Document:

Exhibit 4.17

 

 

	EXECUTION COPY
	 
	Equity Inns Portfolio

 

AMENDED AND RESTATED CO-LENDER AGREEMENT

 

Dated as of January 8, 2016

 

by and among

 

WILMINGTON TRUST, NATIONAL ASSOCIATION,
AS TRUSTEE FOR THE BENEFIT 

OF THE HOLDERS OF COMM 2015-LC23 MORTGAGE TRUST COMMERCIAL 

MORTGAGE PASS-THROUGH CERTIFICATES

(Note A-1-A Holder),

 

LADDER CAPITAL FINANCE
III LLC - Series 97 - Equity inns Portfolio 

(Note A-1-B Holder),

 

LADDER CAPITAL FINANCE III LLC - Series
97 - Equity inns Portfolio

(Note A-2-A1 Holder),

 

LADDER CAPITAL FINANCE III LLC - Series
97 - Equity inns Portfolio

(Note A-2-A2 Holder),

 

LADDER CAPITAL FINANCE III LLC - Series
97 - Equity inns Portfolio

(Note A-2-B Holder),

 

LADDER CAPITAL FINANCE III LLC - Series
97 - Equity inns Portfolio

(Note A-3 Holder),

 

WILMINGTON TRUST, NATIONAL ASSOCIATION,
AS TRUSTEE FOR THE BENEFIT 

OF THE HOLDERS OF COMM 2015-LC23 MORTGAGE TRUST COMMERCIAL 

MORTGAGE PASS-THROUGH CERTIFICATES

(Note A-4-A Holder),

 

GERMAN AMERICAN CAPITAL
CORPORATION 

(Note A-4-B Holder),

 

GERMAN AMERICAN CAPITAL
CORPORATION 

(Note A-5-A Holder),

 

GERMAN AMERICAN CAPITAL
CORPORATION 

(Note A-5-B Holder),

 

and

 

GERMAN AMERICAN CAPITAL
CORPORATION 

(Note A-6 Holder) 

	 

 

    	 

    	 

    

 

TABLE OF CONTENTS

 

	 	 	Page
	 	 	 
	1.	Definitions; Conflicts	3
	2.	Servicing of the Mortgage Loan	21
	3.	Priority of Notes	23
	4.	Workout	24
	5.	Accounts; Payment Procedure	24
	6.	Limitation on Liability	25
	7.	Representations of the Holders	26
	8.	Independent Analyses of each Holder	26
	9.	No Creation of a Partnership or Exclusive Purchase Right	27
	10.	Not a Security	27
	11.	Other Business Activities of the Holders	27
	12.	Transfer of Notes	27
	13.	Exercise of Remedies by the Servicer	29
	14.	Rights of the Directing Holder	31
	15.	Appointment of Special Servicer	32
	16.	Rights of the Non-Directing Holders	33
	17.	Advances; Reimbursement of Advances	34
	18.	Provisions Relating to Securitization	35
	19.	Governing Law; Waiver of Jury Trial	37
	20.	Modifications	37
	21.	Successors and Assigns; Third Party Beneficiaries	38
	22.	Counterparts	38
	23.	Captions	38
	24.	Notices	38
	25.	Custody of Mortgage Loan Documents	38

 

    	-i-

    	 

    

 

THIS AMENDED AND RESTATED
CO-LENDER AGREEMENT (the “Agreement”), dated as of January 8, 2016, by and among Wilmington Trust, National
Association, as Trustee for the benefit of the holders of COMM 2015-LC23 Mortgage Trust Commercial Mortgage Pass-Through Certificates,
as the holder of Note A-1-A, LADDER CAPITAL FINANCE III LLC - Series 97 - Equity inns Portfolio, a segregated series of
LADDER CAPITAL FINANCE III LLC, a Delaware limited liability company (“Ladder”), as the holder of Note A-1-B,
Ladder, Ladder, as the holder of Note A-2-A1, Ladder, as the holder of Note A-2-A2, Ladder, as the holder of Note A-2-B, Ladder,
as the holder of Note A-3, Wilmington Trust National Association, as Trustee for the benefit of the holders of COMM 2015-LC23
Mortgage Trust Commercial Mortgage Pass-Through Certificates, as the holder of Note A-4-A, GERMAN AMERICAN CAPITAL CORPORATION
( “GACC”) together with its successors and assigns in interest, as the holder of Note A-4-B, GACC, as the holder
of Note A-5-A, GACC, as the holder of Note A-5-B and GACC, as the holder of Note A-6.

 

W I T N E
S S E T H:

 

WHEREAS, Ladder Capital
Finance LLC, a Delaware limited liability company, and GACC entered into an amended and restated co-origination agreement, dated
October 29, 2015 and originated a mortgage loan in the original principal amount of $232,000,000 (the “Mortgage Loan”)
to the borrower listed on Exhibit A hereto (the “Borrower”) pursuant to a loan agreement dated as of October
6, 2015 (the “Loan Agreement”);

 

WHEREAS, the Mortgage
Loan was originally evidenced by nine promissory notes (the “Original Notes”), and Ladder and GACC, each in
their capacity a holder of one or more Original Notes entered into a Co-Lender Agreement (the “Original Agreement),
dated as of November 17, 2015, to memorialize the terms under which the holders of the Original Notes would hold such notes;

 

WHEREAS, the Mortgage
Loan is presently evidenced by eleven notes: (i) one promissory note in the original principal amount of $48,000,000 (as amended,
modified or supplemented, “Note A-1-A”) made by the Borrower in favor of the Note A-1-A Holder, (ii) one promissory
note in the original principal amount of $12,000,000 (as amended, modified or supplemented, “Note A-1-B”) made
by the Borrower in favor of the Note A-1-B Holder, (iii) one promissory note in the original principal amount of $24,000,000 (as
amended, modified or supplemented, “Note A-2-A1”) made by the Borrower in favor of the Note A-2-A1 Holder, (iv)
one promissory note in the original principal amount of $6,000,000 (as amended, modified or supplemented, “Note A-2-A2”)
made by the Borrower in favor of the Note A-2-A2 Holder; (v) one promissory note in the original principal amount of $9,600,000
(as amended, modified or supplemented, “Note A-2-B”) made by the Borrower in favor of the Note A-2-B Holder,
(vi) one promissory note in the original principal amount of $39,600,000 (as amended, modified or supplemented, “Note
A-3” and together with Note A-1-A, Note A-1-B, Note A-2-A1, Note A-2-A2 and Note A-2-B, the “Ladder Notes”)
made by the Borrower in favor of the Note A-3 Holder, (vii) one promissory note in the original principal amount of $32,000,000
(as amended, modified or supplemented, “Note A-4-A”) made by the Borrower in favor of the Note A-4-A Holder,
(viii) one promissory note in the original principal amount of $8,000,000 (as amended, modified or

 

    	 

    	 

    

 

supplemented, “Note
A-4-B”) made by the Borrower in favor of the Note A-4-B Holder, (ix) one promissory note in the original principal amount
of $16,000,000 (as amended, modified or supplemented, “Note A-5-A”) made by the Borrower in favor of the Note
A-5-A Holder, (x) one promissory note in the original principal amount of $10,400,000 (as amended, modified or supplemented, “Note
A-5-B”) made by the Borrower in favor of the Note A-5-B Holder and (xi) one promissory note in the original principal
amount of $26,400,000 (as amended, modified or supplemented, “Note A-6”) made by the Borrower in favor of the
Note A-6 Holder;

 

WHEREAS, Ladder Capital
Finance LLC assigned the Original Notes held by Ladder to Ladder Capital Finance III LLC - Series 97 - Equity inns Portfolio;

 

WHEREAS, the Mortgage
Loan is secured by a first mortgage lien (the “Mortgage”) on the real property known as Equity Inns Portfolio
as more fully described in the Loan Agreement (the “Mortgaged Properties” and each, a “Mortgaged Property”);

 

WHEREAS, Ladder transferred
its right, title and interest in and to Note A-1-A to Deutsche Mortgage & Asset Receiving Corporation (“DMARC”),
as depositor, pursuant to a Mortgage Loan Purchase Agreement dated November 6, 2015, by and among DMARC, as purchaser, Ladder,
as seller, and Series TRS of Ladder Capital Finance Holdings LLLP and Series REIT of Ladder Capital Finance Holdings LLLP, as guarantors,
and DMARC transferred its right, title and interest in and to Note A-1-A to Wilmington Trust, National Association, as trustee
for the COMM 2015-LC23 Mortgage Trust under a pooling and servicing agreement, dated as of November 1, 2015 (the “Note
A-1-A PSA”), between DMARC, 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, paying agent and custodian, and Park Bridge Lender Services LLC, as operating advisor;

 

WHEREAS, Ladder intends,
but is not bound, to sell, transfer and assign all or a portion of its right, title and interest in and to Note A-1-B, Note A-2-A1,
Note A-2-A2, Note A-2-B and Note A-3 to one or more depositors who will in turn transfer the same to one or more trusts as part
of the securitization of one or more mortgage loans;

 

WHEREAS, GACC transferred
its right, title and interest in and to Note A-4-A to DMARC, as depositor, pursuant to a Mortgage Loan Purchase Agreement
dated November 6, 2015, by and among DMARC, as purchaser, and GACC, as seller, and DMARC transferred its right, title and interest
in and to Note A-4-A to Wilmington Trust, National Association, as trustee for the Note A-4-A PSA;

 

WHEREAS,GACC intends,
but is not bound, to sell, transfer and assign all or a portion of its right, title and interest in and to Note A-4-B, Note A-5-A,
Note A-5-B and Note A-6 to one or more depositors who will in turn transfer the same to one or more trusts as part of the securitization
of one or more mortgage loans;

 

WHEREAS, the parties
hereto desire to enter into this Agreement (i) to memorialize the terms under which they, and their successors and assigns, shall
hold Note A-1-

 

    	-2-

    	 

    

 

A, Note A-1-B, Note A-2-A1, Note A-2-A2, Note A-2-B, Note A-3, Note A-4-A, Note A-4-B, Note A-5-A, Note A-5-B
and Note A-6, respectively and (ii) to amend, restate and supersede the terms of the Original Agreement;

 

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

 

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

 

“Advance”
shall mean any P&I Advance or Property Advance made with respect to any of the Notes, the Mortgage Loan or the Mortgaged Properties
pursuant to the Note A-1-A PSA, the Note A-1-B PSA, the Note A-2-A1 PSA, the Note A-2-A2 PSA, the Note A-2-B PSA, the Note A-3
PSA, the Note A-4-A PSA, the Note A-4-B PSA, the Note A-5-A PSA, the Note A-5-B PSA or the Note A-6 PSA.

