
the relevant provisions of the Code, as evidenced by an Opinion of Counsel and (c) each Rating Agency has delivered a Rating
Agency Confirmation and, with regard to any class of Serviced Companion Loan Securities, the applicable rating agencies have delivered
a confirmation that such action will not result in the downgrade, withdrawal or qualification of its then-current ratings (provided that such rating agency confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation may
be considered satisfied with respect to the Certificates); (ix) to modify the procedures of the Pooling and Servicing Agreement
relating to compliance with Rule 17g-5 of the Exchange Act; provided that such amendment shall not adversely affect
in any material respects the interests of any Certificateholders, as evidenced by (x) an Opinion of Counsel or (y) if
any Certificate is then rated, receipt of Rating Agency Confirmation from each Rating Agency rating such Certificates; and provided,
further, that the Certificate Administrator shall give notice of any such amendment to the 17g-5 Information Provider for
posting to the 17g-5 Information Provider’s Website and the Certificate Administrator shall post such notice to the Certificate
Administrator’s Website; (x) to modify, eliminate or add to any provisions of the Pooling and Servicing Agreement to such
extent as would be necessary to comply with the requirements for use of Form SF-3 in registered offerings to the extent provided
in CFR 239.45(b)(1)(ii), (iii) or (iv); and (xi) to modify, eliminate or add to any of its provisions (a) to such extent as will
be necessary to comply with the requirements of the Risk Retention Rule, as evidenced by an Opinion of Counsel, or (b) in the
event the Risk Retention Rule or any other regulation applicable to the risk retention requirements for this securitization transaction
are amended or repealed, to the extent required to comply with any such amendment or to modify or eliminate the risk retention
requirements in the event of such repeal, as evidenced by an Opinion of Counsel.

 

The
Pooling and Servicing Agreement or any Custodial Agreement may also be amended from time to time by the Depositor, the Master
Servicer, the Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the
Trustee with the prior written consent of the Holders of Certificates representing not less than a majority of the Percentage
Interests of each Class of Certificates affected thereby (without regard to Certificates held by the Depositor, any of the Depositor’s
Affiliates and/or agents) and each Serviced Companion Loan Noteholder affected thereby for the purpose of adding any provisions
to or changing in any manner or eliminating any of the provisions of the Pooling and Servicing Agreement or modifying in any manner
the rights of the Certificateholders or the Serviced Companion Loan Noteholders; provided, that no such amendment may:

 

		(i)	reduce
                                         in any manner the amount of, or delay the timing of, payments received on the Mortgage
                                         Loans or Serviced Whole Loan which are required to be distributed on any Certificate,
                                         without the consent of the Holders of Certificates representing all of the Percentage
                                         Interests of the Class or Classes affected thereby or which are required to be distributed
                                         to any Companion Loan Noteholders without the consent of such Companion Loan Noteholders;

 

		(ii)	reduce
                                         the aforesaid percentage of Certificates of any Class the Holders of which are required
                                         to consent to any such amendment or remove the 

 

    A-27-10 

     

    

 

requirement
to obtain consent of any Companion Loan Noteholder, in any such case without the consent of the Holders of all Certificates of
such Class then-outstanding or such Companion Loan Noteholder, as applicable;

 

		(iii)	adversely
                                         affect the Voting Rights of any Class of Certificates without the consent of the Holders
                                         of all Certificates of such Class then outstanding;

 

		(iv)	change
                                         in any manner any defined term used in any Mortgage Loan Purchase Agreement or the obligations
                                         of any Mortgage Loan Seller under such Mortgage Loan Purchase Agreement or otherwise
                                         or change any rights of any Mortgage Loan Seller as a third party beneficiary hereunder,
                                         without the consent of such Mortgage Loan Seller; or

 

		(v)	amend
                                         the Servicing Standard without the consent of 100% of the Certificateholders or receipt
                                         of Rating Agency Confirmation from each Rating Agency and confirmation of the applicable
                                         rating agencies that such action will not result in the downgrade, withdrawal or qualification
                                         of its then-current ratings of any securities related to a Companion Loan, if any (provided that such rating agency confirmation may be considered satisfied in the same manner
                                         as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates).

 

Further,
the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations
Reviewer and the Trustee, at any time and from time to time, without the consent of the Certificateholders or, if applicable,
the Serviced Companion Loan Noteholders, may amend the Pooling and Servicing Agreement to modify, eliminate or add to any of its
provisions (i) to such extent as shall be necessary to maintain the qualification of the Lower-Tier REMIC or the Upper-Tier REMIC
as a REMIC or the qualification of the Grantor Trust as a grantor trust, or to prevent the imposition of any additional material
state or local taxes, at all times that any Certificates are outstanding; provided that such action, as evidenced by an
Opinion of Counsel (obtained at the expense of the Trust Fund), is necessary or helpful to maintain such qualification or to prevent
the imposition of any such taxes, and would not adversely affect in any material respect the interest of any Certificateholder
or if applicable, any Serviced Companion Loan Noteholder or (ii) to the extent necessary to comply with the Investment Company
Act of 1940, as amended, the Exchange Act, Regulation AB, and/or any related regulatory actions and/or interpretations.

 

The
Certificateholder owning a majority of the Percentage Interest in the Controlling Class and, if no such Certificateholder
exercises such option, the Special Servicer, and if the Special Servicer does not exercise such option, the Master Servicer may
effect an early termination of the Trust Fund, upon not less than 30 days’ prior Notice of Termination given to the Trustee,
the Special Servicer and the Master Servicer any time specifying the Anticipated Termination Date, which shall be on or after
the Early Termination Notice Date (defined as any date as of which the aggregate Stated Principal Balance of the Mortgage Loans
remaining in the Trust is less than 1.0% of the aggregate Stated Principal Balance of the Mortgage Loans as of the Cut-off Date)
by purchasing on such date all, but not less than all, of the Mortgage Loans then

 

    A-27-11 

     

    

 

included
in the Trust Fund, and the Trust’s interest in all property acquired in respect of any Mortgage Loan, at a purchase price,
payable in cash, equal to the sum of, without duplication:

 

		(A)	100%
                                         of the Stated Principal Balance of each Mortgage Loan included in the Trust as of the
                                         last day of the month preceding such Anticipated Termination Date (less any P&I Advances
                                         previously made on account of principal);

 

		(B)	the
                                         fair market value of all other property included in the Trust Fund as of the last day
                                         of the month preceding such Anticipated Termination Date, as determined by an Independent
                                         appraiser acceptable to the Master Servicer as of a date not more than 30 days prior
                                         to the last day of the month preceding such Distribution Date;

 

		(C)	all
                                         unpaid interest accrued on the unpaid balance of each Mortgage Loan (including any Mortgage
                                         Loan as to which title to the related Mortgaged Property has been acquired) at the Mortgage
                                         Rate to the last day of the month preceding such Anticipated Termination Date (less any
                                         P&I Advances previously made on account of interest); and

 

		(D)	the
                                         aggregate amount of unreimbursed Advances, with interest thereon at the Reimbursement
                                         Rate, and unpaid Servicing Compensation, Special Servicing Compensation, Operating Advisor
                                         Fees, Certificate Administrator/Trustee Fees, the CREFC® Intellectual
                                         Property Royalty License Fees and Trust Fund expenses.

 

In
addition, the Pooling and Servicing Agreement provides that following the date on which the Class X-A Notional Amount, the
Class X-B Notional Amount, the Class X-D Notional Amount and the aggregate Certificate Balance
of the Class A-1, Class A-2, Class A-3, Class A-SB, Class A-4, Class A-5, Class A-M, Class B, Class C and Class D Certificates
is reduced to zero, the Sole Certificateholder shall have the right to exchange all of the then-outstanding Certificates (other
than the Class S or Class R Certificates) for all of the Mortgage Loans and each REO Property remaining in the Trust Fund
as contemplated by clause (ii) of Section 9.01(a) of the Pooling and Servicing Agreement by giving written notice to
all the parties to the Pooling and Servicing Agreement no later than 60 days prior to the anticipated date of exchange.

 

All
costs and expenses incurred by any and all parties to the Pooling and Servicing Agreement or by the Trust Fund in connection with
the purchase of the Mortgage Loans and the other assets of the Trust Fund pursuant to Section 9.01(c) of the Pooling and
Servicing Agreement shall be borne by the party exercising its purchase rights thereunder. The Trustee and the Certificate Administrator
shall be entitled to rely conclusively on any determination made by an Independent appraiser pursuant to Section 9.01(c)
of the Pooling and Servicing Agreement.

 

    A-27-12 

     

    

 

The
respective obligations and responsibilities of the Master Servicer, the Special Servicer, the Depositor, the Certificate Administrator,
the Operating Advisor, the Asset Representations Reviewer and the Trustee created by the Pooling and Servicing Agreement with
respect to the Certificates (other than the obligations of the Certificate Administrator to make certain payments and to send
certain notices to Certificateholders as set forth in the Pooling and Servicing Agreement) shall terminate upon payment (or provision
for payment) to the Certificateholders and the Serviced Companion Loan Noteholders of all amounts held by or on behalf of the
Trustee, the Certificate Administrator and the Master Servicer, as the case may be, required under the Pooling and Servicing Agreement
to be so paid on the Distribution Date following the earlier to occur of (i) the purchase of the Mortgage Loans and all other
property held by the Trust Fund in accordance with Section 9.01(c) of the Pooling and Servicing Agreement; (ii) the exchange by
the Sole Certificateholder of its Certificates for the Mortgage Loans in accordance with Section 9.01(g) of the Pooling and Servicing
Agreement; and (iii) the later of (a) the receipt or collection of the last payment due on any Mortgage Loan included
in the Trust Fund, or (b) the liquidation and disposition pursuant to the Pooling and Servicing Agreement of the last asset
held by the Trust Fund; provided that in no event shall the trust created by the Pooling and Servicing Agreement continue
beyond the expiration of 21 years from the death of the last survivor of the descendants of Joseph P. Kennedy, the late Ambassador
of the United States to the United Kingdom, living on the date hereof.

 

Unless
the Certificate of Authentication on this Certificate has been executed by the Authenticating Agent, by manual signature, this
Certificate shall not be entitled to any benefit under the Pooling and Servicing Agreement or be valid for any purpose.

 

    A-27-13 

     

    

 

 

IN
WITNESS WHEREOF, the Certificate Administrator has caused this Class V1-AM Certificate to be duly executed.

 

Dated:
January 31, 2018

	 	 	 
	 	WELLS
    FARGO BANK, NATIONAL ASSOCIATION, not in
    its individual capacity but solely as Certificate Administrator
	 	 	 
	 	By: 	 
	 	 	Authorized Signatory

 

Certificate
of Authentication

 

This
is one of the Class V1-AM Certificates referred to in the Pooling and Servicing Agreement.

 

Dated:
January 31, 2018

	 	 	 
	 	WELLS
    FARGO BANK, NATIONAL ASSOCIATION, not in its
    individual capacity but solely as Authenticating Agent
	 	 	 
	 	By: 	 
	 	 	Authorized Signatory

 

    A-27-14 

     

    

  

EXHIBIT
A-28

 

FORM
OF CLASS V1-B [RULE 144A]1 [REG S]2 CERTIFICATE

 

[UNLESS
THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”),
TO THE CERTIFICATE REGISTRAR FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE
NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO
CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER
USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS
AN INTEREST HEREIN.]3

 

THIS
CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED OR QUALIFIED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”), OR ANY STATE OR FOREIGN SECURITIES LAW. THE HOLDER HEREOF, BY PURCHASING THIS CERTIFICATE, AGREES THAT THIS CERTIFICATE
MAY BE REOFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY IN COMPLIANCE WITH THE SECURITIES ACT AND OTHER APPLICABLE LAWS,
AND ONLY (A)(1) PURSUANT TO A REGISTRATION STATEMENT WHICH HAS BEEN DECLARED EFFECTIVE UNDER THE SECURITIES ACT, (2) FOR SO LONG
AS THIS CERTIFICATE IS ELIGIBLE FOR RESALE PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”), TO
AN INSTITUTIONAL INVESTOR THAT THE HOLDER REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” WITHIN THE MEANING
OF RULE 144A (“QUALIFIED INSTITUTIONAL BUYER”), PURCHASING FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF ANOTHER
QUALIFIED INSTITUTIONAL BUYER, WHOM THE HOLDER HAS INFORMED, IN EACH CASE, THAT THE REOFFER, RESALE, PLEDGE OR OTHER TRANSFER
IS BEING MADE IN RELIANCE ON RULE 144A, (3) TO AN INSTITUTIONAL “ACCREDITED INVESTOR,” WITHIN THE MEANING OF RULE
501(a)(1), (2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT OR ANY ENTITY IN WHICH ALL OF THE EQUITY OWNERS ARE SUCH ACCREDITED
INVESTORS, OR (4) TO INSTITUTIONS THAT ARE A NON-“U.S. PERSON” IN AN “OFFSHORE TRANSACTION,” AS SUCH TERMS
ARE DEFINED IN, AND IN ACCORDANCE WITH RULE 903 OR RULE 904 OF, REGULATION S UNDER THE SECURITIES ACT, AND (B) IN ACCORDANCE WITH
ANY OTHER APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR ANY OTHER APPLICABLE JURISDICTION.

 

 

  

1
For Rule 144A Global Certificates only.

2
For Reg S Global Certificates only.

3
Legend required as long as DTC is the Depository under the Pooling and Servicing Agreement.

 

     A-28-1

     

    

 

THE
INITIAL INVESTOR IN THIS CERTIFICATE, AND EACH SUBSEQUENT PURCHASER OF THIS CERTIFICATE, BY PURCHASING THIS CERTIFICATE OR AN
INTEREST HEREIN, IS DEEMED TO HAVE AGREED TO COMPLY WITH CERTAIN TRANSFER REQUIREMENTS SET FORTH IN THE POOLING AND SERVICING
AGREEMENT.  A TRANSFEREE IS ALSO REQUIRED TO DELIVER AN INVESTMENT REPRESENTATION LETTER SUBSTANTIALLY IN THE FORM OF EXHIBIT
D-1 TO THE POOLING AND SERVICING AGREEMENT IF SUCH TRANSFEREE IS A QUALIFIED INSTITUTIONAL BUYER OR (OTHER THAN WITH RESPECT TO
A RESIDUAL CERTIFICATE) AN INSTITUTIONAL ACCREDITED INVESTOR, AND MAY ALSO BE REQUIRED TO DELIVER AN OPINION OF COUNSEL IF SUCH
TRANSFEREE IS NOT A QUALIFIED INSTITUTIONAL BUYER WITHIN THE MEANING OF RULE 144A.

 

ANY
HOLDER DESIRING TO EFFECT A TRANSFER OF THIS CERTIFICATE SHALL, AND DOES HEREBY AGREE TO, INDEMNIFY THE CERTIFICATE REGISTRAR,
THE CERTIFICATE ADMINISTRATOR, THE TRUSTEE, THE MASTER SERVICER AND THE DEPOSITOR AGAINST ANY LOSS, LIABILITY OR EXPENSE THAT
MAY RESULT IF THE TRANSFER IS NOT EXEMPT FROM THE SECURITIES ACT OR IS NOT MADE IN ACCORDANCE WITH FEDERAL AND STATE LAWS.

 

THIS
CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN THE DEPOSITOR, THE ORIGINATOR, THE MASTER SERVICER, THE SPECIAL
SERVICER, THE CERTIFICATE ADMINISTRATOR, THE CERTIFICATE REGISTRAR, THE OPERATING ADVISOR, THE ASSET REPRESENTATIONS REVIEWER,
THE RISK RETENTION CONSULTATION PARTY, THE TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THE CERTIFICATES NOR THE UNDERLYING
MORTGAGE LOANS ARE INSURED OR GUARANTEED BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY.

 

PRINCIPAL
PAYMENTS ON THIS CERTIFICATE ARE PAYABLE IN INSTALLMENTS AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING CERTIFICATE BALANCE
OF THIS CERTIFICATE AT ANY TIME MAY BE LESS THAN THE INITIAL CERTIFICATE BALANCE SET FORTH BELOW.

 

IN
ADDITION, SUBJECT TO THE CONDITIONS SET FORTH IN THE POOLING AND SERVICING AGREEMENT, THIS CERTIFICATE, TOGETHER WITH THE OTHER
CERTIFICATES IN THE RELATED EXCHANGEABLE GROUP OF CERTIFICATES, MAY BE EXCHANGED FOR ANOTHER EXCHANGEABLE GROUP OF CERTIFICATES,
PURSUANT TO THE PROCEDURES SET FORTH IN THE POOLING AND SERVICING AGREEMENT.

 

TRANSFERS
AND EXCHANGES OF PORTIONS OF THIS CERTIFICATE ARE SUBJECT TO RESTRICTIONS AS PROVIDED IN THE POOLING AND SERVICING AGREEMENT REFERRED
TO BELOW.

 

     A-28-2

     

    

 

THIS
CERTIFICATE IS SUBORDINATE TO ONE OR MORE OTHER CLASSES OF CERTIFICATES AS AND TO THE EXTENT SET FORTH IN THE POOLING AND SERVICING
AGREEMENT REFERRED TO HEREIN.

 

FOR
U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE REPRESENTS A BENEFICIAL INTEREST IN A “REGULAR INTEREST” IN A “REAL
ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G(a)(1) AND 860D OF THE INTERNAL
REVENUE CODE OF 1986, AS AMENDED.

 

THIS
CERTIFICATE IS INTENDED TO CONSTITUTE PART OF AN “ELIGIBLE VERTICAL INTEREST” (AS DEFINED IN REGULATION RR PROMULGATED
UNDER SECTION 15G OF THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED), AND AS SUCH IS SUBJECT TO VARIOUS PROHIBITIONS ON HEDGING,
TRANSFER AND FINANCING SET FORTH IN REGULATION RR PROMULGATED UNDER SECTION 15G OF THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED.
THE INITIAL INVESTOR IN THIS CERTIFICATE, AND EACH SUBSEQUENT PURCHASER OF THIS CERTIFICATE, BY PURCHASING THIS CERTIFICATE OR
AN INTEREST HEREIN, IS DEEMED TO HAVE AGREED TO COMPLY WITH CERTAIN TRANSFER REQUIREMENTS SET FORTH IN THE POOLING AND SERVICING
AGREEMENT.

 

In
no event shall Certificates representing a Percentage Interest in any Class of Class V1 Certificates be transferred to any Person
(and the Certificate Registrar shall refuse to register any such transfer) unless Certificates representing the exact same Percentage
Interest in each and every other outstanding Class of Class V1 Certificates are simultaneously transferred to the same Person.
Any Holder of Class V1 Certificates shall at all times hold the same Percentage Interest in each and every outstanding Class thereof.

 

SUBJECT
TO THE CONDITIONS SET FORTH IN THE POOLING AND SERVICING AGREEMENT, THIS CERTIFICATE, TOGETHER WITH CERTAIN OTHER EXCHANGEABLE
CERTIFICATES SET FORTH IN THE POOLING AND SERVICING AGREEMENT, MAY BE EXCHANGED FOR THE CLASS V2 CERTIFICATES, PURSUANT TO THE
PROCEDURES SET FORTH IN THE POOLING AND SERVICING AGREEMENT.

 

     A-28-3

     

    

 

BENCHMARK
2018-B1 MORTGAGE TRUST

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES, CLASS V1-B

 

	Class V1-B
                           Pass-Through Rate:  N/A.  The Class V1-B Certificates will not have a Pass-Through
                           Rate, but will be entitled to receive interest on any Distribution Date up to an amount equal to the
                           product of (a) the VRR Interest Percentage, multiplied by (b) the VRR Allocation Percentage, multiplied
                           by (c) the aggregate amount of interest distributed to the Class A-1, Class A-2, Class A-SB,  Class
                           A-3, Class A-4, Class A-5, Class X-A, Class X-B, Class X-D, Class X-E, Class A-M, Class B, Class C,
                           Class D, Class E, Class F-RR and Class G-RR Certificates for such Distribution Date.

                            
	 	CUSIP:
08162PBM24

 

        ISIN:     US08162PBM235

         

	Original
Aggregate Certificate Balance of the Class V1-B Certificates: $1,718,136

         

        The
        aggregate initial Certificate Balance of the Class V1-B Certificates represents the maximum aggregate Certificate Balance
        of the Class V1-B Certificates that could be issued (without giving effect to any exchanges for, or any issuance of, the
        Class V1 Certificates).

         
	 	Initial Certificate Balance of this Certificate:  $[_____]
	First Distribution Date: February 16, 2018	 	Cut-off
        Date:  The close of business on the later of the related Due Date of such Mortgage Loan in January 2018 (or,
        in the case of any Mortgage Loan that has its first Due Date subsequent to January 2018, the date that would have been
        its Due Date in January 2018 under the terms of that Mortgage Loan if a Periodic Payment were scheduled to be due in that
        month) and the date of origination of such Mortgage Loan

         

	Assumed Final Distribution Date:  January
    2028	 	No.:  V1-B -[__]

 

This
certifies that [              ] is the registered
owner of a beneficial ownership interest in a Trust Fund, including the distributions to be made with respect to the Class V1-B

 

 

 

4
For IAI Certificates

5
For IAI Certificates

  

     A-28-4

     

    

 

Certificates.
The Trust Fund, described more fully below, consists primarily of a pool of Mortgage Loans secured by first liens on commercial
and multifamily properties and held in trust by the Trustee and serviced by the Master Servicer. The Trust Fund was created, and
the Mortgage Loans are to be serviced, pursuant to the Pooling and Servicing Agreement (as defined below). The Holder of this
Certificate, by virtue of the acceptance hereof, assents to the terms, provisions and conditions of the Pooling and Servicing
Agreement and is bound thereby.

 

The
Pooling and Servicing Agreement, dated as of January 1, 2018 (the “Pooling and Servicing Agreement”), between
the Depositor, Wells Fargo Bank, National Association, as master servicer (in such capacity, the “Master Servicer”),
Midland Loan Services, a Division of PNC Bank, National Association, as special servicer (the “Special Servicer”),
Wilmington Trust, National Association, as trustee (the “Trustee”), Wells Fargo Bank, National Association,
as certificate administrator (in such capacity, the “Certificate Administrator”), custodian and paying agent,
and Park Bridge Lender Services LLC, as operating advisor (in such capacity, the “Operating Advisor”) and asset
representations reviewer (in such capacity, the “Asset Representations Reviewer”) evidences the issuance of
the Class A-1, Class A-2, Class A-3, Class A-SB, Class A-4, Class A-5, Class A-M, Class B, Class C, Class D, Class
E, Class F-RR, Class G-RR, Class X-A, Class X-B, Class X-D, Class X-E, Class S, Class R, Class V2, Class V1-A1,
Class V1-A2, Class V1-A3, Class V1-ASB, Class V1-A4, Class V1-A5, Class V1-AM, Class V1-B, Class V1-C, Class V1-D, Class V1-E,
Class V1-F and Class V1-G Certificates (the “Certificates”; the Holders of Certificates issued under the Pooling
and Servicing Agreement are collectively referred to herein as “Certificateholders”). This Certificate is issued
pursuant to, and in accordance with, the terms of the Pooling and Servicing Agreement. To the extent not defined herein, capitalized
terms used herein shall have the meanings assigned thereto in the Pooling and Servicing Agreement.

 

This
Certificate represents a beneficial interest in a “regular interest” in a “real estate mortgage investment conduit,”
as those terms are defined, respectively, in Sections 860G(a)(1) and 860D of the Internal Revenue Code of 1986, as amended. Each
Holder of this Certificate, by acceptance hereof, agrees to treat, and take no action inconsistent with the treatment of, this
Certificate in accordance with the preceding sentence for purposes of federal income taxes, state and local income and franchise
taxes and other taxes imposed on or measured by income.

 

The
Certificate Administrator makes no representation or warranty as to any of the statements contained herein or the validity or
sufficiency of the Certificates or the Mortgage Loans and has executed this Certificate in its limited capacity as Certificate
Administrator under the Pooling and Servicing Agreement. In the event that there is any conflict between any provision of this
Certificate and any provision of the Pooling and Servicing Agreement, such provision of this Certificate shall be superseded to
the extent of such inconsistency.

 

Pursuant
to the terms of the Pooling and Servicing Agreement, the Certificate Administrator, or the Paying Agent on behalf of
the Certificate Administrator, will distribute (other than the final distribution on any Certificate), on the fourth Business
Day after each Determination Date (each such date, a “Distribution Date”) an amount equal to
such Person’s pro rata share (based on the Percentage Interest represented by this Certificate) of that portion of
the aggregate amount of principal and interest then distributable, if any, allocable to the Class V1-B
Certificates

 

     A-28-5

     

    

 

for
such Distribution Date, all as more fully described in the Pooling and Servicing Agreement. “Determination Date” is
defined in the Pooling and Servicing Agreement as the eleventh day of each month, or if such eleventh day is not a Business Day,
then the next Business Day, commencing in February 2018. Holders of this Certificate may be entitled to Prepayment Premiums and
Yield Maintenance Charges as provided in the Pooling and Servicing Agreement.

 

During
each Interest Accrual Period (as defined below), interest on the Class V1-B Certificates will be calculated based on a 360-day
year consisting of twelve 30-day months on the outstanding Certificate Balance hereof.

 

All
distributions (other than the final distribution on any Certificate) will be made by the Paying Agent to the Persons in whose
names the Certificates are registered at the close of business on each Record Date, which will be the close of business on the
last Business Day of the calendar month immediately preceding the month in which such Distribution Date occurs. Such distributions
shall be made on each Distribution Date other than the Termination Date to each Certificateholder of record on the related Record
Date, (i) by wire transfer of immediately available funds to the account of such Holder at a bank or other entity located in the
United States and having appropriate facilities therefor if such Holder shall have provided the Paying Agent with wire instructions
in writing at least five Business Days prior to the related Record Date (which wiring instructions may be in the form of a standing
order applicable to all subsequent distributions), or (ii) otherwise, by check mailed by first-class mail to the address set forth
therefor in the Certificate Register. The final distribution on each Certificate shall be made in like manner, but only upon presentment
and surrender of such Certificate at the office of the Certificate Administrator or its agent (which may be the Paying Agent or
the Certificate Registrar acting as such agent) that is specified in the notice to Holders of such final distribution.

 

Any
funds not distributed on the Termination Date because of the failure of any Certificateholders to tender their Certificates shall,
on such date, be set aside and held for the benefit of the appropriate non-tendering Certificateholders. If any Certificates as
to which notice of the Termination Date has been given pursuant to the Pooling and Servicing Agreement shall not have been surrendered
for cancellation within six months after the time specified in such notice, the Certificate Administrator shall mail a second
notice to the remaining non-tendering Certificateholders to surrender their Certificates for cancellation to receive the final
distribution with respect thereto. If within one year after the second notice not all of such Certificates shall have been surrendered
for cancellation, the Certificate Administrator may, directly or through an agent, take appropriate steps to contact the remaining
non-tendering Certificateholders concerning surrender of their Certificates. The costs and expenses of holding such funds in trust
and of contacting such Certificateholders shall be paid out of such funds. Subject to applicable state escheatment laws, if within
two years after the second notice any such Certificates shall not have been surrendered for cancellation, the Paying Agent shall
distribute to the Certificate Administrator all amounts distributable to the Holders thereof, and the Certificate Administrator
shall thereafter hold such amounts for the benefit of such Holders until the earlier of (i) its termination as Certificate Administrator
under the Pooling and Servicing Agreement and the transfer of such amounts to a successor Certificate Administrator and (ii) the
termination of the Trust Fund and distribution of such amounts to the Class R Certificateholders. No interest shall accrue or
be payable to any Certificateholder on any amount held under the Pooling and Servicing Agreement or by the Certificate Administrator
as a result of such Certificateholder’s

 

     A-28-6

     

    

 

failure
to surrender its Certificate(s) for final payment thereof in accordance with the Pooling and Servicing Agreement. Any such amounts
transferred to the Certificate Administrator may be invested in Permitted Investments and all income and gain realized from investment
of such funds shall accrue for its benefit.

 

This
Certificate is limited in right of payment to, among other things, certain collections and recoveries in respect of the Mortgage
Loans, as more specifically set forth herein and in the Pooling and Servicing Agreement.

 

As
provided in the Pooling and Servicing Agreement, the Trust Fund includes (in each case, to the extent of the Trust Fund’s
interest therein and specifically excluding any interest of any Serviced Companion Loan Noteholder therein): (i) such Mortgage
Loans as from time to time are subject to the Pooling and Servicing Agreement, together with the Mortgage Files relating thereto;
(ii) all scheduled or unscheduled payments on or collections in respect of the Mortgage Loans due after the Cut-off Date; (iii)
the Trust Fund’s interest in any REO Property; (iv) all revenues received in respect of any REO Property; (v) any Assignments
of Leases, Rents and Profits and any security agreements related to the Mortgage Loans; (vi) any indemnities or guaranties given
as additional security for any Mortgage Loans; (vii) a security interest in all assets deposited in the Lock-Box Accounts, Cash
Collateral Accounts, Escrow Accounts, and Reserve Accounts; (viii) the Loss of Value Reserve Fund; (ix) the Collection Account,
the Serviced Whole Loan Collection Accounts, the Distribution Accounts, any Gain-on-Sale Reserve Account, the Interest Reserve
Account, and the Trust’s interest in any REO Account, including any amounts on deposit therein, assets credited thereto
and any reinvestment income, as applicable; (x) a security interest in any environmental indemnity agreements relating to the
Mortgaged Properties; (xi) a security interest in all insurance policies with respect to the Mortgage Loans and the Mortgaged
Properties; (xii) the rights and remedies under the Mortgage Loan Purchase Agreements relating to document delivery requirements
with respect to the Mortgage Loans and the representations and warranties of the related Mortgage Loan Seller regarding its Mortgage
Loans; (xiii) the Lower-Tier Regular Interests; (xiv) the Class VRR Upper-Tier Regular Interests; and (xv) the proceeds of the
foregoing (other than any interest earned on deposits in the Lock-Box Accounts, Cash Collateral Accounts, Escrow Accounts and
any Reserve Accounts, to the extent such interest belongs to the related Borrower). As provided in the Pooling and Servicing Agreement,
withdrawals may be made from certain of the above accounts for purposes other than distributions to Certificateholders.

 

This
Certificate does not purport to summarize the Pooling and Servicing Agreement, and reference is made to the Pooling and Servicing
Agreement for the interests, rights, benefits, obligations and duties evidenced hereby, and the limitations thereon, and the rights,
duties and immunities of the Certificate Administrator.

 

As
provided in the Pooling and Servicing Agreement and subject to certain limitations set forth therein, this Certificate is transferable
or exchangeable only upon surrender of this Certificate to the Certificate Registrar at its offices together with an assignment
and transfer (executed by the Holder or his duly authorized attorney), subject to the requirements in Article V of the Pooling
and Servicing Agreement. Upon surrender for registration of transfer of this Certificate, subject to the requirements in Article
V of the Pooling and Servicing Agreement, the Certificate Administrator shall execute and the Authenticating Agent shall duly
authenticate

 

     A-28-7

     

    

 

in
the name of the designated transferee or transferees, one or more new Certificates in authorized denominations of a like aggregate
denomination as the Certificate being surrendered. Such Certificates shall be delivered by the Certificate Registrar in accordance
with Article V of the Pooling and Servicing Agreement.

 

In
no event shall Certificates representing a Percentage Interest in any Class of Class V1 Certificates be transferred to any Person
(and the Certificate Registrar shall refuse to register any such transfer) unless Certificates representing the exact same Percentage
Interest in each and every other outstanding Class of Class V1 Certificates are simultaneously transferred to the same Person.
Any Holder of Class V1 Certificates shall at all times hold the same Percentage Interest in each and every outstanding Class thereof.

 

Prior
to due presentation of this Certificate for registration of transfer, the Depositor, the Master Servicer, the Special Servicer,
the Operating Advisor, the Asset Representations Reviewer, the Certificate Administrator, the Trustee, the Certificate Registrar,
any Paying Agent and any agent of any of them may treat the Person in whose name this Certificate is registered as the owner hereof
for all purposes, and none of the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator, the Trustee,
the Certificate Registrar, any Paying Agent or any agent of any of them shall be affected by notice or knowledge to the contrary.

 

No
fee or service charge shall be imposed by the Certificate Registrar for its services in respect of any registration of transfer
or exchange referred to in Section 5.02 of the Pooling and Servicing Agreement other than for transfers to Institutional Accredited
Investors as provided in Section 5.02(h) of the Pooling and Servicing Agreement. In connection with any transfer to an Institutional
Accredited Investor, the transferor shall reimburse the Trust Fund for any costs (including the cost of the Certificate Registrar’s
counsel’s review of the documents and any legal opinions, submitted by the transferor or transferee to the Certificate Registrar
as provided in the Pooling and Servicing Agreement) incurred by the Certificate Registrar in connection with such transfer. The
Certificate Registrar may require payment by each transferor of a sum sufficient to cover any tax, expense or other governmental
charge payable in connection with any such transfer.

 

The
Pooling and Servicing Agreement or any Custodial Agreement may be amended at any time by the Depositor, the Master Servicer, the
Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the Trustee without
the consent of any of the Certificateholders or any Serviced Companion Loan Noteholders, (i) to cure any ambiguity or to correct
any manifest error; (ii) to cause the provisions of the Pooling and Servicing Agreement or any Custodial Agreement to conform
or be consistent with or in furtherance of the statements made in the Prospectus or Private Placement Memorandum with respect
to the Certificates, the Trust or the Pooling and Servicing Agreement or to correct or supplement any provisions of the Pooling
and Servicing Agreement or any Custodial Agreement which may be defective or inconsistent with any other provisions of the Pooling
and Servicing Agreement or any Custodial Agreement; (iii) to change the timing and/or nature of deposits in the Collection
Account, the Distribution Accounts or any REO Account; provided that (a) the Master Servicer Remittance Date shall in no event
be later than the Business Day prior to the related Distribution Date and (b) such change shall not adversely

 

     A-28-8

     

    

 

affect
in any material respect the interests of any Certificateholder, as evidenced in writing by an Opinion of Counsel at the expense
of the party requesting such amendment or as evidenced by a Rating Agency Confirmation from each Rating Agency with respect to
such amendment; (iv) to modify, eliminate or add to any of its provisions to such extent as shall be necessary to maintain the
qualification of any Trust REMIC as a REMIC or the Grantor Trust as a grantor trust under the relevant provisions of the Code
at all times that any Certificate is outstanding, or to avoid or minimize the risk of imposition of any tax on the Trust Fund
or any Trust REMIC or the Grantor Trust that would be a claim against the Trust Fund or any Trust REMIC or the Grantor Trust;
provided that the Trustee and the Certificate Administrator have received an Opinion of Counsel (at the expense of the
party requesting such amendment) to the effect that (a) such action is necessary or desirable to maintain such qualification
or to avoid or minimize the risk of the imposition of any such tax and (b) such action will not adversely affect in any material
respect the interests of any Certificateholder or Companion Loan Noteholder; (v) to modify, eliminate or add to the provisions
any provision of the Pooling and Servicing Agreement restricting transfer of the Class R Certificates; provided the
Depositor has determined that such change shall not, as evidenced by an Opinion of Counsel, cause the Trust Fund, any Trust REMIC
or any of the Certificateholders (other than the Transferor) to be subject to a federal tax caused by a Transfer to a Person that
is a Disqualified Organization or a Non-U.S. Tax Person; (vi) to revise or add any other provisions with respect to matters or
questions arising under the Pooling and Servicing Agreement or any other change; provided that the required action shall
not adversely affect in any material respect the interests of any Certificateholder or any holder of a Serviced Pari Passu Companion
Loan not consenting thereto as evidenced in writing by an Opinion of Counsel, at the expense of the party requesting such amendment
or as evidenced by a Rating Agency Confirmation from each of the Rating Agencies with respect to such amendment or supplement
and confirmation of the applicable rating agencies that such action will not result in the downgrade, withdrawal or qualification
of its then-current ratings of any securities related to a Companion Loan, if any (provided that such rating agency confirmation
may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the
Certificates); (vii) to amend or supplement any provision of the Pooling and Servicing Agreement to the extent necessary to maintain
the then-current ratings assigned to each Class of Certificates by each Rating Agency, as evidenced by a Rating Agency Confirmation
from each of the Rating Agencies; provided that such amendment or supplement shall not adversely affect in any material
respect the interests of any Certificateholder not consenting thereto as evidenced by an Opinion of Counsel, or any holder of
a Serviced Pari Passu Companion Loan not consenting to such revision or addition, as evidenced by an Opinion of Counsel at the
expense of the party requesting such amendment or as evidenced by confirmation of the applicable Rating Agencies that such action
will not result in the downgrade, withdrawal or qualification of its then-current ratings of any securities related to a Companion
Loan, if any (provided that such Rating Agency Confirmation may be considered satisfied in the same manner as any Rating
Agency Confirmation may be considered satisfied with respect to the Certificates); (viii) to modify the provisions of Section
3.06 and Section 3.17 of the Pooling and Servicing Agreement (with respect to reimbursement of Nonrecoverable Advances
and Workout-Delayed Reimbursement Amounts) if (a) the Depositor, the Master Servicer, the Trustee and, for so long as a Control
Termination Event has not occurred and is not continuing, the Directing Holder, determine that the commercial mortgage backed
securities industry standard for such provisions has changed, in order to conform to such industry standard, (b) such

 

     A-28-9

     

    

 

modification
does not adversely affect the status of any Trust REMIC as a REMIC or the status of the Grantor Trust as a grantor trust under
the relevant provisions of the Code, as evidenced by an Opinion of Counsel and (c) each Rating Agency has delivered a Rating
Agency Confirmation and, with regard to any class of Serviced Companion Loan Securities, the applicable rating agencies have delivered
a confirmation that such action will not result in the downgrade, withdrawal or qualification of its then-current ratings (provided that such rating agency confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation may
be considered satisfied with respect to the Certificates); (ix) to modify the procedures of the Pooling and Servicing Agreement
relating to compliance with Rule 17g-5 of the Exchange Act; provided that such amendment shall not adversely affect
in any material respects the interests of any Certificateholders, as evidenced by (x) an Opinion of Counsel or (y) if
any Certificate is then rated, receipt of Rating Agency Confirmation from each Rating Agency rating such Certificates; and provided,
further, that the Certificate Administrator shall give notice of any such amendment to the 17g-5 Information Provider for
posting to the 17g-5 Information Provider’s Website and the Certificate Administrator shall post such notice to the Certificate
Administrator’s Website; (x) to modify, eliminate or add to any provisions of the Pooling and Servicing Agreement to such
extent as would be necessary to comply with the requirements for use of Form SF-3 in registered offerings to the extent provided
in CFR 239.45(b)(1)(ii), (iii) or (iv); and (xi) to modify, eliminate or add to any of its provisions (a) to such extent as will
be necessary to comply with the requirements of the Risk Retention Rule, as evidenced by an Opinion of Counsel, or (b) in the
event the Risk Retention Rule or any other regulation applicable to the risk retention requirements for this securitization transaction
are amended or repealed, to the extent required to comply with any such amendment or to modify or eliminate the risk retention
requirements in the event of such repeal, as evidenced by an Opinion of Counsel.

 

The
Pooling and Servicing Agreement or any Custodial Agreement may also be amended from time to time by the Depositor, the Master
Servicer, the Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the
Trustee with the prior written consent of the Holders of Certificates representing not less than a majority of the Percentage
Interests of each Class of Certificates affected thereby (without regard to Certificates held by the Depositor, any of the Depositor’s
Affiliates and/or agents) and each Serviced Companion Loan Noteholder affected thereby for the purpose of adding any provisions
to or changing in any manner or eliminating any of the provisions of the Pooling and Servicing Agreement or modifying in any manner
the rights of the Certificateholders or the Serviced Companion Loan Noteholders; provided, that no such amendment may:

 

		(i)	reduce
                                         in any manner the amount of, or delay the timing of, payments received on the Mortgage
                                         Loans or Serviced Whole Loan which are required to be distributed on any Certificate,
                                         without the consent of the Holders of Certificates representing all of the Percentage
                                         Interests of the Class or Classes affected thereby or which are required to be distributed
                                         to any Companion Loan Noteholders without the consent of such Companion Loan Noteholders;

 

		(ii)	reduce
                                         the aforesaid percentage of Certificates of any Class the Holders of which are required
                                         to consent to any such amendment or remove the 

 

     A-28-10

     

    

 

requirement
to obtain consent of any Companion Loan Noteholder, in any such case without the consent of the Holders of all Certificates of
such Class then-outstanding or such Companion Loan Noteholder, as applicable;

 

		(iii)	adversely
                                         affect the Voting Rights of any Class of Certificates without the consent of the Holders
                                         of all Certificates of such Class then outstanding;

 

		(iv)	change
                                         in any manner any defined term used in any Mortgage Loan Purchase Agreement or the obligations
                                         of any Mortgage Loan Seller under such Mortgage Loan Purchase Agreement or otherwise
                                         or change any rights of any Mortgage Loan Seller as a third party beneficiary hereunder,
                                         without the consent of such Mortgage Loan Seller; or

 

		(v)	amend
                                         the Servicing Standard without the consent of 100% of the Certificateholders or receipt
                                         of Rating Agency Confirmation from each Rating Agency and confirmation of the applicable
                                         rating agencies that such action will not result in the downgrade, withdrawal or qualification
                                         of its then-current ratings of any securities related to a Companion Loan, if any (provided that such rating agency confirmation may be considered satisfied in the same manner
                                         as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates).

 

Further,
the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations
Reviewer and the Trustee, at any time and from time to time, without the consent of the Certificateholders or, if applicable,
the Serviced Companion Loan Noteholders, may amend the Pooling and Servicing Agreement to modify, eliminate or add to any of its
provisions (i) to such extent as shall be necessary to maintain the qualification of the Lower-Tier REMIC or the Upper-Tier REMIC
as a REMIC or the qualification of the Grantor Trust as a grantor trust, or to prevent the imposition of any additional material
state or local taxes, at all times that any Certificates are outstanding; provided that such action, as evidenced by an
Opinion of Counsel (obtained at the expense of the Trust Fund), is necessary or helpful to maintain such qualification or to prevent
the imposition of any such taxes, and would not adversely affect in any material respect the interest of any Certificateholder
or if applicable, any Serviced Companion Loan Noteholder or (ii) to the extent necessary to comply with the Investment Company
Act of 1940, as amended, the Exchange Act, Regulation AB, and/or any related regulatory actions and/or interpretations.

 

The
Certificateholder owning a majority of the Percentage Interest in the Controlling Class and, if no such Certificateholder
exercises such option, the Special Servicer, and if the Special Servicer does not exercise such option, the Master Servicer may
effect an early termination of the Trust Fund, upon not less than 30 days’ prior Notice of Termination given to the Trustee,
the Special Servicer and the Master Servicer any time specifying the Anticipated Termination Date, which shall be on or after
the Early Termination Notice Date (defined as any date as of which the aggregate Stated Principal Balance of the Mortgage Loans
remaining in the Trust is less than 1.0% of the aggregate Stated Principal Balance of the Mortgage Loans as of the Cut-off Date)
by purchasing on such date all, but not less than all, of the Mortgage Loans then

 

     A-28-11

     

    

 

included
in the Trust Fund, and the Trust’s interest in all property acquired in respect of any Mortgage Loan, at a purchase price,
payable in cash, equal to the sum of, without duplication:

 

		(A)	100%
                                         of the Stated Principal Balance of each Mortgage Loan included in the Trust as of the
                                         last day of the month preceding such Anticipated Termination Date (less any P&I Advances
                                         previously made on account of principal);

 

		(B)	the
                                         fair market value of all other property included in the Trust Fund as of the last day
                                         of the month preceding such Anticipated Termination Date, as determined by an Independent
                                         appraiser acceptable to the Master Servicer as of a date not more than 30 days prior
                                         to the last day of the month preceding such Distribution Date;

 

		(C)	all
                                         unpaid interest accrued on the unpaid balance of each Mortgage Loan (including any Mortgage
                                         Loan as to which title to the related Mortgaged Property has been acquired) at the Mortgage
                                         Rate to the last day of the month preceding such Anticipated Termination Date (less any
                                         P&I Advances previously made on account of interest); and

 

		(D)	the
                                         aggregate amount of unreimbursed Advances, with interest thereon at the Reimbursement
                                         Rate, and unpaid Servicing Compensation, Special Servicing Compensation, Operating Advisor
                                         Fees, Certificate Administrator/Trustee Fees, the CREFC® Intellectual
                                         Property Royalty License Fees and Trust Fund expenses.

 

In
addition, the Pooling and Servicing Agreement provides that following the date on which the Class X-A Notional Amount, the
Class X-B Notional Amount, the Class X-D Notional Amount and the aggregate Certificate Balance
of the Class A-1, Class A-2, Class A-3, Class A-SB, Class A-4, Class A-5, Class A-M, Class B, Class C and Class D Certificates
is reduced to zero, the Sole Certificateholder shall have the right to exchange all of the then-outstanding Certificates (other
than the Class S or Class R Certificates) for all of the Mortgage Loans and each REO Property remaining in the Trust Fund
as contemplated by clause (ii) of Section 9.01(a) of the Pooling and Servicing Agreement by giving written notice to
all the parties to the Pooling and Servicing Agreement no later than 60 days prior to the anticipated date of exchange.

 

All
costs and expenses incurred by any and all parties to the Pooling and Servicing Agreement or by the Trust Fund in connection with
the purchase of the Mortgage Loans and the other assets of the Trust Fund pursuant to Section 9.01(c) of the Pooling and
Servicing Agreement shall be borne by the party exercising its purchase rights thereunder. The Trustee and the Certificate Administrator
shall be entitled to rely conclusively on any determination made by an Independent appraiser pursuant to Section 9.01(c)
of the Pooling and Servicing Agreement.

 

     A-28-12

     

    

 

The
respective obligations and responsibilities of the Master Servicer, the Special Servicer, the Depositor, the Certificate Administrator,
the Operating Advisor, the Asset Representations Reviewer and the Trustee created by the Pooling and Servicing Agreement with
respect to the Certificates (other than the obligations of the Certificate Administrator to make certain payments and to send
certain notices to Certificateholders as set forth in the Pooling and Servicing Agreement) shall terminate upon payment (or provision
for payment) to the Certificateholders and the Serviced Companion Loan Noteholders of all amounts held by or on behalf of the
Trustee, the Certificate Administrator and the Master Servicer, as the case may be, required under the Pooling and Servicing Agreement
to be so paid on the Distribution Date following the earlier to occur of (i) the purchase of the Mortgage Loans and all other
property held by the Trust Fund in accordance with Section 9.01(c) of the Pooling and Servicing Agreement; (ii) the exchange by
the Sole Certificateholder of its Certificates for the Mortgage Loans in accordance with Section 9.01(g) of the Pooling and Servicing
Agreement; and (iii) the later of (a) the receipt or collection of the last payment due on any Mortgage Loan included
in the Trust Fund, or (b) the liquidation and disposition pursuant to the Pooling and Servicing Agreement of the last asset
held by the Trust Fund; provided that in no event shall the trust created by the Pooling and Servicing Agreement continue
beyond the expiration of 21 years from the death of the last survivor of the descendants of Joseph P. Kennedy, the late Ambassador
of the United States to the United Kingdom, living on the date hereof.

 

Unless
the Certificate of Authentication on this Certificate has been executed by the Authenticating Agent, by manual signature, this
Certificate shall not be entitled to any benefit under the Pooling and Servicing Agreement or be valid for any purpose.

 

     A-28-13

     

    

  

IN
WITNESS WHEREOF, the Certificate Administrator has caused this Class V1-B Certificate to be duly executed.

 

Dated:
January 31, 2018

	 	 	 
	 	WELLS
    FARGO BANK, NATIONAL ASSOCIATION, not in
    its individual capacity but solely as Certificate Administrator
	 	 	 
	 	By: 	 
	 	 	Authorized Signatory

 

Certificate
of Authentication

 

This
is one of the Class V1-B Certificates referred to in the Pooling and Servicing Agreement.

 

Dated:
January 31, 2018

	 	 	 
	 	WELLS
    FARGO BANK, NATIONAL ASSOCIATION, not in its
    individual capacity but solely as Authenticating Agent
	 	 	 
	 	By: 	 
	 	 	Authorized Signatory

 

     A-28-14

     

    

 

 EXHIBIT
A-29

 

FORM
OF CLASS V1-C [RULE 144A]1 [REG S]2 CERTIFICATE

 

[UNLESS
THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”),
TO THE CERTIFICATE REGISTRAR FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE
NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO
CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER
USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS
AN INTEREST HEREIN.]3

 

THIS
CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED OR QUALIFIED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”), OR ANY STATE OR FOREIGN SECURITIES LAW. THE HOLDER HEREOF, BY PURCHASING THIS CERTIFICATE, AGREES THAT THIS CERTIFICATE
MAY BE REOFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY IN COMPLIANCE WITH THE SECURITIES ACT AND OTHER APPLICABLE LAWS,
AND ONLY (A)(1) PURSUANT TO A REGISTRATION STATEMENT WHICH HAS BEEN DECLARED EFFECTIVE UNDER THE SECURITIES ACT, (2) FOR SO LONG
AS THIS CERTIFICATE IS ELIGIBLE FOR RESALE PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”), TO
AN INSTITUTIONAL INVESTOR THAT THE HOLDER REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” WITHIN THE MEANING
OF RULE 144A (“QUALIFIED INSTITUTIONAL BUYER”), PURCHASING FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF ANOTHER
QUALIFIED INSTITUTIONAL BUYER, WHOM THE HOLDER HAS INFORMED, IN EACH CASE, THAT THE REOFFER, RESALE, PLEDGE OR OTHER TRANSFER
IS BEING MADE IN RELIANCE ON RULE 144A, (3) TO AN INSTITUTIONAL “ACCREDITED INVESTOR,” WITHIN THE MEANING OF RULE
501(a)(1), (2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT OR ANY ENTITY IN WHICH ALL OF THE EQUITY OWNERS ARE SUCH ACCREDITED
INVESTORS, OR (4) TO INSTITUTIONS THAT ARE A NON-“U.S. PERSON” IN AN “OFFSHORE TRANSACTION,” AS SUCH TERMS
ARE DEFINED IN, AND IN ACCORDANCE WITH RULE 903 OR RULE 904 OF, REGULATION S UNDER THE SECURITIES ACT, AND (B) IN ACCORDANCE WITH
ANY OTHER APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR ANY OTHER APPLICABLE JURISDICTION.

 

 

 

1
For Rule 144A Global Certificates only.

2
For Reg S Global Certificates only.

3
Legend required as long as DTC is the Depository under the Pooling and Servicing Agreement.

 

     A-29-1

     

    

 

THE
INITIAL INVESTOR IN THIS CERTIFICATE, AND EACH SUBSEQUENT PURCHASER OF THIS CERTIFICATE, BY PURCHASING THIS CERTIFICATE OR AN
INTEREST HEREIN, IS DEEMED TO HAVE AGREED TO COMPLY WITH CERTAIN TRANSFER REQUIREMENTS SET FORTH IN THE POOLING AND SERVICING
AGREEMENT.  A TRANSFEREE IS ALSO REQUIRED TO DELIVER AN INVESTMENT REPRESENTATION LETTER SUBSTANTIALLY IN THE FORM OF EXHIBIT
D-1 TO THE POOLING AND SERVICING AGREEMENT IF SUCH TRANSFEREE IS A QUALIFIED INSTITUTIONAL BUYER OR (OTHER THAN WITH RESPECT TO
A RESIDUAL CERTIFICATE) AN INSTITUTIONAL ACCREDITED INVESTOR, AND MAY ALSO BE REQUIRED TO DELIVER AN OPINION OF COUNSEL IF SUCH
TRANSFEREE IS NOT A QUALIFIED INSTITUTIONAL BUYER WITHIN THE MEANING OF RULE 144A.

 

ANY
HOLDER DESIRING TO EFFECT A TRANSFER OF THIS CERTIFICATE SHALL, AND DOES HEREBY AGREE TO, INDEMNIFY THE CERTIFICATE REGISTRAR,
THE CERTIFICATE ADMINISTRATOR, THE TRUSTEE, THE MASTER SERVICER AND THE DEPOSITOR AGAINST ANY LOSS, LIABILITY OR EXPENSE THAT
MAY RESULT IF THE TRANSFER IS NOT EXEMPT FROM THE SECURITIES ACT OR IS NOT MADE IN ACCORDANCE WITH FEDERAL AND STATE LAWS.

 

THIS
CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN THE DEPOSITOR, THE ORIGINATOR, THE MASTER SERVICER, THE SPECIAL
SERVICER, THE CERTIFICATE ADMINISTRATOR, THE CERTIFICATE REGISTRAR, THE OPERATING ADVISOR, THE ASSET REPRESENTATIONS REVIEWER,
THE RISK RETENTION CONSULTATION PARTY, THE TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THE CERTIFICATES NOR THE UNDERLYING
MORTGAGE LOANS ARE INSURED OR GUARANTEED BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY.

 

PRINCIPAL
PAYMENTS ON THIS CERTIFICATE ARE PAYABLE IN INSTALLMENTS AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING CERTIFICATE BALANCE
OF THIS CERTIFICATE AT ANY TIME MAY BE LESS THAN THE INITIAL CERTIFICATE BALANCE SET FORTH BELOW.

 

IN
ADDITION, SUBJECT TO THE CONDITIONS SET FORTH IN THE POOLING AND SERVICING AGREEMENT, THIS CERTIFICATE, TOGETHER WITH THE OTHER
CERTIFICATES IN THE RELATED EXCHANGEABLE GROUP OF CERTIFICATES, MAY BE EXCHANGED FOR ANOTHER EXCHANGEABLE GROUP OF CERTIFICATES,
PURSUANT TO THE PROCEDURES SET FORTH IN THE POOLING AND SERVICING AGREEMENT.

 

TRANSFERS
AND EXCHANGES OF PORTIONS OF THIS CERTIFICATE ARE SUBJECT TO RESTRICTIONS AS PROVIDED IN THE POOLING AND SERVICING AGREEMENT REFERRED
TO BELOW.

 

     A-29-2

     

    

 

THIS
CERTIFICATE IS SUBORDINATE TO ONE OR MORE OTHER CLASSES OF CERTIFICATES AS AND TO THE EXTENT SET FORTH IN THE POOLING AND SERVICING
AGREEMENT REFERRED TO HEREIN.

 

FOR
U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE REPRESENTS A BENEFICIAL INTEREST IN A “REGULAR INTEREST” IN A “REAL
ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G(a)(1) AND 860D OF THE INTERNAL
REVENUE CODE OF 1986, AS AMENDED.

 

THIS
CERTIFICATE IS INTENDED TO CONSTITUTE PART OF AN “ELIGIBLE VERTICAL INTEREST” (AS DEFINED IN REGULATION RR PROMULGATED
UNDER SECTION 15G OF THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED), AND AS SUCH IS SUBJECT TO VARIOUS PROHIBITIONS ON HEDGING,
TRANSFER AND FINANCING SET FORTH IN REGULATION RR PROMULGATED UNDER SECTION 15G OF THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED.
THE INITIAL INVESTOR IN THIS CERTIFICATE, AND EACH SUBSEQUENT PURCHASER OF THIS CERTIFICATE, BY PURCHASING THIS CERTIFICATE OR
AN INTEREST HEREIN, IS DEEMED TO HAVE AGREED TO COMPLY WITH CERTAIN TRANSFER REQUIREMENTS SET FORTH IN THE POOLING AND SERVICING
AGREEMENT.

 

In
no event shall Certificates representing a Percentage Interest in any Class of Class V1 Certificates be transferred to any Person
(and the Certificate Registrar shall refuse to register any such transfer) unless Certificates representing the exact same Percentage
Interest in each and every other outstanding Class of Class V1 Certificates are simultaneously transferred to the same Person.
Any Holder of Class V1 Certificates shall at all times hold the same Percentage Interest in each and every outstanding Class thereof.

 

SUBJECT
TO THE CONDITIONS SET FORTH IN THE POOLING AND SERVICING AGREEMENT, THIS CERTIFICATE, TOGETHER WITH CERTAIN OTHER EXCHANGEABLE
CERTIFICATES SET FORTH IN THE POOLING AND SERVICING AGREEMENT, MAY BE EXCHANGED FOR THE CLASS V2 CERTIFICATES, PURSUANT TO THE
PROCEDURES SET FORTH IN THE POOLING AND SERVICING AGREEMENT.

 

     A-29-3

     

    

 

BENCHMARK
2018-B1 MORTGAGE TRUST

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES, CLASS V1-C

 

	Class V1-C
                           Pass-Through Rate:  N/A.  The Class V1-C Certificates will not have a Pass-Through
                           Rate, but will be entitled to receive interest on any Distribution Date up to an amount equal to the
                           product of (a) the VRR Interest Percentage, multiplied by (b) the VRR Allocation Percentage, multiplied
                           by (c) the aggregate amount of interest distributed to the Class A-1, Class A-2, Class A-SB,  Class
                           A-3, Class A-4, Class A-5, Class X-A, Class X-B, Class X-D, Class X-E, Class A-M, Class B, Class C,
                           Class D, Class E, Class F-RR and Class G-RR Certificates for such Distribution Date.

                            
	 	CUSIP: 08162PBN04

                           

         

        ISIN:     US08162PBN065

         

	Original
Aggregate Certificate Balance of the Class V1-C Certificates: $1,869,724

         

        The
        aggregate initial Certificate Balance of the Class V1-C Certificates represents the maximum aggregate Certificate Balance
        of the Class V1-C Certificates that could be issued (without giving effect to any exchanges for, or any issuance of, the
        Class V1 Certificates).

         
	 	Initial Certificate Balance of this Certificate:  $[_____]
	First Distribution Date: February 16, 2018	 	Cut-off
        Date:  The close of business on the later of the related Due Date of such Mortgage Loan in January 2018 (or,
        in the case of any Mortgage Loan that has its first Due Date subsequent to January 2018, the date that would have been
        its Due Date in January 2018 under the terms of that Mortgage Loan if a Periodic Payment were scheduled to be due in that
        month) and the date of origination of such Mortgage Loan

         

	Assumed Final Distribution Date:  January
    2028	 	No.:  V1-C -[__]

 

This
certifies that [              ] is the registered
owner of a beneficial ownership interest in a Trust Fund, including the distributions to be made with respect to the Class V1-C

 

 

  

4
For IAI Certificates

5
For IAI Certificates

 

     A-29-4

     

    

 

Certificates.
The Trust Fund, described more fully below, consists primarily of a pool of Mortgage Loans secured by first liens on commercial
and multifamily properties and held in trust by the Trustee and serviced by the Master Servicer. The Trust Fund was created, and
the Mortgage Loans are to be serviced, pursuant to the Pooling and Servicing Agreement (as defined below). The Holder of this
Certificate, by virtue of the acceptance hereof, assents to the terms, provisions and conditions of the Pooling and Servicing
Agreement and is bound thereby.

 

The
Pooling and Servicing Agreement, dated as of January 1, 2018 (the “Pooling and Servicing Agreement”), between
the Depositor, Wells Fargo Bank, National Association, as master servicer (in such capacity, the “Master Servicer”),
Midland Loan Services, a Division of PNC Bank, National Association, as special servicer (the “Special Servicer”),
Wilmington Trust, National Association, as trustee (the “Trustee”), Wells Fargo Bank, National Association,
as certificate administrator (in such capacity, the “Certificate Administrator”), custodian and paying agent,
and Park Bridge Lender Services LLC, as operating advisor (in such capacity, the “Operating Advisor”) and asset
representations reviewer (in such capacity, the “Asset Representations Reviewer”) evidences the issuance of
the Class A-1, Class A-2, Class A-3, Class A-SB, Class A-4, Class A-5, Class A-M, Class B, Class C, Class D, Class
E, Class F-RR, Class G-RR, Class X-A, Class X-B, Class X-D, Class X-E, Class S, Class R, Class V2, Class V1-A1,
Class V1-A2, Class V1-A3, Class V1-ASB, Class V1-A4, Class V1-A5, Class V1-AM, Class V1-B, Class V1-C, Class V1-D, Class V1-E,
Class V1-F and Class V1-G Certificates (the “Certificates”; the Holders of Certificates issued under the Pooling
and Servicing Agreement are collectively referred to herein as “Certificateholders”). This Certificate is issued
pursuant to, and in accordance with, the terms of the Pooling and Servicing Agreement. To the extent not defined herein, capitalized
terms used herein shall have the meanings assigned thereto in the Pooling and Servicing Agreement.

 

This
Certificate represents a beneficial interest in a “regular interest” in a “real estate mortgage investment conduit,”
as those terms are defined, respectively, in Sections 860G(a)(1) and 860D of the Internal Revenue Code of 1986, as amended. Each
Holder of this Certificate, by acceptance hereof, agrees to treat, and take no action inconsistent with the treatment of, this
Certificate in accordance with the preceding sentence for purposes of federal income taxes, state and local income and franchise
taxes and other taxes imposed on or measured by income.

 

The
Certificate Administrator makes no representation or warranty as to any of the statements contained herein or the validity or
sufficiency of the Certificates or the Mortgage Loans and has executed this Certificate in its limited capacity as Certificate
Administrator under the Pooling and Servicing Agreement. In the event that there is any conflict between any provision of this
Certificate and any provision of the Pooling and Servicing Agreement, such provision of this Certificate shall be superseded to
the extent of such inconsistency.

 

Pursuant
to the terms of the Pooling and Servicing Agreement, the Certificate Administrator, or the Paying Agent on behalf of
the Certificate Administrator, will distribute (other than the final distribution on any Certificate), on the fourth Business
Day after each Determination Date (each such date, a “Distribution Date”) an amount equal to
such Person’s pro rata share (based on the Percentage Interest represented by this Certificate) of that portion of
the aggregate amount of principal and interest then distributable, if any, allocable to the Class V1-C
Certificates

 

     A-29-5

     

    

 

for
such Distribution Date, all as more fully described in the Pooling and Servicing Agreement. “Determination Date” is
defined in the Pooling and Servicing Agreement as the eleventh day of each month, or if such eleventh day is not a Business Day,
then the next Business Day, commencing in February 2018. Holders of this Certificate may be entitled to Prepayment Premiums and
Yield Maintenance Charges as provided in the Pooling and Servicing Agreement.

 

During
each Interest Accrual Period (as defined below), interest on the Class V1-C Certificates will be calculated based on a 360-day
year consisting of twelve 30-day months on the outstanding Certificate Balance hereof.

 

All
distributions (other than the final distribution on any Certificate) will be made by the Paying Agent to the Persons in whose
names the Certificates are registered at the close of business on each Record Date, which will be the close of business on the
last Business Day of the calendar month immediately preceding the month in which such Distribution Date occurs. Such distributions
shall be made on each Distribution Date other than the Termination Date to each Certificateholder of record on the related Record
Date, (i) by wire transfer of immediately available funds to the account of such Holder at a bank or other entity located in the
United States and having appropriate facilities therefor if such Holder shall have provided the Paying Agent with wire instructions
in writing at least five Business Days prior to the related Record Date (which wiring instructions may be in the form of a standing
order applicable to all subsequent distributions), or (ii) otherwise, by check mailed by first-class mail to the address set forth
therefor in the Certificate Register. The final distribution on each Certificate shall be made in like manner, but only upon presentment
and surrender of such Certificate at the office of the Certificate Administrator or its agent (which may be the Paying Agent or
the Certificate Registrar acting as such agent) that is specified in the notice to Holders of such final distribution.

 

Any
funds not distributed on the Termination Date because of the failure of any Certificateholders to tender their Certificates shall,
on such date, be set aside and held for the benefit of the appropriate non-tendering Certificateholders. If any Certificates as
to which notice of the Termination Date has been given pursuant to the Pooling and Servicing Agreement shall not have been surrendered
for cancellation within six months after the time specified in such notice, the Certificate Administrator shall mail a second
notice to the remaining non-tendering Certificateholders to surrender their Certificates for cancellation to receive the final
distribution with respect thereto. If within one year after the second notice not all of such Certificates shall have been surrendered
for cancellation, the Certificate Administrator may, directly or through an agent, take appropriate steps to contact the remaining
non-tendering Certificateholders concerning surrender of their Certificates. The costs and expenses of holding such funds in trust
and of contacting such Certificateholders shall be paid out of such funds. Subject to applicable state escheatment laws, if within
two years after the second notice any such Certificates shall not have been surrendered for cancellation, the Paying Agent shall
distribute to the Certificate Administrator all amounts distributable to the Holders thereof, and the Certificate Administrator
shall thereafter hold such amounts for the benefit of such Holders until the earlier of (i) its termination as Certificate Administrator
under the Pooling and Servicing Agreement and the transfer of such amounts to a successor Certificate Administrator and (ii) the
termination of the Trust Fund and distribution of such amounts to the Class R Certificateholders. No interest shall accrue or
be payable to any Certificateholder on any amount held under the Pooling and Servicing Agreement or by the Certificate Administrator
as a result of such Certificateholder’s

 

     A-29-6

     

    

 

failure
to surrender its Certificate(s) for final payment thereof in accordance with the Pooling and Servicing Agreement. Any such amounts
transferred to the Certificate Administrator may be invested in Permitted Investments and all income and gain realized from investment
of such funds shall accrue for its benefit.

 

This
Certificate is limited in right of payment to, among other things, certain collections and recoveries in respect of the Mortgage
Loans, as more specifically set forth herein and in the Pooling and Servicing Agreement.

 

As
provided in the Pooling and Servicing Agreement, the Trust Fund includes (in each case, to the extent of the Trust Fund’s
interest therein and specifically excluding any interest of any Serviced Companion Loan Noteholder therein): (i) such Mortgage
Loans as from time to time are subject to the Pooling and Servicing Agreement, together with the Mortgage Files relating thereto;
(ii) all scheduled or unscheduled payments on or collections in respect of the Mortgage Loans due after the Cut-off Date; (iii)
the Trust Fund’s interest in any REO Property; (iv) all revenues received in respect of any REO Property; (v) any Assignments
of Leases, Rents and Profits and any security agreements related to the Mortgage Loans; (vi) any indemnities or guaranties given
as additional security for any Mortgage Loans; (vii) a security interest in all assets deposited in the Lock-Box Accounts, Cash
Collateral Accounts, Escrow Accounts, and Reserve Accounts; (viii) the Loss of Value Reserve Fund; (ix) the Collection Account,
the Serviced Whole Loan Collection Accounts, the Distribution Accounts, any Gain-on-Sale Reserve Account, the Interest Reserve
Account, and the Trust’s interest in any REO Account, including any amounts on deposit therein, assets credited thereto
and any reinvestment income, as applicable; (x) a security interest in any environmental indemnity agreements relating to the
Mortgaged Properties; (xi) a security interest in all insurance policies with respect to the Mortgage Loans and the Mortgaged
Properties; (xii) the rights and remedies under the Mortgage Loan Purchase Agreements relating to document delivery requirements
with respect to the Mortgage Loans and the representations and warranties of the related Mortgage Loan Seller regarding its Mortgage
Loans; (xiii) the Lower-Tier Regular Interests; (xiv) the Class VRR Upper-Tier Regular Interests; and (xv) the proceeds of the
foregoing (other than any interest earned on deposits in the Lock-Box Accounts, Cash Collateral Accounts, Escrow Accounts and
any Reserve Accounts, to the extent such interest belongs to the related Borrower). As provided in the Pooling and Servicing Agreement,
withdrawals may be made from certain of the above accounts for purposes other than distributions to Certificateholders.

 

This
Certificate does not purport to summarize the Pooling and Servicing Agreement, and reference is made to the Pooling and Servicing
Agreement for the interests, rights, benefits, obligations and duties evidenced hereby, and the limitations thereon, and the rights,
duties and immunities of the Certificate Administrator.

 

As
provided in the Pooling and Servicing Agreement and subject to certain limitations set forth therein, this Certificate is transferable
or exchangeable only upon surrender of this Certificate to the Certificate Registrar at its offices together with an assignment
and transfer (executed by the Holder or his duly authorized attorney), subject to the requirements in Article V of the Pooling
and Servicing Agreement. Upon surrender for registration of transfer of this Certificate, subject to the requirements in Article
V of the Pooling and Servicing Agreement, the Certificate Administrator shall execute and the Authenticating Agent shall duly
authenticate

 

     A-29-7

     

    

 

in
the name of the designated transferee or transferees, one or more new Certificates in authorized denominations of a like aggregate
denomination as the Certificate being surrendered. Such Certificates shall be delivered by the Certificate Registrar in accordance
with Article V of the Pooling and Servicing Agreement.

 

In
no event shall Certificates representing a Percentage Interest in any Class of Class V1 Certificates be transferred to any Person
(and the Certificate Registrar shall refuse to register any such transfer) unless Certificates representing the exact same Percentage
Interest in each and every other outstanding Class of Class V1 Certificates are simultaneously transferred to the same Person.
Any Holder of Class V1 Certificates shall at all times hold the same Percentage Interest in each and every outstanding Class thereof.

 

Prior
to due presentation of this Certificate for registration of transfer, the Depositor, the Master Servicer, the Special Servicer,
the Operating Advisor, the Asset Representations Reviewer, the Certificate Administrator, the Trustee, the Certificate Registrar,
any Paying Agent and any agent of any of them may treat the Person in whose name this Certificate is registered as the owner hereof
for all purposes, and none of the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator, the Trustee,
the Certificate Registrar, any Paying Agent or any agent of any of them shall be affected by notice or knowledge to the contrary.

 

No
fee or service charge shall be imposed by the Certificate Registrar for its services in respect of any registration of transfer
or exchange referred to in Section 5.02 of the Pooling and Servicing Agreement other than for transfers to Institutional Accredited
Investors as provided in Section 5.02(h) of the Pooling and Servicing Agreement. In connection with any transfer to an Institutional
Accredited Investor, the transferor shall reimburse the Trust Fund for any costs (including the cost of the Certificate Registrar’s
counsel’s review of the documents and any legal opinions, submitted by the transferor or transferee to the Certificate Registrar
as provided in the Pooling and Servicing Agreement) incurred by the Certificate Registrar in connection with such transfer. The
Certificate Registrar may require payment by each transferor of a sum sufficient to cover any tax, expense or other governmental
charge payable in connection with any such transfer.

 

The
Pooling and Servicing Agreement or any Custodial Agreement may be amended at any time by the Depositor, the Master Servicer, the
Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the Trustee without
the consent of any of the Certificateholders or any Serviced Companion Loan Noteholders, (i) to cure any ambiguity or to correct
any manifest error; (ii) to cause the provisions of the Pooling and Servicing Agreement or any Custodial Agreement to conform
or be consistent with or in furtherance of the statements made in the Prospectus or Private Placement Memorandum with respect
to the Certificates, the Trust or the Pooling and Servicing Agreement or to correct or supplement any provisions of the Pooling
and Servicing Agreement or any Custodial Agreement which may be defective or inconsistent with any other provisions of the Pooling
and Servicing Agreement or any Custodial Agreement; (iii) to change the timing and/or nature of deposits in the Collection
Account, the Distribution Accounts or any REO Account; provided that (a) the Master Servicer Remittance Date shall in no event
be later than the Business Day prior to the related Distribution Date and (b) such change shall not adversely

 

     A-29-8

     

    

 

affect
in any material respect the interests of any Certificateholder, as evidenced in writing by an Opinion of Counsel at the expense
of the party requesting such amendment or as evidenced by a Rating Agency Confirmation from each Rating Agency with respect to
such amendment; (iv) to modify, eliminate or add to any of its provisions to such extent as shall be necessary to maintain the
qualification of any Trust REMIC as a REMIC or the Grantor Trust as a grantor trust under the relevant provisions of the Code
at all times that any Certificate is outstanding, or to avoid or minimize the risk of imposition of any tax on the Trust Fund
or any Trust REMIC or the Grantor Trust that would be a claim against the Trust Fund or any Trust REMIC or the Grantor Trust;
provided that the Trustee and the Certificate Administrator have received an Opinion of Counsel (at the expense of the
party requesting such amendment) to the effect that (a) such action is necessary or desirable to maintain such qualification
or to avoid or minimize the risk of the imposition of any such tax and (b) such action will not adversely affect in any material
respect the interests of any Certificateholder or Companion Loan Noteholder; (v) to modify, eliminate or add to the provisions
any provision of the Pooling and Servicing Agreement restricting transfer of the Class R Certificates; provided the
Depositor has determined that such change shall not, as evidenced by an Opinion of Counsel, cause the Trust Fund, any Trust REMIC
or any of the Certificateholders (other than the Transferor) to be subject to a federal tax caused by a Transfer to a Person that
is a Disqualified Organization or a Non-U.S. Tax Person; (vi) to revise or add any other provisions with respect to matters or
questions arising under the Pooling and Servicing Agreement or any other change; provided that the required action shall
not adversely affect in any material respect the interests of any Certificateholder or any holder of a Serviced Pari Passu Companion
Loan not consenting thereto as evidenced in writing by an Opinion of Counsel, at the expense of the party requesting such amendment
or as evidenced by a Rating Agency Confirmation from each of the Rating Agencies with respect to such amendment or supplement
and confirmation of the applicable rating agencies that such action will not result in the downgrade, withdrawal or qualification
of its then-current ratings of any securities related to a Companion Loan, if any (provided that such rating agency confirmation
may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the
Certificates); (vii) to amend or supplement any provision of the Pooling and Servicing Agreement to the extent necessary to maintain
the then-current ratings assigned to each Class of Certificates by each Rating Agency, as evidenced by a Rating Agency Confirmation
from each of the Rating Agencies; provided that such amendment or supplement shall not adversely affect in any material
respect the interests of any Certificateholder not consenting thereto as evidenced by an Opinion of Counsel, or any holder of
a Serviced Pari Passu Companion Loan not consenting to such revision or addition, as evidenced by an Opinion of Counsel at the
expense of the party requesting such amendment or as evidenced by confirmation of the applicable Rating Agencies that such action
will not result in the downgrade, withdrawal or qualification of its then-current ratings of any securities related to a Companion
Loan, if any (provided that such Rating Agency Confirmation may be considered satisfied in the same manner as any Rating
Agency Confirmation may be considered satisfied with respect to the Certificates); (viii) to modify the provisions of Section
3.06 and Section 3.17 of the Pooling and Servicing Agreement (with respect to reimbursement of Nonrecoverable Advances
and Workout-Delayed Reimbursement Amounts) if (a) the Depositor, the Master Servicer, the Trustee and, for so long as a Control
Termination Event has not occurred and is not continuing, the Directing Holder, determine that the commercial mortgage backed
securities industry standard for such provisions has changed, in order to conform to such industry standard, (b) such

 

     A-29-9

     

    

 

modification
does not adversely affect the status of any Trust REMIC as a REMIC or the status of the Grantor Trust as a grantor trust under
the relevant provisions of the Code, as evidenced by an Opinion of Counsel and (c) each Rating Agency has delivered a Rating
Agency Confirmation and, with regard to any class of Serviced Companion Loan Securities, the applicable rating agencies have delivered
a confirmation that such action will not result in the downgrade, withdrawal or qualification of its then-current ratings (provided that such rating agency confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation may
be considered satisfied with respect to the Certificates); (ix) to modify the procedures of the Pooling and Servicing Agreement
relating to compliance with Rule 17g-5 of the Exchange Act; provided that such amendment shall not adversely affect
in any material respects the interests of any Certificateholders, as evidenced by (x) an Opinion of Counsel or (y) if
any Certificate is then rated, receipt of Rating Agency Confirmation from each Rating Agency rating such Certificates; and provided,
further, that the Certificate Administrator shall give notice of any such amendment to the 17g-5 Information Provider for
posting to the 17g-5 Information Provider’s Website and the Certificate Administrator shall post such notice to the Certificate
Administrator’s Website; (x) to modify, eliminate or add to any provisions of the Pooling and Servicing Agreement to such
extent as would be necessary to comply with the requirements for use of Form SF-3 in registered offerings to the extent provided
in CFR 239.45(b)(1)(ii), (iii) or (iv); and (xi) to modify, eliminate or add to any of its provisions (a) to such extent as will
be necessary to comply with the requirements of the Risk Retention Rule, as evidenced by an Opinion of Counsel, or (b) in the
event the Risk Retention Rule or any other regulation applicable to the risk retention requirements for this securitization transaction
are amended or repealed, to the extent required to comply with any such amendment or to modify or eliminate the risk retention
requirements in the event of such repeal, as evidenced by an Opinion of Counsel.

 

The
Pooling and Servicing Agreement or any Custodial Agreement may also be amended from time to time by the Depositor, the Master
Servicer, the Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the
Trustee with the prior written consent of the Holders of Certificates representing not less than a majority of the Percentage
Interests of each Class of Certificates affected thereby (without regard to Certificates held by the Depositor, any of the Depositor’s
Affiliates and/or agents) and each Serviced Companion Loan Noteholder affected thereby for the purpose of adding any provisions
to or changing in any manner or eliminating any of the provisions of the Pooling and Servicing Agreement or modifying in any manner
the rights of the Certificateholders or the Serviced Companion Loan Noteholders; provided, that no such amendment may:

 

		(i)	reduce
                                         in any manner the amount of, or delay the timing of, payments received on the Mortgage
                                         Loans or Serviced Whole Loan which are required to be distributed on any Certificate,
                                         without the consent of the Holders of Certificates representing all of the Percentage
                                         Interests of the Class or Classes affected thereby or which are required to be distributed
                                         to any Companion Loan Noteholders without the consent of such Companion Loan Noteholders;

 

		(ii)	reduce
                                         the aforesaid percentage of Certificates of any Class the Holders of which are required
                                         to consent to any such amendment or remove the

 

     A-29-10

     

    

 

requirement
to obtain consent of any Companion Loan Noteholder, in any such case without the consent of the Holders of all Certificates of
such Class then-outstanding or such Companion Loan Noteholder, as applicable;

 

		(iii)	adversely
                                         affect the Voting Rights of any Class of Certificates without the consent of the Holders
                                         of all Certificates of such Class then outstanding;

 

		(iv)	change
                                         in any manner any defined term used in any Mortgage Loan Purchase Agreement or the obligations
                                         of any Mortgage Loan Seller under such Mortgage Loan Purchase Agreement or otherwise
                                         or change any rights of any Mortgage Loan Seller as a third party beneficiary hereunder,
                                         without the consent of such Mortgage Loan Seller; or

 

		(v)	amend
                                         the Servicing Standard without the consent of 100% of the Certificateholders or receipt
                                         of Rating Agency Confirmation from each Rating Agency and confirmation of the applicable
                                         rating agencies that such action will not result in the downgrade, withdrawal or qualification
                                         of its then-current ratings of any securities related to a Companion Loan, if any (provided
                                         that such rating agency confirmation may be considered satisfied in the same manner
                                         as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates).

 

Further,
the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations
Reviewer and the Trustee, at any time and from time to time, without the consent of the Certificateholders or, if applicable,
the Serviced Companion Loan Noteholders, may amend the Pooling and Servicing Agreement to modify, eliminate or add to any of its
provisions (i) to such extent as shall be necessary to maintain the qualification of the Lower-Tier REMIC or the Upper-Tier REMIC
as a REMIC or the qualification of the Grantor Trust as a grantor trust, or to prevent the imposition of any additional material
state or local taxes, at all times that any Certificates are outstanding; provided that such action, as evidenced by an
Opinion of Counsel (obtained at the expense of the Trust Fund), is necessary or helpful to maintain such qualification or to prevent
the imposition of any such taxes, and would not adversely affect in any material respect the interest of any Certificateholder
or if applicable, any Serviced Companion Loan Noteholder or (ii) to the extent necessary to comply with the Investment Company
Act of 1940, as amended, the Exchange Act, Regulation AB, and/or any related regulatory actions and/or interpretations.

 

The
Certificateholder owning a majority of the Percentage Interest in the Controlling Class and, if no such Certificateholder
exercises such option, the Special Servicer, and if the Special Servicer does not exercise such option, the Master Servicer may
effect an early termination of the Trust Fund, upon not less than 30 days’ prior Notice of Termination given to the Trustee,
the Special Servicer and the Master Servicer any time specifying the Anticipated Termination Date, which shall be on or after
the Early Termination Notice Date (defined as any date as of which the aggregate Stated Principal Balance of the Mortgage Loans
remaining in the Trust is less than 1.0% of the aggregate Stated Principal Balance of the Mortgage Loans as of the Cut-off Date)
by purchasing on such date all, but not less than all, of the Mortgage Loans then

 

     A-29-11

     

    

 

included
in the Trust Fund, and the Trust’s interest in all property acquired in respect of any Mortgage Loan, at a purchase price,
payable in cash, equal to the sum of, without duplication:

 

		(A)	100%
                                         of the Stated Principal Balance of each Mortgage Loan included in the Trust as of the
                                         last day of the month preceding such Anticipated Termination Date (less any P&I Advances
                                         previously made on account of principal);

 

		(B)	the
                                         fair market value of all other property included in the Trust Fund as of the last day
                                         of the month preceding such Anticipated Termination Date, as determined by an Independent
                                         appraiser acceptable to the Master Servicer as of a date not more than 30 days prior
                                         to the last day of the month preceding such Distribution Date;

 

		(C)	all
                                         unpaid interest accrued on the unpaid balance of each Mortgage Loan (including any Mortgage
                                         Loan as to which title to the related Mortgaged Property has been acquired) at the Mortgage
                                         Rate to the last day of the month preceding such Anticipated Termination Date (less any
                                         P&I Advances previously made on account of interest); and

 

		(D)	the
                                         aggregate amount of unreimbursed Advances, with interest thereon at the Reimbursement
                                         Rate, and unpaid Servicing Compensation, Special Servicing Compensation, Operating Advisor
                                         Fees, Certificate Administrator/Trustee Fees, the CREFC® Intellectual
                                         Property Royalty License Fees and Trust Fund expenses.

 

In
addition, the Pooling and Servicing Agreement provides that following the date on which the Class X-A Notional Amount, the
Class X-B Notional Amount, the Class X-D Notional Amount and the aggregate Certificate Balance
of the Class A-1, Class A-2, Class A-3, Class A-SB, Class A-4, Class A-5, Class A-M, Class B, Class C and Class D Certificates
is reduced to zero, the Sole Certificateholder shall have the right to exchange all of the then-outstanding Certificates (other
than the Class S or Class R Certificates) for all of the Mortgage Loans and each REO Property remaining in the Trust Fund
as contemplated by clause (ii) of Section 9.01(a) of the Pooling and Servicing Agreement by giving written notice to
all the parties to the Pooling and Servicing Agreement no later than 60 days prior to the anticipated date of exchange.

 

All
costs and expenses incurred by any and all parties to the Pooling and Servicing Agreement or by the Trust Fund in connection with
the purchase of the Mortgage Loans and the other assets of the Trust Fund pursuant to Section 9.01(c) of the Pooling and
Servicing Agreement shall be borne by the party exercising its purchase rights thereunder. The Trustee and the Certificate Administrator
shall be entitled to rely conclusively on any determination made by an Independent appraiser pursuant to Section 9.01(c)
of the Pooling and Servicing Agreement.

 

     A-29-12

     

    

 

The
respective obligations and responsibilities of the Master Servicer, the Special Servicer, the Depositor, the Certificate Administrator,
the Operating Advisor, the Asset Representations Reviewer and the Trustee created by the Pooling and Servicing Agreement with
respect to the Certificates (other than the obligations of the Certificate Administrator to make certain payments and to send
certain notices to Certificateholders as set forth in the Pooling and Servicing Agreement) shall terminate upon payment (or provision
for payment) to the Certificateholders and the Serviced Companion Loan Noteholders of all amounts held by or on behalf of the
Trustee, the Certificate Administrator and the Master Servicer, as the case may be, required under the Pooling and Servicing Agreement
to be so paid on the Distribution Date following the earlier to occur of (i) the purchase of the Mortgage Loans and all other
property held by the Trust Fund in accordance with Section 9.01(c) of the Pooling and Servicing Agreement; (ii) the exchange by
the Sole Certificateholder of its Certificates for the Mortgage Loans in accordance with Section 9.01(g) of the Pooling and Servicing
Agreement; and (iii) the later of (a) the receipt or collection of the last payment due on any Mortgage Loan included
in the Trust Fund, or (b) the liquidation and disposition pursuant to the Pooling and Servicing Agreement of the last asset
held by the Trust Fund; provided that in no event shall the trust created by the Pooling and Servicing Agreement continue
beyond the expiration of 21 years from the death of the last survivor of the descendants of Joseph P. Kennedy, the late Ambassador
of the United States to the United Kingdom, living on the date hereof.

 

Unless
the Certificate of Authentication on this Certificate has been executed by the Authenticating Agent, by manual signature, this
Certificate shall not be entitled to any benefit under the Pooling and Servicing Agreement or be valid for any purpose. 

 

     A-29-13

     

    

 

IN
WITNESS WHEREOF, the Certificate Administrator has caused this Class V1-C Certificate to be duly executed.

 

Dated:
January 31, 2018

	 	 	 
	 	WELLS
    FARGO BANK, NATIONAL ASSOCIATION, not in
    its individual capacity but solely as Certificate Administrator
	 	 	 
	 	By: 	 
	 	 	Authorized Signatory

 

Certificate
of Authentication

 

This
is one of the Class V1-C Certificates referred to in the Pooling and Servicing Agreement.

 

Dated:
January 31, 2018

	 	 	 
	 	WELLS
    FARGO BANK, NATIONAL ASSOCIATION, not in its
    individual capacity but solely as Authenticating Agent
	 	 	 
	 	By: 	 
	 	 	Authorized Signatory

 

     A-29-14

     

    

 

 

 

  

EXHIBIT
A-30

 

FORM
OF CLASS V1-D [RULE 144A]1 [REG S]2 CERTIFICATE

 

[UNLESS
THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”),
TO THE CERTIFICATE REGISTRAR FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE
NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO
CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER
USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS
AN INTEREST HEREIN.]3

 

THIS
CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED OR QUALIFIED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”), OR ANY STATE OR FOREIGN SECURITIES LAW. THE HOLDER HEREOF, BY PURCHASING THIS CERTIFICATE, AGREES THAT THIS CERTIFICATE
MAY BE REOFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY IN COMPLIANCE WITH THE SECURITIES ACT AND OTHER APPLICABLE LAWS,
AND ONLY (A)(1) PURSUANT TO A REGISTRATION STATEMENT WHICH HAS BEEN DECLARED EFFECTIVE UNDER THE SECURITIES ACT, (2) FOR SO LONG
AS THIS CERTIFICATE IS ELIGIBLE FOR RESALE PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”), TO
AN INSTITUTIONAL INVESTOR THAT THE HOLDER REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” WITHIN THE MEANING
OF RULE 144A (“QUALIFIED INSTITUTIONAL BUYER”), PURCHASING FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF ANOTHER
QUALIFIED INSTITUTIONAL BUYER, WHOM THE HOLDER HAS INFORMED, IN EACH CASE, THAT THE REOFFER, RESALE, PLEDGE OR OTHER TRANSFER
IS BEING MADE IN RELIANCE ON RULE 144A, (3) TO AN INSTITUTIONAL “ACCREDITED INVESTOR,” WITHIN THE MEANING OF RULE
501(a)(1), (2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT OR ANY ENTITY IN WHICH ALL OF THE EQUITY OWNERS ARE SUCH ACCREDITED
INVESTORS, OR (4) TO INSTITUTIONS THAT ARE A NON-“U.S. PERSON” IN AN “OFFSHORE TRANSACTION,” AS SUCH TERMS
ARE DEFINED IN, AND IN ACCORDANCE WITH RULE 903 OR RULE 904 OF, REGULATION S UNDER THE SECURITIES ACT, AND (B) IN ACCORDANCE WITH
ANY OTHER APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR ANY OTHER APPLICABLE JURISDICTION.

 

 

 

1
For Rule 144A Global Certificates only.

2
For Reg S Global Certificates only.

3 Legend required as
long as DTC is the Depository under the Pooling and Servicing Agreement.

  

    A-30-1

     

    

 

THE
INITIAL INVESTOR IN THIS CERTIFICATE, AND EACH SUBSEQUENT PURCHASER OF THIS CERTIFICATE, BY PURCHASING THIS CERTIFICATE OR AN
INTEREST HEREIN, IS DEEMED TO HAVE AGREED TO COMPLY WITH CERTAIN TRANSFER REQUIREMENTS SET FORTH IN THE POOLING AND SERVICING
AGREEMENT.  A TRANSFEREE IS ALSO REQUIRED TO DELIVER AN INVESTMENT REPRESENTATION LETTER SUBSTANTIALLY IN THE FORM OF EXHIBIT
D-1 TO THE POOLING AND SERVICING AGREEMENT IF SUCH TRANSFEREE IS A QUALIFIED INSTITUTIONAL BUYER OR (OTHER THAN WITH RESPECT TO
A RESIDUAL CERTIFICATE) AN INSTITUTIONAL ACCREDITED INVESTOR, AND MAY ALSO BE REQUIRED TO DELIVER AN OPINION OF COUNSEL IF SUCH
TRANSFEREE IS NOT A QUALIFIED INSTITUTIONAL BUYER WITHIN THE MEANING OF RULE 144A.

 

ANY
HOLDER DESIRING TO EFFECT A TRANSFER OF THIS CERTIFICATE SHALL, AND DOES HEREBY AGREE TO, INDEMNIFY THE CERTIFICATE REGISTRAR,
THE CERTIFICATE ADMINISTRATOR, THE TRUSTEE, THE MASTER SERVICER AND THE DEPOSITOR AGAINST ANY LOSS, LIABILITY OR EXPENSE THAT
MAY RESULT IF THE TRANSFER IS NOT EXEMPT FROM THE SECURITIES ACT OR IS NOT MADE IN ACCORDANCE WITH FEDERAL AND STATE LAWS.

 

THIS
CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN THE DEPOSITOR, THE ORIGINATOR, THE MASTER SERVICER, THE SPECIAL
SERVICER, THE CERTIFICATE ADMINISTRATOR, THE CERTIFICATE REGISTRAR, THE OPERATING ADVISOR, THE ASSET REPRESENTATIONS REVIEWER,
THE RISK RETENTION CONSULTATION PARTY, THE TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THE CERTIFICATES NOR THE UNDERLYING
MORTGAGE LOANS ARE INSURED OR GUARANTEED BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY.

 

PRINCIPAL
PAYMENTS ON THIS CERTIFICATE ARE PAYABLE IN INSTALLMENTS AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING CERTIFICATE BALANCE
OF THIS CERTIFICATE AT ANY TIME MAY BE LESS THAN THE INITIAL CERTIFICATE BALANCE SET FORTH BELOW.

 

IN
ADDITION, SUBJECT TO THE CONDITIONS SET FORTH IN THE POOLING AND SERVICING AGREEMENT, THIS CERTIFICATE, TOGETHER WITH THE OTHER
CERTIFICATES IN THE RELATED EXCHANGEABLE GROUP OF CERTIFICATES, MAY BE EXCHANGED FOR ANOTHER EXCHANGEABLE GROUP OF CERTIFICATES,
PURSUANT TO THE PROCEDURES SET FORTH IN THE POOLING AND SERVICING AGREEMENT.

 

TRANSFERS
AND EXCHANGES OF PORTIONS OF THIS CERTIFICATE ARE SUBJECT TO RESTRICTIONS AS PROVIDED IN THE POOLING AND SERVICING AGREEMENT REFERRED
TO BELOW.

 

    A-30-2

     

    

 

THIS
CERTIFICATE IS SUBORDINATE TO ONE OR MORE OTHER CLASSES OF CERTIFICATES AS AND TO THE EXTENT SET FORTH IN THE POOLING AND SERVICING
AGREEMENT REFERRED TO HEREIN.

 

FOR
U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE REPRESENTS A BENEFICIAL INTEREST IN A “REGULAR INTEREST” IN A “REAL
ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G(a)(1) AND 860D OF THE INTERNAL
REVENUE CODE OF 1986, AS AMENDED.

 

THIS
CERTIFICATE IS INTENDED TO CONSTITUTE PART OF AN “ELIGIBLE VERTICAL INTEREST” (AS DEFINED IN REGULATION RR PROMULGATED
UNDER SECTION 15G OF THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED), AND AS SUCH IS SUBJECT TO VARIOUS PROHIBITIONS ON HEDGING,
TRANSFER AND FINANCING SET FORTH IN REGULATION RR PROMULGATED UNDER SECTION 15G OF THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED.
THE INITIAL INVESTOR IN THIS CERTIFICATE, AND EACH SUBSEQUENT PURCHASER OF THIS CERTIFICATE, BY PURCHASING THIS CERTIFICATE OR
AN INTEREST HEREIN, IS DEEMED TO HAVE AGREED TO COMPLY WITH CERTAIN TRANSFER REQUIREMENTS SET FORTH IN THE POOLING AND SERVICING
AGREEMENT.

 

In
no event shall Certificates representing a Percentage Interest in any Class of Class V1 Certificates be transferred to any Person
(and the Certificate Registrar shall refuse to register any such transfer) unless Certificates representing the exact same Percentage
Interest in each and every other outstanding Class of Class V1 Certificates are simultaneously transferred to the same Person.
Any Holder of Class V1 Certificates shall at all times hold the same Percentage Interest in each and every outstanding Class thereof.

 

SUBJECT
TO THE CONDITIONS SET FORTH IN THE POOLING AND SERVICING AGREEMENT, THIS CERTIFICATE, TOGETHER WITH CERTAIN OTHER EXCHANGEABLE
CERTIFICATES SET FORTH IN THE POOLING AND SERVICING AGREEMENT, MAY BE EXCHANGED FOR THE CLASS V2 CERTIFICATES, PURSUANT TO THE
PROCEDURES SET FORTH IN THE POOLING AND SERVICING AGREEMENT.

 

    A-30-3

     

    

 

BENCHMARK
2018-B1 MORTGAGE TRUST

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES, CLASS V1-D

 

	Class V1-D Pass-Through
    Rate:  N/A.  The Class V1-D Certificates will not have a Pass-Through Rate, but will be entitled
    to receive interest on any Distribution Date up to an amount equal to the product of (a) the VRR Interest Percentage, multiplied
    by (b) the VRR Allocation Percentage, multiplied by (c) the aggregate amount of interest distributed to the Class A-1, Class
    A-2, Class A-SB,  Class A-3, Class A-4, Class A-5, Class X-A, Class X-B, Class X-D, Class X-E, Class A-M, Class
    B, Class C, Class D, Class E, Class F-RR and Class G-RR Certificates for such Distribution Date.	 	CUSIP: 08162PBP54

         

        ISIN:    US08162PBP535

         

	 	 	 
	Original
        Aggregate Certificate Balance of the Class V1-D Certificates: $2,172,937

         

        The
        aggregate initial Certificate Balance of the Class V1-D Certificates represents the maximum aggregate Certificate Balance
        of the Class V1-D Certificates that could be issued (without giving effect to any exchanges for, or any issuance of, the
        Class V1 Certificates).

         
	 	Initial Certificate Balance of this Certificate:  $[_____]
	First Distribution Date: February 16, 2018	 	Cut-off Date:  The close of business
    on the later of the related Due Date of such Mortgage Loan in January 2018 (or, in the case of any Mortgage Loan that has
    its first Due Date subsequent to January 2018, the date that would have been its Due Date in January 2018 under the terms
    of that Mortgage Loan if a Periodic Payment were scheduled to be due in that month) and the date of origination of such Mortgage
    Loan
	 	 	 
	Assumed Final Distribution Date:  January
    2028	 	No.:  V1-D -[__]

 

This
certifies that [              ] is the registered
owner of a beneficial ownership interest in a Trust Fund, including the distributions to be made with respect to the Class V1-D

 

 

 

		4	For
                                         IAI Certificates

		5	For
                                         IAI Certificates

 

    A-30-4

     

    

 

Certificates. The Trust Fund, described more fully below, consists primarily of a pool of Mortgage Loans secured by first liens
on commercial and multifamily properties and held in trust by the Trustee and serviced by the Master Servicer. The Trust Fund
was created, and the Mortgage Loans are to be serviced, pursuant to the Pooling and Servicing Agreement (as defined below). The
Holder of this Certificate, by virtue of the acceptance hereof, assents to the terms, provisions and conditions of the Pooling
and Servicing Agreement and is bound thereby.

 

The
Pooling and Servicing Agreement, dated as of January 1, 2018 (the “Pooling and Servicing Agreement”), between
the Depositor, Wells Fargo Bank, National Association, as master servicer (in such capacity, the “Master Servicer”),
Midland Loan Services, a Division of PNC Bank, National Association, as special servicer (the “Special Servicer”),
Wilmington Trust, National Association, as trustee (the “Trustee”), Wells Fargo Bank, National Association,
as certificate administrator (in such capacity, the “Certificate Administrator”), custodian and paying agent,
and Park Bridge Lender Services LLC, as operating advisor (in such capacity, the “Operating Advisor”) and asset
representations reviewer (in such capacity, the “Asset Representations Reviewer”) evidences the issuance of
the Class A-1, Class A-2, Class A-3, Class A-SB, Class A-4, Class A-5, Class A-M, Class B, Class C, Class D, Class
E, Class F-RR, Class G-RR, Class X-A, Class X-B, Class X-D, Class X-E, Class S, Class R, Class V2, Class V1-A1,
Class V1-A2, Class V1-A3, Class V1-ASB, Class V1-A4, Class V1-A5, Class V1-AM, Class V1-B, Class V1-C, Class V1-D, Class V1-E,
Class V1-F and Class V1-G Certificates (the “Certificates”; the Holders of Certificates issued under the Pooling
and Servicing Agreement are collectively referred to herein as “Certificateholders”). This Certificate is issued
pursuant to, and in accordance with, the terms of the Pooling and Servicing Agreement. To the extent not defined herein, capitalized
terms used herein shall have the meanings assigned thereto in the Pooling and Servicing Agreement.

 

This
Certificate represents a beneficial interest in a “regular interest” in a “real estate mortgage investment conduit,”
as those terms are defined, respectively, in Sections 860G(a)(1) and 860D of the Internal Revenue Code of 1986, as amended. Each
Holder of this Certificate, by acceptance hereof, agrees to treat, and take no action inconsistent with the treatment of, this
Certificate in accordance with the preceding sentence for purposes of federal income taxes, state and local income and franchise
taxes and other taxes imposed on or measured by income.

 

The
Certificate Administrator makes no representation or warranty as to any of the statements contained herein or the validity or
sufficiency of the Certificates or the Mortgage Loans and has executed this Certificate in its limited capacity as Certificate
Administrator under the Pooling and Servicing Agreement. In the event that there is any conflict between any provision of this
Certificate and any provision of the Pooling and Servicing Agreement, such provision of this Certificate shall be superseded to
the extent of such inconsistency.

 

Pursuant
to the terms of the Pooling and Servicing Agreement, the Certificate Administrator, or the Paying Agent on behalf of
the Certificate Administrator, will distribute (other than the final distribution on any Certificate), on the fourth Business
Day after each Determination Date (each such date, a “Distribution Date”) an amount equal to
such Person’s pro rata share (based on the Percentage Interest represented by this Certificate) of that portion of
the aggregate amount of principal and interest then distributable, if any, allocable to the Class V1-D
Certificates

 

    A-30-5

     

    

 

for
such Distribution Date, all as more fully described in the Pooling and Servicing Agreement. “Determination Date” is
defined in the Pooling and Servicing Agreement as the eleventh day of each month, or if such eleventh day is not a Business Day,
then the next Business Day, commencing in February 2018. Holders of this Certificate may be entitled to Prepayment Premiums and
Yield Maintenance Charges as provided in the Pooling and Servicing Agreement.

 

During
each Interest Accrual Period (as defined below), interest on the Class V1-D Certificates will be calculated based on a 360-day
year consisting of twelve 30-day months on the outstanding Certificate Balance hereof.

 

All
distributions (other than the final distribution on any Certificate) will be made by the Paying Agent to the Persons in whose
names the Certificates are registered at the close of business on each Record Date, which will be the close of business on the
last Business Day of the calendar month immediately preceding the month in which such Distribution Date occurs. Such distributions
shall be made on each Distribution Date other than the Termination Date to each Certificateholder of record on the related Record
Date, (i) by wire transfer of immediately available funds to the account of such Holder at a bank or other entity located in the
United States and having appropriate facilities therefor if such Holder shall have provided the Paying Agent with wire instructions
in writing at least five Business Days prior to the related Record Date (which wiring instructions may be in the form of a standing
order applicable to all subsequent distributions), or (ii) otherwise, by check mailed by first-class mail to the address set forth
therefor in the Certificate Register. The final distribution on each Certificate shall be made in like manner, but only upon presentment
and surrender of such Certificate at the office of the Certificate Administrator or its agent (which may be the Paying Agent or
the Certificate Registrar acting as such agent) that is specified in the notice to Holders of such final distribution.

 

Any
funds not distributed on the Termination Date because of the failure of any Certificateholders to tender their Certificates shall,
on such date, be set aside and held for the benefit of the appropriate non-tendering Certificateholders. If any Certificates as
to which notice of the Termination Date has been given pursuant to the Pooling and Servicing Agreement shall not have been surrendered
for cancellation within six months after the time specified in such notice, the Certificate Administrator shall mail a second
notice to the remaining non-tendering Certificateholders to surrender their Certificates for cancellation to receive the final
distribution with respect thereto. If within one year after the second notice not all of such Certificates shall have been surrendered
for cancellation, the Certificate Administrator may, directly or through an agent, take appropriate steps to contact the remaining
non-tendering Certificateholders concerning surrender of their Certificates. The costs and expenses of holding such funds in trust
and of contacting such Certificateholders shall be paid out of such funds. Subject to applicable state escheatment laws, if within
two years after the second notice any such Certificates shall not have been surrendered for cancellation, the Paying Agent shall
distribute to the Certificate Administrator all amounts distributable to the Holders thereof, and the Certificate Administrator
shall thereafter hold such amounts for the benefit of such Holders until the earlier of (i) its termination as Certificate Administrator
under the Pooling and Servicing Agreement and the transfer of such amounts to a successor Certificate Administrator and (ii) the
termination of the Trust Fund and distribution of such amounts to the Class R Certificateholders. No interest shall accrue or
be payable to any Certificateholder on any amount held under the Pooling and Servicing Agreement or by the Certificate Administrator
as a result of such Certificateholder’s

 

    A-30-6

     

    

 

failure
to surrender its Certificate(s) for final payment thereof in accordance with the Pooling and Servicing Agreement. Any such amounts
transferred to the Certificate Administrator may be invested in Permitted Investments and all income and gain realized from investment
of such funds shall accrue for its benefit.

 

This
Certificate is limited in right of payment to, among other things, certain collections and recoveries in respect of the Mortgage
Loans, as more specifically set forth herein and in the Pooling and Servicing Agreement.

 

As
provided in the Pooling and Servicing Agreement, the Trust Fund includes (in each case, to the extent of the Trust Fund’s
interest therein and specifically excluding any interest of any Serviced Companion Loan Noteholder therein): (i) such Mortgage
Loans as from time to time are subject to the Pooling and Servicing Agreement, together with the Mortgage Files relating thereto;
(ii) all scheduled or unscheduled payments on or collections in respect of the Mortgage Loans due after the Cut-off Date; (iii)
the Trust Fund’s interest in any REO Property; (iv) all revenues received in respect of any REO Property; (v) any Assignments
of Leases, Rents and Profits and any security agreements related to the Mortgage Loans; (vi) any indemnities or guaranties given
as additional security for any Mortgage Loans; (vii) a security interest in all assets deposited in the Lock-Box Accounts, Cash
Collateral Accounts, Escrow Accounts, and Reserve Accounts; (viii) the Loss of Value Reserve Fund; (ix) the Collection Account,
the Serviced Whole Loan Collection Accounts, the Distribution Accounts, any Gain-on-Sale Reserve Account, the Interest Reserve
Account, and the Trust’s interest in any REO Account, including any amounts on deposit therein, assets credited thereto
and any reinvestment income, as applicable; (x) a security interest in any environmental indemnity agreements relating to the
Mortgaged Properties; (xi) a security interest in all insurance policies with respect to the Mortgage Loans and the Mortgaged
Properties; (xii) the rights and remedies under the Mortgage Loan Purchase Agreements relating to document delivery requirements
with respect to the Mortgage Loans and the representations and warranties of the related Mortgage Loan Seller regarding its Mortgage
Loans; (xiii) the Lower-Tier Regular Interests; (xiv) the Class VRR Upper-Tier Regular Interests; and (xv) the proceeds of the
foregoing (other than any interest earned on deposits in the Lock-Box Accounts, Cash Collateral Accounts, Escrow Accounts and
any Reserve Accounts, to the extent such interest belongs to the related Borrower). As provided in the Pooling and Servicing Agreement,
withdrawals may be made from certain of the above accounts for purposes other than distributions to Certificateholders.

 

This
Certificate does not purport to summarize the Pooling and Servicing Agreement, and reference is made to the Pooling and Servicing
Agreement for the interests, rights, benefits, obligations and duties evidenced hereby, and the limitations thereon, and the rights,
duties and immunities of the Certificate Administrator.

 

As
provided in the Pooling and Servicing Agreement and subject to certain limitations set forth therein, this Certificate is transferable
or exchangeable only upon surrender of this Certificate to the Certificate Registrar at its offices together with an assignment
and transfer (executed by the Holder or his duly authorized attorney), subject to the requirements in Article V of the Pooling
and Servicing Agreement. Upon surrender for registration of transfer of this Certificate, subject to the requirements in Article
V of the Pooling and Servicing Agreement, the Certificate Administrator shall execute and the Authenticating Agent shall duly
authenticate

 

    A-30-7

     

    

 

in
the name of the designated transferee or transferees, one or more new Certificates in authorized denominations of a like aggregate
denomination as the Certificate being surrendered. Such Certificates shall be delivered by the Certificate Registrar in accordance
with Article V of the Pooling and Servicing Agreement.

 

In
no event shall Certificates representing a Percentage Interest in any Class of Class V1 Certificates be transferred to any Person
(and the Certificate Registrar shall refuse to register any such transfer) unless Certificates representing the exact same Percentage
Interest in each and every other outstanding Class of Class V1 Certificates are simultaneously transferred to the same Person.
Any Holder of Class V1 Certificates shall at all times hold the same Percentage Interest in each and every outstanding Class thereof.

 

Prior
to due presentation of this Certificate for registration of transfer, the Depositor, the Master Servicer, the Special Servicer,
the Operating Advisor, the Asset Representations Reviewer, the Certificate Administrator, the Trustee, the Certificate Registrar,
any Paying Agent and any agent of any of them may treat the Person in whose name this Certificate is registered as the owner hereof
for all purposes, and none of the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator, the Trustee,
the Certificate Registrar, any Paying Agent or any agent of any of them shall be affected by notice or knowledge to the contrary.

 

No
fee or service charge shall be imposed by the Certificate Registrar for its services in respect of any registration of transfer
or exchange referred to in Section 5.02 of the Pooling and Servicing Agreement other than for transfers to Institutional Accredited
Investors as provided in Section 5.02(h) of the Pooling and Servicing Agreement. In connection with any transfer to an Institutional
Accredited Investor, the transferor shall reimburse the Trust Fund for any costs (including the cost of the Certificate Registrar’s
counsel’s review of the documents and any legal opinions, submitted by the transferor or transferee to the Certificate Registrar
as provided in the Pooling and Servicing Agreement) incurred by the Certificate Registrar in connection with such transfer. The
Certificate Registrar may require payment by each transferor of a sum sufficient to cover any tax, expense or other governmental
charge payable in connection with any such transfer.

 

The
Pooling and Servicing Agreement or any Custodial Agreement may be amended at any time by the Depositor, the Master Servicer, the
Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the Trustee without
the consent of any of the Certificateholders or any Serviced Companion Loan Noteholders, (i) to cure any ambiguity or to correct
any manifest error; (ii) to cause the provisions of the Pooling and Servicing Agreement or any Custodial Agreement to conform
or be consistent with or in furtherance of the statements made in the Prospectus or Private Placement Memorandum with respect
to the Certificates, the Trust or the Pooling and Servicing Agreement or to correct or supplement any provisions of the Pooling
and Servicing Agreement or any Custodial Agreement which may be defective or inconsistent with any other provisions of the Pooling
and Servicing Agreement or any Custodial Agreement; (iii) to change the timing and/or nature of deposits in the Collection
Account, the Distribution Accounts or any REO Account; provided that (a) the Master Servicer Remittance Date shall in no event
be later than the Business Day prior to the related Distribution Date and (b) such change shall not adversely

 

    A-30-8

     

    

 

affect
in any material respect the interests of any Certificateholder, as evidenced in writing by an Opinion of Counsel at the expense
of the party requesting such amendment or as evidenced by a Rating Agency Confirmation from each Rating Agency with respect to
such amendment; (iv) to modify, eliminate or add to any of its provisions to such extent as shall be necessary to maintain the
qualification of any Trust REMIC as a REMIC or the Grantor Trust as a grantor trust under the relevant provisions of the Code
at all times that any Certificate is outstanding, or to avoid or minimize the risk of imposition of any tax on the Trust Fund
or any Trust REMIC or the Grantor Trust that would be a claim against the Trust Fund or any Trust REMIC or the Grantor Trust;
provided that the Trustee and the Certificate Administrator have received an Opinion of Counsel (at the expense of the
party requesting such amendment) to the effect that (a) such action is necessary or desirable to maintain such qualification
or to avoid or minimize the risk of the imposition of any such tax and (b) such action will not adversely affect in any material
respect the interests of any Certificateholder or Companion Loan Noteholder; (v) to modify, eliminate or add to the provisions
any provision of the Pooling and Servicing Agreement restricting transfer of the Class R Certificates; provided the
Depositor has determined that such change shall not, as evidenced by an Opinion of Counsel, cause the Trust Fund, any Trust REMIC
or any of the Certificateholders (other than the Transferor) to be subject to a federal tax caused by a Transfer to a Person that
is a Disqualified Organization or a Non-U.S. Tax Person; (vi) to revise or add any other provisions with respect to matters or
questions arising under the Pooling and Servicing Agreement or any other change; provided that the required action shall
not adversely affect in any material respect the interests of any Certificateholder or any holder of a Serviced Pari Passu Companion
Loan not consenting thereto as evidenced in writing by an Opinion of Counsel, at the expense of the party requesting such amendment
or as evidenced by a Rating Agency Confirmation from each of the Rating Agencies with respect to such amendment or supplement
and confirmation of the applicable rating agencies that such action will not result in the downgrade, withdrawal or qualification
of its then-current ratings of any securities related to a Companion Loan, if any (provided that such rating agency confirmation
may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the
Certificates); (vii) to amend or supplement any provision of the Pooling and Servicing Agreement to the extent necessary to maintain
the then-current ratings assigned to each Class of Certificates by each Rating Agency, as evidenced by a Rating Agency Confirmation
from each of the Rating Agencies; provided that such amendment or supplement shall not adversely affect in any material
respect the interests of any Certificateholder not consenting thereto as evidenced by an Opinion of Counsel, or any holder of
a Serviced Pari Passu Companion Loan not consenting to such revision or addition, as evidenced by an Opinion of Counsel at the
expense of the party requesting such amendment or as evidenced by confirmation of the applicable Rating Agencies that such action
will not result in the downgrade, withdrawal or qualification of its then-current ratings of any securities related to a Companion
Loan, if any (provided that such Rating Agency Confirmation may be considered satisfied in the same manner as any Rating
Agency Confirmation may be considered satisfied with respect to the Certificates); (viii) to modify the provisions of Section
3.06 and Section 3.17 of the Pooling and Servicing Agreement (with respect to reimbursement of Nonrecoverable Advances
and Workout-Delayed Reimbursement Amounts) if (a) the Depositor, the Master Servicer, the Trustee and, for so long as a Control
Termination Event has not occurred and is not continuing, the Directing Holder, determine that the commercial mortgage backed
securities industry standard for such provisions has changed, in order to conform to such industry standard, (b) such

 

    A-30-9

     

    

 

modification
does not adversely affect the status of any Trust REMIC as a REMIC or the status of the Grantor Trust as a grantor trust under
the relevant provisions of the Code, as evidenced by an Opinion of Counsel and (c) each Rating Agency has delivered a Rating
Agency Confirmation and, with regard to any class of Serviced Companion Loan Securities, the applicable rating agencies have delivered
a confirmation that such action will not result in the downgrade, withdrawal or qualification of its then-current ratings (provided that such rating agency confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation may
be considered satisfied with respect to the Certificates); (ix) to modify the procedures of the Pooling and Servicing Agreement
relating to compliance with Rule 17g-5 of the Exchange Act; provided that such amendment shall not adversely affect
in any material respects the interests of any Certificateholders, as evidenced by (x) an Opinion of Counsel or (y) if
any Certificate is then rated, receipt of Rating Agency Confirmation from each Rating Agency rating such Certificates; and provided,
further, that the Certificate Administrator shall give notice of any such amendment to the 17g-5 Information Provider for
posting to the 17g-5 Information Provider’s Website and the Certificate Administrator shall post such notice to the Certificate
Administrator’s Website; (x) to modify, eliminate or add to any provisions of the Pooling and Servicing Agreement to such
extent as would be necessary to comply with the requirements for use of Form SF-3 in registered offerings to the extent provided
in CFR 239.45(b)(1)(ii), (iii) or (iv); and (xi) to modify, eliminate or add to any of its provisions (a) to such extent as will
be necessary to comply with the requirements of the Risk Retention Rule, as evidenced by an Opinion of Counsel, or (b) in the
event the Risk Retention Rule or any other regulation applicable to the risk retention requirements for this securitization transaction
are amended or repealed, to the extent required to comply with any such amendment or to modify or eliminate the risk retention
requirements in the event of such repeal, as evidenced by an Opinion of Counsel.

 

The
Pooling and Servicing Agreement or any Custodial Agreement may also be amended from time to time by the Depositor, the Master
Servicer, the Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the
Trustee with the prior written consent of the Holders of Certificates representing not less than a majority of the Percentage
Interests of each Class of Certificates affected thereby (without regard to Certificates held by the Depositor, any of the Depositor’s
Affiliates and/or agents) and each Serviced Companion Loan Noteholder affected thereby for the purpose of adding any provisions
to or changing in any manner or eliminating any of the provisions of the Pooling and Servicing Agreement or modifying in any manner
the rights of the Certificateholders or the Serviced Companion Loan Noteholders; provided, that no such amendment may:

 

		(i)	reduce
                                         in any manner the amount of, or delay the timing of, payments received on the Mortgage
                                         Loans or Serviced Whole Loan which are required to be distributed on any Certificate,
                                         without the consent of the Holders of Certificates representing all of the Percentage
                                         Interests of the Class or Classes affected thereby or which are required to be distributed
                                         to any Companion Loan Noteholders without the consent of such Companion Loan Noteholders;

 

		(ii)	reduce
                                         the aforesaid percentage of Certificates of any Class the Holders of which are required
                                         to consent to any such amendment or remove the

 

    A-30-10

     

    

 

			requirement to
                                                                           obtain consent of any Companion Loan Noteholder, in any such case without the consent of the Holders of all Certificates of
                                                                           such Class then-outstanding or such Companion Loan Noteholder, as applicable;

 

		(iii)	adversely
                                         affect the Voting Rights of any Class of Certificates without the consent of the Holders
                                         of all Certificates of such Class then outstanding;

 

		(iv)	change
                                         in any manner any defined term used in any Mortgage Loan Purchase Agreement or the obligations
                                         of any Mortgage Loan Seller under such Mortgage Loan Purchase Agreement or otherwise
                                         or change any rights of any Mortgage Loan Seller as a third party beneficiary hereunder,
                                         without the consent of such Mortgage Loan Seller; or

 

		(v)	amend
                                         the Servicing Standard without the consent of 100% of the Certificateholders or receipt
                                         of Rating Agency Confirmation from each Rating Agency and confirmation of the applicable
                                         rating agencies that such action will not result in the downgrade, withdrawal or qualification
                                         of its then-current ratings of any securities related to a Companion Loan, if any (provided that such rating agency confirmation may be considered satisfied in the same manner
                                         as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates).

 

Further,
the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations
Reviewer and the Trustee, at any time and from time to time, without the consent of the Certificateholders or, if applicable,
the Serviced Companion Loan Noteholders, may amend the Pooling and Servicing Agreement to modify, eliminate or add to any of its
provisions (i) to such extent as shall be necessary to maintain the qualification of the Lower-Tier REMIC or the Upper-Tier REMIC
as a REMIC or the qualification of the Grantor Trust as a grantor trust, or to prevent the imposition of any additional material
state or local taxes, at all times that any Certificates are outstanding; provided that such action, as evidenced by an
Opinion of Counsel (obtained at the expense of the Trust Fund), is necessary or helpful to maintain such qualification or to prevent
the imposition of any such taxes, and would not adversely affect in any material respect the interest of any Certificateholder
or if applicable, any Serviced Companion Loan Noteholder or (ii) to the extent necessary to comply with the Investment Company
Act of 1940, as amended, the Exchange Act, Regulation AB, and/or any related regulatory actions and/or interpretations.

 

The
Certificateholder owning a majority of the Percentage Interest in the Controlling Class and, if no such Certificateholder
exercises such option, the Special Servicer, and if the Special Servicer does not exercise such option, the Master Servicer may
effect an early termination of the Trust Fund, upon not less than 30 days’ prior Notice of Termination given to the Trustee,
the Special Servicer and the Master Servicer any time specifying the Anticipated Termination Date, which shall be on or after
the Early Termination Notice Date (defined as any date as of which the aggregate Stated Principal Balance of the Mortgage Loans
remaining in the Trust is less than 1.0% of the aggregate Stated Principal Balance of the Mortgage Loans as of the Cut-off Date)
by purchasing on such date all, but not less than all, of the Mortgage Loans then

 

    A-30-11

     

    

 

included
in the Trust Fund, and the Trust’s interest in all property acquired in respect of any Mortgage Loan, at a purchase price,
payable in cash, equal to the sum of, without duplication:

 

		(A)	100%
                                         of the Stated Principal Balance of each Mortgage Loan included in the Trust as of the
                                         last day of the month preceding such Anticipated Termination Date (less any P&I Advances
                                         previously made on account of principal);

 

		(B)	the
                                         fair market value of all other property included in the Trust Fund as of the last day
                                         of the month preceding such Anticipated Termination Date, as determined by an Independent
                                         appraiser acceptable to the Master Servicer as of a date not more than 30 days prior
                                         to the last day of the month preceding such Distribution Date;

 

		(C)	all
                                         unpaid interest accrued on the unpaid balance of each Mortgage Loan (including any Mortgage
                                         Loan as to which title to the related Mortgaged Property has been acquired) at the Mortgage
                                         Rate to the last day of the month preceding such Anticipated Termination Date (less any
                                         P&I Advances previously made on account of interest); and

 

		(D)	the
                                         aggregate amount of unreimbursed Advances, with interest thereon at the Reimbursement
                                         Rate, and unpaid Servicing Compensation, Special Servicing Compensation, Operating Advisor
                                         Fees, Certificate Administrator/Trustee Fees, the CREFC® Intellectual
                                         Property Royalty License Fees and Trust Fund expenses.

 

In
addition, the Pooling and Servicing Agreement provides that following the date on which the Class X-A Notional Amount, the
Class X-B Notional Amount, the Class X-D Notional Amount and the aggregate Certificate Balance
of the Class A-1, Class A-2, Class A-3, Class A-SB, Class A-4, Class A-5, Class A-M, Class B, Class C and Class D Certificates
is reduced to zero, the Sole Certificateholder shall have the right to exchange all of the then-outstanding Certificates (other
than the Class S or Class R Certificates) for all of the Mortgage Loans and each REO Property remaining in the Trust Fund
as contemplated by clause (ii) of Section 9.01(a) of the Pooling and Servicing Agreement by giving written notice to
all the parties to the Pooling and Servicing Agreement no later than 60 days prior to the anticipated date of exchange.

 

All
costs and expenses incurred by any and all parties to the Pooling and Servicing Agreement or by the Trust Fund in connection with
the purchase of the Mortgage Loans and the other assets of the Trust Fund pursuant to Section 9.01(c) of the Pooling and
Servicing Agreement shall be borne by the party exercising its purchase rights thereunder. The Trustee and the Certificate Administrator
shall be entitled to rely conclusively on any determination made by an Independent appraiser pursuant to Section 9.01(c)
of the Pooling and Servicing Agreement.

 

    A-30-12

     

    

 

The
respective obligations and responsibilities of the Master Servicer, the Special Servicer, the Depositor, the Certificate Administrator,
the Operating Advisor, the Asset Representations Reviewer and the Trustee created by the Pooling and Servicing Agreement with
respect to the Certificates (other than the obligations of the Certificate Administrator to make certain payments and to send
certain notices to Certificateholders as set forth in the Pooling and Servicing Agreement) shall terminate upon payment (or provision
for payment) to the Certificateholders and the Serviced Companion Loan Noteholders of all amounts held by or on behalf of the
Trustee, the Certificate Administrator and the Master Servicer, as the case may be, required under the Pooling and Servicing Agreement
to be so paid on the Distribution Date following the earlier to occur of (i) the purchase of the Mortgage Loans and all other
property held by the Trust Fund in accordance with Section 9.01(c) of the Pooling and Servicing Agreement; (ii) the exchange by
the Sole Certificateholder of its Certificates for the Mortgage Loans in accordance with Section 9.01(g) of the Pooling and Servicing
Agreement; and (iii) the later of (a) the receipt or collection of the last payment due on any Mortgage Loan included
in the Trust Fund, or (b) the liquidation and disposition pursuant to the Pooling and Servicing Agreement of the last asset
held by the Trust Fund; provided that in no event shall the trust created by the Pooling and Servicing Agreement continue
beyond the expiration of 21 years from the death of the last survivor of the descendants of Joseph P. Kennedy, the late Ambassador
of the United States to the United Kingdom, living on the date hereof.

 

Unless
the Certificate of Authentication on this Certificate has been executed by the Authenticating Agent, by manual signature, this
Certificate shall not be entitled to any benefit under the Pooling and Servicing Agreement or be valid for any purpose.

 

    A-30-13

     

    

 

IN
WITNESS WHEREOF, the Certificate Administrator has caused this Class V1-D Certificate to be duly executed.

 

Dated:
January 31, 2018

 

	 	WELLS FARGO BANK, NATIONAL ASSOCIATION, not in its individual capacity
    but solely as Certificate Administrator
	 	 	 
	 	By: 	 
	 	 	Authorized Signatory

 

Certificate
of Authentication

 

This
is one of the Class V1-D Certificates referred to in the Pooling and Servicing Agreement.

 

Dated:
January 31, 2018

 

	 	WELLS FARGO BANK, NATIONAL ASSOCIATION, not in its individual capacity
    but solely as Authenticating Agent
	 	 	 
	 	By: 	 
	 	 	Authorized Signatory

 

    A-30-14

     

    

 

  

EXHIBIT
A-31

 

FORM
OF CLASS V1-E [RULE 144A]1 [REG S]2 CERTIFICATE

 

[UNLESS
THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”),
TO THE CERTIFICATE REGISTRAR FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE
NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO
CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER
USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS
AN INTEREST HEREIN.]3

 

THIS
CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED OR QUALIFIED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”), OR ANY STATE OR FOREIGN SECURITIES LAW. THE HOLDER HEREOF, BY PURCHASING THIS CERTIFICATE, AGREES THAT THIS CERTIFICATE
MAY BE REOFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY IN COMPLIANCE WITH THE SECURITIES ACT AND OTHER APPLICABLE LAWS,
AND ONLY (A)(1) PURSUANT TO A REGISTRATION STATEMENT WHICH HAS BEEN DECLARED EFFECTIVE UNDER THE SECURITIES ACT, (2) FOR SO LONG
AS THIS CERTIFICATE IS ELIGIBLE FOR RESALE PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”), TO
AN INSTITUTIONAL INVESTOR THAT THE HOLDER REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” WITHIN THE MEANING
OF RULE 144A (“QUALIFIED INSTITUTIONAL BUYER”), PURCHASING FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF ANOTHER
QUALIFIED INSTITUTIONAL BUYER, WHOM THE HOLDER HAS INFORMED, IN EACH CASE, THAT THE REOFFER, RESALE, PLEDGE OR OTHER TRANSFER
IS BEING MADE IN RELIANCE ON RULE 144A, (3) TO AN INSTITUTIONAL “ACCREDITED INVESTOR,” WITHIN THE MEANING OF RULE
501(a)(1), (2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT OR ANY ENTITY IN WHICH ALL OF THE EQUITY OWNERS ARE SUCH ACCREDITED
INVESTORS, OR (4) TO INSTITUTIONS THAT ARE A NON-“U.S. PERSON” IN AN “OFFSHORE TRANSACTION,” AS SUCH TERMS
ARE DEFINED IN, AND IN ACCORDANCE WITH RULE 903 OR RULE 904 OF, REGULATION S UNDER THE SECURITIES ACT, AND (B) IN ACCORDANCE WITH
ANY OTHER APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR ANY OTHER APPLICABLE JURISDICTION.

 

 

  

1
For Rule 144A Global Certificates only.

2
For Reg S Global Certificates only.

3
Legend required as long as DTC is the Depository under the Pooling and Servicing Agreement.

 

     A-31-1

     

    

 

THE
INITIAL INVESTOR IN THIS CERTIFICATE, AND EACH SUBSEQUENT PURCHASER OF THIS CERTIFICATE, BY PURCHASING THIS CERTIFICATE OR AN
INTEREST HEREIN, IS DEEMED TO HAVE AGREED TO COMPLY WITH CERTAIN TRANSFER REQUIREMENTS SET FORTH IN THE POOLING AND SERVICING
AGREEMENT.  A TRANSFEREE IS ALSO REQUIRED TO DELIVER AN INVESTMENT REPRESENTATION LETTER SUBSTANTIALLY IN THE FORM OF EXHIBIT
D-1 TO THE POOLING AND SERVICING AGREEMENT IF SUCH TRANSFEREE IS A QUALIFIED INSTITUTIONAL BUYER OR (OTHER THAN WITH RESPECT TO
A RESIDUAL CERTIFICATE) AN INSTITUTIONAL ACCREDITED INVESTOR, AND MAY ALSO BE REQUIRED TO DELIVER AN OPINION OF COUNSEL IF SUCH
TRANSFEREE IS NOT A QUALIFIED INSTITUTIONAL BUYER WITHIN THE MEANING OF RULE 144A.

 

ANY
HOLDER DESIRING TO EFFECT A TRANSFER OF THIS CERTIFICATE SHALL, AND DOES HEREBY AGREE TO, INDEMNIFY THE CERTIFICATE REGISTRAR,
THE CERTIFICATE ADMINISTRATOR, THE TRUSTEE, THE MASTER SERVICER AND THE DEPOSITOR AGAINST ANY LOSS, LIABILITY OR EXPENSE THAT
MAY RESULT IF THE TRANSFER IS NOT EXEMPT FROM THE SECURITIES ACT OR IS NOT MADE IN ACCORDANCE WITH FEDERAL AND STATE LAWS.

 

THIS
CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN THE DEPOSITOR, THE ORIGINATOR, THE MASTER SERVICER, THE SPECIAL
SERVICER, THE CERTIFICATE ADMINISTRATOR, THE CERTIFICATE REGISTRAR, THE OPERATING ADVISOR, THE ASSET REPRESENTATIONS REVIEWER,
THE RISK RETENTION CONSULTATION PARTY, THE TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THE CERTIFICATES NOR THE UNDERLYING
MORTGAGE LOANS ARE INSURED OR GUARANTEED BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY.

 

PRINCIPAL
PAYMENTS ON THIS CERTIFICATE ARE PAYABLE IN INSTALLMENTS AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING CERTIFICATE BALANCE
OF THIS CERTIFICATE AT ANY TIME MAY BE LESS THAN THE INITIAL CERTIFICATE BALANCE SET FORTH BELOW.

 

IN
ADDITION, SUBJECT TO THE CONDITIONS SET FORTH IN THE POOLING AND SERVICING AGREEMENT, THIS CERTIFICATE, TOGETHER WITH THE OTHER
CERTIFICATES IN THE RELATED EXCHANGEABLE GROUP OF CERTIFICATES, MAY BE EXCHANGED FOR ANOTHER EXCHANGEABLE GROUP OF CERTIFICATES,
PURSUANT TO THE PROCEDURES SET FORTH IN THE POOLING AND SERVICING AGREEMENT.

 

TRANSFERS
AND EXCHANGES OF PORTIONS OF THIS CERTIFICATE ARE SUBJECT TO RESTRICTIONS AS PROVIDED IN THE POOLING AND SERVICING AGREEMENT REFERRED
TO BELOW.

 

     A-31-2

     

    

 

THIS
CERTIFICATE IS SUBORDINATE TO ONE OR MORE OTHER CLASSES OF CERTIFICATES AS AND TO THE EXTENT SET FORTH IN THE POOLING AND SERVICING
AGREEMENT REFERRED TO HEREIN.

 

FOR
U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE REPRESENTS A BENEFICIAL INTEREST IN A “REGULAR INTEREST” IN A “REAL
ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G(a)(1) AND 860D OF THE INTERNAL
REVENUE CODE OF 1986, AS AMENDED.

 

THIS
CERTIFICATE IS INTENDED TO CONSTITUTE PART OF AN “ELIGIBLE VERTICAL INTEREST” (AS DEFINED IN REGULATION RR PROMULGATED
UNDER SECTION 15G OF THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED), AND AS SUCH IS SUBJECT TO VARIOUS PROHIBITIONS ON HEDGING,
TRANSFER AND FINANCING SET FORTH IN REGULATION RR PROMULGATED UNDER SECTION 15G OF THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED.
THE INITIAL INVESTOR IN THIS CERTIFICATE, AND EACH SUBSEQUENT PURCHASER OF THIS CERTIFICATE, BY PURCHASING THIS CERTIFICATE OR
AN INTEREST HEREIN, IS DEEMED TO HAVE AGREED TO COMPLY WITH CERTAIN TRANSFER REQUIREMENTS SET FORTH IN THE POOLING AND SERVICING
AGREEMENT.

 

In
no event shall Certificates representing a Percentage Interest in any Class of Class V1 Certificates be transferred to any Person
(and the Certificate Registrar shall refuse to register any such transfer) unless Certificates representing the exact same Percentage
Interest in each and every other outstanding Class of Class V1 Certificates are simultaneously transferred to the same Person.
Any Holder of Class V1 Certificates shall at all times hold the same Percentage Interest in each and every outstanding Class thereof.

 

SUBJECT
TO THE CONDITIONS SET FORTH IN THE POOLING AND SERVICING AGREEMENT, THIS CERTIFICATE, TOGETHER WITH CERTAIN OTHER EXCHANGEABLE
CERTIFICATES SET FORTH IN THE POOLING AND SERVICING AGREEMENT, MAY BE EXCHANGED FOR THE CLASS V2 CERTIFICATES, PURSUANT TO THE
PROCEDURES SET FORTH IN THE POOLING AND SERVICING AGREEMENT.

 

THIS
CERTIFICATE SHOULD NOT BE PURCHASED BY A TRANSFEREE THAT IS OR BECOMES (A) AN EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT ARRANGEMENT,
INCLUDING AN INDIVIDUAL RETIREMENT ACCOUNT OR A KEOGH PLAN, WHICH IS SUBJECT TO THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF
1974, AS AMENDED (“ERISA”), SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”),
OR A GOVERNMENTAL PLAN, AS DEFINED IN SECTION 3(32) OF ERISA, OR OTHER PLAN SUBJECT TO ANY FEDERAL, STATE OR LOCAL LAW (“SIMILAR
LAW”) WHICH IS TO A MATERIAL EXTENT SIMILAR TO THE FOREGOING

 

     A-31-3

     

    

 

PROVISIONS OF ERISA OR THE CODE (EACH, A “PLAN”),
OR (B) A COLLECTIVE INVESTMENT FUND WHOSE UNDERLYING ASSETS INCLUDE PLAN ASSETS BY REASON OF A PLAN’S INVESTMENT IN THE
COLLECTIVE INVESTMENT FUND (PURSUANT TO U.S. DEPARTMENT OF LABOR REGULATION SECTION 2510.3-101, AS MODIFIED BY SECTION 3(42) OF
ERISA), AN INSURANCE COMPANY USING ASSETS OF SEPARATE ACCOUNTS OR GENERAL ACCOUNTS WHICH INCLUDE ASSETS OF PLANS (OR WHICH ARE
DEEMED PURSUANT TO ERISA OR ANY SIMILAR LAW TO INCLUDE ASSETS OF PLANS) OR OTHER PERSON ACTING ON BEHALF OF ANY SUCH PLAN OR USING
THE ASSETS OF ANY SUCH PLAN. TRANSFEREES OF THIS CERTIFICATE TAKING DELIVERY IN CERTIFICATED FORM SHALL BE REQUIRED TO DELIVER
A LETTER IN THE FORM ATTACHED TO THE POOLING AND SERVICING AGREEMENT TO SUCH EFFECT.

 

     A-31-4

     

    

 

 

BENCHMARK
2018-B1 MORTGAGE TRUST

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES, CLASS V1-E

 

	Class V1-E Pass-Through Rate:  N/A.  The Class V1-E Certificates will not have a Pass-Through Rate, but will be entitled to receive interest on any Distribution Date up to an amount equal to the product of (a) the VRR Interest Percentage, multiplied by (b) the VRR Allocation Percentage, multiplied by (c) the aggregate amount of interest distributed to the Class A-1, Class A-2, Class A-SB,  Class A-3, Class A-4, Class A-5, Class X-A, Class X-B, Class X-D, Class X-E, Class A-M, Class B, Class C, Class D, Class E, Class F-RR and Class G-RR Certificates for such Distribution Date.

                            
	 	CUSIP: 08162PBQ34

         

        ISIN:     US08162PBQ375

         

	Original
        Aggregate Certificate Balance of the Class V1-E Certificates: $909,603

         

        The
        aggregate initial Certificate Balance of the Class V1-E Certificates represents the maximum aggregate Certificate Balance
        of the Class V1-E Certificates that could be issued (without giving effect to any exchanges for, or any issuance of, the
        Class V1 Certificates).

         
	 	Initial Certificate Balance of this Certificate:  $[_____]
	First Distribution Date: February 16, 2018	 	Cut-off Date:  The close of business
    on the later of the related Due Date of such Mortgage Loan in January 2018 (or, in the case of any Mortgage Loan that has
    its first Due Date subsequent to January 2018, the date that would have been its Due Date in January 2018 under the terms
    of that Mortgage Loan if a Periodic Payment were scheduled to be due in that month) and the date of origination of such Mortgage
    Loan
	 	 	 
	Assumed Final Distribution Date:  January
    2028	 	No.:  V1-E -[__]

 

This
certifies that [              ] is the registered
owner of a beneficial ownership interest in a Trust Fund, including the distributions to be made with respect to the Class V1-E

 

 

  

4
For IAI Certificates

5
For IAI Certificates

 

     A-31-5

     

    

  

Certificates. The Trust Fund, described more fully below, consists primarily of a pool of Mortgage Loans secured by first liens
on commercial and multifamily properties and held in trust by the Trustee and serviced by the Master Servicer. The Trust Fund
was created, and the Mortgage Loans are to be serviced, pursuant to the Pooling and Servicing Agreement (as defined below). The
Holder of this Certificate, by virtue of the acceptance hereof, assents to the terms, provisions and conditions of the Pooling
and Servicing Agreement and is bound thereby.

 

The
Pooling and Servicing Agreement, dated as of January 1, 2018 (the “Pooling and Servicing Agreement”), between
the Depositor, Wells Fargo Bank, National Association, as master servicer (in such capacity, the “Master Servicer”),
Midland Loan Services, a Division of PNC Bank, National Association, as special servicer (the “Special Servicer”),
Wilmington Trust, National Association, as trustee (the “Trustee”), Wells Fargo Bank, National Association,
as certificate administrator (in such capacity, the “Certificate Administrator”), custodian and paying agent,
and Park Bridge Lender Services LLC, as operating advisor (in such capacity, the “Operating Advisor”) and asset
representations reviewer (in such capacity, the “Asset Representations Reviewer”) evidences the issuance of
the Class A-1, Class A-2, Class A-3, Class A-SB, Class A-4, Class A-5, Class A-M, Class B, Class C, Class D, Class
E, Class F-RR, Class G-RR, Class X-A, Class X-B, Class X-D, Class X-E, Class S, Class R, Class V2, Class V1-A1,
Class V1-A2, Class V1-A3, Class V1-ASB, Class V1-A4, Class V1-A5, Class V1-AM, Class V1-B, Class V1-C, Class V1-D, Class V1-E,
Class V1-F and Class V1-G Certificates (the “Certificates”; the Holders of Certificates issued under the Pooling
and Servicing Agreement are collectively referred to herein as “Certificateholders”). This Certificate is issued
pursuant to, and in accordance with, the terms of the Pooling and Servicing Agreement. To the extent not defined herein, capitalized
terms used herein shall have the meanings assigned thereto in the Pooling and Servicing Agreement.

 

This
Certificate represents a beneficial interest in a “regular interest” in a “real estate mortgage investment conduit,”
as those terms are defined, respectively, in Sections 860G(a)(1) and 860D of the Internal Revenue Code of 1986, as amended. Each
Holder of this Certificate, by acceptance hereof, agrees to treat, and take no action inconsistent with the treatment of, this
Certificate in accordance with the preceding sentence for purposes of federal income taxes, state and local income and franchise
taxes and other taxes imposed on or measured by income.

 

The
Certificate Administrator makes no representation or warranty as to any of the statements contained herein or the validity or
sufficiency of the Certificates or the Mortgage Loans and has executed this Certificate in its limited capacity as Certificate
Administrator under the Pooling and Servicing Agreement. In the event that there is any conflict between any provision of this
Certificate and any provision of the Pooling and Servicing Agreement, such provision of this Certificate shall be superseded to
the extent of such inconsistency.

 

Pursuant
to the terms of the Pooling and Servicing Agreement, the Certificate Administrator, or the Paying Agent on behalf of
the Certificate Administrator, will distribute (other than the final distribution on any Certificate), on the fourth Business
Day after each Determination Date (each such date, a “Distribution Date”) an amount equal to
such Person’s pro rata share (based on the Percentage Interest represented by this Certificate) of that portion of
the aggregate amount of principal and interest then distributable, if any, allocable to the Class V1-E
Certificates

 

     A-31-6

     

    

 

for such Distribution Date, all as more fully described in the Pooling and
Servicing Agreement. “Determination Date” is defined in the Pooling and Servicing Agreement as the eleventh day of
each month, or if such eleventh day is not a Business Day, then the next Business Day, commencing in February 2018.

 

During
each Interest Accrual Period (as defined below), interest on the Class V1-E Certificates will be calculated based on a 360-day
year consisting of twelve 30-day months on the outstanding Certificate Balance hereof.

 

All
distributions (other than the final distribution on any Certificate) will be made by the Paying Agent to the Persons in whose
names the Certificates are registered at the close of business on each Record Date, which will be the close of business on the
last Business Day of the calendar month immediately preceding the month in which such Distribution Date occurs. Such distributions
shall be made on each Distribution Date other than the Termination Date to each Certificateholder of record on the related Record
Date, (i) by wire transfer of immediately available funds to the account of such Holder at a bank or other entity located in the
United States and having appropriate facilities therefor if such Holder shall have provided the Paying Agent with wire instructions
in writing at least five Business Days prior to the related Record Date (which wiring instructions may be in the form of a standing
order applicable to all subsequent distributions), or (ii) otherwise, by check mailed by first-class mail to the address set forth
therefor in the Certificate Register. The final distribution on each Certificate shall be made in like manner, but only upon presentment
and surrender of such Certificate at the office of the Certificate Administrator or its agent (which may be the Paying Agent or
the Certificate Registrar acting as such agent) that is specified in the notice to Holders of such final distribution.

 

Any
funds not distributed on the Termination Date because of the failure of any Certificateholders to tender their Certificates shall,
on such date, be set aside and held for the benefit of the appropriate non-tendering Certificateholders. If any Certificates as
to which notice of the Termination Date has been given pursuant to the Pooling and Servicing Agreement shall not have been surrendered
for cancellation within six months after the time specified in such notice, the Certificate Administrator shall mail a second
notice to the remaining non-tendering Certificateholders to surrender their Certificates for cancellation to receive the final
distribution with respect thereto. If within one year after the second notice not all of such Certificates shall have been surrendered
for cancellation, the Certificate Administrator may, directly or through an agent, take appropriate steps to contact the remaining
non-tendering Certificateholders concerning surrender of their Certificates. The costs and expenses of holding such funds in trust
and of contacting such Certificateholders shall be paid out of such funds. Subject to applicable state escheatment laws, if within
two years after the second notice any such Certificates shall not have been surrendered for cancellation, the Paying Agent shall
distribute to the Certificate Administrator all amounts distributable to the Holders thereof, and the Certificate Administrator
shall thereafter hold such amounts for the benefit of such Holders until the earlier of (i) its termination as Certificate Administrator
under the Pooling and Servicing Agreement and the transfer of such amounts to a successor Certificate Administrator and (ii) the
termination of the Trust Fund and distribution of such amounts to the Class R Certificateholders. No interest shall accrue or
be payable to any Certificateholder on any amount held under the Pooling and Servicing Agreement or by the Certificate Administrator
as a result of such Certificateholder’s failure to surrender its Certificate(s) for final payment thereof in accordance
with the Pooling and 

 

     A-31-7

     

    

 

Servicing Agreement. Any such amounts transferred to the Certificate Administrator may be invested in Permitted Investments
and all income and gain realized from investment of such funds shall accrue for its benefit.

 

This
Certificate is limited in right of payment to, among other things, certain collections and recoveries in respect of the Mortgage
Loans, as more specifically set forth herein and in the Pooling and Servicing Agreement.

 

As
provided in the Pooling and Servicing Agreement, the Trust Fund includes (in each case, to the extent of the Trust Fund’s
interest therein and specifically excluding any interest of any Serviced Companion Loan Noteholder therein): (i) such Mortgage
Loans as from time to time are subject to the Pooling and Servicing Agreement, together with the Mortgage Files relating thereto;
(ii) all scheduled or unscheduled payments on or collections in respect of the Mortgage Loans due after the Cut-off Date; (iii)
the Trust Fund’s interest in any REO Property; (iv) all revenues received in respect of any REO Property; (v) any Assignments
of Leases, Rents and Profits and any security agreements related to the Mortgage Loans; (vi) any indemnities or guaranties given
as additional security for any Mortgage Loans; (vii) a security interest in all assets deposited in the Lock-Box Accounts, Cash
Collateral Accounts, Escrow Accounts, and Reserve Accounts; (viii) the Loss of Value Reserve Fund; (ix) the Collection Account,
the Serviced Whole Loan Collection Accounts, the Distribution Accounts, any Gain-on-Sale Reserve Account, the Interest Reserve
Account, and the Trust’s interest in any REO Account, including any amounts on deposit therein, assets credited thereto
and any reinvestment income, as applicable; (x) a security interest in any environmental indemnity agreements relating to the
Mortgaged Properties; (xi) a security interest in all insurance policies with respect to the Mortgage Loans and the Mortgaged
Properties; (xii) the rights and remedies under the Mortgage Loan Purchase Agreements relating to document delivery requirements
with respect to the Mortgage Loans and the representations and warranties of the related Mortgage Loan Seller regarding its Mortgage
Loans; (xiii) the Lower-Tier Regular Interests; (xiv) the Class VRR Upper-Tier Regular Interests; and (xv) the proceeds of the
foregoing (other than any interest earned on deposits in the Lock-Box Accounts, Cash Collateral Accounts, Escrow Accounts and
any Reserve Accounts, to the extent such interest belongs to the related Borrower). As provided in the Pooling and Servicing Agreement,
withdrawals may be made from certain of the above accounts for purposes other than distributions to Certificateholders.

 

This
Certificate does not purport to summarize the Pooling and Servicing Agreement, and reference is made to the Pooling and Servicing
Agreement for the interests, rights, benefits, obligations and duties evidenced hereby, and the limitations thereon, and the rights,
duties and immunities of the Certificate Administrator.

 

As
provided in the Pooling and Servicing Agreement and subject to certain limitations set forth therein, this Certificate is transferable
or exchangeable only upon surrender of this Certificate to the Certificate Registrar at its offices together with an assignment
and transfer (executed by the Holder or his duly authorized attorney), subject to the requirements in Article V of the Pooling
and Servicing Agreement. Upon surrender for registration of transfer of this Certificate, subject to the requirements in Article
V of the Pooling and Servicing Agreement, the Certificate Administrator shall execute and the Authenticating Agent shall duly
authenticate in the name of the designated transferee or transferees, one or more new Certificates in

 

     A-31-8

     

    

 

authorized denominations
of a like aggregate denomination as the Certificate being surrendered. Such Certificates shall be delivered by the Certificate
Registrar in accordance with Article V of the Pooling and Servicing Agreement.

 

In
no event shall Certificates representing a Percentage Interest in any Class of Class V1 Certificates be transferred to any Person
(and the Certificate Registrar shall refuse to register any such transfer) unless Certificates representing the exact same Percentage
Interest in each and every other outstanding Class of Class V1 Certificates are simultaneously transferred to the same Person.
Any Holder of Class V1 Certificates shall at all times hold the same Percentage Interest in each and every outstanding Class thereof.

 

Prior
to due presentation of this Certificate for registration of transfer, the Depositor, the Master Servicer, the Special Servicer,
the Operating Advisor, the Asset Representations Reviewer, the Certificate Administrator, the Trustee, the Certificate Registrar,
any Paying Agent and any agent of any of them may treat the Person in whose name this Certificate is registered as the owner hereof
for all purposes, and none of the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator, the Trustee,
the Certificate Registrar, any Paying Agent or any agent of any of them shall be affected by notice or knowledge to the contrary.

 

No
fee or service charge shall be imposed by the Certificate Registrar for its services in respect of any registration of transfer
or exchange referred to in Section 5.02 of the Pooling and Servicing Agreement other than for transfers to Institutional Accredited
Investors as provided in Section 5.02(h) of the Pooling and Servicing Agreement. In connection with any transfer to an Institutional
Accredited Investor, the transferor shall reimburse the Trust Fund for any costs (including the cost of the Certificate Registrar’s
counsel’s review of the documents and any legal opinions, submitted by the transferor or transferee to the Certificate Registrar
as provided in the Pooling and Servicing Agreement) incurred by the Certificate Registrar in connection with such transfer. The
Certificate Registrar may require payment by each transferor of a sum sufficient to cover any tax, expense or other governmental
charge payable in connection with any such transfer.

 

The
Pooling and Servicing Agreement or any Custodial Agreement may be amended at any time by the Depositor, the Master Servicer, the
Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the Trustee without
the consent of any of the Certificateholders or any Serviced Companion Loan Noteholders, (i) to cure any ambiguity or to correct
any manifest error; (ii) to cause the provisions of the Pooling and Servicing Agreement or any Custodial Agreement to conform
or be consistent with or in furtherance of the statements made in the Prospectus or Private Placement Memorandum with respect
to the Certificates, the Trust or the Pooling and Servicing Agreement or to correct or supplement any provisions of the Pooling
and Servicing Agreement or any Custodial Agreement which may be defective or inconsistent with any other provisions of the Pooling
and Servicing Agreement or any Custodial Agreement; (iii) to change the timing and/or nature of deposits in the Collection
Account, the Distribution Accounts or any REO Account; provided that (a) the Master Servicer Remittance Date shall in no event
be later than the Business Day prior to the related Distribution Date and (b) such change shall not adversely affect in any material
respect the interests of any Certificateholder, as evidenced in writing by an

 

     A-31-9

     

    

 

Opinion of Counsel at the expense of the party requesting
such amendment or as evidenced by a Rating Agency Confirmation from each Rating Agency with respect to such amendment; (iv) to
modify, eliminate or add to any of its provisions to such extent as shall be necessary to maintain the qualification of any Trust
REMIC as a REMIC or the Grantor Trust as a grantor trust under the relevant provisions of the Code at all times that any Certificate
is outstanding, or to avoid or minimize the risk of imposition of any tax on the Trust Fund or any Trust REMIC or the Grantor
Trust that would be a claim against the Trust Fund or any Trust REMIC or the Grantor Trust; provided that the Trustee and
the Certificate Administrator have received an Opinion of Counsel (at the expense of the party requesting such amendment) to the
effect that (a) such action is necessary or desirable to maintain such qualification or to avoid or minimize the risk of
the imposition of any such tax and (b) such action will not adversely affect in any material respect the interests of any
Certificateholder or Companion Loan Noteholder; (v) to modify, eliminate or add to the provisions any provision of the Pooling
and Servicing Agreement restricting transfer of the Class R Certificates; provided the Depositor has determined that
such change shall not, as evidenced by an Opinion of Counsel, cause the Trust Fund, any Trust REMIC or any of the Certificateholders
(other than the Transferor) to be subject to a federal tax caused by a Transfer to a Person that is a Disqualified Organization
or a Non-U.S. Tax Person; (vi) to revise or add any other provisions with respect to matters or questions arising under the Pooling
and Servicing Agreement or any other change; provided that the required action shall not adversely affect in any material
respect the interests of any Certificateholder or any holder of a Serviced Pari Passu Companion Loan not consenting thereto as
evidenced in writing by an Opinion of Counsel, at the expense of the party requesting such amendment or as evidenced by a Rating
Agency Confirmation from each of the Rating Agencies with respect to such amendment or supplement and confirmation of the applicable
rating agencies that such action will not result in the downgrade, withdrawal or qualification of its then-current ratings of
any securities related to a Companion Loan, if any (provided that such rating agency confirmation may be considered satisfied
in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates); (vii) to amend
or supplement any provision of the Pooling and Servicing Agreement to the extent necessary to maintain the then-current ratings
assigned to each Class of Certificates by each Rating Agency, as evidenced by a Rating Agency Confirmation from each of the Rating
Agencies; provided that such amendment or supplement shall not adversely affect in any material respect the interests of
any Certificateholder not consenting thereto as evidenced by an Opinion of Counsel, or any holder of a Serviced Pari Passu Companion
Loan not consenting to such revision or addition, as evidenced by an Opinion of Counsel at the expense of the party requesting
such amendment or as evidenced by confirmation of the applicable Rating Agencies that such action will not result in the downgrade,
withdrawal or qualification of its then-current ratings of any securities related to a Companion Loan, if any (provided
that such Rating Agency Confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered
satisfied with respect to the Certificates); (viii) to modify the provisions of Section 3.06 and Section 3.17 of
the Pooling and Servicing Agreement (with respect to reimbursement of Nonrecoverable Advances and Workout-Delayed Reimbursement
Amounts) if (a) the Depositor, the Master Servicer, the Trustee and, for so long as a Control Termination Event has not occurred
and is not continuing, the Directing Holder, determine that the commercial mortgage backed securities industry standard for such
provisions has changed, in order to conform to such industry standard, (b) such modification does not adversely affect the
status of any Trust REMIC as a REMIC or the status

 

     A-31-10

     

    

 

of the Grantor Trust as a grantor trust under the relevant provisions of the
Code, as evidenced by an Opinion of Counsel and (c) each Rating Agency has delivered a Rating Agency Confirmation and, with
regard to any class of Serviced Companion Loan Securities, the applicable rating agencies have delivered a confirmation that such
action will not result in the downgrade, withdrawal or qualification of its then-current ratings (provided that such rating
agency confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied
with respect to the Certificates); (ix) to modify the procedures of the Pooling and Servicing Agreement relating to compliance
with Rule 17g-5 of the Exchange Act; provided that such amendment shall not adversely affect in any material respects
the interests of any Certificateholders, as evidenced by (x) an Opinion of Counsel or (y) if any Certificate is then
rated, receipt of Rating Agency Confirmation from each Rating Agency rating such Certificates; and provided, further,
that the Certificate Administrator shall give notice of any such amendment to the 17g-5 Information Provider for posting to the
17g-5 Information Provider’s Website and the Certificate Administrator shall post such notice to the Certificate Administrator’s
Website; (x) to modify, eliminate or add to any provisions of the Pooling and Servicing Agreement to such extent as would be necessary
to comply with the requirements for use of Form SF-3 in registered offerings to the extent provided in CFR 239.45(b)(1)(ii), (iii)
or (iv); and (xi) to modify, eliminate or add to any of its provisions (a) to such extent as will be necessary to comply with
the requirements of the Risk Retention Rule, as evidenced by an Opinion of Counsel, or (b) in the event the Risk Retention Rule
or any other regulation applicable to the risk retention requirements for this securitization transaction are amended or repealed,
to the extent required to comply with any such amendment or to modify or eliminate the risk retention requirements in the event
of such repeal, as evidenced by an Opinion of Counsel.