 

“Affiliate”
shall mean, with respect to any specified Person, (a) any other Person controlling or controlled by or under common control
with such specified Person (each, a “Common Control Party”), (b) any other Person owning, directly or indirectly,
ten percent (10%) or more of the beneficial interests in such Person or (c) any other Person in which such Person or a Common
Control Party owns, directly or indirectly, ten percent (10%) or more of the beneficial interests. For the purposes of this definition,
“control” when used with respect to any specified Person means the power to direct the management and policies of such
Person, directly or indirectly, whether through the ownership of voting securities, by contract, relation to individuals or otherwise,
and the terms “controlling” and “controlled” have meanings correlative to the foregoing.

 

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

 

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

 

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

 

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

 

    	-3-

    	 

    

 

“Certificates”
shall mean any securities issued in connection with the Note A-1-A Securitization, the Note A-1-B Securitization, the Note A-2-A1
Securitization, the Note A-2-A2 Securitization, the Note A-2-B Securitization, the Note A-3 Securitization, the Note A-4-A Securitization,
the Note A-4-B Securitization, the Note A-5-A Securitization, the Note A-5-B Securitization or the Note A-6 Securitization.

 

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

 

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

 

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

 

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

 

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

 

“Depositor”
shall mean (i) with respect to the Note A-1-A Securitization, DMARC, (ii) with respect to the Note A-1-B Securitization, the depositor
under the related Note A-1-B PSA, (iii) with respect to the Note A-2-A1 Securitization, the depositor under the related Note A-2-A1
PSA, (iv) with respect to the Note A-2-A2 Securitization, the depositor under the related Note A-2-A2 PSA, (v) with respect to
the Note A-2-B Securitization, the depositor under the related Note A-2-B PSA, (vi) with respect to the Note A-3 Securitization,
the depositor under the Note A-3 PSA, (vii) with respect to the Note A-4-A Securitization, DMARC, (viii) with respect
to the Note A-4-B Securitization, the depositor under the related Note A-4-B PSA, (ix) with respect to the Note A-5-A Securitization,
the depositor under the related Note A-5A PSA, (x) with respect to the Note A-5-B Securitization, the depositor under the related
Note A-5B PSA and (xi) with respect to the Note A-6 Securitization, the depositor under the related Note A-6 PSA.

 

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

 

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

 

    	-4-

    	 

    

 

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

 

“Excluded Amounts”
shall mean:

 

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

 

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

 

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

 

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

 

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

 

“Hazardous Materials”
shall mean 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. § 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”
shall mean the Note A-1-A Holder, the Note A-1-B Holder, the Note A-2-A1 Holder, the Note A-2-A2 Holder, the Note A-2-B Holder,
the Note A-3 Holder, the Note A-4-A Holder, the Note A-4-B Holder, the Note A-5-A Holder, the Note A-5-B Holder or the Note A-6
Holder.

 

“Intervening
Trust Vehicle” shall mean, with respect to any Securitization Vehicle that is a CLO, a trust vehicle or entity which
holds any of Note A-1-A, Note A-1-B, Note A-2-A1, Note A-2-A2, Note A-2-B, Note A-3, Note A-4-A, Note A-4-B, Note A-5-A, Note A-5-B
or Note A-6 as collateral securing (in whole or in part) any obligation or security held by such Securitization Vehicle as collateral
for the CLO.

 

“Indemnified
Parties” shall mean each of the Lead Securitization depositor, the Lead Servicer, the Lead Securitization special servicer,
the Lead Securitization certificate administrator, the Lead Securitization operating advisor and the Lead Trustee (and any director,

 

    	-5-

    	 

    

 

officer, employee or agent of any of the foregoing, to the extent such parties are identified as indemnified parties in the Lead
Servicing Agreement in respect of other mortgage loans).

 

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

 

“Ladder”
shall mean Ladder Capital Finance I LLC.

 

“Lead Note”
shall mean Note A-1-A.

 

“Lead Note Holder”
shall mean the Note A-1-A Holder.

 

“Lead Securitization”
shall mean Note A-1-A Securitization.

 

“Lead Securitization
Trust” shall mean the trust established under the Note A-1-A Securitization.

 

“Lead Servicer”
shall mean the servicer and/or special servicer designated under the Note A-1-A PSA.

 

“Lead Trustee”
shall mean the Note A-1-A Trustee.

 

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

 

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

 

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

 

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

 

“Master Servicer
Remittance Date” shall mean:

 

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

 

(ii)         with
respect to Note A-1-B, (a) during the period prior to the Note A-1-B Securitization Date, two Business Days after the Payment
Date (as defined in the Loan Agreement), and (b) during the period from and after the Note A-1-B Securitization Date, the earlier
of (x) the “Master Servicer Remittance Date” (or analogous term) as defined in the Servicing Agreement and (ii) the
Business Day following the “Determination Date” (or analogous term) as defined in the Note A-1-B PSA (as long as such
date is at least one Business Day after receipt of the Monthly Payment);

 

(iii)        with
respect to Note A-2-A1, (a) during the period prior to the Note A-2-A1 Securitization Date, two Business Days after the Payment
Date (as

 

    	-6-

    	 

    

 

defined in the Loan Agreement), and (b) during the period from and after the Note A-2-A1 Securitization Date, the earlier
of (x) the “Master Servicer Remittance Date” (or analogous term) as defined in the Servicing Agreement and (ii) the
Business Day following the “Determination Date” (or analogous term) as defined in the Note A-2-A1 PSA (as long as such
date is at least one Business Day after receipt of the Monthly Payment);

 

(iv)        with
respect to Note A-2-A2, (a) during the period prior to the Note A-2-A2 Securitization Date, two Business Days after the Payment
Date (as defined in the Loan Agreement), and (b) during the period from and after the Note A-2-A2 Securitization Date, the earlier
of (x) the “Master Servicer Remittance Date” (or analogous term) as defined in the Servicing Agreement and (ii) the
Business Day following the “Determination Date” (or analogous term) as defined in the Note A-2-A2 PSA (as long as such
date is at least one Business Day after receipt of the Monthly Payment)

 

(v)         with
respect to Note A-2-B, (a) during the period prior to the Note A-2-B Securitization Date, two Business Days after the Payment
Date (as defined in the Loan Agreement), and (b) during the period from and after the Note A-2-B Securitization Date, the earlier
of (x) the “Master Servicer Remittance Date” (or analogous term) as defined in the Servicing Agreement and (ii) the
Business Day following the “Determination Date” (or analogous term) as defined in the Note A-2-B PSA (as long as such
date is at least one Business Day after receipt of the Monthly Payment);

 

(vi)        with
respect to Note A-3, (a) during the period prior to the Note A-3 Securitization Date, two Business Days after the Payment
Date (as defined in the Loan Agreement), and (b) during the period from and after the Note A-3 Securitization Date, the earlier
of (x) the “Master Servicer Remittance Date” (or analogous term) as defined in the Servicing Agreement and (ii) the
Business Day following the “Determination Date” (or analogous term) as defined in the Note A-3 PSA (as long as such
date is at least one Business Day after receipt of the Monthly Payment);

 

(vii)       with
respect to Note A-4-A, the “Master Servicer Remittance Date” (or analogous term) as defined in the Servicing Agreement;

 

(viii)      with
respect to Note A-4-B, (a) during the period prior to the Note A-4-B Securitization Date, two Business Days after the Payment
Date (as defined in the Loan Agreement), and (b) during the period from and after the Note A-4-B Securitization Date, the earlier
of (x) the “Master Servicer Remittance Date” (or analogous term) as defined in the Servicing Agreement and (ii) the
Business Day following the “Determination Date” (or analogous term) as defined in the Note A-4-B PSA (as long as such
date is at least one Business Day after receipt of the Monthly Payment);

 

    	-7-

    	 

    

 

(ix)         with
respect to Note A-5-A, (a) during the period prior to the Note A-5-A Securitization Date, two Business Days after the
Payment Date (as defined in the Loan Agreement), and (b) during the period from and after the Note A-5-A Securitization Date, the
earlier of (x) the “Master Servicer Remittance Date” (or analogous term) as defined in the Servicing Agreement and
(ii) the Business Day following the “Determination Date” (or analogous term) as defined in the Note A-5-A PSA (as long
as such date is at least one Business Day after receipt of the Monthly Payment);

 

(x)          with
respect to Note A-5-B, (a) during the period prior to the Note A-5-B Securitization Date, two Business Days after the
Payment Date (as defined in the Loan Agreement), and (b) during the period from and after the Note A-5-B Securitization Date, the
earlier of (x) the “Master Servicer Remittance Date” (or analogous term) as defined in the Servicing Agreement and
(ii) the Business Day following the “Determination Date” (or analogous term) as defined in the Note A-5-B PSA (as long
as such date is at least one Business Day after receipt of the Monthly Payment); and

 

(xi)         with
respect to Note A-6, (a) during the period prior to the Note A-6 Securitization Date, two Business Days after the Payment
Date (as defined in the Loan Agreement), and (b) during the period from and after the Note A-6 Securitization Date, the earlier
of (x) the “Master Servicer Remittance Date” (or analogous term) as defined in the Servicing Agreement and (ii) the
Business Day following the “Determination Date” (or analogous term) as defined in the Note A-6 PSA (as long as such
date is at least one Business Day after receipt of the Monthly Payment).

 

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

 

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

 

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

 

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

 

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

 

“Mortgage Interest
Rate” shall mean the Mortgage Interest Rate set forth in the Mortgage Loan Schedule with respect to each of Note A-1-A,
Note A-1-B, Note A-2-A1, Note A-2-A2, Note A-2-B, Note A-3, Note A-4-A, Note A-4-B, Note A-5-A, Note A-5-B and Note A-6.

 

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

 

    	-8-

    	 

    

 

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

 

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

 

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

 

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

 

“Non-Directing
Holders” shall mean the holder of Note A-1-B, the holder of Note A-2-A1, the holder of Note A-2-A2, the holder of Note
A-2-B, the holder of Note A-3, the Holder of Note A-4-B, the Holder of Note A-5-A, the Holder of Note A-5-B and the holder of Note
A-6, and if, Note A-1-B, Note A-2-A1, Note A-2-A2, Note A-2-B, Note A-3, Note A-4-B, Note A-5-A, Note A-5-B or Note A-6 is included
in a Securitization, the holders of Certificates representing the specified interest in the class of Certificates designated as
the “controlling class” or the duly appointed representative of the holders of such Certificates or such other party
otherwise entitled under the Note A-1-B PSA, the Note A-2-A1 PSA, the Note A-2-A2 PSA, the Note A-2-B PSA, the Note A-3 PSA, the
Note A-4-B PSA, the Note A-5-A PSA, the Note A-5-B PSA and the Note A-6 PSA to exercise the rights granted to the Non-Directing
Holders in this Agreement.

 

“Non-Lead Master
Servicer” shall mean, (i) with respect to Note A-1-B, the master servicer designated in the Note A-1-B PSA, (ii) with
respect to Note A-2-A1, the master servicer designated in the Note A-2-A1 PSA, (iii) with respect to Note A-2-A2, the master servicer
designated in the Note A-2-A2 PSA, (iv) with respect to Note A-2-B, the master servicer designated in the Note A-2-B PSA, (v) with
respect to Note A-3, the master servicer designated under the Note A-3 PSA, (vi) with respect to Note A-4-B, the master
servicer designated under the Note A-4-B PSA, (vii) with respect to Note A-5-A, the master servicer designated under the
Note A-5A PSA, (viii) with respect to Note A-5-B, the master servicer designated under the Note A-5-B PSA and (ix)
with respect to Note A-6, the master servicer designated under the Note A-6 PSA.

 

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

 

“Non-Lead Note
Holder” shall mean each holder of a Non-Lead Note.

 

“Non-Lead Servicing
Agreement” shall mean the Note A-1-B PSA, the Note A-2-A1 PSA, the Note A-2-A2 PSA, the Note A-2-B PSA, the Note A-3
PSA, the Note A-4-B PSA, the Note A-5-A PSA, the Note A-5-B PSA and the Note A-6 PSA.

 

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

 

    	-9-

    	 

    

 

“Note”
shall mean any of Note A-1-A, Note A-1-B, Note A-2-A1, Note A-2-A2, Note A-2-B, Note A-3, Note A-4-A, Note A-4-B, Note A-5-A, Note
A-5-B and Note A-6.

 

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

 

“Note A-1-A
Holder” shall mean Wilmington Trust, National Association, as trustee for the benefit of the Holders of COMM 2015-LC23
Mortgage Trust Commercial Mortgage Pass-Through Certificates or any subsequent holder of Note A-1-A.

 

“Note A-1-A
Master Servicer” shall mean the master servicer under the Note A-1-A PSA.

 

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

 

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

 

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

 

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

 

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

 

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

 

“Note A-1-B
Master Servicer” shall mean the master servicer under the Note A-1-B PSA.

 

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

 

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

 

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

 

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

 

    	-10-

    	 

    

 

“Note A-1-B
Special Servicer” shall mean the special servicer under the Note A-1-B PSA.

 

“Note A-1-B
Trustee” shall mean the trustee under the Note A-1-B PSA.

 

“Note A-1-B
Trust Fund” shall mean the trust formed pursuant to the Note A-1-B PSA.

 

“Note A-2-A1”
shall have the meaning assigned such term in the recitals.

 

“Note A-2-A1
Holder” shall mean Ladder or any subsequent holder of Note A-2-A1.

 

“Note A-2-A1
Master Servicer” shall mean the master servicer under the Note A-2-A1 PSA.

 

“Note A-2-A1
Principal Balance” shall mean at any time of determination, the initial Note A-2-A1 Principal Balance as set forth
in the Mortgage Loan Schedule less any payments of principal thereon received by the Note A-2-A1 Holder and any reductions in such
amount pursuant to Section 4.

 

“Note A-2-A1
PSA” shall mean the “pooling and servicing agreement” entered into in connection with the Note A-2-A1 Securitization.

 

“Note A-2-A1
Securitization” shall mean the first sale by the Note A-2-A1 Holder of all or a portion of Note A-2-A1 to a
depositor who will in turn include such portion of Note A-2-A1 as part of the securitization of one or more mortgage loans.

 

“Note A-2-A1
Securitization Date” shall mean the closing date of the Note A-2-A1 Securitization.

 

“Note A-2-A1
Special Servicer” shall mean the special servicer under the Note A-2-A1 PSA.

 

“Note A-2-A1
Trustee” shall mean the trustee under the Note A-2-A1 PSA.

 

“Note A-2-A1
Trust Fund” shall mean the trust formed pursuant to the Note A-2-A1 PSA.

 

“Note A-2-A2”
shall have the meaning assigned such term in the recitals.

 

“Note A-2-A2
Holder” shall mean Ladder or any subsequent holder of Note A-2-A2.

 

“Note A-2-A2
Master Servicer” shall mean the master servicer under the Note A-2-A2 PSA.

 

“Note A-2-A2
Principal Balance” shall mean at any time of determination, the initial Note A-2-A2 Principal Balance as set forth
in the Mortgage Loan Schedule less any

 

    	-11-

    	 

    

 

payments of principal thereon received by the Note A-2-A2 Holder and any reductions in such
amount pursuant to Section 4.

 

“Note A-2-A2
PSA” shall mean the “pooling and servicing agreement” entered into in connection with the Note A-2-A2 Securitization.

 

“Note A-2-A2
Securitization” shall mean the first sale by the Note A-2-A2 Holder of all or a portion of Note A-2-A2 to a
depositor who will in turn include such portion of Note A-2-A2 as part of the securitization of one or more mortgage loans.

 

“Note A-2-A2
Securitization Date” shall mean the closing date of the Note A-2-A2 Securitization.

 

“Note A-2-A2
Special Servicer” shall mean the special servicer under the Note A-2-A2 PSA.

 

“Note A-2-A2
Trustee” shall mean the trustee under the Note A-2-A2 PSA.

 

“Note A-2-A2
Trust Fund” shall mean the trust formed pursuant to the Note A-2-A2 PSA.

 

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

 

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

 

“Note A-2-B
Master Servicer” shall mean the master servicer under the Note A-2-B PSA.

 

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

 

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

 

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

 

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

 

“Note A-2-B
Special Servicer” shall mean the special servicer under the Note A-2-B PSA.

 

“Note A-2-B
Trustee” shall mean the trustee under the Note A-2-B PSA.

 

    	-12-

    	 

    

 

“Note A-2-B
Trust Fund” shall mean the trust formed pursuant to the Note A-2-B PSA.

 

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

 

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

 

“Note A-3
Master Servicer” shall mean the master servicer under the Note A-3 PSA.

 

“Note A-3
Principal Balance” shall mean, at any time of determination, the initial Note A-3 Principal Balance as set forth
in the Mortgage Loan Schedule, less any payments of principal thereon received by the Note A-3 Holder and any reductions in
such amount pursuant to Section 4.

 

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

 

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

 

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

 

“Note A-3
Special Servicer” shall mean the special servicer for the Mortgage Loan under the Note A-3 PSA.

 

“Note A-3
Trust Fund” shall mean the trust formed pursuant to the Note A-3 PSA.

 

“Note A-3 Trustee”
shall mean the trustee under the Note A-3 PSA.

 

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

 

“Note A-4-A
Holder” shall mean Wilmington Trust, National Association, as trustee for the benefit of the Holders of COMM 2015-LC23
Mortgage Trust Commercial Mortgage Pass-Through Certificates or any subsequent holder of Note A-4-A.

 

“Note A-4-A
Master Servicer” shall mean Wells Fargo Bank, National Association.

 

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

 

    	-13-

    	 

    

 

“Note A-4-A
PSA” shall mean the pooling and servicing agreement, dated as of November 1, 2015, between DMARC, 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, paying agent and custodian, and Park Bridge Lender
Services LLC, as operating advisor.

 

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

 

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

 

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

 

“Note A-4-B
Master Servicer” shall mean the master servicer under the Note A-4-B PSA.