 

The
Pooling and Servicing Agreement or any Custodial Agreement may also be amended from time to time by the Depositor, the Master
Servicer, the Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the
Trustee with the prior written consent of the Holders of Certificates representing not less than a majority of the Percentage
Interests of each Class of Certificates affected thereby (without regard to Certificates held by the Depositor, any of the Depositor’s
Affiliates and/or agents) and each Serviced Companion Loan Noteholder affected thereby for the purpose of adding any provisions
to or changing in any manner or eliminating any of the provisions of the Pooling and Servicing Agreement or modifying in any manner
the rights of the Certificateholders or the Serviced Companion Loan Noteholders; provided, that no such amendment may:

 

		(i)	reduce
                                         in any manner the amount of, or delay the timing of, payments received on the Mortgage
                                         Loans or Serviced Whole Loan which are required to be distributed on any Certificate,
                                         without the consent of the Holders of Certificates representing all of the Percentage
                                         Interests of the Class or Classes affected thereby or which are required to be distributed
                                         to any Companion Loan Noteholders without the consent of such Companion Loan Noteholders;

 

		(ii)	reduce
                                         the aforesaid percentage of Certificates of any Class the Holders of which are required
                                         to consent to any such amendment or remove the requirement to obtain consent of any Companion
                                         Loan Noteholder, in any 

 

     A-31-11

     

    

 

such case without the consent of the Holders of all Certificates
                                         of such Class then-outstanding or such Companion Loan Noteholder, as applicable;

 

		(iii)	adversely
                                         affect the Voting Rights of any Class of Certificates without the consent of the Holders
                                         of all Certificates of such Class then outstanding;

 

		(iv)	change
                                         in any manner any defined term used in any Mortgage Loan Purchase Agreement or the obligations
                                         of any Mortgage Loan Seller under such Mortgage Loan Purchase Agreement or otherwise
                                         or change any rights of any Mortgage Loan Seller as a third party beneficiary hereunder,
                                         without the consent of such Mortgage Loan Seller; or

 

		(v)	amend
                                         the Servicing Standard without the consent of 100% of the Certificateholders or receipt
                                         of Rating Agency Confirmation from each Rating Agency and confirmation of the applicable
                                         rating agencies that such action will not result in the downgrade, withdrawal or qualification
                                         of its then-current ratings of any securities related to a Companion Loan, if any (provided that such rating agency confirmation may be considered satisfied in the same manner
                                         as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates).

 

Further,
the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations
Reviewer and the Trustee, at any time and from time to time, without the consent of the Certificateholders or, if applicable,
the Serviced Companion Loan Noteholders, may amend the Pooling and Servicing Agreement to modify, eliminate or add to any of its
provisions (i) to such extent as shall be necessary to maintain the qualification of the Lower-Tier REMIC or the Upper-Tier REMIC
as a REMIC or the qualification of the Grantor Trust as a grantor trust, or to prevent the imposition of any additional material
state or local taxes, at all times that any Certificates are outstanding; provided that such action, as evidenced by an
Opinion of Counsel (obtained at the expense of the Trust Fund), is necessary or helpful to maintain such qualification or to prevent
the imposition of any such taxes, and would not adversely affect in any material respect the interest of any Certificateholder
or if applicable, any Serviced Companion Loan Noteholder or (ii) to the extent necessary to comply with the Investment Company
Act of 1940, as amended, the Exchange Act, Regulation AB, and/or any related regulatory actions and/or interpretations.

 

The
Certificateholder owning a majority of the Percentage Interest in the Controlling Class and, if no such Certificateholder
exercises such option, the Special Servicer, and if the Special Servicer does not exercise such option, the Master Servicer may
effect an early termination of the Trust Fund, upon not less than 30 days’ prior Notice of Termination given to the Trustee,
the Special Servicer and the Master Servicer any time specifying the Anticipated Termination Date, which shall be on or after
the Early Termination Notice Date (defined as any date as of which the aggregate Stated Principal Balance of the Mortgage Loans
remaining in the Trust is less than 1.0% of the aggregate Stated Principal Balance of the Mortgage Loans as of the Cut-off Date)
by purchasing on such date all, but not less than all, of the Mortgage Loans then

 

     A-31-12

     

    

 

included in the Trust Fund, and the Trust’s
interest in all property acquired in respect of any Mortgage Loan, at a purchase price, payable in cash, equal to the sum of,
without duplication:

 

		(A)	100%
                                         of the Stated Principal Balance of each Mortgage Loan included in the Trust as of the
                                         last day of the month preceding such Anticipated Termination Date (less any P&I Advances
                                         previously made on account of principal);

 

		(B)	the
                                         fair market value of all other property included in the Trust Fund as of the last day
                                         of the month preceding such Anticipated Termination Date, as determined by an Independent
                                         appraiser acceptable to the Master Servicer as of a date not more than 30 days prior
                                         to the last day of the month preceding such Distribution Date;

 

		(C)	all
                                         unpaid interest accrued on the unpaid balance of each Mortgage Loan (including any Mortgage
                                         Loan as to which title to the related Mortgaged Property has been acquired) at the Mortgage
                                         Rate to the last day of the month preceding such Anticipated Termination Date (less any
                                         P&I Advances previously made on account of interest); and

 

		(D)	the
                                         aggregate amount of unreimbursed Advances, with interest thereon at the Reimbursement
                                         Rate, and unpaid Servicing Compensation, Special Servicing Compensation, Operating Advisor
                                         Fees, Certificate Administrator/Trustee Fees, the CREFC® Intellectual
                                         Property Royalty License Fees and Trust Fund expenses.

 

In
addition, the Pooling and Servicing Agreement provides that following the date on which the Class X-A Notional Amount, the
Class X-B Notional Amount, the Class X-D Notional Amount and the aggregate Certificate Balance
of the Class A-1, Class A-2, Class A-3, Class A-SB, Class A-4, Class A-5, Class A-M, Class B, Class C and Class D Certificates
is reduced to zero, the Sole Certificateholder shall have the right to exchange all of the then-outstanding Certificates (other
than the Class S or Class R Certificates) for all of the Mortgage Loans and each REO Property remaining in the Trust Fund
as contemplated by clause (ii) of Section 9.01(a) of the Pooling and Servicing Agreement by giving written notice to
all the parties to the Pooling and Servicing Agreement no later than 60 days prior to the anticipated date of exchange.

 

All
costs and expenses incurred by any and all parties to the Pooling and Servicing Agreement or by the Trust Fund in connection with
the purchase of the Mortgage Loans and the other assets of the Trust Fund pursuant to Section 9.01(c) of the Pooling and
Servicing Agreement shall be borne by the party exercising its purchase rights thereunder. The Trustee and the Certificate Administrator
shall be entitled to rely conclusively on any determination made by an Independent appraiser pursuant to Section 9.01(c)
of the Pooling and Servicing Agreement.

 

     A-31-13

     

    

 

The
respective obligations and responsibilities of the Master Servicer, the Special Servicer, the Depositor, the Certificate Administrator,
the Operating Advisor, the Asset Representations Reviewer and the Trustee created by the Pooling and Servicing Agreement with
respect to the Certificates (other than the obligations of the Certificate Administrator to make certain payments and to send
certain notices to Certificateholders as set forth in the Pooling and Servicing Agreement) shall terminate upon payment (or provision
for payment) to the Certificateholders and the Serviced Companion Loan Noteholders of all amounts held by or on behalf of the
Trustee, the Certificate Administrator and the Master Servicer, as the case may be, required under the Pooling and Servicing Agreement
to be so paid on the Distribution Date following the earlier to occur of (i) the purchase of the Mortgage Loans and all other
property held by the Trust Fund in accordance with Section 9.01(c) of the Pooling and Servicing Agreement; (ii) the exchange by
the Sole Certificateholder of its Certificates for the Mortgage Loans in accordance with Section 9.01(g) of the Pooling and Servicing
Agreement; and (iii) the later of (a) the receipt or collection of the last payment due on any Mortgage Loan included
in the Trust Fund, or (b) the liquidation and disposition pursuant to the Pooling and Servicing Agreement of the last asset
held by the Trust Fund; provided that in no event shall the trust created by the Pooling and Servicing Agreement continue
beyond the expiration of 21 years from the death of the last survivor of the descendants of Joseph P. Kennedy, the late Ambassador
of the United States to the United Kingdom, living on the date hereof.

 

Unless
the Certificate of Authentication on this Certificate has been executed by the Authenticating Agent, by manual signature, this
Certificate shall not be entitled to any benefit under the Pooling and Servicing Agreement or be valid for any purpose. 

 

     A-31-14

     

    

 

IN
WITNESS WHEREOF, the Certificate Administrator has caused this Class V1-E Certificate to be duly executed.

 

Dated: January 31, 2018

	 	 	 
	 	WELLS FARGO BANK, NATIONAL ASSOCIATION, not
    in its individual capacity but solely as Certificate Administrator
	 	 	 
	 	By: 	 
	 	 	Authorized Signatory

 

Certificate
of Authentication

 

This
is one of the Class V1-E Certificates referred to in the Pooling and Servicing Agreement.

 

Dated: January 31, 2018

	 	 	 
	 	WELLS FARGO BANK, NATIONAL ASSOCIATION, not
    in its individual capacity but solely as Authenticating Agent
	 	 	 
	 	By: 	 
	 	 	Authorized Signatory

 

     A-31-15

     

    

 

EXHIBIT
A-32

 

FORM
OF CLASS V1-F [RULE 144A]1 [REG S]2 CERTIFICATE

 

[UNLESS
THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”),
TO THE CERTIFICATE REGISTRAR FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE
NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO
CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER
USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS
AN INTEREST HEREIN.]3

 

THIS
CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED OR QUALIFIED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”), OR ANY STATE OR FOREIGN SECURITIES LAW. THE HOLDER HEREOF, BY PURCHASING THIS CERTIFICATE, AGREES THAT THIS CERTIFICATE
MAY BE REOFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY IN COMPLIANCE WITH THE SECURITIES ACT AND OTHER APPLICABLE LAWS,
AND ONLY (A)(1) PURSUANT TO A REGISTRATION STATEMENT WHICH HAS BEEN DECLARED EFFECTIVE UNDER THE SECURITIES ACT, (2) FOR SO LONG
AS THIS CERTIFICATE IS ELIGIBLE FOR RESALE PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”), TO
AN INSTITUTIONAL INVESTOR THAT THE HOLDER REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” WITHIN THE MEANING
OF RULE 144A (“QUALIFIED INSTITUTIONAL BUYER”), PURCHASING FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF ANOTHER
QUALIFIED INSTITUTIONAL BUYER, WHOM THE HOLDER HAS INFORMED, IN EACH CASE, THAT THE REOFFER, RESALE, PLEDGE OR OTHER TRANSFER
IS BEING MADE IN RELIANCE ON RULE 144A, (3) TO AN INSTITUTIONAL “ACCREDITED INVESTOR,” WITHIN THE MEANING OF RULE
501(a)(1), (2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT OR ANY ENTITY IN WHICH ALL OF THE EQUITY OWNERS ARE SUCH ACCREDITED
INVESTORS, OR (4) TO INSTITUTIONS THAT ARE A NON-“U.S. PERSON” IN AN “OFFSHORE TRANSACTION,” AS SUCH TERMS
ARE DEFINED IN, AND IN ACCORDANCE WITH RULE 903 OR RULE 904 OF, REGULATION S UNDER THE SECURITIES ACT, AND (B) IN ACCORDANCE WITH
ANY OTHER APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR ANY OTHER APPLICABLE JURISDICTION.

 

 

  

1
For Rule 144A Global Certificates only.

2
For Reg S Global Certificates only.

3
Legend required as long as DTC is the Depository under the Pooling
and Servicing Agreement.

 

     A-32-1

     

    

 

THE
INITIAL INVESTOR IN THIS CERTIFICATE, AND EACH SUBSEQUENT PURCHASER OF THIS CERTIFICATE, BY PURCHASING THIS CERTIFICATE OR AN
INTEREST HEREIN, IS DEEMED TO HAVE AGREED TO COMPLY WITH CERTAIN TRANSFER REQUIREMENTS SET FORTH IN THE POOLING AND SERVICING
AGREEMENT.  A TRANSFEREE IS ALSO REQUIRED TO DELIVER AN INVESTMENT REPRESENTATION LETTER SUBSTANTIALLY IN THE FORM OF EXHIBIT
D-1 TO THE POOLING AND SERVICING AGREEMENT IF SUCH TRANSFEREE IS A QUALIFIED INSTITUTIONAL BUYER OR (OTHER THAN WITH RESPECT TO
A RESIDUAL CERTIFICATE) AN INSTITUTIONAL ACCREDITED INVESTOR, AND MAY ALSO BE REQUIRED TO DELIVER AN OPINION OF COUNSEL IF SUCH
TRANSFEREE IS NOT A QUALIFIED INSTITUTIONAL BUYER WITHIN THE MEANING OF RULE 144A.

 

ANY
HOLDER DESIRING TO EFFECT A TRANSFER OF THIS CERTIFICATE SHALL, AND DOES HEREBY AGREE TO, INDEMNIFY THE CERTIFICATE REGISTRAR,
THE CERTIFICATE ADMINISTRATOR, THE TRUSTEE, THE MASTER SERVICER AND THE DEPOSITOR AGAINST ANY LOSS, LIABILITY OR EXPENSE THAT
MAY RESULT IF THE TRANSFER IS NOT EXEMPT FROM THE SECURITIES ACT OR IS NOT MADE IN ACCORDANCE WITH FEDERAL AND STATE LAWS.

 

THIS
CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN THE DEPOSITOR, THE ORIGINATOR, THE MASTER SERVICER, THE SPECIAL
SERVICER, THE CERTIFICATE ADMINISTRATOR, THE CERTIFICATE REGISTRAR, THE OPERATING ADVISOR, THE ASSET REPRESENTATIONS REVIEWER,
THE RISK RETENTION CONSULTATION PARTY, THE TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THE CERTIFICATES NOR THE UNDERLYING
MORTGAGE LOANS ARE INSURED OR GUARANTEED BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY.

 

PRINCIPAL
PAYMENTS ON THIS CERTIFICATE ARE PAYABLE IN INSTALLMENTS AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING CERTIFICATE BALANCE
OF THIS CERTIFICATE AT ANY TIME MAY BE LESS THAN THE INITIAL CERTIFICATE BALANCE SET FORTH BELOW.

 

IN
ADDITION, SUBJECT TO THE CONDITIONS SET FORTH IN THE POOLING AND SERVICING AGREEMENT, THIS CERTIFICATE, TOGETHER WITH THE OTHER
CERTIFICATES IN THE RELATED EXCHANGEABLE GROUP OF CERTIFICATES, MAY BE EXCHANGED FOR ANOTHER EXCHANGEABLE GROUP OF CERTIFICATES,
PURSUANT TO THE PROCEDURES SET FORTH IN THE POOLING AND SERVICING AGREEMENT.

 

TRANSFERS
AND EXCHANGES OF PORTIONS OF THIS CERTIFICATE ARE SUBJECT TO RESTRICTIONS AS PROVIDED IN THE POOLING AND SERVICING AGREEMENT REFERRED
TO BELOW.

 

     A-32-2

     

    

 

THIS
CERTIFICATE IS SUBORDINATE TO ONE OR MORE OTHER CLASSES OF CERTIFICATES AS AND TO THE EXTENT SET FORTH IN THE POOLING AND SERVICING
AGREEMENT REFERRED TO HEREIN.

 

FOR
U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE REPRESENTS A BENEFICIAL INTEREST IN A “REGULAR INTEREST” IN A “REAL
ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G(a)(1) AND 860D OF THE INTERNAL
REVENUE CODE OF 1986, AS AMENDED.

 

THIS
CERTIFICATE IS INTENDED TO CONSTITUTE PART OF AN “ELIGIBLE VERTICAL INTEREST” (AS DEFINED IN REGULATION RR PROMULGATED
UNDER SECTION 15G OF THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED), AND AS SUCH IS SUBJECT TO VARIOUS PROHIBITIONS ON HEDGING,
TRANSFER AND FINANCING SET FORTH IN REGULATION RR PROMULGATED UNDER SECTION 15G OF THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED.
THE INITIAL INVESTOR IN THIS CERTIFICATE, AND EACH SUBSEQUENT PURCHASER OF THIS CERTIFICATE, BY PURCHASING THIS CERTIFICATE OR
AN INTEREST HEREIN, IS DEEMED TO HAVE AGREED TO COMPLY WITH CERTAIN TRANSFER REQUIREMENTS SET FORTH IN THE POOLING AND SERVICING
AGREEMENT.

 

In
no event shall Certificates representing a Percentage Interest in any Class of Class V1 Certificates be transferred to any Person
(and the Certificate Registrar shall refuse to register any such transfer) unless Certificates representing the exact same Percentage
Interest in each and every other outstanding Class of Class V1 Certificates are simultaneously transferred to the same Person.
Any Holder of Class V1 Certificates shall at all times hold the same Percentage Interest in each and every outstanding Class thereof.

 

SUBJECT
TO THE CONDITIONS SET FORTH IN THE POOLING AND SERVICING AGREEMENT, THIS CERTIFICATE, TOGETHER WITH CERTAIN OTHER EXCHANGEABLE
CERTIFICATES SET FORTH IN THE POOLING AND SERVICING AGREEMENT, MAY BE EXCHANGED FOR THE CLASS V2 CERTIFICATES, PURSUANT TO THE
PROCEDURES SET FORTH IN THE POOLING AND SERVICING AGREEMENT.

 

THIS
CERTIFICATE SHOULD NOT BE PURCHASED BY A TRANSFEREE THAT IS OR BECOMES (A) AN EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT ARRANGEMENT,
INCLUDING AN INDIVIDUAL RETIREMENT ACCOUNT OR A KEOGH PLAN, WHICH IS SUBJECT TO THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF
1974, AS AMENDED (“ERISA”), SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”),
OR A GOVERNMENTAL PLAN, AS DEFINED IN SECTION 3(32) OF ERISA, OR OTHER PLAN SUBJECT TO ANY FEDERAL, STATE OR LOCAL LAW (“SIMILAR
LAW”) WHICH IS TO A MATERIAL EXTENT SIMILAR TO THE FOREGOING

 

     A-32-3

     

    

  

PROVISIONS OF ERISA OR THE CODE (EACH, A “PLAN”),
OR (B) A COLLECTIVE INVESTMENT FUND WHOSE UNDERLYING ASSETS INCLUDE PLAN ASSETS BY REASON OF A PLAN’S INVESTMENT IN THE
COLLECTIVE INVESTMENT FUND (PURSUANT TO U.S. DEPARTMENT OF LABOR REGULATION SECTION 2510.3-101, AS MODIFIED BY SECTION 3(42) OF
ERISA), AN INSURANCE COMPANY USING ASSETS OF SEPARATE ACCOUNTS OR GENERAL ACCOUNTS WHICH INCLUDE ASSETS OF PLANS (OR WHICH ARE
DEEMED PURSUANT TO ERISA OR ANY SIMILAR LAW TO INCLUDE ASSETS OF PLANS) OR OTHER PERSON ACTING ON BEHALF OF ANY SUCH PLAN OR USING
THE ASSETS OF ANY SUCH PLAN. TRANSFEREES OF THIS CERTIFICATE TAKING DELIVERY IN CERTIFICATED FORM SHALL BE REQUIRED TO DELIVER
A LETTER IN THE FORM ATTACHED TO THE POOLING AND SERVICING AGREEMENT TO SUCH EFFECT.

 

     A-32-4

     

    

 

BENCHMARK
2018-B1 MORTGAGE TRUST

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES, CLASS V1-F

 

	Class V1-F Pass-Through Rate:  N/A.  The Class V1-F Certificates will not have a Pass-Through Rate, but will be entitled to receive interest on any Distribution Date up to an amount equal to the product of (a) the VRR Interest Percentage, multiplied by (b) the VRR Allocation Percentage, multiplied by (c) the aggregate amount of interest distributed to the Class A-1, Class A-2, Class A-SB,  Class A-3, Class A-4, Class A-5, Class X-A, Class X-B, Class X-D, Class X-E, Class A-M, Class B, Class C, Class D, Class E, Class F-RR and Class G-RR Certificates for such Distribution Date.

                            
	 	CUSIP: 08162PBR14

         

        ISIN:    US08162PBR105

         

	Original
        Aggregate Certificate Balance of the Class V1-F Certificates: $505,319

         

        The
        aggregate initial Certificate Balance of the Class V1-F Certificates represents the maximum aggregate Certificate Balance
        of the Class V1-F Certificates that could be issued (without giving effect to any exchanges for, or any issuance of, the
        Class V1 Certificates).

         
	 	Initial Certificate Balance of this Certificate:  $[_____]
	First Distribution Date: February 16, 2018	 	Cut-off Date:  The close of business
    on the later of the related Due Date of such Mortgage Loan in January 2018 (or, in the case of any Mortgage Loan that has
    its first Due Date subsequent to January 2018, the date that would have been its Due Date in January 2018 under the terms
    of that Mortgage Loan if a Periodic Payment were scheduled to be due in that month) and the date of origination of such Mortgage
    Loan
	 	 	 
	Assumed Final Distribution Date:  January
    2028	 	No.:  V1-F -[__]

 

This
certifies that [              ] is the registered
owner of a beneficial ownership interest in a Trust Fund, including the distributions to be made with respect to the Class V1-F

 

 

  

4
For IAI Certificates

5
For IAI Certificates

 

     A-32-5

     

    

 

Certificates. The Trust Fund, described more fully below, consists primarily of a pool of Mortgage Loans secured by first liens
on commercial and multifamily properties and held in trust by the Trustee and serviced by the Master Servicer. The Trust Fund
was created, and the Mortgage Loans are to be serviced, pursuant to the Pooling and Servicing Agreement (as defined below). The
Holder of this Certificate, by virtue of the acceptance hereof, assents to the terms, provisions and conditions of the Pooling
and Servicing Agreement and is bound thereby.

 

The
Pooling and Servicing Agreement, dated as of January 1, 2018 (the “Pooling and Servicing Agreement”), between
the Depositor, Wells Fargo Bank, National Association, as master servicer (in such capacity, the “Master Servicer”),
Midland Loan Services, a Division of PNC Bank, National Association, as special servicer (the “Special Servicer”),
Wilmington Trust, National Association, as trustee (the “Trustee”), Wells Fargo Bank, National Association,
as certificate administrator (in such capacity, the “Certificate Administrator”), custodian and paying agent,
and Park Bridge Lender Services LLC, as operating advisor (in such capacity, the “Operating Advisor”) and asset
representations reviewer (in such capacity, the “Asset Representations Reviewer”) evidences the issuance of
the Class A-1, Class A-2, Class A-3, Class A-SB, Class A-4, Class A-5, Class A-M, Class B, Class C, Class D, Class
E, Class F-RR, Class G-RR, Class X-A, Class X-B, Class X-D, Class X-E, Class S, Class R, Class V2, Class V1-A1,
Class V1-A2, Class V1-A3, Class V1-ASB, Class V1-A4, Class V1-A5, Class V1-AM, Class V1-B, Class V1-C, Class V1-D, Class V1-E,
Class V1-F and Class V1-G Certificates (the “Certificates”; the Holders of Certificates issued under the Pooling
and Servicing Agreement are collectively referred to herein as “Certificateholders”). This Certificate is issued
pursuant to, and in accordance with, the terms of the Pooling and Servicing Agreement. To the extent not defined herein, capitalized
terms used herein shall have the meanings assigned thereto in the Pooling and Servicing Agreement.

 

This
Certificate represents a beneficial interest in a “regular interest” in a “real estate mortgage investment conduit,”
as those terms are defined, respectively, in Sections 860G(a)(1) and 860D of the Internal Revenue Code of 1986, as amended. Each
Holder of this Certificate, by acceptance hereof, agrees to treat, and take no action inconsistent with the treatment of, this
Certificate in accordance with the preceding sentence for purposes of federal income taxes, state and local income and franchise
taxes and other taxes imposed on or measured by income.

 

The
Certificate Administrator makes no representation or warranty as to any of the statements contained herein or the validity or
sufficiency of the Certificates or the Mortgage Loans and has executed this Certificate in its limited capacity as Certificate
Administrator under the Pooling and Servicing Agreement. In the event that there is any conflict between any provision of this
Certificate and any provision of the Pooling and Servicing Agreement, such provision of this Certificate shall be superseded to
the extent of such inconsistency.

 

Pursuant
to the terms of the Pooling and Servicing Agreement, the Certificate Administrator, or the Paying Agent on behalf of the
Certificate Administrator, will distribute (other than the final distribution on any Certificate), on the fourth Business Day
after each Determination Date (each such date, a “Distribution Date”) an amount equal to such
Person’s pro rata share (based on the Percentage Interest represented by this Certificate) of that portion of the
aggregate amount of principal and interest then distributable, if any, allocable to the Class V1-F
Certificates 

 

     A-32-6

     

    

 

for such Distribution Date, all as more fully described in the Pooling and
Servicing Agreement. “Determination Date” is defined in the Pooling and Servicing Agreement as the eleventh day of
each month, or if such eleventh day is not a Business Day, then the next Business Day, commencing in February 2018.

 

During
each Interest Accrual Period (as defined below), interest on the Class V1-F Certificates will be calculated based on a 360-day
year consisting of twelve 30-day months on the outstanding Certificate Balance hereof.

 

All
distributions (other than the final distribution on any Certificate) will be made by the Paying Agent to the Persons in whose
names the Certificates are registered at the close of business on each Record Date, which will be the close of business on the
last Business Day of the calendar month immediately preceding the month in which such Distribution Date occurs. Such distributions
shall be made on each Distribution Date other than the Termination Date to each Certificateholder of record on the related Record
Date, (i) by wire transfer of immediately available funds to the account of such Holder at a bank or other entity located in the
United States and having appropriate facilities therefor if such Holder shall have provided the Paying Agent with wire instructions
in writing at least five Business Days prior to the related Record Date (which wiring instructions may be in the form of a standing
order applicable to all subsequent distributions), or (ii) otherwise, by check mailed by first-class mail to the address set forth
therefor in the Certificate Register. The final distribution on each Certificate shall be made in like manner, but only upon presentment
and surrender of such Certificate at the office of the Certificate Administrator or its agent (which may be the Paying Agent or
the Certificate Registrar acting as such agent) that is specified in the notice to Holders of such final distribution.

 

Any
funds not distributed on the Termination Date because of the failure of any Certificateholders to tender their Certificates shall,
on such date, be set aside and held for the benefit of the appropriate non-tendering Certificateholders. If any Certificates as
to which notice of the Termination Date has been given pursuant to the Pooling and Servicing Agreement shall not have been surrendered
for cancellation within six months after the time specified in such notice, the Certificate Administrator shall mail a second
notice to the remaining non-tendering Certificateholders to surrender their Certificates for cancellation to receive the final
distribution with respect thereto. If within one year after the second notice not all of such Certificates shall have been surrendered
for cancellation, the Certificate Administrator may, directly or through an agent, take appropriate steps to contact the remaining
non-tendering Certificateholders concerning surrender of their Certificates. The costs and expenses of holding such funds in trust
and of contacting such Certificateholders shall be paid out of such funds. Subject to applicable state escheatment laws, if within
two years after the second notice any such Certificates shall not have been surrendered for cancellation, the Paying Agent shall
distribute to the Certificate Administrator all amounts distributable to the Holders thereof, and the Certificate Administrator
shall thereafter hold such amounts for the benefit of such Holders until the earlier of (i) its termination as Certificate Administrator
under the Pooling and Servicing Agreement and the transfer of such amounts to a successor Certificate Administrator and (ii) the
termination of the Trust Fund and distribution of such amounts to the Class R Certificateholders. No interest shall accrue or
be payable to any Certificateholder on any amount held under the Pooling and Servicing Agreement or by the Certificate Administrator
as a result of such Certificateholder’s failure to surrender its Certificate(s) for final payment thereof in accordance
with the Pooling and

 

     A-32-7

     

    

 

Servicing Agreement. Any such amounts transferred to the Certificate Administrator may be invested in Permitted
Investments and all income and gain realized from investment of such funds shall accrue for its benefit.

 

This
Certificate is limited in right of payment to, among other things, certain collections and recoveries in respect of the Mortgage
Loans, as more specifically set forth herein and in the Pooling and Servicing Agreement.

 

As
provided in the Pooling and Servicing Agreement, the Trust Fund includes (in each case, to the extent of the Trust Fund’s
interest therein and specifically excluding any interest of any Serviced Companion Loan Noteholder therein): (i) such Mortgage
Loans as from time to time are subject to the Pooling and Servicing Agreement, together with the Mortgage Files relating thereto;
(ii) all scheduled or unscheduled payments on or collections in respect of the Mortgage Loans due after the Cut-off Date; (iii)
the Trust Fund’s interest in any REO Property; (iv) all revenues received in respect of any REO Property; (v) any Assignments
of Leases, Rents and Profits and any security agreements related to the Mortgage Loans; (vi) any indemnities or guaranties given
as additional security for any Mortgage Loans; (vii) a security interest in all assets deposited in the Lock-Box Accounts, Cash
Collateral Accounts, Escrow Accounts, and Reserve Accounts; (viii) the Loss of Value Reserve Fund; (ix) the Collection Account,
the Serviced Whole Loan Collection Accounts, the Distribution Accounts, any Gain-on-Sale Reserve Account, the Interest Reserve
Account, and the Trust’s interest in any REO Account, including any amounts on deposit therein, assets credited thereto
and any reinvestment income, as applicable; (x) a security interest in any environmental indemnity agreements relating to the
Mortgaged Properties; (xi) a security interest in all insurance policies with respect to the Mortgage Loans and the Mortgaged
Properties; (xii) the rights and remedies under the Mortgage Loan Purchase Agreements relating to document delivery requirements
with respect to the Mortgage Loans and the representations and warranties of the related Mortgage Loan Seller regarding its Mortgage
Loans; (xiii) the Lower-Tier Regular Interests; (xiv) the Class VRR Upper-Tier Regular Interests; and (xv) the proceeds of the
foregoing (other than any interest earned on deposits in the Lock-Box Accounts, Cash Collateral Accounts, Escrow Accounts and
any Reserve Accounts, to the extent such interest belongs to the related Borrower). As provided in the Pooling and Servicing Agreement,
withdrawals may be made from certain of the above accounts for purposes other than distributions to Certificateholders.

 

This
Certificate does not purport to summarize the Pooling and Servicing Agreement, and reference is made to the Pooling and Servicing
Agreement for the interests, rights, benefits, obligations and duties evidenced hereby, and the limitations thereon, and the rights,
duties and immunities of the Certificate Administrator.

 

As
provided in the Pooling and Servicing Agreement and subject to certain limitations set forth therein, this Certificate is transferable
or exchangeable only upon surrender of this Certificate to the Certificate Registrar at its offices together with an assignment
and transfer (executed by the Holder or his duly authorized attorney), subject to the requirements in Article V of the Pooling
and Servicing Agreement. Upon surrender for registration of transfer of this Certificate, subject to the requirements in Article
V of the Pooling and Servicing Agreement, the Certificate Administrator shall execute and the Authenticating Agent shall duly
authenticate in the name of the designated transferee or transferees, one or more new Certificates in

 

     A-32-8

     

    

 

authorized denominations
of a like aggregate denomination as the Certificate being surrendered. Such Certificates shall be delivered by the Certificate
Registrar in accordance with Article V of the Pooling and Servicing Agreement.

 

In
no event shall Certificates representing a Percentage Interest in any Class of Class V1 Certificates be transferred to any Person
(and the Certificate Registrar shall refuse to register any such transfer) unless Certificates representing the exact same Percentage
Interest in each and every other outstanding Class of Class V1 Certificates are simultaneously transferred to the same Person.
Any Holder of Class V1 Certificates shall at all times hold the same Percentage Interest in each and every outstanding Class thereof.

 

Prior
to due presentation of this Certificate for registration of transfer, the Depositor, the Master Servicer, the Special Servicer,
the Operating Advisor, the Asset Representations Reviewer, the Certificate Administrator, the Trustee, the Certificate Registrar,
any Paying Agent and any agent of any of them may treat the Person in whose name this Certificate is registered as the owner hereof
for all purposes, and none of the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator, the Trustee,
the Certificate Registrar, any Paying Agent or any agent of any of them shall be affected by notice or knowledge to the contrary.

 

No
fee or service charge shall be imposed by the Certificate Registrar for its services in respect of any registration of transfer
or exchange referred to in Section 5.02 of the Pooling and Servicing Agreement other than for transfers to Institutional Accredited
Investors as provided in Section 5.02(h) of the Pooling and Servicing Agreement. In connection with any transfer to an Institutional
Accredited Investor, the transferor shall reimburse the Trust Fund for any costs (including the cost of the Certificate Registrar’s
counsel’s review of the documents and any legal opinions, submitted by the transferor or transferee to the Certificate Registrar
as provided in the Pooling and Servicing Agreement) incurred by the Certificate Registrar in connection with such transfer. The
Certificate Registrar may require payment by each transferor of a sum sufficient to cover any tax, expense or other governmental
charge payable in connection with any such transfer.

 

The
Pooling and Servicing Agreement or any Custodial Agreement may be amended at any time by the Depositor, the Master Servicer, the
Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the Trustee without
the consent of any of the Certificateholders or any Serviced Companion Loan Noteholders, (i) to cure any ambiguity or to correct
any manifest error; (ii) to cause the provisions of the Pooling and Servicing Agreement or any Custodial Agreement to conform
or be consistent with or in furtherance of the statements made in the Prospectus or Private Placement Memorandum with respect
to the Certificates, the Trust or the Pooling and Servicing Agreement or to correct or supplement any provisions of the Pooling
and Servicing Agreement or any Custodial Agreement which may be defective or inconsistent with any other provisions of the Pooling
and Servicing Agreement or any Custodial Agreement; (iii) to change the timing and/or nature of deposits in the Collection
Account, the Distribution Accounts or any REO Account; provided that (a) the Master Servicer Remittance Date shall in no event
be later than the Business Day prior to the related Distribution Date and (b) such change shall not adversely affect in any material
respect the interests of any Certificateholder, as evidenced in writing by an

 

     A-32-9

     

    

 

Opinion of Counsel at the expense of the party requesting
such amendment or as evidenced by a Rating Agency Confirmation from each Rating Agency with respect to such amendment; (iv) to
modify, eliminate or add to any of its provisions to such extent as shall be necessary to maintain the qualification of any Trust
REMIC as a REMIC or the Grantor Trust as a grantor trust under the relevant provisions of the Code at all times that any Certificate
is outstanding, or to avoid or minimize the risk of imposition of any tax on the Trust Fund or any Trust REMIC or the Grantor
Trust that would be a claim against the Trust Fund or any Trust REMIC or the Grantor Trust; provided that the Trustee and
the Certificate Administrator have received an Opinion of Counsel (at the expense of the party requesting such amendment) to the
effect that (a) such action is necessary or desirable to maintain such qualification or to avoid or minimize the risk of
the imposition of any such tax and (b) such action will not adversely affect in any material respect the interests of any
Certificateholder or Companion Loan Noteholder; (v) to modify, eliminate or add to the provisions any provision of the Pooling
and Servicing Agreement restricting transfer of the Class R Certificates; provided the Depositor has determined that
such change shall not, as evidenced by an Opinion of Counsel, cause the Trust Fund, any Trust REMIC or any of the Certificateholders
(other than the Transferor) to be subject to a federal tax caused by a Transfer to a Person that is a Disqualified Organization
or a Non-U.S. Tax Person; (vi) to revise or add any other provisions with respect to matters or questions arising under the Pooling
and Servicing Agreement or any other change; provided that the required action shall not adversely affect in any material
respect the interests of any Certificateholder or any holder of a Serviced Pari Passu Companion Loan not consenting thereto as
evidenced in writing by an Opinion of Counsel, at the expense of the party requesting such amendment or as evidenced by a Rating
Agency Confirmation from each of the Rating Agencies with respect to such amendment or supplement and confirmation of the applicable
rating agencies that such action will not result in the downgrade, withdrawal or qualification of its then-current ratings of
any securities related to a Companion Loan, if any (provided that such rating agency confirmation may be considered satisfied
in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates); (vii) to amend
or supplement any provision of the Pooling and Servicing Agreement to the extent necessary to maintain the then-current ratings
assigned to each Class of Certificates by each Rating Agency, as evidenced by a Rating Agency Confirmation from each of the Rating
Agencies; provided that such amendment or supplement shall not adversely affect in any material respect the interests of
any Certificateholder not consenting thereto as evidenced by an Opinion of Counsel, or any holder of a Serviced Pari Passu Companion
Loan not consenting to such revision or addition, as evidenced by an Opinion of Counsel at the expense of the party requesting
such amendment or as evidenced by confirmation of the applicable Rating Agencies that such action will not result in the downgrade,
withdrawal or qualification of its then-current ratings of any securities related to a Companion Loan, if any (provided
that such Rating Agency Confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered
satisfied with respect to the Certificates); (viii) to modify the provisions of Section 3.06 and Section 3.17 of
the Pooling and Servicing Agreement (with respect to reimbursement of Nonrecoverable Advances and Workout-Delayed Reimbursement
Amounts) if (a) the Depositor, the Master Servicer, the Trustee and, for so long as a Control Termination Event has not occurred
and is not continuing, the Directing Holder, determine that the commercial mortgage backed securities industry standard for such
provisions has changed, in order to conform to such industry standard, (b) such modification does not adversely affect the
status of any Trust REMIC as a REMIC or the status

 

     A-32-10

     

    

 

of the Grantor Trust as a grantor trust under the relevant provisions of the
Code, as evidenced by an Opinion of Counsel and (c) each Rating Agency has delivered a Rating Agency Confirmation and, with
regard to any class of Serviced Companion Loan Securities, the applicable rating agencies have delivered a confirmation that such
action will not result in the downgrade, withdrawal or qualification of its then-current ratings (provided that such rating
agency confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied
with respect to the Certificates); (ix) to modify the procedures of the Pooling and Servicing Agreement relating to compliance
with Rule 17g-5 of the Exchange Act; provided that such amendment shall not adversely affect in any material respects
the interests of any Certificateholders, as evidenced by (x) an Opinion of Counsel or (y) if any Certificate is then
rated, receipt of Rating Agency Confirmation from each Rating Agency rating such Certificates; and provided, further,
that the Certificate Administrator shall give notice of any such amendment to the 17g-5 Information Provider for posting to the
17g-5 Information Provider’s Website and the Certificate Administrator shall post such notice to the Certificate Administrator’s
Website; (x) to modify, eliminate or add to any provisions of the Pooling and Servicing Agreement to such extent as would be necessary
to comply with the requirements for use of Form SF-3 in registered offerings to the extent provided in CFR 239.45(b)(1)(ii), (iii)
or (iv); and (xi) to modify, eliminate or add to any of its provisions (a) to such extent as will be necessary to comply with
the requirements of the Risk Retention Rule, as evidenced by an Opinion of Counsel, or (b) in the event the Risk Retention Rule
or any other regulation applicable to the risk retention requirements for this securitization transaction are amended or repealed,
to the extent required to comply with any such amendment or to modify or eliminate the risk retention requirements in the event
of such repeal, as evidenced by an Opinion of Counsel.

 

The
Pooling and Servicing Agreement or any Custodial Agreement may also be amended from time to time by the Depositor, the Master
Servicer, the Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the
Trustee with the prior written consent of the Holders of Certificates representing not less than a majority of the Percentage
Interests of each Class of Certificates affected thereby (without regard to Certificates held by the Depositor, any of the Depositor’s
Affiliates and/or agents) and each Serviced Companion Loan Noteholder affected thereby for the purpose of adding any provisions
to or changing in any manner or eliminating any of the provisions of the Pooling and Servicing Agreement or modifying in any manner
the rights of the Certificateholders or the Serviced Companion Loan Noteholders; provided, that no such amendment may:

 

		(i)	reduce
                                         in any manner the amount of, or delay the timing of, payments received on the Mortgage
                                         Loans or Serviced Whole Loan which are required to be distributed on any Certificate,
                                         without the consent of the Holders of Certificates representing all of the Percentage
                                         Interests of the Class or Classes affected thereby or which are required to be distributed
                                         to any Companion Loan Noteholders without the consent of such Companion Loan Noteholders;

 

		(ii)	reduce
                                         the aforesaid percentage of Certificates of any Class the Holders of which are required
                                         to consent to any such amendment or remove the requirement to obtain consent of any Companion
                                         Loan Noteholder, in any 

 

     A-32-11

     

    

 

such case without the consent of the Holders of all Certificates
                                         of such Class then-outstanding or such Companion Loan Noteholder, as applicable;

 

		(iii)	adversely
                                         affect the Voting Rights of any Class of Certificates without the consent of the Holders
                                         of all Certificates of such Class then outstanding;

 

		(iv)	change
                                         in any manner any defined term used in any Mortgage Loan Purchase Agreement or the obligations
                                         of any Mortgage Loan Seller under such Mortgage Loan Purchase Agreement or otherwise
                                         or change any rights of any Mortgage Loan Seller as a third party beneficiary hereunder,
                                         without the consent of such Mortgage Loan Seller; or

 

		(v)	amend
                                         the Servicing Standard without the consent of 100% of the Certificateholders or receipt
                                         of Rating Agency Confirmation from each Rating Agency and confirmation of the applicable
                                         rating agencies that such action will not result in the downgrade, withdrawal or qualification
                                         of its then-current ratings of any securities related to a Companion Loan, if any (provided that such rating agency confirmation may be considered satisfied in the same manner
                                         as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates).

 

Further,
the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations
Reviewer and the Trustee, at any time and from time to time, without the consent of the Certificateholders or, if applicable,
the Serviced Companion Loan Noteholders, may amend the Pooling and Servicing Agreement to modify, eliminate or add to any of its
provisions (i) to such extent as shall be necessary to maintain the qualification of the Lower-Tier REMIC or the Upper-Tier REMIC
as a REMIC or the qualification of the Grantor Trust as a grantor trust, or to prevent the imposition of any additional material
state or local taxes, at all times that any Certificates are outstanding; provided that such action, as evidenced by an
Opinion of Counsel (obtained at the expense of the Trust Fund), is necessary or helpful to maintain such qualification or to prevent
the imposition of any such taxes, and would not adversely affect in any material respect the interest of any Certificateholder
or if applicable, any Serviced Companion Loan Noteholder or (ii) to the extent necessary to comply with the Investment Company
Act of 1940, as amended, the Exchange Act, Regulation AB, and/or any related regulatory actions and/or interpretations.

 

The
Certificateholder owning a majority of the Percentage Interest in the Controlling Class and, if no such Certificateholder
exercises such option, the Special Servicer, and if the Special Servicer does not exercise such option, the Master Servicer may
effect an early termination of the Trust Fund, upon not less than 30 days’ prior Notice of Termination given to the Trustee,
the Special Servicer and the Master Servicer any time specifying the Anticipated Termination Date, which shall be on or after
the Early Termination Notice Date (defined as any date as of which the aggregate Stated Principal Balance of the Mortgage Loans
remaining in the Trust is less than 1.0% of the aggregate Stated Principal Balance of the Mortgage Loans as of the Cut-off Date)
by purchasing on such date all, but not less than all, of the Mortgage Loans then

 

     A-32-12

     

    

 

included in the Trust Fund, and the Trust’s
interest in all property acquired in respect of any Mortgage Loan, at a purchase price, payable in cash, equal to the sum of,
without duplication:

 

		(A)	100%
                                         of the Stated Principal Balance of each Mortgage Loan included in the Trust as of the
                                         last day of the month preceding such Anticipated Termination Date (less any P&I Advances
                                         previously made on account of principal);

 

		(B)	the
                                         fair market value of all other property included in the Trust Fund as of the last day
                                         of the month preceding such Anticipated Termination Date, as determined by an Independent
                                         appraiser acceptable to the Master Servicer as of a date not more than 30 days prior
                                         to the last day of the month preceding such Distribution Date;

 

		(C)	all
                                         unpaid interest accrued on the unpaid balance of each Mortgage Loan (including any Mortgage
                                         Loan as to which title to the related Mortgaged Property has been acquired) at the Mortgage
                                         Rate to the last day of the month preceding such Anticipated Termination Date (less any
                                         P&I Advances previously made on account of interest); and

 

		(D)	the
                                         aggregate amount of unreimbursed Advances, with interest thereon at the Reimbursement
                                         Rate, and unpaid Servicing Compensation, Special Servicing Compensation, Operating Advisor
                                         Fees, Certificate Administrator/Trustee Fees, the CREFC® Intellectual
                                         Property Royalty License Fees and Trust Fund expenses.

 

In
addition, the Pooling and Servicing Agreement provides that following the date on which the Class X-A Notional Amount, the
Class X-B Notional Amount, the Class X-D Notional Amount and the aggregate Certificate Balance
of the Class A-1, Class A-2, Class A-3, Class A-SB, Class A-4, Class A-5, Class A-M, Class B, Class C and Class D Certificates
is reduced to zero, the Sole Certificateholder shall have the right to exchange all of the then-outstanding Certificates (other
than the Class S or Class R Certificates) for all of the Mortgage Loans and each REO Property remaining in the Trust Fund
as contemplated by clause (ii) of Section 9.01(a) of the Pooling and Servicing Agreement by giving written notice to
all the parties to the Pooling and Servicing Agreement no later than 60 days prior to the anticipated date of exchange.

 

All
costs and expenses incurred by any and all parties to the Pooling and Servicing Agreement or by the Trust Fund in connection with
the purchase of the Mortgage Loans and the other assets of the Trust Fund pursuant to Section 9.01(c) of the Pooling and
Servicing Agreement shall be borne by the party exercising its purchase rights thereunder. The Trustee and the Certificate Administrator
shall be entitled to rely conclusively on any determination made by an Independent appraiser pursuant to Section 9.01(c)
of the Pooling and Servicing Agreement.

 

     A-32-13

     

    

 

The
respective obligations and responsibilities of the Master Servicer, the Special Servicer, the Depositor, the Certificate Administrator,
the Operating Advisor, the Asset Representations Reviewer and the Trustee created by the Pooling and Servicing Agreement with
respect to the Certificates (other than the obligations of the Certificate Administrator to make certain payments and to send
certain notices to Certificateholders as set forth in the Pooling and Servicing Agreement) shall terminate upon payment (or provision
for payment) to the Certificateholders and the Serviced Companion Loan Noteholders of all amounts held by or on behalf of the
Trustee, the Certificate Administrator and the Master Servicer, as the case may be, required under the Pooling and Servicing Agreement
to be so paid on the Distribution Date following the earlier to occur of (i) the purchase of the Mortgage Loans and all other
property held by the Trust Fund in accordance with Section 9.01(c) of the Pooling and Servicing Agreement; (ii) the exchange by
the Sole Certificateholder of its Certificates for the Mortgage Loans in accordance with Section 9.01(g) of the Pooling and Servicing
Agreement; and (iii) the later of (a) the receipt or collection of the last payment due on any Mortgage Loan included
in the Trust Fund, or (b) the liquidation and disposition pursuant to the Pooling and Servicing Agreement of the last asset
held by the Trust Fund; provided that in no event shall the trust created by the Pooling and Servicing Agreement continue
beyond the expiration of 21 years from the death of the last survivor of the descendants of Joseph P. Kennedy, the late Ambassador
of the United States to the United Kingdom, living on the date hereof.

 

Unless
the Certificate of Authentication on this Certificate has been executed by the Authenticating Agent, by manual signature, this
Certificate shall not be entitled to any benefit under the Pooling and Servicing Agreement or be valid for any purpose.

 

     A-32-14

     

    

 

IN
WITNESS WHEREOF, the Certificate Administrator has caused this Class V1-F Certificate to be duly executed.

 

Dated: January 31, 2018

	 	 	 
	 	WELLS FARGO BANK, NATIONAL ASSOCIATION, not
    in its individual capacity but solely as Certificate Administrator
	 	 	 
	 	By: 	 
	 	 	Authorized Signatory

 

Certificate
of Authentication

 

This
is one of the Class V1-F Certificates referred to in the Pooling and Servicing Agreement.

 

Dated: January 31, 2018

	 	 	 
	 	WELLS FARGO BANK, NATIONAL ASSOCIATION, not
    in its individual capacity but solely as Authenticating Agent
	 	 	 
	 	By: 	 
	 	 	Authorized Signatory

 

     A-32-15

     

    

 

 EXHIBIT
A-33

 

FORM
OF CLASS V1-G [RULE 144A]1 [REG S]2 CERTIFICATE

 

[UNLESS
THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”),
TO THE CERTIFICATE REGISTRAR FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE
NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO
CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER
USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS
AN INTEREST HEREIN.]3

 

THIS
CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED OR QUALIFIED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”), OR ANY STATE OR FOREIGN SECURITIES LAW. THE HOLDER HEREOF, BY PURCHASING THIS CERTIFICATE, AGREES THAT THIS CERTIFICATE
MAY BE REOFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY IN COMPLIANCE WITH THE SECURITIES ACT AND OTHER APPLICABLE LAWS,
AND ONLY (A)(1) PURSUANT TO A REGISTRATION STATEMENT WHICH HAS BEEN DECLARED EFFECTIVE UNDER THE SECURITIES ACT, (2) FOR SO LONG
AS THIS CERTIFICATE IS ELIGIBLE FOR RESALE PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”), TO
AN INSTITUTIONAL INVESTOR THAT THE HOLDER REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” WITHIN THE MEANING
OF RULE 144A (“QUALIFIED INSTITUTIONAL BUYER”), PURCHASING FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF ANOTHER
QUALIFIED INSTITUTIONAL BUYER, WHOM THE HOLDER HAS INFORMED, IN EACH CASE, THAT THE REOFFER, RESALE, PLEDGE OR OTHER TRANSFER
IS BEING MADE IN RELIANCE ON RULE 144A, (3) TO AN INSTITUTIONAL “ACCREDITED INVESTOR,” WITHIN THE MEANING OF RULE
501(a)(1), (2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT OR ANY ENTITY IN WHICH ALL OF THE EQUITY OWNERS ARE SUCH ACCREDITED
INVESTORS, OR (4) TO INSTITUTIONS THAT ARE A NON-“U.S. PERSON” IN AN “OFFSHORE TRANSACTION,” AS SUCH TERMS
ARE DEFINED IN, AND IN ACCORDANCE WITH RULE 903 OR RULE 904 OF, REGULATION S UNDER THE SECURITIES ACT, AND (B) IN ACCORDANCE WITH
ANY OTHER APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR ANY OTHER APPLICABLE JURISDICTION.

 

 

  

1
For Rule 144A Global Certificates only.

2
For Reg S Global Certificates only.

3
Legend required as long as DTC is the Depository under the Pooling
and Servicing Agreement.

 

     A-33-1

     

    

 

THE
INITIAL INVESTOR IN THIS CERTIFICATE, AND EACH SUBSEQUENT PURCHASER OF THIS CERTIFICATE, BY PURCHASING THIS CERTIFICATE OR AN
INTEREST HEREIN, IS DEEMED TO HAVE AGREED TO COMPLY WITH CERTAIN TRANSFER REQUIREMENTS SET FORTH IN THE POOLING AND SERVICING
AGREEMENT.  A TRANSFEREE IS ALSO REQUIRED TO DELIVER AN INVESTMENT REPRESENTATION LETTER SUBSTANTIALLY IN THE FORM OF EXHIBIT
D-1 TO THE POOLING AND SERVICING AGREEMENT IF SUCH TRANSFEREE IS A QUALIFIED INSTITUTIONAL BUYER OR (OTHER THAN WITH RESPECT TO
A RESIDUAL CERTIFICATE) AN INSTITUTIONAL ACCREDITED INVESTOR, AND MAY ALSO BE REQUIRED TO DELIVER AN OPINION OF COUNSEL IF SUCH
TRANSFEREE IS NOT A QUALIFIED INSTITUTIONAL BUYER WITHIN THE MEANING OF RULE 144A.

 

ANY
HOLDER DESIRING TO EFFECT A TRANSFER OF THIS CERTIFICATE SHALL, AND DOES HEREBY AGREE TO, INDEMNIFY THE CERTIFICATE REGISTRAR,
THE CERTIFICATE ADMINISTRATOR, THE TRUSTEE, THE MASTER SERVICER AND THE DEPOSITOR AGAINST ANY LOSS, LIABILITY OR EXPENSE THAT
MAY RESULT IF THE TRANSFER IS NOT EXEMPT FROM THE SECURITIES ACT OR IS NOT MADE IN ACCORDANCE WITH FEDERAL AND STATE LAWS.

 

THIS
CERTIFICATE DOES NOT REPRESENT AN OBLIGATION OF OR INTEREST IN THE DEPOSITOR, THE ORIGINATOR, THE MASTER SERVICER, THE SPECIAL
SERVICER, THE CERTIFICATE ADMINISTRATOR, THE CERTIFICATE REGISTRAR, THE OPERATING ADVISOR, THE ASSET REPRESENTATIONS REVIEWER,
THE RISK RETENTION CONSULTATION PARTY, THE TRUSTEE OR ANY OF THEIR RESPECTIVE AFFILIATES. NEITHER THE CERTIFICATES NOR THE UNDERLYING
MORTGAGE LOANS ARE INSURED OR GUARANTEED BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY.

 

PRINCIPAL
PAYMENTS ON THIS CERTIFICATE ARE PAYABLE IN INSTALLMENTS AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING CERTIFICATE BALANCE
OF THIS CERTIFICATE AT ANY TIME MAY BE LESS THAN THE INITIAL CERTIFICATE BALANCE SET FORTH BELOW.

 

IN
ADDITION, SUBJECT TO THE CONDITIONS SET FORTH IN THE POOLING AND SERVICING AGREEMENT, THIS CERTIFICATE, TOGETHER WITH THE OTHER
CERTIFICATES IN THE RELATED EXCHANGEABLE GROUP OF CERTIFICATES, MAY BE EXCHANGED FOR ANOTHER EXCHANGEABLE GROUP OF CERTIFICATES,
PURSUANT TO THE PROCEDURES SET FORTH IN THE POOLING AND SERVICING AGREEMENT.

 

TRANSFERS
AND EXCHANGES OF PORTIONS OF THIS CERTIFICATE ARE SUBJECT TO RESTRICTIONS AS PROVIDED IN THE POOLING AND SERVICING AGREEMENT REFERRED
TO BELOW.

  

     A-33-2

     

    

 

THIS
CERTIFICATE IS SUBORDINATE TO ONE OR MORE OTHER CLASSES OF CERTIFICATES AS AND TO THE EXTENT SET FORTH IN THE POOLING AND SERVICING
AGREEMENT REFERRED TO HEREIN.

 

FOR
U.S. FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE REPRESENTS (I) A BENEFICIAL INTEREST IN A “REGULAR INTEREST” IN
A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G(a)(1) AND
860D OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED, AND (II) A BENEFICIAL INTEREST IN THE EXCESS INTEREST AND PROCEEDS THEREOF
IN THE EXCESS INTEREST DISTRIBUTION ACCOUNT.

 

THIS
CERTIFICATE IS INTENDED TO CONSTITUTE PART OF AN “ELIGIBLE VERTICAL INTEREST” (AS DEFINED IN REGULATION RR PROMULGATED
UNDER SECTION 15G OF THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED), AND AS SUCH IS SUBJECT TO VARIOUS PROHIBITIONS ON HEDGING,
TRANSFER AND FINANCING SET FORTH IN REGULATION RR PROMULGATED UNDER SECTION 15G OF THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED.
THE INITIAL INVESTOR IN THIS CERTIFICATE, AND EACH SUBSEQUENT PURCHASER OF THIS CERTIFICATE, BY PURCHASING THIS CERTIFICATE OR
AN INTEREST HEREIN, IS DEEMED TO HAVE AGREED TO COMPLY WITH CERTAIN TRANSFER REQUIREMENTS SET FORTH IN THE POOLING AND SERVICING
AGREEMENT.

 

In
no event shall Certificates representing a Percentage Interest in any Class of Class V1 Certificates be transferred to any Person
(and the Certificate Registrar shall refuse to register any such transfer) unless Certificates representing the exact same Percentage
Interest in each and every other outstanding Class of Class V1 Certificates are simultaneously transferred to the same Person.
Any Holder of Class V1 Certificates shall at all times hold the same Percentage Interest in each and every outstanding Class thereof.

 

SUBJECT
TO THE CONDITIONS SET FORTH IN THE POOLING AND SERVICING AGREEMENT, THIS CERTIFICATE, TOGETHER WITH CERTAIN OTHER EXCHANGEABLE
CERTIFICATES SET FORTH IN THE POOLING AND SERVICING AGREEMENT, MAY BE EXCHANGED FOR THE CLASS V2 CERTIFICATES, PURSUANT TO THE
PROCEDURES SET FORTH IN THE POOLING AND SERVICING AGREEMENT.

 

THIS
CERTIFICATE SHOULD NOT BE PURCHASED BY A TRANSFEREE THAT IS OR BECOMES (A) AN EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT ARRANGEMENT,
INCLUDING AN INDIVIDUAL RETIREMENT ACCOUNT OR A KEOGH PLAN, WHICH IS SUBJECT TO THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF
1974, AS AMENDED (“ERISA”), SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”),
OR A GOVERNMENTAL PLAN, AS DEFINED IN SECTION 3(32) OF ERISA, OR OTHER

 

     A-33-3

     

    

 

PLAN SUBJECT TO ANY FEDERAL, STATE OR LOCAL LAW (“SIMILAR
LAW”) WHICH IS TO A MATERIAL EXTENT SIMILAR TO THE FOREGOING PROVISIONS OF ERISA OR THE CODE (EACH, A “PLAN”),
OR (B) A COLLECTIVE INVESTMENT FUND WHOSE UNDERLYING ASSETS INCLUDE PLAN ASSETS BY REASON OF A PLAN’S INVESTMENT IN THE
COLLECTIVE INVESTMENT FUND (PURSUANT TO U.S. DEPARTMENT OF LABOR REGULATION SECTION 2510.3-101, AS MODIFIED BY SECTION 3(42) OF
ERISA), AN INSURANCE COMPANY USING ASSETS OF SEPARATE ACCOUNTS OR GENERAL ACCOUNTS WHICH INCLUDE ASSETS OF PLANS (OR WHICH ARE
DEEMED PURSUANT TO ERISA OR ANY SIMILAR LAW TO INCLUDE ASSETS OF PLANS) OR OTHER PERSON ACTING ON BEHALF OF ANY SUCH PLAN OR USING
THE ASSETS OF ANY SUCH PLAN. TRANSFEREES OF THIS CERTIFICATE TAKING DELIVERY IN CERTIFICATED FORM SHALL BE REQUIRED TO DELIVER
A LETTER IN THE FORM ATTACHED TO THE POOLING AND SERVICING AGREEMENT TO SUCH EFFECT.

 

     A-33-4

     

    

 

BENCHMARK
2018-B1 MORTGAGE TRUST

COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES, CLASS V1-G

 

	Class V1-G Pass-Through Rate:  N/A.  The Class V1-G Certificates will not have a Pass-Through Rate, but will be entitled to receive interest on any Distribution Date up to an amount equal to the product of (a) the VRR Interest Percentage, multiplied by (b) the VRR Allocation Percentage, multiplied by (c) the aggregate amount of interest distributed to the Class A-1, Class A-2, Class A-SB,  Class A-3, Class A-4, Class A-5, Class X-A, Class X-B, Class X-D, Class X-E, Class A-M, Class B, Class C, Class D, Class E, Class F-RR and Class G-RR Certificates for such Distribution Date.

                            
	 	CUSIP: 08162PBS91

         

        ISIN:     US08162PBS922

         

	Original
        Aggregate Certificate Balance of the Class V1-G Certificates: $1,465,488

         

        The
        aggregate initial Certificate Balance of the Class V1-G Certificates represents the maximum aggregate Certificate Balance
        of the Class V1-G Certificates that could be issued (without giving effect to any exchanges for, or any issuance of, the
        Class V1 Certificates).

         
	 	Initial Certificate Balance of this Certificate:  $[_____]
	First Distribution Date: February 16, 2018	 	Cut-off Date:  The close of business
    on the later of the related Due Date of such Mortgage Loan in January 2018 (or, in the case of any Mortgage Loan that has
    its first Due Date subsequent to January 2018, the date that would have been its Due Date in January 2018 under the terms
    of that Mortgage Loan if a Periodic Payment were scheduled to be due in that month) and the date of origination of such Mortgage
    Loan
	 	 	 
	Assumed Final Distribution Date:  January
    2028	 	No.:  V1-G -[__]

 

 

  

1
For IAI Certificates

2
For IAI Certificates

 

     A-33-5

     

    

 

This
certifies that [              ] is the registered
owner of a beneficial ownership interest in a Trust Fund, including the distributions to be made with respect to the Class V1-G
Certificates. The Trust Fund, described more fully below, consists primarily of a pool of Mortgage Loans secured by first liens
on commercial and multifamily properties and held in trust by the Trustee and serviced by the Master Servicer. The Trust Fund
was created, and the Mortgage Loans are to be serviced, pursuant to the Pooling and Servicing Agreement (as defined below). The
Holder of this Certificate, by virtue of the acceptance hereof, assents to the terms, provisions and conditions of the Pooling
and Servicing Agreement and is bound thereby.

 

The
Pooling and Servicing Agreement, dated as of January 1, 2018 (the “Pooling and Servicing Agreement”), between
the Depositor, Wells Fargo Bank, National Association, as master servicer (in such capacity, the “Master Servicer”),
Midland Loan Services, a Division of PNC Bank, National Association, as special servicer (the “Special Servicer”),
Wilmington Trust, National Association, as trustee (the “Trustee”), Wells Fargo Bank, National Association,
as certificate administrator (in such capacity, the “Certificate Administrator”), custodian and paying agent,
and Park Bridge Lender Services LLC, as operating advisor (in such capacity, the “Operating Advisor”) and asset
representations reviewer (in such capacity, the “Asset Representations Reviewer”) evidences the issuance of
the Class A-1, Class A-2, Class A-3, Class A-SB, Class A-4, Class A-5, Class A-M, Class B, Class C, Class D, Class
E, Class F-RR, Class G-RR, Class X-A, Class X-B, Class X-D, Class X-E, Class S, Class R, Class V2, Class V1-A1,
Class V1-A2, Class V1-A3, Class V1-ASB, Class V1-A4, Class V1-A5, Class V1-AM, Class V1-B, Class V1-C, Class V1-D, Class V1-E,
Class V1-F and Class V1-G Certificates (the “Certificates”; the Holders of Certificates issued under the Pooling
and Servicing Agreement are collectively referred to herein as “Certificateholders”). This Certificate is issued
pursuant to, and in accordance with, the terms of the Pooling and Servicing Agreement. To the extent not defined herein, capitalized
terms used herein shall have the meanings assigned thereto in the Pooling and Servicing Agreement.

 

This
Certificate represents (i) a beneficial interest in a “regular interest” in a “real estate mortgage investment
conduit,” as those terms are defined, respectively, in Sections 860G(a)(1) and 860D of the Internal Revenue Code of 1986,
as amended, and (ii) a beneficial interest in the Excess Interest and proceeds thereof in the Excess Interest Distribution Account.
Each Holder of this Certificate, by acceptance hereof, agrees to treat, and take no action inconsistent with the treatment of,
this Certificate in accordance with the preceding sentence for purposes of federal income taxes, state and local income and franchise
taxes and other taxes imposed on or measured by income.

 

The
Certificate Administrator makes no representation or warranty as to any of the statements contained herein or the validity or
sufficiency of the Certificates or the Mortgage Loans and has executed this Certificate in its limited capacity as Certificate
Administrator under the Pooling and Servicing Agreement. In the event that there is any conflict between any provision of this
Certificate and any provision of the Pooling and Servicing Agreement, such provision of this Certificate shall be superseded to
the extent of such inconsistency.

 

Pursuant
to the terms of the Pooling and Servicing Agreement, the Certificate Administrator, or the Paying Agent on behalf of the Certificate
Administrator, will distribute (other than the final distribution on any Certificate), on the fourth Business Day after each

 

     A-33-6

     

    

 

Determination
Date (each such date, a “Distribution Date”) an amount equal to such Person’s pro rata share
(based on the Percentage Interest represented by this Certificate) of that portion of the aggregate amount of principal and
interest then distributable, if any, allocable to the Class V1-G Certificates for such Distribution Date, all as more
fully described in the Pooling and Servicing Agreement. “Determination Date” is defined in the Pooling and
Servicing Agreement as the eleventh day of each month, or if such eleventh day is not a Business Day, then the next Business
Day, commencing in February 2018.

 

During
each Interest Accrual Period (as defined below), interest on the Class V1-G Certificates will be calculated based on a 360-day
year consisting of twelve 30-day months on the outstanding Certificate Balance hereof.

 

All
distributions (other than the final distribution on any Certificate) will be made by the Paying Agent to the Persons in whose
names the Certificates are registered at the close of business on each Record Date, which will be the close of business on the
last Business Day of the calendar month immediately preceding the month in which such Distribution Date occurs. Such distributions
shall be made on each Distribution Date other than the Termination Date to each Certificateholder of record on the related Record
Date, (i) by wire transfer of immediately available funds to the account of such Holder at a bank or other entity located in the
United States and having appropriate facilities therefor if such Holder shall have provided the Paying Agent with wire instructions
in writing at least five Business Days prior to the related Record Date (which wiring instructions may be in the form of a standing
order applicable to all subsequent distributions), or (ii) otherwise, by check mailed by first-class mail to the address set forth
therefor in the Certificate Register. The final distribution on each Certificate shall be made in like manner, but only upon presentment
and surrender of such Certificate at the office of the Certificate Administrator or its agent (which may be the Paying Agent or
the Certificate Registrar acting as such agent) that is specified in the notice to Holders of such final distribution.

 

Any
funds not distributed on the Termination Date because of the failure of any Certificateholders to tender their Certificates shall,
on such date, be set aside and held for the benefit of the appropriate non-tendering Certificateholders. If any Certificates as
to which notice of the Termination Date has been given pursuant to the Pooling and Servicing Agreement shall not have been surrendered
for cancellation within six months after the time specified in such notice, the Certificate Administrator shall mail a second
notice to the remaining non-tendering Certificateholders to surrender their Certificates for cancellation to receive the final
distribution with respect thereto. If within one year after the second notice not all of such Certificates shall have been surrendered
for cancellation, the Certificate Administrator may, directly or through an agent, take appropriate steps to contact the remaining
non-tendering Certificateholders concerning surrender of their Certificates. The costs and expenses of holding such funds in trust
and of contacting such Certificateholders shall be paid out of such funds. Subject to applicable state escheatment laws, if within
two years after the second notice any such Certificates shall not have been surrendered for cancellation, the Paying Agent shall
distribute to the Certificate Administrator all amounts distributable to the Holders thereof, and the Certificate Administrator
shall thereafter hold such amounts for the benefit of such Holders until the earlier of (i) its termination as Certificate Administrator
under the Pooling and Servicing Agreement and the transfer of such amounts to a successor Certificate Administrator and (ii) the
termination of the Trust Fund and distribution of such amounts to the Class R Certificateholders. No interest shall

 

     A-33-7

     

    

 

accrue or
be payable to any Certificateholder on any amount held under the Pooling and Servicing Agreement or by the Certificate Administrator
as a result of such Certificateholder’s failure to surrender its Certificate(s) for final payment thereof in accordance
with the Pooling and Servicing Agreement. Any such amounts transferred to the Certificate Administrator may be invested in Permitted
Investments and all income and gain realized from investment of such funds shall accrue for its benefit.

 

This
Certificate is limited in right of payment to, among other things, certain collections and recoveries in respect of the Mortgage
Loans, as more specifically set forth herein and in the Pooling and Servicing Agreement.

 

As
provided in the Pooling and Servicing Agreement, the Trust Fund includes (in each case, to the extent of the Trust Fund’s
interest therein and specifically excluding any interest of any Serviced Companion Loan Noteholder therein): (i) such Mortgage
Loans as from time to time are subject to the Pooling and Servicing Agreement, together with the Mortgage Files relating thereto;
(ii) all scheduled or unscheduled payments on or collections in respect of the Mortgage Loans due after the Cut-off Date; (iii)
the Trust Fund’s interest in any REO Property; (iv) all revenues received in respect of any REO Property; (v) any Assignments
of Leases, Rents and Profits and any security agreements related to the Mortgage Loans; (vi) any indemnities or guaranties given
as additional security for any Mortgage Loans; (vii) a security interest in all assets deposited in the Lock-Box Accounts, Cash
Collateral Accounts, Escrow Accounts, and Reserve Accounts; (viii) the Loss of Value Reserve Fund; (ix) the Collection Account,
the Serviced Whole Loan Collection Accounts, the Distribution Accounts, any Gain-on-Sale Reserve Account, the Interest Reserve
Account, and the Trust’s interest in any REO Account, including any amounts on deposit therein, assets credited thereto
and any reinvestment income, as applicable; (x) a security interest in any environmental indemnity agreements relating to the
Mortgaged Properties; (xi) a security interest in all insurance policies with respect to the Mortgage Loans and the Mortgaged
Properties; (xii) the rights and remedies under the Mortgage Loan Purchase Agreements relating to document delivery requirements
with respect to the Mortgage Loans and the representations and warranties of the related Mortgage Loan Seller regarding its Mortgage
Loans; (xiii) the Lower-Tier Regular Interests; (xiv) the Class VRR Upper-Tier Regular Interests; and (xv) the proceeds of the
foregoing (other than any interest earned on deposits in the Lock-Box Accounts, Cash Collateral Accounts, Escrow Accounts and
any Reserve Accounts, to the extent such interest belongs to the related Borrower). As provided in the Pooling and Servicing Agreement,
withdrawals may be made from certain of the above accounts for purposes other than distributions to Certificateholders.

 

This
Certificate does not purport to summarize the Pooling and Servicing Agreement, and reference is made to the Pooling and Servicing
Agreement for the interests, rights, benefits, obligations and duties evidenced hereby, and the limitations thereon, and the rights,
duties and immunities of the Certificate Administrator.

 

As
provided in the Pooling and Servicing Agreement and subject to certain limitations set forth therein, this Certificate is transferable
or exchangeable only upon surrender of this Certificate to the Certificate Registrar at its offices together with an assignment
and transfer (executed by the Holder or his duly authorized attorney), subject to the requirements in Article V of the Pooling
and Servicing Agreement. Upon surrender for registration of transfer of

 

     A-33-8

     

    

 

this Certificate, subject to the requirements in Article
V of the Pooling and Servicing Agreement, the Certificate Administrator shall execute and the Authenticating Agent shall duly
authenticate in the name of the designated transferee or transferees, one or more new Certificates in authorized denominations
of a like aggregate denomination as the Certificate being surrendered. Such Certificates shall be delivered by the Certificate
Registrar in accordance with Article V of the Pooling and Servicing Agreement.

 

In
no event shall Certificates representing a Percentage Interest in any Class of Class V1 Certificates be transferred to any Person
(and the Certificate Registrar shall refuse to register any such transfer) unless Certificates representing the exact same Percentage
Interest in each and every other outstanding Class of Class V1 Certificates are simultaneously transferred to the same Person.
Any Holder of Class V1 Certificates shall at all times hold the same Percentage Interest in each and every outstanding Class thereof.

 

Prior
to due presentation of this Certificate for registration of transfer, the Depositor, the Master Servicer, the Special Servicer,
the Operating Advisor, the Asset Representations Reviewer, the Certificate Administrator, the Trustee, the Certificate Registrar,
any Paying Agent and any agent of any of them may treat the Person in whose name this Certificate is registered as the owner hereof
for all purposes, and none of the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator, the Trustee,
the Certificate Registrar, any Paying Agent or any agent of any of them shall be affected by notice or knowledge to the contrary.

 

No
fee or service charge shall be imposed by the Certificate Registrar for its services in respect of any registration of transfer
or exchange referred to in Section 5.02 of the Pooling and Servicing Agreement other than for transfers to Institutional Accredited
Investors as provided in Section 5.02(h) of the Pooling and Servicing Agreement. In connection with any transfer to an Institutional
Accredited Investor, the transferor shall reimburse the Trust Fund for any costs (including the cost of the Certificate Registrar’s
counsel’s review of the documents and any legal opinions, submitted by the transferor or transferee to the Certificate Registrar
as provided in the Pooling and Servicing Agreement) incurred by the Certificate Registrar in connection with such transfer. The
Certificate Registrar may require payment by each transferor of a sum sufficient to cover any tax, expense or other governmental
charge payable in connection with any such transfer.