 

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

 

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

 

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

 

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

 

“Note A-4-B
Special Servicer” shall mean the special servicer under the Note A-4-B PSA.

 

“Note A-4-B
Trustee” shall mean the trustee under the Note A-4-B PSA.

 

“Note A-4-B
Trust Fund” shall mean the trust formed pursuant to the Note A-4-B PSA.

 

“Note A-5-A”
shall have the meaning assigned such term in the recitals.

 

“Note A-5-A
Holder” shall mean GACC or any subsequent holder of Note A-5-A.

 

“Note A-5-A
Master Servicer” shall mean the master servicer under the Note A-5-A PSA.

 

    	-14-

    	 

    

 

“Note A-5-A
Principal Balance” shall mean, at any time of determination, the initial Note A-5-A Principal Balance as set forth
in the Mortgage Loan Schedule, less any payments of principal thereon received by the Note A-5-A Holder and any reductions
in such amount pursuant to Section 4.

 

“Note A-5-A
PSA” shall mean the “pooling and servicing agreement” entered into in connection with the Note A-5-A
Securitization.

 

“Note A-5-A
Securitization” shall mean the first sale by the Note A-5-A Holder of all or a portion of Note A-5A to a depositor
who will in turn include such portion of Note A-5-A as part of the securitization of one or more mortgage loans.

 

“Note A-5-A
Securitization Date” shall mean the closing date of the Note A-5-A Securitization.

 

“Note A-5-A
Special Servicer” shall mean the special servicer for the Mortgage Loan under the Note A-5-A PSA.

 

“Note A-5-A
Trust Fund” shall mean the trust formed pursuant to the Note A-5-A PSA.

 

“Note A-5-A
Trustee” shall mean the trustee under the Note A-5-A PSA.

 

“Note A-5-B”
shall have the meaning assigned such term in the recitals.

 

“Note A-5-B
Holder” shall mean GACC or any subsequent holder of Note A-5-B.

 

“Note A-5-B
Master Servicer” shall mean the master servicer under the Note A-5-B PSA.

 

“Note A-5-B
Principal Balance” shall mean, at any time of determination, the initial Note A-5-B Principal Balance as set forth
in the Mortgage Loan Schedule, less any payments of principal thereon received by the Note A-5-B Holder and any reductions
in such amount pursuant to Section 4.

 

“Note A-5-B
PSA” shall mean the “pooling and servicing agreement” entered into in connection with the Note A-5-B
Securitization.

 

“Note A-5-B
Securitization” shall mean the first sale by the Note A-5-B Holder of all or a portion of Note A-5B to a depositor
who will in turn include such portion of Note A-5-B as part of the securitization of one or more mortgage loans.

 

“Note A-5-B
Securitization Date” shall mean the closing date of the Note A-5-B Securitization.

 

“Note A-5-B
Special Servicer” shall mean the special servicer for the Mortgage Loan under the Note A-5-B PSA.

 

    	-15-

    	 

    

 

“Note A-5-B
Trust Fund” shall mean the trust formed pursuant to the Note A-5-B PSA.

 

“Note A-5-B
Trustee” shall mean the trustee under the Note A-5-B PSA.

 

“Note A-6”
shall have the meaning assigned such term in the recitals.

 

“Note A-6
Holder” shall mean GACC or any subsequent holder of Note A-6.

 

“Note A-6
Master Servicer” shall mean the master servicer under the Note A-6 PSA.

 

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

 

“Note A-6
PSA” shall mean the “pooling and servicing agreement” entered into in connection with the Note A-6 Securitization.

 

“Note A-6
Securitization” shall mean the first sale by the Note A-6 Holder of all or a portion of Note A-6 to a depositor
who will in turn include such portion of Note A-6 as part of the securitization of one or more mortgage loans.

 

“Note A-6
Securitization Date” shall mean the closing date of the Note A-6 Securitization.

 

“Note A-6
Special Servicer” shall mean the special servicer for the Mortgage Loan under the Note A-6 PSA.

 

“Note A-6
Trust Fund” shall mean the trust formed pursuant to the Note A-6 PSA.

 

“Note A-6 Trustee”
shall mean the trustee under the Note A-6 PSA.

 

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

 

“P&I Advance”
shall mean an advance made by a party to the Note A-1-A PSA, the Note A-1-B PSA, the Note A-2-A1 PSA, the Note A-2-A2 PSA, the
Note A-2-B PSA, the Note A-3 PSA, the Note A-4-A PSA, the Note A-4-B PSA, the Note A-5-A PSA, the Note A-5-B PSA or the Note
A-6 PSA, as applicable, with respect to a delinquent monthly debt service payment on the Notes included in the related Securitization.

 

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

 

    	-16-

    	 

    

 

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

 

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

 

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

 

“Pro Rata and
Pari Passu Basis” shall mean with respect to the Notes and each Holder, the allocation of any particular payment, collection,
cost, expense, liability or other amount between such Notes or such Holders, as the case may be, without any priority of any such
Note or any such Holder over another Note or Holder, as the case may be, and in any event such that each Note or Holder, as the
case may be, is allocated its respective pro rata share based on the principal balance of its Note in relation to the principal
balance of the entire Mortgage Loan of such particular payment, collection, cost, expense, liability or other amount.

 

“Qualified Servicer”
shall mean (i) Wells Fargo Bank, National Association, (ii) Midland Loan Services, a Division of PNC Bank, National Association,
(iii) KeyBank National Association or (iv) any nationally recognized commercial mortgage loan servicer (1) rated
at least “CSS3,” in the case of a special servicer, or at least “CMS2,” in the case of a master servicer,
by Fitch, (2) on the S&P Select Servicer List as a U.S. Commercial Mortgage Master Servicer or a U.S. Commercial Mortgage
Special Servicer, as applicable, (3) as to which none of DBRS, Moody’s or KBRA has cited servicing concerns of such
servicer as the sole or material factor in any qualification, downgrade or withdrawal of the ratings (or placement on “watch
status” in contemplation of a ratings downgrade or withdrawal) of securities in any CMBS transaction rated by DBRS, Moody’s
or KBRA, as applicable, and serviced by such servicer prior to the time of determination and (4) that (i) during the 12-month
period prior to the date of determination, acted as master servicer or special servicer, as applicable, in a commercial mortgage
loan securitization rated by Morningstar and (ii) Morningstar has not qualified, downgraded or withdrawn the then-current rating
or ratings of one or more classes of such certificates citing servicing concerns with the servicer or special servicer, as applicable,
as the sole or material factor in such rating action. For purposes of this definition, for so long as any Note is included in a
Securitization, the ratings or actions of any Rating Agency that is not rating such Securitization(s) shall not be considered.

 

    	-17-

    	 

    

 

“Qualified Transferee”
shall mean an Affiliate of Ladder or one or more of the following (other than a Borrower or any entity which is an Affiliate of
a Borrower):

 

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

 

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

 

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

 

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

 

(v)         a
Qualified Trustee (or, in the case of a CLO, a single purpose bankruptcy-remote entity that contemporaneously pledges its interest
in a Note to a Qualified Trustee) in connection with (A) a securitization of, (B) the creation of collateralized debt
obligations (“CLO”) secured by, or (C) a financing through an “owner trust” of, any interest
in a Note (any of the foregoing, a “Securitization Vehicle”), provided that either (1) one or more
classes of securities issued by such Securitization Vehicle is initially rated at least investment grade by at least two of the
Rating Agencies that also assigned a rating to one or more classes of securities issued in connection with the Securitization of
a Note; (2)  the special servicer for the Securitization Vehicle is a Qualified Servicer at the time of transfer; or (3) in
the case of a Securitization Vehicle that is a CLO, the CLO Asset Manager and, if applicable, each Intervening Trust Vehicle that
is not administered and managed by a CLO Asset Manager that is a Qualified Transferee, is a Qualified Transferee under clause (i),
(ii), (iii) or (iv) of this definition; or

 

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

 

which, in the case of each of clauses (i),
(ii), and (iii) of this definition, has (A) at least $400,000,000 in total assets (in name or under management) and (except with
respect to a pension advisory firm or similar fiduciary) at least $150,000,000 in capital/statutory surplus or shareholders’
equity, and (B) is regularly engaged in the business of making or owning commercial real estate loans or commercial loans similar
to the Mortgage Loan.

 

    	-18-

    	 

    

 

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

 

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

 

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

 

For the purposes of this
Agreement, if any Rating Agency (1) waives, declines or refuses, in writing, to review or otherwise engage any request for a confirmation
hereunder from such Rating Agency that a proposed action will not result in a qualification, downgrade or withdrawal of its then
current rating of the securities issued pursuant to the related Securitization, or (2) does not reply to such request or responds
in a manner that indicates that such Rating Agency is neither reviewing such request nor waiving the requirement for Rating Agency
Confirmation and the related timing, notice and other applicable provisions set forth in the Servicing Agreement, the Note A-1-B
PSA, the Note A-2-A1 PSA, the Note A-2-A2 PSA, the Note A-2-B PSA, the Note A-3 PSA, the Note A-4-B PSA, the Note A-5-A PSA,
the Note A-5-B PSA and the Note A-6 PSA have been satisfied, then for such request only, the condition that such confirmation by
such Rating Agency (only) be obtained will be deemed not to apply for purposes of this Agreement. For purposes of clarity, any
such waiver, declination or refusal to review or otherwise engage in any request for such confirmation hereunder shall not be deemed
a waiver, declination or refusal to review or otherwise engage in any subsequent request for such Rating Agency Confirmation hereunder
and the condition for such Rating Agency Confirmation pursuant to this Agreement for any subsequent request shall apply regardless
of any previous waiver, declination or refusal to review or otherwise engage in such prior request.

 

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

 

    	-19-

    	 

    

 

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

 

“S&P”
shall mean Standard & Poor’s Ratings Services, a Division of The McGraw-Hill Companies, Inc., and its successors in interest.

 

“Securitization”
shall mean the Note A-1-A Securitization, the Note A-1-B Securitization, the Note A-2-A1 Securitization, the Note A-2-A2 Securitization,
the Note A-2-B Securitization, the Note A-3 Securitization, the Note A-4-A Securitization, the Note A-4-B Securitization,
the Note A-5-A Securitization, the Note A-5-B Securitization or the Note A-6 Securitization, as applicable.

 

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

 

“Servicing Agreement”
shall mean the Note A-1-A PSA. In the event that Lead Note is no longer an asset of the trust fund created pursuant to the Servicing
Agreement, the term “Servicing Agreement” shall refer to the subsequent servicing agreement entered into pursuant to
Section 2.

 

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

 

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

 

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

 

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

 

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

 

“Special Servicing
Fee” shall have the meaning given to such term or an analogous term in the Servicing Agreement; provided that
under no circumstances shall the Special Servicing Fee exceed 25 basis points per annum of the Mortgage Loan.

 

    	-20-

    	 

    

 

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

 

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

 

“Trustee”
shall mean the trustee under the Note A-1-A PSA, the Note A-1-B PSA, the Note A-2-A1 PSA, the Note A-2-A2 PSA, the Note A-2-B PSA,
the Note A-3 PSA, the Note A-4-A PSA, the Note A-4-B PSA, the Note A-5-A PSA, the Note A-5-B PSA or the Note A-6 PSA, as the
context requires.

 

“Trustee Fee”
shall have the meaning given to such term or an analogous term in the Note A-1-A PSA, the Note A-1-B PSA, the Note A-2-A1 PSA,
the Note A-2-A2 PSA, the Note A-2-B PSA, the Note A-3 PSA, the Note A-4-A PSA, the Note A-4-B PSA, the Note A-5-A PSA, the
Note A-5-B PSA or the Note A-6 PSA.

 

2.           Servicing of the Mortgage
Loan. (a)  Each Holder acknowledges and agrees that, subject in each case to the specific terms of this Agreement,
the Mortgage Loan shall be serviced from and after the Note A-1-A Securitization Date, by the Note A-1-A Master Servicer and the
Note A-1-A Special Servicer pursuant to the terms of this Agreement and the Note A-1-A PSA. Each Holder agrees to reasonably cooperate
with each Servicer with respect to its exercise of its rights and obligations under the Servicing Agreement.

 

(b)         The Note A-1-B
PSA, the Note A-2-A1 PSA, the Note A-2-A2 PSA, the Note A-2-B PSA, the Note A-3 PSA, the Note A-4-B PSA, the Note A-5-A PSA, the
Note A-5-B PSA and the Note A-6 PSA shall contain terms and conditions that are customary for securitization transactions involving
assets similar to the Mortgage Loan and that are otherwise (i) required by the Code relating to the tax elections of the Note A-1-B
Trust Fund, the Note A-2-A1 Trust Fund, the Note A-2-A2 Trust Fund, the Note A-2-B Trust Fund, the Note A-3 Trust Fund, the Note
A-4-B Trust Fund, the Note A-5-A Trust Fund, the Note A-5-B Trust Fund and the Note A-6 Trust Fund, (ii) required by law or
changes in any law, rule or regulation or (iii) requested by the Rating Agencies rating the Note A-1-B Securitization, the Note
A-2-A1 Securitization, the Note A-2-A2 Securitization, the Note A-2-B Securitization, the Note A-3 Securitization, the Note A-4-B
Securitization, the Note A-5-A Securitization, the Note A-5-B Securitization or the Note A-6 Securitization. In addition, the Note
A-1-B PSA, the Note A-2-A1 PSA, the Note A-2-A2 PSA, the Note A-2-B PSA, the Note A-3 PSA, the Note A-4-B PSA, the Note A-5-A PSA,
the Note A-5-B PSA and the Note A-6 PSA shall have such additional provisions as are set forth in Section 18. The parties
hereto acknowledge that the pooling and servicing agreement entered into in connection with the COMM 2015-LC23 Mortgage Trust Commercial
Mortgage Pass-Through Certificates is considered to be customary for securitization transactions involving assets similar to the
Mortgage Loan. The holders of the Note(s) in the Note A-1-B Securitization shall have the right to designate the Master Servicer
and Special Servicer under the Note A-1-B PSA as long as each such party is a Qualified Servicer, the holders of the Note(s) in
the Note A-2-A1 Securitization shall have the right to designate the Master Servicer and Special Servicer under the Note A-2-A1
PSA as long as each such party is a Qualified Servicer, the holders of the Note(s) in the Note A-2-A2 Securitization shall have
the

 

    	-21-

    	 

    

 

right to designate the Master Servicer and Special Servicer under the Note A-2-A2 PSA as long as each such party is a Qualified
Servicer, the holders of the Note(s) in the Note A-2-B Securitization shall have the right to designate the Master Servicer and
Special Servicer under the Note A-2-B PSA as long as each such party is a Qualified Servicer, the holders of the Note(s) in the
Note A-3 Securitization shall have the right to designate the Master Servicer and Special Servicer under the Note A-3 PSA as long
as each such party is a Qualified Servicer, the Note A-4-B Holder shall have the right to designate the Master Servicer and Special
Servicer under the Note A-4-B PSA as long as each such party is a Qualified Servicer, the Note A-5-A Holder shall have the right
to designate the Master Servicer and Special Servicer under the Note A-5-A PSA as long as each such party is a Qualified Servicer,
the Note A-5-B Holder shall have the right to designate the Master Servicer and Special Servicer under the Note A-5-B PSA as long
as each such party is a Qualified Servicer and the Note A-6 Holder shall have the right to designate the Master Servicer and Special
Servicer under the Note A-6 PSA as long as each such party is a Qualified Servicer.

 

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

 

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

 

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

 

    	-22-

    	 

    

 

responsibility hereunder
and shall be compensated solely by the applicable Non-Lead Note Holder from funds payable to it hereunder or otherwise.

 

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

 

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

 

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

 

3.           Priority of Notes.
Note A-1-A, Note A-1-B, Note A-2-A1, Note A-2-A2, Note A-2-B, Note A-3, Note A-4-A, Note A-4-B, Note A-5-A, Note
A-5-B and Note A-6 shall be of equal priority, and no portion of any of Note A-1-A, Note A-1-B, Note A-2-A1, Note A-2-A2,
Note A-2-B, Note A-3, Note A-4-A, Note A-4-B, Note A-5-A, Note A-5-B or Note A-6 shall have priority or preference over
any portion of the other Note or security therefor. Except for the Excluded Amounts, all amounts tendered by the Borrower or otherwise
available for payment on the Mortgage Loan, whether received in the form of Monthly Payments, a balloon payment, Liquidation Proceeds,
proceeds under any guaranty, letter of credit or other instrument serving as security on the Mortgage Loan, proceeds under title,
hazard or other insurance policies or awards or settlements in respect of condemnation proceedings or similar exercise of the power
of eminent domain shall be distributed by the Master Servicer and applied to Note A-1-A, Note A-1-B, Note A-2-A1, Note A-2-A2,
Note A-2-B, Note A-3, Note A-4-A, Note A-4-B, Note A-5-A, Note A-5-B and Note A-6 on a Pro Rata and Pari Passu Basis.

 

    	-23-

    	 

    

 

The Servicing Agreement
may provide for the application of Penalty Charges paid in respect of the Mortgage Loan to be used to pay (i) the Master Servicer,
the Trustee or the Special Servicer for interest accrued on any Property Advances, (ii) the parties to any Securitization
for interest accrued on any P&I Advance, (iii)  certain other expenses incurred with respect to the Mortgage Loan and
(iv)  the Master Servicer and/or the Special Servicer as additional servicing compensation, except that, for so long as Note A-1-A
is not included in a Securitization, any Penalty Charges allocated to Note A-1-A that are not applied pursuant to clauses
(i)-(iii) above shall be remitted to the respective Holder and shall not be paid to the Master Servicer and/or the Special Servicer
without the express consent of such Holder.

 

4.           Workout. Notwithstanding
anything to the contrary contained herein, but subject to the terms and conditions of the Servicing Agreement and Section 13
of this Agreement, and the obligation to act in accordance with the Servicing Standard, if the Lead Note Holder, or any Servicer,
in connection with a workout or proposed workout of the Mortgage Loan, modifies the terms thereof such that (i) the Mortgage
Loan Principal Balance is decreased, (ii) the Mortgage Interest Rate is reduced, (iii) payments of interest or principal
on Note A-1-A, Note A-1-B, Note A-2-A1, Note A-2-A2, Note A-2-B, Note A-3, Note A-4-A, Note A-4-B, Note A-5-A, Note
A-5-B or Note A-6 are waived, reduced or deferred or (iv) any other adjustment is made to any of the payment terms of
the Mortgage Loan, such modification shall not alter, and any modification of the Mortgage Loan Documents shall be structured to
preserve, the equal priorities of Note A-1-A, Note A-1-B, Note A-2-A1, Note A-2-A2, Note A-2-B, Note A-3, Note A-4-A,
Note A-4-B, Note A-5-A, Note A-5-B and Note A-6 as described in Section 3.