 

The
Pooling and Servicing Agreement or any Custodial Agreement may be amended at any time by the Depositor, the Master Servicer, the
Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the Trustee without
the consent of any of the Certificateholders or any Serviced Companion Loan Noteholders, (i) to cure any ambiguity or to correct
any manifest error; (ii) to cause the provisions of the Pooling and Servicing Agreement or any Custodial Agreement to conform
or be consistent with or in furtherance of the statements made in the Prospectus or Private Placement Memorandum with respect
to the Certificates, the Trust or the Pooling and Servicing Agreement or to correct or supplement any provisions of the Pooling
and Servicing Agreement or any Custodial Agreement which may be defective or inconsistent with any other provisions of the Pooling
and Servicing Agreement or any Custodial Agreement; (iii) to change the timing and/or nature of deposits in the Collection
Account, the Distribution Accounts or any REO

 

     A-33-9

     

    

 

Account; provided that (a) the Master Servicer Remittance Date shall in no event
be later than the Business Day prior to the related Distribution Date and (b) such change shall not adversely affect in any material
respect the interests of any Certificateholder, as evidenced in writing by an Opinion of Counsel at the expense of the party requesting
such amendment or as evidenced by a Rating Agency Confirmation from each Rating Agency with respect to such amendment; (iv) to
modify, eliminate or add to any of its provisions to such extent as shall be necessary to maintain the qualification of any Trust
REMIC as a REMIC or the Grantor Trust as a grantor trust under the relevant provisions of the Code at all times that any Certificate
is outstanding, or to avoid or minimize the risk of imposition of any tax on the Trust Fund or any Trust REMIC or the Grantor
Trust that would be a claim against the Trust Fund or any Trust REMIC or the Grantor Trust; provided that the Trustee and
the Certificate Administrator have received an Opinion of Counsel (at the expense of the party requesting such amendment) to the
effect that (a) such action is necessary or desirable to maintain such qualification or to avoid or minimize the risk of
the imposition of any such tax and (b) such action will not adversely affect in any material respect the interests of any
Certificateholder or Companion Loan Noteholder; (v) to modify, eliminate or add to the provisions any provision of the Pooling
and Servicing Agreement restricting transfer of the Class R Certificates; provided the Depositor has determined that
such change shall not, as evidenced by an Opinion of Counsel, cause the Trust Fund, any Trust REMIC or any of the Certificateholders
(other than the Transferor) to be subject to a federal tax caused by a Transfer to a Person that is a Disqualified Organization
or a Non-U.S. Tax Person; (vi) to revise or add any other provisions with respect to matters or questions arising under the Pooling
and Servicing Agreement or any other change; provided that the required action shall not adversely affect in any material
respect the interests of any Certificateholder or any holder of a Serviced Pari Passu Companion Loan not consenting thereto as
evidenced in writing by an Opinion of Counsel, at the expense of the party requesting such amendment or as evidenced by a Rating
Agency Confirmation from each of the Rating Agencies with respect to such amendment or supplement and confirmation of the applicable
rating agencies that such action will not result in the downgrade, withdrawal or qualification of its then-current ratings of
any securities related to a Companion Loan, if any (provided that such rating agency confirmation may be considered satisfied
in the same manner as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates); (vii) to amend
or supplement any provision of the Pooling and Servicing Agreement to the extent necessary to maintain the then-current ratings
assigned to each Class of Certificates by each Rating Agency, as evidenced by a Rating Agency Confirmation from each of the Rating
Agencies; provided that such amendment or supplement shall not adversely affect in any material respect the interests of
any Certificateholder not consenting thereto as evidenced by an Opinion of Counsel, or any holder of a Serviced Pari Passu Companion
Loan not consenting to such revision or addition, as evidenced by an Opinion of Counsel at the expense of the party requesting
such amendment or as evidenced by confirmation of the applicable Rating Agencies that such action will not result in the downgrade,
withdrawal or qualification of its then-current ratings of any securities related to a Companion Loan, if any (provided
that such Rating Agency Confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered
satisfied with respect to the Certificates); (viii) to modify the provisions of Section 3.06 and Section 3.17 of
the Pooling and Servicing Agreement (with respect to reimbursement of Nonrecoverable Advances and Workout-Delayed Reimbursement
Amounts) if (a) the Depositor, the Master Servicer, the Trustee and, for so long as a Control Termination Event has not occurred
and is not continuing,

 

     A-33-10

     

    

 

the Directing Holder, determine that the commercial mortgage backed securities industry standard for such
provisions has changed, in order to conform to such industry standard, (b) such modification does not adversely affect the
status of any Trust REMIC as a REMIC or the status of the Grantor Trust as a grantor trust under the relevant provisions of the
Code, as evidenced by an Opinion of Counsel and (c) each Rating Agency has delivered a Rating Agency Confirmation and, with
regard to any class of Serviced Companion Loan Securities, the applicable rating agencies have delivered a confirmation that such
action will not result in the downgrade, withdrawal or qualification of its then-current ratings (provided that such rating
agency confirmation may be considered satisfied in the same manner as any Rating Agency Confirmation may be considered satisfied
with respect to the Certificates); (ix) to modify the procedures of the Pooling and Servicing Agreement relating to compliance
with Rule 17g-5 of the Exchange Act; provided that such amendment shall not adversely affect in any material respects
the interests of any Certificateholders, as evidenced by (x) an Opinion of Counsel or (y) if any Certificate is then
rated, receipt of Rating Agency Confirmation from each Rating Agency rating such Certificates; and provided, further,
that the Certificate Administrator shall give notice of any such amendment to the 17g-5 Information Provider for posting to the
17g-5 Information Provider’s Website and the Certificate Administrator shall post such notice to the Certificate Administrator’s
Website; (x) to modify, eliminate or add to any provisions of the Pooling and Servicing Agreement to such extent as would be necessary
to comply with the requirements for use of Form SF-3 in registered offerings to the extent provided in CFR 239.45(b)(1)(ii), (iii)
or (iv); and (xi) to modify, eliminate or add to any of its provisions (a) to such extent as will be necessary to comply with
the requirements of the Risk Retention Rule, as evidenced by an Opinion of Counsel, or (b) in the event the Risk Retention Rule
or any other regulation applicable to the risk retention requirements for this securitization transaction are amended or repealed,
to the extent required to comply with any such amendment or to modify or eliminate the risk retention requirements in the event
of such repeal, as evidenced by an Opinion of Counsel.

 

The
Pooling and Servicing Agreement or any Custodial Agreement may also be amended from time to time by the Depositor, the Master
Servicer, the Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations Reviewer and the
Trustee with the prior written consent of the Holders of Certificates representing not less than a majority of the Percentage
Interests of each Class of Certificates affected thereby (without regard to Certificates held by the Depositor, any of the Depositor’s
Affiliates and/or agents) and each Serviced Companion Loan Noteholder affected thereby for the purpose of adding any provisions
to or changing in any manner or eliminating any of the provisions of the Pooling and Servicing Agreement or modifying in any manner
the rights of the Certificateholders or the Serviced Companion Loan Noteholders; provided, that no such amendment may:

 

		(i)	reduce
                                         in any manner the amount of, or delay the timing of, payments received on the Mortgage
                                         Loans or Serviced Whole Loan which are required to be distributed on any Certificate,
                                         without the consent of the Holders of Certificates representing all of the Percentage
                                         Interests of the Class or Classes affected thereby or which are required to be distributed
                                         to any Companion Loan Noteholders without the consent of such Companion Loan Noteholders;

 

     A-33-11

     

    

 

		(ii)	reduce
                                         the aforesaid percentage of Certificates of any Class the Holders of which are required
                                         to consent to any such amendment or remove the requirement to obtain consent of any Companion
                                         Loan Noteholder, in any such case without the consent of the Holders of all Certificates
                                         of such Class then-outstanding or such Companion Loan Noteholder, as applicable;

 

		(iii)	adversely
                                         affect the Voting Rights of any Class of Certificates without the consent of the Holders
                                         of all Certificates of such Class then outstanding;

 

		(iv)	change
                                         in any manner any defined term used in any Mortgage Loan Purchase Agreement or the obligations
                                         of any Mortgage Loan Seller under such Mortgage Loan Purchase Agreement or otherwise
                                         or change any rights of any Mortgage Loan Seller as a third party beneficiary hereunder,
                                         without the consent of such Mortgage Loan Seller; or

 

		(v)	amend
                                         the Servicing Standard without the consent of 100% of the Certificateholders or receipt
                                         of Rating Agency Confirmation from each Rating Agency and confirmation of the applicable
                                         rating agencies that such action will not result in the downgrade, withdrawal or qualification
                                         of its then-current ratings of any securities related to a Companion Loan, if any (provided that such rating agency confirmation may be considered satisfied in the same manner
                                         as any Rating Agency Confirmation may be considered satisfied with respect to the Certificates).

 

Further,
the Depositor, the Master Servicer, the Special Servicer, the Certificate Administrator, the Operating Advisor, the Asset Representations
Reviewer and the Trustee, at any time and from time to time, without the consent of the Certificateholders or, if applicable,
the Serviced Companion Loan Noteholders, may amend the Pooling and Servicing Agreement to modify, eliminate or add to any of its
provisions (i) to such extent as shall be necessary to maintain the qualification of the Lower-Tier REMIC or the Upper-Tier REMIC
as a REMIC or the qualification of the Grantor Trust as a grantor trust, or to prevent the imposition of any additional material
state or local taxes, at all times that any Certificates are outstanding; provided that such action, as evidenced by an
Opinion of Counsel (obtained at the expense of the Trust Fund), is necessary or helpful to maintain such qualification or to prevent
the imposition of any such taxes, and would not adversely affect in any material respect the interest of any Certificateholder
or if applicable, any Serviced Companion Loan Noteholder or (ii) to the extent necessary to comply with the Investment Company
Act of 1940, as amended, the Exchange Act, Regulation AB, and/or any related regulatory actions and/or interpretations.

 

The
Certificateholder owning a majority of the Percentage Interest in the Controlling Class and, if no such Certificateholder
exercises such option, the Special Servicer, and if the Special Servicer does not exercise such option, the Master Servicer may
effect an early termination of the Trust Fund, upon not less than 30 days’ prior Notice of Termination given to the Trustee,
the Special Servicer and the Master Servicer any time specifying the Anticipated Termination Date, which shall be on or after
the Early Termination Notice Date (defined as any date as of which the aggregate Stated Principal Balance of the Mortgage Loans
remaining in the

 

     A-33-12

     

    

  

Trust is less than 1.0% of the aggregate Stated Principal Balance of the Mortgage Loans as of the Cut-off Date)
by purchasing on such date all, but not less than all, of the Mortgage Loans then included in the Trust Fund, and the Trust’s
interest in all property acquired in respect of any Mortgage Loan, at a purchase price, payable in cash, equal to the sum of,
without duplication:

 

		(A)	100%
                                         of the Stated Principal Balance of each Mortgage Loan included in the Trust as of the
                                         last day of the month preceding such Anticipated Termination Date (less any P&I Advances
                                         previously made on account of principal);

 

		(B)	the
                                         fair market value of all other property included in the Trust Fund as of the last day
                                         of the month preceding such Anticipated Termination Date, as determined by an Independent
                                         appraiser acceptable to the Master Servicer as of a date not more than 30 days prior
                                         to the last day of the month preceding such Distribution Date;

 

		(C)	all
                                         unpaid interest accrued on the unpaid balance of each Mortgage Loan (including any Mortgage
                                         Loan as to which title to the related Mortgaged Property has been acquired) at the Mortgage
                                         Rate to the last day of the month preceding such Anticipated Termination Date (less any
                                         P&I Advances previously made on account of interest); and

 

		(D)	the
                                         aggregate amount of unreimbursed Advances, with interest thereon at the Reimbursement
                                         Rate, and unpaid Servicing Compensation, Special Servicing Compensation, Operating Advisor
                                         Fees, Certificate Administrator/Trustee Fees, the CREFC® Intellectual
                                         Property Royalty License Fees and Trust Fund expenses.

 

In
addition, the Pooling and Servicing Agreement provides that following the date on which the Class X-A Notional Amount, the
Class X-B Notional Amount, the Class X-D Notional Amount and the aggregate Certificate Balance
of the Class A-1, Class A-2, Class A-3, Class A-SB, Class A-4, Class A-5, Class A-M, Class B, Class C and Class D Certificates
is reduced to zero, the Sole Certificateholder shall have the right to exchange all of the then-outstanding Certificates (other
than the Class S or Class R Certificates) for all of the Mortgage Loans and each REO Property remaining in the Trust Fund
as contemplated by clause (ii) of Section 9.01(a) of the Pooling and Servicing Agreement by giving written notice to
all the parties to the Pooling and Servicing Agreement no later than 60 days prior to the anticipated date of exchange.

 

All
costs and expenses incurred by any and all parties to the Pooling and Servicing Agreement or by the Trust Fund in connection with
the purchase of the Mortgage Loans and the other assets of the Trust Fund pursuant to Section 9.01(c) of the Pooling and
Servicing Agreement shall be borne by the party exercising its purchase rights thereunder. The Trustee and the Certificate Administrator
shall be entitled to rely conclusively on any

 

     A-33-13

     

    

  

determination made by an Independent appraiser pursuant to Section 9.01(c)
of the Pooling and Servicing Agreement.

 

The
respective obligations and responsibilities of the Master Servicer, the Special Servicer, the Depositor, the Certificate Administrator,
the Operating Advisor, the Asset Representations Reviewer and the Trustee created by the Pooling and Servicing Agreement with
respect to the Certificates (other than the obligations of the Certificate Administrator to make certain payments and to send
certain notices to Certificateholders as set forth in the Pooling and Servicing Agreement) shall terminate upon payment (or provision
for payment) to the Certificateholders and the Serviced Companion Loan Noteholders of all amounts held by or on behalf of the
Trustee, the Certificate Administrator and the Master Servicer, as the case may be, required under the Pooling and Servicing Agreement
to be so paid on the Distribution Date following the earlier to occur of (i) the purchase of the Mortgage Loans and all other
property held by the Trust Fund in accordance with Section 9.01(c) of the Pooling and Servicing Agreement; (ii) the exchange by
the Sole Certificateholder of its Certificates for the Mortgage Loans in accordance with Section 9.01(g) of the Pooling and Servicing
Agreement; and (iii) the later of (a) the receipt or collection of the last payment due on any Mortgage Loan included
in the Trust Fund, or (b) the liquidation and disposition pursuant to the Pooling and Servicing Agreement of the last asset
held by the Trust Fund; provided that in no event shall the trust created by the Pooling and Servicing Agreement continue
beyond the expiration of 21 years from the death of the last survivor of the descendants of Joseph P. Kennedy, the late Ambassador
of the United States to the United Kingdom, living on the date hereof.

 

Unless
the Certificate of Authentication on this Certificate has been executed by the Authenticating Agent, by manual signature, this
Certificate shall not be entitled to any benefit under the Pooling and Servicing Agreement or be valid for any purpose.

 

     A-33-14

     

    

 

IN
WITNESS WHEREOF, the Certificate Administrator has caused this Class V1-G Certificate to be duly executed.

 

Dated: January 31, 2018

	 	 	 
	 	WELLS FARGO BANK, NATIONAL ASSOCIATION, not
    in its individual capacity but solely as Certificate Administrator
	 	 	 
	 	By: 	 
	 	 	Authorized Signatory

 

Certificate
of Authentication

 

This
is one of the Class V1-G Certificates referred to in the Pooling and Servicing Agreement.

 

Dated: January 31, 2018

	 	 	 
	 	WELLS FARGO BANK, NATIONAL ASSOCIATION, not
    in its individual capacity but solely as Authenticating Agent
	 	 	 
	 	By: 	 
	 	 	Authorized Signatory

 

     A-33-15

     

    

 

 

EXHIBIT
B

 

MORTGAGE
LOAN SCHEDULE

 

    	B-1 

     

    

 

	BMARK 2018-B1 - Mortgage Loan Schedule	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Mortgage
    Loan	 	 	 	 	 	Mortage	Original
    Principal	Cut-off
    Date 	Maturity
    Date	Due
	ID	Loan
    Number	 Seller	Mortgage
    Loan Name	Street
    Address	City	State	Zip
    Code	Rate	Balance	Stated
    Principal Balance	or
    ARD	Date
    
	JPMCB1	1	JPMCB	90
    Hudson	90
    Hudson Street	Jersey
    City	NJ	07302	4.1400%	$70,000,000	$70,000,000.00	11/1/2027	1
	GACC2	2	GACC	Valencia
    Town Center	24300,
    24303 and 24305 Town Center Drive, 24200 and 24204 Magic Mountain Parkway, 26950 Theater Drive and 26735 Circle Drive	Santa
    Clarita	CA	91355	4.1860%	$58,000,000	$58,000,000.00	12/6/2027	6
	CREFI3	3	CREFI	The
    Woods	4300
    The Woods Drive	San
    Jose	CA	95136	2.9405%	$57,500,000	$57,500,000.00	12/6/2022	6
	GACC4	4	GACC	Griffin
    Portfolio	Various	Various	Various	Various	3.7700%	$55,000,000	$55,000,000.00	10/1/2027	1
	GACC4.01	4.01	GACC	Restoration
    Hardware Distribution	825
    Rogers Road	Patterson	CA	95363	3.7700%	$11,440,000	$11,440,000.00	 	 
	GACC4.02	4.02	GACC	State
    Farm Regional HQ	64
    & 66 Perimeter Center East	Atlanta	GA	30346	3.7700%	$10,187,613	$10,187,613.33	 	 
	GACC4.03	4.03	GACC	North
    Pointe I 	6380
    & 6440 Aviation Way	West
    Chester	OH	45069	3.7700%	$5,815,333	$5,815,333.33	 	 
	GACC4.04	4.04	GACC	Corporate
    Campus at Norterra	25500
    & 25600 North Norterra Drive	Phoenix	AZ	85085	3.7700%	$5,720,000	$5,720,000.00	 	 
	GACC4.05	4.05	GACC	CHRISTUS
    Health HQ	919
    Hidden Ridge	Irving	TX	75038	3.7700%	$5,309,113	$5,309,113.33	 	 
	GACC4.06	4.06	GACC	Duke
    Bridges I 	7668
    Warren Parkway	Frisco	TX	75034	3.7700%	$4,029,740	$4,029,740.00	 	 
	GACC4.07	4.07	GACC	Wells
    Fargo Operations Center	8740
    Research Drive	Charlotte	NC	28262	3.7700%	$3,956,333	$3,956,333.33	 	 
	GACC4.08	4.08	GACC	Ace
    Hardware HQ	2200-2222
    Kensington Court	Oak
    Brook	IL	60523	3.7700%	$3,336,667	$3,336,666.67	 	 
	GACC4.09	4.09	GACC	Royal
    Ridge V	3929
    West John Carpenter Freeway	Irving	TX	75063	3.7700%	$3,136,467	$3,136,466.67	 	 
	GACC4.1	4.10	GACC	Comcast
    Regional HQ	15815
    25th Avenue West	Lynnwood	WA	98087	3.7700%	$2,068,733	$2,068,733.33	 	 
	GACC5	5	GACC	Worldwide
    Plaza	825
    Eighth Avenue	New
    York	NY	10019	3.6045425532%	$50,000,000	$50,000,000.00	11/6/2027	6
	JPMCB6	6	JPMCB	Station
    Place III	700
    2nd Street Northeast	Washington	DC	20002	3.6000%	$50,000,000	$50,000,000.00	11/1/2027	1
	JPMCB7	7	JPMCB	Atrium
    Center	300
    Boylston Street	Chestnut
    Hill	MA	02467	3.9000%	$50,000,000	$50,000,000.00	1/1/2028	1
	GACC8	8	GACC	Sentinel
    Square II	1050
    First Street Northeast	Washington	DC	20002	3.2420%	$45,000,000	$45,000,000.00	1/6/2023	6
	CREFI9	9	CREFI	Spicetree
    Apartments	4854
    Washtenaw Avenue	Ann
    Arbor	MI	48108	4.3150%	$44,100,000	$44,100,000.00	12/6/2027	6
	JPMCB10	10	JPMCB	Radisson
    Blu Aqua Hotel	221
    North Columbus Drive	Chicago	IL	60601	4.5970%	$44,000,000	$44,000,000.00	11/1/2027	1
	GACC11	11	GACC	8900
    Beverly	8900
    Beverly Boulevard	West
    Hollywood	CA	90048	3.9000%	$43,000,000	$43,000,000.00	12/6/2027	6
	JPMCB12	12	JPMCB	Gateway
    Net Lease Portfolio	Various	Various	Various	Various	3.56283%	$42,100,000	$42,100,000.00	6/5/2024	5
	JPMCB12.01	12.01	JPMCB	BAE
    Facility	4300
    Airport Expressway	Fort
    Wayne	IN	46809	3.56283%	$3,506,455	$3,506,455.07	 	 
	JPMCB12.02	12.02	JPMCB	FedEx
    Ground (Stratford)	825
    Lordship Boulevard	Stratford	CT	06615	3.56283%	$3,377,660	$3,377,659.66	 	 
	JPMCB12.03	12.03	JPMCB	FedEx
    (Baltimore)	6021
    Bethlehem Boulevard	Edgemere	MD	21219	3.56283%	$3,109,604	$3,109,604.21	 	 
	JPMCB12.04	12.04	JPMCB	Harman
    Becker	30001
    Cabot Drive	Novi	MI	48377	3.56283%	$2,476,897	$2,476,896.75	 	 
	JPMCB12.05	12.05	JPMCB	GE
    Aviation (Lafayette)	3720
    US Highway 52 South	Lafayette	IN	47905	3.56283%	$2,359,371	$2,359,370.94	 	 
	JPMCB12.06	12.06	JPMCB	GoDaddy	2155
    East GoDaddy Way	Tempe	AZ	85284	3.56283%	$2,091,315	$2,091,315.49	 	 
	JPMCB12.07	12.07	JPMCB	Carrier	16011
    Applewhite Road	San
    Antonio	TX	78264	3.56283%	$2,063,946	$2,063,946.46	 	 
	JPMCB12.08	12.08	JPMCB	Emerus	8686
    New Trails Drive	The
    Woodlands	TX	77381	3.56283%	$1,678,365	$1,678,365.20	 	 
	JPMCB12.09	12.09	JPMCB	Cardinal
    Health	6000
    Rosa Parks Boulevard	Detroit	MI	48208	3.56283%	$1,632,482	$1,632,481.84	 	 
	JPMCB12.1	12.10	JPMCB	Tyco
    Electronics	501
    Shenandoah Drive	Shakopee	MN	55379	3.56283%	$1,616,382	$1,616,382.41	 	 
	JPMCB12.11	12.11	JPMCB	FCA/Caterpillar	2348
    FM 464	Seguin	TX	78155	3.56283%	$1,523,006	$1,523,005.74	 	 
	JPMCB12.12	12.12	JPMCB	FedEx
    Ground (Staunton)	7
    Industry Way	Staunton	VA	24401	3.56283%	$1,281,514	$1,281,514.34	 	 
	JPMCB12.13	12.13	JPMCB	Quad
    Packaging (Proteus) - Franklin Business Park	1
    & 3 World Packaging Circle	Franklin	WI	53132	3.56283%	$1,072,222	$1,072,221.80	 	 
	JPMCB12.14	12.14	JPMCB	Quad
    Packaging (Transpak) - Franklin Business Park	2
    & 4 World Packaging Circle	Franklin	WI	53132	3.56283%	$1,061,757	$1,061,757.17	 	 
	JPMCB12.15	12.15	JPMCB	T-Mobile
    Call Center	820
    Tom Martin Drive	Birmingham	AL	35211	3.56283%	$990,920	$990,919.69	 	 
	JPMCB12.16	12.16	JPMCB	Sikorsky
    Aircraft R&D Facility	1727
    South Main Street	Dallas	TX	75261	3.56283%	$959,526	$959,525.81	 	 
	JPMCB12.17	12.17	JPMCB	Vatterott
    College	8580
    Evans Avenue	Berkeley	MO	63134	3.56283%	$890,298	$890,298.28	 	 
	JPMCB12.18	12.18	JPMCB	Comcast	12645
    Corporate Lakes Drive	Fort
    Myers	FL	33913	3.56283%	$798,532	$798,531.55	 	 
	JPMCB12.19	12.19	JPMCB	Alfa
    Laval Plant	5400
    International Trade Drive	Richmond	VA	23231	3.56283%	$728,499	$728,499.04	 	 
	JPMCB12.2	12.20	JPMCB	LKQ
    (New Braunfels)	5545
    Goodwin Lane	New
    Braunfels	TX	78130	3.56283%	$718,839	$718,839.39	 	 
	JPMCB12.21	12.21	JPMCB	Hitachi	1375
    North 28th Avenue	Irving	TX	75063	3.56283%	$686,641	$686,640.54	 	 
	JPMCB12.22	12.22	JPMCB	Cameron
    International	2503
    South Main Street	Mansfield	PA	16933	3.56283%	$652,832	$652,831.74	 	 
	JPMCB12.23	12.23	JPMCB	Alliance
    Data Systems Office	220
    West Schrock Road	Westerville	OH	43081	3.56283%	$619,023	$619,022.94	 	 
	JPMCB12.24	12.24	JPMCB	Synchrony
    Financial	140
    Wekiva Springs Road	Longwood	FL	32779	3.56283%	$576,359	$576,359.46	 	 
	JPMCB12.25	12.25	JPMCB	Baxalta
    (Barry Pointe)	9500
    Northeast 82nd Terrace	Kansas
    City	MO	64158	3.56283%	$441,929	$441,929.25	 	 
	JPMCB12.26	12.26	JPMCB	Baxalta
    (Casselberry)	1385
    State Road 436	Casselberry	FL	32707	3.56283%	$421,000	$421,000.00	 	 
	JPMCB12.27	12.27	JPMCB	Baxalta
    (Mounds View)	2325
    County Road 10	Mounds
    View	MN	55112	3.56283%	$397,656	$397,655.83	 	 
	JPMCB12.28	12.28	JPMCB	Baxalta
    (Grand Rapids)	2670
    East Paris Avenue Southeast	Grand
    Rapids	MI	49546	3.56283%	$396,851	$396,850.86	 	 
	JPMCB12.29	12.29	JPMCB	Gerdau	4265
    West Tompkins Avenue	Las
    Vegas	NV	89103	3.56283%	$396,851	$396,850.86	 	 
	JPMCB12.3	12.30	JPMCB	Baxalta
    (Wausau)	3201
    Rib Mountain Drive	Wausau	WI	54401	3.56283%	$386,386	$386,386.23	 	 
	JPMCB12.31	12.31	JPMCB	Baxalta
    (Springfield)	1815
    McCurry Road	Springfield	MO	65807	3.56283%	$375,117	$375,116.63	 	 
	JPMCB12.32	12.32	JPMCB	LKQ
    (Salisbury)	1001
    Carrier Drive	Charlotte	NC	28216	3.56283%	$375,117	$375,116.63	 	 
	JPMCB12.33	12.33	JPMCB	Baxalta
    (Ankeny)	725
    Southeast Oralabor Road	Ankeny	IA	50021	3.56283%	$354,187	$354,187.38	 	 
	JPMCB12.34	12.34	JPMCB	H&E
    Equipment Services (San Antonio)	5327
    & 5423 Tex-Con Road	San
    Antonio	TX	78220	3.56283%	$310,719	$310,718.93	 	 
	JPMCB12.35	12.35	JPMCB	H&E
    Equipment Services (New Orleans)	4202
    Almonaster Avenue	New
    Orleans	LA	70126	3.56283%	$292,205	$292,204.59	 	 
	JPMCB12.36	12.36	JPMCB	GE
    Aviation (Pompano)	2705
    Gateway Drive	Pompano
    Beach	FL	33069	3.56283%	$273,690	$273,690.25	 	 
	JPMCB12.37	12.37	JPMCB	Saint-Gobain
    Warehouse	30
    Sibley Drive	Russellville	AL	35654	3.56283%	$246,321	$246,321.22	 	 
	JPMCB12.38	12.38	JPMCB	H&E
    Equipment Services (Columbia)	1031
    Buckner Park Drive	Columbia	SC	29203	3.56283%	$243,906	$243,906.31	 	 
	JPMCB12.39	12.39	JPMCB	H&E
    Equipment Services (Yukon)	10700
    Northwest 4th Street	Yukon	OK	73099	3.56283%	$240,686	$240,686.42	 	 
	JPMCB12.4	12.40	JPMCB	LKQ
    (Toledo)	6180
    Hagman Road	Toledo	OH	43612	3.56283%	$239,881	$239,881.45	 	 
	JPMCB12.41	12.41	JPMCB	H&E
    Equipment Services (Greer)	585
    Brookshire Road	Greer	SC	29651	3.56283%	$235,052	$235,051.63	 	 
	JPMCB13	13	JPMCB	Lehigh
    Valley Mall	250
    Lehigh Valley Mall	Whitehall	PA	18052	4.0560%	$42,000,000	$41,884,697.24	11/1/2027	1
	GACC14	14	GACC	Rochester
    Hotel Portfolio	Various	Rochester	MN	Various	4.7410%	$40,000,000	$40,000,000.00	11/6/2027	6
	GACC14.01	14.01	GACC	Rochester
    Marriott	101
    1st Avenue Southwest	Rochester	MN	55902	4.7410%	$15,214,286	$15,214,285.71	 	 
	GACC14.02	14.02	GACC	Kahler
    Grand	20
    2nd Avenue Southwest	Rochester	MN	55902	4.7410%	$14,428,571	$14,428,571.43	 	 
	GACC14.03	14.03	GACC	Kahler
    Inn & Suites	9
    3rd Avenue Northwest	Rochester	MN	55901	4.7410%	$6,071,429	$6,071,428.57	 	 
	GACC14.04	14.04	GACC	Residence
    Inn Rochester	441
    West Center Street	Rochester	MN	55902	4.7410%	$4,285,714	$4,285,714.29	 	 
	GACC15	15	GACC	Oasis
    at Pavilion Park	110
    Pavilion Parkway	Midland	TX	79705	3.9990%	$36,000,000	$36,000,000.00	1/6/2028	6
	JPMCB16	16	JPMCB	521-523
    East 72nd Street	521-523
    East 72nd Street	New
    York	NY	10021	3.9500%	$35,000,000	$35,000,000.00	8/1/2027	1
	GACC17	17	GACC	156-168
    Bleecker	156-168
    Bleecker Street	New
    York	NY	10012	4.2000%	$34,000,000	$34,000,000.00	12/6/2027	6
	JPMCB18	18	JPMCB	Marriott
    Charlotte City Center	100
    West Trade Street	Charlotte	NC	28202	4.5300%	$30,000,000	$30,000,000.00	6/1/2022	1
	JPMCB19	19	JPMCB	Miracle
    Mile Shopping Center	4100
    William Penn Highway	Monroeville	PA	15146	4.3400%	$28,000,000	$28,000,000.00	10/6/2027	6
	CREFI20	20	CREFI	Center
    Promenade	6401,
    6477, 6555 & 6633 Telephone Road, 1000 & 1050-1070 South Hill Road and 1001 Partridge Drive	Ventura	CA	93003	4.4250%	$22,200,000	$22,200,000.00	1/6/2028	6
	GACC21	21	GACC	The
    Arbors	3120
    & 3128 Highwoods Boulevard and 3200 Atlantic Avenue	Raleigh	NC	27604	4.3300%	$21,175,500	$21,175,500.00	12/6/2027	6
	JPMCB22	22	JPMCB	Towers
    at University Town Center	6515
    Belcrest Road	Hyattsville	MD	20782	4.7750%	$20,000,000	$20,000,000.00	1/1/2028	1
	CREFI23	23	CREFI	Olive
    Park Shopping Center	9402,
    9414 and 9424 Falls of Neuse Road	Raleigh	NC	27615	4.9300%	$15,850,000	$15,850,000.00	1/6/2028	6
	CREFI24	24	CREFI	Two
    Harbor Point Square	100
    Washington Boulevard	Stamford	CT	06902	4.2169%	$14,750,000	$14,750,000.00	12/6/2027	6
	JPMCB25	25	JPMCB	Valley
    Crossing	715
    East Expressway 83	Weslaco	TX	78599	5.0960%	$14,728,000	$14,712,700.29	12/1/2022	1
	GACC26	26	GACC	AHIP
    Northeast Portfolio I	Various	Various	Various	Various	4.5300%	$14,600,000	$14,600,000.00	7/6/2027	6
	GACC26.01	26.01	GACC	Hilton
    Garden Inn - Baltimore White Marsh	5015
    Campbell Boulevard	Baltimore	MD	21236	4.5300%	$4,179,839	$4,179,838.61	 	 
	GACC26.02	26.02	GACC	Homewood
    Suites - Allentown West Fogelsville	7686
    Industrial Boulevard	Allentown	PA	18106	4.5300%	$2,825,807	$2,825,806.51	 	 
	GACC26.03	26.03	GACC	Courtyard
    by Marriott - Wall at Monmouth Shores	1302
    Campus Parkway	Wall
    Township	NJ	07753	4.5300%	$2,766,936	$2,766,935.57	 	 
	GACC26.04	26.04	GACC	SpringHill
    Suites - Arundel Mills BWI Airport	7544
    Teague Road	Hanover	MD	21076	4.5300%	$2,708,064	$2,708,064.43	 	 
	GACC26.05	26.05	GACC	Homewood
    Suites - Dover Rockaway	2
    Commerce Center Drive	Dover	NJ	07801	4.5300%	$2,119,355	$2,119,354.88	 	 
	GACC27	27	GACC	Starwood
    Capital Group Hotel Portfolio	Various	Various	Various	Various	4.4860%	$14,317,500	$14,317,500.00	6/1/2027	1
	GACC27.01	27.01	GACC	Larkspur
    Landing Sunnyvale	748
    North Mathilda Avenue	Sunnyvale	CA	94085	4.4860%	$844,959	$844,959.02	 	 
	GACC27.02	27.02	GACC	Larkspur
    Landing Milpitas	40
    Ranch Drive	Milpitas	CA	95035	4.4860%	$711,971	$711,971.23	 	 
	GACC27.03	27.03	GACC	Larkspur
    Landing Campbell	550
    West Hamilton Avenue	Campbell	CA	95008	4.4860%	$626,016	$626,015.70	 	 
	GACC27.04	27.04	GACC	Larkspur
    Landing San Francisco	690
    Gateway Boulevard	South
    San Francisco	CA	94080	4.4860%	$515,733	$515,733.16	 	 
	GACC27.05	27.05	GACC	Larkspur
    Landing Pleasanton	5535
    Johnson Drive	Pleasanton	CA	94588	4.4860%	$504,381	$504,380.52	 	 
	GACC27.06	27.06	GACC	Larkspur
    Landing Bellevue	15805
    Southeast 37th Street	Bellevue	WA	98006	4.4860%	$449,239	$449,239.26	 	 
	GACC27.07	27.07	GACC	Larkspur
    Landing Sacramento	555
    Howe Avenue	Sacramento	CA	95825	4.4860%	$335,713	$335,713.10	 	 
	GACC27.08	27.08	GACC	Hampton
    Inn Ann Arbor North	2300
    Green Road	Ann
    Arbor	MI	48105	4.4860%	$327,604	$327,604.08	 	 
	GACC27.09	27.09	GACC	Larkspur
    Landing Hillsboro	3133
    Northeast Shute Road	Hillsboro	OR	97124	4.4860%	$327,604	$327,604.08	 	 
	GACC27.1	27.10	GACC	Larkspur
    Landing Renton	1701
    East Valley Road	Renton	WA	98057	4.4860%	$324,360	$324,360.46	 	 
	GACC27.11	27.11	GACC	Holiday
    Inn Arlington Northeast Rangers Ballpark	1311
    Wet N Wild Way	Arlington	TX	76011	4.4860%	$311,386	$311,386.04	 	 
	GACC27.12	27.12	GACC	Residence
    Inn Toledo Maumee	1370
    Arrowhead Drive	Maumee	OH	43537	4.4860%	$308,142	$308,142.45	 	 
	GACC27.13	27.13	GACC	Residence
    Inn Williamsburg	1648
    Richmond Road	Williamsburg	VA	23185	4.4860%	$295,168	$295,168.03	 	 
	GACC27.14	27.14	GACC	Hampton
    Inn Suites Waco South	2501
    Marketplace Drive	Waco	TX	76711	4.4860%	$272,463	$272,462.79	 	 
	GACC27.15	27.15	GACC	Holiday
    Inn Louisville Airport Fair Expo	447
    Farmington Avenue	Louisville	KY	40209	4.4860%	$267,597	$267,597.39	 	 
	GACC27.16	27.16	GACC	Courtyard
    Tyler	7424
    South Broadway Avenue	Tyler	TX	75703	4.4860%	$262,732	$262,731.99	 	 
	GACC27.17	27.17	GACC	Hilton
    Garden Inn Edison Raritan Center	50
    Raritan Center Parkway	Edison	NJ	08837	4.4860%	$262,732	$262,731.99	 	 
	GACC27.18	27.18	GACC	Hilton
    Garden Inn St Paul Oakdale	420
    Inwood Avenue North	Oakdale	MN	55128	4.4860%	$259,488	$259,488.37	 	 
	GACC27.19	27.19	GACC	Residence
    Inn Grand Rapids West	3451
    Rivertown Point Court Southwest	Grandville	MI	49418	4.4860%	$256,245	$256,244.78	 	 
	GACC27.2	27.20	GACC	Peoria,
    AZ Residence Inn	8435
    West Paradise Lane	Peoria	AZ	85382	4.4860%	$254,623	$254,622.97	 	 
	GACC27.21	27.21	GACC	Hampton
    Inn Suites Bloomington Normal	320
    South Towanda Avenue	Normal	IL	61761	4.4860%	$253,001	$253,001.17	 	 
	GACC27.22	27.22	GACC	Courtyard
    Chico	2481
    Carmichael Drive	Chico	CA	95928	4.4860%	$248,136	$248,135.76	 	 
	GACC27.23	27.23	GACC	Hampton
    Inn Suites Kokomo	2920
    South Reed Road	Kokomo	IN	46902	4.4860%	$240,027	$240,026.75	 	 
	GACC27.24	27.24	GACC	Hampton
    Inn Suites South Bend	52709
    State Road 933	South
    Bend	IN	46637	4.4860%	$240,027	$240,026.75	 	 
	GACC27.25	27.25	GACC	Courtyard
    Wichita Falls	3800
    Tarry Street	Wichita
    Falls	TX	76308	4.4860%	$228,674	$228,674.14	 	 
	GACC27.26	27.26	GACC	Hampton
    Inn Morehead	4035
    Arendell Street	Morehead
    City	NC	28557	4.4860%	$222,187	$222,186.93	 	 
	GACC27.27	27.27	GACC	Residence
    Inn Chico	2485
    Carmichael Drive	Chico	CA	95928	4.4860%	$215,700	$215,699.72	 	 
	GACC27.28	27.28	GACC	Courtyard
    Lufkin	2130
    South First Street	Lufkin	TX	75901	4.4860%	$205,969	$205,968.90	 	 
	GACC27.29	27.29	GACC	Hampton
    Inn Carlisle	1164
    Harrisburg Pike	Carlisle	PA	17013	4.4860%	$204,347	$204,347.09	 	 
	GACC27.3	27.30	GACC	Springhill
    Suites Williamsburg	1644
    Richmond Road	Williamsburg	VA	23185	4.4860%	$204,347	$204,347.09	 	 
	GACC27.31	27.31	GACC	Fairfield
    Inn Bloomington	120
    South Fairfield Drive	Bloomington	IN	47404	4.4860%	$202,725	$202,725.30	 	 
	GACC27.32	27.32	GACC	Waco
    Residence Inn	501
    South University	Waco	TX	76706	4.4860%	$197,860	$197,859.88	 	 
	GACC27.33	27.33	GACC	Holiday
    Inn Express Fishers	9791
    North by Northeast Boulevard	Fishers	IN	46037	4.4860%	$184,885	$184,885.46	 	 
	GACC27.34	27.34	GACC	Larkspur
    Landing Folsom	121
    Iron Point Road	Folsom	CA	95630	4.4860%	$180,020	$180,020.06	 	 
	GACC27.35	27.35	GACC	Springhill
    Suites Chicago Naperville Warrenville	4305
    Weaver Parkway	Warrenville	IL	60555	4.4860%	$170,289	$170,289.24	 	 
	GACC27.36	27.36	GACC	Holiday
    Inn Express & Suites Paris	3025
    Northeast Loop 286	Paris	TX	75460	4.4860%	$168,667	$168,667.45	 	 
	GACC27.37	27.37	GACC	Toledo
    Homewood Suites	1410
    Arrowhead Drive	Maumee	OH	43537	4.4860%	$168,667	$168,667.45	 	 
	GACC27.38	27.38	GACC	Grand
    Rapids Homewood Suites	3920
    Stahl Drive	Grand
    Rapids	MI	49546	4.4860%	$163,802	$163,802.03	 	 
	GACC27.39	27.39	GACC	Cheyenne
    Fairfield Inn and Suites	1415
    Stillwater Avenue	Cheyenne	WY	82009	4.4860%	$152,449	$152,449.42	 	 
	GACC27.40	27.40	GACC	Fairfield
    Inn Laurel	13700
    Baltimore Avenue	Laurel	MD	20707	4.4860%	$152,449	$152,449.42	 	 
	GACC27.41	27.41	GACC	Courtyard
    Akron Stow	4047
    Bridgewater Parkway	Stow	OH	44224	4.4860%	$149,206	$149,205.83	 	 
	GACC27.42	27.42	GACC	Larkspur
    Landing Roseville	1931
    Taylor Road	Roseville	CA	95661	4.4860%	$141,097	$141,096.81	 	 
	GACC27.43	27.43	GACC	Towneplace
    Suites Bloomington	105
    South Franklin Road	Bloomington	IN	47404	4.4860%	$141,097	$141,096.81	 	 
	GACC27.44	27.44	GACC	Hampton
    Inn Danville	97
    Old Valley School Road	Danville	PA	17821	4.4860%	$139,475	$139,475.00	 	 
	GACC27.45	27.45	GACC	Holiday
    Inn Norwich	10
    Laura Boulevard	Norwich	CT	06360	4.4860%	$137,853	$137,853.19	 	 
	GACC27.46	27.46	GACC	Hampton
    Inn Suites Longview North	3044
    North Eastman Road	Longview	TX	75605	4.4860%	$136,231	$136,231.41	 	 
	GACC27.47	27.47	GACC	Springhill
    Suites Peoria Westlake	2701
    West Lake Avenue	Peoria	IL	61615	4.4860%	$136,231	$136,231.41	 	 
	GACC27.48	27.48	GACC	Hampton
    Inn Suites Buda	1201
    Cabelas Drive	Buda	TX	78610	4.4860%	$134,610	$134,609.60	 	 
	GACC27.49	27.49	GACC	Shawnee
    Hampton Inn	4851
    North Kickapoo	Shawnee	OK	74804	4.4860%	$134,610	$134,609.60	 	 
	GACC27.50	27.50	GACC	Racine
    Fairfield Inn	6421
    Washington Avenue	Racine	WI	53406	4.4860%	$131,366	$131,365.98	 	 
	GACC27.51	27.51	GACC	Hampton
    Inn Selinsgrove Shamokin Dam	3
    Stetler Avenue	Shamokin
    Dam	PA	17876	4.4860%	$128,122	$128,122.39	 	 
	GACC27.52	27.52	GACC	Holiday
    Inn Express & Suites Terrell	300
    Tanger Drive	Terrell	TX	75160	4.4860%	$121,635	$121,635.18	 	 
	GACC27.53	27.53	GACC	Westchase
    Homewood Suites	2424
    Rogerdale Road	Houston	TX	77042	4.4860%	$117,730	$117,729.90	 	 
	GACC27.54	27.54	GACC	Holiday
    Inn Express & Suites Tyler South	2421
    East Southeast Loop 323	Tyler	TX	75701	4.4860%	$116,770	$116,769.76	 	 
	GACC27.55	27.55	GACC	Holiday
    Inn Express & Suites Huntsville	148
    Interstate 45 South	Huntsville	TX	77340	4.4860%	$111,904	$111,904.36	 	 
	GACC27.56	27.56	GACC	Hampton
    Inn Sweetwater	302
    Southeast Georgia Avenue	Sweetwater	TX	79556	4.4860%	$102,174	$102,173.56	 	 
	GACC27.57	27.57	GACC	Comfort
    Suites Buda Austin South	15295
    South Interstate 35 Building 800	Buda	TX	78610	4.4860%	$85,956	$85,955.52	 	 
	GACC27.58	27.58	GACC	Fairfield
    Inn & Suites Weatherford	175
    Alford Drive	Weatherford	TX	76087	4.4860%	$81,090	$81,090.12	 	 
	GACC27.59	27.59	GACC	Holiday
    Inn Express & Suites Altus	2812
    East Broadway	Altus	OK	73521	4.4860%	$65,709	$65,709.46	 	 
	GACC27.60	27.60	GACC	Comfort
    Inn & Suites Paris	3035
    Northeast Loop 286	Paris	TX	75460	4.4860%	$58,385	$58,384.88	 	 
	GACC27.61	27.61	GACC	Hampton
    Inn Suites Decatur	110
    South Highway 81/287	Decatur	TX	76234	4.4860%	$55,870	$55,870.32	 	 
	GACC27.62	27.62	GACC	Holiday
    Inn Express & Suites Texarkana East	5210
    Crossroads Parkway	Texarkana	AR	71854	4.4860%	$51,738	$51,738.04	 	 
	GACC27.63	27.63	GACC	Mankato
    Fairfield Inn	141
    Apache Place	Mankato	MN	56001	4.4860%	$46,364	$46,363.88	 	 
	GACC27.64	27.64	GACC	Candlewood
    Suites Texarkana	2901
    South Cowhorn Creek Loop	Texarkana	TX	75503	4.4860%	$35,846	$35,846.48	 	 
	GACC27.65	27.65	GACC	Country
    Inn & Suites Houston Intercontinental Airport East	20611
    Highway 59	Humble	TX	77338	4.4860%	$34,043	$34,043.14	 	 
	GACC28	28	GACC	4400
    PGA Boulevard	4400
    PGA Boulevard	Palm
    Beach Gardens	FL	33410	4.5100%	$13,500,000	$13,500,000.00	10/6/2027	6
	JPMCB29	29	JPMCB	Honey
    Creek Marketplace	4444
    South US Highway 41	Terre
    Haute	IN	47802	4.6540%	$13,300,000	$13,284,689.65	12/1/2022	1
	GACC30	30	GACC	Metro
    Center V	655
    Metro Place South	Dublin	OH	43017	4.4300%	$12,900,000	$12,900,000.00	1/6/2028	6
	CREFI31	31	CREFI	1114-1126
    Lake Street	1114-1126
    Lake Street	Oak
    Park	IL	60301	4.8200%	$12,800,000	$12,800,000.00	1/6/2028	6
	GACC32	32	GACC	William
    Penn Building	501-515
    F Street & 777-779 5th Avenue	San
    Diego	CA	92101	4.8550%	$11,500,000	$11,500,000.00	12/6/2027	6
	JPMCB33	33	JPMCB	Tri
    State Neighborhood Center	10A
    State Route 23	Montague	NJ	07827	4.3100%	$9,800,000	$9,800,000.00	11/1/2024	1
	JPMCB34	34	JPMCB	Fairfield
    Inn & Suites - Panama City Beach	7718
    Front Beach Road	Panama
    City Beach	FL	32407	5.4160%	$9,800,000	$9,786,015.06	12/1/2027	1
	JPMCB35	35	JPMCB	Hampton
    Inn & Suites Shelby	2001-B
    East Dixon Boulevard	Shelby	NC	28152	5.0200%	$9,510,000	$9,495,404.24	12/1/2027	1
	GACC36	36	GACC	Goodale
    Office	1400
    & 1404 Goodale Boulevard	Grandview
    Heights	OH	43212	4.3600%	$8,960,000	$8,960,000.00	10/6/2027	6
	JPMCB37	37	JPMCB	Hampton
    Inn Glenwood Springs	401
    West 1st Street	Glenwood
    Springs	CO	81601	5.1050%	$8,280,000	$8,271,416.97	12/1/2027	1
	CREFI38	38	CREFI	Pick
    ‘n Save Appleton WI	2700
    North Ballard Road	Appleton	WI	54911	4.6800%	$8,090,000	$8,090,000.00	1/6/2028	6
	GACC39	39	GACC	Fresenius
    Portfolio V	Various	Various	Various	Various	4.6125%	$7,300,000	$7,300,000.00	7/6/2027	6
	GACC39.01	39.01	GACC	Fresenius
    Dayton	821
    Edwin C Moses Boulevard	Dayton	OH	45417	4.6125%	$3,405,000	$3,405,000.00	 	 
	GACC39.02	39.02	GACC	Fresenius
    Davenport	120
    Locust Street	Davenport	IA	52803	4.6125%	$1,600,000	$1,600,000.00	 	 
	GACC39.03	39.03	GACC	Fresenius
    Rock Island	2623
    17th Street	Rock
    Island	IL	61201	4.6125%	$1,355,000	$1,355,000.00	 	 
	GACC39.04	39.04	GACC	Fresenius
    Muscatine	311
    Parham Street	Muscatine	IA	52761	4.6125%	$940,000	$940,000.00	 	 
	GACC40	40	GACC	Village
    Square	2220
    Mountain Boulevard	Oakland	CA	94611	4.4900%	$7,200,000	$7,200,000.00	9/6/2027	6
	JPMCB41	41	JPMCB	Q-2
    Self Storage	3520
    Chamberlain Lane	Louisville	KY	40241	5.0780%	$6,500,000	$6,490,128.36	12/1/2027	1
	JPMCB42	42	JPMCB	Best
    Western Plus - Chalmette	3400
    Paris Road	Chalmette	LA	70043	5.4160%	$5,600,000	$5,592,008.61	12/1/2027	1
	GACC43	43	GACC	Afton
    Village	360
    Exchange Street Northwest	Concord	NC	28027	4.9100%	$5,365,000	$5,356,600.94	12/6/2027	6
	CREFI44	44	CREFI	21st
    Century Storage - Miami, FL	200
    Northwest 79th Street and 7750 Northwest 2nd Avenue	Miami	FL	33150	4.7000%	$5,200,000	$5,200,000.00	1/6/2028	6
	GACC45	45	GACC	Hillside
    Mobile Estates	27701
    Murrieta Road	Sun
    City	CA	92586	4.5000%	$4,650,000	$4,644,457.88	12/6/2027	6
	GACC46	46	GACC	Callahan
    Plaza	450076
    State Road 200	Callahan	FL	32011	4.8700%	$4,050,000	$4,016,889.27	6/6/2027	6
	CREFI47	47	CREFI	CityLine
    PA Portfolio	Various	Various	PA	Various	4.6300%	$3,925,000	$3,925,000.00	1/6/2028	6
	CREFI47.01	47.01	CREFI	Carlisle
    Self Storage	906
    Newville Road	Carlisle	PA	17013	4.6300%	$2,340,000	$2,340,000.00	 	 
	CREFI47.02	47.02	CREFI	West
    Chocolate Self Storage	1052
    Old West Chocolate Avenue	Hershey	PA	17033	4.6300%	$1,585,000	$1,585,000.00	 	 
	CREFI48	48	CREFI	CityLine
    BeCubed	22001
    South 104th Avenue	Frankfort	IL	60423	4.8000%	$3,575,000	$3,575,000.00	 	6
	GACC49	49	GACC	Marketplace
    on Grove	1150
    East Philadelphia Street	Ontario	CA	91761	4.8360%	$3,500,000	$3,500,000.00	 	6

 

     

    

    

 

	BMARK 2018-B1 - Mortgage Loan Schedule	 	 	 	 	 
	 	 	 	 	 	Servicing
    Fee Rate	Interest	 	 	 	 	 
	 	 	Mortgage
    Loan	 	Current
    Monthly	Master
    Servicing	Primary
    Servicing	Accrual
    	Letter
    of 	 	Part
    of	Leasehold	Current
    Mezzanine
	ID	Loan
    Number	 Seller	Mortgage
    Loan Name	Debt
    Service	Fee
    Rate	Fee
    Rate	Method	Credit	Post-ARD
    Revised Rate	Whole

                                                                                Loan
	Interest	or
    Subordinate Debt
	JPMCB1	1	JPMCB	90
    Hudson	249,550.00
    	0.00250%	0.00250%	Actual/360	None	NAP	No	Fee
    Simple	No
	GACC2	2	GACC	Valencia
    Town Center	209,067.44
    	0.00250%	0.00250%	Actual/360	None	NAP	No	Leasehold	No
	CREFI3	3	CREFI	The
    Woods	145,595.59
    	0.00250%	0.02000%	Actual/360	None	NAP	No	Fee
    Simple	No
	GACC4	4	GACC	Griffin
    Portfolio	178,551.39
    	0.00250%	0.00250%	Actual/360	None	NAP	No	Fee
    Simple	No
	GACC4.01	4.01	GACC	Restoration
    Hardware Distribution	 	 	 	 	 	 	 	Fee
    Simple	 
	GACC4.02	4.02	GACC	State
    Farm Regional HQ	 	 	 	 	 	 	 	Fee
    Simple	 
	GACC4.03	4.03	GACC	North
    Pointe I 	 	 	 	 	 	 	 	Fee
    Simple	 
	GACC4.04	4.04	GACC	Corporate
    Campus at Norterra	 	 	 	 	 	 	 	Fee
    Simple	 
	GACC4.05	4.05	GACC	CHRISTUS
    Health HQ	 	 	 	 	 	 	 	Fee
    Simple	 
	GACC4.06	4.06	GACC	Duke
    Bridges I 	 	 	 	 	 	 	 	Fee
    Simple	 
	GACC4.07	4.07	GACC	Wells
    Fargo Operations Center	 	 	 	 	 	 	 	Fee
    Simple	 
	GACC4.08	4.08	GACC	Ace
    Hardware HQ	 	 	 	 	 	 	 	Fee
    Simple	 
	GACC4.09	4.09	GACC	Royal
    Ridge V	 	 	 	 	 	 	 	Fee
    Simple	 
	GACC4.1	4.10	GACC	Comcast
    Regional HQ	 	 	 	 	 	 	 	Fee
    Simple	 
	GACC5	5	GACC	Worldwide
    Plaza	155,195.58
    	0.00250%	0.00125%	Actual/360	None	NAP	Yes	Fee
    Simple	Yes
	JPMCB6	6	JPMCB	Station
    Place III	155,000.00
    	0.00250%	0.00250%	Actual/360	None	NAP	No	Fee
    Simple	No
	JPMCB7	7	JPMCB	Atrium
    Center	167,916.67
    	0.00250%	0.01250%	Actual/360	None	NAP	No	Fee
    Simple	No
	GACC8	8	GACC	Sentinel
    Square II	125,627.50
    	0.00250%	0.00250%	Actual/360	None	NAP	No	Fee
    Simple	No
	CREFI9	9	CREFI	Spicetree
    Apartments	163,862.13
    	0.00250%	0.00250%	Actual/360	None	NAP	No	Fee
    Simple	No
	JPMCB10	10	JPMCB	Radisson
    Blu Aqua Hotel	174,175.22
    	0.00250%	0.01250%	Actual/360	None	NAP	No	Fee
    Simple	No
	GACC11	11	GACC	8900
    Beverly	144,408.33
    	0.00250%	0.00250%	Actual/360	None	NAP	No	Fee
    Simple	No
	JPMCB12	12	JPMCB	Gateway
    Net Lease Portfolio	129,162.48
    	0.00250%	0.00250%	Actual/360	None	NAP	Yes	Fee
    Simple/Leasehold	Yes
	JPMCB12.01	12.01	JPMCB	BAE
    Facility	 	 	 	 	 	 	 	Fee
    Simple	 
	JPMCB12.02	12.02	JPMCB	FedEx
    Ground (Stratford)	 	 	 	 	 	 	 	Fee
    Simple	 
	JPMCB12.03	12.03	JPMCB	FedEx
    (Baltimore)	 	 	 	 	 	 	 	Leasehold	 
	JPMCB12.04	12.04	JPMCB	Harman
    Becker	 	 	 	 	 	 	 	Fee
    Simple	 
	JPMCB12.05	12.05	JPMCB	GE
    Aviation (Lafayette)	 	 	 	 	 	 	 	Fee
    Simple	 
	JPMCB12.06	12.06	JPMCB	GoDaddy	 	 	 	 	 	 	 	Leasehold	 
	JPMCB12.07	12.07	JPMCB	Carrier	 	 	 	 	 	 	 	Fee
    Simple	 
	JPMCB12.08	12.08	JPMCB	Emerus	 	 	 	 	 	 	 	Fee
    Simple	 
	JPMCB12.09	12.09	JPMCB	Cardinal
    Health	 	 	 	 	 	 	 	Fee
    Simple	 
	JPMCB12.1	12.10	JPMCB	Tyco
    Electronics	 	 	 	 	 	 	 	Fee
    Simple	 
	JPMCB12.11	12.11	JPMCB	FCA/Caterpillar	 	 	 	 	 	 	 	Fee
    Simple	 
	JPMCB12.12	12.12	JPMCB	FedEx
    Ground (Staunton)	 	 	 	 	 	 	 	Fee
    Simple	 
	JPMCB12.13	12.13	JPMCB	Quad
    Packaging (Proteus) - Franklin Business Park	 	 	 	 	 	 	 	Fee
    Simple	 
	JPMCB12.14	12.14	JPMCB	Quad
    Packaging (Transpak) - Franklin Business Park	 	 	 	 	 	 	 	Fee
    Simple	 
	JPMCB12.15	12.15	JPMCB	T-Mobile
    Call Center	 	 	 	 	 	 	 	Fee
    Simple	 
	JPMCB12.16	12.16	JPMCB	Sikorsky
    Aircraft R&D Facility	 	 	 	 	 	 	 	Leasehold	 
	JPMCB12.17	12.17	JPMCB	Vatterott
    College	 	 	 	 	 	 	 	Fee
    Simple	 
	JPMCB12.18	12.18	JPMCB	Comcast	 	 	 	 	 	 	 	Fee
    Simple	 
	JPMCB12.19	12.19	JPMCB	Alfa
    Laval Plant	 	 	 	 	 	 	 	Fee
    Simple	 
	JPMCB12.2	12.20	JPMCB	LKQ
    (New Braunfels)	 	 	 	 	 	 	 	Fee
    Simple	 
	JPMCB12.21	12.21	JPMCB	Hitachi	 	 	 	 	 	 	 	Leasehold	 
	JPMCB12.22	12.22	JPMCB	Cameron
    International	 	 	 	 	 	 	 	Fee
    Simple	 
	JPMCB12.23	12.23	JPMCB	Alliance
    Data Systems Office	 	 	 	 	 	 	 	Fee
    Simple	 
	JPMCB12.24	12.24	JPMCB	Synchrony
    Financial	 	 	 	 	 	 	 	Fee
    Simple	 
	JPMCB12.25	12.25	JPMCB	Baxalta
    (Barry Pointe)	 	 	 	 	 	 	 	Fee
    Simple	 
	JPMCB12.26	12.26	JPMCB	Baxalta
    (Casselberry)	 	 	 	 	 	 	 	Fee
    Simple	 
	JPMCB12.27	12.27	JPMCB	Baxalta
    (Mounds View)	 	 	 	 	 	 	 	Fee
    Simple	 
	JPMCB12.28	12.28	JPMCB	Baxalta
    (Grand Rapids)	 	 	 	 	 	 	 	Fee
    Simple	 
	JPMCB12.29	12.29	JPMCB	Gerdau	 	 	 	 	 	 	 	Fee
    Simple	 
	JPMCB12.3	12.30	JPMCB	Baxalta
    (Wausau)	 	 	 	 	 	 	 	Fee
    Simple	 
	JPMCB12.31	12.31	JPMCB	Baxalta
    (Springfield)	 	 	 	 	 	 	 	Fee
    Simple	 
	JPMCB12.32	12.32	JPMCB	LKQ
    (Salisbury)	 	 	 	 	 	 	 	Fee
    Simple	 
	JPMCB12.33	12.33	JPMCB	Baxalta
    (Ankeny)	 	 	 	 	 	 	 	Fee
    Simple	 
	JPMCB12.34	12.34	JPMCB	H&E
    Equipment Services (San Antonio)	 	 	 	 	 	 	 	Fee
    Simple	 
	JPMCB12.35	12.35	JPMCB	H&E
    Equipment Services (New Orleans)	 	 	 	 	 	 	 	Fee
    Simple	 
	JPMCB12.36	12.36	JPMCB	GE
    Aviation (Pompano)	 	 	 	 	 	 	 	Fee
    Simple	 
	JPMCB12.37	12.37	JPMCB	Saint-Gobain
    Warehouse	 	 	 	 	 	 	 	Fee
    Simple	 
	JPMCB12.38	12.38	JPMCB	H&E
    Equipment Services (Columbia)	 	 	 	 	 	 	 	Fee
    Simple	 
	JPMCB12.39	12.39	JPMCB	H&E
    Equipment Services (Yukon)	 	 	 	 	 	 	 	Fee
    Simple	 
	JPMCB12.4	12.40	JPMCB	LKQ
    (Toledo)	 	 	 	 	 	 	 	Fee
    Simple	 
	JPMCB12.41	12.41	JPMCB	H&E
    Equipment Services (Greer)	 	 	 	 	 	 	 	Fee
    Simple	 
	JPMCB13	13	JPMCB	Lehigh
    Valley Mall	201,872.75
    	0.00250%	0.00250%	Actual/360	None	NAP	No	Fee
    Simple	No
	GACC14	14	GACC	Rochester
    Hotel Portfolio	163,301.11
    	0.00250%	0.00250%	Actual/360	None	NAP	No	Fee
    Simple	No
	GACC14.01	14.01	GACC	Rochester
    Marriott	 	 	 	 	 	 	 	Fee
    Simple	 
	GACC14.02	14.02	GACC	Kahler
    Grand	 	 	 	 	 	 	 	Fee
    Simple	 
	GACC14.03	14.03	GACC	Kahler
    Inn & Suites	 	 	 	 	 	 	 	Fee
    Simple	 
	GACC14.04	14.04	GACC	Residence
    Inn Rochester	 	 	 	 	 	 	 	Fee
    Simple	 
	GACC15	15	GACC	Oasis
    at Pavilion Park	123,969.00
    	0.00250%	0.00250%	Actual/360	None	NAP	No	Fee
    Simple	No
	JPMCB16	16	JPMCB	521-523
    East 72nd Street	119,048.61
    	0.00250%	0.00250%	Actual/360	None	NAP	No	Fee
    Simple	No
	GACC17	17	GACC	156-168
    Bleecker	122,966.67
    	0.00250%	0.00250%	Actual/360	None	A
    rate per annum equal to the greatest of (i) 7.20%, (ii) the 10-year swap spread on the December 6, 2027 plus four hundred
    eighty two basis points or (iii) when applicable pursuant to this Agreement or any other Loan Document, the Default Rate.	No	Fee
    Simple	No
	JPMCB18	18	JPMCB	Marriott
    Charlotte City Center	117,025.00
    	0.00250%	0.00250%	Actual/360	None	NAP	No	Fee
    Simple	No
	JPMCB19	19	JPMCB	Miracle
    Mile Shopping Center	104,642.22
    	0.00250%	0.01250%	Actual/360	None	NAP	No	Fee
    Simple	No
	CREFI20	20	CREFI	Center
    Promenade	84,591.25
    	0.00250%	0.00250%	Actual/360	None	NAP	No	Fee
    Simple	No
	GACC21	21	GACC	The
    Arbors	78,955.20
    	0.00250%	0.00250%	Actual/360	None	NAP	No	Fee
    Simple	No
	JPMCB22	22	JPMCB	Towers
    at University Town Center	82,236.11
    	0.00250%	0.00250%	Actual/360	None	NAP	No	Fee
    Simple	No
	CREFI23	23	CREFI	Olive
    Park Shopping Center	67,287.65
    	0.00250%	0.00250%	Actual/360	None	NAP	No	Fee
    Simple	No
	CREFI24	24	CREFI	Two
    Harbor Point Square	53,560.49
    	0.00250%	0.00250%	Actual/360	None	NAP	Yes	Fee
    Simple	Yes
	JPMCB25	25	JPMCB	Valley
    Crossing	79,929.45
    	0.00250%	0.04250%	Actual/360	None	NAP	No	Fee
    Simple	No
	GACC26	26	GACC	AHIP
    Northeast Portfolio I	56,952.17
    	0.00250%	0.00250%	Actual/360	None	NAP	No	Fee
    Simple	No
	GACC26.01	26.01	GACC	Hilton
    Garden Inn - Baltimore White Marsh	 	 	 	 	 	 	 	Fee
    Simple	 
	GACC26.02	26.02	GACC	Homewood
    Suites - Allentown West Fogelsville	 	 	 	 	 	 	 	Fee
    Simple	 
	GACC26.03	26.03	GACC	Courtyard
    by Marriott - Wall at Monmouth Shores	 	 	 	 	 	 	 	Fee
    Simple	 
	GACC26.04	26.04	GACC	SpringHill
    Suites - Arundel Mills BWI Airport	 	 	 	 	 	 	 	Fee
    Simple	 
	GACC26.05	26.05	GACC	Homewood
    Suites - Dover Rockaway	 	 	 	 	 	 	 	Fee
    Simple	 
	GACC27	27	GACC	Starwood
    Capital Group Hotel Portfolio	55,307.71
    	0.00250%	0.00250%	Actual/360	None	NAP	No	Fee
    Simple/Leasehold	No
	GACC27.01	27.01	GACC	Larkspur
    Landing Sunnyvale	 	 	 	 	 	 	 	Fee
    Simple	 
	GACC27.02	27.02	GACC	Larkspur
    Landing Milpitas	 	 	 	 	 	 	 	Fee
    Simple	 
	GACC27.03	27.03	GACC	Larkspur
    Landing Campbell	 	 	 	 	 	 	 	Fee
    Simple	 
	GACC27.04	27.04	GACC	Larkspur
    Landing San Francisco	 	 	 	 	 	 	 	Fee
    Simple	 
	GACC27.05	27.05	GACC	Larkspur
    Landing Pleasanton	 	 	 	 	 	 	 	Fee
    Simple	 
	GACC27.06	27.06	GACC	Larkspur
    Landing Bellevue	 	 	 	 	 	 	 	Fee
    Simple	 
	GACC27.07	27.07	GACC	Larkspur
    Landing Sacramento	 	 	 	 	 	 	 	Fee
    Simple	 
	GACC27.08	27.08	GACC	Hampton
    Inn Ann Arbor North	 	 	 	 	 	 	 	Fee
    Simple	 
	GACC27.09	27.09	GACC	Larkspur
    Landing Hillsboro	 	 	 	 	 	 	 	Fee
    Simple	 
	GACC27.1	27.10	GACC	Larkspur
    Landing Renton	 	 	 	 	 	 	 	Fee
    Simple	 
	GACC27.11	27.11	GACC	Holiday
    Inn Arlington Northeast Rangers Ballpark	 	 	 	 	 	 	 	Fee
    Simple	 
	GACC27.12	27.12	GACC	Residence
    Inn Toledo Maumee	 	 	 	 	 	 	 	Fee
    Simple	 
	GACC27.13	27.13	GACC	Residence
    Inn Williamsburg	 	 	 	 	 	 	 	Fee
    Simple	 
	GACC27.14	27.14	GACC	Hampton
    Inn Suites Waco South	 	 	 	 	 	 	 	Fee
    Simple	 
	GACC27.15	27.15	GACC	Holiday
    Inn Louisville Airport Fair Expo	 	 	 	 	 	 	 	Fee
    Simple	 
	GACC27.16	27.16	GACC	Courtyard
    Tyler	 	 	 	 	 	 	 	Fee
    Simple	 
	GACC27.17	27.17	GACC	Hilton
    Garden Inn Edison Raritan Center	 	 	 	 	 	 	 	Leasehold	 
	GACC27.18	27.18	GACC	Hilton
    Garden Inn St Paul Oakdale	 	 	 	 	 	 	 	Fee
    Simple	 
	GACC27.19	27.19	GACC	Residence
    Inn Grand Rapids West	 	 	 	 	 	 	 	Fee
    Simple	 
	GACC27.2	27.20	GACC	Peoria,
    AZ Residence Inn	 	 	 	 	 	 	 	Fee
    Simple	 
	GACC27.21	27.21	GACC	Hampton
    Inn Suites Bloomington Normal	 	 	 	 	 	 	 	Fee
    Simple	 
	GACC27.22	27.22	GACC	Courtyard
    Chico	 	 	 	 	 	 	 	Fee
    Simple	 
	GACC27.23	27.23	GACC	Hampton
    Inn Suites Kokomo	 	 	 	 	 	 	 	Fee
    Simple	 
	GACC27.24	27.24	GACC	Hampton
    Inn Suites South Bend	 	 	 	 	 	 	 	Fee
    Simple	 
	GACC27.25	27.25	GACC	Courtyard
    Wichita Falls	 	 	 	 	 	 	 	Fee
    Simple	 
	GACC27.26	27.26	GACC	Hampton
    Inn Morehead	 	 	 	 	 	 	 	Fee
    Simple	 
	GACC27.27	27.27	GACC	Residence
    Inn Chico	 	 	 	 	 	 	 	Fee
    Simple	 
	GACC27.28	27.28	GACC	Courtyard
    Lufkin	 	 	 	 	 	 	 	Fee
    Simple	 
	GACC27.29	27.29	GACC	Hampton
    Inn Carlisle	 	 	 	 	 	 	 	Fee
    Simple	 
	GACC27.3	27.30	GACC	Springhill
    Suites Williamsburg	 	 	 	 	 	 	 	Fee
    Simple	 
	GACC27.31	27.31	GACC	Fairfield
    Inn Bloomington	 	 	 	 	 	 	 	Fee
    Simple	 
	GACC27.32	27.32	GACC	Waco
    Residence Inn	 	 	 	 	 	 	 	Fee
    Simple	 
	GACC27.33	27.33	GACC	Holiday
    Inn Express Fishers	 	 	 	 	 	 	 	Fee
    Simple	 
	GACC27.34	27.34	GACC	Larkspur
    Landing Folsom	 	 	 	 	 	 	 	Fee
    Simple	 
	GACC27.35	27.35	GACC	Springhill
    Suites Chicago Naperville Warrenville	 	 	 	 	 	 	 	Fee
    Simple	 
	GACC27.36	27.36	GACC	Holiday
    Inn Express & Suites Paris	 	 	 	 	 	 	 	Fee
    Simple	 
	GACC27.37	27.37	GACC	Toledo
    Homewood Suites	 	 	 	 	 	 	 	Fee
    Simple	 
	GACC27.38	27.38	GACC	Grand
    Rapids Homewood Suites	 	 	 	 	 	 	 	Fee
    Simple	 
	GACC27.39	27.39	GACC	Cheyenne
    Fairfield Inn and Suites	 	 	 	 	 	 	 	Fee
    Simple	 
	GACC27.40	27.40	GACC	Fairfield
    Inn Laurel	 	 	 	 	 	 	 	Fee
    Simple	 
	GACC27.41	27.41	GACC	Courtyard
    Akron Stow	 	 	 	 	 	 	 	Fee
    Simple	 
	GACC27.42	27.42	GACC	Larkspur
    Landing Roseville	 	 	 	 	 	 	 	Fee
    Simple	 
	GACC27.43	27.43	GACC	Towneplace
    Suites Bloomington	 	 	 	 	 	 	 	Fee
    Simple	 
	GACC27.44	27.44	GACC	Hampton
    Inn Danville	 	 	 	 	 	 	 	Fee
    Simple	 
	GACC27.45	27.45	GACC	Holiday
    Inn Norwich	 	 	 	 	 	 	 	Fee
    Simple	 
	GACC27.46	27.46	GACC	Hampton
    Inn Suites Longview North	 	 	 	 	 	 	 	Fee
    Simple	 
	GACC27.47	27.47	GACC	Springhill
    Suites Peoria Westlake	 	 	 	 	 	 	 	Fee
    Simple	 
	GACC27.48	27.48	GACC	Hampton
    Inn Suites Buda	 	 	 	 	 	 	 	Fee
    Simple	 
	GACC27.49	27.49	GACC	Shawnee
    Hampton Inn	 	 	 	 	 	 	 	Fee
    Simple	 
	GACC27.50	27.50	GACC	Racine
    Fairfield Inn	 	 	 	 	 	 	 	Fee
    Simple	 
	GACC27.51	27.51	GACC	Hampton
    Inn Selinsgrove Shamokin Dam	 	 	 	 	 	 	 	Fee
    Simple	 
	GACC27.52	27.52	GACC	Holiday
    Inn Express & Suites Terrell	 	 	 	 	 	 	 	Fee
    Simple	 
	GACC27.53	27.53	GACC	Westchase
    Homewood Suites	 	 	 	 	 	 	 	Fee
    Simple	 
	GACC27.54	27.54	GACC	Holiday
    Inn Express & Suites Tyler South	 	 	 	 	 	 	 	Fee
    Simple	 
	GACC27.55	27.55	GACC	Holiday
    Inn Express & Suites Huntsville	 	 	 	 	 	 	 	Fee
    Simple	 
	GACC27.56	27.56	GACC	Hampton
    Inn Sweetwater	 	 	 	 	 	 	 	Fee
    Simple	 
	GACC27.57	27.57	GACC	Comfort
    Suites Buda Austin South	 	 	 	 	 	 	 	Fee
    Simple	 
	GACC27.58	27.58	GACC	Fairfield
    Inn & Suites Weatherford	 	 	 	 	 	 	 	Fee
    Simple	 
	GACC27.59	27.59	GACC	Holiday
    Inn Express & Suites Altus	 	 	 	 	 	 	 	Fee
    Simple	 
	GACC27.60	27.60	GACC	Comfort
    Inn & Suites Paris	 	 	 	 	 	 	 	Fee
    Simple	 
	GACC27.61	27.61	GACC	Hampton
    Inn Suites Decatur	 	 	 	 	 	 	 	Fee
    Simple	 
	GACC27.62	27.62	GACC	Holiday
    Inn Express & Suites Texarkana East	 	 	 	 	 	 	 	Fee
    Simple	 
	GACC27.63	27.63	GACC	Mankato
    Fairfield Inn	 	 	 	 	 	 	 	Fee
    Simple	 
	GACC27.64	27.64	GACC	Candlewood
    Suites Texarkana	 	 	 	 	 	 	 	Fee
    Simple	 
	GACC27.65	27.65	GACC	Country
    Inn & Suites Houston Intercontinental Airport East	 	 	 	 	 	 	 	Fee
    Simple	 
	GACC28	28	GACC	4400
    PGA Boulevard	52,428.75
    	0.00250%	0.00250%	Actual/360	None	NAP	No	Fee
    Simple	None
	JPMCB29	29	JPMCB	Honey
    Creek Marketplace	68,611.58
    	0.00250%	0.04250%	Actual/360	None	NAP	No	Fee
    Simple	None
	GACC30	30	GACC	Metro
    Center V	49,209.92
    	0.00250%	0.00250%	Actual/360	None	NAP	No	Fee
    Simple	None
	CREFI31	31	CREFI	1114-1126
    Lake Street	67,311.99
    	0.00250%	0.00250%	Actual/360	None	NAP	No	Fee
    Simple	None
	GACC32	32	GACC	William
    Penn Building	48,077.99
    	0.00250%	0.00250%	Actual/360	None	NAP	No	Fee
    Simple	None
	JPMCB33	33	JPMCB	Tri
    State Neighborhood Center	36,371.61
    	0.00250%	0.04250%	Actual/360	None	NAP	No	Fee
    Simple	None
	JPMCB34	34	JPMCB	Fairfield
    Inn & Suites - Panama City Beach	59,689.96
    	0.00250%	0.00250%	Actual/360	None	NAP	No	Fee
    Simple	None
	JPMCB35	35	JPMCB	Hampton
    Inn & Suites Shelby	55,705.38
    	0.00250%	0.00250%	Actual/360	None	NAP	No	Fee
    Simple	None
	GACC36	36	GACC	Goodale
    Office	33,639.82
    	0.00250%	0.00250%	Actual/360	None	NAP	No	Fee
    Simple	None
	JPMCB37	37	JPMCB	Hampton
    Inn Glenwood Springs	44,981.68
    	0.00250%	0.00250%	Actual/360	None	NAP	No	Fee
    Simple	None
	CREFI38	38	CREFI	Pick
    ‘n Save Appleton WI	41,860.60
    	0.00250%	0.03250%	Actual/360	None	NAP	No	Fee
    Simple	None
	GACC39	39	GACC	Fresenius
    Portfolio V	28,994.69
    	0.00250%	0.07000%	Actual/360	None	NAP	No	Fee
    Simple	None
	GACC39.01	39.01	GACC	Fresenius
    Dayton	 	 	 	 	 	 	 	Fee
    Simple	 
	GACC39.02	39.02	GACC	Fresenius
    Davenport	 	 	 	 	 	 	 	Fee
    Simple	 
	GACC39.03	39.03	GACC	Fresenius
    Rock Island	 	 	 	 	 	 	 	Fee
    Simple	 
	GACC39.04	39.04	GACC	Fresenius
    Muscatine	 	 	 	 	 	 	 	Fee
    Simple	 
	GACC40	40	GACC	Village
    Square	27,838.00
    	0.00250%	0.07000%	Actual/360	None	NAP	No	Fee
    Simple	None
	JPMCB41	41	JPMCB	Q-2
    Self Storage	38,294.33
    	0.00250%	0.04250%	Actual/360	None	NAP	No	Leasehold	None
	JPMCB42	42	JPMCB	Best
    Western Plus - Chalmette	34,108.55
    	0.00250%	0.00250%	Actual/360	None	NAP	No	Fee
    Simple	None
	GACC43	43	GACC	Afton
    Village	31,082.58
    	0.00250%	0.00250%	Actual/360	None	NAP	No	Fee
    Simple	None
	CREFI44	44	CREFI	21st
    Century Storage - Miami, FL	26,969.17
    	0.00250%	0.00250%	Actual/360	None	NAP	No	Fee
    Simple	None
	GACC45	45	GACC	Hillside
    Mobile Estates	23,560.87
    	0.00250%	0.00250%	Actual/360	None	NAP	No	Fee
    Simple	None
	GACC46	46	GACC	Callahan
    Plaza	21,420.64
    	0.00250%	0.00250%	Actual/360	None	NAP	No	Fee
    Simple	None
	CREFI47	47	CREFI	CityLine
    PA Portfolio	15,648.76
    	0.00250%	0.00250%	Actual/360	None	NAP	No	Fee
    Simple	None
	CREFI47.01	47.01	CREFI	Carlisle
    Self Storage	 	 	 	 	 	 	 	Fee
    Simple	 
	CREFI47.02	47.02	CREFI	West
    Chocolate Self Storage	 	 	 	 	 	 	 	Fee
    Simple	 
	CREFI48	48	CREFI	CityLine
    BeCubed	14,776.67
    	0.00250%	0.00250%	Actual/360	None	NAP	No	Fee
    Simple	None
	GACC49	49	GACC	Marketplace
    on Grove	14,575.17
    	0.00250%	0.00250%	Actual/360	None	NAP	No	Fee
    Simple	None

 

     

    

    

 

 

 

EXHIBIT
C-1

 

FORM
OF TRANSFEREE AFFIDAVIT

 

AFFIDAVIT
PURSUANT TO

SECTION 860E(e)(4) OF THE

INTERNAL REVENUE CODE OF

1986, AS AMENDED

 

	STATE OF NEW YORK	)	 
	 	)	ss:
	COUNTY OF NEW YORK	)	

 

_________________,
being first duly sworn, deposes and says:

 

1.          That
he/she is a _________________ of _________________ (the “Purchaser”), a _________________ duly organized
and existing under the laws of the State of _________________ on behalf of which he/she makes this affidavit.