 

5.           Accounts; Payment
Procedure. The Servicing Agreement shall provide that the Master Servicer shall establish and maintain the Collection Account
or Collection Accounts, as applicable. Each of the Note A-1-A Holder, the Note A-1-B Holder, the Note A-2-A1 Holder,
the Note A-2-A2 Holder, the Note A-2-B Holder, the Note A-3 Holder, the Note A-4-A Holder, the Note A-4-B Holder, the
Note A-5-A Holder, the Note A-5-B Holder and the Note A-6 Holder hereby directs the Master Servicer, in accordance with the
priorities set forth in Section 3 hereof, and subject to the terms of the Servicing Agreement, (i) to deposit into
the applicable Collection Account within the time period specified in the Servicing Agreement all payments received with respect
to the Mortgage Loan and (ii) to remit from the applicable Collection Account for deposit or credit on the applicable Master Servicer
Remittance Date all payments received with respect to and allocable to Note A-1-A, Note A-1-B, Note A-2-A1, Note A-2-A2,
Note A-2-B, Note A-3, Note A-4-A, Note A-4-B, Note A-5-A, Note A-5-B and Note A-6, by wire transfer to accounts maintained
by the Note A-1-A Holder, the Note A-1-B Holder, the Note A-2-A1 Holder, the Note A-2-A2 Holder, the Note A-2-B
Holder, the Note A-3 Holder, the Note A-4-A Holder, the Note A-4-B Holder, the Note A-5-A Holder, the Note A-5-B Holder and
the Note A-6 Holder, respectively; provided that delinquent payments received by the Master Servicer after the related Master
Servicer Remittance Date shall be remitted by the Master Servicer to such accounts within the time period specified in the Servicing
Agreement.

 

If any Servicer holding
or having distributed any amount received or collected in respect of Note A-1-A, Note A-1-B, Note A-2-A1, Note A-2-A2,
Note A-2-B, Note A-3, Note A-4-A, Note A-4-B, Note A-5-A, Note A-5-B or Note A-6 determines, or a court of competent
jurisdiction orders, at any time that any amount received or collected in respect of Note A-1-A,

 

    	-24-

    	 

    

 

Note A-1-B, Note A-2-A1,
Note A-2-A2, Note A-2-B, Note A-3, Note A-4-A, Note A-4-B, Note A-5-A, Note A-5-B or Note A-6 must, pursuant to
any insolvency, bankruptcy, fraudulent conveyance, preference or similar law, be returned to the Borrowers or paid to the Note
A-1-A Holder, the Note A-1-B Holder, the Note A-2-A1 Holder, the Note A-2-A2 Holder, the Note A-2-B Holder, the Note A-3 Holder,
the Note A-4-A Holder, the Note A-4-B Holder, the Note A-5-A Holder, the Note A-5-B Holder or the Note A-6 Holder or any Servicer
or paid to any other Person, then, notwithstanding any other provision of this Agreement, no Servicer shall be required to distribute
any portion thereof to the Note A-1-A Holder, the Note A-1-B Holder, the Note A-2-A1 Holder, the Note A-2-A2 Holder, the Note A-2-B
Holder, the Note A-3 Holder, the Note A-4-A Holder, the Note A-4-B Holder, the Note A-5-A Holder, the Note A-5-B Holder or the
Note A-6 Holder, as applicable, and the Note A-1-A Holder, the Note A-1-B Holder, the Note A-2-A1 Holder, the Note A-2-A2 Holder,
the Note A-2-B Holder, the Note A-3 Holder, the Note A-4-A Holder, the Note A-4-B Holder, the Note A-5-A Holder, the Note A-5-B
Holder or the Note A-6 Holder, as applicable, shall promptly on demand repay to such Servicer the portion thereof which shall have
been theretofore distributed to the Note A-1-A Holder, the Note A-1-B Holder, the Note A-2-A1 Holder, the Note A-2-A2 Holder, the
Note A-2-B Holder, the Note A-3 Holder, the Note A-4-A Holder, the Note A-4-B Holder, the Note A-5-A Holder, the Note A-5-B Holder
or the Note A-6 Holder, as applicable, together with interest thereon at such rate, if any, as such Servicer shall have been required
to pay to the Borrowers, the Note A-1-A Holder, the Note A-1-B Holder, the Note A-2-A1 Holder, the Note A-2-A2 Holder, the Note
A-2-B Holder, the Note A-3 Holder, the Note A-4-A Holder, the Note A-4-B Holder, the Note A-5-A Holder, the Note A-5-B Holder,
the Note A-6 Holder, any Servicer or such other person or entity with respect thereto. Each of the Note A-1-A Holder, the Note
A-1-B Holder, the Note A-2-A1 Holder, the Note A-2-A2 Holder, the Note A-2-B Holder, the Note A-3 Holder, the Note A-4-A Holder,
the Note A-4-B Holder, the Note A-5-A Holder, the Note A-5-B Holder and the Note A-6 Holder agrees that if at any time it shall
receive from any sources whatsoever any payment on account of the Mortgage Loan in excess of its distributable share thereof, it
will promptly remit such excess to the Master Servicer. The Master Servicer shall have the right to offset any amounts due hereunder
from the Note A-1-A Holder, the Note A-1-B Holder, the Note A-2-A1 Holder, the Note A-2-A2 Holder, the Note A-2-B Holder, the Note
A-3 Holder, the Note A-4-A Holder, the Note A-4-B Holder, the Note A-5-A Holder, the Note A-5-B Holder or the Note A-6 Holder,
as applicable, with respect to the Mortgage Loan against any future payments due to the Note A-1-A Holder, the Note A-1-B Holder,
the Note A-2-A1 Holder, the Note A-2-A2 Holder, the Note A-2-B Holder, the Note A-3 Holder, the Note A-4-A Holder, the Note A-4-B
Holder, the Note A-5-A Holder, the Note A-5-B Holder or the Note A-6 Holder, as applicable, under the Mortgage Loan, provided,
that the obligations of the Note A-1-A Holder, the Note A-1-B Holder, the Note A-2-A1 Holder, the Note A-2-A2 Holder, the Note
A-3 Holder, the Note A-4-A Holder, the Note A-4-B Holder, the Note A-5-A Holder, the Note A-5-B Holder or the Note A-6 Holder under
this Section 5 are separate and distinct obligations from one another and in no event shall any Servicer enforce the obligations
of any Holder against any other Holder. The obligations of the Note A-1-A Holder, the Note A-1-B Holder, the Note A-2-A1 Holder,
the Note A-2-A2 Holder, the Note A-2-B Holder, the Note A-3 Holder, the Note A-4-A Holder, the Note A-4-B Holder, the Note A-5-A
Holder, the Note A-5-B Holder and the Note A-6 Holder under this Section 5 constitute absolute, unconditional and continuing obligations
and each Servicer shall be deemed a third-party beneficiary of these provisions.

 

    	-25-

    	 

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

(viii)      It
is a Qualified Transferee.

 

    	-26-

    	 

    

 

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

 

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

 

10.         Not a Security.
None of Note A-1-A, Note A-1-B, Note A-2-A1, Note A-2-A2, Note A-2-B, Note A-3, Note A-4-A, Note A-4-B, Note A-5-A,
Note A-5-B or Note A-6 shall be deemed to be a security within the meaning of the Securities Act of 1933 or the Securities
Exchange Act of 1934.

 

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

 

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

 

    	-27-

    	 

    

 

a “Qualified Transferee” for all purposes under
this Agreement, (ii) after a Securitization of any Note, a Rating Agency Confirmation has been received with respect to such
Transfer, in which case the related transferee shall thereafter be deemed to be a “Qualified Transferee” for all purposes
under this Agreement, or (iii) such Transfer is to a Qualified Transferee. Any such transferee must assume in writing the
obligations of the transferring Holder hereunder and agree to be bound by the terms and provisions of this Agreement and the Servicing
Agreement. Other than in connection with the Securitization of any Note, such proposed transferee shall also remake each of the
representations and warranties contained herein for the benefit of the other Holder. Notwithstanding the foregoing, without the
non-transferring Holder’s prior consent (which will not be unreasonably withheld), and, if such non-transferring Holder’s
Note is in a Securitization, without a Rating Agency Confirmation from each Rating Agency that has been engaged by the Depositor
to rate the securities issued in connection with such Securitization, no Holder shall Transfer all or any portion of its Note to
the Borrower or an Affiliate of a Borrower and any such Transfer shall be absolutely null and void and shall vest no rights in
the purported transferee.

 

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

 

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

 

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

 

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

 

13.         Exercise of Remedies
by the Servicer. (a)  Subject to the terms of this Agreement and the Servicing Agreement and subject to the rights
and consents, where required, of the Directing Holder, the Servicer shall have the sole and exclusive authority with respect to
the administration of, and exercise of rights and remedies with respect to, the Mortgage Loan, including, without limitation, the
sole and exclusive authority to (i) modify or waive any of the terms of the Mortgage Loan Documents, (ii) consent to
any action or failure to act by a Borrower or any party to the Mortgage Loan Documents, (iii) vote all claims with respect
to the Mortgage

 

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

 

(b)          The Lead Servicer
and the related Trustee shall not have any fiduciary duty to the Non-Lead Note Holders in connection with the administration of
the Mortgage Loan (but the foregoing shall not relieve the Lead Servicer and the related Trustee from their respective obligation
under the Servicing Agreement to make any disbursement of funds as set forth herein).