 

2.          That
the Purchaser’s Taxpayer Identification Number is _________________.

 

3.          That
the Purchaser of the Benchmark 2018-B1 Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series
2018-B1, Class R (the “Class R Certificate”) is a Permitted Transferee (as defined in Article I of the Pooling
and Servicing Agreement, dated as of January 1, 2018 (the “Pooling and Servicing Agreement”), between Deutsche
Mortgage & Asset Receiving Corporation, as depositor, Wells Fargo Bank, National Association, as master servicer, Midland
Loan Services, a Division of PNC Bank, National Association, as special servicer, Park Bridge Lender Services LLC,
as operating advisor and asset representations reviewer, Wilmington Trust, National Association, as trustee, and Wells Fargo Bank,
National Association, as certificate administrator, paying agent and custodian, or is acquiring the Class R Certificate for the
account of, or as agent (including as a broker, nominee, or other middleman) for, a Permitted Transferee and has received from
such person or entity an affidavit substantially in the form of this affidavit. 

 

4.          That the Purchaser historically has paid its debts as they have come due and intends to pay its debts
as they come due in the future and the Purchaser intends to pay taxes associated with holding the Class R Certificate as they become
due.

 

5.          That
the Purchaser understands that it may incur tax liabilities with respect to the Class R Certificate in excess of any cash flow
generated by the Class R Certificate.

 

6.          That
the Purchaser will not transfer the Class R Certificate to any person or entity from which the Purchaser has not received an affidavit
substantially in the form of this affidavit or as to which the Purchaser has actual knowledge that the requirements set forth
in paragraph 3, paragraph 4 or paragraph 7 hereof are not satisfied or that the Purchaser has reason to know does not satisfy
the requirements set forth in paragraph 4 hereof.

  

    C-1-1 

     

    

 

7.          That
the Purchaser is not a Disqualified Non-U.S. Tax Person and is not purchasing the Class R Certificate for the account of, or
as an agent (including as a broker, nominee or other middleman) for, a Disqualified Non-U.S. Tax Person and is otherwise a
Permitted Transferee.

 

8.          That
the Purchaser agrees to such amendments of the Pooling and Servicing Agreement as may be required to further effectuate the restrictions
on transfer of the Class R Certificate to a “disqualified organization,” an agent thereof, or a person that does not
satisfy the requirements of paragraph 4, paragraph 7 and paragraph 11 hereof.

 

9.          That the Purchaser, pursuant to Section 4.04 of the Pooling and Servicing Agreement, agrees to the designation
of the Certificate Administrator as the “representative” (within the meaning of Code
Section 6223) of each Trust REMIC.

 

10.        The
Purchaser agrees to be bound by and to abide by the provisions of Section 5.02 of the Pooling and Servicing Agreement concerning
registration of the transfer and exchange of the Class R Certificate.

 

11.        The
Purchaser will not cause income from the Class R Certificate to be attributable to a foreign permanent establishment or fixed
base, within the meaning of an applicable income tax treaty, of the Purchaser or any other U.S. Tax Person.

 

12.        Check
the applicable paragraph:

 

☐         The
present value of the anticipated tax liabilities associated with holding the Class R Certificate, as applicable, does not exceed
the sum of:

 

(i)          the
present value of any consideration given to the Purchaser to acquire such Class R Certificate;

 

(ii)         the
present value of the expected future distributions on such Certificate; and

 

(iii)        the
present value of the anticipated tax savings associated with holding such Class R Certificate as the related REMIC generates losses.

 

For
purposes of this calculation, (i) the Purchaser is assumed to pay tax at the highest rate currently specified in Code Section
11(b) (but the tax rate in Code Section 55(b)(1)(B) may be used in lieu of the highest rate specified in Code Section 11(b) if
the Purchaser has been subject to the alternative minimum tax under Code Section 55 in the preceding two years and will compute
its taxable income in the current taxable year using the alternative minimum tax rate) and (ii) present values are computed using
a discount rate equal to the short term Federal rate prescribed by Code Section 1274(d) for the month of the transfer and the
compounding period used by the Purchaser.

 

☐         The
transfer of the Class R Certificate complies with U.S. Treasury Regulations Section 1.860E-1(c)(5) and (6) and, accordingly,

 

    C-1-2 

     

    

 

(i)          the
Purchaser is an “eligible corporation,” as defined in U.S. Treasury Regulations Section 1.860E-1(c)(6)(i), as to which
income from the Class R Certificate will only be taxed in the United States;

 

(ii)         at
the time of the transfer, and at the close of the Purchaser’s two fiscal years preceding the year of the transfer, the Purchaser
had gross assets for financial reporting purposes (excluding any obligation of a person related to the Purchaser within the meaning
of U.S. Treasury Regulations Section 1.860E-1(c)(6)(ii)) in excess of $100 million and net assets in excess of $10 million;

 

(iii)        the
Purchaser will transfer the Class R Certificate only to another “eligible corporation,” as defined in U.S. Treasury
Regulations Section 1.860E-1(c)(6)(i), in a transaction that satisfies the requirements of Section 1.860E-1(c)(4)(i), (ii) and
(iii) and Section 1.860E-1(c)(5) of the U.S. Treasury Regulations; and

 

(iv)        the
Purchaser determined the consideration paid to it to acquire the Class R Certificate based on reasonable market assumptions (including,
but not limited to, borrowing and investment rates, prepayment and loss assumptions, expense and reinvestment assumptions, tax
rates and other factors specific to the Purchaser) that it has determined in good faith.

 

☐           None
of the above.

 

Capitalized
terms used but not defined herein have the respective meanings ascribed to such terms in the Pooling and Servicing Agreement.

 

IN
WITNESS WHEREOF, the Purchaser has caused this instrument to be executed on its behalf by its __________________ this ____
day of ________, 20___.

 

	 	[The Purchaser]
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

  

    C-1-3 

     

    

 

Personally
appeared before me the above named _________________, known or proved to me to be the same person who executed the foregoing instrument and to
be the of the Purchaser, and acknowledged to me that he/she executed the same as his/her free act and deed and the free act and
deed of the Purchaser.

 

Subscribed
and sworn before me this_____day of __________, 20____.

 

	 	 
	NOTARY PUBLIC	 
	 	 
	COUNTY OF	 	 
	 	 	 
	STATE OF	 	 	 

 

My
commission expires the          day of                        ,
20     .

 

    C-1-4 

     

    

 

EXHIBIT
C-2

 

FORM
OF TRANSFEROR LETTER

 

[Date]

 

Wells Fargo Bank, National Association

600 South 4th Street, 7th Floor

MAC N9300-070

Minneapolis, Minnesota
55479

Attention: CTS –
Certificate Transfers Benchmark 2018-B1 Mortgage Trust

 

		Re:	Pooling
                                         and Servicing Agreement (“Pooling and Servicing Agreement”) relating
                                         to Benchmark 2018-B1 Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series
                                         2018-B1, Class R	

  

Ladies
and Gentlemen:

 

[Transferor]
has reviewed the attached affidavit of [Transferee], and has no actual knowledge that such affidavit is not true or that [Transferee]
is not a Permitted Transferee (as defined in the Pooling and Servicing Agreement defined in the attached affidavit) and has no
actual knowledge or reason to know that the information contained in the attached affidavit is not true. No purpose of [Transferor]
relating to the transfer of the Class R Certificate by [Transferor] to [Transferee] is or will be to impede the assessment of
any tax.

 

	 	Very truly
yours,
	 	 
	 	[Transferor]
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

    C-2-1 

     

    

 

EXHIBIT
C-3

 

FORM
OF TRANSFEREE Certificate for TRANSFERS OF HRR Certificates 

 

[Date]

 

	
        Wells Fargo
        Bank, National Association, as Certificate Administrator

        9062
Old Annapolis Road

        Columbia,
Maryland 21045

Attention: Risk Retention Custody (CMBS) – Benchmark 2018-B1

         
	 	 
	
        German American Capital Corporation

        60 Wall Street

        New York, New York 10005

        Attention: Lainie Kaye

         
	 	 
	
        Deutsche
        Mortgage & Asset Receiving Corporation

        60
Wall Street

        New
York, New York 10005

        

        Attention: Lainie Kaye

         

        with a copy via email to:

         

        cmbs.requests@db.com

        
	 	 

 

		Re:	Benchmark
                                         2018-B1 Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series 2018-B1
                                         (the “Certificates”) issued pursuant to the Pooling and Servicing
                                         Agreement, dated as of January 1, 2018 (the “Pooling and Servicing Agreement”),
                                         between Deutsche Mortgage & Asset Receiving Corporation,
                                         as Depositor, Wells Fargo Bank, National Association, as Master Servicer, Midland Loan
                                         Services, a Division of PNC Bank, National Association, as Special Servicer, Park Bridge
                                         Lender Services LLC , as Operating Advisor and Asset Representations Reviewer, Wilmington
                                         Trust, National Association, as Trustee, and Wells Fargo Bank, National Association,
                                         as Certificate Administrator, Paying Agent and Custodian	 

 

Ladies
and Gentlemen:

 

[_____]
(the “Purchaser”) hereby certifies, represents and warrants to each of the addressees hereto:

 

1.       The
Purchaser is acquiring (the “Transfer”) $[_____] aggregate Certificate Balance of the Class [F-RR][G-RR] Certificates
from [_____] (the “Transferor”).

  

    C-3-1 

     

    

 

2.       The Purchaser is aware that the Certificate Registrar will not register any transfer of any portion of the HRR Certificates by
the Transferor unless the Purchaser, or such Purchaser’s agent, delivers to the Certificate Registrar, among other things,
a certificate in substantially the same form as this certificate. The Purchaser expressly agrees that it will not consummate any
such transfer if it knows or believes that any representation contained in such certificate is false.

 

3.       The Transfer is in compliance with any applicable credit risk retention agreement in effect between the Retaining Sponsor
and the Transferor (the “Risk Retention Agreement”).

 

4.       If the Purchaser is an insurance company general account relying on PTCE 95-60 to cover its acquisition of
the HRR Certificates, (a) all of the conditions of Parts I and III of PTCE 95-60 will be satisfied with respect to the acquisition
of the HRR Certificates and (b) the acquisition of the HRR Certificates will be effected through Deutsche Bank Securities Inc.,
J.P. Morgan Securities LLC or Citigroup Global Markets Inc. or an Affiliate thereof.

 

5.       Check one of the following:

 

☐
          The Purchaser certifies, represents and warrants to each of the addressees hereto that:

 

		A.	It is a “majority-owned affiliate”, as such term is defined in the Risk Retention Rule,
of the Transferor (a “Majority-Owned Affiliate”).

 

		B.	It is not acquiring the HRR Certificates as a nominee, trustee or agent for any person that is
not a Majority-Owned Affiliate, and that for so long as it retains its interest in the HRR Certificates, it will remain a Majority-Owned
Affiliate.

 

		C.	It will deliver a joinder agreement substantially in the form attached to the Risk Retention Agreement
pursuant to which it has agreed to be bound by the terms of the Risk Retention Agreement to the same extent as if it was the Transferor
itself.

 

☐
          The
Transfer will occur on and after the fifth anniversary of the Closing Date, and the Purchaser certifies, represents and warrants
to each of the addressees hereto that:

 

		A.	It will execute and deliver to the Retaining Sponsor a new credit risk retention agreement in accordance
with the Risk Retention Agreement.

 

		B.	If required by the Retaining Sponsor, an affiliate of the Purchaser will execute and deliver a
guaranty, if required under the Risk Retention Agreement.

 

    C-3-2 

     

    

 

		C.	It will comply with any additional requirements and satisfy any additional conditions set forth
under the Risk Retention Agreement applicable to the Transfer and the Purchaser as a subsequent Third Party Purchaser.

 

☐
          The
Transfer will occur after the termination of the Retained Interest Transfer Restriction Period.

 

Capitalized terms used
but not defined herein have the meanings assigned thereto in the Pooling and Servicing Agreement.

 

IN
WITNESS WHEREOF, the Purchaser has caused this instrument to be duly executed on its behalf by its duly authorized senior officer
this ___day of _________, 20__.

 

	 	By:	 
	 	 	Name:
	 	 	Title:

 

    C-3-3 

     

    

 

EXHIBIT
C-4

 

FORM
OF TRANSFEROR Certificate for TransferS of

HRR Certificates

 

[Date]

  

	Wells
                            Fargo Bank, National Association, as Certificate Administrator

        9062
        Old Annapolis Road

        Columbia,
        Maryland 21045

        Attention:
        Risk Retention Custody (CMBS) – Benchmark 2018-B1

	 
	German
        American Capital Corporation

        60
        Wall Street

        New
        York, New York 10005

        Attention:
        Lainie Kaye

	 
	Deutsche
        Mortgage & Asset Receiving Corporation

        60
        Wall Street

        New
        York, New York 10005

        Attention:
        Lainie Kaye

         

        with
        a copy via email to:

         

        cmbs.requests@db.com

 

		Re:	Benchmark
                                         2018-B1 Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series
                                         2018-B1 (the “Certificates”)	 

 

Ladies
and Gentlemen:

This
is delivered to you in connection with the transfer (the “Transfer”) by [______] (the “Transferor”)
to [______] (the “Transferee”) of [$[_____] aggregate Certificate Balance of the Class [F-RR][G-RR] Certificates].
The Certificates were issued pursuant to the Pooling and Servicing Agreement, dated as of January 1, 2018 (the “Pooling
and Servicing Agreement”), between Deutsche Mortgage & Asset Receiving Corporation, as Depositor, Wells Fargo Bank,
National Association, as Master Servicer, Midland Loan Services, a Division of PNC Bank, National Association, as Special Servicer,
Park Bridge Lender Services LLC , as Operating Advisor and Asset Representations Reviewer, Wilmington Trust, National Association,
as Trustee, and Wells Fargo Bank, National Association, as Certificate Administrator, Paying Agent and Custodian.

All
capitalized terms used but not otherwise defined herein shall have the respective meanings set forth in the Pooling and Servicing
Agreement. The Transferor hereby certifies, represents and warrants to you that:

 

    C-4-1 

     

    

		1.	The
                                         Transfer is in compliance with any applicable credit risk retention agreement in effect
                                         between the Retaining Sponsor and the Transferor (the “Risk Retention Agreement”)
                                         and the Pooling and Servicing Agreement.

		2.	If
                                         the Transferee is an insurance company general account relying on PTCE 95-60 to cover
                                         its acquisition of the HRR Certificates, to the Transferor’s knowledge (a) all
                                         of the conditions of Parts I and III of PTCE 95-60 will be satisfied with respect to
                                         the acquisition of the HRR Certificates and (b) the acquisition of the HRR Certificates
                                         will be effected through Deutsche Bank Securities Inc., J.P. Morgan Securities LLC or
                                         Citigroup Global Markets Inc. or an Affiliate thereof.

		3.	Check
                                         one of the following:

☐
          The Transferor certifies, represents and warrants to you that:

		A.	The
                                         Transferee is a “majority-owned affiliate”, as such term is defined in the
                                         Risk Retention Rule, of the Transferor (a “Majority-Owned Affiliate”).

		B.	The
                                         Transferor has satisfied all of the conditions under the Risk Retention Agreement applicable
                                         to transfers by the Transferor to a Majority-Owned Affiliate.

☐
            The Transfer will occur on and after the fifth anniversary of the
Closing Date, and the Transferor certifies, represents and warrants to you that:

		A.	The
                                         Transferor has satisfied all of the conditions under the Risk Retention Agreement applicable
                                         to transfers by the Transferor to subsequent Third Party Purchasers.

☐
            The Transfer will occur after the termination of the Retained Interest
Transfer Restriction Period.

		4.	The
                                         Transferor certifies, represents and warrants to you that the Transferor has provided
                                         notice of the Transfer to the Retaining Sponsor and [check one of the following]:

☐
          The Retaining Sponsor has consented to the Transfer, a copy of which
is attached hereto.

☐
          At least ten (10) Business Days have passed since the Retaining Sponsor’s
receipt of such written notice, and the Retaining Sponsor has not responded to the Transferor.

		5.	The
                                         Transferor understands that the Transferee has delivered to you a Transferee Certificate
                                         in the form attached to the Pooling and Servicing Agreement as Exhibit C-3. The
                                         Transferor does not know or believe that any representation contained therein is false.

 

    C-4-2 

     

    

 

IN
WITNESS WHEREOF, the Transferor has caused this instrument to be duly executed on its behalf by its duly authorized senior officer
this ___day of _________, 20__.

 

	 	[TRANSFEROR]
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

    C-4-3 

     

    

 

EXHIBIT C-5

 

FORM
OF TRANSFEREE Certificate for TRANSFERS OF class v1 OR CLASS V2 certificates

 

[Date]

 

	
        Wells Fargo
        Bank, National Association, as Certificate Registrar

        600
South 4th Street, 7th Floor

        

        MAC N9300-070

        Minneapolis, Minnesota 55479

        Attention: Certificate Transfers Group Benchmark 2018-B1

         
	 
	
        German American Capital Corporation

        60 Wall Street

        New York, New York 10005

        Attention: Lainie Kaye

         
	 
	
        Deutsche
        Mortgage & Asset Receiving Corporation

        

        60 Wall
        Street

        New
York, New York 10005

        Attention:
Lainie Kaye

         

        with a copy via email to:

         

        cmbs.requests@db.com

        
	 
	 	 	 

		Re:	Benchmark
                                         2018-B1 Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series 2018-B1
                                         (the “Certificates”) issued pursuant to the Pooling and Servicing
                                         Agreement, dated as of January 1, 2018 (the “Pooling and Servicing Agreement”),
                                         between Deutsche Mortgage & Asset Receiving Corporation, as Depositor, Wells Fargo
                                         Bank, National Association, as Master Servicer, Midland Loan Services, a Division of
                                         PNC Bank, National Association, as Special Servicer, Park Bridge Lender Services LLC
                                         , as Operating Advisor and Asset Representations Reviewer, Wilmington Trust, National
                                         Association, as Trustee, and Wells Fargo Bank, National Association, as Certificate Administrator,
                                         Paying Agent and Custodian.	

 

Ladies and Gentlemen:

 

[_____] (the “Purchaser”)
hereby certifies, represents and warrants to you, in your respective capacities as Certificate Registrar, Retaining Sponsor and
Depositor, that:

 

    C-5-1 

     

    

 

		1.	The Purchaser is acquiring from [__________] (the “Transferor”) [$[_____] principal
balance of the Class V2 Certificates (the “Transferred Interest”)] [Class V1 Certificates in the principal balances
set forth below (collectively, the “Transferred Interest”), which Certificates represent the same Percentage
Interest in each and every outstanding Class of Class V1 Certificates:

 

	Class 	Principal balance
	Class V1-A1	$
	Class V1-A2	$
	Class V1-A3	$
	Class V1-ASB	$
	Class V1-A4	$
	Class V1-A5	$
	Class V1-AM	$
	Class V1-B	$
	Class V1-C	$
	Class V1-D	$
	Class V1-E	$
	Class V1-F	$
	Class V1-G	$

 

]

 

		2.	The Purchaser acknowledges and agrees that the Class V1 Certificates it holds shall at all times
represent, and may only transfer any Class V1 Certificates if the transferred Certificates to any particular Person represent,
the same Percentage Interest in each and every outstanding Class of Class V1 Certificates.

 

		3.	The Purchaser is aware that, following its acquisition of the Transferred Interest, the Certificate
Registrar will not register any transfer of the Transferred Interest by the Purchaser unless the transferee, or such transferee’s
agent, delivers to the Certificate Registrar, among other things, a certificate in substantially the same form as this certificate.
The Purchaser expressly agrees that it will not consummate any such transfer if it knows or believes that any representation contained
in such certificate is false.

 

		4.	If the Purchaser is an employee benefit plan subject to Section 406 of ERISA or a plan subject
to Section 4975 of the Code relying on Department of Labor Final Authorization 

 

    C-5-2 

     

    

 

Number
97-03E or an insurance company general account relying on PTCE 95-60 to cover its acquisition of any Restricted Certificate constituting
a portion of the Transferred Interest, (a) all of the conditions of Final Authorization Number 97-03E or Parts I and III of PTCE
95-60, as applicable, will be satisfied with respect to the acquisition of such Restricted Certificate and (b) the acquisition
of such Restricted Certificate will be effected through Deutsche Bank Securities Inc., J.P. Morgan Securities LLC or Citigroup
Global Markets Inc. or an Affiliate thereof.

  

		5.	Check one of the following:

 

☐
          The
Purchaser certifies, represents and warrants to you, in your respective capacities as Certificate Registrar, Retaining Sponsor
and Depositor, that the transfer will occur during the Transfer Restriction Period and that:

 

		A.	The Purchaser is a “majority-owned affiliate”, as such term is defined in the Risk
Retention Rule, of the Transferor (a “Majority-Owned Affiliate”).

 

		B.	The Purchaser is not acquiring the Transferred Interest as a nominee, trustee or agent for any
person that is not a Majority-Owned Affiliate, and that for so long as it retains its interest in the Transferred Interest (or
until the end of the Transfer Restriction Period, if earlier), it will remain a Majority-Owned Affiliate.

 

		C.	The Purchaser consents to any additional restrictions or arrangements that shall be deemed necessary
upon advice of counsel to constitute a reasonable arrangement to ensure that its ownership of the Transferred Interest will satisfy
the risk retention requirements of the Transferor, in its capacity as [the retaining sponsor][an originator] under the Risk Retention
Rule.

 

☐
          The
Purchaser certifies, represents and warrants to you, in your respective capacities as Certificate Registrar, Retaining Sponsor
and Depositor, that the transfer will occur after the termination of the Transfer Restriction Period.

 

Capitalized terms used
but not defined herein have the meanings assigned thereto in the Pooling and Servicing Agreement.

 

IN WITNESS WHEREOF, the
Purchaser has caused this instrument to be duly executed on its behalf by its duly authorized senior officer this ___day of _________,
20__.

 

	 	[PURCHASER]
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

    C-5-3 

     

    

 

The foregoing certificate
is hereby confirmed, and the transfer is accepted, as of the date first above written:

	 	 	 
	[APPLICABLE RETAINING PARTY]	 
	 	 	 
	By:	 	 
	 	Name:	 
	 	Title:	 
	 	 	 
	[Medallion Stamp Guarantee]	 
	 	 	 
	GERMAN AMERICAN CAPITAL CORPORATION	 
	 	 
	By:	 	 
	 	Name:  	 
	 	Title:	 
	 	 	 
	By:	 	 
	 	Name:  	 
	 	Title:	 
	 	 
	[Medallion Stamp Guarantee]	 
	 	 	 
	DEUTSCHE MORTGAGE & ASSET RECEIVING CORPORATION	 
	 	 	 
	By:	 	 
	 	Name:  	 
	 	Title:	 

 

    C-5-4 

     

    

 

	 	 	 
	By:	 	 
	 	Name:  	 
	 	Title:	 
	 	 	 
	[Medallion Stamp Guarantee]	 

 

    C-5-5 

     

    

  

EXHIBIT C-6

 

FORM
OF TRANSFEROR Certificate for TransferS of

class v1 OR CLASS V2 certificates

 

[Date]

 

	
        Wells Fargo Bank, National Association,
        as Certificate Registrar

        600 South 4th Street, 7th Floor

        MAC N9300-070

        Minneapolis, Minnesota 55479

        Attention: Certificate Transfers Group Benchmark 2018-B1

	 
	
        German American Capital Corporation

        60 Wall Street

        New York, New York 10005

        Attention: Lainie Kaye

	 
	
        Deutsche Mortgage
        & Asset Receiving Corporation

        60 Wall Street

        New York,
        New York 10005

        Attention: Lainie Kaye

         

        with a copy via email to:

         

        cmbs.requests@db.com

 

	Re:	Benchmark 2018-B1
                                         Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series 2018-B1 (the
                                         “Certificates”)	

 

 

Ladies and Gentlemen:

 

This letter is delivered
to you in connection with the transfer by [______] (the “Transferor”) to [______] (the “Transferee”)
of [$[_____] principal balance of the Class V2 Certificates (the “Transferred Interest”)] [Class V1 Certificates
in the principal balances set forth below (collectively, the “Transferred Interest”):

 

	Class 	Principal balance
	Class V1-A1	$
	Class V1-A2	$
	Class V1-A3	$

 

    C-6-1 

     

    

 

	Class V1-ASB	$
	Class V1-A4	$
	Class V1-A5	$
	Class V1-AM	$
	Class V1-B	$
	Class V1-C	$
	Class V1-D	$
	Class V1-E	$
	Class V1-F	$
	Class V1-G	$

 

]

 

The Certificates were
issued pursuant to the Pooling and Servicing Agreement, dated as of January 1, 2018 (the “Pooling and Servicing Agreement”),
between Deutsche Mortgage & Asset Receiving Corporation, as depositor, Wells Fargo Bank, National Association, as master servicer,
Midland Loan Services, a Division of PNC Bank, National Association, as special servicer, Park Bridge Lender Services LLC, as operating
advisor and asset representations reviewer, Wilmington Trust, National Association, as trustee, and Wells Fargo Bank, National
Association, as certificate administrator, paying agent and custodian. All capitalized terms used but not otherwise defined herein
shall have the respective meanings set forth in the Pooling and Servicing Agreement. The Transferor hereby certifies, represents
and warrants to you, in your respective capacities as Certificate Registrar, Retaining Sponsor and Depositor, that:

 

		1.	The transfer is in compliance with Sections 5.01 and 5.02 of the Pooling and Servicing Agreement.

 

		2.	Check one of the following:

 

		☐	The Transferor certifies, represents and warrants to you that the transfer will occur during the
Transfer Restriction Period and that:

 

		A.	The Transferee is a “majority-owned affiliate”, as such term is defined in the Risk
Retention Rule, of the Transferor.

 

		B.	To the Transferor’s knowledge, the Transferee is not acquiring the Transferred Interest as
a nominee, trustee or agent for any person that is not a “majority-owned affiliate”, as such term is defined in the
Risk Retention Rule, of the Transferor, and that for so long as it retains its interest in the 

 

    C-6-2 

     

    

 

			Transferred Interest, it will remain
a “majority-owned affiliate”, as such term is defined in the Risk Retention Rule, of the Transferor.

  

		☐	The Transferor certifies, represents and warrants to you that the transfer will occur after the
termination of the Transfer Restriction Period.

 

		3.	The Transferor understands that the Transferee has delivered to you a Transferee Certificate in
the form attached to the Pooling and Servicing Agreement as Exhibit C-5. The Transferor does not know or believe that any
representation contained therein is false.

 

IN WITNESS WHEREOF, the
Transferor has caused this instrument to be duly executed on its behalf by its duly authorized senior officer this ___day of _________,
20__.

 

	 	[TRANSFEROR]
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

		
	

 

The foregoing certificate
is hereby confirmed, and the transfer is accepted, as of the date first above written:

 

	[APPLICABLE RETAINING PARTY]	 
	 	 
	By:	 	 
	 	Name:  	 
	 	Title:	 

 

[Medallion
Stamp Guarantee]

 

GERMAN AMERICAN CAPITAL CORPORATION

 

    C-6-3 

     

    

 

	By:	 	 
	 	Name:  	 
	 	Title:	 

 

	By:	 	 
	 	Name:  	 
	 	Title:	 

 

[Medallion
Stamp Guarantee]

 

DEUTSCHE MORTGAGE & ASSET RECEIVING
CORPORATION

 

	By:	 	 
	 	Name:  	 
	 	Title:	 

 

	By:	 	 
	 	Name:  	 
	 	Title:	 

 

[Medallion
Stamp Guarantee]

 

    C-6-4 

     

    

 

EXHIBIT D-1

 

FORM OF INVESTMENT REPRESENTATION LETTER

 

Wells Fargo Bank, National Association

600 South 4th Street, 7th Floor

MAC N9300-070

Minneapolis,
Minnesota 55479

Attention:
CTS – Certificate Transfers Benchmark 2018-B1 Mortgage Trust

 

Deutsche Mortgage & Asset Receiving Corporation

60 Wall Street

New York, New York 10005

Attention: Lainie Kaye

 

with a copy via email to:

 

cmbs.requests@db.com

 

		Re:	Transfer
                                         of Benchmark 2018-B1 Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series
                                         2018-B1: Class [     ]	

 

Ladies and Gentlemen:

 

This letter is delivered
pursuant to Section 5.02 of the Pooling and Servicing Agreement dated as of January 1, 2018 (the “Pooling and Servicing
Agreement”), entered into between Deutsche Mortgage & Asset Receiving Corporation, as depositor, Wells Fargo Bank,
National Association, as master servicer, Midland Loan Services, a Division of PNC Bank, National Association, as special servicer,
Park Bridge Lender Services LLC, as operating advisor and asset representations reviewer, Wilmington Trust, National Association,
as trustee, and Wells Fargo Bank, National Association, as certificate administrator, paying agent and custodian, on behalf of
the holders of Benchmark 2018-B1 Mortgage Trust Commercial Mortgage Pass-Through Certificates (the “Certificates”)
with respect to the transfer by [__________] (the “Seller”) to the undersigned (the “Purchaser”)
of [$_____ aggregate Certificate Balance][_____% Percentage Interest] of Class [_____] Certificates, in certificated fully registered
form (such registered interest, the “Certificate”). Terms used but not defined herein shall have the meanings
ascribed thereto in the Pooling and Servicing Agreement.

 

In connection with
such transfer, the undersigned hereby represents and warrants to you as follows:

 

[For Institutional
Accredited Investors only] 1. The Purchaser is an institutional “accredited investor” within the meaning of Rule 501
(a)(1), (2), (3) or (7) of Regulation D promulgated under the Securities Act of 1933, as amended (the “Securities Act”),
or an entity in which all of the equity owners are such accredited investors (an “Institutional Accredited Investor”),
and has such knowledge and experience in financial and business matters as to be capable of

 

    D-1-1 

     

    

 

evaluating the merits and risks of
the investment in the Certificate, and the Purchaser and any accounts for which the Purchaser is acting are each able to bear the
economic risk of the investment. The Purchaser is acquiring the Certificate for its own account or for one or more accounts (each
of which is an Institutional Accredited Investor) as to each of which the Purchaser exercises sole investment discretion. The Purchaser
hereby undertakes to reimburse the Trust for any costs incurred by it in connection with this transfer.

 

[For Qualified
Institutional Buyers only] 1. The Purchaser is a “qualified institutional buyer” within the meaning of Rule 144A (“Rule
144A”) promulgated under the Securities Act of 1933, as amended (the “Securities Act”). The Purchaser
is aware that the transfer is being made in reliance on Rule 144A, and the Purchaser has had the opportunity to obtain the information
required to be provided pursuant to paragraph (d)(4)(i) of Rule 144A.

 

		2.	The Purchaser’s intention is to acquire the Certificate (a) for investment for the Purchaser’s
own account or (b) for reoffer, resale, pledge or other transfer to (i) “qualified institutional buyers” within the
meaning of, and in transactions complying with, Rule 144A promulgated under the Securities Act, (ii) entities qualifying as “accredited
investors” within the meaning of Rule 501(a)(1), (2), (3) or (7) of Regulation D promulgated under the Securities Act, or
any entity in which all of the equity owners are such accredited investors, or (iii) pursuant to any other exemption from the registration
requirements of the Securities Act, subject in the case of this clause (iii) to (a) the receipt by the Certificate Registrar of
a letter substantially in the form hereof, (b) the receipt by the Certificate Registrar of an opinion of counsel acceptable to
the Certificate Registrar that such reoffer, resale, pledge or transfer is in compliance with the Securities Act, (c) the receipt
by the Certificate Registrar of such other evidence acceptable to the Certificate Registrar that such reoffer, resale, pledge or
transfer is in compliance with the Securities Act and other applicable laws (including applicable state and foreign securities
laws), and (d) a written undertaking to reimburse the Trust for any costs incurred by it in connection with the proposed transfer.
It understands that the Certificate (and any subsequent Certificate) has not been registered under the Securities Act, by reason
of a specified exemption from the registration provisions of the Securities Act which depends upon, among other things, the bona
fide nature of the Purchaser’s investment intent (or intent to resell to only certain investors in certain exempted transactions)
as expressed herein.

 

		3.	The Purchaser acknowledges that the Certificate (and any Certificate issued on transfer or exchange
thereof) has not been registered or qualified under the Securities Act or the securities laws of any State or any other jurisdiction,
and that the Certificate cannot be reoffered, resold, pledged or otherwise transferred unless it is registered or qualified thereunder
or unless an exemption from such registration or qualification is available.

 

		4.	The Purchaser has reviewed the applicable Private Placement Memorandum dated January 22, 2018,
relating to the Certificates (the “Private Placement Memorandum”) and the agreements and other materials referred
to therein and has had the opportunity to ask questions and receive answers concerning the terms and conditions of the transactions
contemplated by the Private Placement Memorandum.

 

    D-1-2 

     

    

 

		5.	The Purchaser hereby undertakes to be bound by the terms and conditions of the Pooling and Servicing
Agreement in its capacity as an owner of a Certificate or Certificates, as the case may be (each, a “Certificateholder”),
in all respects as if it were a signatory thereto. This undertaking is made for the benefit of the Trust, the Trustee, the Certificate
Administrator, the Certificate Registrar and all Certificateholders present and future.

 

		6.	The Purchaser will not sell or otherwise transfer any portion of the Certificate, except in compliance
with Section 5.02 of the Pooling and Servicing Agreement.

 

		7.	Check one of the following:

 

		☐	The Purchaser is a “U.S.
Tax Person” (as defined below) and it has attached hereto an Internal Revenue Service (“IRS”) Form W-9
(or successor form).

 

		☐	The Purchaser is not
a “U.S. Tax Person” (as defined below) and under applicable law in effect on the date hereof, no taxes will be required
to be withheld by the Certificate Registrar (or its agent) with respect to distributions to be made on the Certificate(s). The
Purchaser has attached hereto [(i) a duly executed IRS Form W-8BEN or IRS Form W-8BEN-E (or successor form), which identifies such
Purchaser as the beneficial owner of the Certificate(s) and states that such Purchaser is not a U.S. Tax Person, (ii) two
duly executed copies of IRS Form W-8IMY (and all appropriate attachments) or (iii)]* two duly executed copies of IRS Form W-8ECI
(or successor form), which identify such Purchaser as the beneficial owner of the Certificate(s) and state that interest and original
issue discount on the Certificate(s) is, or is expected to be, effectively connected with a U.S. trade or business. The Purchaser
agrees to provide to the Certificate Registrar updated [IRS Forms W-8BEN, IRS Forms W-8BEN-E, IRS Forms W-8IMY or]* IRS Forms W-8ECI[,
as the case may be]*, any applicable successor IRS forms, or such other certifications as the Certificate Registrar may reasonably
request, on or before the date that any such IRS form or certification expires or becomes obsolete, or promptly after the occurrence
of any event requiring a change in the most recent IRS form of certification furnished by it to the Certificate Registrar.

 

For purposes of this
paragraph 7, “U.S. Tax Person” means a citizen or resident of the United States, a corporation, partnership
(except to the extent provided in applicable Treasury Regulations), or other entity 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, 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. Tax Persons have the authority to control all substantial decisions of such trust (or, to the extent provided
in applicable Treasury Regulations, certain trusts in existence on August 20, 1996 that have elected to be treated as U.S. Tax
Persons).

 

Please
make all payments due on the Certificates: **

 

 

 

		*	Delete
                                         for Class R.

 

    D-1-3 

     

    

 

		(a)	by wire transfer to the following account at a bank
or entity in New York, New York, having appropriate facilities therefor:

 

	Account number:	 

 

	Institution:	 

  

		(b)	by mailing a check or draft to the following address:

 

		 

 

		 

 

		 

 

	 	Very truly yours,

 

[Purchaser]

	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

Dated: ________________, 20___

 

 

		**	Only
                                         to be filled out by Purchasers of Individual Certificates. Please select (a) or (b).

 

    D-1-4 

     

    

 

EXHIBIT D-2

FORM OF ERISA REPRESENTATION LETTER

[Date]

Wells Fargo Bank, National Association

600 South
4th Street, 7th Floor

MAC N9300-070

Minneapolis,
Minnesota 55479

Attention: CTS – Certificate
Transfers Benchmark 2018-B1 Mortgage Trust

Deutsche Mortgage & Asset Receiving Corporation

60 Wall Street

New York, New York 10005

Attention: Lainie Kaye

 

with a copy via email to:

 

cmbs.requests@db.com

		Re:	Benchmark 2018-B1 Mortgage Trust Commercial
                                         Mortgage Pass-Through Certificates, Series 2018-B1, Class [ ]

Ladies and Gentlemen:

_______________
(the “Purchaser”) intends to purchase from _______________ (the “Seller”) [$_____ initial
Certificate Balance][ or _____% Percentage Interest] of Benchmark 2018-B1 Mortgage Trust Commercial Mortgage Pass-Through Certificates,
Class [_____], CUSIP No. _____ (the “Certificates”), issued pursuant to the Pooling and Servicing Agreement
dated as of January 1, 2018 (the “Pooling and Servicing Agreement”), between Deutsche Mortgage & Asset Receiving
Corporation, as depositor, Wells Fargo Bank, National Association, as master servicer, Midland Loan Services, a Division of PNC
Bank, National Association, as special servicer, Park Bridge Lender Services LLC , as operating advisor and asset representations
reviewer, Wilmington Trust, National Association, as trustee, and Wells Fargo Bank, National Association, as certificate administrator,
paying agent and custodian. All capitalized terms used herein and not otherwise defined shall have the meaning set forth in the
Pooling and Servicing Agreement. The Purchaser hereby certifies, represents and warrants to, and covenants with, the Depositor,
the Certificate Administrator, the Certificate Registrar and the Trustee that:

The Purchaser
is not and will not become (a) an employee benefit plan or other retirement arrangement, including an individual retirement account
or a Keogh plan, which is subject to the Employee Retirement Income Security Act of 1974, as amended (“ERISA”),
Code Section 4975, a governmental plan, as defined in Section 3(32) of ERISA, or other plan subject to any federal, state or local
law (“Similar Law”) which is to a material extent similar to the foregoing provisions of ERISA or the Code
(each, a “Plan”), or (b) a collective investment fund whose

    D-2-1

     

    

underlying
assets include Plan assets by reason of a Plan’s investment in the collective investment fund (pursuant to U.S. Department
of Labor Regulation Section 2510.3-101, as modified by Section 3(42) of ERISA, or Similar Law), an insurance company using assets
of separate accounts or general accounts which are deemed pursuant to ERISA or any Similar Law to include assets of Plans, or
other person acting on behalf of any such Plan or using the assets of any such Plan, other than (except in the case of the Class
V2, Class S and Class R Certificates) an insurance company using the assets of its general account under circumstances whereby
such purchase and the subsequent holding of such Certificate by such insurance company would be exempt from the prohibited transaction
provisions of Section 406 and 407 of ERISA and Code Section 4975 under Sections I and III of PTCE 95-60, or a substantially similar
exemption under Similar Law; and

 

The Purchaser understands
that if the Purchaser is a person referred to in clause (a) or (b) above, except in the case of the Class V2, Class S and Class
R Certificates, which may not be transferred unless the transferee represents it is not such a person, such Purchaser is required
to provide to the Certificate Registrar any Opinions of Counsel, officers’ certificates or agreements as may be required
by such persons, and which establishes to the satisfaction of the Depositor, the Certificate Administrator and the Certificate
Registrar that the purchase and holding of the Certificates by or on behalf of a Plan will not constitute or result in a non-exempt
prohibited transaction within the meaning of Section 406 and Section 407 of ERISA or Code Section 4975 or any corresponding provision
of any Similar Law, and will not subject the Depositor, the Certificate Administrator, the Trustee, the Master Servicer, the Special
Servicer, the Operating Advisor, the Asset Representations Reviewer or the Certificate Registrar to any obligation or liability
(including obligations or liabilities under ERISA, Code Section 4975 or Similar Law), which Opinions of Counsel, officers’
certificates or agreements shall not be at the expense of the Master Servicer, the Special Servicer, the Operating Advisor, the
Asset Representations Reviewer, the Depositor, the Certificate Administrator, the Trustee or the Certificate Registrar.

IN WITNESS WHEREOF,
the Purchaser hereby executes this ERISA Representation Letter on this ___ day of ___, 20 _. 

	 	Very truly yours,
	 	 	 
	 	[Purchaser]
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

    D-2-2

     

    

EXHIBIT E

FORM OF REQUEST FOR RELEASE

 

[Date]

Wells Fargo Bank, National Association

1055 10th Avenue SE

Minneapolis, Minnesota 55414

Attention: Document Custody
Group – Benchmark 2018-B1 Mortgage Trust

		Re:	Pooling
                                         and Servicing Agreement (“Pooling and Servicing Agreement”) relating
                                         to Benchmark 2018-B1 Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series
                                         2018-B1

Dear __________________:

In connection with
the administration of the Mortgage Files held by, or on behalf of, you as Custodian under the Pooling and Servicing Agreement,
the undersigned hereby requests a release of the Mortgage File (or the portion thereof specified below) held by you as Custodian
with respect to the following described Mortgage Loan for the reason indicated below:

	 	Mortgagor’s Name:________________________________
	 	 	 
	 	Address:________________________________________
	 	 	 
	 	Asset No.:_______________________________________

If only particular
documents in the Mortgage File are requested, please specify which:

Reason for requesting
file (or portion thereof):

	 	_____	1.	Mortgage Loan paid in full. Such [Master Servicer] [Special Servicer][Other Servicer][Other Special
Servicer] hereby certifies that all amounts received in connection with the Mortgage Loan have been or will be, following such
[Master Servicer’s] [Special Servicer’s] [Other Servicer’s][Other Special Servicer’s] release of the Mortgage
File, credited to the Collection Account pursuant to the Pooling and Servicing Agreement.

	 	_____	2.	The Mortgage Loan is being foreclosed.

		_____	3.	Other. (Describe)

The undersigned acknowledges
that the above Mortgage File (or requested portion thereof) will be held by the undersigned in accordance with the provisions of
the

    E-1

     

    

 

[Pooling
and Servicing Agreement][Other Pooling and Servicing Agreement] and will be returned to you or your designee within ten (10) days
of our receipt thereof, unless [the [Other Servicer][Other Special Servicer] requires such Mortgage File pursuant to the applicable
Intercreditor Agreement or Other Pooling and Servicing Agreement.][the Mortgage Loan has been paid in full or otherwise liquidated,
in which case the Mortgage File (or such portion thereof) will be retained by us permanently, or unless the Mortgage Loan is being
foreclosed,] in which case the Mortgage File (or such portion thereof) will be returned when no longer required by us for such
purpose. 

Capitalized terms
used but not defined herein shall have the meaning ascribed to them in the Pooling and Servicing Agreement.

 

	 	[MASTER SERVICER][SPECIAL SERVICER][OTHER SERVICER][OTHER SPECIAL SERVICER]
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

    E-2

     

    

 

EXHIBIT F

SECURITIES LEGEND

THIS CERTIFICATE HAS NOT BEEN AND
WILL NOT BE REGISTERED OR QUALIFIED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR ANY
STATE OR FOREIGN SECURITIES LAW. THE HOLDER HEREOF, BY PURCHASING THIS CERTIFICATE, AGREES THAT THIS CERTIFICATE MAY BE REOFFERED,
RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY IN COMPLIANCE WITH THE SECURITIES ACT AND OTHER APPLICABLE LAWS, AND ONLY (A)(1)
PURSUANT TO A REGISTRATION STATEMENT WHICH HAS BEEN DECLARED EFFECTIVE UNDER THE SECURITIES ACT, (2) FOR SO LONG AS THIS CERTIFICATE
IS ELIGIBLE FOR RESALE PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”), TO AN INSTITUTIONAL INVESTOR THAT
THE HOLDER REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” WITHIN THE MEANING OF RULE 144A (“QUALIFIED
INSTITUTIONAL BUYER”), PURCHASING FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF ANOTHER QUALIFIED INSTITUTIONAL BUYER, WHOM THE
HOLDER HAS INFORMED, IN EACH CASE, THAT THE REOFFER, RESALE, PLEDGE OR OTHER TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, (3)
(EXCEPT WITH RESPECT TO THE CLASS R CERTIFICATES) TO OTHER INSTITUTIONAL INVESTORS THAT ARE “ACCREDITED INVESTORS”
WITHIN THE MEANING OF RULE 501(a)(1), (2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT OR ANY ENTITY IN WHICH ALL OF THE
EQUITY OWNERS ARE INSTITUTIONAL INVESTORS THAT ARE “ACCREDITED INVESTORS” WITHIN THE MEANING OF RULE 501(a)(1), (2),
(3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT, OR (4) (EXCEPT WITH RESPECT TO THE CLASS R CERTIFICATES) TO INSTITUTIONS THAT
ARE A NON-“U.S. PERSON” IN AN “OFFSHORE TRANSACTION” AS SUCH TERMS ARE DEFINED IN, AND IN ACCORDANCE WITH
RULE 903 OR RULE 904 OF REGULATION S UNDER THE SECURITIES ACT, AND (B) IN ACCORDANCE WITH ANY OTHER APPLICABLE SECURITIES LAWS
OF ANY STATE OF THE UNITED STATES OR ANY OTHER APPLICABLE JURISDICTION.

THE INITIAL INVESTOR IN THIS CERTIFICATE,
AND EACH SUBSEQUENT PURCHASER OF THIS CERTIFICATE, BY PURCHASING THIS CERTIFICATE OR AN INTEREST HEREIN, IS DEEMED TO HAVE AGREED
TO COMPLY WITH CERTAIN TRANSFER REQUIREMENTS SET FORTH IN THE POOLING AND SERVICING AGREEMENT. A TRANSFEREE IS ALSO REQUIRED TO
DELIVER AN INVESTMENT REPRESENTATION LETTER SUBSTANTIALLY IN THE FORM OF EXHIBIT D-1 TO THE POOLING AND SERVICING AGREEMENT IF
SUCH TRANSFEREE IS A QUALIFIED INSTITUTIONAL BUYER OR (OTHER THAN WITH RESPECT TO A RESIDUAL CERTIFICATE) AN INSTITUTIONAL ACCREDITED
INVESTOR, AND MAY ALSO BE REQUIRED TO DELIVER AN OPINION OF COUNSEL IF SUCH TRANSFEREE IS NOT A QUALIFIED INSTITUTIONAL BUYER WITHIN
THE MEANING OF RULE 144A.

    F-1

     

    

EXHIBIT G

FORM OF REGULATION S TRANSFER CERTIFICATE

 

Wells Fargo Bank, National
Association

600 South
4th Street, 7th Floor

MAC N9300-070

Minneapolis,
Minnesota 55479

Attention: CTS – Certificate
Transfers Benchmark 2018-B1 Mortgage Trust

		Re:	Transfer
                                         of Benchmark 2018-B1 Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series
                                         2018-B1, Class [    ]

Ladies and Gentlemen:

This certificate is
delivered pursuant to Section 5.02 of the Pooling and Servicing Agreement, dated as of January 1, 2018 (the “Pooling and
Servicing Agreement”), and executed in connection with the above referenced transaction, on behalf of the holders of
the Benchmark 2018-B1 Mortgage Trust Commercial Mortgage Pass Through Certificates, Series 2018-B1, Class [_] (the “Certificates”)
in connection with the transfer by the undersigned (the “Transferor”) to                                      
(the “Transferee”) of $                    
Certificate Balance of Certificates, in fully registered form (each, an “Individual Certificate”), or a beneficial
interest of such aggregate Certificate Balance in the Regulation S Global Certificate (the “Global Certificate”)
maintained by The Depository Trust Company or its successor as Depositary under the Pooling and Servicing Agreement (such transferred
interest, in either form, being the “Transferred Interest”).

In connection with
such transfer, the Transferor does hereby certify that such transfer has been effected in accordance with the transfer restrictions
set forth in the Pooling and Servicing Agreement and the Certificates and (i) with respect to transfers made in accordance with
Regulation S (“Regulation S”) promulgated under the Securities Act of 1933, as amended (the “Securities
Act”), the Transferor does hereby certify that:

(1)       the
offer of the Transferred Interest was not made to a person in the United States;

[(2)     at the time
the buy order was originated, the Transferee was an institution that was outside the United States or the Transferor and any person
acting on its behalf reasonably believed that the Transferee was an institution that was outside the United States;]*

[(2)     the
transaction was executed with a Transferee that was an institution or reasonably believed to be an institution by the Transferor
or anyone acting on its behalf in, on or through the facilities of a designated offshore securities market and neither there undersigned
nor

 

 

* Insert one of these two provisions, which come from the definition of “offshore transaction” in Regulation S.

    G-1

     

    

any
person acting on its behalf knows that the transaction was pre-arranged with a buyer in the United States;]*

(3)       no
directed selling efforts have been made in contravention of the requirements of Rule 903(b) or 904(b) of Regulation S, as applicable;
and

(4)       the
transaction is not part of a plan or scheme to evade the registration requirements of the Securities Act.

or (ii) with respect to transfers made
in reliance on Rule 144 under the Securities Act, the Transferor does hereby certify that the Certificates that are being transferred
are not “restricted securities” as defined in Rule 144 under the Securities Act.

This certificate and
the statements contained herein are made for your benefit and the benefit of the Depositor, the Certificate Administrator, the
Trustee, the Operating Advisor, the Asset Representations Reviewer, the Master Servicer and the Special Servicer.

	 	[Insert Name of Transferor]

	 	 	 
	 	By:	     
	 		Name:
	 	 	Title:

Dated: ________________, 20      

    G-2

     

    

EXHIBIT H

FORM OF TRANSFER CERTIFICATE

FOR EXCHANGE OR TRANSFER FROM RULE 144A

GLOBAL CERTIFICATE TO REGULATION S GLOBAL

CERTIFICATE DURING THE RESTRICTED PERIOD

(Exchanges or transfers pursuant to
Section 5.02(c)(ii)(A) of 

the Pooling and Servicing Agreement)

 

Wells Fargo Bank, National
Association

600 South
4th Street, 7th Floor

MAC N9300-070

Minneapolis,
Minnesota 55479

Attention: CTS – Certificate Transfers Benchmark
2018-B1 Mortgage Trust

 

		Re:	Transfer
                                         of Benchmark 2018-B1 Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series
                                         2018-B1, Class [    ]

Reference is hereby
made to the Pooling and Servicing Agreement, dated as of January 1, 2018 (the “Pooling and Servicing Agreement”),
and executed in connection with the above-referenced transaction. Capitalized terms used but not defined herein shall have the
meanings given to them in the Pooling and Servicing Agreement.

This letter relates
to US $                    
aggregate Certificate Balance of Certificates (the “Certificates”) which are held in the form of Rule 144A Global
Certificate (CUSIP No.                     )
with the Depository in the name of [insert name of transferor] (the “Transferor”). The Transferor has requested
a transfer of such beneficial interest for an interest in the Regulation S Global Certificate (CUSIP No.                     )
to be held with [Euroclear] [Clearstream]* (Common Code) through the Depositary.

In connection with
such request and in respect of such Certificates, the Transferor does hereby certify that such transfer has been effected in accordance
with the Transfer restrictions set forth in the Pooling and Servicing Agreement and pursuant to and in accordance with Regulation
S under the Securities Act of 1933, as amended (the “Securities Act”), and accordingly the Transferor does hereby
certify that:

(1)       the
offer of the Certificates was not made to a person in the United States,

[(2)     at
the time the buy order was originated, the transferee was an institution that was outside the United States or the Transferor
and any persons acting on its behalf reasonably believed that the Transferee was outside the United States,]**

 

 *
Select appropriate depository.

**
Insert one of these two provisions, which come from the definition of “offshore transaction” in Regulation S.

    H-1

     

    

[(2)     the
transaction was executed with a Transferee that was an institution or reasonably believed to be an institution by the Transferor
or anyone acting on its behalf in, on or through the facilities of a designated offshore securities market and neither the Transferor
nor any person acting on its behalf knows that the transaction was pre-arranged with a buyer in the United States,]* 

(3)       no
directed selling efforts have been made in contravention of the requirements of Rule 903(b) or 904(b) of Regulation S, as applicable,
and

(4)       the
transaction is not part of a plan or scheme to evade the registration requirements of the Securities Act.

This certificate and
the statements contained herein are made for your benefit and the benefit of the Depositor, the Certificate Administrator, the
Trustee, the Operating Advisor, the Asset Representations Reviewer, the Master Servicer and the Special Servicer.

	 	[Insert Name of Transferor]

	 	 	 
	 	By:	     
	 		Name:
	 	 	Title:

 

Dated:
________________, 20__

 

    H-2

     

    

EXHIBIT I

FORM OF TRANSFER CERTIFICATE

FOR EXCHANGE OR TRANSFER FROM RULE 144A

GLOBAL CERTIFICATE TO REGULATION S GLOBAL

CERTIFICATE AFTER THE RESTRICTED PERIOD

(Exchange or transfers pursuant to

Section 5.02(c)(ii)(B) of the Pooling and Servicing Agreement)

 

Wells Fargo Bank, National
Association

Sixth Street & Marquette
Avenue

Minneapolis, Minnesota 55479-0113

Attention: CTS – Certificate
Transfers Benchmark 2018-B1 Mortgage Trust

 

		Re:	Transfer of Benchmark 2018-B1 Mortgage Trust Commercial Mortgage Pass-Through
Certificates, Series 2018-B1, Class [    ]	

Reference is hereby
made to the Pooling and Servicing Agreement, dated as of January 1, 2018 (the “Pooling and Servicing Agreement”),
and executed in connection with the above referenced transaction. Capitalized terms used but not defined herein shall have the
meanings given to them in the Pooling and Servicing Agreement.

The letter relates
to U.S. $                    
aggregate Certificate Balance of Certificates (the “Certificates”) which are held in the form of the Rule 144A
Global Certificate (CUSIP No.                     )
with the Depository in the name of [insert name of transferor] (the “Transferor”). The Transferor has requested
a transfer of such beneficial interest in the Certificates for an interest in the Regulation S Global Certificate (Common Code
No.                     ).

In connection with
such request, and in respect of such Certificates, the Transferor does hereby certify that such transfer has been effected in accordance
with the transfer restrictions set forth in the Pooling and Servicing Agreement and, (i) with respect to transfers made in reliance
on Regulation S under the Securities Act of 1933, as amended (the “Securities Act”), the Transferor does hereby
certify that:

(1)       the
offer of the Certificates was not made to a person in the United States,

[(2)      at the time
the buy order was originated, the transferee was an institution that was outside the United States or the Transferor and any person
acting on its behalf reasonably believed that the transferee was outside the United States,]*

 

*
Insert one of these two provisions, which come from the definition of “offshore transaction” in Regulation S.

    I-1

     

    

[(2)     the transaction
was executed with a Transferee that was an institution or reasonably believed to be an institution by the Transferor or anyone
acting on its behalf in, on or through the facilities of a designated offshore securities market and neither the Transferor nor
any person acting on its behalf knows that the transaction was pre-arranged with a buyer in the United States,]*

(3)       no
directed selling efforts have been made in contravention of the requirements of Rule 903(b) or 904(b) of Regulation S, as applicable,
and

(4)       the
transaction is not part of a plan or scheme to evade the registration requirements of the Securities Act;

or (ii) with respect to transfers made
in reliance on Rule 144 under the Securities Act, the Transferor does hereby certify that the Certificates that are being transferred
are not “restricted securities” as defined in Rule 144 under the Securities Act.

This certificate and
the statements contained herein are made for your benefit and the benefit of the Depositor, the Certificate Administrator, the
Trustee, the Operating Advisor, the Asset Representations Reviewer, the Master Servicer and the Special Servicer.

	 	[Insert Name of Transferor]

	 	 	 
	 	By:	     
	 		Name:
	 	 	Title:

 Dated:
_______________, 20___ 

    I-2

     

    

EXHIBIT J

FORM OF TRANSFER CERTIFICATE

FOR EXCHANGE OR TRANSFER FROM REGULATION S GLOBAL

CERTIFICATE TO RULE 144A GLOBAL CERTIFICATE DURING THE RESTRICTED PERIOD

(Exchange or transfers pursuant to
Section 5.02(c)(ii)(C)

of the Pooling and Servicing Agreement)

Wells Fargo Bank, National Association

600 South
4th Street, 7th Floor

MAC N9300-070

Minneapolis,
Minnesota 55479

Attention: CTS – Certificate
Transfers Benchmark 2018-B1 Mortgage Trust

 

		Re:	Transfer of Benchmark 2018-B1 Mortgage Trust Commercial Mortgage Pass-Through
Certificates, Series 2018-B1, Class [    ]	

Reference is hereby
made to the Pooling and Servicing Agreement, dated as of January 1, 2018 (the “Pooling and Servicing Agreement”),
and executed in connection with the above referenced transaction. Capitalized terms used but not defined herein shall have the
meanings given to them in the Pooling and Servicing Agreement.

This letter relates
to U.S. $                    
aggregate Certificate Balance of Certificates (the “Certificates”) which are held in the form of the Regulation
S Global Certificate (CUSIP No.                     )
with [Euroclear] [Clearstream]* (Common Code                     )
through the Depository in the name of [insert name of transferor] (the “Transferor”). The Transferor has requested
a transfer of such beneficial interest in the Certificates for an interest in the Regulation 144A Global Certificate (CUSIP No.
                    ).

In connection with
such request, and in respect of such Certificates, the Transferor does hereby certify that such Certificates are being transferred
in accordance with (i) the transfer restrictions set forth in the Pooling and Servicing Agreement and (ii) Rule 144A under the
Securities Act to a transferee that the Transferor reasonably believes is purchasing the Certificates for its own account with
respect to which the transferee exercises sole investment discretion and the transferee and any such account is “qualified
institutional buyer” within the meaning of Rule 144A, in each case in a transaction meeting the requirements of Rule 144A
and in accordance with any applicable securities laws of any state of the United States or an jurisdiction.

 

*
Select appropriate depositary.

    J-1

     

    

This
certificate and the statements contained herein are made for your benefit and the benefit of the Depositor, the Certificate Administrator,
the Trustee, the Operating Advisor, the Asset Representations Reviewer, the Master Servicer and the Special Servicer.

	 	[Insert Name of Transferor]

	 	 	 
	 	By:	     
	 		Name:
	 	 	Title:

Dated: ______________, 20__ 

    J-2

     

    

EXHIBIT K

FORM OF DISTRIBUTION DATE STATEMENT

 

    K-1

     

    

 

 

 

 

	 	 	 	 
	

         

        Wells Fargo Bank, N.A. 

        Corporate Trust Services 

        8480 Stagecoach Circle 

        Frederick, MD 21701-4747
	Benchmark 2018-B1 Mortgage
    Trust

    

    Commercial Mortgage Pass-Through Certificates

    

    Series 2018-B1	For Additional
    Information please contact
	CTSLink Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Payment Date:	2/16/18
	Record Date:	1/31/18
	Determination Date:	2/12/18

	 	 	 	 	 	 	 	 	 
	 	 	 	 	DISTRIBUTION
    DATE STATEMENT	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	Table
    of Contents	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	STATEMENT
    SECTIONS	PAGE(s)	 	 	 
	 	 	 	 	Certificate Distribution Detail	2	 	 	 
	 	 	 	 	Certificate Factor Detail	3	 	 	 
	 	 	 	 	Reconciliation Detail	4	 	 	 
	 	 	 	 	Other Required Information	5	 	 	 
	 	 	 	 	Cash Reconciliation Detail	6	 	 	 
	 	 	 	 	Current Mortgage Loan and Property Stratification
    Tables	7 - 9	 	 	 
	 	 	 	 	Mortgage Loan Detail	10	 	 	 
	 	 	 	 	NOI Detail	11	 	 	 
	 	 	 	 	Principal Prepayment Detail	12	 	 	 
	 	 	 	 	Historical Detail	13	 	 	 
	 	 	 	 	Delinquency Loan Detail	14	 	 	 
	 	 	 	 	Specially Serviced Loan Detail	15 - 16	 	 	 
	 	 	 	 	Advance Summary	17	 	 	 
	 	 	 	 	Modified Loan Detail	18	 	 	 
	 	 	 	 	Historical Liquidated Loan Detail	19	 	 	 
	 	 	 	 	Historical Bond / Collateral Realized Loss Reconciliation	20	 	 	 
	 	 	 	 	Interest Shortfall Reconciliation Detail	21 - 22	 	 	 
	 	 	 	 	Supplemental Reporting	23	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Depositor	 	 	 	Master
    Servicer	 	 	 	Special
    Servicer	 	 	 	Asset
    Representations 

    Reviewer/Operating Advisor	 	 
	 	 	

Deutsche
Mortgage & Asset Receiving Corporation

60
Wall Street
New York, NY 10005

 

 

 

 

Contact:                 Helaine M. Kaplan

Phone Number:      (212) 250-5270
	 	 	 	Wells
                                         Fargo Bank, National Association

Three
                                         Wells Fargo, MAC D1050-084
401 S. Tryon Street,
                                         8th Floor
Charlotte, NC 28202

     

                                                                                                                                        

                                                                                                                                        

                                                                                                                                        

                                                                                                                                       Contact:         REAM_InvestorRelations@
                      wellsfargo.com

	 	 	 	Midland Loan Services

A Division of PNC Bank, N.A.

    10851 Mastin Street, Building 82
Overland Park, KS 66210

                                                                                                                                               

                                                                                                                                               

                                                                                                                                               

                                                                                                                                               

                                                                                                                                              Contact:                 Heather Wagner

Phone Number:      (913) 253-9570

	 	 	 	Park
                                         Bridge Lender Services LLC

600
                                         Third Avenue
40th Floor
New
                                         York, NY 10016

 

 

 

 

                                         Contact:
                                                     David Rodgers

                                         Phone Number:  (212) 230-9090
	 	 
	 	This report is compiled by Wells Fargo Bank, N.A. from information provided by third parties. Wells Fargo
Bank, N.A. has not independently confirmed the accuracy of the information.	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Please visit www.ctslink.com for additional information and if applicable, any special notices
and any credit risk retention notices. In addition, certificateholders may register online for email notification when special
notices are posted. For information or assistance please call 866-846-4526.	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

  

    Page 1 of 23 

     

    

 

	 	 	 	 
	

         

        Wells Fargo Bank, N.A. 

        Corporate Trust Services 

        8480 Stagecoach Circle 

        Frederick, MD 21701-4747
	Benchmark 2018-B1 Mortgage
    Trust

    

    Commercial Mortgage Pass-Through Certificates

    

    Series 2018-B1	For Additional
    Information please contact
	CTSLink Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Payment Date:	2/16/18
	Record Date:	1/31/18
	Determination Date:	2/12/18

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Certificate
    Distribution Detail	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Class	 	 CUSIP	 	Pass-Through

    Rate	 	Original

    Balance	 	Beginning

    Balance	 	Principal

    Distribution	 	Interest

    Distribution	 	Prepayment

    Premium	 	Realized
    Loss/
 Additional Trust

    Fund Expenses	Total

    Distribution	Ending

    Balance	Current

     Subordination

    Level (1)	 	 
	 	 	A-1	 	 	 	0.000000%	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 
	 	 	A-2	 	 	 	0.000000%	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 
	 	 	A-3	 	 	 	0.000000%	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 
	 	 	A-SB	 	 	 	0.000000%	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 
	 	 	A-4	 	 	 	0.000000%	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 
	 	 	A-5	 	 	 	0.000000%	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 
	 	 	A-M	 	 	 	0.000000%	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 
	 	 	B	 	 	 	0.000000%	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 
	 	 	C	 	 	 	0.000000%	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 
	 	 	D	 	 	 	0.000000%	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 
	 	 	E	 	 	 	0.000000%	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 
	 	 	F-RR	 	 	 	0.000000%	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 
	 	 	G-RR	 	 	 	0.000000%	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 
	 	 	S	 	 	 	0.000000%	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 
	 	 	R	 	 	 	0.000000%	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 
	 	 	VRR
    Interest	 	 	 	0.000000%	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 
	 	 	Totals	 	 	 	 	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Class	 	 CUSIP	 	Pass-Through

    Rate	Original

    Notional
 Amount	Beginning

    Notional

    Amount	 	Interest

    Distribution	 	Prepayment

    Premium	 	Total

    Distribution	Ending

    Notional

    Amount	 	 	 	 	 	 	 	 
	 	 	X-A	 	 	 	0.000000%	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 	 	 	 	 	 	 
	 	 	X-B	 	 	 	0.000000%	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 	 	 	 	 	 	 
	 	 	X-D	 	 	 	0.000000%	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 	 	 	 	 	 	 
	 	 	X-E	 	 	 	0.000000%	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	 	 	 	 	 	 	 
	 	 	(1)
                                         Calculated by taking (A) the sum of the ending certificate balance of all classes less
                                         (B) the sum of (i) the ending balance of the designated class and (ii) the ending certificate
                                         balance of all classes which are not subordinate to the designated class and dividing
                                         the result by (A).

 

 

 

	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

    Page 2 of 23 

     

    

 

	 	 	 	 
	

         

        Wells Fargo Bank, N.A. 

        Corporate Trust Services 

        8480 Stagecoach Circle 

        Frederick, MD 21701-4747
	Benchmark 2018-B1 Mortgage
    Trust

    

    Commercial Mortgage Pass-Through Certificates

    

    Series 2018-B1	For Additional
    Information please contact
	CTSLink Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Payment Date:	2/16/18
	Record Date:	1/31/18
	Determination Date:	2/12/18

	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	Certificate
    Factor Detail
	 	 	 	 	 	 	 	 	 	 
	 	Class	CUSIP	Beginning

                                         Balance
	Principal

                                         Distribution
	Interest

                                         Distribution
	Prepayment

                                         Premium
	Realized
                                         Loss/

                                         Additional Trust

                                         Fund Expenses
	Ending

                                         Balance
	 
	 	 
	 	 
	 	A-1	 	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	 
	 	A-2	 	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	 
	 	A-3	 	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	 
	 	A-SB	 	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	 
	 	A-4	 	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	 
	 	A-5	 	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	 
	 	A-M	 	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	 
	 	B	 	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	 
	 	C	 	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	 
	 	D	 	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	 
	 	E	 	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	 
	 	F-RR	 	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	 
	 	G-RR	 	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	 
	 	S	 	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	 
	 	R	 	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	 
	 	VRR
    Interest	 	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	0.00000000	 
	 	 	 	 	 	 	 	 	 	 
	 	Class	CUSIP	Beginning

        Notional

        Amount
	Interest

        Distribution
	Prepayment

        Premium
	Ending

        Notional

        Amount
	 	 	 
	 	 	 	 
	 	 	 	 
	 	X-A	 	0.00000000	0.00000000	0.00000000	0.00000000	 	 	 
	 	X-B	 	0.00000000	0.00000000	0.00000000	0.00000000	 	 	 
	 	X-D	 	0.00000000	0.00000000	0.00000000	0.00000000	 	 	 
	 	X-E	 	0.00000000	0.00000000	0.00000000	0.00000000	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	

                    
	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 

 

    Page 3 of 23 

     

    

 

	 	 	 	 
	

         

        Wells Fargo Bank, N.A. 

        Corporate Trust Services 

        8480 Stagecoach Circle 

        Frederick, MD 21701-4747
	Benchmark 2018-B1 Mortgage
    Trust

    

    Commercial Mortgage Pass-Through Certificates

    

    Series 2018-B1	For Additional
    Information please contact
	CTSLink Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Payment Date:	2/16/18
	Record Date:	1/31/18
	Determination Date:	2/12/18

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Reconciliation
    Detail	 	 
	 	 	Principal
    Reconciliation	 	 
	 	 	 	 	Stated
    Beginning 

    Principal Balance	 	Unpaid
    Beginning

    Principal Balance	 	Scheduled
    

    Principal	 	Unscheduled
    Principal	 	Principal
    Adjustments	 	Realized
    Loss	 	Stated
    Ending

    Principal Balance	 	Unpaid
    Ending

    Principal Balance	 	Current
    Principal

    Distribution Amount	 	 
	 	 	Total	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00 	 	 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Certificate
    Interest Reconciliation	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Class	 	Accrual

    Dates	 	Accrual

    Days	 	Accrued

    Certificate

    Interest	 	Net
    Aggregate

    Prepayment

    Interest Shortfall	 	Distributable

    Certificate

    Interest	 	Distributable

    Certificate Interest

    Adjustment	 	WAC
    CAP

    Shortfall	 	Interest
    

    Shortfall/(Excess)	 	Interest

    Distribution	 	Remaining
    Unpaid

    Distributable

    Certificate Interest	 	 
	 	 	A-1	 	0	 	0	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00   	 	 
	 	 	A-2	 	0	 	0	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00   	 	 
	 	 	A-3	 	0	 	0	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00   	 	 
	 	 	A-SB	 	0	 	0	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00   	 	 
	 	 	A-4	 	0	 	0	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00   	 	 
	 	 	A-5	 	0	 	0	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00   	 	 
	 	 	X-A	 	0	 	0	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00   	 	 
	 	 	A-M	 	0	 	0	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00   	 	 
	 	 	B	 	0	 	0	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00   	 	 
	 	 	C	 	0	 	0	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00   	 	 
	 	 	X-B	 	0	 	0	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00   	 	 
	 	 	X-D	 	0	 	0	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00   	 	 
	 	 	X-E	 	0	 	0	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00   	 	 
	 	 	D	 	0	 	0	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00   	 	 
	 	 	E	 	0	 	0	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00   	 	 
	 	 	F-RR	 	0	 	0	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00   	 	 
	 	 	G-RR	 	0	 	0	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00   	 	 
	 	 	VRR
    Interest	 	0	 	0	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00  	 	 
	 	 	Totals	 	 	 	0	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00	 	0.00  
    	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

    Page 4 of 23 

     

    

 

	 	 	 	 
	

         

        Wells Fargo Bank, N.A. 

        Corporate Trust Services 

        8480 Stagecoach Circle 

        Frederick, MD 21701-4747
	Benchmark 2018-B1 Mortgage
    Trust

    

    Commercial Mortgage Pass-Through Certificates

    

    Series 2018-B1	For Additional
    Information please contact
	CTSLink Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Payment Date:	2/16/18
	Record Date:	1/31/18
	Determination Date:	2/12/18

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Other
    Required Information	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Available Distribution Amount  (1)	 	    0.00	 		 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	    	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Controlling
    Class Information	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Controlling
    Class:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Effective
    as of: mm/dd/yyyy	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	Appraisal Reduction Amount	 	 	 	 
	 	 		 	 	 	 	 	 	 	 	 
	 	 	Controlling Class Representative: 	 	 	 	 	Loan

    Number	 	 	Appraisal	 	 	Cumulative	 	 	Most
    Recent	 	 	 
	 	 	Effective as of: mm/dd/yyyy	 	 	 	 	 	 	Reduction	 	 	ASER	 	 	App.
                                         Reduction

	 	 	 
	 	 	 	 	 	 	 	 	 	Effected	 	 	Amount	 	 	Date	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 		 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	Total	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	(1) The Available Distribution Amount includes any Prepayment Fees
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

    Page 5 of 23 

     

    

 

	 	 	 	 
	

         

        Wells Fargo Bank, N.A. 

        Corporate Trust Services 

        8480 Stagecoach Circle 

        Frederick, MD 21701-4747
	Benchmark 2018-B1 Mortgage
    Trust

    

    Commercial Mortgage Pass-Through Certificates

    

    Series 2018-B1	For Additional
    Information please contact
	CTSLink Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Payment Date:	2/16/18
	Record Date:	1/31/18
	Determination Date:	2/12/18

	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	Cash
    Reconciliation Detail	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	Total Funds Collected	 	 	 	Total Funds Distributed	 	 	 
	 	 	 	 	 	 	 	 	 
	 	Interest:	 	 	 	Fees:	 	 	 
	 	Scheduled Interest	0.00	 	 	Master Servicing
    Fee - Wells Fargo Bank, N.A.	0.00	 	 
	 	Interest reductions
    due to Nonrecoverability Determinations	0.00	 	 	Trustee Fee - Wilmington
    Trust, National Association	0.00	 	 
	 	Interest Adjustments	0.00	 	 	Certificate Administrator
    Fee - Wells Fargo Bank, N.A.	0.00	 	 
	 	Deferred Interest	0.00	 	 	CREFC® Intellectual
    Property Royalty License Fee	0.00	 	 
	 	ARD Interest	0.00	 	 	Operating Advisor
    Fee - Park Bridge Lender Services LLC	0.00	 	 
	 	Default Interest
    and Late Payment Charges	0.00	 	 	Asset Representations
    Reviewer Fee - Park Bridge Lender	0.00	 	 
	 	Net Prepayment Interest
    Shortfall
	0.00
	 	 	Services LLC	 	 	 
	 	Net Prepayment Interest
    Excess	0.00	 	 	Total Fees	 	0.00	 
	 	Extension Interest	0.00	 	 		 	 	 
	 	Interest Reserve
    Withdrawal	0.00	 	 	Additional Trust
    Fund Expenses:	 		 
	 	Total Interest
    Collected	 	0.00	 	Reimbursement for
    Interest on Advances	0.00	 	 
	 	 	 	 	 	ASER Amount	0.00	 	 
	 	Principal:	 	 	 	Special Servicing
    Fee	0.00	 	 
	 	Scheduled Principal	0.00	 	 	Attorney Fees &
    Expenses	0.00	 	 
	 	Unscheduled Principal	0.00	 	 	Bankruptcy Expense	0.00	 	 
	 	Principal Prepayments	0.00	 	 	Taxes Imposed on
    Trust Fund	0.00	 	 
	 	Collection of Principal
    after Maturity Date	0.00	 	 	Non-Recoverable Advances	0.00	 	 
	 	Recoveries from
    Liquidation and Insurance Proceeds	0.00	 	 	Workout-Delayed Reimbursement
    Amounts	0.00	 	 
	 	Excess of Prior
    Principal Amounts paid	0.00	 	 	Other Expenses	0.00	 	 
	 	Curtailments	0.00	 	 	Total Additional
    Trust Fund Expenses		0.00	 
	 	Negative Amortization	0.00	 	 				 
	 	Principal Adjustments	0.00	 	 	Interest Reserve
    Deposit	 	0.00	 
	 	Total Principal
    Collected		0.00 	 		 		 
	 	 	 	 	 	 	 	 	 
	 	Other:	 	 	 	Payments to Certificateholders
    & Others:	 	 	 
	 	Prepayment Penalties/Yield
    Maintenance Charges	0.00	 	 	Interest Distribution	0.00	 	 
	 	Repayment Fees	0.00	 	 	Principal Distribution	0.00	 	 
	 	Borrower Option Extension
    Fees	0.00	 	 	Prepayment Penalties/Yield
    Maintenance Charges 	0.00	 	 
	 	Excess Liquidation
    Proceeds	0.00	 	 	Borrower Option Extension
    Fees	0.00	 	 
	 	Net Swap Counterparty
    Payments Received	0.00	 	 	Net Swap Counterparty
    Payments Received	0.00	 	 
	 	Total Other Collected		0.00	 	Total Payments
    to Certificateholders & Others		0.00	 
	 	Total Funds Collected	 	0.00	 	Total Funds
    Distributed	 	0.00	 
	 	 	 	 	 	 	 	 	 

 

    Page 6 of 23 

     

    

 

	 	 	 	 
	

         

        Wells Fargo Bank, N.A. 