 

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

 

(i)           Each
Non-Lead Note Holder has provided written consent to such sale; or

 

(ii)          The
Special Servicer has delivered the following notices and information to each Non-Lead Note Holder:

 

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

 

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

 

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

 

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

 

Any Non-Lead Note Holder
may waive any delivery or timing requirements set forth above only for itself. Subject to the foregoing, each of the Lead Note
Holder, the Directing Holder, the Non-Lead Note Holders and the Non-Directing Holders shall be permitted to bid at any sale of
the Defaulted Mortgage Loan (unless such Person is the Borrower or an agent or Affiliate of the Borrower).

 

The Non-Lead Note Holders
hereby appoint the Lead Note Holder as their agent, and grant to the Lead Note Holder an irrevocable power of attorney coupled
with an interest, and its proxy, for the purpose of soliciting and accepting offers for and consummating the sale of the Non-Lead
Notes. Each Non-Lead Note Holder further agrees that, upon the request of the Lead Note Holder, such Non-Lead Note Holder shall
execute and deliver to or at the direction of Lead Note Holder such powers of attorney or other instruments as the Lead Note Holder
may reasonably request to better assure and evidence the foregoing appointment and grant, in each case promptly following request,
and shall deliver the related original Non-Lead Note, endorsed in blank, to or at the direction of the Lead Note Holder in connection
with the consummation of any such sale.

 

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

 

14.          Rights of the Directing
Holder. The Directing Holder shall be entitled to exercise the rights and powers granted to the Directing Holder hereunder
and the rights and powers granted to the “Directing Holder,” “Controlling Class Certificateholder,” “Controlling
Class Representative” or similar party under, and as defined in, the Servicing Agreement with respect to the Mortgage Loan.
In addition, the Directing Holder shall be entitled to advise (1) the Special Servicer with respect to all matters related
to a Specially Serviced Mortgage Loan and (2) the Special Servicer with respect to all matters for which the Master Servicer
must obtain the consent or deemed consent of the Special Servicer, and, except as set forth below (i) the Master Servicer
shall not be permitted to take any Major Action unless it has obtained the prior written

 

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consent of the Special Servicer and (ii) the
Special Servicer shall not be permitted to consent to the Master Servicer’s taking any Major Action nor will the Special
Servicer itself be permitted to take any Major Action as to which the Directing Holder has objected in writing within ten (10)
Business Days (or 30 days with respect to an Acceptable Insurance Default) after receipt of the written recommendation and analysis
and such additional information requested by the Directing Holder as may be necessary in the reasonable judgment of the Directing
Holder in order to make a judgment with respect to such Major Action. The Directing Holder may also direct the Special Servicer
to take, or to refrain from taking, such other actions with respect to the Mortgage Loan as the Directing Holder may deem advisable.

 

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

 

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

 

No objection, direction
or advice contemplated by this Agreement may require or cause the Master Servicer or the Special Servicer, as applicable, to violate
any provision of the Mortgage Loan Documents, applicable law, the Servicing Agreement, this Agreement, the REMIC provisions of
the Code or the Master Servicer or Special Servicer’s obligation to act in accordance with the Servicing Standard.

 

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

 

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having acted or refrained from acting, or having given any consent or having failed
to give any consent, solely in the interests of any Holder.

 

15.          Appointment
of Special Servicer. Subject to the terms of the Servicing Agreement, the Directing Holder shall have the right at any time
and from time to time, with or without cause, to replace the Special Servicer then acting with respect to the Mortgage Loan and
appoint a Qualified Servicer as the replacement Special Servicer in lieu thereof. The Directing Holder shall designate a Person
to serve as Special Servicer by delivering to the other Holders and the parties to the Note A-1-A PSA, the Note A-1-B PSA, the
Note A-2-A1 PSA, the Note A-2-A2 PSA, the Note A-2-B PSA, the Note A-3 PSA, the Note A-4-A PSA, the Note A-4-B PSA, the Note A-5-A
PSA, the Note A-5-B PSA and the Note A-6 PSA a written notice stating such designation and by satisfying the other conditions
required under the Servicing Agreement (including, without limitation, a Rating Agency Confirmation, if required by the terms
of the Servicing Agreement), if any.

 

16.          Rights of the Non-Directing
Holders. (a)  The Note A-1-A PSA shall provide that the Servicer shall be required:

 

(i)           to
provide the same notices, information and reports that it is required to provide to the Directing Holder pursuant to the Servicing
Agreement with respect to any Major Actions or the implementation of any recommended actions outlined in an Asset Status Report
relating to the Mortgage Loan to the Non-Directing Holders (but without regard to whether or not the Directing Holder actually
has lost any rights to receive such information as a result of a Consultation Termination Event), within the same time frame it
is required to provide to the Directing Holder (but without regard to whether or not the Directing Holder actually has lost any
rights to receive such information as a result of a Consultation Termination Event) provided, however, that if any Non-Lead Note
has been included in a Securitization transaction, then for any information for which the Special Servicer would be required to
provide to such Non-Directing Holders, the Special Servicer shall provide such notice to the master servicer of the applicable
Securitization transactions, who shall forward such notice as and when required under the terms of the related Securitization
documents; and

 

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

 

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shall
be begin anew from the date of such proposal and delivery of all information relating thereto).

 

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

 

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

 

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

 

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

 

17.          Advances; Reimbursement
of Advances. (a)  From time to time, (i) pursuant to terms of the Servicing Agreement, the Lead Servicer and/or the
related Trustee may be obligated to make (1) Property Advances with respect to the Mortgage Loan or the Mortgaged Properties and
(2) P&I Advances with respect to the Lead Note and (ii) pursuant to the terms of a Non-Lead Servicing Agreement, the related
Non-Lead Master Servicer and/or the related Trustee may be obligated to make P&I Advances with respect to a Non-Lead Note.
The Lead Servicer and/or the related Trustee will not be required to make any P&I Advance with respect to any Non-Lead Note
and the related Non-Lead Master Servicer and/or the related Trustee will not be required to make any P&I Advance with respect
to any Lead Note, any other Non-Lead Note or any Property Advance. The Lead Servicer, each Non-Lead Master Servicer and any Trustee
will be entitled to interest on any Advance made in the manner and from the sources provided in the Note A-1-A PSA, the Note A-1-B
PSA, the Note A-2-A1 PSA, the Note A-2-A2 PSA, the Note A-2-B PSA, the Note A-3 PSA, the Note A-4-A PSA, the Note A-4-B PSA, the
Note A-5-A PSA, the Note A-5-B PSA and the Note A-6 PSA, as applicable.

 

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

 

(c)          To the extent
the Lead Servicer or the related Trustee, as applicable, obtains funds from general collections of the Lead Securitization as a
reimbursement for a Property Advance or interest thereon, each Non-Lead Note Holder (including any Securitization into which any
Non-Lead Note is deposited) shall be required to, promptly following notice from the Lead Servicer, reimburse the Lead Securitization
for its pro rata share of such Property

 

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Advance and/or interest thereon at the Reimbursement Rate. In addition, each Non-Lead
Note Holder (including any Securitization into which any Non-Lead Note is deposited) shall promptly reimburse the Lead Servicer
or the related Trustee for such Non-Lead Note Holder’s pro rata share of any fees, costs or expenses incurred in connection
with the servicing and administration of the Mortgage Loan as to which the Lead Securitization or any of the parties thereto are
entitled to be reimbursed pursuant to the terms of the Servicing Agreement (to the extent amounts on deposit in the Collection
Account are insufficient for reimbursement of such amounts).

 

(d)          The parties to
each of the Note A-1-A PSA, the Note A-1-B PSA, the Note A-2-A1 PSA, the Note A-2-A2 PSA, the Note A-2-B PSA, the Note A-3 PSA,
the Note A-4-A PSA, the Note A-4-B PSA, the Note A-5-A PSA, the Note A-5-B PSA or the Note A-6 PSA shall each be entitled to make
their own recoverability determination with respect to a P&I Advance based on the information that they have on hand and in
accordance with the Note A-1-A PSA, the Note A-1-B PSA, the Note A-2-A1 PSA, the Note A-2-A2 PSA, the Note A-2-B PSA, the Note
A-3 PSA, the Note A-4-A PSA, the Note A-4-B PSA, the Note A-5-A PSA, the Note A-5-B PSA or the Note A-6, as applicable.

 

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

 

18.          Provisions Relating
to Securitization. (a)  For so long as Ladder or GACC or an Affiliate thereof (an “Initial Note Holder”)
is the owner of a Note (each, an “Owned Note”), such Initial Note Holder shall have the right, subject to the
terms of the Mortgage Loan Documents, to cause the Borrower to execute amended and restated notes or additional notes (“New
Notes”) reallocating the principal of the related Owned Note to such New Notes; or severing the related Owned Note (or
such New Notes) into one or more further “component” notes in the aggregate principal amount equal to the then outstanding
principal balance of the related Owned Note, or New Notes, as applicable, provided that (i) the aggregate principal
balance of such New Notes following such amendments is no greater than the principal balance of the related Owned Note, or New
Notes, as applicable, prior to such amendments, (ii) all New Notes continue to have the same interest rate as the related
Owned Note (or such New Notes) prior to such amendments, (iii) all New Notes pay pro rata and on a pari passu
basis and such reallocated or component notes shall be automatically subject to the terms of this Agreement, (iv) the Initial
Note Holder holding such New Notes shall notify the parties to the Lead Securitization in writing of such modified allocations
and principal amounts, and (v) the execution of such amendments and New Notes shall not violate the Servicing Standard. In connection
with the foregoing, (1) the Master Servicer is hereby authorized to execute amendments to the Loan Agreement and this Agreement
(or to amend and restate the Loan Agreement and this Agreement) on behalf of any or all of the Holders solely for the purpose of
reflecting such reallocation of principal or such severing of the related Owned Note, or New Notes, as applicable,, (2) if an Owned
Note or New Note is severed into “component” notes, such component notes shall each have their same rights as the respective
original Note and (3) the definition of the term “Securitization” and all of the related defined terms may be amended

 

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(and new terms added, as necessary) to reflect the New Notes, as applicable. Rating Agency Confirmation shall not be required for
any amendments to this Agreement required to facilitate the terms of this paragraph 18(a). The Initial Note Holder whose Owned
Note or New Note is being reallocated or split pursuant to this Section 18(a) shall reimburse the other Holders for all costs and
expenses incurred by the other Holders in connection with the reallocation or split.