        Corporate Trust Services 

        8480 Stagecoach Circle 

        Frederick, MD 21701-4747
	Benchmark 2018-B1 Mortgage
    Trust

    

    Commercial Mortgage Pass-Through Certificates

    

    Series 2018-B1	For Additional
    Information please contact
	CTSLink Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Payment Date:	2/16/18
	Record Date:	1/31/18
	Determination Date:	2/12/18

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Current
        Mortgage Loan and Property Stratification Tables

        Aggregate
        Pool
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Scheduled
    Balance	 	State
    (3)	 
	 	 	 	 	 
	 	Scheduled
    

    Balance	#
                                         of

        loans

        	Scheduled

        Balance

        	%
                                         of

        Agg.

        Bal.

        	WAM

        (2)

        	WAC	Weighted

        Avg
        DSCR (1)

        	 	State	#
                                         of

        Props.

        	Scheduled

        Balance

        	%
                                         of

        Agg.

        Bal.

        	WAM

        (2)

        	WAC	Weighted

        Avg
        DSCR (1)

        	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Totals	 	 	 	 	 	 	 	Totals	 	 	 	 	 	 	 
	 	 	 
	 	 	 
	 	Debt Yield Ratio (4)	 	 	 
	 	 	 	 	 
	 	Debt Yield Ratio	#
                                         of

        loans

        	Scheduled

        Balance

        	%
                                         of

        Agg.

        Bal.

        	WAM

        (2)

        	WAC	Weighted

        Avg
        DSCR (1)

        	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Totals	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 
	 	  See
    footnotes on last page of this section.	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

    Page 7 of 23 

     

    
 

	 	 	 	 
	

         

        Wells Fargo Bank, N.A. 

        Corporate Trust Services 

        8480 Stagecoach Circle 

        Frederick, MD 21701-4747
	Benchmark 2018-B1 Mortgage
    Trust

    

    Commercial Mortgage Pass-Through Certificates

    

    Series 2018-B1	For Additional
    Information please contact
	CTSLink Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Payment Date:	2/16/18
	Record Date:	1/31/18
	Determination Date:	2/12/18

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Current
    Mortgage Loan and Property Stratification Tables

    Aggregate Pool	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Debt
    Service Coverage Ratio	 	Property
    Type (3)	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Debt
    Service

    Coverage Ratio	#
    of

    loans	Scheduled

    Balance	%
    of

    Agg.

    Bal.	WAM

    (2)	WAC	Weighted

    Avg DSCR (1)	 	Property
    Type	#
    of

    Props.	Scheduled

    Balance	%
    of

    Agg.

    Bal.	WAM

    (2)	WAC	Weighted

    Avg DSCR (1)	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Totals	 	 	 	 	 	 	 	Totals	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Note
    Rate	 	Seasoning	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Note

    Rate	#
    of

    loans	Scheduled

    Balance	%
    of

    Agg.

    Bal.	WAM

    (2)	WAC	Weighted

    Avg DSCR (1)	 	Seasoning	#
    of

    loans	Scheduled

    Balance	%
    of

    Agg.

    Bal.	WAM

    (2)	WAC	Weighted

    Avg DSCR (1)	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Totals	 	 	 	 	 	 	 	Totals	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	See
    footnotes on last page of this section.	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

    Page 8 of 23 

     

    

 

	 	 	 	 
	

         

        Wells Fargo Bank, N.A. 

        Corporate Trust Services 

        8480 Stagecoach Circle 

        Frederick, MD 21701-4747
	Benchmark 2018-B1 Mortgage
    Trust

    

    Commercial Mortgage Pass-Through Certificates

    

    Series 2018-B1	For Additional
    Information please contact
	CTSLink Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Payment Date:	2/16/18
	Record Date:	1/31/18
	Determination Date:	2/12/18

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Current
    Mortgage Loan and Property Stratification Tables

    Aggregate Pool	 
	 	 	 	 	 
	 	Anticipated
    Remaining Term (ARD and Balloon Loans)	 	Remaining
    Stated Term (Fully Amortizing Loans)	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Anticipated
    Remaining

    Term (2)	#
    of

    loans	Scheduled

    Balance	%
    of

    Agg.

    Bal.	WAM (2)	WAC	Weighted

    Avg DSCR (1)	 	Remaining
    Stated

    Term	#
    of

    loans	Scheduled

    Balance	%
    of

    Agg.

    Bal.	WAM

    (2)	WAC	Weighted

    Avg DSCR (1)	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Totals	 	 	 	 	 	 	 	Totals	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Remaining
    Amortization Term (ARD and Balloon Loans)	 	Age
    of Most Recent NOI	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Remaining
    Amortization

    Term	#
    of

    loans	Scheduled

    Balance	%
    of

    Agg.

    Bal.	WAM (2)	WAC	Weighted

    Avg DSCR (1)	 	Age
    of Most

    Recent NOI	#
    of

    loans	Scheduled

    Balance	%
    of

    Agg.

    Bal.	WAM

    (2)	WAC	Weighted

    Avg DSCR (1)	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Totals	 	 	 	 	 	 	 	Totals	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	

(1) Debt Service
Coverage Ratios are updated periodically as new NOI figures become available from borrowers on an asset level. In all cases the
most current DSCR provided by the Servicer is used. To the extent that no DSCR is provided by the Servicer, information from the
offering document is used. The Trustee makes no representations as to the accuracy of the data provided by the borrower for this
calculation.

	 
	 	 	 
	 	(2) Anticipated
                     Remaining Term and WAM are each calculated based upon the term from the current month to the earlier of the
                     Anticipated Repayment Date, if applicable, and the Maturity Date. 

	 
	 	 	 
	 	(3) Data
                     in this table was calculated by allocating pro-rata the current loan information to the properties based
                     upon the Cut-Off Date balance of each property as disclosed in the offering document.

	 
	 	 	 
	 	The Scheduled Balance Totals reflect
    the aggregate balances of all pooled loans as reported in the CREFC Loan Periodic Update File. To the extent that the Scheduled
    Balance Total figure for the “State” and “Property” stratification tables is not equal to the sum
    of the scheduled balance figures for each state or property, the difference is explained by loans that have been modified
    into a split loan structure. The “State” and “Property” stratification tables do not include the balance
    of the subordinate note (sometimes called the B-piece or a “hope note”) of a loan that has been modified into
    a split-loan structure. Rather, the scheduled balance for each state or property only reflects the balance of the senior note
    (sometimes called the A-piece) of a loan that has been modified into a split-loan structure.	 
	 	 	 
	 	Note: There are no Hyper-Amortization
    Loans included in the Mortgage Pool.	 
	 	 	 	 	 

 

    Page 9 of 23 

     

    

 

	 	 	 	 
	

         

        Wells Fargo Bank, N.A. 

        Corporate Trust Services 

        8480 Stagecoach Circle 

        Frederick, MD 21701-4747
	Benchmark 2018-B1 Mortgage
    Trust

    

    Commercial Mortgage Pass-Through Certificates

    

    Series 2018-B1	For Additional
    Information please contact
	CTSLink Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Payment Date:	2/16/18
	Record Date:	1/31/18
	Determination Date:	2/12/18

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Mortgage
    Loan Detail	 
	 	 	 
	 	Loan

    Number	ODCR
    	Property

    Type (1)	City	State	Interest

    Payment	Principal

    Payment	Gross

    Coupon	Anticipated
    

    Repayment

    Date	Maturity

    Date	Neg.

    Amort

    (Y/N)	Beginning

    Scheduled

    Balance	Ending

    Scheduled

    Balance	Paid

    Thru

    Date	Appraisal

    Reduction

    Date	Appraisal

    Reduction

    Amount	Res.

    Strat.

    (2)	Mod.

    Code

    (3)	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Totals	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	(1)
    Property Type Code	(2)
    Resolution Strategy Code	(3)
    Modification Code
	 	 	 
	 	MF 	-	Multi-Family	SS

	-	Self Storage

	1	-	Modification	7	-	REO	11	-	Full Payoff	1	-	Maturity Date Extension	6	-	Capitalization on Interest	 
	 	RT 	-	Retail	98	-	Other

	2 	-	Foreclosure	8	-	Resolved	12 	 -	Reps and
    Warranties  	2	-	Amortization Change	7	-	Capitalization on Taxes	 
	 	HC	-	Health Care	SE	-	Securities

	3	-	Bankruptcy	9	-	Pending Return	13	-	TBD	3	-	Principal Write-Off	8	-	Other	 
	 	 IN	-	Industrial	CH	-	Cooperative
                                         Housing

	4	-	Extension			to Master Servicer	98	-	Other	4	-	Blank	9	-	Combination	 
	 	MH	-	Mobile Home Park	WH	-	Warehouse	5	-	Note Sale	10	- 	Deed in Lieu Of				5	-	Temporary Rate Reduction  	10	-	Forbearance

	 
	 	OF 	-	Office	ZZ

	-	Missing Information

	6	-	DPO

	 	 	Foreclosure

	 	 	 	 	 	 	 	 	 	 
	 	MU

	-	Mixed Use

	SF	-	Single Family

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	LO

	-	Lodging	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

    Page 10 of 23 

     

    

 

	 	 	 	 
	

         

        Wells Fargo Bank, N.A. 

        Corporate Trust Services 

        8480 Stagecoach Circle 

        Frederick, MD 21701-4747
	Benchmark 2018-B1 Mortgage
    Trust

    

    Commercial Mortgage Pass-Through Certificates

    

    Series 2018-B1	For Additional
    Information please contact
	CTSLink Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Payment Date:	2/16/18
	Record Date:	1/31/18
	Determination Date:	2/12/18

	 	 	 	 	 	 	 	 	 	 	 	 
	 	NOI
    Detail	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	Loan

    Number	ODCR	Property

    Type	City	State	Ending

    Scheduled

    Balance	Most

    Recent

    Fiscal NOI (1)	Most

    Recent

    NOI (1)	Most
    Recent

    NOI Start

    Date	Most
    Recent

    NOI End

    Date	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	Total	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 
	(1)
                                         The Most Recent Fiscal NOI and Most Recent NOI fields correspond to the financial data
                                         reported by the Master Servicer. An NOI of 0.00 means the Master Servicer did not report
                                         NOI figures in their loan level reporting.

	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 

 

    Page 11 of 23 

     

    

 

	 	 	 	 
	

         

        Wells Fargo Bank, N.A. 

        Corporate Trust Services 

        8480 Stagecoach Circle 

        Frederick, MD 21701-4747
	Benchmark 2018-B1 Mortgage
    Trust

    

    Commercial Mortgage Pass-Through Certificates

    

    Series 2018-B1	For Additional
    Information please contact
	CTSLink Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Payment Date:	2/16/18
	Record Date:	1/31/18
	Determination Date:	2/12/18

	 	 	 	 	 	 	 	 	 
	 	Principal
    Prepayment Detail	 
	 	 	 	 	 	 	 	 	 
	 	Loan
    Number	Loan
    Group	Offering
    Document
Cross-Reference	Principal
    Prepayment Amount	Prepayment
    Penalties	 
	 	Payoff
    Amount	Curtailment
    Amount	Prepayment
    

    Premium	Yield
    Maintenance
Charge	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	Totals	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 

 

    Page 12 of 23 

     

    

 

	 	 	 	 
	

         

        Wells Fargo Bank, N.A. 

        Corporate Trust Services 

        8480 Stagecoach Circle 

        Frederick, MD 21701-4747
	Benchmark 2018-B1 Mortgage
    Trust

    

    Commercial Mortgage Pass-Through Certificates

    

    Series 2018-B1	For Additional
    Information please contact
	CTSLink Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Payment Date:	2/16/18
	Record Date:	1/31/18
	Determination Date:	2/12/18

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Historical
    Detail	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Delinquencies	Prepayments	Rate
    and Maturities	 
	 	Distribution	30-59
    Days	60-89
    Days	90
    Days or More	Foreclosure	REO	Modifications	Curtailments	Payoff	Next
    Weighted Avg.	WAM 	 
	 	Date	#	Balance	#	Balance	#	Balance	#	Balance	#	Balance	#	Balance	#	Amount 	#	Amount	Coupon	Remit	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Note: Foreclosure and REO Totals
    are excluded from the delinquencies.	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 

 

    Page 13 of 23 

     

    

 

	 	 	 	 
	

         

        Wells Fargo Bank, N.A. 

        Corporate Trust Services 

        8480 Stagecoach Circle 

        Frederick, MD 21701-4747
	Benchmark 2018-B1 Mortgage
    Trust

    

    Commercial Mortgage Pass-Through Certificates

    

    Series 2018-B1	For Additional
    Information please contact
	CTSLink Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Payment Date:	2/16/18
	Record Date:	1/31/18
	Determination Date:	2/12/18

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Delinquency
    Loan Detail	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Loan
    Number	Offering

    Document

    Cross-Reference	#
    of

    Months

    Delinq.	Paid
    Through

    Date	Current

    P & I

    Advances	Outstanding

    P & I

    Advances **	Status
    of

    Loan  (1)	Resolution

    Strategy

    Code  (2)	Servicing
Transfer
    Date	Foreclosure

    Date	Actual

    Principal

    Balance	Outstanding

    Servicing

    Advances	Bankruptcy

    Date	REO

    Date	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Totals	 	 	 	 	 	 	 	 	 	 	 	 	 	 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	(1)
    Status of Mortgage Loan	 	 	(2)
    Resolution Strategy Code	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	A	-	Payment Not Received	0	- Current	4	-	Performing Matured Balloon

	1	-	Modification	7	-	REO	11	-	Full Payoff

	 	 
	 	 	 	 	But Still in Grace Period	1	- 30-59 Days Delinquent	5 	-	Non Performing Matured
    Balloon	2 	-	Foreclosure	8	-	Resolved	12	-	Reps
    and Warranties	 	 
	 	 	 	 	Or Not Yet Due	2	- 60-89 Days Delinquent	6	-	121+ Days Delinquent	3 	-	Bankruptcy	9	-	Pending Return	13	-	TBD	 	 
	 	 	B	-	Late Payment But Less	3	- 90-120 Days Delinquent	 	 	 	4 	-	Extension			to Master Servicer	98	-	Other

	 	 
	 	 	 	 	Than 30 Days Delinquent	 	 	 	 	 	5 	-	Note Sale	10	 -	Deed
                                      In Lieu Of

				 	 
	 	 	** Outstanding P & I Advances
    include the current period advance.	6	-	DPO	 	 	Foreclosure	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

    Page 14 of 23 

     

    

 

	 	 	 	 
	

         

        Wells Fargo Bank, N.A. 

        Corporate Trust Services 

        8480 Stagecoach Circle 

        Frederick, MD 21701-4747
	Benchmark 2018-B1 Mortgage
    Trust

    

    Commercial Mortgage Pass-Through Certificates

    

    Series 2018-B1	For Additional
    Information please contact
	CTSLink Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Payment Date:	2/16/18
	Record Date:	1/31/18
	Determination Date:	2/12/18

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Specially
    Serviced Loan Detail - Part 1	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Loan

    Number	Offering

    Document

    Cross-Reference	Servicing

    Transfer

    Date	Resolution

    Strategy

    Code (1)	Scheduled

    Balance	Property

    Type (2)	State	Interest

    Rate	Actual

    Balance	Net

    Operating

    Income	DSCR

    Date	DSCR	Note

    Date	Maturity

    Date	Remaining

    Amortization

    Term	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	(1)
    Resolution Strategy Code	(2)
    Property Type Code	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	1	-  Modification	7	-	REO	11	-	Full Payoff	MF	-	Multi-Family	SS	-	Self Storage

	 
	 	2	-  Foreclosure	8	-	Resolved	12	- 	Reps and Warranties	RT	-	Retail	98	-	Other

	 
	 	3	-  Bankruptcy	9	-	Pending Return	13	-	TBD	HC	-	Health Care	SE	-	Securities

	 
	 	4	-  Extension			to Master Servicer	98	-	Other	IN	-	Industrial	CH	-	Cooperative Housing

	 
	 	5	-  Note Sale	10	 -	Deed in Lieu Of				MH	-	Mobile Home Park	WH	-	Warehouse

	 
	 	6	-  DPO	 	 	Foreclosure	 	 	 	OF

	-	Office

	ZZ

	- 	Missing Information

	 
	 	 	 	 	 	 	 	 	 	MU

	- 	Mixed Use

	SF 	- 	Single Family 	 
	 	 	 	 	 	 	 	 	 	LO

	- 	Lodging

	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

    Page 15 of 23 

     

    

 

	 	 	 	 
	

         

        Wells Fargo Bank, N.A. 

        Corporate Trust Services 

        8480 Stagecoach Circle 

        Frederick, MD 21701-4747
	Benchmark 2018-B1 Mortgage
    Trust

    

    Commercial Mortgage Pass-Through Certificates

    

    Series 2018-B1	For Additional
    Information please contact
	CTSLink Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Payment Date:	2/16/18
	Record Date:	1/31/18
	Determination Date:	2/12/18

	 	 	 	 	 	 	 	 	 	 	 
	 	Specially
    Serviced Loan Detail - Part 2	 
	 	 	 	 	 	 	 	 	 	 	 
	 	Loan

    Number	Offering

    Document

     Cross-Reference 	Resolution

    Strategy

    Code (1)	Site

    Inspection

    Date	

    Phase 1 Date	Appraisal
    Date	Appraisal

    Value	Other
    REO

    Property Revenue	Comment
                                         from Special Servicer

	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	(1)
    Resolution Strategy Code	(2)
    Property Type Code          	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	1	-  Modification	7	-	REO	11	-	Full Payoff	MF	-	Multi-Family	SS	-	Self Storage

	 
	 	2	-  Foreclosure	8	-	Resolved	12	- 	Reps and Warranties	RT	-	Retail	98	-	Other

	 
	 	3	-  Bankruptcy	9	-	Pending Return	13	-	TBD	HC	-	Health Care	SE	-	Securities

	 
	 	4	-  Extension			to Master Servicer	98	-	Other	IN	-	Industrial	CH	-	Cooperative Housing

	 
	 	5	-  Note Sale	10	 -	Deed in Lieu Of				MH	-	Mobile Home Park	WH	-	Warehouse

	 
	 	6	-  DPO	 	 	Foreclosure	 	 	 	OF

	-	Office

	ZZ

	-	Missing Information

	 
	 	 	 	 	 	 	 	 	 	MU

	-	Mixed Use

	SF 	-	Single Family 	 
	 	 	 	 	 	 	 	 	 	LO

	-	Lodging

	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

    Page 16 of 23 

     

    

 

	 	 	 	 
	

         

        Wells Fargo Bank, N.A. 

        Corporate Trust Services 

        8480 Stagecoach Circle 

        Frederick, MD 21701-4747
	Benchmark 2018-B1 Mortgage
    Trust

    

    Commercial Mortgage Pass-Through Certificates

    

    Series 2018-B1	For Additional
    Information please contact
	CTSLink Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Payment Date:	2/16/18
	Record Date:	1/31/18
	Determination Date:	2/12/18

	 	 	 	 	 	 	 
	Advance
    Summary
	 	 	 	 	 	 	 
	 	Loan
    Group 	Current
    P&I

    Advances	Outstanding
    P&I

    Advances	Outstanding
    Servicing

    Advances	Current
    Period Interest

    on P&I and Servicing

    Advances Paid	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	Totals	0.00	0.00	0.00	0.00	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 

 

    Page 17 of 23 

     

    

 

	 	 	 	 
	

         

        Wells Fargo Bank, N.A. 

        Corporate Trust Services 

        8480 Stagecoach Circle 

        Frederick, MD 21701-4747
	Benchmark 2018-B1 Mortgage
    Trust

    

    Commercial Mortgage Pass-Through Certificates

    

    Series 2018-B1	For Additional
    Information please contact
	CTSLink Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Payment Date:	2/16/18
	Record Date:	1/31/18
	Determination Date:	2/12/18

	 	 	 	 	 	 	 	 	 	 
	 	Modified
    Loan Detail	 
	 	 	 	 	 	 	 	 	 	 
	 	Loan

    Number	Offering

    Document

    Cross-Reference	Pre-Modification

    Balance	Post-Modification

    Balance	Pre-Modification

    Interest Rate	Post-Modification

    Interest Rate	Modification

    Date	Modification
    Description	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	Totals	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 

 

    Page 18 of 23 

     

    

 

	 	 	 	 
	

         

        Wells Fargo Bank, N.A. 

        Corporate Trust Services 

        8480 Stagecoach Circle 

        Frederick, MD 21701-4747
	Benchmark 2018-B1 Mortgage
    Trust

    

    Commercial Mortgage Pass-Through Certificates

    

    Series 2018-B1	For Additional
    Information please contact
	CTSLink Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Payment Date:	2/16/18
	Record Date:	1/31/18
	Determination Date:	2/12/18

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Historical
    Liquidated Loan Detail	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Distribution

    Date	ODCR	Beginning

    Scheduled

    Balance	Fees,

    Advances,

    and Expenses *	Most
    Recent

    Appraised

    Value or BPO	Gross
    Sales

    Proceeds or

    Other Proceeds	Net
    Proceeds

    Received on

    Liquidation	Net
    Proceeds

    Available for

    Distribution	Realized
    

    Loss to Trust	Date
    of Current

    Period Adj.

    to Trust	Current
    Period

    Adjustment

    to Trust	Cumulative

    Adjustment

    to Trust	Loss
    to Loan

    with Cum

    Adj. to Trust	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Current
    Total	 	 	 	 	 	 	 	 	 	 	 	 
	 	Cumulative
    Total	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	*
    Fees, Advances and Expenses also include outstanding P & I advances and unpaid fees (servicing, trustee, etc.).	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

    Page 19 of 23 

     

    

 

	 	 	 	 
	

         

        Wells Fargo Bank, N.A. 

        Corporate Trust Services 

        8480 Stagecoach Circle 

        Frederick, MD 21701-4747
	Benchmark 2018-B1 Mortgage
    Trust

    

    Commercial Mortgage Pass-Through Certificates

    

    Series 2018-B1	For Additional
    Information please contact
	CTSLink Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Payment Date:	2/16/18
	Record Date:	1/31/18
	Determination Date:	2/12/18

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Historical
    Bond/Collateral Loss Reconciliation Detail	 
	 	 	 
	 	Distribution

    Date	 	 	Offering

    Document

    Cross-Reference	 	 	Beginning

    Balance

    at Liquidation	 	 	Aggregate

    Realized Loss

    on Loans	 	 	Prior
    Realized

    Loss Applied

    to Certificates	 	 	Amounts

    Covered by

    Credit Support	 	 	Interest

    (Shortages)/

    Excesses	 	 	Modification

    /Appraisal

    Reduction Adj.	 	 	Additional

    (Recoveries)

    /Expenses	 	 	Realized
    Loss

    Applied to

    Certificates to Date	 	 	Recoveries
    of

    Realized Losses

    Paid as Cash	 	 	(Recoveries)/

    Losses Applied to

    Certificate Interest	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	   	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Totals     	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

    Page 20 of 23 

     

    

 

	 	 	 	 
	

         

        Wells Fargo Bank, N.A. 

        Corporate Trust Services 

        8480 Stagecoach Circle 

        Frederick, MD 21701-4747
	Benchmark 2018-B1 Mortgage
    Trust

    

    Commercial Mortgage Pass-Through Certificates

    

    Series 2018-B1	For Additional
    Information please contact
	CTSLink Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Payment Date:	2/16/18
	Record Date:	1/31/18
	Determination Date:	2/12/18

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Interest
    Shortfall Reconciliation Detail - Part 1	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Offering

    Document

    Cross-

    Reference	 	 	Stated

    Principal

    Balance at

    Contribution	 	 	Current

    Ending

    Scheduled

    Balance	 	 	Special
    Servicing Fees	 	 	ASER	 	 	(PPIS)
    Excess	 	 	Non-Recoverable

    (Scheduled

    Interest)	 	 	Interest
    on

    Advances	 	 	Modified
    Interest

    Rate (Reduction)

    /Excess	 
	Monthly	 	 	Liquidation	 	Work
    Out
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Totals	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

    Page 21 of 23 

     

    

 

	 	 	 	 
	

         

        Wells Fargo Bank, N.A. 

        Corporate Trust Services 

        8480 Stagecoach Circle 

        Frederick, MD 21701-4747
	Benchmark 2018-B1 Mortgage
    Trust

    

    Commercial Mortgage Pass-Through Certificates

    

    Series 2018-B1	For Additional
    Information please contact
	CTSLink Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Payment Date:	2/16/18
	Record Date:	1/31/18
	Determination Date:	2/12/18

	 	 	 	 	 	 	 	 	 
	 	Interest
    Shortfall Reconciliation Detail - Part 2	 
	 	 	 	 	 	 	 	 	 
	 	Offering

    Document

    Cross-Reference	Stated
    Principal

    Balance at

    Contribution	Current
    Ending

    Scheduled

    Balance	Reimb
    of Advances to the Servicer	 Other
     (Shortfalls)/ 

     Refunds	Comments	 
	Current
    Month	Left
    to Reimburse

    Master Servicer
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	Totals	 	 	 	 	 	 	 
	 	Interest
    Shortfall Reconciliation Detail Part 2 Total	0.00	 	 	 
	 	Interest
    Shortfall Reconciliation Detail Part 1 Total	0.00	 	 	 
	 	Total
    Interest Shortfall Allocated to Trust	0.00	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 

 

    Page 22 of 23 

     

    

 

	 	 	 	 
	

         

        Wells Fargo Bank, N.A. 

        Corporate Trust Services 

        8480 Stagecoach Circle 

        Frederick, MD 21701-4747
	Benchmark 2018-B1 Mortgage
    Trust

    

    Commercial Mortgage Pass-Through Certificates

    

    Series 2018-B1	For Additional
    Information please contact
	CTSLink Customer Service
	1-866-846-4526
	Reports
    Available     www.ctslink.com
	Payment Date:	2/16/18
	Record Date:	1/31/18
	Determination Date:	2/12/18

	 	 	 
	 	 	 
	 	Supplemental Reporting	 
	 	 	 
	 	 	 
	 	 	 
	 	Disclosable
                                         Special Servicer Fees, Loan Event of Default, Servicer Termination Event or Special Servicer
                                         Termination Event information would be disclosed here.

	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 

 

    Page 23 of 23 

     

    

 

EXHIBIT L-1A

 

Form
of Investor Certification for Non-Borrower PartY AND/OR RISK RETENTION CONSULTATION PARTY

(for Persons other than the Controlling Class Representative and/or a Controlling Class Certificateholder)

 

[Date]

  

Wells Fargo Bank, National Association

9062 Old Annapolis Road

Columbia, Maryland 21045 

Attention: Corporate
Trust Services – Benchmark 2018-B1 Mortgage Trust 

Email: trustadministrationgroup@wellsfargo.com 

cts.cmbs.bond.admin@wellsfargo.com

 

		Re:	Pooling and
                                         Servicing Agreement (“Pooling and Servicing Agreement”) relating to Benchmark
                                         2018-B1 Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series 2018-B1

 

In accordance with the
requirements for obtaining certain information under the Pooling and Servicing Agreement with respect to the above-referenced certificates
(the “Certificates”), the undersigned hereby certifies and agrees as follows:

 

1.           The
undersigned is a certificateholder, beneficial owner or prospective purchaser of the Class ___ Certificates or is a Risk Retention
Consultation Party, and is neither the Controlling Class Representative nor a Controlling Class Certificateholder.

 

2.           In
the case of a Publicly Offered Certificate, the undersigned has received a copy of the Prospectus.

 

3.           The
undersigned is not a Borrower Party or is a Risk Retention Consultation Party.

 

4.           The
undersigned is requesting access pursuant to the Pooling and Servicing Agreement to certain information (the “Information”)
on the Certificate Administrator’s Website.

 

In consideration of the
disclosure to the undersigned of the Information, or the access thereto, the undersigned shall keep the Information confidential
(except from such outside persons as are assisting it in making an evaluation in connection with purchasing the related Certificates,
from its accountants and attorneys, and otherwise from such governmental or banking authorities or agencies to which the undersigned
is subject), and such Information shall not, without the prior written consent of the Depositor, be otherwise disclosed by the

 

    L-1A-1

     

    

 

undersigned or by its officers, directors, partners, employees, agents or representatives (collectively, the “Representatives”)
in any manner whatsoever, in whole or in part.

 

The undersigned shall
not use or disclose the Information in any manner which could result in a violation of any provision of the Securities Act of 1933,
as amended (the “Securities Act”), or the Securities Exchange Act of 1934, as amended, or would require registration
of any Certificate not previously registered pursuant to Section 5 of the Securities Act.

 

5.           The
undersigned shall be fully liable for any breach of this agreement by itself or any of its Representatives and shall indemnify
the Depositor, the Certificate Administrator, the Trustee, the Master Servicer, the Special Servicer, the Operating Advisor, the
Asset Representations Reviewer, the Underwriters, the Initial Purchasers and the Trust Fund for any loss, liability or expense
incurred thereby with respect to any such breach by the undersigned or any of its Representatives.

 

6.           The
undersigned agrees that each time it accesses the Certificate Administrator’s Website, the undersigned is deemed to have
recertified that the representations and covenants contained herein remain true and correct.

 

7.           Capitalized
terms used but not defined herein shall have the respective meanings assigned thereto in the Pooling and Servicing Agreement.

 

[BY ITS CERTIFICATION
HEREOF, the undersigned has made the representations above and shall have caused, or shall be deemed to have caused, its name to
be signed hereto by its duly authorized signatory, as of the date certified.]

 

	 	[Certificateholder][Beneficial
    Owner][Prospective Purchaser][Risk Retention Consultation Party]
	 	 	 
	 	By:	
	 	 	Title:

    Company:

    Phone:

 

    L-1A-2

     

    

 

EXHIBIT L-1B

 

Form
of Investor Certification for Non-Borrower PartY

(for the Controlling Class Representative and/or a Controlling Class Certificateholder)

 

[Date]

 

	Wells Fargo Bank, National Association

Commercial Mortgage Servicing

Three Wells Fargo 

401 South Tryon Street, 8th Floor

MAC D1050-084

Charlotte, North Carolina 28202

Attention: Benchmark 2018-B1 Asset Manager Email: commercial.servicing@wellsfargo.com	 	Wells Fargo Bank, National Association

9062 Old Annapolis Road

Columbia, Maryland 21045

Attention:  Corporate Trust Services – Benchmark 2018-B1

Email: trustadministrationgroup@wellsfargo.com

cts.cmbs.bond.admin@wellsfargo.com
	 	 	 
	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

Fax Number: (888) 706-3565	 	Park Bridge Lender Services LLC

600 Third Avenue, 40th Floor

New York, New York 10016

Attention:  Benchmark 2018-B1-Surveillance Manager (with a copy sent contemporaneously via email to cmbs.notices@parkbridgefinancial.com
	 	 	 
	Wilmington Trust, National Association

1100 North Market Street

Wilmington, Delaware 19890

Attention: CMBS Trustee – Benchmark 2018-B1	 	 
	 	 	 

		Re:	Pooling and
                                         Servicing Agreement (“Pooling and Servicing Agreement”) relating to Benchmark
                                         2018-B1 Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series 2018-B1

 

In accordance with the
requirements for obtaining certain information under the Pooling and Servicing Agreement with respect to the above-referenced certificates
(the “Certificates”), the undersigned hereby certifies and agrees as follows:

 

1.           The
undersigned is [the Controlling Class Representative][a Controlling Class Certificateholder].

 

3.           The
undersigned is not a Borrower Party.

 

    L-1B-1

     

    

 

4.           The
undersigned is requesting access pursuant to the Pooling and Servicing Agreement to certain information (the “Information”)
on the Certificate Administrator’s Website.

 

In consideration of the
disclosure to the undersigned of the Information, or the access thereto, the undersigned shall keep the Information confidential
(except from such outside persons as are assisting it in making an evaluation in connection with purchasing the related Certificates,
from its accountants and attorneys, and otherwise from such governmental or banking authorities or agencies to which the undersigned
is subject), and such Information shall not, without the prior written consent of the Depositor, be otherwise disclosed by the
undersigned or by its officers, directors, partners, employees, agents or representatives (collectively, the “Representatives”)
in any manner whatsoever, in whole or in part, unless required to do so by law, regulation or legal, judicial or administrative
process; provided, however, that the confidentiality requirement detailed above shall not apply to information which
(i) is already in the undersigned’s possession, (ii) is or becomes publicly available other than as a result of a disclosure
by the undersigned in breach of this agreement or (iii) is or becomes available to the undersigned from a source other than the
Certificate Administrator’s Website.

 

The undersigned shall
not use or disclose the Information in any manner which could result in a violation of any provision of the Securities Act of 1933,
as amended (the “Securities Act”), or the Securities Exchange Act of 1934, as amended, or would require registration
of any Certificate not previously registered pursuant to Section 5 of the Securities Act.

 

5.           The
undersigned shall be fully liable for any breach of this agreement by itself or any of its Representatives and shall indemnify
the Depositor, the Certificate Administrator, the Trustee, the Master Servicer, the Special Servicer, the Operating Advisor, the
Asset Representations Reviewer, the Underwriters, the Initial Purchasers and the Trust Fund for any loss, liability or expense
incurred thereby with respect to any such breach by the undersigned or any of its Representatives.

 

6.           At
any time the undersigned becomes a Borrower Party with respect to any Mortgage Loan, the undersigned shall deliver the certification
attached as Exhibit L-1D to the Pooling and Servicing Agreement and shall deliver to the applicable parties the notices attached
as Exhibit L-1E and Exhibit L-1F to the Pooling and Servicing Agreement.

 

7.           The
undersigned agrees that each time it accesses the Certificate Administrator’s Website, the undersigned is deemed to have
recertified that the representations and covenants contained herein remain true and correct.

 

8.           The
undersigned hereby certifies that an executed copy of this certification in paper form has been delivered in accordance with the
notice provisions of the Pooling and Servicing Agreement to each of the addressees listed above (a) by overnight courier or (b)
mailed by registered mail, postage prepaid.

 

9.           Capitalized
terms used but not defined herein shall have the respective meanings assigned thereto in the Pooling and Servicing Agreement.

 

    L-1B-2

     

    

 

[BY ITS CERTIFICATION
HEREOF, the undersigned has made the representations above and shall have caused, or shall be deemed to have caused, its name to
be signed hereto by its duly authorized signatory, as of the date certified.]

 

	 	[The
Controlling Class Representative][a Controlling Class Certificateholder]
	 	 	 
	 	By:	 	 
	 	 	Title:

    Company:

    Phone:

 

    L-1B-3

     

    

 

EXHIBIT L-1C

 

Form
of Investor Certification for Borrower PartY

(for Persons other than the Controlling Class Representative, THE RISK RETENTION CONSULTATION PARTY and/or a Controlling Class
Certificateholder)

 

[Date]

  

Wells Fargo Bank, National Association

9062 Old Annapolis Road

Columbia, Maryland 21045

Attention: Corporate Trust Services – Benchmark 2018-B1

Email: trustadministrationgroup@wellsfargo.com 

cts.cmbs.bond.admin@wellsfargo.com

 

Wells Fargo Bank, National Association

Commercial Mortgage Servicing

Three Wells Fargo

401 South Tryon Street, 8th Floor

MAC D1050-084

Charlotte, North Carolina 28202

Attention: Benchmark 2018-B1 Asset Manager 

Email: commercial.servicing@wellsfargo.com

  

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

Fax Number: (888) 706-3565

  

Wilmington Trust, National Association

1100 North Market Street

Wilmington, Delaware 19890

Attention: CMBS Trustee – Benchmark 2018-B1

 

		Re:	Pooling and
                                         Servicing Agreement (“Pooling and Servicing Agreement”) relating to Benchmark
                                         2018-B1 Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series 2018-B1

 

In accordance with the
requirements for obtaining certain information under the Pooling and Servicing Agreement with respect to the above-referenced certificates
(the “Certificates”), the undersigned hereby certifies and agrees as follows:

 

    L-1C-1

     

    

 

1.           The
undersigned is a certificateholder, beneficial owner or prospective purchaser of the Class ___ Certificates, and is neither the
Controlling Class Representative nor a Controlling Class Certificateholder.

 

2            The
undersigned is a Borrower Party.

 

3.           The
undersigned is requesting access pursuant to the Pooling and Servicing Agreement to certain information (the “Information”)
on the Certificate Administrator’s Website.

 

In consideration of the
disclosure to the undersigned of the Information, or the access thereto, the undersigned shall keep the Information confidential
(except from such outside persons as are assisting it in making an evaluation in connection with purchasing the related Certificates,
from its accountants and attorneys, and otherwise from such governmental or banking authorities or agencies to which the undersigned
is subject), and such Information shall not, without the prior written consent of the Depositor, be otherwise disclosed by the
undersigned or by its officers, directors, partners, employees, agents or representatives (collectively, the “Representatives”)
in any manner whatsoever, in whole or in part.

 

The undersigned shall
not use or disclose the Information in any manner which could result in a violation of any provision of the Securities Act of 1933,
as amended (the “Securities Act”), or the Securities Exchange Act of 1934, as amended, or would require registration
of any Certificate not previously registered pursuant to Section 5 of the Securities Act.

 

4.           The
undersigned shall be fully liable for any breach of this agreement by itself or any of its Representatives and shall indemnify
the Depositor, the Certificate Administrator, the Trustee, the Master Servicer, the Special Servicer, the Operating Advisor, the
Asset Representations Reviewer, the Underwriters, the Initial Purchasers and the Trust Fund for any loss, liability or expense
incurred thereby with respect to any such breach by the undersigned or any of its Representatives.

 

5.           The
undersigned agrees that each time it accesses the Certificate Administrator’s Website, the undersigned is deemed to have
recertified that the representations and covenants contained herein remain true and correct.

 

6.           Capitalized
terms used but not defined herein shall have the respective meanings assigned thereto in the Pooling and Servicing Agreement.

 

[BY ITS CERTIFICATION
HEREOF, the undersigned shall be deemed to have caused its name to be signed hereto by its duly authorized signatory, as of the
date certified.]

 

	 	[Certificateholder][Beneficial
Owner][Prospective Purchaser]
	 	 	 
	 	By:	
	 	 	Title: 

 

    L-1C-2

     

    

 

	 	 	Company:

Phone:

 

    L-1C-3

     

    

 

EXHIBIT L-1D

 

Form
of Investor Certification for Borrower PartY

(for the Controlling Class Representative and/or a Controlling Class Certificateholder)

 

[Date]

 

	Wells Fargo Bank, National Association

Commercial Mortgage Servicing

Three Wells Fargo 

401 South Tryon Street, 8th Floor

MAC D1050-084

Charlotte, North Carolina 28202

Attention: Benchmark 2018-B1 Asset Manager Email: commercial.servicing@wellsfargo.com	 	Wells Fargo Bank, National Association

9062 Old Annapolis Road

Columbia, Maryland 21045

Attention:  Corporate Trust Services – Benchmark 2018-B1

Email: trustadministrationgroup@wellsfargo.com

cts.cmbs.bond.admin@wellsfargo.com
	 	 	 
	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

Fax Number: (888) 706-3565	 	Park Bridge Lender Services LLC

600 Third Avenue, 40th Floor

New York, New York 10016

Attention:  Benchmark 2018-B1-Surveillance Manager (with a copy sent contemporaneously via email to cmbs.notices@parkbridgefinancial.com
	 	 	 
	Wilmington Trust, National Association

1100 North Market Street

Wilmington, Delaware 19890

Attention: CMBS Trustee – Benchmark 2018-B1	 	 
	 	 	 

		Re:	Pooling and
                                         Servicing Agreement (“Pooling and Servicing Agreement”) relating to Benchmark
                                         2018-B1 Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series 2018-B1

 

In accordance with the
requirements for obtaining certain information under the Pooling and Servicing Agreement with respect to the above-referenced certificates
(the “Certificates”), the undersigned hereby certifies and agrees as follows:

 

1.           The
undersigned is [the Controlling Class Representative][a Controlling Class Certificateholder].

 

2            The
undersigned is a Borrower Party with respect to the following Conflicted Controlling Class Mortgage Loans:

 

    L-1D-1

     

    

 

[IDENTIFY CONFLICTED
CONTROLLING CLASS MORTGAGE LOANS] (the “Conflicted Controlling Class Mortgage Loans”)

 

3.           Except
with respect to the Conflicted Controlling Class Mortgage Loans, the undersigned is requesting access pursuant to the Pooling and
Servicing Agreement to certain information (the “Information”) on the Certificate Administrator’s Website.

 

In consideration of the
disclosure to the undersigned of the Information, or the access thereto, the undersigned shall keep the Information confidential
(except from such outside persons as are assisting it in making an evaluation in connection with purchasing the related Certificates,
from its accountants and attorneys, and otherwise from such governmental or banking authorities or agencies to which the undersigned
is subject), and such Information shall not, without the prior written consent of the Depositor, be otherwise disclosed by the
undersigned or by its officers, directors, partners, employees, agents or representatives (collectively, the “Representatives”)
in any manner whatsoever, in whole or in part.

 

The undersigned shall
not use or disclose the Information in any manner which could result in a violation of any provision of the Securities Act of 1933,
as amended (the “Securities Act”), or the Securities Exchange Act of 1934, as amended, or would require registration
of any Certificate not previously registered pursuant to Section 5 of the Securities Act.

 

4.           The
undersigned hereby acknowledges and agrees that it is prohibited from accessing, reviewing and using Conflicted Information (as
defined in the Pooling and Servicing Agreement) relating to the Conflicted Controlling Class Mortgage Loans to the extent the undersigned
receives access to such Conflicted Information on the Certificate Administrator’s website or otherwise receives access to
such Conflicted Information in connection with its duties, or exercise of its rights pursuant to the Pooling and Servicing Agreement.

 

5.           The
undersigned shall be fully liable for any breach of this agreement by itself or any of its Representative and shall indemnify each
party to the Pooling and Servicing Agreement, the Underwriters, the Initial Purchasers and the Trust Fund for any loss, liability
or expense incurred thereby with respect to any such breach by the undersigned or any of its Representatives.

 

6.           To
the extent the undersigned receives access to any Conflicted Information on the Certificate Administrator’s Website or otherwise
receives access to such Conflicted Information, the undersigned shall be deemed to have agreed that it (i) will not directly or
indirectly provide such Conflicted Information to the related Borrower or (A) any employees or personnel of the undersigned or
any Affiliate involved in the management of any investment in the related Borrower or the related Mortgaged Property or (B) to
its actual knowledge, any non-Affiliate that holds a direct or indirect ownership interest in the related Borrower, and (ii) will
maintain sufficient internal controls and appropriate policies and procedures in place in order to comply with the obligations
described in clause (i) above.

 

    L-1D-2

     

    

 

7.           The
undersigned agrees that each time it accesses the Certificate Administrator’s Website, the undersigned is deemed to have
recertified that the representations and covenants contained herein remain true and correct.

 

8.           The
undersigned hereby certifies that an executed copy of this certification in paper form has been delivered in accordance with the
notice provisions of the Agreement to each of the addressees listed above (a) by overnight courier or (b) mailed by registered
mail, postage prepaid.

 

9.           Capitalized
terms used but not defined herein shall have the respective meanings assigned thereto in the Pooling and Servicing Agreement.

 

[BY ITS CERTIFICATION
HEREOF, the undersigned shall be deemed to have caused its name to be signed hereto by its duly authorized signatory, as of the
date certified.]

 

	 	[The
Controlling Class Representative][a Controlling Class Certificateholder]
	 	 	 
	 	By:	 	 
	 	 	Title:

    Company:

    Phone:

  

    L-1D-3

     

    

 

EXHIBIT L-1E

 

FORM OF NOTICE OF CONFLICTED CONTROLLING
CLASS HOLDER

 

[Date]

 

	Wells Fargo Bank, National Association

Commercial Mortgage Servicing

Three Wells Fargo 

401 South Tryon Street, 8th Floor

MAC D1050-084

Charlotte, North Carolina 28202

Attention: Benchmark 2018-B1 Asset Manager Email: commercial.servicing@wellsfargo.com	 	Wells Fargo Bank, National Association

9062 Old Annapolis Road

Columbia, Maryland 21045

Attention:  Corporate Trust Services – Benchmark 2018-B1

Email: trustadministrationgroup@wellsfargo.com

cts.cmbs.bond.admin@wellsfargo.com
	 	 	 
	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

Fax Number: (888) 706-3565	 	Park Bridge Lender Services LLC

600 Third Avenue, 40th Floor

New York, New York 10016

Attention:  Benchmark 2018-B1-Surveillance Manager (with a copy sent contemporaneously via email to cmbs.notices@parkbridgefinancial.com
	 	 	 
	Wilmington Trust, National Association

1100 North Market Street

Wilmington, Delaware 19890

Attention: CMBS Trustee – Benchmark 2018-B1	 	 
	 	 	 

		Re:	Pooling and
                                         Servicing Agreement (“Pooling and Servicing Agreement”) relating to Benchmark
                                         2018-B1 Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series 2018-B1

 

THIS NOTICE IDENTIFIES
AN “CONFLICTED CONTROLLING CLASS MORTGAGE LOAN” RELATING TO THE BENCHMARK 2018-B1 MORTGAGE TRUST COMMERCIAL MORTGAGE
PASS-THROUGH CERTIFICATES, SERIES 2018-B1, REQUIRING ACTION BY YOU AS THE RECIPIENT PURSUANT TO SECTION 3.32 OF THE POOLING AND
SERVICING AGREEMENT.

 

In accordance with Section
4.02(b) of the Pooling and Servicing Agreement, with respect to the above-referenced certificates (the “Certificates”),
the undersigned (the “Conflicted Controlling Class Holder”) hereby certifies and agrees as follows:

 

1.          
The undersigned is [the Controlling Class Representative] [a Controlling Class Certificateholder] as of the date hereof.

 

    L-1E-1

     

    

 

2.          
The undersigned has become an Conflicted Controlling Class Holder with respect to the following Mortgage Loan(s) (“Conflicted
Controlling Class Mortgage Loans”):

 

	Mortgage Loan Number	ODCR	Loan Name	Borrower Name
	 	 	 	 
	 	 	 	 
	 	 	 	 

 

3.         
As of the date above, the undersigned is the beneficial owner of the following certificates, and is providing the below
information to the addressees hereto for purposes of their compliance with the Pooling and Servicing Agreement, including, the
Certificate Administrator’s determination as to whether a Consultation Termination Event or Control Termination Event is
in effect with respect to the Conflicted Controlling Class Mortgage Loans listed in paragraph 2 if any such mortgage loan is an
Excluded Mortgage Loan:

 

	CUSIP	Class	Outstanding Certificate Balance	Initial Certificate Balance
	 	 	 	 
	 	 	 	 
	 	 	 	 

 

4.          
The undersigned is simultaneously providing notice to the Certificate Administrator in the form of Exhibit L-1F to the Pooling
and Servicing Agreement, requesting termination of access to any Conflicted Information. The undersigned acknowledges that it is
not permitted to access and shall not access any Conflicted Information relating to the Conflicted Controlling Class Mortgage Loans
on the Certificate Administrator’s website unless and until it has (i) delivered notice of the termination of the related
Conflicted Controlling Class Holder status and (ii) submitted a new investor certification in accordance with Section 4.02(b) of
the Pooling and Servicing Agreement.

 

5.          
The undersigned agrees to indemnify and hold harmless each party to the Pooling and Servicing Agreement, the Underwriters,
the Initial Purchasers and the Trust Fund from any damage, loss, cost or liability (including legal fees and expenses and the cost
of enforcing this indemnity) arising out of or resulting from any unauthorized access by the undersigned or any agent, employee,
representative or person acting on its behalf of any Conflicted Information relating to the Conflicted Controlling Class Mortgage
Loans listed in Paragraph 2 above.

 

    L-1E-2

     

    

 

Capitalized terms used
but not defined herein have the respective meanings given to them in the Pooling and Servicing Agreement.

 

IN WITNESS WHEREOF, the
undersigned has made the representations above and shall be deemed to have caused its name to be signed hereto by its duly authorized
officer, as of the day and year written above.

 
 

	 	[Controlling
Class Representative][a Controlling Class Certificateholder]
	 	 	 
	 	By:	 	 
	 	 	Name:

Title:

Phone:

Email:

Address:

 

    L-1E-3

     

    

 

EXHIBIT L-1F

 

FORM OF NOTICE OF CONFLICTED CONTROLLING
CLASS HOLDER TO CERTIFICATE ADMINISTRATOR

 

[Date]

 

	
        Via: Email

        Wells Fargo Bank, National Association

        9062 Old Annapolis Road

        Columbia, Maryland 21045

        Attention: Corporate Trust Services – Benchmark 2018-B1

        trustadministrationgroup@wellsfargo.com

        cts.cmbs.bond.admin@wellsfargo.com

         

        with a copy to:

         

        Wells Fargo Bank, National Association

        8480 Stagecoach Circle

        Frederick, Maryland 21701-4747

        Attention: Benchmark 2018-B1

        

        

        

		Re:	Pooling and
                                         Servicing Agreement (“Pooling and Servicing Agreement”) relating to Benchmark
                                         2018-B1 Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series 2018-B1

 

In accordance with Section
4.02(b) of the Pooling and Servicing Agreement, with respect to the above-referenced certificates (the “Certificates”),
the undersigned (the “Conflicted Controlling Class Holder”) hereby directs you as follows:

 

1.          
The undersigned is the [Controlling Class Representative][a Controlling Class Certificateholder] as of the date hereof.

 

2.          
The undersigned has become an Conflicted Controlling Class Holder with respect to the following Mortgage Loan(s) (“Conflicted
Controlling Class Mortgage Loans”):

 

	Mortgage Loan Number	ODCR	Loan Name	Borrower Name
	 	 	 	 
	 	 	 	 

  

    L-1F-1

     

    

 

	 	 	 	 

 

3.          
The following USER IDs for CTSLink are affiliated with the undersigned and access to any information on the Certificate
Administrator’s Website with respect to the Benchmark 2018-B1 Mortgage Trust securitization should be revoked as to such
users:

	 	 	 
	 	 	 
	 	 	 
	 	 	 

 

4.          
The undersigned acknowledges that it is not permitted to access and shall not access any Conflicted Information with respect
to such Conflicted Controlling Class Mortgage Loans on the Certificate Administrator’s website unless and until it (i) is
no longer an Conflicted Controlling Class Holder with respect to such Conflicted Controlling Class Mortgage Loans, (ii) has delivered
notice of the related Conflicted Controlling Class Holder status and (iii) has submitted an investor certification in the form
of Exhibit L-1E to the Pooling and Servicing Agreement.

 

Capitalized terms used
but not defined herein have the respective meanings given to them in the Pooling and Servicing Agreement.

 

IN WITNESS WHEREOF, the
undersigned has made the representations above and shall be deemed to have caused its name to be signed hereto by its duly authorized
officer, as of the day and year written above.

 

	 	 	[Controlling Class Representative][a Controlling Class
Certificateholder]
	 		 	 
	 	 	Name:

Title:

Phone:

Email:

Address:

  

The undersigned hereby acknowledges that

access to CTSLink has been revoked for

the users listed in Paragraph 3.

 

    L-1F-2

     

    

 

WELLS FARGO BANK, NATIONAL ASSOCIATION,

Certificate Administrator

	 	 
	Name:	
	Title:	

  

    L-1F-3

     

    

 

EXHIBIT L-1G

 

Form
of Certification of the Controlling Class Representative

  

[Date]

 

	Wells Fargo Bank, National Association

Commercial Mortgage Servicing

Three Wells Fargo 

401 South Tryon Street, 8th Floor

MAC D1050-084

Charlotte, North Carolina 28202

Attention: Benchmark 2018-B1 Asset Manager Email: commercial.servicing@wellsfargo.com	Wells Fargo Bank, National Association

9062 Old Annapolis Road

Columbia, Maryland 21045

Attention:  Corporate Trust Services – 2018-B1

Email: trustadministrationgroup@wellsfargo.com

cts.cmbs.bond.admin@wellsfargo.com
	 	 
	
        Deutsche Mortgage & Asset Receiving Corporation 

        60 Wall Street 

        New York, New York 10005 

        Attention: Lainie Kaye 

        with a copy via email to: 

        cmbs.requests@db.com

         

        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

        Fax Number: (888) 706-3565

         
	
        Park Bridge Lender Services LLC

        600 Third Avenue, 40th Floor

        New York, New York 10016

        Attention: Benchmark 2018-B1-Surveillance Manager (with a copy sent contemporaneously via email to cmbs.notices@parkbridgefinancial.com

         

        Wilmington Trust, National Association

        1100 North Market Street

        Wilmington, Delaware 19890

        Attention: CMBS Trustee – Benchmark 2018-B1

         

		Re:	Pooling and
                                         Servicing Agreement (“Pooling and Servicing Agreement”) relating to Benchmark
                                         2018-B1 Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series 2018-B1

 

In accordance with Section
3.29(a) of the Pooling and Servicing Agreement, the undersigned hereby certifies and agrees as follows:

 

1.           The
undersigned has been appointed to act as the Controlling Class Representative.

 

2.           The
undersigned is not a Borrower Party.

 

3.           If
the undersigned becomes a Borrower Party with respect to any Mortgage Loan, the undersigned agrees to and shall deliver the certification
attached as Exhibit

 

    L-1G-1

     

    

 

L-1D to the Pooling and Servicing Agreement and shall deliver to the applicable parties the notices attached
as Exhibit L-1E and Exhibit L-1F to the Pooling and Servicing Agreement.

 

4.           The
undersigned hereby certifies that an executed copy of this certification in paper form has been delivered in accordance with the
notice provisions of the Pooling and Servicing Agreement to each of the addressees listed above (a) by overnight courier or (b)
mailed by registered mail, postage prepaid.

 

5.           Capitalized
terms used but not defined herein shall have the respective meanings assigned thereto in the Pooling and Servicing Agreement.

 

[BY ITS CERTIFICATION
HEREOF, the undersigned shall be deemed to have caused its name to be signed hereto by its duly authorized signatory, as of the
date certified.]

 

	 	[The
Controlling Class Representative][a Controlling Class Certificateholder]
	 	 	 
	 	By:	 
	 	 	Title:

                                         Company:

                                         Phone:

 

    L-1G-2

     

    

 

EXHIBIT L-1H

 

Form
of Certification of the RISK RETENTION CONSULTATION PARTY

 

[Date]

 

	
        Wells Fargo Bank, National Association

        Commercial Mortgage Servicing

        Three Wells Fargo

        401 South Tryon Street, 8th Floor

        MAC D1050-084

        Charlotte, North Carolina 28202

        Attention: Benchmark 2018-B1 Asset Manager

         

        Email: commercial.servicing@wellsfargo.com

         
	 	Wells Fargo Bank, National Association

9062 Old Annapolis Road

Columbia, Maryland 21045

Attention:  Corporate Trust Services – 2018-B1

Email: trustadministrationgroup@wellsfargo.com

cts.cmbs.bond.admin@wellsfargo.com
	
        Park Bridge Lender Services LLC

        600 Third Avenue, 40th Floor

        New York, New York 10016

        Attention: Benchmark 2018-B1-Surveillance Manager (with a copy sent contemporaneously via email to cmbs.notices@parkbridgefinancial.com

        

         
	 	
        Deutsche Mortgage & Asset Receiving Corporation

        

        60 Wall Street 

        New York, New York 10005 

        Attention: Lainie Kaye 

        with a copy via email to: cmbs.requests@db.com

         

	
        Wells
Fargo Bank, National Association 

        600
South 4th Street, 7th Floor 

        MAC N9300-070

        Minneapolis, Minnesota 55479

        Attention: CTS – Certificate Transfers Benchmark 2018-B1

         
	 	
        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 

        Fax Number: (888) 706-3565

        

	 	 	 

		Re:	Benchmark 2018-B1
                                         Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series 2018-B1, VRR Interest

 

In accordance with
Section 3.29 of the Pooling and Servicing Agreement, the undersigned hereby certifies and agrees as follows:

 

1.           The
undersigned has been appointed to act as the Risk Retention Consultation Party.

 

2.           The
undersigned hereby certifies that an executed copy of this certification in paper form has been delivered in accordance with the
notice provisions of the Pooling and Servicing Agreement to each of the addressees listed above (a) by overnight courier or (b) mailed
by registered mail, postage prepaid.

 

    L-1H-1

     

    

 

3.           The
contact information for the undersigned for all notices and other communications is as follows:

 

[_____]

 

4.           Capitalized
terms used but not defined herein shall have the respective meanings assigned thereto in the Pooling and Servicing Agreement.

 

BY ITS CERTIFICATION
HEREOF, the undersigned shall have caused, or shall be deemed to have caused its name to be signed hereto by its duly authorized
signatory, as of the date certified.

 

	 	[RISK
RETENTION CONSULTATION PARTY]
	 	 	 
	 	By:	 
	 	 	Name:

        Title:

  

Dated: _______

 

    L-1H-2

     

    

 

EXHIBIT L-2

 

FORM OF FINANCIAL MARKET PUBLISHER CERTIFICATION

 

This Certification has been prepared
for provision of information to the market data providers listed in Paragraph 1 below pursuant to the direction of the Depositor.

 

In connection with
the Benchmark 2018-B1 Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series 2018-B1 (the “Certificates”)
issued pursuant to the Pooling and Servicing Agreement, dated as of January 1, 2018 (the “Pooling and Servicing Agreement”),
entered into between Deutsche Mortgage & Asset Receiving Corporation, as depositor, Wells Fargo Bank, National Association,
as master servicer, Midland Loan Services, a Division of PNC Bank, National Association, as special servicer, Park Bridge Lender
Services LLC, as operating advisor and asset representations reviewer, Wilmington
Trust, National Association, as trustee, and Wells Fargo Bank, National Association, as certificate administrator, paying agent
and custodian, the undersigned hereby certifies and agrees as follows:

 

		1.	The undersigned is an employee or agent of BlackRock Financial Management, Inc., Moody’s
Analytics, Bloomberg Financial Markets, L.P., CMBS.com, Inc., Intex Solutions, Inc., Trepp, LLC, Interactive Data Corporation,
Markit LLC or Thomson Reuters Corporation, a market data provider that has been given access to the Distribution Date Statements,
CREFC® reports and supplemental notices delivered or made available pursuant to Section 4.02 of the Pooling and
Servicing Agreement to Privileged Persons on www.ctslink.com (the “Website”) by request of the Depositor.

 

		2.	The undersigned agrees that each time it accesses the Website, the undersigned is deemed to have
recertified that the representation above remains true and correct.

 

		3.	Capitalized terms used but not defined herein shall have the respective meanings assigned thereto
in the agreement pursuant to which the Certificates were issued.

 

BY ITS CERTIFICATION HEREOF,
the undersigned has made the representations above and shall be deemed to have caused its name to be signed hereto by its duly
authorized signatory, as of the date certified.

 

    L-2-1

     

    

  

EXHIBIT M

 

FORM OF NOTIFICATION FROM CUSTODIAN

 

[DATE]

 

To the Persons Listed on the attached Schedule
A

 

		Re:	Pooling and
                                         Servicing Agreement (“Pooling and Servicing Agreement”) relating to
                                         Benchmark 2018-B1 Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series
                                         2018-B1

 

Ladies and Gentlemen:

 

In accordance with Section
2.02 of the Pooling and Servicing Agreement, the undersigned, as Custodian, hereby notifies you that, based upon the review required
under the Pooling and Servicing Agreement, the Mortgage File for each Mortgage Loan set forth on the attached defect schedule contains
a document or documents which (i) has not been executed or received, (ii) has not been recorded or filed (if required), (iii) is
unrelated to the Mortgage Loans identified in the Mortgage Loan Schedule, (iv) appears not to be what they purport to be or has
been torn in any materially adverse manner or (v) is mutilated or otherwise defaced, in each case as more fully described on the
attached defect schedule.

 

The Custodian has no
responsibility to determine, and expresses no opinion with respect thereto, whether any document or opinion is legal, valid, binding
or enforceable, whether the text of any assignment or endorsement is in proper or recordable form (except, if applicable, to determine
if the Trustee is the assignee or endorsee), whether any document has been recorded in accordance with the requirements of any
applicable jurisdiction, whether a blanket assignment is permitted in any applicable jurisdiction, or whether any Person executing
any document or rendering any opinion is authorized to do so or whether any signature thereon is genuine.

 

Capitalized words and
phrases used herein shall have the respective meanings assigned to them in the above-captioned Pooling and Servicing Agreement.

	 	 	 
	 	WELLS FARGO BANK, NATIONAL ASSOCIATION,
    as Custodian
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

  

    M-1

     

    

 

SCHEDULE A

TO

FORM OF NOTIFICATION FROM CUSTODIAN

 

Deutsche Mortgage & Asset Receiving Corporation

60 Wall Street

New York, New York 10005

Attention: Lainie Kaye

 

with a copy via email to:

 

cmbs.requests@db.com

 

Park Bridge Lender Services LLC

600 Third Avenue, 40th Floor

New York, New York 10016

Attention: Benchmark 2018-B1-Surveillance Manager (with a copy sent contemporaneously via email to cmbs.notices@parkbridgefinancial.com

 

    M-2

     

    

 

Wells Fargo Bank, National Association

Commercial Mortgage Servicing

Three Wells Fargo

401 South Tryon Street, 8th Floor

MAC D1050-084

Charlotte, North Carolina 28202

Attention: Benchmark 2018-B1 Asset Manager

Facsimile number: (704) 715-0036 

With a copy by email to: commercial.servicing@wellsfargo.com

with a copy to:

Wells Fargo Bank, National Association

Legal Department

301 South College Street

Charlotte, North Carolina 28202-0166

Attention: Commercial Mortgage Servicing Legal Support

Facsimile number: (704) 383-0353

Reference: Benchmark 2018-B1

with a copy to:

K&L Gates LLP

Hearst Tower, 47th Floor

214 North Tryon Street

Charlotte, North Carolina 28202

Attention: Stacy G. Ackermann

Reference: Benchmark 2018-B1

Fax Number: (704) 353-3190

Email: stacy.ackermann@klgates.com

 

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

Fax Number: (888) 706-3565

 

with a copy to:

 

Eversheds Sutherland (US) LLP 

700 Sixth Street, NW, Suite 700 

Washington, DC 20001 

Attention: Lisa A. Rosen 

Fax Number: (202) 637 3593 

Email: LisaRosen@eversheds-sutherland.com

 

    M-3

     

    

 

Wells Fargo Bank, National Association

9062 Old Annapolis Road

Columbia, Maryland 21045

Attention: Corporate Trust Services — Benchmark 2018-B1

 

with copies to:

ct.cmbs.bond.admin@wellsfargo.com; and

trustadministrationgroup@wellsfargo.com

 

If no Consultation Termination Event has occurred and is continuing:

 

Eightfold Real Estate Capital, L.P.

1111 Lincoln Road, Suite 802

Miami Beach, Florida 33139

Attention: Brian Tageson 

Email: btageson@eightfoldcapital.com

 

To the applicable Mortgage Loan Seller:

 

[German American Capital Corporation

60 Wall Street

New York, New York 10005

Attention: Lainie Kaye

 

with a copy via email to:

 

cmbs.requests@db.com]

 

[JPMorgan Chase Bank, National Association

383 Madison Avenue, 31st Floor

New York, New York 10179

Attention: Kunal Singh

Email: US_CMBS_Notice@jpmorgan.com

 

with a copy to:

JPMorgan Chase Bank, National Association

383 Madison Avenue, 32nd Floor

New York, New York 10179

Attention: Bianca A. Russo, Esq.

Email: US_CMBS_Notice@jpmorgan.com]

 

[Citi Real Estate Funding Inc.

390 Greenwich Street, 5th Floor

New York, New York 10013

Attention: Paul Vanderslice

Facsimile: (212) 723-8599

 

    M-4

     

    

 

with a copy to:

 

Citi Real Estate Funding Inc.

390 Greenwich Street, 7th Floor

New York, New York 10013

Attention: Richard Simpson

Facsimile: (646) 328-2943

 

with copies by electronic mail to:

 

richard.simpson@citi.com, and ryan.m.oconnor@citi.com
and, in the case of each Rule 15Ga-1 Notice, cmbs.notice@citi.com]

 

    M-5

     

    

 

DEFECT SCHEDULE

TO FORM OF NOTIFICATION FROM CUSTODIAN

 

    M-6

     

    

 

EXHIBIT N-1

 

FORM OF CLOSING DATE CUSTODIAN CERTIFICATION

[Date]

 

[               ]

[               ]

[               ]

Attention: [               ]

 

		Re:	Pooling and Servicing Agreement (“Pooling and Servicing Agreement”)
relating to Benchmark 2018-B1 Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series 2018-B1	

 

In accordance with Section
2.02 of the Pooling and Servicing Agreement, the Custodian hereby certifies that, with respect to each Mortgage Loan listed on
the Mortgage Loan Schedule attached hereto as Schedule A, (a) the Custodian has in its possession the documents specified in clause
(i) of the definition of “Mortgage File”, (b) the foregoing documents delivered or caused to be delivered by the Mortgage
Loan Sellers as described in clause (a) above have been reviewed by it or by a Custodian on its behalf and appear regular on their
face, appear to be executed and purports to relate to such Mortgage Loan, except as identified on the schedule attached hereto,
and (c) each of the documents specified in Section 2.01(a)(ii), 2.01(a)(vii), 2.01(a)(xi) and 2.01(a)(xix) of the Pooling and Servicing
Agreement have been received, have been executed, appear to be what they purport to be, purport to be recorded or filed (as applicable)
and have not been torn in any materially adverse manner or mutilated or otherwise defaced, and that such documents relate to the
Mortgage Loans identified in the Mortgage Loan Schedule.

 

Capitalized terms used
but not defined herein shall the respective meanings set forth in the Pooling and Servicing Agreement.

	 	 	 
	 	WELLS
FARGO BANK, NATIONAL ASSOCIATION, as Custodian
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

    N-1-1

     

    

 

SCHEDULE A 

TO CLOSING DATE CUSTODIAN CERTIFICATION

 

MORTGAGE LOAN SCHEDULE

 

    N-1-2

     

    

 

EXHIBIT N-2

 

FORM OF POST-CLOSING CUSTODIAN CERTIFICATION

 

[Date]

 

[               ]

[               ]

[               ]

Attention: [               ]

 

		Re:	Pooling and Servicing Agreement (“Pooling and Servicing Agreement”)
relating to Benchmark 2018-B1 Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series 2018-B1	

 

In accordance with Section
2.02 of the Pooling and Servicing Agreement, the Custodian hereby certifies, subject to the terms of the Pooling and Servicing
Agreement, that, with respect to each Mortgage Loan listed on the Mortgage Loan Schedule attached hereto as Schedule A, all documents
(other than documents referred to in clauses (xix) and (xx) of Section 2.01(a) of the Pooling and Servicing Agreement and the documents
referred to in clauses (iii), (iv)(B), (v)(B) and (viii)(B) of Section 2.01(a) of the Pooling and Servicing Agreement and the assignments
of financing statements referred to in clause (xiii) of Section 2.01(a) of the Pooling and Servicing Agreement) referred to in
Section 2.01(a) of the Pooling and Servicing Agreement (in the case of the documents referred to in Section 2.01(a)(iv), (vi),
(viii), (ix), (x), (xi), (xii) through (xvi) and (xviii) through (xx) of the Pooling and Servicing Agreement, as identified to
it in writing as a document required to be delivered by the related Mortgage Loan Seller) and any original recorded documents included
in the delivery of a Mortgage File have been received, have been executed, appear to be what they purport to be, purport to be
recorded or filed (as applicable) and have not been torn in any materially adverse manner or mutilated or otherwise defaced, and
that such documents relate to the Mortgage Loans identified in the Mortgage Loan Schedule, in each case, except as set forth on
the attached schedule hereto.

 

Capitalized terms used
but not defined herein shall the respective meanings set forth in the Pooling and Servicing Agreement.

	 	 	 
	 	WELLS
FARGO BANK, NATIONAL ASSOCIATION, as Custodian
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

    N-2-1

     

    

 

SCHEDULE A 

TO POST-CLOSING CUSTODIAN CERTIFICATION

 

MORTGAGE LOAN SCHEDULE

 

    N-2-2

     

    

 

EXHIBIT O

 

FORM OF TRUSTEE BACKUP CERTIFICATION

 

Benchmark 2018-B1 Mortgage Trust (The
“Trust”)

 

The undersigned, __________,
a __________ of Wilmington Trust, National Association, on behalf of Wilmington Trust, National Association, as trustee (the “Trustee”),
under that certain Pooling and Servicing Agreement, dated as of January 1, 2018 (the “Pooling and Servicing Agreement”),
between Deutsche Mortgage & Asset Receiving Corporation, as depositor, Wells Fargo Bank, National Association, as master servicer,
Midland Loan Services, a Division of PNC Bank, National Association, as special servicer, Park Bridge Lender Services LLC,
as operating advisor and asset representations reviewer, Wilmington Trust, National Association, as trustee, and Wells Fargo Bank,
National Association, as certificate administrator (in such capacity, the “Certificate Administrator”), paying
agent and custodian, certifies to [___], Deutsche Mortgage & Asset Receiving Corporation and its officers, directors and affiliates,
to the extent that the following information is within the Trustee’s normal area of responsibilities and duties under the
Pooling and Servicing Agreement, and with the knowledge and intent that they will rely upon this certification, that:

 

		1.	I am responsible for reviewing the activities performed by the Trustee and based on my knowledge
and the compliance reviews conducted in preparing the Trustee compliance statements required for inclusion on Form 10-K pursuant
to Item 1123 of Regulation AB, and except as disclosed to the Certificate Administrator and to the Depositor, the Trustee has fulfilled
its obligations in all material respects under the Pooling and Servicing Agreement; and

 

		2.	The report on assessment of compliance with servicing criteria applicable to the Trustee for asset-backed
securities with respect to the Trustee or any Servicing Function Participant retained by the Trustee and related attestation report
on assessment of compliance with servicing criteria applicable to it required to be included in the annual report on Form 10-K
for the Relevant Period in accordance with Item 1122 of Regulation AB and Exchange Act Rules 13a-18 and 15d-18 has been provided
to the Depositor and to the Certificate Administrator for inclusion as an exhibit to such Form 10-K. Any material instances of
noncompliance described in such reports have been provided to the Certificate Administrator and the Depositor for disclosure in
such annual report on Form 10-K.

 

Capitalized terms used
but not defined herein have the meanings set forth in the Pooling and Servicing Agreement.

 

    O-1

     

    

 

Date: ________________________

	 	 	 
	 	WILMINGTON TRUST, NATIONAL ASSOCIATION
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

    O-2

     

    

 

EXHIBIT P

 

FORM OF CUSTODIAN BACKUP CERTIFICATION

 

Benchmark 2018-B1 Mortgage Trust (The
“Trust”)

 

The undersigned, __________,
a __________ of Wells Fargo Bank, National Association, on behalf of Wells Fargo Bank, National Association, as custodian (in such
capacity, the “Custodian”), under that certain Pooling and Servicing Agreement, dated as of January 1, 2018
(the “Pooling and Servicing Agreement”), entered into between Deutsche Mortgage & Asset Receiving Corporation,
as depositor, Wells Fargo Bank, National Association, as master servicer, Midland Loan Services, a Division of PNC Bank, National
Association, as special servicer, Park Bridge Lender Services LLC, as operating
advisor and asset representations reviewer, Wilmington Trust, National Association, as trustee, and Wells Fargo Bank, National
Association, as certificate administrator, paying agent and custodian, certifies to [___], Deutsche Mortgage & Asset Receiving
Corporation and its officers, directors and affiliates, to the extent that the following information is within the Custodian’s
normal area of responsibilities and duties under the Pooling and Servicing Agreement, and with the knowledge and intent that they
will rely upon this certification, that:

 

		1.	I am responsible for reviewing the activities performed by the Custodian and based on my knowledge
and the compliance reviews conducted in preparing the Custodian compliance statements required for inclusion on Form 10-K pursuant
to Item 1123 of Regulation AB, and except as disclosed to the Certificate Administrator and to the Depositor, the Custodian has
fulfilled its obligations in all material respects under the Pooling and Servicing Agreement; and

 

		2.	The report on assessment of compliance with servicing criteria applicable to the Custodian for
asset-backed securities with respect to the Custodian or any Servicing Function Participant retained by the Custodian and related
attestation report on assessment of compliance with servicing criteria applicable to it required to be included in the annual report
on Form 10-K for the Relevant Period in accordance with Item 1122 of Regulation AB and Exchange Act Rules 13a-18 and 15d-18 has
been provided to the Depositor and to the Certificate Administrator for inclusion as an exhibit to such Form 10-K. Any material
instances of noncompliance described in such reports have been provided to the Certificate Administrator and the Depositor for
disclosure in such annual report on Form 10-K.

 

Capitalized terms used
but not defined herein have the meanings set forth in the Pooling and Servicing Agreement.

 

    P-1

     

    

 

Date:_____________________

	 	 	 
	 	WELLS
FARGO BANK, NATIONAL ASSOCIATION
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

    P-2

     

    

 

EXHIBIT Q

 

FORM OF CERTIFICATE ADMINISTRATOR BACKUP
CERTIFICATION

 

Benchmark 2018-B1 Mortgage Trust (The
“Trust”)

 

The undersigned, __________,
a __________ of Wells Fargo Bank, National Association, on behalf of Wells Fargo Bank, National Association, as certificate administrator,
(in such capacity, the “Certificate Administrator”), paying agent and custodian, under that certain Pooling
and Servicing Agreement, dated as of January 1, 2018 (the “Pooling and Servicing Agreement”), between Wells
Fargo Bank, National Association, as master servicer (in such capacity, the “Master Servicer”), Midland Loan
Services, a Division of PNC Bank, National Association, as special servicer (the “Special Servicer”), Wilmington
Trust, National Association, as trustee (the “Trustee”), Wells Fargo Bank, National Association, as certificate
administrator, custodian and paying agent, and Park Bridge Lender Services LLC,
as operating advisor (in such capacity, the “Operating Advisor”) and asset representations reviewer (in such
capacity, the “Asset Representations Reviewer”), certifies to [___], Deutsche Mortgage & Asset Receiving Corporation
and its officers, directors and affiliates, to the extent that the following information is within the Certificate Administrator’s
normal area of responsibilities and duties under the Pooling and Servicing Agreement, and with the knowledge and intent that they
will rely upon this certification, that:

 

		1.	I have reviewed the annual report on Form 10-K for the fiscal year [20___] (the “Annual
Report”), and all reports on Form 10-D and Form 8-K to be filed in respect of periods included in the year covered by
the Annual Report (collectively with the Annual Report, the “Reports”), of the Trust;

 

		2.	To my knowledge, the Reports taken as a whole, do not contain any untrue statement of a material
fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements
were made, not misleading with respect to the period covered by the Annual Report;

 

		3.	To my knowledge, the distribution information required to be provided by the Certificate Administrator
under the Pooling and Servicing Agreement for inclusion in the Reports is included in the Reports;

 

		4.	I am responsible for reviewing the activities performed by the Certificate Administrator under
the Pooling and Servicing Agreement and based on my knowledge and the compliance reviews conducted in preparing the Certificate
Administrator compliance statements required for inclusion on Form 10-K pursuant to Item 1123 of Regulation AB, and except as disclosed
on any Reports, the Certificate Administrator has fulfilled its obligations in all material respects under the Pooling and Servicing
Agreement; and

 

		5.	The report on assessment of compliance with servicing criteria applicable to the Certificate Administrator
for asset-backed securities with respect to the Certificate Administrator or any Servicing Function Participant retained by the
Certificate Administrator and related attestation report on assessment of compliance with servicing 

 

    Q-1

     

    

 

	 	 	criteria applicable to it required
to be included in the annual report on Form 10-K for the Relevant Period in accordance with Item 1122 of Regulation AB and Exchange
Act Rules 13a-18 and 15d-18 has been provided to the Depositor for inclusion as an exhibit to such Form 10-K. Any material instances
of noncompliance described in such reports have been provided to the Depositor for disclosure in such annual report on Form 10-K.

 

In giving the certifications
above, the Certificate Administrator has reasonably relied on information provided to it by the following unaffiliated persons:
the Master Servicer, the Special Servicer, the Operating Advisor, the Asset Representations Reviewer and the Depositor.

 

Capitalized terms used
but not defined herein have the meanings set forth in the Pooling and Servicing Agreement.

 

Date:__________________________

	 	 	 
	 	WELLS
FARGO BANK, NATIONAL ASSOCIATION
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

  

    Q-2

     

    

 

EXHIBIT R

 

FORM OF OPERATING ADVISOR BACKUP CERTIFICATION

 

Benchmark 2018-B1 Mortgage Trust (the
“Trust”)

 

		1.	Based on my knowledge, with respect to the period ending [December 31, 20__] (the “Relevant
Period”), all information required to be submitted by the Operating Advisor to the Master Servicer, the Depositor, Trustee
or Certificate Administrator, as applicable, pursuant to the Pooling and Servicing Agreement for inclusion in the annual report
on Form 10-K for the Relevant Period and inclusion in all reports on Form 10-D or Form 8-K (the “Operating Advisor Reports”)
have been submitted by the Operating Advisor to the Master Servicer, the Depositor, the Trustee or the Certificate Administrator,
as applicable, for inclusion in these reports;

 

		2.	Based on my knowledge, the operating advisor information contained in the Operating Advisor Reports,
taken as a whole, does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the
statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period
covered by these reports;

 

		3.	The accountants that are to deliver the annual attestation report on assessment of compliance with
the Relevant Servicing Criteria in respect of the Operating Advisor with respect to the Trust’s fiscal year ________ have
been provided all information relating to the Operating Advisor’s assessment of compliance with the Relevant Servicing Criteria,
in order to enable them to conduct a review in compliance with the standards for attestation engagements issued or adopted by the
PCAOB; and

 

		4.	The report on assessment of compliance with servicing criteria applicable to the Operating Advisor
for asset-backed securities with respect to the Operating Advisor or any Servicing Function Participant retained by the Operating
Advisor and related attestation report on assessment of compliance with servicing criteria applicable to it required to be included
in the annual report on Form 10-K for the Relevant Period in accordance with Item 1122 of Regulation AB and Exchange Act Rules
13a-18 and 15d-18 has been provided to the Depositor and to the Certificate Administrator for inclusion as an exhibit to such Form
10-K. Any material instances of noncompliance described in such reports have been provided to the Certificate Administrator and
the Depositor for disclosure in such annual report on Form 10-K.

 

    R-1

     

    

 

Capitalized terms used but not defined
herein have the meanings set forth in the Pooling and Servicing Agreement.

 

Date:
        _________________

	 	 	 	 
	 	Park
Bridge Lender Services LLC
	 	 	 
	 	By:	Park Bridge
Advisors LLC, Its Sole Member
	 	 	 
	 	By:	Park Bridge
Financial LLC, Its Sole Member
	 	 	 
	 	By:	 	 
	 	Name:
	 	Title:

 

    R-2

     

    

 

EXHIBIT S

 

[RESERVED]

 

    S-1

     

    

 

EXHIBIT T

 

FORM OF MASTER SERVICER BACKUP CERTIFICATION

 

Benchmark 2018-B1 Mortgage
Trust (the “Trust”)

 

I, [identify the certifying
individual], a [_______________] of Wells Fargo Bank, National Association (in such capacity, the “Master Servicer”)
under that certain Pooling and Servicing Agreement, dated as of January 1, 2018 (the “Pooling and Servicing Agreement”),
between Deutsche Mortgage & Asset Receiving Corporation, as depositor, the Master Servicer, Midland Loan Services, a Division
of PNC Bank, National Association, as special servicer (the “Special Servicer”), Park Bridge Lender Services
LLC, as operating advisor and asset representations reviewer, Wilmington Trust,
National Association , as trustee, and Wells Fargo Bank, National Association, as certificate administrator (in such capacity,
the “Certificate Administrator”), paying agent and custodian, on behalf of the Master Servicer, certify to [Name
of Certifying Person(s) for Sarbanes-Oxley Certification], the Depositor, and its officers, directors and affiliates, and with
the knowledge and intent that they will rely upon this certification, that:

 

		1.	Based on my knowledge, with respect to the period ending [December 31, 20__] (the “Relevant
Period”), and assuming the accuracy of the statements required to be made by the Special Servicer, [each applicable Other
Servicer and each applicable Other Special Servicer] in the backup certificate[s] delivered by the Special Servicer, [each applicable
Other Servicer and each applicable Other Special Servicer] relating to the Relevant Period, all servicing information and all reports
required to be submitted by the Master Servicer to the Certificate Administrator pursuant to Sections 3.13(a) and 3.13(c) of the
Pooling and Servicing Agreement for inclusion in the annual report on Form 10-K for the Relevant Period and inclusion in all reports
on Form 10-D or Form 8-K (the “Servicer Reports”) have been submitted by the Master Servicer to the Certificate
Administrator for inclusion in these reports;

 

		2.	Based on my knowledge, and assuming the accuracy of the statements required to be made by the Special
Servicer, [each applicable Other Servicer and each applicable Other Special Servicer] in the backup certificate[s] delivered by
the Special Servicer, [each applicable Other Servicer and each applicable Other Special Servicer] relating to the Relevant Period,
the master servicing information contained in the Servicer Reports, taken as a whole, does not contain any untrue statement of
a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which
such statements were made, not misleading with respect to the period covered by these reports;

 

		3.	I am, or a servicing officer under my supervision is, responsible for reviewing the activities
performed by the Master Servicer under the Pooling and Servicing Agreement and based upon my knowledge and the annual compliance
reviews conducted in preparing the servicer compliance statements required for inclusion on Form 10-K pursuant to Item 1123 of
Regulation AB with respect to the Master Servicer, and except 

 

    T-1

     

    

 

	 	 	as disclosed in the compliance certificate delivered by the Master
Servicer under Section 10.11 of the Pooling and Servicing Agreement, the Master Servicer has fulfilled its obligations under the
Pooling and Servicing Agreement in all material respects in the year to which such report applies;

 

		4.	The accountants that are to deliver the annual attestation report on assessment of compliance with
the Relevant Servicing Criteria in respect of the Master Servicer with respect to the Trust’s fiscal year _____ have been
provided all information relating to the Master Servicer’s assessment of compliance with the Relevant Servicing Criteria
in order to enable them to conduct a review in compliance with the standards for attestation engagements issued or adopted by the
PCAOB; and

 

		5.	The report on assessment of compliance with servicing criteria applicable to the Master Servicer
for asset-backed securities with respect to the Master Servicer or any Servicing Function Participant retained by the Master Servicer
and related attestation report on assessment of compliance with servicing criteria applicable to it required to be included in
the annual report on Form 10-K for the Relevant Period in accordance with Item 1122 of Regulation AB and Exchange Act Rules 13a-18
and 15d-18 has been provided to the Depositor and to the Certificate Administrator for inclusion as an exhibit to such Form 10-K.
Any material instances of noncompliance described in such reports have been provided to the Certificate Administrator and the Depositor
for disclosure in such annual report on Form 10-K.

 

In giving the certification
above, I have reasonably relied on and make no certification as to information provided to me by the following unaffiliated parties:
[name(s) of servicer, sub-servicer, co-servicer, Other Servicer, Other Special Servicer or Other Trustee not retained by the master
servicer giving certification] and, notwithstanding the foregoing certifications, neither I nor Master Servicer makes any certification
under the foregoing clauses (2) and (3) with respect to the information in the Servicing Reports that is in turn dependent upon
information provided by the Special Servicer under the Pooling and Servicing Agreement or by any Other Servicer, Other Special
Servicer or Other Trustee.

 

Capitalized terms used
but not defined herein have the meanings set forth in the Pooling and Servicing Agreement.

 

Date: ________________________

	 	 	 
	 	WELLS
FARGO BANK, NATIONAL ASSOCIATION
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

    T-2

     

    

 

EXHIBIT U

 

FORM OF SPECIAL SERVICER BACKUP CERTIFICATION

 

Benchmark 2018-B1 Mortgage Trust (the
“Trust”)

 

I, [identify the certifying
individual], a [_______________ ] of Midland Loan Services, a Division of PNC Bank, National Association,
as special servicer (the “Special Servicer”) under that certain Pooling and Servicing Agreement dated as of
January 1, 2018 (the “Pooling and Servicing Agreement”), between Deutsche Mortgage & Asset Receiving Corporation,
as depositor, Park Bridge Lender Services LLC, as operating advisor and asset representations
reviewer, Wilmington Trust, National Association, as trustee, Wells Fargo, National Association, as certificate administrator (in
such capacity, the “Certificate Administrator”), paying agent and custodian, Wells Fargo Bank, National Association,
as master servicer (in such capacity, the “Master Servicer”) and Midland Loan Services, a Division of PNC Bank,
National Association, as the Special Servicer, on behalf of the Special Servicer, certify to [Name of Certifying Person(s) for
Sarbanes-Oxley Certification], the Depositor, and its officers, directors and affiliates, and with the knowledge and intent that
they will rely upon this certification, that:

 

		1.	Based on my knowledge, with respect to the period ending [December 31, 20__] (the “Relevant
Period”), all servicing information and all required reports required to be submitted by the Special Servicer to the
Master Servicer, the Depositor, Trustee or Certificate Administrator, as applicable, pursuant to the Pooling and Servicing Agreement
for inclusion in the annual report on Form 10-K for the Relevant Period and inclusion in all reports on Form 10-D or Form 8-K (the
“Special Servicer Reports”) have been submitted by the Special Servicer to the Master Servicer, the Depositor,
the Trustee or the Certificate Administrator, as applicable, for inclusion in these reports;

 

		2.	Based on my knowledge, the special servicing information contained in the Special Servicer Reports,
taken as a whole, does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the
statements made therein, in light of the circumstances under which such statements were made, not misleading with respect to the
period covered by these reports;

 

		3.	I am, or an officer under my supervision is, responsible for reviewing the activities performed
by the Special Servicer under the Pooling and Servicing Agreement and based upon my knowledge and the annual compliance reviews
conducted in preparing the servicer compliance statements required in this report under Item 1123 of Regulation AB with respect
to the Special Servicer, and except as disclosed in the compliance certificate delivered by the Special Servicer under Section
10.11 of the Pooling and Servicing Agreement, the Special Servicer has fulfilled its obligations under the Pooling and Servicing
Agreement in all material respects in the year to which such report applies;

 

		4.	The accountants that are to deliver the annual attestation report on assessment of compliance with
the Relevant Servicing Criteria in respect of the Special Servicer with respect to the Trust’s fiscal year _____ have been
provided all information relating to the 

 

    U-1

     

    

 

	 	 	Special Servicer assessment of compliance with the Relevant Servicing Criteria, in order
to enable them to conduct a review in compliance with the standards for attestation engagements issued or adopted by the PCAOB;
and

 

		5.	The report on assessment of compliance with servicing criteria applicable to the Special Servicer
for asset-backed securities with respect to the Special Servicer or any Servicing Function Participant retained by the Special
Servicer and related attestation report on assessment of compliance with servicing criteria applicable to it required to be included
in the annual report on Form 10-K for the Relevant Period in accordance with Item 1122 of Regulation AB and Exchange Act Rules
13a-18 and 15d-18 has been provided to the Depositor and to the Certificate Administrator for inclusion as an exhibit to such Form
10-K. Any material instances of noncompliance described in such reports have been provided to the Certificate Administrator and
the Depositor for disclosure in such annual report on Form 10-K.

 

Capitalized terms used
but not defined herein have the meanings set forth in the Pooling and Servicing Agreement.

 

Date: ________________________

	 	 	 
	 	MIDLAND
    LOAN SERVICES, A DIVISION OF PNC BANK, NATIONAL ASSOCIATION
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

    U-2

     

    

 

EXHIBIT V

 

FORM OF SUB-SERVICER BACKUP CERTIFICATION

 

Benchmark 2018-B1 Mortgage
Trust (the “Trust”)

 

As contemplated by Section 10.08 of
that certain Pooling and Servicing Agreement dated as of January 1, 2018 (the “Pooling and Servicing
Agreement”), between Deutsche Mortgage & Asset Receiving Corporation, as depositor, Wells Fargo Bank, National
Association, as master servicer (in such capacity, the “Master Servicer”), Midland Loan Services, a
Division of PNC Bank, National Association, as special servicer (the “Special Servicer”), Park Bridge
Lender Services LLC, as operating advisor and asset representations reviewer,
Wilmington Trust, National Association, as trustee, and Wells Fargo Bank, National Association, as certificate administrator
(in such capacity, the “Certificate Administrator”), paying agent and custodian, [identify the certifying
individual], a _____________ of _____________, a  _____________ [corporation] (the “Sub-Servicer”) as Sub-Servicer in connection with
the sub-servicing of one or more Mortgage Loans and/or Serviced Companion Loan under the Pooling and Servicing Agreement, on
behalf of the Sub-Servicer, certify to [Name of Each Certifying Person for Sarbanes-Oxley Certification], the Depositor, the
Master Servicer and their officers, directors and affiliates, and with the knowledge and intent that they will rely upon
this certification, that:

 

		1.	I have reviewed the Servicer Reports and Sub-Servicer Reports (each as defined below) relating
to the Mortgage Loans and/or Serviced Companion Loan delivered by the Sub-Servicer to the Master Servicer, pursuant to the Sub-Servicing
Agreement dated [___________], 20[__] by and between the Sub-Servicer and the Master Servicer (the “Sub-Servicing Agreement”);

 

		2.	Based on my knowledge, with respect to the period ending [December 31, 20__] (the “Relevant
Period”), all servicing information and all reports required to be submitted by the Sub-Servicer to the Certificate Administrator
pursuant to the Pooling and Servicing Agreement (the “Servicer Reports”) for inclusion in the annual report
on Form 10-K for the Relevant Period and inclusion in all reports on Form 10-D or Form 8-K have been submitted by the Sub-Servicer
to the Certificate Administrator for inclusion in these reports;

 

		3.	Based on my knowledge, with respect to the Relevant Period, all servicing information and all reports
required to be submitted by the Sub-Servicer to the Master Servicer pursuant to the Sub-Servicing Agreement (the “Sub-Servicer
Reports”) have been submitted by the Sub-Servicer to the Master Servicer;

 

		4.	Based on my knowledge, the sub-servicer information contained in the Servicer Reports and Sub-Servicer
Reports, taken as a whole, does not contain any untrue statement of a material fact or omit to state a material fact necessary
to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to
the period covered by these reports;

 

    V-1

     

    

 

		5.	Based upon my knowledge and the annual compliance review performed as required under Section [__]
of the Sub-Servicing Agreement, and except as disclosed in the compliance certificate delivered pursuant to Section [__] of the
Sub-Servicing Agreement, the Sub-Servicer has fulfilled its obligations under the Sub-Servicing Agreement in all material respects;

 

		6.	[I am, or a servicing officer under my supervision is, responsible for reviewing the activities
performed by the Sub-Servicer under the Sub-Servicing Servicing Agreement and based upon my knowledge and the annual compliance
reviews conducted in preparing the servicer compliance statements for inclusion on Form 10-K pursuant Item 1123 of Regulation AB
with respect to the Sub-Servicer, and except as disclosed in the compliance certificate delivered by the Sub-Servicer under Section
[__] of the Sub-Servicing Agreement, the Sub-Servicer has fulfilled its obligations under the Sub-Servicing Agreement in all material
respects in the year which such report applies];

 

		7.	The accountants that are to deliver the annual attestation report on assessment of compliance with
the Relevant Servicing Criteria in respect of the Sub-Servicer with respect to the Trust’s fiscal year _____ have been provided
all information relating to the Sub-Servicer’s assessment of compliance with the Relevant Servicing Criteria, in order to
enable them to conduct a review in compliance with the standards for attestation engagements issued or adopted by the PCAOB; and

 

		8.	The report on assessment of compliance with servicing criteria applicable to the Sub-Servicer for
asset-backed securities with respect to the Sub-Servicer or any Servicing Function Participant retained by the Sub-Servicer and
related attestation report on assessment of compliance with servicing criteria applicable to it required to be included in the
annual report on Form 10-K for the Relevant Period in accordance with Item 1122 of Regulation AB and Exchange Act Rules 13a-18
and 15d-18 has been provided to the Depositor and to the Certificate Administrator for inclusion as an exhibit to such Form 10-K.
Any material instances of noncompliance described in such reports have been provided to the Certificate Administrator and the Depositor
for disclosure in such annual report on Form 10-K.

 

Capitalized terms used but not defined
herein have the meanings set forth in the Sub-Servicing Agreement, or if not defined in the Sub-Servicing Agreement, then the meanings
set forth in the Pooling and Servicing Agreement.

 

Date:        ________________

	 	 	 
	 	[Insert NAME OF SUB-SERVICER]
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

    V-2

     

    

 

EXHIBIT W

 

FORM OF SARBANES-OXLEY CERTIFICATION

 

I, [identify the certifying
individual], certify that:

 

1.          I
have reviewed this report on Form 10-K and all reports on Form 10-D required to be filed in respect of the period covered by this
report on Form 10-K of the Benchmark 2018-B1 Mortgage Trust (the “Exchange Act periodic reports”);

 

2.          Based
on my knowledge, the Exchange Act periodic reports, taken as a whole, do not contain any untrue statement of a material fact or
omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements
were made, not misleading with respect to the period covered by this report;

 

3.          Based
on my knowledge, all of the distribution, servicing and other information required to be provided under Form 10-D for the period
covered by this report is included in the Exchange Act periodic reports;

 

4.          Based
on my knowledge and the servicer compliance statements required in this report under Item 1123 of Regulation AB, and except as
disclosed in the Exchange Act periodic reports, the servicers have fulfilled their obligations under the servicing agreements in
all material respects; and

 

5.          All
of the reports on assessment of compliance with servicing criteria for asset-backed securities and their related attestation reports
on assessment of compliance with servicing criteria for asset-backed securities required to be included in this report in accordance
with Item 1122 of Regulation AB and Exchange Act Rules 13a-18 and 15d-18 have been included as an exhibit to this report, except
as otherwise disclosed in this report. Any material instances of noncompliance described in such reports have been disclosed in
this report on Form 10-K.

 

    W-1

     

    

 

In giving the certifications above, I have
reasonably relied on information provided to me by the following unaffiliated parties: Wells Fargo Bank, National Association,
Midland Loan Services, a Division of PNC Bank, National Association, Wilmington Trust, National Association, Park Bridge Lender
Services LLC and [list any sub-servicers].

 

Dated: _______________

	 	 
	 	[_____]

    (Senior officer in charge of securitization of the depositor)

 

    W-2

     

    

 

EXHIBIT X

 

MORTGAGE LOAN SELLER SUB-SERVICERS

 

	Mortgage Loan	Sub-Servicer Name
	Atrium Center	Holliday Fenoglio Fowler, L.P.
	Radisson Blu Aqua Hotel	Holliday Fenoglio Fowler, L.P.
	Valley Crossing	CBRE Loan Services, Inc.
	Honey Creek Marketplace	Holliday Fenoglio Fowler, L.P.
	Tri State Neighborhood Center	Colliers International New England, LLC
	Pick ‘n Save Appleton WI	Holliday Fenoglio Fowler, L.P.
	Q-2 Self Storage	Bellwether Enterprise Real Estate Capital, LLC

 

    X-1

     

    
 

EXHIBIT Y

 

[Reserved]

 

    Y-1

     

    

  

EXHIBIT
Z

 

FORM
OF NRSRO CERTIFICATION

 

[Date]

 

Wells
Fargo Bank, National Association 

9062
Old Annapolis Road 

Columbia,
Maryland 21045 

Attention:
Corporate Trust Services – Benchmark 2018-B1 Mortgage Trust

 

with
copies to:  

 

ct.cmbs.bond.admin@wellsfargo.com,
and 

trustadministrationgroup@wellsfargo.com

 

		Re:	Benchmark
                                         2018-B1 Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series 2018-B1 

 

In
accordance with the Pooling and Servicing Agreement, dated as of January 1, 2018 (the “Agreement”), and executed
in connection with the above-referenced transaction, with respect to the certificates issued thereunder (the “Certificates”),
the undersigned hereby certifies as follows:

 

1.           (a)          The
undersigned is a Rating Agency; or

 

(b)          The
undersigned is a nationally recognized statistical rating organization and either (x) has provided the Depositor with the appropriate
certifications under Exchange Act Rule 17g-5(e), had access to the Depositor’s 17g-5 website prior to the Closing Date,
is requesting access pursuant to the Agreement to certain information (the “Information”) on such 17g-5 website
pursuant to the provisions of the Agreement, and agrees that any confidentiality agreement applicable to the undersigned with
respect to the information obtained from the Depositor’s 17g-5 website prior to the Closing Date shall also be applicable
to information obtained from the 17g-5 Information Provider’s Website (including without limitation, to any information
received by the Depositor for posting on the 17g-5 Information Provider’s Website), or (y), if the undersigned did not have
access to the Depositor’s 17g-5 website prior to the Closing Date, it hereby agrees that it shall be bound by the provisions
of the confidentiality agreement attached hereto as Annex A which shall be applicable to it with respect to any information
obtained from the 17g-5 Information Provider’s Website, including any information that is obtained from the section of the
17g-5 Information Provider’s Website that hosts the Depositor’s 17g-5 website after the Closing Date.

 

2.           The
undersigned either (a) has not accessed information pursuant to Rule 17g–5(a)(3) ten (10) or more times during the most
recently ended calendar year, or (b) has determined and maintained credit ratings for at least 10% of the issued securities and
money market instruments for which it accessed information pursuant to Rule 17g–5(a)(3)(iii) in the

 

     Z-1

     

    

  

calendar
year prior to the year covered by the SEC Certification, if it accessed such information for 10 or more issued securities or money
market instruments.

 

3.           The
undersigned agrees that each time it accesses the 17g-5 Information Provider’s Website, it is deemed to have recertified
that the representations herein contained remain true and correct.

 

Capitalized
terms used but not defined herein shall have the respective meanings assigned thereto in the Agreement.

 

BY
ITS CERTIFICATION HEREOF, the undersigned has made the representations above and shall be deemed to have caused its name to be
signed hereto by its duly authorized signatory, as of the date certified.

 

     Z-2

     

    

 

ANNEX
A

 

CONFIDENTIALITY
AGREEMENT

 

This
Confidentiality Agreement (the “Confidentiality Agreement”) is made in connection with [________] (together
with its affiliates, “[_______]”, the “Furnishing Entities” and each a “Furnishing Entity”)
furnishing certain financial, operational, structural and other information relating to the issuance of the Benchmark 2018-B1
Mortgage Trust Commercial Mortgage Pass-Through Certificates (the “Certificates”) pursuant to the Pooling and
Servicing Agreement, dated as of January 1, 2018 (the “Pooling and Servicing Agreement”), between Deutsche
Mortgage & Asset Receiving Corporation, as depositor, Wells Fargo Bank, National Association, as master servicer, Midland
Loan Services, a Division of PNC Bank, National Association, as special servicer, Park Bridge Lender Services LLC,
as operating advisor and asset representations reviewer, Wilmington Trust, National Association, as trustee, and Wells Fargo Bank,
National Association, as certificate administrator, paying agent and custodian, and the assets underlying or referenced by the
Certificates, including the identity of, and financial information with respect to borrowers, sponsors, guarantors, managers and
lessees with respect to such assets (together, the “Collateral”) to you (the “NRSRO”) through
the website of Wells Fargo Bank, National Association, as 17g-5 Information Provider under the Pooling and Servicing Agreement,
including the [section of the 17g-5 Information Provider’s website that hosts the Depositor’s 17g-5 website after
the Closing Date (as defined in the Pooling and Servicing Agreement]. Information provided by each Furnishing Entity is labeled
as provided by the specific Furnishing Entity.

 

		1.	Definition
                                         of Confidential Information. For purposes of this Confidentiality Agreement, the
                                         term “Confidential Information” shall include the following information
                                         (irrespective of its source or form of communication, including information obtained
                                         by you through access to this site) that may be furnished to you by or on behalf of a
                                         Furnishing Entity in connection with the issuance or monitoring of a rating with respect
                                         to the Certificates: (x) all data, reports, interpretations, forecasts, records,
                                         agreements, legal documents and other information (such information, the “Evaluation
                                         Material”) and (y)  any of the terms, conditions or other facts with respect
                                         to the transactions contemplated by the Pooling and Servicing Agreement, including the
                                         status thereof; provided, however, that the term Confidential Information
                                         shall not include information which:

 

		-	was
                                         or becomes generally available to the public (including through filing with the Securities
                                         and Exchange Commission or disclosure in an offering document) other than as a result
                                         of a disclosure by you or a NRSRO Representative (as defined in Section 2(c)(i)
                                         below) in violation of this Confidentiality Agreement;

 

		-	was
                                         or is lawfully obtained by you from a source other than a Furnishing Entity or its representatives
                                         that (i) is reasonably believed by you to be under no obligation to maintain the
                                         information as confidential and (ii) provides it to you without any obligation to
                                         maintain the information as confidential; or

 

     Z-3

     

    

 

		-	is
                                         independently developed by the NRSRO without reference to any Confidential Information.

 

		2.	Information
                                         to Be Held in Confidence.

 

		(a)	You
                                         will use the Confidential Information solely for the purpose of determining or monitoring
                                         a credit rating on the Certificates and, to the extent that any information used is derived
                                         from but does not reveal any Confidential Information, for benchmarking, modeling or
                                         research purposes (the “Intended Purpose”).

 

		(b)	You
                                         acknowledge that you are aware that the United States and state securities laws impose
                                         restrictions on trading in securities when in possession of material, non-public information
                                         and that the NRSRO will advise (through policy manuals or otherwise) each NRSRO Representative
                                         who is informed of the matters that are the subject of this Confidentiality Agreement
                                         to that effect.

 

		(c)	You
                                         will treat the Confidential Information as private and confidential. Subject to Section
                                         4, without the prior written consent of the applicable Furnishing Entity, you will not
                                         disclose to any person any Confidential Information, whether such Confidential Information
                                         was furnished to you before, on or after the date of this Confidentiality Agreement.
                                         Notwithstanding the foregoing, you may:

 

		(i)	disclose
                                         the Confidential Information to any of the NRSRO’s affiliates, directors, officers,
                                         employees, legal representatives, agents and advisors (each, a “NRSRO Representative”)
                                         who, in the reasonable judgment of the NRSRO, need to know such Confidential Information
                                         in connection with the Intended Purpose; provided, that, prior to disclosure of
                                         the Confidential Information to a NRSRO Representative, the NRSRO shall have taken reasonable
                                         precautions to ensure, and shall be satisfied, that such NRSRO Representative will act
                                         in accordance with this Confidentiality Agreement;

 

		(ii)	solely
                                         to the extent required for compliance with Rule 17g-5(a)(3) of the Act (17 C.F.R. 240.17g-5),
                                         post the Confidential Information to the NRSRO’s password protected website; and

 

		(iii)	use
                                         information derived from the Confidential Information in connection with an Intended
                                         Purpose, if such derived information does not reveal any Confidential Information.

  

		3.	Disclosures
                                         Required by Law. If you or any NRSRO Representative is requested or required (orally
                                         or in writing, by interrogatory, subpoena, civil investigatory demand, request for information
                                         or documents, deposition or similar process relating to any legal proceeding, investigation,
                                         hearing or otherwise) to disclose any Confidential Information, you agree to provide
                                         the relevant Furnishing Entity with notice as soon as practicable (except in the case
                                         of regulatory or other governmental inquiry, examination or investigation, and otherwise
                                         to the extent practical and permitted by law, regulation or regulatory or other governmental
                                         authority) that a request to disclose the Confidential Information has been made so that
                                         the relevant Furnishing Entity may seek an

 

     Z-4

     

    

 

appropriate
protective order or other reasonable assurance that confidential treatment will be accorded the Confidential Information if it
so chooses. Unless otherwise required by a court or other governmental or regulatory authority to do so, and provided that you
been informed by written notice that the related Furnishing Entity is seeking a protective order or other reasonable assurance
for confidential treatment with respect to the requested Confidential Information, you agree not to disclose the Confidential
Information while the Furnishing Entity’s effort to obtain such a protective order or other reasonable assurance for confidential
treatment is pending. You agree to reasonably cooperate with each Furnishing Entity in its efforts to obtain a protective order
or other reasonable assurance that confidential treatment will be accorded to the portion of the Confidential Information that
is being disclosed, at the sole expense of such Furnishing Entity; provided, however, that in no event shall the
NRSRO be required to take a position that such information should be entitled to receive such a protective order or reasonable
assurance as to confidential treatment. If a Furnishing Entity succeeds in obtaining a protective order or other remedy, you agree
to comply with its terms with respect to the disclosure of the Confidential Information, at the sole expense of such Furnishing
Entity. If a protective order or other remedy is not obtained or if the relevant Furnishing Entity waives compliance with the
provisions of this Confidentiality Agreement in writing, you agree to furnish only such information as you are legally required
to disclose, at the sole expense of the relevant Furnishing Entity. 

 

	 	4.	Obligation
                                         to Return Evaluation Material. Promptly upon written request by or on behalf of the
                                         relevant Furnishing Entity, all material or documents, including copies thereof, that
                                         contain Evaluation Material will be destroyed or, in your sole discretion, returned to
                                         the relevant Furnishing Entity. Notwithstanding the foregoing, (a) the NRSRO may
                                         retain one or more copies of any document or other material containing Evaluation Material
                                         to the extent necessary for legal or regulatory compliance (or compliance with the NRSRO’s
                                         internal policies and procedures designed to ensure legal or regulatory compliance) and
                                         (b) the NRSRO may retain any portion of the Evaluation Material that may be found
                                         in backup tapes or other archive or electronic media or other documents prepared by the
                                         NRSRO and any Evaluation Material obtained in an oral communication; provided,
                                         that any Evaluation Material so retained by the NRSRO will remain subject to this Confidentiality
                                         Agreement and the NRSRO will remain bound by the terms of this Confidentiality Agreement.

 

		5.	Violations
                                         of this Confidentiality Agreement.

 

		(a)	The
                                         NRSRO will be responsible for any breach of this Confidentiality Agreement by you, the
                                         NRSRO or any NRSRO Representative.

 

		(b)	You
                                         agree promptly to advise each relevant Furnishing Entity in writing of any misappropriation
                                         or unauthorized disclosure or use by any person of the Confidential Information which
                                         may come to your attention and to take all steps reasonably requested by such Furnishing
                                         Entity to limit, stop or otherwise remedy such misappropriation, or unauthorized disclosure
                                         or use.

 

		(c)	You
                                         acknowledge and agree that the Furnishing Entities would not have an adequate remedy
                                         at law and would be irreparably harmed in the event that any of the

 

     Z-5

     

    

  

provisions
of this Confidentiality Agreement were not performed in accordance with their specific terms or were otherwise breached. It is
accordingly agreed that each Furnishing Entity shall be entitled to specific performance and injunctive relief to prevent breaches
of this Confidentiality Agreement and to specifically enforce the terms and provisions hereof, in addition to any other remedy
to which a Furnishing Entity may be entitled at law or in equity. It is further understood and agreed that no failure to or delay
in exercising any right, power or privilege hereunder shall preclude any other or further exercise of any right, power or privilege. 

 

		6.	Term.
                                        Notwithstanding the termination or cancellation of this Confidentiality Agreement
                                        and regardless of whether the NRSRO has provided a credit rating on a Security, your obligations
                                        under this Confidentiality Agreement will survive indefinitely.

 

		7.	Governing
                                        Law. This Confidentiality Agreement and any claim, controversy or dispute arising
                                        under the Confidentiality Agreement, the relationships of the parties and/or the interpretation
                                        and enforcement of the rights and duties of the parties shall be governed by and construed
                                        in accordance with the laws of the State of New York applicable to agreements made and
                                        to be performed within such State.

 

		8.	Amendments.
                                        This Confidentiality Agreement may be modified or waived only by a separate writing by
                                        the NRSRO and each Furnishing Entity.

 

		9.	Entire
                                        Agreement. This Confidentiality Agreement represents the entire agreement between
                                        you and the Furnishing Entities relating to the treatment of Confidential Information
                                        heretofore or hereafter reviewed or inspected by you. This agreement supersedes all other
                                        understandings and agreements between us relating to such matters; provided, however,
                                        that, if the terms of this Confidentiality Agreement conflict with another agreement relating
                                        to the Confidential Information that specifically states that the terms of such agreement
                                        shall supersede, modify or amend the terms of this Confidentiality Agreement, then to
                                        the extent the terms of this Confidentiality Agreement conflict with such agreement, the
                                        terms of such agreement shall control notwithstanding acceptance by you of the terms hereof
                                        by entry into this website.

 

		10.	Contact
                                         Information. Notices for each Furnishing Entity under this Confidentiality Agreement,
                                         shall be directed as set forth below:

  

[__________________]

 

     Z-6

     

    

 

EXHIBIT
AA-1

 

FORM
OF TRANSFEROR CERTIFICATE

FOR TRANSFER OF THE EXCESS SERVICING FEE RIGHTS

 

[Date]

 

Deutsche
Mortgage & Asset Receiving Corporation

60 Wall Street

New York, New York 10005

Attention: Lainie Kaye

 

with
a copy via email to:

 

cmbs.requests@db.com

 

	 	Re:	Deutsche
                                         Mortgage & Asset Receiving Corporation, Benchmark 2018-B1 Mortgage Trust Commercial
                                         Mortgage Pass-Through Certificates, Series 2018-B1

 

Ladies
and Gentlemen:

 

This
letter is delivered to you in connection with the transfer by _________________ (the “Transferor”) to _________________
(the “Transferee”) of the Excess Servicing Fee Right established under the Pooling and Servicing Agreement,
dated as of January 1, 2018 (the “Pooling and Servicing Agreement”), and executed with respect to the above-referenced
transaction. All capitalized terms used but not otherwise defined herein shall have the respective meanings set forth in the Pooling
and Servicing Agreement. The Transferee hereby certifies, represents and warrants to you, as Depositor, that:

 

1.           The
Transferor is the lawful owner of the right to receive the Excess Servicing Fees with respect to the Mortgage Loans for which
_________________ is the Master Servicer (the “Excess Servicing Fee Right”), with the full right to transfer
the Excess Servicing Fee Right free from any and all claims and encumbrances whatsoever.

 

2.           Neither
the Transferor nor anyone acting on its behalf has (a) offered, transferred, pledged, sold or otherwise disposed of the Excess
Servicing Fee Right, any interest in the Excess Servicing Fee Right or any other similar security to any person in any manner,
(b) solicited any offer to buy or accept a transfer, pledge or other disposition of the Excess Servicing Fee Right, any interest
in the Excess Servicing Fee Right or any other similar security from any person in any manner, (c) otherwise approached or negotiated
with respect to the Excess Servicing Fee Right, any interest in the Excess Servicing Fee Right or any other similar security with
any person in any manner, (d) made any general solicitation with respect to the Excess Servicing Fee Right, any interest in the
Excess Servicing Fee Right or any other similar security by means of general advertising or in any other manner, or (e) taken
any other action, which (in the case of any of the acts described in clauses (a) through (e) hereof) would constitute a distribution
of the Excess Servicing Fee Right under the Securities Act of 1933, as amended (the “Securities Act”), or would
render the disposition of the Excess Servicing Fee Right a violation of Section 5 of the

 

     AA-1-1

     

    

  

Securities
Act or any state securities laws, or would require registration or qualification of the Excess Servicing Fee Right pursuant to
the Securities Act or any state securities laws. 

 

	 	Very truly yours,
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

 

     AA-1-2

     

    

 

EXHIBIT
AA-2

 

FORM
OF TRANSFEREE CERTIFICATE

FOR TRANSFER OF THE EXCESS SERVICING FEE RIGHTS

 

[Date]

 

Deutsche
Mortgage & Asset Receiving Corporation

60 Wall Street

New York, New York 10005

Attention: Lainie Kaye

 

with
a copy via email to:

 

cmbs.requests@db.com

Wells
Fargo Bank, National Association

Commercial Mortgage Servicing

Three Wells Fargo

401 South Tryon Street, 8th Floor

MAC D1050-084

Charlotte, North Carolina 28202

Attention: Benchmark 2018-B1 Asset Manager 

Facsimile
number: (704) 715-0036 

Email:
commercial.servicing@wellsfargo.com

 

	Re: Trust	Deutsche
          Mortgage & Asset Receiving Corporation, Benchmark 2018-B1 Mortgage Commercial Mortgage Pass-Through Certificates,
          Series 2018-B1

  

Ladies
and Gentlemen:

 

This
letter is delivered to you in connection with the transfer by _________________ (the “Transferor”) to _________________
(the “Transferee”) of the Excess Servicing Fee Right established under the Pooling and Servicing Agreement,
dated as of January 1, 2018 (the “Pooling and Servicing Agreement”), entered into and executed with respect
to the above-referenced transaction. All capitalized terms used but not otherwise defined herein shall have the respective meanings
set forth in the Pooling and Servicing Agreement. The Transferee hereby certifies, represents and warrants to you, as the Depositor
and the Master Servicer, that:

 

1.           The
Transferee is acquiring the right to receive Excess Servicing Fees with respect to the Mortgage Loans as to which __________________
is the applicable Master Servicer (the “Excess Servicing Fee Right”) for its own account for investment and
not with a view to or for sale or transfer in connection with any distribution thereof, in whole or in part, in any manner which
would violate the Securities Act of 1933, as amended (the “Securities Act”), or any applicable state securities
laws.

 

    AA-2-1 

     

    

 

2.           The
Transferee understands that (a) the Excess Servicing Fee Right has not been and will not be registered under the Securities Act
or registered or qualified under any applicable state securities laws, (b) none of the Depositor, the Trustee, Certificate Administrator
or the Certificate Registrar is obligated so to register or qualify the Excess Servicing Fee Right, and (c) the Excess Servicing
Fee Right may not be resold or transferred unless it is (i) registered pursuant to the Securities Act and registered or qualified
pursuant to any applicable state securities laws or (ii) sold or transferred in transactions which are exempt from such registration
and qualification and (A) the Depositor has received a certificate from the prospective transferor substantially in the form attached
as Exhibit AA-1 to the Pooling and Servicing Agreement, and (B) each of the Master Servicer and the Depositor have received a
certificate from the prospective transferee substantially in the form attached as Exhibit AA-2 to the Pooling and Servicing Agreement.

 

3.           The
Transferee understands that it may not sell or otherwise transfer the Excess Servicing Fee Right or any interest therein except
in compliance with the provisions of Section 3.12 of the Pooling and Servicing Agreement, which provisions it has carefully reviewed.

 

4.           Neither
the Transferee nor anyone acting on its behalf has (a) offered, pledged, sold, disposed of or otherwise transferred the Excess
Servicing Fee Right, any interest in the Excess Servicing Fee Right or any other similar security to any person in any manner,
(b) solicited any offer to buy or accept a pledge, disposition or other transfer of the Excess Servicing Fee Right, any interest
in the Excess Servicing Fee Right or any other similar security from any person in any manner, (c) otherwise approached or negotiated
with respect to the Excess Servicing Fee Right, any interest in the Excess Servicing Fee Right or any other similar security with
any person in any manner, (d) made any general solicitation with respect to the Excess Servicing Fee Right, any interest in the
Excess Servicing Fee Right or any other similar security by means of general advertising or in any other manner, or (e) taken
any other action with respect to the Excess Servicing Fee Right, any interest in the Excess Servicing Fee Right or any other similar
security, which (in the case of any of the acts described in clauses (a) through (e) above) would constitute a distribution of
the Excess Servicing Fee Right under the Securities Act, would render the disposition of the Excess Servicing Fee Right a violation
of Section 5 of the Securities Act or any state securities law or would require registration or qualification of the Excess Servicing
Fee Right pursuant thereto. The Transferee will not act, nor has it authorized or will it authorize any person to act, in any
manner set forth in the foregoing sentence with respect to the Excess Servicing Fee Right, any interest in the Excess Servicing
Fee Right or any other similar security.

 

5.           The
Transferee has been furnished with all information regarding (a) the Depositor, (b) the Excess Servicing Fee Right and any payments
thereon, (c) the Pooling and Servicing Agreement and the Trust Fund created pursuant thereto, (d) the nature, performance and
servicing of the Mortgage Loans, and (e) all related matters that it has requested.

 

6.           The
Transferee is (a) a “qualified institutional buyer” within the meaning of Rule 144A under the Securities Act or (b)
an “accredited investor” as defined in any of paragraphs (1), (2), (3) and (7) of Rule 501(a) under the Securities
Act or an entity in which all of the equity owners come within such paragraphs. The Transferee has such knowledge and experience
in financial and business matters as to be capable of evaluating the merits and risks of an

 

    AA-2-2 

     

    

 

investment
in the Excess Servicing Fee Right; the Transferee has sought such accounting, legal and tax advice as it has considered necessary
to make an informed investment decision; and the Transferee is able to bear the economic risks of such investment and can afford
a complete loss of such investment.

 

7.           The
Transferee agrees (i) to keep all information relating to the Trust, the Trust Fund and the parties to the Pooling and Servicing
Agreement, and made available to it, confidential, (ii) not to use or disclose such information in any manner which could result
in a violation of any provision of the Securities Act or would require registration of the Excess Servicing Fee Right or any Certificate
pursuant to the Securities Act, and (iii) not to disclose such information, and to cause its officers, directors, partners, employees,
agents or representatives not to disclose such information, in any manner whatsoever, in whole or in part, to any other Person
other than such holder’s auditors, legal counsel and regulators, except to the extent such disclosure is required by law,
court order or other legal requirement or to the extent such information is of public knowledge at the time of disclosure by such
holder or has become generally available to the public other than as a result of disclosure by such holder; provided, however,
that such holder may provide all or any part of such information to any other Person who is contemplating an acquisition of the
Excess Servicing Fee Right if, and only if, such Person (x) confirms in writing such prospective acquisition and (y) agrees in
writing to keep such information confidential, not to use or disclose such information in any manner which could result in a violation
of any provision of the Securities Act or would require registration of the Excess Servicing Fee Right or any Certificates pursuant
to the Securities Act and not to disclose such information, and to cause its officers, directors, partners, employees, agents
or representatives not to disclose such information, in any manner whatsoever, in whole or in part, to any other Person other
than such Persons’ auditors, legal counsel and regulators.

 

8.           The
Transferee acknowledges that the holder of the Excess Servicing Fee Right shall not have any rights under the Pooling and Servicing
Agreement except as set forth in Section 3.12(a) of the Pooling and Servicing Agreement, and that the Excess Servicing Fee Rate
may be reduced to the extent provided in the Pooling and Servicing Agreement.

  

	 	Very truly yours,
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

    AA-2-3 

     

    

  

EXHIBIT
BB

 

FORM
OF OPERATING ADVISOR ANNUAL REPORT1

 

Report
Date: This report will be delivered annually no later than 120 days after the end of the calendar year, pursuant to the
terms and conditions of the Pooling and Servicing Agreement, dated as of January 1, 2018 (the “Pooling and Servicing
Agreement”), between Deutsche Mortgage & Asset Receiving Corporation, as depositor, Wells Fargo Bank, National Association,
as master servicer, Midland Loan Services, a Division of PNC Bank, National Association, as special servicer, Park Bridge Lender
Services LLC, as operating advisor and asset representations reviewer, Wilmington
Trust, National Association, as trustee, and Wells Fargo Bank, National Association, as certificate administrator, paying agent
and custodian.

Transaction: Deutsche Mortgage & Asset Receiving Corporation, Benchmark 2018-B1 Mortgage Trust Commercial Mortgage
Pass-Through Certificates, Series 2018-B1

Operating Advisor: Park Bridge Lender Services LLC

Special Servicer as of December 31: [__________]

Controlling Class Representative: [__________]

 

		I.	Population
                                         of Mortgage Loans that Were Considered in Compiling this Report

 

		1.	The
                                         Special Servicer has notified the Operating Advisor that [●] Specially Serviced
                                         Loans were transferred to special servicing in the prior calendar year [INSERT YEAR].

 

		a.	[●]
                                         of those Specially Serviced Loans are still being analyzed by the Special Servicer as
                                         part of the development of [a Final] Asset Status Report.

 

		b.	[Final]
                                         Asset Status Reports were issued with respect to [●] of such Specially Serviced
                                         Loans. This report is based only on the Specially Serviced Loans in respect of which
                                         [a Final] Asset Status Report has been issued. The [Final] Asset Status Reports may not
                                         yet be fully implemented.

 

		2.	The
                                         Special Servicer has notified the Operating Advisor that it has completed a Major Decision
                                         with respect to [●] Specially Serviced Loans [INSERT AFTER AN OPERATING ADVISOR
                                         CONSULTATION EVENT: and [●] non-Specially Serviced Loans], and provided the Major
                                         Decision Reporting Package or Asset Status Report with respect to [●] Specially
                                         Serviced Loans [INSERT AFTER AN OPERATING ADVISOR CONSULTATION EVENT: and [●] non-Specially
                                         Serviced Loans] to the operating advisor.

 

 

  

1
This report is an indicative report and does not reflect the final form of annual report to be used in any particular year.
The Operating Advisor will have the ability to modify or alter the organization and content of any particular report, subject
to the compliance with the terms of the Pooling and Servicing Agreement, including, without limitation, provisions relating to
Privileged Information.

 

     BB-1

     

    

 

	II.	Executive
                                         Summary

 

Based
on the requirements and qualifications set forth in the Pooling and Servicing Agreement, as well as the items listed below, the
Operating Advisor (in accordance with the Operating Advisor’s analysis requirements outlined in the Pooling and Servicing
Agreement) has undertaken a limited review of the Special Servicer’s reported actions under the Pooling and Servicing Agreement
on the loans identified in this report. Based solely on such limited review and subject to the assumptions, limitations and qualifications
set forth herein, the Operating Advisor believes, in its sole discretion exercised in good faith, that the Special Servicer [is/is
not] operating in compliance with the Servicing Standard with respect to its performance of its duties under the Pooling and Servicing
Agreement during the prior calendar year on an “asset-level basis”. [The Operating Advisor believes, in its sole discretion
exercised in good faith, that the Special Servicer has failed to materially comply with the Servicing Standard as a result of
the following material deviations.]

 

		●	[LIST
                                         OF MATERIAL DEVIATION ITEMS]

 

In
addition, the Operating Advisor notes the following: [PROVIDE SUMMARY OF ANY ADDITIONAL MATERIAL INFORMATION].

 

[ADD
RECOMMENDATION OF REPLACEMENT OF SPECIAL SERVICER, IF APPLICABLE]

 

		III.	List
                                         of Items that Were Considered in Compiling this Report

 

In
rendering our assessment herein, we examined and relied upon the accuracy and completeness of the items listed below:

 

	1.	Any Major
                                Decision Reporting Package that is delivered or made available to the Operating Advisor by the
                                Special Servicer pursuant to the Pooling and Servicing Agreement.

 

	2.	Reports
                                by the Special Servicer made available to Privileged Persons that are posted on the certificate
                                administrator’s website that is relevant to the operating advisor’s obligations under
                                the PSA and certain information it has reasonably requested from the special servicer [AFTER AN
                                OPERATING ADVISOR CONSULTATION EVENT:] and each Asset Status Report (after the occurrence and
                                continuance of an Operating Advisor Consultation Event) and each Final Asset Status Report, in
                                each case, delivered or made available to the Operating Advisor pursuant to the terms of the Pooling
                                and Servicing Agreement.

 

	3.	The Special
                                Servicer’s assessment of compliance report, attestation report by a third party regarding
                                the Special Servicer’s compliance with its obligations, and non-discretionary portions of
                                net present value calculations and Appraisal Reduction Amount calculations delivered or made available
                                to the Operating Advisor pursuant to the terms of the Pooling and Servicing Agreement.

 

	4.	[LIST OTHER
                                REVIEWED INFORMATION]

 

     BB-2

     

    

 

	5.	[INSERT
                                IF AFTER AN OPERATING ADVISOR CONSULTATION EVENT:] Consulted with the Special Servicer as provided
                                under the Pooling and Servicing Agreement on Asset Status Reports for a Specially Serviced Loan
                                delivered or made available to the Operating Advisor pursuant to the terms of the Pooling and
                                Servicing Agreement and with respect to Major Decisions processed by the Special Servicer.

 

	6.	[INSERT
                                IF AFTER AN OPERATING ADVISOR CONSULTATION EVENT:] During the prior year, the Operating Advisor
                                consulted with the Special Servicer regarding its strategy plan for a limited number of issues
                                related to the following Specially Serviced Loans: [LIST]. The Operating Advisor participated
                                in discussions and made strategic observations and recommended alternative courses of action to
                                the extent it deemed such observations and recommendations appropriate.

 

NOTE:
The Operating Advisor’s review of the above materials should be considered a limited review and not be considered a full
or limited audit. For instance, we did not review each page of the Special Servicer’s policy and procedure manuals (including
amendments and appendices), review underlying lease agreements or similar underlying documents, re-engineer the quantitative aspects
of their net present value calculation, visit any related property, visit the Special Servicer, visit the Directing Holder or
interact with any borrower. In addition, our review of the net present value calculations and Appraisal Reduction calculations
is limited to the mathematical accuracy of the calculations and the corresponding application of the non-discretionary portions
of the applicable formulas, and as such, does not take into account the reasonableness of the discretionary portions of such formulas. 

 

IV.
Assumptions, Qualifications and Disclaimers Related to the Work Product Undertaken and Opinions Related to this Report

 

		1.	[As
                                         provided in the Pooling and Servicing Agreement, the Operating Advisor is not required
                                         to report on instances of non-compliance with, or deviations from, the Servicing Standard
                                         or the special servicer’s obligations under the Pooling and Servicing Agreement
                                         that the Operating Advisor determines, in its sole discretion exercised in good faith,
                                         to be immaterial.]

 

		2.	In
                                         rendering our assessment herein, we have assumed that all executed factual statements,
                                         instruments, and other documents that we have relied upon in rendering this assessment
                                         have been executed by persons with legal capacity to execute such documents.

 

		3.	Other
                                         than the receipt of any Major Decision Reporting Package or any Asset Status Report that
                                         is delivered or made available to the Operating Advisor pursuant to the terms of the
                                         Pooling and Servicing Agreement, the Operating Advisor did not participate in, or have
                                         access to, the Special Servicer’s and Directing Holder’s discussion(s) regarding
                                         any Specially Serviced Loan. The Operating Advisor does not have authority to speak with
                                         the Directing Holder or borrower directly. As such, the Operating Advisor relied upon
                                         the information delivered to it by the Special Servicer as well as its interaction with
                                         the Special Servicer, if any, in gathering the relevant information to generate this
                                         report. The

 

     BB-3

     

    

 

services
that we perform are not designed and cannot be relied upon to detect fraud or illegal acts should any exist.

  

		4.	The
                                         Special Servicer has the legal authority and responsibility to service any Specially
                                         Serviced Loans pursuant to the Pooling and Servicing Agreement. The Operating Advisor
                                         has no responsibility or authority to alter the standards set forth in the Pooling and
                                         Servicing Agreement or the actions of the Special Servicer.

 

		5.	Confidentiality
                                         and other contractual limitations limit the Operating Advisor’s ability to outline
                                         the details or substance of any communication held between it and the Special Servicer
                                         regarding any Specially Serviced Loans and certain information it reviewed in connection
                                         with its duties under the Pooling and Servicing Agreement. As a result, this report may
                                         not reflect all the relevant information that the Operating Advisor is given access to
                                         by the Special Servicer.

 

		6.	The
                                         Operating Advisor is not empowered to speak with any investors directly. If the investors
                                         have questions regarding this report, they should address such questions to the certificate
                                         administrator through the certificate administrator’s website.

 

		7.	This
                                         report does not constitute recommendations to buy, sell or hold any security, nor does
                                         the Operating Advisor take into account market prices of securities or financial markets
                                         generally when performing its limited review of the Special Servicer as described above.
                                         The Operating Advisor does not have a fiduciary relationship with any Certificateholder
                                         or any other party or individual. Nothing is intended to or should be construed as creating
                                         a fiduciary relationship between the Operating Advisor and any Certificateholder, party
                                         or individual.

 

Terms
used but not defined herein have the meaning set forth in the Pooling and Servicing Agreement. 

 

	 	PARK BRIDGE LENDER SERVICES LLC
	 	 	 
	 	 	By:	Park Bridge Advisors LLC, Its Sole Member
	 	 	 
	 	 	By:	Park Bridge Financial LLC, Its Sole Member
	 	 	 
	 	 	By:	 
	 	 		Name:
	 	 		Title:

 

     BB-4

     

    

 

EXHIBIT CC

 

ADDITIONAL DISCLOSURE NOTIFICATION

 

**SEND VIA FAX TO (410)715-2380 AND VIA
EMAIL TO cts.sec.notifications@wellsfargo.com AND [_____] AND VIA OVERNIGHT MAIL TO THE ADDRESSES IMMEDIATELY BELOW**

 

Wells Fargo Bank, National Association

9062 Old Annapolis Road

Columbia, Maryland 21045

Attention: Corporate Trust Services – Benchmark 2018-B1
Mortgage Trust

 

with copies to:

 

ct.cmbs.bond.admin@wellsfargo.com,
and

trustadministrationgroup@wellsfargo.com

 

Deutsche Mortgage & Asset Receiving Corporation,

as Depositor

60 Wall Street

New York, New York 10005

Attention: Lainie Kaye

 

with a copy via email to:

cmbs.requests@db.com

 

		Re:	**Additional
                                         Form [10-D][10-K][8-K] Disclosure Required **

 

Ladies and Gentlemen:

 

In accordance with Section [10.06][10.07][10.09]
of the Pooling and Servicing Agreement, dated as of January 1, 2018 (the “Pooling and Servicing Agreement”),
between Deutsche Mortgage & Asset Receiving Corporation, as depositor, Wells Fargo Bank, National Association, as master servicer
(in such capacity, the “Master Servicer”), Midland Loan Services, a Division of PNC Bank, National Association,
as special servicer (the “Special Servicer”), Park Bridge Lender Services LLC,
as operating advisor, Park Bridge Lender Services LLC, as asset representations
reviewer, Wilmington Trust, National Association, as trustee, and Wells Fargo, National Association, as certificate administrator
(in such capacity, the “Certificate Administrator”), paying agent and custodian, the undersigned, as                          ,
hereby notifies you that certain events have come to our attention that [will] [may] need to be disclosed on Form [10-D][10-K][8-K].

 

Description of Additional Form [10-D][10-K][8-K]
Disclosure:

 

    CC-1

     

    

 

List of any Attachments hereto to be included
in the Additional Form [10-D][10-K][8-K] Disclosure: 

 

Any inquiries related to this notification
should be directed to                          ,
phone number:                          ;
email address:                          .

 

	 	[NAME OF PARTY], as [role]
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

    CC-2

     

    

 

EXHIBIT DD-1 

 

FORM OF POWER OF ATTORNEY BY TRUSTEE
FOR MASTER SERVICER

 

RECORDING REQUESTED BY:

 

Wells Fargo Bank, National Association

Commercial Mortgage Servicing

Three Wells Fargo

401 South Tryon Street, 8th Floor

MAC D1050-084

Charlotte, North Carolina 28202

 

 

 SPACE ABOVE THIS LINE FOR RECORDER’S
USE

 

 LIMITED
POWER OF ATTORNEY 

 

KNOW ALL MEN BY THESE PRESENTS, that Wilmington
Trust, National Association, a national banking association, incorporated and existing under the laws of the United States, having
its usual place of business at 1100 North Market Street, Wilmington, Delaware 19890 as Trustee (the “Trustee”)
pursuant to that Pooling and Servicing Agreement dated as of January 1, 2018 (the “Agreement”) between Deutsche
Mortgage & Asset Receiving Corporation, as Depositor, Wells Fargo Bank, National Association, as Certificate Administrator,
Park Bridge Lender Services LLC, as Operating Advisor and Asset Representations Reviewer, Wells Fargo Bank, National Association,
as Master Servicer (in such capacity, the “Master Servicer”), Midland Loan Services, a Division of PNC Bank,
National Association, as Special Servicer (the “Special Servicer”) and Wilmington Trust, National Association,
as Trustee, and the Trustee hereby constitutes and appoints the Master Servicer, by and through the Master Servicer’s officers,
the Trustee’s true and lawful Attorney-in-Fact, in the Trustee’s name, place and stead and for the Trustee’s
benefit, in connection with all mortgage loans (the “Mortgage Loans”) serviced by the Servicer and all properties
(“Properties”) administered by the Master Servicer pursuant to the Agreement, to execute and acknowledge in
writing or by facsimile stamp all documents customarily and reasonably necessary and appropriate to effectuate the enumerated
transactions described in items 1 through 12 below with respect to the Mortgage Loans and Properties; provided however, that the
documents described below may only be executed and delivered by such Attorneys-in-Fact if such documents are required or permitted
under the Agreement. Capitalized terms used herein and not otherwise defined herein have the meanings set forth in the Agreement. 

 

		1.	The endorsement on behalf of the Trustee of all checks, drafts and/or other negotiable instruments made payable to the Trustee
and draw upon, replace, substitute, release or amend letters of credit standing as collateral securing any Mortgage Loan.

 

		2.	The modification or re-recording of a Mortgage or deed
of trust, where said modification or re-recording is solely for the purpose of correcting the Mortgage or deed of trust to

  

    DD-1-1

     

    

 

			conform same to the original intent of the parties thereto or to correct title errors
                                                                           discovered after such title insurance was issued; provided that (i) said modification or re-recording, in either instance,
                                                                           does not adversely affect the lien of the Mortgage or deed of trust as insured and (ii) otherwise conforms to the provisions
                                                                           of the Agreement.

 

		3.	The subordination of the lien of a Mortgage or deed of trust to an easement in favor of a public utility company of a government
agency or unit with powers of eminent domain; this section shall include, without limitation, the execution of partial satisfactions/releases,
partial reconveyances or the execution or requests to trustees to accomplish same.

 

		4.	The conveyance of the properties to the mortgage insurer, or the closing of the title to the property to be acquired as real
estate owned, or conveyance of title to real estate owned.

 

		5.	The completion of loan assumption agreements.

 

		6.	The full satisfaction/release of a Mortgage or deed of trust or full conveyance upon payment and discharge of all sums secured
thereby, including, without limitation, cancellation of the related Mortgage Note.

  

		7.	The assignment of any Mortgage or deed of trust and the related Mortgage Note, in connection with the repurchase of the mortgage
loan secured and evidenced thereby.

  

		8.	The full assignment of a Mortgage or deed of trust upon payment and discharge of all sums secured thereby in conjunction with
the refinancing thereof, including, without limitation, the assignment of the related Mortgage Note.

  

		9.	The full enforcement of and preservation of the Trustee’s interests in the Mortgage Notes, Mortgages or deeds of trust,
and in the proceeds thereof, by way of, including but not limited to, foreclosure, the taking of a deed in lieu of foreclosure,
or the completion of judicial or non-judicial foreclosure or the termination, cancellation or rescission of any such foreclosure,
the initiation, prosecution and completion of eviction actions or proceedings with respect to, or the termination, cancellation
or rescission of any such eviction actions or proceedings, and the pursuit of title insurance, hazard insurance and claims in bankruptcy
proceedings, including, without limitation, any and all of the following acts:

  

		a.	the substitution of trustee(s) serving under a deed of
trust, in accordance with state law and the deed of trust;

 

		b.	the preparation and issuance of statements of breach or non-performance;

 

		c.	the preparation and filing of notices of default and/or notices of sale;

 

		d.	the cancellation/rescission of notices of default and/or notices of sale;

 

    DD-1-2

     

    

 

		e.	the taking of deed in lieu of foreclosure;

 

		f.	the filing, prosecution and defense of claims, and to appear on behalf of the Trustee, in bankruptcy
cases affecting Mortgage Notes, Mortgages or deeds of trust;

 

		g.	the preparation and service of notices to quit and all other documents necessary to initiate, prosecute
and complete eviction actions or proceedings;

 

		h.	the tendering, filing, prosecution and defense, as applicable, of hazard insurance and title insurance
claims, including but not limited to appearing on behalf of the Trustee in quiet title actions; and

 

		i.	the preparation and execution of such other documents and performance of such other actions as may
be necessary under the terms of the Mortgage, deed of trust or state law to expeditiously complete said transactions in paragraphs
9.a. through 9.h. above.

  

		10.	With respect to the sale of property acquired through a foreclosure or deed-in lieu of foreclosure, including, without limitation,
the execution of the following documentation:

 

		a.	listing agreements;

 

		b.	purchase and sale agreements;

 

		c.	grant/warranty/quit claim deeds or any other deed causing the transfer of title of  the property to a party contracted
to purchase same;

  

		d.	escrow instructions; and

 

		e.	any and all documents necessary to effect the transfer of property.

  

		11.	The modification or amendment of escrow agreements established for repairs to the mortgaged property or reserves for replacement
of personal property.

  

		12.	The execution and delivery of the following:

  

		a.	any and all financing statements, continuation statements and other documents or instruments necessary
to maintain the lien created by the Mortgage, deed of trust or other security document in the related Mortgage File or the related
Mortgaged Property and other related collateral;

  

		b.	any and all instruments of satisfaction or cancellation, or of partial or full release or discharge,
or of partial or full defeasance, and all other comparable instruments; and

  

		c.	any and all assumptions, modifications, waivers, substitutions, extensions, amendments, consents to
transfers of interests in borrowers, consents to any subordinate financings to be secured by any related Mortgaged Property, consents
to

  

    DD-1-3

     

    

 

			any mezzanine financing to be secured by the ownership interests in a borrower, consents to
                                                                           and monitoring of the application of any proceeds of insurance policies or condemnation awards to the restoration of the
                                                                           related Mortgaged Property or otherwise, documents relating to the management, operation, maintenance, repair, leasing and
                                                                           marketing of the related Mortgaged Properties (including agreements and requests by any borrower with respect to
                                                                           modifications of the standards of operation and management of such Mortgaged Properties or the replacement of asset
                                                                           managers), documents exercising any or all of the rights, powers and privileges granted or provided to the holder of any
                                                                           Mortgage Loan under the related loan documents, lease subordination agreements, non-disturbance and attornment agreements or
                                                                           other leasing or rental arrangements, any easements, covenants, conditions, restrictions, equitable servitudes, or land use
                                                                           or zoning requirements with respect to the Mortgaged Properties, instruments relating to the custody of any collateral that
                                                                           now secures or hereafter may secure any Mortgage Loan and any other consents.

 

The undersigned gives said Attorney-in-Fact
full power and authority to execute such instruments and to do and perform all and every act and thing necessary and proper to
carry into effect the power or powers granted by or under this Limited Power of Attorney as fully as the undersigned might or
could do, and hereby does ratify and confirm to all that said Attorney-in-Fact shall be effective as of the date set forth below. 

 

This appointment is to be construed and
interpreted as a limited power of attorney. The enumeration of specific items, rights, acts or powers herein is not intended to,
nor does it give rise to, and it is not to be construed as a general power of attorney. 

 

Solely to the extent that the Master Servicer
has the power to delegate its rights or obligations under the Agreement, the Master Servicer also has the power to delegate the
authority given to it by Wilmington Trust, National Association, as Trustee, under this Limited Power of Attorney, for purposes
of performing its obligations and duties by executing such additional powers of attorney in favor of its attorneys-in-fact as are
necessary for such purpose. The Master Servicer's attorneys-in-fact shall have no greater authority than that held by the Master
Servicer.

  

Nothing contained herein shall: (i) limit
in any manner any indemnification provided to the Trustee under the Agreement, (ii) limit in any manner the rights and protections
afforded the Trustee under the Agreement, or (iii) be construed to grant the Master Servicer the power to initiate or defend any
suit, litigation or proceeding in the name of Wilmington Trust, National Association except as specifically provided for herein.
If the Master Servicer receives any notice of suit, litigation or proceeding in the name of Wilmington Trust, National Association,
then the Master Servicer shall promptly forward a copy of same to the Trustee.

 

This limited power of attorney is not
intended to extend the powers granted to the Master Servicer under the Agreement or to allow the Master Servicer to take any action
with respect to Mortgages, deeds of trust or Mortgage Notes not authorized by the Agreement. 

 

    DD-1-4

     

    

 

The Master Servicer hereby agrees to indemnify
and hold the Trustee and its directors, officers, employees and agents harmless from and against any and all liabilities, obligations,
losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements of any kind or nature whatsoever incurred
by reason or result of the negligent use, or negligent or willful misuse, of this Limited Power of Attorney by the Master Servicer.
The foregoing indemnity shall survive the termination of this Limited Power of Attorney and the Agreement or the earlier resignation
or removal of the Trustee under the Agreement. 

 

This Limited Power of Attorney is entered
into and shall be governed by the laws of the State of New York, without regard to conflicts of law principles of such state. 

 

Third parties without actual notice may
rely upon the exercise of the power granted under this Limited Power of Attorney; and may be satisfied that this Limited Power
of Attorney shall continue in full force and effect and has not been revoked unless an instrument of revocation has been made
in writing by the undersigned. 

 

IN WITNESS WHEREOF, Wilmington Trust, National
Association, as Trustee for [_____________] has caused its corporate seal to be hereto affixed and these presents to be signed
and acknowledged in its name and behalf by a duly elected and authorized signatory this ___________ day of ____________.

  

	 	Wilmington Trust, National Association,
    as Trustee for [________________]
	 	 	 	 
	 	By:	 	 
	 		Name:	 
	 		Title:	 
	 	 	 	 	 
	 	Prepared
    by:	 
	 	 	 
	 		Name:	 

 

	Witness:	 
	 	 
	 	 
	Witness:	 
	 	 	 	 

 

    DD-1-5

     

    

 

	State of Delaware}	 
	County of ____}	 

  

On
________________________, before me, _________________________________Notary Public, personally appeared
___________________________, who proved to me on the basis of satisfactory evidence to be the person whose name is subscribed
to the within instrument and acknowledged to me that he/she executed the same in his/her authorized capacity and that by
his/her signature on the instrument the person, or the entity upon behalf of which the person acted, executed the
instrument.

 

I certify under PENALTY OF PERJURY under
the laws of the State of Delaware that the foregoing paragraph is true and correct.

 

Witness my hand and official seal.

 

	 	 
	Notary signature	 

 

    DD-1-6

     

    

 

EXHIBIT DD-2 

 

FORM OF POWER OF ATTORNEY BY TRUSTEE
FOR SPECIAL SERVICER

 

RECORDING REQUESTED BY:

 

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

10851 Mastin Street, Suite 700

Overland Park, Kansas 66210

 

 

 SPACE ABOVE THIS LINE FOR RECORDER’S
USE

 

LIMITED POWER OF ATTORNEY

 

KNOW ALL MEN BY THESE PRESENTS, that Wilmington
Trust, National Association, a national banking association, incorporated and existing under the laws of the United States, having
its usual place of business at 1100 North Market Street, Wilmington, Delaware 19890 as Trustee (the “Trustee”)
pursuant to that Pooling and Servicing Agreement dated as of January 1, 2018 (the “Agreement”) by and among
Deutsche Mortgage & Asset Receiving Corporation, as Depositor, Wells Fargo Bank, National Association, as Certificate
Administrator, Park Bridge Lender Services LLC, as Operating Advisor and Asset Representations Reviewer, Wells Fargo Bank, National
Association, as Master Servicer (in such capacity, the “Master Servicer”), Midland Loan Services, a Division
of PNC Bank, National Association, as Special Servicer (the “Special Servicer”) and Wilmington Trust, National
Association, as Trustee, and the Trustee hereby constitutes and appoints the Special Servicer, by and through the Special Servicer’s
officers and authorized employees, the Trustee’s true and lawful Attorney-in-Fact, in the Trustee’s name, place and
stead and for the Trustee’s benefit, in connection with all mortgage loans (the “Mortgage Loans”) serviced
by the Special Servicer and all properties (“REO Properties”) administered by the Special Servicer pursuant
to the Agreement, to execute and acknowledge in writing or by facsimile stamp all documents customarily and reasonably necessary
and appropriate to effectuate the enumerated transactions described in items 1 through 12 below with respect to the Mortgage Loans
and REO Properties; provided however, that the documents described below may only be executed and delivered by such Attorneys-in-Fact
if such documents are required or permitted under the terms of the Agreement. Capitalized terms used herein and not otherwise
defined herein have the meanings set forth in the Agreement. 

 

		1.	The endorsement on behalf of the Trustee of all checks,
drafts and/or other negotiable instruments made payable to the Trustee and to draw upon, replace, substitute, release or amend
letters of credit standing as collateral securing any Mortgage Loan.

 

		2.	The modification or re-recording of a Mortgage or deed
of trust, where said modification or re-recording is solely for the purpose of correcting such Mortgage or deed of trust to conform
same to the original intent of the parties thereto or to correct title errors discovered after such title insurance was issued;
provided that said modification or re-recording, in either instance, (i) does not adversely affect the lien of the Mortgage or
deed

 

    DD-2-1

     

    

 

			of trust as insured and (ii) otherwise conforms to the provisions of the Agreement.

 

		3.	The subordination of the lien of a Mortgage or deed of
trust to an easement in favor of a public utility company or a government agency or unit with powers of eminent domain; this section
shall include, without limitation, the execution of partial satisfactions/releases, partial reconveyances or the execution or
requests to trustees to accomplish same.

 

		4.	The conveyance of any property to the mortgage insurer,
or the closing of title to any mortgaged property (a “Mortgaged Property”) to be acquired as REO Property,
or conveyance of title to any REO Property.

 

		5.	The completion of loan assumption agreements and transfers
of interest in borrower entities.

 

		6.	The full satisfaction/release of a Mortgage or deed of
trust or full conveyance upon payment and discharge of all sums secured thereby, including, without limitation, cancellation of
the related Mortgage Note.

 

		7.	The assignment of any Mortgage or deed of trust and the
related Mortgage Note and other loan documents, in connection with the purchaser or repurchase of the mortgage loan secured and
evidenced thereby.

 

		8.	The full assignment of a Mortgage or deed of trust upon
payment and discharge of all sums secured thereby in conjunction with the refinancing thereof, including, without limitation,
the assignment of the related Mortgage Note and other loan documents.

 

		9.	The full enforcement of and preservation of the Trustee’s
interests in any Mortgage Notes, Mortgages or deeds of trust, and in the proceeds thereof, by way of, including but not limited
to, taking title to any Mortgaged Property on behalf of the Trust, foreclosure, the taking of a deed in lieu of foreclosure, or
the completion of judicial or non-judicial foreclosure and/or any related litigation, including without limitation, guaranty or
receivership litigation, or litigation on the Mortgage Note or the termination, cancellation or rescission of any such foreclosure
or the initiation, prosecution and completion of eviction actions or proceedings with respect to, or the termination, cancellation
or rescission of any such eviction actions or proceedings, the initiation or defense of any litigation related to the ownership
of any REO Property and the pursuit of title insurance, hazard insurance and claims in bankruptcy proceedings, including, without
limitation, any and all of the following acts:

 

		a.	the substitution of trustee(s) serving under a deed of
trust, in accordance with state law and the deed of trust;

 

		b.	the preparation and issuance of statements of breach or
non-performance; 

 

    DD-2-2

     

    

 

		c.	the preparation and filing of notices of default and/or
notices of sale;

 

		d.	the cancellation/rescission of notices of default and/or
notices of sale;

 

		e.	the taking of deed in lieu of foreclosure;

 

		f.	the filing, prosecution and defense of claims, and to appear
on behalf of the Trustee, in bankruptcy cases affecting any Mortgage Notes, Mortgages or deeds of trust;

 

		g.	the preparation and service of notices to quit and all
other documents necessary to initiate, prosecute and complete eviction actions or proceedings;

 

		h.	the tendering, filing, prosecution and defense, as applicable,
of hazard insurance and title insurance claims, including but not limited to appearing on behalf of the Trustee in quiet title
actions;

 

		i.	the creation of a wholly owned entity of the Trust for
purposes of holding foreclosed property; and

 

		j.	the preparation and execution of such other documents and
performance of such other actions as may be necessary under the terms of the Mortgage, deed of trust or state law to expeditiously
complete said transactions in paragraphs 9a. through 9.i. above.

 

		10.	With respect to the sale of property acquired through a
foreclosure or deed-in lieu of foreclosure, including, without limitation, the execution of the following documentation:

 

		a.	listing agreements;

 

		b.	purchase and sale agreements;

 

		c.	grant/warranty/quit claim deeds or any other deed causing
the transfer of title of the property to a party contracted to purchase same;

 

		d.	escrow instructions; and

 

		e.	any and all documents necessary to effect the transfer
of property.

 

		11.	The modification or amendment of escrow agreements established
for repairs to the mortgaged property or reserves for replacement of personal property.

 

		12.	Execute and/or file such documents and take such other
action as is proper an necessary to defend the Trustee, solely in its capacity as Trustee, in litigation and to resolve such litigation,
provided such resolution shall not include any admission of fault or wrongdoing by the Trustee or, without the Trustee’s
consent, subject the Trustee to any form of injunctive relief.

 

    DD-2-3

     

    

 

		13.	The execution and delivery of the following:

 

		a.	any and all financing statements, continuation statements
and other documents or instruments necessary to maintain the lien created by the Mortgage, deed of trust or other security document
in the related Mortgage File or the related Mortgaged Property and other related collateral;

 

		b.	any and all instruments of satisfaction or cancellation,
or of partial or full release or discharge, or of partial or full defeasance, and all other comparable instruments; and

 

		c.	any and all assumptions, modifications, waivers, substitutions,
extensions, amendments, consents to transfers of interests in borrowers, consents to any subordinate financings to be secured
by any related Mortgaged Property, consents to any mezzanine financing to be secured by the ownership interests in a borrower,
consents to and monitoring of the application of any proceeds of insurance policies or condemnation awards to the restoration
of the related Mortgaged Property, REO Property or otherwise, documents relating to the management, operation, maintenance, repair,
leasing and marketing of the related Mortgaged Properties (including agreements and requests by any borrower with respect to modifications
of the standards of operation and management of such Mortgaged Properties or the replacement of asset managers) or REO Properties,
documents exercising any or all of the rights, powers and privileges granted or provided to the holder of any Mortgage Loan under
the related loan documents, lease subordination agreements, non-disturbance and attornment agreements or other leasing or rental
arrangements, management agreements, any easements, covenants, conditions, restrictions, equitable servitudes, or land use or
zoning requirements with respect to the Mortgaged Properties or REO Properties, instruments relating to the custody of any collateral
that now secures or hereafter may secure any Mortgage Loan and any other consents and any and all documents, instruments and certifications
as are reasonably necessary to complete or accomplish the Special Servicer’s duties and responsibilities under the Agreement.

The undersigned gives said Attorney-in-Fact full power and
authority to execute such instruments and to do and perform all and every act and thing necessary and proper to carry into effect
the power or powers granted by or under this Limited Power of Attorney as fully as the undersigned might or could do, and hereby
does ratify and confirm to all that said Attorney-in-Fact shall be effective as of the date set forth below.

This appointment is to be construed and interpreted as a limited
power of attorney. The enumeration of specific items, rights, acts or powers herein is not intended to, nor does it give rise to,
and it is not to be construed as a general power of attorney.

Solely to the extent that the Special Servicer has the power
to delegate its rights or obligations under the Agreement, the Special Servicer also has the power to delegate the authority given
to it by Wilmington Trust, National Association, as Trustee, under this Limited Power of Attorney, for purposes of performing its
obligations and duties by executing such additional powers of

    DD-2-4

     

    

attorney in favor of its attorneys-in-fact as are necessary
for such purpose. The Special Servicer's attorneys-in-fact shall have no greater authority than that held by the Special Servicer.

Nothing contained herein shall: (i) limit in any manner any
indemnification provided to the Trustee under the Agreement, (ii) limit in any manner the rights and protections afforded the Trustee
under the Agreement, or (iii) be construed to grant the Special Servicer the power to initiate or defend any suit, litigation or
proceeding in the name of Wilmington Trust, National Association except as specifically provided for herein or in the Agreement.
If the Special Servicer receives any notice of suit, litigation or proceeding in the name of Wilmington Trust, National Association,
then the Special Servicer shall promptly forward a copy of same to the Trustee.

This limited power of attorney is not intended to extend or
limit the powers granted to the Special Servicer under the Agreement or to allow the Special Servicer to take any action with respect
to Mortgages, deeds of trust or Mortgage Notes not authorized by the Agreement.

The Special Servicer hereby agrees to indemnify and hold the
Trustee and its directors, officers, employees and agents harmless from and against any and all liabilities, obligations, losses,
damages, penalties, actions, judgments, suits, costs, expenses or disbursements of any kind or nature whatsoever incurred by the
Trustee by reason or result of the negligent use, or negligent or willful misuse, of this Limited Power of Attorney by the Special
Servicer of the powers granted. The foregoing indemnity shall survive the termination of this Limited Power of Attorney and the
Agreement or the earlier resignation or removal of the Trustee under the Agreement.

This Limited Power of Attorney is entered into and shall be
governed by the laws of the State of New York, without regard to conflicts of law principles of such state.

IN WITNESS WHEREOF, Wilmington Trust, National Association,
as Trustee for [_____________] has caused its corporate seal to be hereto affixed and these presents to be signed and acknowledged
in its name and behalf by a duly elected and authorized signatory this ___________ day of ____________.

	 	Wilmington Trust, National Association, as Trustee for [________________]
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

	Witness:	 
	 	 
	 	 
	Witness:	 

 

    DD-2-5

     

    

 

	 

    DD-2-6

     

    

State
of Delaware}

County of ____}

On ________________________, before me,
_________________________________Notary Public, personally appeared ___________________________, who proved to me on the basis
of

satisfactory evidence to be the person whose name is subscribed
to the within instrument and acknowledged to me that he/she executed the same in his/her authorized capacity and that by his/her
signature on the instrument the person, or the entity upon behalf of which the person acted, executed the instrument.

I certify under PENALTY OF PERJURY under the laws of the State
of Delaware that the foregoing paragraph is true and correct.

Witness my hand and official seal.

	Notary	signature

 

    DD-2-7

     

    

 

EXHIBIT EE

 

FORM OF NON-SERVICED MORTGAGE LOAN NOTIFICATION

  

	[Other Depositor]

[Address Line 1]

[Address Line 2]

Attn: [Contact Person]	[Other Trustee]*

[Address Line 1]

[Address Line 2]

Attn: [Contact Person]

*If the Other Trustee is comprised of multiple entities (such as a separate trustee and certificate administrator), this form shall be addressed to each such entity
	 	 
	[Other Servicer]

[Address Line 1]

[Address Line 2]

Attn: [Contact Person]	[Other Special Servicer]

[Address Line 1]

[Address Line 2]

Attn: [Contact Person]
	 	 
	[Other Operating Advisor]

[Address Line 1]

[Address Line 2]

Attn: [Contact Person]	[Other Asset Representations Reviewer]

[Address Line 1]

[Address Line 2]

Attn: [Contact Person]

 

		Re:	[Other Securitization Trust]

 

Ladies and Gentlemen:

 

Reference is hereby
made to the [Trust][Pooling] and Servicing Agreement, dated as of [_____] (the “Other Pooling and Servicing Agreement”),
between [_____], as Depositor, [_____], as master servicer, [_____], as special servicer, [_____], as certificate administrator
and as trustee, and [_____], as operating advisor and asset representations reviewer. Capitalized terms used but not defined herein
shall have the meanings given to them (or an analogous term) in the Other Pooling and Servicing Agreement.

 

The undersigned is the
certificate administrator under the Pooling and Servicing Agreement, dated as of January 1, 2018 (the “B1 PSA”),
between Deutsche Mortgage & Asset Receiving Corporation, as depositor (the “B1 Depositor”), Wells Fargo
Bank, National Association, as master servicer (in such capacity, the “B1 Master Servicer”), Midland Loan Services,
a Division of PNC Bank, National Association, as special servicer (the “B1 Special Servicer”), Wilmington Trust,
National Association, as trustee (the “B1 Trustee”), Wells Fargo Bank, National Association, as certificate
administrator (in such capacity, the “B1 Certificate Administrator”), paying agent and custodian, and Park Bridge
Lender Services LLC, as operating advisor (in such capacity, the “B1 Operating
Advisor”) and asset representations reviewer (in such capacity, the “B1 Asset Representations Reviewer”),
pursuant to which the

 

    EE-1

     

    

 

Benchmark 2018-B1 Mortgage Trust (the “B1 Trust”) was established and the [The Woods][Griffin
Portfolio][Worldwide Plaza][Station Place III][Gateway Net Lease Portfolio][521-523 East 72nd Street][Miracle Mile Shopping Center][AHIP
Northeast Portfolio I][Starwood Capital Group Hotel Portfolio] Companion Loan was transferred to the B1 Trust as of January 31,
2018 (the “Closing Date”).

 

The undersigned hereby
notifies you that, as of the Closing Date:

 

1.       Wells
Fargo Bank, National Association, as trustee under the B1 PSA, is the holder of the [The Woods][Griffin Portfolio][Worldwide Plaza][Station
Place III][Gateway Net Lease Portfolio][521-523 East 72nd Street][Miracle Mile Shopping Center][AHIP Northeast Portfolio I][Starwood
Capital Group Hotel Portfolio] Companion Loan.

 

2.       The
[The Woods][Griffin Portfolio][Worldwide Plaza][Station Place III][Gateway Net Lease Portfolio][521-523 East 72nd Street][Miracle
Mile Shopping Center][AHIP Northeast Portfolio I][Starwood Capital Group Hotel Portfolio] Mortgage Loan [is][is not] a Significant
Obligor (as such term is defined in the B1 PSA) under the B1 PSA.

 

3.       The
contact information for the B1 Depositor, B1 Trustee, the B1 Certificate Administrator, the B1 Master Servicer, the B1 Special
Servicer, the B1 Operating Advisor, the B1 Asset Representations Reviewer, each Rating Agency (as defined in the B1 PSA) and the
Controlling Class Representative (as defined in the B1 PSA) with respect to the [The Woods][Griffin Portfolio][Worldwide Plaza][Station
Place III][Gateway Net Lease Portfolio][521-523 East 72nd Street][Miracle Mile Shopping Center][AHIP Northeast Portfolio I][Starwood
Capital Group Hotel Portfolio] Companion Loan are as set forth on Schedule I attached hereto.

 

4.       You
are directed to remit to Wells Fargo Bank, National Association, as the B1 Master Servicer, to the collection account set forth
on Schedule II attached hereto no later than one (1) Business Day after each Determination Date (as defined in the B1 PSA) all
amounts payable to, and to forward, deliver or otherwise make available, as the case may be, to Wells Fargo Bank, National Association,
as B1 Master Servicer, no later than one (1) Business Day after each Determination Date (as defined in the B1 PSA) all reports,
statements, documents, communications and other information that are to be forwarded, delivered or otherwise made available to,
the holder of the [The Woods][Griffin Portfolio][Worldwide Plaza][Station Place III][Gateway Net Lease Portfolio][521-523 East
72nd Street][Miracle Mile Shopping Center][AHIP Northeast Portfolio I][Starwood Capital Group Hotel Portfolio] Companion Loan,
under the Other Pooling and Servicing Agreement, and the [The Woods][Griffin Portfolio][Worldwide Plaza][Station Place III][Gateway
Net Lease Portfolio][521-523 East 72nd Street][Miracle Mile Shopping Center][AHIP Northeast Portfolio I][Starwood Capital Group
Hotel Portfolio] Intercreditor Agreement, as applicable.

 

5.       The
B1 Trust is subject to the reporting requirements of the Securities Exchange Act of 1934, as it may be amended from time to time.

 

6.       A
copy of an executed version of the B1 PSA is [attached hereto][enclosed herewith].

 

    EE-2

     

    

 

Thank you for your attention
to this matter.

 

	 	 Wells Fargo Bank, National Association,
as Certificate Administrator for the Holders of the Benchmark 2018-B1 Mortgage Trust Pass-Through Certificates, Series 2018-B1
	 	 	 
	 	By:	 
	 	 	[Name]
	 	 	[Title]

 

    EE-3

     

    

 

SCHEDULE I

 

TO FORM OF NOTICE
FROM THE CERTIFICATE ADMINISTRATOR 

REGARDING [NON-SERVICED WHOLE LOAN]

 

	B1 Depositor:	
        Deutsche Mortgage & Asset
Receiving Corporation

60 Wall Street

New York, New York 10005

Attention: Lainie Kaye 

        with a copy via email to: 

        cmbs.requests@db.com

         

	B1 Trustee:	
        Wilmington Trust, National Association

1100 North Market Street

Wilmington, Delaware 19890

Attention: CMBS Trustee – Benchmark 2018-B1 

        with a copy to: 

        E-mail: cmbstrustee@wilmingtontrust.com

         

        

	B1 Certificate Administrator:	
        Wells Fargo Bank, National Association

        9062 Old Annapolis Road

        Columbia, Maryland 21045-1951

        Attention: Corporate Trust Services — Benchmark 2018-B1

         

        with copies to:

        

        ct.cmbs.bond.admin@wellsfargo.com; and

        trustadministrationgroup@wellsfargo.com

        

         

	B1 Master Servicer:	
        Wells Fargo Bank, National Association

Commercial Mortgage Servicing

Three Wells Fargo

401 South Tryon Street, 8th Floor

MAC D1050-084

Charlotte, North Carolina 28202

Attention: Benchmark 2018-B1 Asset Manager

Facsimile number: (704) 715-0036 

        With a copy by email to:

        commercial.servicing@wellsfargo.com

with a copy to:

Wells Fargo Bank, National Association

Legal Department

301 South College Street

Charlotte, North Carolina 28202-0166

 

    EE-4

     

    

 

	 	Attention: Commercial Mortgage Servicing Legal Support

        Facsimile number: (704) 383-0353

        Reference: Benchmark 2018-B1

        

        with a copy to:

        

        K&L Gates LLP

        Hearst Tower, 47th Floor

        214 North Tryon Street

        Charlotte, North Carolina 28202

        Attention: Stacy G. Ackermann

        Reference: Benchmark 2018-B1

        Fax Number: (704) 353-3190

        Email: stacy.ackermann@klgates.com
	 	 
	B1 Special Servicer:	
        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

        Fax Number: (888) 706-3565

        

        with a copy to:

         

        Eversheds Sutherland (US) LLP 

        700 Sixth Street, NW, Suite 700 

        Washington, DC 20001 

        Attention: Lisa A. Rosen 

        Fax number: (202) 637 3593 

        Email: LisaRosen@eversheds-sutherland.com

          

	B1 Operating Advisor:	
        Park Bridge Lender Services LLC

        600 Third Avenue, 40th Floor

        New York, New York 10016

        Attention: Benchmark 2018-B1-Surveillance Manager (with a copy sent contemporaneously via email to cmbs.notices@parkbridgefinancial.com

          

	B1 Asset Representation Reviewer:	
        Park Bridge Lender Services LLC

        600 Third Avenue, 40th Floor

        New York, New York 10016

        Attention: Benchmark 2018-B1-Surveillance Manager (with a copy sent contemporaneously via email to cmbs.notices@parkbridgefinancial.com

          

	B1 Rating Agencies:	Kroll Bond Rating Agency, Inc.

 

    EE-5

     

    

 

		
        845 Third Avenue, 4th Floor

        New York, New York 10022

        Attention: CMBS Surveillance

        Facsimile No.: (646) 731-2395

         

        Fitch Ratings, Inc.

        33 Whitehall Street

        New York, New York 10004

        Attention: CMBS Surveillance

        Email: info.cmbs@fitchratings.com

         

        S&P Global Ratings, a Standard
& Poor’s Financial Services LLC Business 

        55 Water Street, 41st Floor 

        New York, New York 10041 

        Attention: Commercial Mortgage Surveillance
        Manager

        

        Email: cmbs_info_17g5@standardandpoors.com

          

	B1 Controlling Class Representative:	
        Eightfold Real Estate Capital, L.P. 

        1111 Lincoln Road, Suite 802 

        Miami Beach, Florida 33139 

        Attention: Brian Tageson 

        Email: btageson@eightfoldcapital.com

        

	 	 

 

    EE-6

     

    

 

SCHEDULE II TO FORM OF NOTICE 

 

FROM THE CERTIFICATE
ADMINISTRATOR 

REGARDING [NON-SERVICED WHOLE LOAN] 

  

	 	Account:	     Collection
Account
	 	 	 
	 	Account
#:	[______]
	 	 	 
		Title:	Wells Fargo Bank, National Association, as Master Servicer, on behalf of Wilmington Trust, National
Association, as Trustee, for the benefit of the Holders of Deutsche Mortgage & Asset Receiving Corporation, Benchmark 2018-B1
Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series 2018-B1 Collection Account

 

		Location:	[___]

 

    EE-7

     

    

 

EXHIBIT FF

 

FORM OF COMPANION LOAN NOTEHOLDER CERTIFICATION

 

[Date]

Wells Fargo Bank, National Association

Commercial Mortgage Servicing

Three Wells Fargo

401 South Tryon Street, 8th Floor

MAC D1050-084

Charlotte, North Carolina 28202

Attention: Benchmark 2018-B1 Asset Manager Email: commercial.servicing@wellsfargo.com

Facsimile number: (704)
715-0036

 

Wells Fargo Bank, National Association 

9062 Old Annapolis Road

Columbia, Maryland 21045

Attention: Corporate Trust Services – Benchmark 2018-B1

 

with copies to:

 

ct.cmbs.bond.admin@wellsfargo.com,
and 

trustadministrationgroup@wellsfargo.com

  

		Re:	Benchmark
                                         2018-B1 Mortgage Trust – Companion Loan

 

In accordance with the
requirements for obtaining certain information under the Pooling and Servicing Agreement (the “Agreement”),
dated as of January 1, 2018, between Deutsche Mortgage & Asset Receiving Corporation, as depositor, Wells Fargo Bank, National
Association, as master servicer, Midland Loan Services, a Division of PNC Bank, National Association, as special servicer, Park
Bridge Lender Services LLC, as operating advisor and asset representations reviewer,
Wilmington Trust, National Association, as trustee, and Wells Fargo Bank, National Association, as certificate administrator, paying
agent and custodian, with respect to any Companion Loan (as defined in the Agreement), the undersigned hereby certifies and agrees
as follows:

 

1.       The
undersigned is a Companion Loan Noteholder (as defined in the Agreement).

 

2.       The
undersigned is requesting access pursuant to the Agreement to certain information (the “Information”) on the
Certificate Administrator’s Website.

 

In consideration of the
disclosure to the undersigned of the Information, or the access thereto, the undersigned shall keep the Information confidential
(except from such outside

 

    FF-1

     

    

 

persons as are assisting it in making an evaluation in connection with purchasing the related Certificates,
from its accountants and attorneys, and otherwise from such governmental or banking authorities or agencies to which the undersigned
is subject), and such Information shall not, without the prior written consent of the Depositor, be otherwise disclosed by the
undersigned or by its officers, directors, partners, employees, agents or representatives (collectively, the “Representatives”)
in any manner, in whole or in part.

 

The undersigned shall
not use or disclose the Information in any manner which could result in a violation of any provision of the Securities Act of 1933,
as amended (the “Securities Act”), or the Securities Exchange Act of 1934, as amended, or would require registration
of any Certificate not previously registered pursuant to Section 5 of the Securities Act.

 

3.       The
undersigned agrees that each time it accesses the Certificate Administrator’s Website, the undersigned is deemed to have
recertified that the representations contained herein remain true and correct.

 

4.       The
undersigned shall be fully liable for any breach of this agreement by itself or any of its Representatives and shall indemnify
the Depositor, the Certificate Administrator, the Trustee, the Master Servicer, the Special Servicer, the Operating Advisor, the
Underwriters, the Initial Purchasers and the Trust Fund for any loss, liability or expense incurred thereby with respect to any
such breach by the undersigned or any of its Representatives.

 

5.       Capitalized
terms used but not defined herein shall have the respective meanings assigned thereto in the Agreement.

 

IN WITNESS WHEREOF, the
undersigned has caused its name to be signed hereto by its duly authorized officer, as of the day and year written above.

 

	 	[Companion Loan Noteholder]
	 	 
	 	By:	 
	 	 	Title:
	 	 	Company:
	 	 	Phone:

 

    FF-2

     

    

 

EXHIBIT GG

 

[RESERVED]

 

    GG-1

     

    

 

EXHIBIT HH

 

FORM OF ASSET REVIEW
REPORT BY THE 

ASSET REPRESENTATIONS REVIEWER2

 

To: [Addresses of Recipients]

 

		Re:	Benchmark 2018-B1
                                         Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series 2018-B1

 

Ladies and Gentlemen:

 

In accordance with Section
11.01 of the Pooling and Servicing Agreement, dated as of January 1, 2018 (the “Pooling and Servicing Agreement”),
the undersigned, as asset representations reviewer (the “Asset Representations Reviewer”), has performed an
Asset Review on each Delinquent Mortgage Loan identified by the Certificate Administrator, and is hereby issuing the following
Asset Review Report.

 

		1.	We have performed an Asset Review on each Delinquent Mortgage Loan identified by the Certificate
Administrator and our conclusion is that there is [no evidence of a failed Test][evidence of [•] failed Tests as specifically
detailed on the scorecard attached hereto as Exhibit A] with respect to the Delinquent Mortgage Loans.

 

		2.	A conclusion by the Asset Representations Reviewer of a passed Test or a failed Test shall not
constitute a determination by the Asset Representations Reviewer of (i) the existence or nonexistence of a Material Defect, or
(ii) whether the Trust should enforce any rights it may have against the applicable Mortgage Loan Seller. In addition, the Tests
may not be sufficient to determine every instance of noncompliance.

 

		3.	The Asset Representations Reviewer, other than forwarding this report to the persons listed above,
will not be required to take or participate in any other or further action with respect to the aforementioned Asset Review Report.

 

		4.	Capitalized words and phrases used herein shall have the respective meanings assigned to them in
the Pooling and Servicing Agreement.

 

 

 

2
This report is an indicative report, and the Asset Representations Reviewer will have the ability to modify or alter the
organization and content of this report, subject to compliance with the terms of the Pooling and Servicing Agreement, including
without limitation, provisions relating to Privileged Information.

 

    HH-1

     

    

 

	 	 	 	 
	 	PARK BRIDGE LENDER SERVICES LLC, as Asset Representations Reviewer
	 	 
		By:	Park
                                         Bridge Advisors LLC, a New York limited liability company, its sole member

 

		By:	Park Bridge Financial LLC, a New York limited liability company, its sole member

	 	 	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 	 

 

    HH-2

     

    

 

Exhibit A

 

Detailed Scorecard

[Template Example Below]

 

	Test Failures
	Loan #	Loan Name	Mortgage Loan Seller	R&W #	R&W Name	Test Description	Findings
	[Insert Loan Number]	[Insert Loan Name]	[Insert Mortgage Loan Seller]	21	Compliance with Usury Laws	[Insert Test Description]	[Insert Test findings]
	31	Single-Purpose Entity	 	 

 

    HH-3

     

    

 

EXHIBIT
II

 

FORM OF ASSET REVIEW
REPORT SUMMARY 

BY THE ASSET REPRESENTATIONS REVIEWER3

 

To: [Addresses of Recipients]

 

		Re:	Benchmark 2018-B1
                                         Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series 2018-B1

 

Ladies and Gentlemen:

 

In accordance with Section
11.01 of the Pooling and Servicing Agreement, dated as of January 1, 2018 (the “Pooling and Servicing Agreement”),
the undersigned, as asset representations reviewer (the “Asset Representations Reviewer”), has performed an
Asset Review on each Delinquent Mortgage Loan identified by the Certificate Administrator, and is hereby issuing the following
Asset Review Report Summary.

 

		1.	We have performed an Asset Review on each Delinquent Mortgage Loan identified by the Certificate
Administrator and our conclusion is that there is [no evidence of a failed Test][evidence of [•] failed Tests as identified
on the summary scorecard attached hereto as Exhibit A] with respect to the Delinquent Mortgage Loans.

 

		2.	A conclusion by the Asset Representations Reviewer of a passed Test or a failed Test shall not
constitute a determination by the Asset Representations Reviewer of (i) the existence or nonexistence of a Material Defect, or
(ii) whether the Trust should enforce any rights it may have against the applicable Mortgage Loan Seller. In addition, the Tests
may not be sufficient to determine every instance of noncompliance.

 

		3.	The Asset Representations Reviewer, other than forwarding this Asset Review Report Summary to the
parties listed above, will not be required to take or participate in any other or further action with respect to the aforementioned
Asset Review Report Summary.

 

		4.	Capitalized words and phrases used herein shall have the respective meanings assigned to them in
the Pooling and Servicing Agreement.

 

 

 

3
This report is an indicative report, and the Asset Representations Reviewer will have the ability to modify or alter the
organization and content of this report, subject to compliance with the terms of the Pooling and Servicing Agreement, including
without limitation, provisions relating to Privileged Information.

 

    II-1

     

    

 

	 	 	 	 
	 	PARK BRIDGE LENDER SERVICES LLC, as Asset Representations Reviewer
	 	 
	 	By: Park Bridge Advisors LLC, a New York limited liability company, its sole member
	 	 
	 	By: Park Bridge Financial LLC, a New York limited liability company, its sole member

	 	 	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 	 

  

    II-2

     

    

 

Exhibit A

 

Summary Scorecard

[Template Example Below]

 

	Test failures
	Loan #	Loan Name	Mortgage Loan Seller	Representations and Warranty #	Representation and Warranty Name
	[Insert Loan #]	[Insert Loan Name]	[Insert Mortgage Loan Seller]	21	Compliance with Usury Laws
	31	Single-Purpose Entity

 

    II-3

     

    

 

EXHIBIT
JJ

 

ASSET
REVIEW PROCEDURES

 

Subject
to the Pooling and Servicing Agreement, this Exhibit sets forth Asset Representations Reviewer’s review procedures for each
Delinquent Mortgage Loan based on the information provided for an Asset Review. Capitalized terms used herein and not defined
herein shall have the meanings ascribed to them in the Pooling and Servicing Agreement. In the event of any conflict between this
Exhibit JJ and the terms of the Pooling and Servicing Agreement, the Pooling and Servicing Agreement shall control and govern
the Asset Representation Reviewer’s responsibilities and duties with respect to Asset Reviews.

 

Call
for Review and Collection and Inventory of Review Materials 

 

	Step 1 	Asset
                                         Representations Reviewer (“ARR”) receives the following items before
                                         beginning its review from the parties specified in Section 11.01 of the Pooling and Servicing
                                         Agreement:

 

		■	Notice
                                         of Asset Review Trigger (with attachments)

 

		■	Asset
                                         Review Vote Election

 

		■	Notice
                                         of Affirmative Asset Review Vote

 

		■	List
                                         of all Delinquent Mortgage Loans subject to the Asset Review

 

		■	Review
                                         Materials for each Delinquent Mortgage Loan via Secure Data Room access, including the
                                         Diligence File

 

		■	Any
                                         Unsolicited Information (if applicable)

 

	Step 2	 For
                                         each Delinquent Mortgage Loan, ARR inventories all Review Materials to which ARR is provided
                                         access in the Secure Data Room to determine what, if any, Review Materials for such Delinquent
                                         Mortgage Loan are missing, using the list of documents in Section 2.01(a)(i) through
                                         Section 2.01(a)(xxi) of this Agreement, any comparable lists included in the related
                                         Mortgage Loan Purchase Agreement, and any closing checklist from the origination of such
                                         Delinquent Mortgage Loan, to guide its review and determination

 

     JJ-1

     

    

 

	Step 3 	If
                                         ARR determines that the information made available to it in the Secure Data Room with
                                         respect to any Delinquent Mortgage Loan is missing any documents required to complete
                                         an Asset Review of such Delinquent Mortgage Loan, ARR shall prepare a list of such missing
                                         documents and notify Master Servicer (with respect to Non-Specially Serviced Loans) and
                                         Special Servicer (with respect to Specially Serviced Loans) or applicable Mortgage Loan
                                         Seller of such missing documents. If the Master Servicer or Special Servicer, as applicable,
                                         does not provide such document as provided in the Pooling and Servicing Agreement, the
                                         ARR shall notify the related Mortgage Loan Seller of such missing information

  

Analysis
and Testing of Representations and Warranties

 

	Step 4	 For
                                         each Delinquent Mortgage Loan for which ARR has received all Review Materials required
                                         to complete an Asset Review of such Delinquent Mortgage Loan, ARR tests such Delinquent
                                         Mortgage Loan for compliance with each representation and warranty made by the related
                                         Mortgage Loan Seller with respect to such Delinquent Mortgage Loan as follows:

 

		■	ARR
                                         reviews each representation and warranty and each item included in the Review Materials
                                         applicable or related to such representation or warranty to determine whether there is
                                         any evidence that such representation or warranty was not true when made by the related
                                         Mortgage Loan Seller

 

		■	For
                                         each representation and warranty, ARR lists

 

		●	all
                                         items from the Review Materials reviewed or used in its testing of such representation
                                         and warranty

 

		●	whether
                                         ARR has determined that there is any evidence that such representation or warranty was
                                         not true when made by the related Mortgage Loan Seller, and

 

		○	if
                                         so, stating the aspect of the applicable representation or warranty that does not appear
                                         to have been true when made by the related Mortgage Loan Seller and ARR’s basis
                                         for its conclusion

 

		○	completing
                                         the Asset Review Report by setting forth, for each Delinquent Mortgage Loan, the information
                                         contemplated herein with respect to each representation and warranty

 

ARR
will not attempt (and has no obligation) to determine the materiality of any potential breach of a representation or warranty
that it discovers evidence of during its review as contemplated herein.

 

     JJ-2

     

    

 

EXHIBIT
KK

 

FORM
OF CERTIFICATION TO CERTIFICATE ADMINISTRATOR REQUESTING ACCESS TO SECURE DATA ROOM

 

Wells
Fargo Bank, National Association

9062 Old Annapolis Road

Columbia, Maryland 21045-1951

Attention: Corporate Trust Services – Benchmark 2018-B1

Email: trustadministrationgroup@wellsfargo.com

	Attention:
	Benchmark
                                         2018-B1 Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series 2018-B1

 

In
accordance with the requirements for obtaining access to the Secure Data Room pursuant to the Pooling and Servicing Agreement,
dated as of January 1, 2018 (the “Pooling and Servicing Agreement”), between Deutsche Mortgage & Asset
Receiving Corporation, as depositor, Wells Fargo Bank, National Association, as master servicer, Midland Loan Services, a Division
of PNC Bank, National Association, as special servicer, Park Bridge Lender Services LLC,
as operating advisor and asset representations reviewer, Wilmington Trust, National Association, as trustee, and Wells Fargo Bank,
National Association, as certificate administrator, paying agent and custodian, with respect to the certificates (the “Certificates”),
the undersigned hereby certifies and agrees as follows:

 

1.       The
undersigned is an authorized representative of [________________________].

 

2.       The
undersigned acknowledges and agrees that (a) access to the Secure Data Room is being granted to it solely for purposes of the
undersigned carrying out its obligations under the Pooling and Servicing Agreement (b) it will not disseminate or otherwise make
information contained on the Secure Data Room available to any other person except in accordance with the Pooling and Servicing
Agreement or otherwise with the written consent of the Depositor and (c) it will only access information relating to the Mortgage
Loans to which the Asset Review relates.

 

3.       The
undersigned agrees that each time it accesses the Secure Data Room, the undersigned is deemed to have recertified that the representations
above remains true and correct.

 

     KK-1

     

    

 

4.       [The
undersigned is not a Certificateholder, a beneficial owner or a prospective purchaser of any Certificate.]*

 

BY
ITS CERTIFICATION HEREOF, the undersigned has made the representations above and shall have caused, or shall be deemed to have
caused its name to be signed hereto by its duly authorized signatory, as of the date certified.

 

 

 

	 	 	[NAME OF PARTY], as [role]
	 	 	 	 
	 	 	By:	 
	 	 	 	Name:
	 	 	 	Title:

 

	Dated:	 	 	 
	 	 	 	 
	[Deutsche Mortgage & Asset Receiving Corporation]§	 	 
	 	 	 	 
	By:	 	 	 
	 	Name:	 	 
	 	Title:	 	 

 

 

	§	 Required
                                         to the extent that a party other than the Asset Representations Reviewer is identified
                                         by the Depositor as needing access to the Secure Data Room.

 

     KK-2

     

    

 

EXHIBIT
LL

 

FORM
OF NOTICE OF [ADDITIONAL DELINQUENT MORTGAGE LOAN][CESSATION OF DELINQUENT MORTGAGE LOAN][CESSATION OF ASSET REVIEW TRIGGER]

 

[Date]

 

	Wells
        Fargo Bank, National Association

        Commercial Mortgage Servicing

        Three Wells Fargo

        401 South Tryon Street, 8th Floor

        MAC D1050-084

        Charlotte, North Carolina 28202

        Attention: Benchmark 2018-B1 Asset Manager 

        Facsimile
        number: (704) 715-0036 

        Email:
        commercial.servicing@wellsfargo.com

         
	Park
                           Bridge Lender Services LLC
 600 Third Avenue, 40th Floor
 New York, New York 10016
 Attention:  Benchmark
                           2018-B1-Surveillance

                           Manager
                           (with a copy sent contemporaneously via email to cmbs.notices@parkbridgefinancial.com

	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

    Fax Number: (888) 706-3565	Eightfold
        Real Estate Capital, L.P. 

        1111
        Lincoln Road, Suite 802 

        Miami
        Beach, Florida 33139 

        Attention:
        Brian Tageson 

        Email:
        btageson@eightfoldcapital.com 

 

	Attention:	Benchmark
                                         2018-B1 Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series 2018-B1

 

In
accordance with Section 11.01(a) of the Pooling and Servicing Agreement, dated as of January 1, 2018 (the “Pooling and
Servicing Agreement”), between Deutsche Mortgage & Asset Receiving Corporation, as depositor, Wells Fargo Bank,
National Association, as master servicer, Midland Loan Services, a Division of PNC Bank, National Association, as special servicer,
Park Bridge Lender Services LLC, as operating advisor and asset representations
reviewer, Wilmington Trust, National Association, as trustee, and Wells Fargo Bank, National Association, as certificate administrator
(in such capacity, the “Certificate Administrator”), paying agent and custodian, the Certificate Administrator
hereby notifies you that as of [RELATED DISTRIBUTION DATE]:

 

1.       _____
 An additional Mortgage Loan has become a Delinquent Mortgage Loan.

 

2.       _____
 A Mortgage Loan has ceased to be a Delinquent Mortgage Loan.

 

3.       _____ An
Asset Review Trigger has ceased to exist.

 

     LL-1

     

    

 

(check
all that apply)

 

Capitalized
terms used but not defined herein have the respective meanings given to them in the Pooling and Servicing Agreement. 

 

	 	Wells Fargo Bank, National Association, as Certificate
    Administrator for the Holders of the Benchmark 2018-B1 Mortgage Trust Pass-Through Certificates, Series 2018-B1
	 	 	 
	 	By:	 
	 	 	[Name]
	 	 	[Title]

 

     LL-2

     

    

 
EXHIBIT
MM

 

Form
of Certificate Administrator Receipt of the retained CERTIFICATES

 

[Date]

 

[Retaining
Party]

 

		Re:	Benchmark
                                         2018-B1 Mortgage Trust Commercial Mortgage Pass-Through Certificates, Series 2018-B1
                                         (Deutsche Mortgage & Asset Receiving Corporation as Depositor) 

 

In
accordance with Section 5.01(j) of the Pooling and Servicing Agreement, dated as of January 1, 2018 (the “Agreement”),
pursuant to which the captioned series of commercial mortgage pass-through certificates (the “Certificates”)
were issued, the undersigned, as Certificate Administrator, hereby acknowledges receipt and possession of, and further agrees
that it will hereafter hold in the Retained Interest Safekeeping Account, the Certificates identified on Schedule I attached hereto
(the “Subject Certificates”), which constitute some or all of the [Class V2 Certificates][Class V1 Certificates][HRR
Certificates], for the benefit of [Retaining Party], the registered holder of the Subject Certificates, pursuant to the Agreement.
Payments on the Subject Certificates will be made to the registered holder thereof in accordance with the Agreement, including
pursuant to any written wiring instructions provided in accordance with the Agreement.

 

This
receipt is solely for the benefit of the addressee and is non-transferable. Possession of this receipt by any other Person will
not entitle such Person to delivery of, or any rights in respect of, the Subject Certificates. The Subject Certificates are subject
to the restrictions on transfer set forth in, and may not be released from the Retained Interest Safekeeping Account except in
accordance with, the Agreement.

 

Capitalized
terms used but not defined herein shall the respective meanings set forth in the Agreement.

 

 

	 	WELLS Fargo
    Bank, National Association,
	 	 	not in its individual capacity

    but solely as Certificate Administrator
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

  

     MM-1

     

    

 

Schedule
I 

 

Certificates
Registered in the Name of [Retaining Party]

 

	Class

        (CUSIP) 
	Certificate

        No. 
	Initial

        Certificate Balance 

	 	 	 

 

     MM-2

     

    

 

EXHIBIT
NN

 

FORM
OF NOTICE OF EXCHANGE OF EXCHANGEABLE GROUPS OF CERTIFICATES

 

[Date]

 

[Certificateholder
Letterhead]

 

Wells
Fargo Bank, National Association 

600
South 4th Street, 7th Floor 

MAC
N9300-070 

Minneapolis,
Minnesota 55479 

Attention:
CTS – Certificate Transfers Benchmark 2018-B1 

 

		Re:	Deutsche
                                         Mortgage & Asset Receiving Corporation, Benchmark 2018-B1 Mortgage Trust Commercial
                                         Mortgage Pass-Through Certificates, Series 2018-B1 

 

Ladies
and Gentlemen:

 

Pursuant
to the terms of the Pooling and Servicing Agreement, dated as of January 1, 2018 (the “Pooling and Servicing Agreement”),
entered into and executed in connection with the above-referenced transaction, we hereby (i) certify that as of the date above,
the undersigned is the beneficial owner of the Exchangeable Group of Certificates described on the attached Schedule I, is duly
authorized to deliver this notice to the Certificate Administrator and that such power has not been granted or assigned to any
other Person and the Certificate Administrator may conclusively rely upon this notice and (ii) give notice of our intent to present
and surrender the Exchangeable Group of Certificates specified on Schedule I attached hereto and all of our right, title and interest
in and to such Certificates, including all payments of interest thereon received after [_____________], in exchange for the corresponding
Certificates specified on Schedule I attached hereto. We propose an Exchange Date of [______].

 

We
agree that upon such exchange, our interests in the portions of the Certificates surrendered in exchange shall be reduced and
our interest in the portion of the Certificate received in such exchange shall be increased. 

 

[[If
Applicable] Our Depository participant number is [________].] 

 

Capitalized
terms used in this notice but not defined herein have the meanings assigned to them in the Pooling and Servicing Agreement.

  

     NN-1

     

    

 

Sincerely,

 

[_____________]

 

	By:	 	 
	 	Name:	 
	 	Title:	 

 

[Medallion
Stamp Guarantee]

 

     NN-2

     

    

 

Schedule
I to Exhibit NN 

 

	Certificates
        to be Surrendered 
	 	Certificates
        to be Received  

	CUSIP 
	 	Outstanding
        Certificate Balance 
	 	Initial
        Certificate Balance 
	 	CUSIP 

 

     NN-3

     

    

 

SCHEDULE
I

 

DIRECTING
HOLDERS 

 

	Mortgage
    Loan	Directing
    Holder	Contact
    Information
	All
        Serviced Mortgage Loans

         

         

         
	Eightfold
    Real Estate Capital, L.P.	Eightfold
        Real Estate Capital, L.P.

        1111 Lincoln Road, Suite 802 

        Miami
        Beach, Florida 33139 

        Attention:
        Brian Tageson 

        Email:
        btageson@eightfoldcapital.com

 

     Sch. I-1

     

    

 

SCHEDULE II

 

SERVICING CRITERIA TO BE ADDRESSED IN
ASSESSMENT OF COMPLIANCE

 

The assessment of compliance
to be delivered shall address, at a minimum, the criteria identified below as “Relevant Servicing Criteria” (with each
Servicing Function Participant deemed to be responsible for the items applicable to the functions it is performing and for which
the party that retained such Servicing Function Participant is responsible):

 

	Relevant Servicing Criteria	Applicable 

Party(ies)
	Reference	Criteria	 
	 	General Servicing Considerations	 
	1122(d)(1)(i)	Policies and procedures are instituted to monitor any performance or other triggers and events of default in accordance with the transaction agreements.	Cert. Admin.

Master Servicer

Special Servicer
	1122(d)(1)(ii)	If any material servicing activities are outsourced to third parties, policies and procedures are instituted to monitor the third party’s performance and compliance with such servicing activities.	Cert. Admin.

Master Servicer

Special Servicer
	1122(d)(1)(iii)	Any requirements in the transaction agreements to maintain a back-up servicer for the mortgage loans are maintained.	N/A
	1122(d)(1)(iv)	A fidelity bond and errors and omissions policy is in effect on the party participating in the servicing function throughout the reporting period in the amount of coverage required by and otherwise in accordance with the terms of the transaction agreements.	Master Servicer

Special Servicer
	1122(d)(1)(v)	Aggregation of information, as applicable, is mathematically accurate and the information conveyed accurately reflects the information.	Master Servicer

Special Servicer

Certificate Administrator
	 	Cash Collection and Administration	 
	1122(d)(2)(i)	Payments on mortgage loans are deposited into the appropriate custodial bank accounts and related bank clearing accounts no more than two business days following receipt, or such other number of days specified in the transaction agreements.	Master Servicer

Special Servicer

 

    Sch. II-1

     

    

 

	Relevant Servicing Criteria	Applicable 

Party(ies)
	Reference	Criteria	 
	1122(d)(2)(ii)	Disbursements made via wire transfer on behalf of an obligor or to an investor are made only by authorized personnel.	Cert. Admin.
	1122(d)(2)(iii)	Advances of funds or guarantees regarding collections, cash flows or distributions, and any interest or other fees charged for such advances, are made, reviewed and approved as specified in the transaction agreements.	Trustee

Master Servicer

Special Servicer
	1122(d)(2)(iv)	The related accounts for the transaction, such as cash reserve accounts or accounts established as a form of overcollateralization, are separately maintained (e.g., with respect to commingling of cash) as set forth in the transaction agreements.	Cert. Admin.

Master Servicer

Special Servicer
	1122(d)(2)(v)	Each custodial account is maintained at a federally insured depository institution as set forth in the transaction agreements. For purposes of this criterion, “federally insured depository institution” with respect to a foreign financial institution means a foreign financial institution that meets the requirements of Rule 13k-1(b)(1) of the Securities Exchange Act.	Cert. Admin.

Master Servicer

Special Servicer
	1122(d)(2)(vi)	Unissued checks are safeguarded so as to prevent unauthorized access.	Cert. Admin.

Master Servicer

Special Servicer
	1122(d)(2)(vii)	Reconciliations are prepared on a monthly basis for all asset-backed securities related bank accounts, including custodial accounts and related bank clearing accounts. These reconciliations are (A) mathematically accurate; (B) prepared within 30 calendar days after the bank statement cutoff date, or such other number of days specified in the transaction agreements; (C) reviewed and approved by someone other than the person who prepared the reconciliation; and (D) contain explanations for reconciling items. These reconciling items are resolved within 90 calendar days of their original identification, or such other number of days specified in the transaction agreements.	Cert. Admin.

Master Servicer

Special Servicer
	 	Investor Remittances and Reporting	 

 

    Sch. II-2

     

    

 

	Relevant Servicing Criteria	Applicable 

Party(ies)
	Reference	Criteria	 
	1122(d)(3)(i)	Reports to investors, including those to be filed with the Commission, are maintained in accordance with the transaction agreements and applicable Commission requirements. Specifically, such reports (A) are prepared in accordance with timeframes and other terms set forth in the transaction agreements; (B) provide information calculated in accordance with the terms specified in the transaction agreements; (C) are filed with the Commission as required by its rules and regulations; and (D) agree with investors’ or the trustee’s records as to the total unpaid principal balance and number of mortgage loans serviced by the Master Servicer.	Cert. Admin.

Operating Adv. 

(excluding clauses (C) and (D) in the case of the Operating Adv.)
	1122(d)(3)(ii)	Amounts due to investors are allocated and remitted in accordance with timeframes, distribution priority and other terms set forth in the transaction agreements.	Cert. Admin.
	1122(d)(3)(iii)	Disbursements made to an investor are posted within two business days to the Master Servicer’s investor records or Certificate Administrator’s investor records, or such other number of days specified in the transaction agreements.	Cert. Admin.

 
	1122(d)(3)(iv)	Amounts remitted to investors per the investor reports agree with cancelled checks, or other form of payment, or custodial bank statements.	Cert. Admin.
	 	Pool Asset Administration	 
	1122(d)(4)(i)	Collateral or security on mortgage loans is maintained as required by the transaction agreements or related mortgage loan documents.	Custodian

Master Servicer

Special Servicer
	1122(d)(4)(ii)	Mortgage loan and related documents are safeguarded as required by the transaction agreements.	Custodian
	1122(d)(4)(iii)	Any additions, removals or substitutions to the asset pool are made, reviewed and approved in accordance with any conditions or requirements in the transaction agreements.	Master Servicer

Special Servicer

 

    Sch. II-3

     

    

 

	Relevant Servicing Criteria	Applicable 

Party(ies)
	Reference	Criteria	 
	1122(d)(4)(iv)	Payments on mortgage loans, including any payoffs, made in accordance with the related mortgage loan documents are posted to the Master Servicer’s obligor records maintained no more than two business days after receipt, or such other number of days specified in the transaction agreements, and allocated to principal, interest or other items (e.g., escrow) in accordance with the related mortgage loan documents.	Master Servicer
	1122(d)(4)(v)	The Master Servicer’s records regarding the mortgage loans agree with the Master Servicer’s records with respect to an obligor’s unpaid principal balance.	Master Servicer
	1122(d)(4)(vi)	Changes with respect to the terms or status of an obligor’s mortgage loans (e.g., loan modifications or re-agings) are made, reviewed and approved by authorized personnel in accordance with the transaction agreements and related pool asset documents.	Master Servicer

Special Servicer
	1122(d)(4)(vii)	Loss mitigation or recovery actions (e.g., forbearance plans, modifications and deeds in lieu of foreclosure, foreclosures and repossessions, as applicable) are initiated, conducted and concluded in accordance with the timeframes or other requirements established by the transaction agreements.	Special Servicer

Operating Adv.
	1122(d)(4)(viii)	Records documenting collection efforts are maintained during the period a mortgage loan is delinquent in accordance with the transaction agreements. Such records are maintained on at least a monthly basis, or such other period specified in the transaction agreements, and describe the entity’s activities in monitoring delinquent mortgage loans including, for example, phone calls, letters and payment rescheduling plans in cases where delinquency is deemed temporary (e.g., illness or unemployment).	Master Servicer

Special Servicer
	1122(d)(4)(ix)	Adjustments to interest rates or rates of return for mortgage loans with variable rates are computed based on the related mortgage loan documents.	Master Servicer

 

    Sch. II-4

     

    

 

	Relevant Servicing Criteria	Applicable 

Party(ies)
	Reference	Criteria	 
	1122(d)(4)(x)	Regarding any funds held in trust for an obligor (such as escrow accounts): (A) such funds are analyzed, in accordance with the obligor’s mortgage loan documents, on at least an annual basis, or such other period specified in the transaction agreements; (B) interest on such funds is paid, or credited, to obligors in accordance with applicable mortgage loan documents and state laws; and (C) such funds are returned to the obligor within 30 calendar days of full repayment of the related mortgage loans, or such other number of days specified in the transaction agreements.	Master Servicer
	1122(d)(4)(xi)	Payments made on behalf of an obligor (such as tax or insurance payments) are made on or before the related penalty or expiration dates, as indicated on the appropriate bills or notices for such payments, provided that such support has been received by the servicer at least 30 calendar days prior to these dates, or such other number of days specified in the transaction agreements.	Master Servicer
	1122(d)(4)(xii)	Any late payment penalties in connection with any payment to be made on behalf of an obligor are paid from the servicer’s funds and not charged to the obligor, unless the late payment was due to the obligor’s error or omission.	Master Servicer
	1122(d)(4)(xiii)	Disbursements made on behalf of an obligor are posted within two business days to the obligor’s records maintained by the servicer, or such other number of days specified in the transaction agreements.	Master Servicer
	1122(d)(4)(xiv)	Delinquencies, charge-offs and uncollectible accounts are recognized and recorded in accordance with the transaction agreements.	Master Servicer
	1122(d)(4)(xv)	Any external enhancement or other support, identified in Item 1114(a)(1) through (3) or Item 1115 of Regulation AB, is maintained as set forth in the transaction agreements.	N/A

 

At all times that the
Master Servicer and Special Servicer are the same entity, the Master Servicer and the Special Servicer may provide a combined assessment
of compliance in respect of their combined responsibilities under Section 1122 of Regulation AB.

 

    Sch. II-5

     

    

 

SCHEDULE III

 

CLASS A-SB PLANNED PRINCIPAL BALANCE
SCHEDULE

 

	Period
	Balance($)
	 	Period
	Balance($)

	1	40,449,000.00	 	61	39,807,100.73
	2	40,449,000.00	 	62	39,007,036.57
	3	40,449,000.00	 	63	38,359,999.80
	4	40,449,000.00	 	64	37,658,568.87
	5	40,449,000.00	 	65	37,006,267.50
	6	40,449,000.00	 	66	36,299,721.77
	7	40,449,000.00	 	67	35,642,115.02
	8	40,449,000.00	 	68	34,981,940.70
	9	40,449,000.00	 	69	34,267,746.07
	10	40,449,000.00	 	70	33,602,205.40
	11	40,449,000.00	 	71	32,882,797.12
	12	40,449,000.00	 	72	32,211,848.52
	13	40,449,000.00	 	73	31,538,279.95
	14	40,449,000.00	 	74	30,760,063.32
	15	40,449,000.00	 	75	30,080,825.42
	16	40,449,000.00	 	76	29,348,109.68
	17	40,449,000.00	 	77	28,663,357.75
	18	40,449,000.00	 	78	27,925,284.89
	19	40,449,000.00	 	79	27,234,976.24
	20	40,449,000.00	 	80	26,541,971.53
	21	40,449,000.00	 	81	25,795,880.72
	22	40,449,000.00	 	82	25,097,194.76
	23	40,449,000.00	 	83	24,361,514.70
	24	40,449,000.00	 	84	23,672,122.13
	25	40,449,000.00	 	85	22,980,033.86
	26	40,449,000.00	 	86	22,138,548.20
	27	40,449,000.00	 	87	21,440,463.21
	28	40,449,000.00	 	88	20,690,945.49
	29	40,449,000.00	 	89	19,987,199.57
	30	40,449,000.00	 	90	19,232,181.98
	31	40,449,000.00	 	91	18,522,731.21
	32	40,449,000.00	 	92	17,810,505.81
	33	40,449,000.00	 	93	17,047,249.97
	34	40,449,000.00	 	94	16,329,253.94
	35	40,449,000.00	 	95	15,560,391.63
	36	40,449,000.00	 	96	14,836,580.18
	37	40,449,000.00	 	97	14,109,937.59
	38	40,449,000.00	 	98	13,237,118.74
	39	40,449,000.00	 	99	12,504,220.15
	40	40,449,000.00	 	100	11,720,879.26
	41	40,449,000.00	 	101	10,982,049.62
	42	40,449,000.00	 	102	10,192,946.41
	43	40,449,000.00	 	103	9,448,139.70
	44	40,449,000.00	 	104	8,700,419.20
	45	40,449,000.00	 	105	7,902,678.07
	46	40,449,000.00	 	106	7,148,911.50
	47	40,449,000.00	 	107	6,345,296.30
	48	40,449,000.00	 	108	5,585,436.73
	49	40,449,000.00	 	109	4,822,604.12
	50	40,449,000.00	 	110	3,916,968.85
	51	40,449,000.00	 	111	3,147,608.61
	52	40,449,000.00	 	112 	2,328,843.35
	53	40,449,000.00	 	113	1,553,269.07
	54	40,449,000.00	 	114	736,156.22
	58	40,449,000.00	 	115 and thereafter	0.00
	59	40,449,000.00	 	 	 
	60	40,448,509.84	 	 	 

 

 

    Sch. III-1

     

    

 

SCHEDULE IV

 

ADDITIONAL FORM 10-D DISCLOSURE

 

The parties identified in the “Party
Responsible” column (with each Servicing Function Participant deemed to be responsible for the following items for which
the party that retained such Servicing Function Participant is responsible) are obligated pursuant to Section 10.06 of the Pooling
and Servicing Agreement to disclose to the Depositor and the Certificate Administrator any information described in the corresponding
Form 10-D Item described in the “Item on Form 10-D” column to the extent such party has actual knowledge (and in the
case of financial statements required to be provided in connection with Item 6 below, possession) of such information (other than
information as to itself). Each of the Certificate Administrator, the Paying Agent, the Trustee, the Master Servicer and the Special
Servicer (in its capacity as such) shall be entitled to rely on the accuracy of the Prospectus (other than information with respect
to itself that is set forth in or omitted from the Prospectus), in the absence of specific written notice to the contrary from
the Depositor or Mortgage Loan Sellers. Each of the Certificate Administrator, the Paying Agent, the Trustee, the Master Servicer
and the Special Servicer (in its capacity as such) shall be entitled to conclusively assume that there is no “significant
obligor” other than a party identified as such in the Prospectus. For this Benchmark 2018-B1 Mortgage Trust Pooling and Servicing
Agreement, each of the Certificate Administrator, the Paying Agent, the Trustee, the Master Servicer and the Special Servicer (in
its capacity as such) shall be entitled to assume that there is no provider of credit enhancement, liquidity or derivative instruments
within the meaning of Items 1114 or 1115 of Regulation AB other than a party identified as such in the Prospectus.

 

	Item on Form 10-D	Party Responsible
	Item 1: Distribution and Pool Performance Information: Only with respect to any information required by 1121 which is NOT included on the Distribution Date Statement	
        ●     Each
        Master Servicer (only with respect to 1121(a)(12) as to non-Specially Serviced Loans)

        

        ●     Special
        Servicer (only with respect to 1121(a)(12) as to Specially Serviced Loans)

        

        ●     Depositor

        

        ●     Certificate
        Administrator

        

        ●     Asset
        Representations Reviewer

        

        ●     Each
        Mortgage Loan Seller (only with respect to 1121(c)(2))

        

	Item 2: Legal Proceedings:

Item 1117 of Regulation AB (to the extent material to Certificateholders)	
        ●     Master
        Servicer (as to itself)

        

        ●     Special
        Servicer (as to itself)

        

        ●     Trustee
        (as to itself)

        

        ●     Certificate
        Administrator (as to itself)

        

        ●     Depositor
        (as to itself)

        

        

 

    Sch. IV-1

     

    

 

	 	●     Any
        other Reporting Servicer (as to itself)

        

        ●     Trustee/Certificate
        Administrator/Master Servicer/Depositor/Special Servicer as to the Trust

        

        ●     Each
        Mortgage Loan Seller

        

        ●     Originators
        under Item 1110 of Regulation AB (to be provided by the Depositor)

        

        ●     Party
        under Item 1100(d)(1) of Regulation AB (to be provided by the Depositor)

        

	Item 3: Sale of Securities and Use of Proceeds	
            ●     Depositor

	Item 4: Defaults Upon Senior Securities	
        ●     Certificate
        Administrator

        

        ●     Trustee

        

	Item 5: Submission of Matters to a Vote of Security Holders	
            ●     Certificate Administrator

	Item 6: Significant Obligors of Pool Assets	
            ●     Master Servicer

	Item 7: Change in Sponsor Interest in the Securities:

Item 1124 of Regulation AB	
            ●     Each Mortgage Loan Seller

	Item 8: Significant Enhancement Provider Information	
            ●     N/A

	Item 9: Other Information (information required to be disclosed on Form 8-K that was not properly disclosed)	
            ●     Any party responsible for disclosure items on Form 8-K to the extent of such items

	Item 10: Exhibits	
        ●     Depositor
        (exhibits required by Item 601 of Regulation S-K, such as material agreements)

        

        ●     Certificate
        Administrator (Monthly Statement to Certificateholders)

        

 

    Sch. IV-2

     

    

 

SCHEDULE V

 

ADDITIONAL FORM 10-K DISCLOSURE

 

The parties identified in the “Party
Responsible” column (with each Servicing Function Participant deemed to be responsible for the following items for which
the party that retained such Servicing Function Participant is responsible) are obligated pursuant to Section 10.07 of the Pooling
and Servicing Agreement to disclose to the Depositor and the Certificate Administrator any information described in the corresponding
Form 10-K Item described in the “Item on Form 10-K” column to the extent such party has actual knowledge (and in the
case of financial statements required to be provided in connection with 1112(b) below, possession) of such information (other than
information as to itself). Each of the Certificate Administrator, the Paying Agent, the Trustee, the Master Servicer and the Special
Servicer (in its capacity as such) shall be entitled to rely on the accuracy of the Prospectus (other than information with respect
to itself that is set forth in or omitted from the Prospectus), in the absence of specific written notice to the contrary from
the Depositor or Mortgage Loan Sellers. Each of the Certificate Administrator, the Paying Agent, the Trustee, the Master Servicer
and the Special Servicer (in its capacity as such) shall be entitled to conclusively assume that there is no “significant
obligor” other than a party identified as such in the Prospectus. For this Benchmark 2018-B1 Mortgage Trust Pooling and Servicing
Agreement, each of the Certificate Administrator, the Paying Agent, the Trustee, the Master Servicer and the Special Servicer (in
its capacity as such) shall be entitled to assume that there is no provider of credit enhancement, liquidity or derivative instruments
within the meaning of Items 1114 or 1115 of Regulation AB other than a party identified as such in the Prospectus.

 

	Item on Form 10-K	Party Responsible
	Item 1B: Unresolved Staff Comments	
            ●     Depositor

	Item 9B: Other Information (information required to be disclosed on Form 8-K that was not properly disclosed)	
            ●     Any party responsible for disclosure items on Form 8-K to the extent of such items

	Item 15: Exhibits, Financial Statement Schedules	
        ●     Certificate
        Administrator

        

        ●     Depositor

        

	Additional Item:

Disclosure per Item 1112(b)(1) of Regulation AB	
             

            ●     Master Servicer

	Additional Item:

Disclosure per Items 1114(b)(2) and 1115(b) of Regulation AB	
             

            ●     N/A

 

    Sch. V-1

     

    

 

	Additional Item:

Disclosure per Item 1117 of Regulation AB (to the extent material to Certificateholders)	
        ●     Master
        Servicer (as to itself)

        

        ●     Special
        Servicer (as to itself)

        

        ●     Certificate
        Administrator (as to itself)

        

        ●     Trustee
        (as to itself)

        

        ●     Depositor
        (as to itself)

        

        ●     Operating
        Advisor (as to itself)

        

        ●     Asset
        Representations Reviewer (as to itself)

        

        ●     Any
        other Reporting Servicer (as to itself)

        

        ●     Trustee/Certificate
        Administrator/Master Servicer/Depositor/Special Servicer as to the Trust

        

        ●     Each
        Mortgage Loan Seller

        

        ●     Originators
        under Item 1110 of Regulation AB (to be provided by the Depositor)

        

        ●     Party
        under Item 1100(d)(1) of Regulation AB (to be provided by the Depositor)

        

 

    Sch. V-2

     

    

 

	Additional Item:

Disclosure per Item 1119 of Regulation AB	
        ●     Master
        Servicer (as to itself) (to the extent material to Certificateholders and only as to affiliations under 1119(a) with the Trustee,
        Certificate Administrator, Special Servicer or a sub-servicer meeting any of the descriptions in Item 1108(a)(3))

        

        ●     Special
        Servicer (as to itself) (to the extent material to Certificateholders and only as to affiliations under 1119(a) with the Trustee,
        Certificate Administrator, Master Servicer or a sub-servicer meeting any of the descriptions in Item 1108(a)(3))

        

        ●     Certificate
        Administrator (as to itself) (to the extent material to Certificateholders)

        

        ●     Trustee
        (as to itself) (to the extent material to Certificateholders)

        

        ●     Depositor
        (as to itself)

        

        ●     Depositor
        (as to the Trust)

        

        ●     Each
        Mortgage Loan Seller

        

        ●     Operating
        Advisor (as to itself)

        

        ●     Asset
        Representations Reviewer (as to itself)

        

        ●     Originators
        under Item 1110 of Regulation AB (to be provided by the Depositor)

        

        ●     Party
        under Item 1100(d)(1) of Regulation AB (to be provided by the Depositor)

        

 

    Sch. V-3

     

    

 

SCHEDULE VI

 

FORM 8-K DISCLOSURE INFORMATION

 

The parties identified in the “Party
Responsible” column (with each Servicing Function Participant deemed to be responsible for the following items for which
the party that retained such Servicing Function Participant is responsible) are obligated pursuant to Section 10.09 of the Pooling
and Servicing Agreement to report to the Depositor and the Certificate Administrator the occurrence of any event described in the
corresponding Form 8-K Item described in the “Item on Form 8-K” column to the extent such party has actual knowledge
of such information (other than information as to itself). Each of the Certificate Administrator, the Paying Agent, the Trustee,
the Master Servicer and the Special Servicer (in its capacity as such) shall be entitled to rely on the accuracy of the Prospectus
(other than information with respect to itself that is set forth in or omitted from the Prospectus), in the absence of specific
written notice to the contrary from the Depositor or Mortgage Loan Sellers. Each of the Certificate Administrator, the Paying Agent,
the Trustee, the Master Servicer and the Special Servicer (in its capacity as such) shall be entitled to conclusively assume that
there is no “significant obligor” other than a party identified as such in the Prospectus. For this Benchmark 2018-B1
Mortgage Trust Pooling and Servicing Agreement, each of the Certificate Administrator, the Paying Agent, the Trustee, the Master
Servicer and the Special Servicer (in its capacity as such) shall be entitled to assume that there is no provider of credit enhancement,
liquidity or derivative instruments within the meaning of Items 1114 or 1115 of Regulation AB other than a party identified as
such in the Prospectus.

 

	Item on Form 8-K	Party Responsible 
	Item 1.01- Entry into a Material Definitive Agreement

Disclosure is required regarding entry into or amendment of any definitive agreement that is material to the securitization, even if depositor is not a party. 

Examples: servicing agreement, custodial agreement.

Note: disclosure not required as to definitive agreements that are fully disclosed in the prospectus	
            ●     Trustee/Certificate Administrator/Master Servicer/Depositor/Special Servicer as to the Trust (only as to the agreements such entity is a party to or entered into on behalf of the Trust)

	Item 1.02- Termination of a Material Definitive Agreement

Disclosure is required regarding termination of any definitive agreement that is material to the securitization (other than expiration in accordance with its terms), even if depositor is not a party. 	
            ●     Trustee/Certificate Administrator/Master Servicer/Depositor/Special Servicer as to the Trust (only as to the agreements such entity is a party to or entered into on behalf of the Trust)

 

    Sch. VI-1

     

    

 

	Item
    on Form 8-K	Party
    Responsible 
	

                                                                                Examples: servicing agreement, custodial agreement.
	 
	Item
    1.03- Bankruptcy or Receivership	●     Depositor

        ●     Each
        Mortgage Loan Seller

        

	Item
    2.04- Triggering Events that Accelerate or Increase a Direct Financial Obligation or an Obligation under an Off-Balance Sheet
    Arrangement

    

    Includes an early amortization, performance trigger or other event,
    including event of default, that would materially alter the payment priority/distribution of cash flows/amortization schedule.

    

    Disclosure will be made of events other than waterfall triggers which
    are disclosed in the monthly statements to the certificateholders.	●     Depositor

        

        ●     Certificate
        Administrator

         

	Item
    3.03- Material Modification to Rights of Security Holders

    

    Disclosure is required of any material modification to documents
    defining the rights of Certificateholders, including the Pooling and Servicing Agreement.	●     Certificate
                                         Administrator

	Item
    5.03- Amendments of Articles of Incorporation or Bylaws; Change of Fiscal Year

    

    Disclosure is required of any amendment “to the governing documents
    of the issuing entity”.	●     Depositor

	Item
    5.06 – Change in Shell Company Status	●     Depositor

	Item
    5.07 – Submission of Matters to a Vote of Security Holders	●     Depositor

	Item
    5.08 – Shareholder Director Nomination	●     Depositor

	Item
    6.01- ABS Informational and Computational Material	●     Depositor

	Item
    6.02- Change of Servicer or Trustee 

    

    Requires disclosure of any removal, replacement, substitution or
    addition of any master servicer, affiliated servicer, other servicer servicing 10% or more of pool assets at time of report,
    other material servicers or trustee.	●     Master
                                         Servicer (as to itself or a servicer retained by it)

        

        ●     Special
        Servicer (as to itself or a servicer retained by it)

        

        ●     Certificate
        Administrator (as to itself or an entity retained by it)

        

        ●     Trustee

        

        

 

    Sch. VI-2

     

    

 

	Item
    on Form 8-K	Party
    Responsible 
	 	●     Depositor

        

	Reg
    AB disclosure about any new servicer or master servicer is also required.	●     Master
    Servicer or Special Servicer, as applicable

	Reg
    AB disclosure about any new Trustee is also required.	●     Trustee

	Reg
    AB disclosure about any new Certificate Administrator is also required.	●     Certificate
    Administrator

	Item
    6.03- Change in Credit Enhancement or Other External Support	N/A

	Item
    6.04- Failure to Make a Required Distribution	●     Certificate
    Administrator

	Item
    6.05- Securities Act Updating Disclosure

    

    If any material pool characteristic differs by 5% or more at the time of issuance of the securities from the description in
    the final prospectus, provide updated Reg AB disclosure about the actual asset pool.

    

    If there are any new servicers or originators required to be disclosed under Regulation AB as a result of the foregoing, provide
    the information called for in Items 1108 and 1110 respectively.	●     Depositor

	Item
    7.01- Regulation FD Disclosure	●     Depositor

	Item
    8.01 – Other Events

    

    Any event, with respect to which information is not otherwise called for in Form 8-K, that the registrant deems of importance
    to certificateholders.	●     Depositor

	Item
    9.01 – Financial Statements and Exhibits	●     Responsible
    party for reporting/disclosing the financial statement or exhibit

 

    Sch. VI-3

     

    

 

SCHEDULE VII  

 

INITIAL SERVICED COMPANION
LOAN NOTEHOLDERS  

 

	Serviced Companion	 	 	 	 
	 Loan	 	Initial Noteholders	 	Address
	90 Hudson	 	
        JPMorgan Chase Bank,

        National Association (Note A-2

        Holder)

         

         

         
	 	
        JPMorgan Chase Bank, National Association

383 Madison Avenue, 31st Floor

New York, New York 10179

Attention: Kunal K. Singh

Email:

        US_CMBS_Notice@jpmorgan.com  

         

        and

JPMorgan Chase Bank, National Association

383 Madison Avenue, 32nd Floor

New York, New York 10179

Attention: Bianca A. Russo, Managing 

Director & Associate General Counsel

Email:

        US_CMBS_Notice@jpmorgan.com  

         

        with a copy to:  

         

        Cadwalader, Wickersham & Taft
LLP 

        227 West Trade Street 

        Charlotte, NC 28202 

        Attention: David Burkholder 

        Facsimile No.: (704) 348-5309 

         

	Atrium Center	 	JPMorgan Chase Bank,

        National Association (Note A-2

        Holder, Note A-3 Holder)
	 	JPMorgan Chase Bank, National Association

        383 Madison Avenue, 31st Floor

        New York, New York 10179

        Attention: Kunal K. Singh

        Email:

        US_CMBS_Notice@jpmorgan.com

                                                             

                                                            and

                                                             

                                                            JPMorgan Chase Bank, National 

 

     Sch. VII-1

     

    

  

		 	
         

        

         
	 	 Association

 383 Madison Avenue, 32nd
    Floor
         New York, New York 10179
         Attention: Bianca A. Russo, Managing

 Director & Associate General
    Counsel
         Email: 

US_CMBS_Notice@jpmorgan.com
         

        

        

        with a copy to:

         

        Cadwalader, Wickersham & Taft LLP 

        227 West Trade Street 

        Charlotte, NC 28202 

        Attention: David Burkholder 

        Facsimile No.: (704) 348-5309 

         

	Sentinel Square II	 	Deutsche Bank AG, New York

        Branch (Note A-1 Holder)
	 	
        Deutsche Bank AG, New York Branch

60 Wall Street

New York, New York 10005

Attention: Robert Pettinato 

        Telecopier: (212) 797-4488 

        E-mail: Robert.pettinato@db.com

         

        with a copy to: 

         

        Deutsche Bank AG, New York Branch 

        60 Wall Street 

        New York, New York 10005 

        Attention: General Counsel

         

	Radisson Blu Aqua Hotel	 	JPMorgan Chase Bank,

        National Association (Note A-2

        Holder)
	 	
        JPMorgan Chase Bank, National Association

383 Madison Avenue, 31st Floor

New York, New York 10179

Attention: Kunal K. Singh

Email: 

US_CMBS_Notice@jpmorgan.com 

         

        and

JPMorgan Chase Bank, National Association

383 Madison Avenue, 32nd Floor

New York, New York 10179

Attention: Bianca A. Russo, Managing

Director & Associate General Counsel

 

     Sch. VII-2

     

    

 

	 	 	 	 	Email:

        US_CMBS_Notice@jpmorgan.com 

         

        with a copy to:

         

        Cadwalader, Wickersham & Taft LLP

        227 West Trade Street 

        Charlotte, NC 28202

        Attention: David Burkholder  

        Facsimile No.: (704) 348-5309

         

	Lehigh Valley Mall	 	CSAIL 2017-CX10 (Note A-1-

                                             B Holder)
	 	
        KeyBank National Association

11501 Outlook Street, Suite 300

Overland Park, Kansas 66211

Attention: Michael Tilden

Email: keybank_notices@keybank.com

         

        with a copy to: 

         

        Polsinelli 

        900 West 48th Street, Suite
900 

        Kansas City, MO 64112 

        Attention: Kraig Kohring 

        Email: kkohring@polsinelli.com 

         

	 	 	JPMorgan Chase Bank,

                                 National Association (Note A-

                                 2-A Holder)
	 	
        JPMorgan Chase Bank, National

        Association 

        383 Madison Avenue 

        New York, New York 10179 

        Attention: Joseph E. Geoghan 

        Facsimile No.: (212) 272-7047 

         

        -and- 

         

        JPMorgan Chase Bank, National Association 

        383 Madison Avenue 

        New York, New York 10179 

        Attention: Nancy Alto 

        Facsimile No.: (212) 623-4779 

        with a copy to:  

         

        Cadwalader, Wickersham & Taft
LLP 

        227 West Trade Street 

        Charlotte, NC 28202 

        Attention: David Burkholder 

        Facsimile No.: (704) 348-5309 

 

     Sch. VII-3

     

    

 

	 	 	Column Financial, Inc. (Note

                                             A-2-B Holder)
	 	
        Column Financial, Inc. 

        11 Madison Avenue 

        New York, New York 10010 

        Attention: N. Dante LaRocca 

        Facsimile No.: (212) 325-8717 

         

        with a copy to: 

         

        Column Financial, Inc. 

        One Madison Avenue 

        New York, New York 10010 

        Legal and Compliance Department 

        Attention: Sarah Nelson 

         

        Facsimile No.: (917) 326-84337

         

	 	 	Cantor Commercial Real Estate

                                 Lending, L.P. (Note A-1-C

                                 Holder, Note A-2-C Holder )
	 	
        Cantor Commercial Real Estate

        Lending,
L.P. 

        110 East 59th Street, 6th Floor 

        New York, New York 10022 

        Attention: Gary F. Stellato 

        Facsimile No.: (212) 610-3623 

         

	Rochester Hotel Portfolio	 	Deutsche Bank AG, New York

                                 Branch (Note A-1 Holder, Note

                                 A-3 Holder, Note A-4-B

                                 Holder)
	 	
        Deutsche Bank AG, New York Branch

60 Wall Street

New York, New York 10005

Attention: Robert Pettinato 

        Telecopier: (212) 797-4488 

        E-mail: Robert.pettinato@db.com 

         

        with a copy to: 

         

        Deutsche Bank AG, New York Branch 

        60 Wall Street 

        New York, New York 10005 

        Attention: General Counsel 

         

	Marriott Charlotte City Center	 	JPMorgan Chase Bank,

                                 National Association (Note A-2

                                 Holder, Note A-3 Holder)
	 	JPMorgan Chase Bank, National Association

        383 Madison Avenue, 31st Floor

        New York, New York 10179

        Attention: Kunal K. Singh

        Email:

        US_CMBS_Notice@jpmorgan.com 

         

        -and-

 

     Sch. VII-4

     

    

 

		 	 	 	
        JPMorgan Chase Bank, National Association

383 Madison Avenue, 32nd Floor

New York, New York 10179

Attention: Bianca A. Russo, Managing

Director & Associate General Counsel

Email: US_CMBS_Notice@jpmorgan.com 

         

        with a copy to: 

         

        Cadwalader, Wickersham & Taft
LLP 

        227 West Trade Street 

        Charlotte, NC 28202 

        Attention: David Burkholder 

        Facsimile No.: (704) 348-5309 

         

	Towers at University Town Center	 	JPMorgan Chase Bank,

                                 National Association (Note A-1

                                 Holder)
	 	
        JPMorgan Chase Bank, National Association 

        383 Madison Avenue, 31st Floor 

        New York, New York 10179 

        Attention: Kunal K. Singh 

        Email:

        US_CMBS_Notice@jpmorgan.com 

         

        -and-  

         

        JPMorgan Chase Bank, National Association 

        383 Madison Avenue, 32nd Floor 

        New York, New York 10179 

        Attention: Bianca A. Russo, Managing

Director & Associate General Counsel 

        Email:

        US_CMBS_Notice@jpmorgan.com  

         

        with a copy to:  

         

        Cadwalader, Wickersham & Taft
LLP 

        227 West Trade Street 

        Charlotte, NC 28202 

        Attention: David Burkholder 

        Facsimile No.: (704) 348-5309

         

	Two Harbor Point Square	 	Citi Real Estate Funding Inc.

                                 (Note A-1-A Holder)
	 	Citi Real Estate Funding Inc.

        390 Greenwich Street, 7th Floor

 

     Sch. VII-5

     

    

 

		 		 	
        New York, New York 10013

Attention: Ana Rosu Marmann

Facsimile: (646) 328-2938 

         

        with a copy
to: 

         

        Citi Real Estate Funding Inc.

390 Greenwich Street, 5th Floor

New York, New York 10013

Attention: Paul Vanderslice

Telecopier: (212) 723-8599 

        paul.t.vanderslice@citi.com 

         

        with a copy to:  

         

        Citi Real Estate Funding Inc.

390 Greenwich Street, 19th Floor

New York, New York 10013

Attention: Richard Simpson

Telecopier: (646) 328-2943 

        Email: Richard.simpson@citi.com  

         

        Ryan M. O’Connor 

        Telecopier: (646) 328-2943 

        E-mail: ryan.m.oconnor@citi.com 

         

        Sidley Austin LLP 

        787 Seventh Avenue 

        New York, New York 10019 

        Attention: Charles Schrank and Joseph
Kelly 

        Telecopier: (212) 839-5599 

        E-mail: cschrank@sidley.com and

        jkelly@sidley.com 

         

	 	 	Deutsche Bank AG, New York

                                 Branch (Note A-2 Holder)
	 	Deutsche Bank AG, New York Branch

        60 Wall Street

        New York, New York 10005

        Attention: Robert Pettinato

        Telecopier: (212) 797-4488

        E-mail: Robert.pettinato@db.com

         

        with a copy to:

         

        Deutsche Bank AG, New York Branch

        60 Wall Street 

 

     Sch. VII-6

     

    

 

	 	 		 	
        New York, New York 10005 

        Attention: General Counsel 

         

        Cadwalader, Wickersham & Taft
LLP 

        200 Liberty Street 

        New York, New York 10281 

        Attention: Robert Kim 

 

     Sch. VII-7

     

    

 

SCHEDULE VIII 

 

CONTACT INFORMATION
FOR THE OTHER 17G-5 INFORMATION PROVIDER

 

	Other 17g-5 Information Provider	Transaction	Contact Information
	Wells Fargo Bank, National Association	CSAIL 2017-CX10	17g5informationprovider@wellsfargo.com, specifically with a subject reference of “CSAIL 2017-CX10” and an identification of the type of information being provided in the body of such electronic mail.

  

     Sch. VIII-1

     

    

 

SCHEDULE IX 

 

MORTGAGE LOANS WITH “PERFORMANCE”,
“EARN-OUT” OR “HOLDBACK” ESCROWS OR RESERVES EXCEEDING 10% OF THE STATED PRINCIPAL BALANCE OF THE MORTGAGE
POOL AS OF THE CUT-OFF DATE 

 

 

None. 

 

     Sch. IX-1

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