 

(b)          each of the Note
A-1-B PSA, the Note A-2-A1 PSA, the Note A-2-A2 PSA, the Note A-2-B PSA, the Note A-3 PSA, the Note A-4-B PSA, the Note A-5-A PSA,
the Note A-5-B PSA and the Note A-6 PSA shall provide that:

 

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

 

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

 

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

 

(iv)         each
of trustee and the master servicer under the Non-Lead Servicing Agreement, as applicable, shall acknowledge that, (i) each of
the Master Servicer, the Special Servicer and the non-lead trust will be a third party beneficiary under the Non-Lead Servicing
Agreement with respect to any provisions therein relating to (1) the reimbursement of any nonrecoverable advances made with respect
to such Non-Lead Note by the Master Servicer or the Lead Trustee, and (2) clause (v) below and (ii) the Special Servicer will
be a third party beneficiary under the related Non-Lead Servicing Agreement with respect to any provisions therein relating to
(1) the reimbursement of any nonrecoverable advances made with respect to such Non-Lead Note by the Special Servicer (it being
understood that the Special Servicer is not required to make any

 

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Advances) and (2) the indemnification of the Special Servicer against any claims, losses,
penalties, fines, forfeitures, legal fees and related costs, judgments and any other costs, liabilities, fees and expenses, incurred
in connection with any PSA and relating to such Non-Lead Note;

 

(v)          each
of the Indemnified Parties shall be indemnified (as and to the same extent the Lead Securitization Trust is required to indemnify
each of such Indemnified Parties in respect of other mortgage loans in the Lead Securitization Trust pursuant to the terms of
Lead Securitization Servicing Agreement) by the securitization trust holding such Non-Lead Note, against any claims, losses, penalties,
fines, forfeitures, legal fees and related costs, judgments and any other costs, liabilities, fees and expenses incurred in connection
with servicing and administration of the Mortgage Loan (or, with respect to the Lead Securitization operating advisor, incurred
in connection with the provision of services for the Mortgage Loan) under the Lead Servicing Agreement (collectively, the “Indemnified
Items”) to the extent of its pro rata share of such Indemnified Items, and to the extent amounts on deposit in
the “Serviced Pari Passu Companion Loan Custodial Account” are insufficient for reimbursement of such amounts, the
related Non-Lead Master Servicer will be required to reimburse each of the applicable Indemnified Parties for its pro rata
share of the insufficiency out of general funds in the collection account (or equivalent account) established under such Non-Lead
Servicing Agreement; provided, however, that any Non-Lead Servicing Agreement may include limitations and conditions
on the payment or reimbursement of Indemnified Items to the Lead Securitization operating advisor (including limitations and conditions
with respect to the timing of such payments or reimbursements and the sources of funds for such payments or reimbursements);

 

(vi)         the
related Non-Lead Master Servicer will be required to deliver to the Trustee, the Certificate Administrator, the Special Servicer,
the Lead Securitization operating advisor and Master Servicer (i) promptly following Securitization of such Non-Lead Securitization
Note, notice of the deposit of such Non-Lead Securitization Note into a Securitization Trust (which notice shall also provide
contact information for the related Non-Lead Trustee, certificate administrator, Non-Lead Master Servicer, non-lead special servicer
and the party designated to exercise the rights of the “Non-Controlling Note Holder” under this Agreement), accompanied
by a certified copy of the executed Non-Lead Servicing Agreement and (ii) notice of any subsequent change in the identity of such
Non-Lead Master Servicer or the party designated to exercise the rights of the “Non-Controlling Note Holder” with
respect to such Non-Lead Securitization Note under this Agreement (together with the relevant contact information);

 

(vii)        the
Master Servicer and the Special Servicer shall be third party beneficiaries of the foregoing provisions.

 

19.          Governing Law; Waiver
of Jury Trial. THIS AGREEMENT AND ANY CLAIM, CONTROVERSY OR DISPUTE ARISING UNDER OR RELATED TO THIS AGREEMENT, THE RELATIONSHIP
OF THE PARTIES TO THIS AGREEMENT, AND/OR THE INTERPRETATION AND ENFORCEMENT OF THE RIGHTS AND DUTIES OF THE PARTIES TO THIS AGREEMENT
SHALL BE GOVERNED BY AND CONSTRUED IN

 

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ACCORDANCE WITH THE INTERNAL LAWS AND DECISIONS OF THE STATE OF NEW YORK, WITHOUT REGARD
TO THE CHOICE OF LAW RULES THEREOF. EACH OF THE PARTIES HEREBY IRREVOCABLY WAIVES ALL RIGHT TO TRIAL BY JURY IN ANY ACTION, PROCEEDING
OR COUNTERCLAIM ARISING OUT OF OR RELATING TO THIS AGREEMENT.

 

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

 

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

 

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

 

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

 

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

 

25.          Custody of Mortgage
Loan Documents. The originals of all of the Mortgage Loan Documents (other than Note A-1-B, Note A-2-A1, Note A-2-A2, Note
A-2-B, Note A-3, Note A-4-B, Note A-5-A, Note A-5-B and Note A-6) will be held by the Note A-1-A Trustee (or by a custodian on
its behalf) under the terms of the Note A-1-A PSA on behalf of all of the Holders.

 

    	-38-

    	 

    

 

[NO FURTHER TEXT ON THIS PAGE]

 

    	-39-

    	 

    

 

IN WITNESS WHEREOF,
each of the Note A-1-A Holder, the A-1-B Holder, the Note A-2-A1 Holder, the Note A-2-A2 Holder, the Note A-2-B Holder, the Note
A-3 Holder, the Note A-4-A Holder, the A-4-B Holder, the Note A-5-A Holder, the Note A-5-B Holder and the Note A-6 Holder has
caused this Agreement to be duly executed as of the day and year first above written.

	 	 	 	 
	 	 	Note A-1-A Holder:
	 	 	 	 
	 	 	WILMINGTON TRUST, NATIONAL ASSOCIATION, AS TRUSTEE FOR
    THE BENEFIT OF THE HOLDERS OF COMM 2015-LC23 MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES, in capacity as
    Note A-1-A Holder
	 	 	 	 
	 	 	 	By: Wells Fargo Bank, National Association, in capacity as Master Servicer
	 	 	 	 
	 	 	By:	/s/ Nichole Kelley
	 	 	 	Name: Nichole Kelley
	 	 	 	Title: Vice President 

 

COMM 2015-LC23:
AMENDED AND RESTATED EQUITY INNS PORTFOLIO CO-LENDER AGREEMENT

 

    	 

    	 

    

 

	 	 	 	 
	 	Note A-1-B Holder:
	 	 	 	 
	 	 	LADDER CAPITAL FINANCE III LLC - SERIES 97 – TRS – EQUITY INNS PORTFOLIO, a segregated series of Ladder Capital Finance III LLC, a Delaware limited liability company
	 	 	 	 
	 	 	By:	/s/ David Traitel
	 	 	 	Name: David Traitel
	 	 	 	Title: Managing Director
	 	 	 	 
	 	Note A-2-A1 Holder:
	 	 	 	 
	 	 	LADDER CAPITAL FINANCE III LLC - SERIES 97 – TRS – EQUITY INNS PORTFOLIO, a segregated series of Ladder Capital Finance III LLC, a Delaware limited liability company

	 	 	 	 
	 	 	By:	/s/ David Traitel
	 	 	 	Name: David Traitel
	 	 	 	Title: Managing Director
	 	 	 	 
	 	Note A-2-A2 Holder:
	 	 	 
	 	 	LADDER CAPITAL FINANCE III LLC - SERIES 97 – TRS – EQUITY INNS PORTFOLIO, a segregated series of Ladder Capital Finance III LLC, a Delaware limited liability company
	 	 	 
	 	 	By:	/s/ David Traitel
	 	 	 	Name: David Traitel
	 	 	 	Title: Managing Director

 

COMM 2015-LC23: AMENDED AND RESTATED
EQUITY INNS PORTFOLIO CO-LENDER AGREEMENT

 

    	 

    	 

    

 

	 	 	 	 
	 	 	Note A-2-B Holder:
	 	 	 
	 	 	LADDER CAPITAL FINANCE III LLC - SERIES 97 – TRS – EQUITY INNS PORTFOLIO, a segregated series of Ladder Capital Finance III LLC, a Delaware limited liability company
	 	 	 
	 	 	By:	/s/ David Traitel
	 	 	 	Name: David Traitel
	 	 	 	Title: Managing Director

	 	 	 
	 	 	Note A-3 Holder:
	 	 	 
	 	 	LADDER CAPITAL FINANCE III LLC - SERIES 97 – TRS – EQUITY INNS PORTFOLIO, a segregated series of Ladder Capital Finance III LLC, a Delaware limited liability company
	 	 	 	 
	 	 	By:	/s/ David Traitel
	 	 	 	Name: David Traitel
	 	 	 	Title: Managing Director

	 	 	 
	 	Note A-4-A Holder
	 	 	 
	 	WILMINGTON TRUST, NATIONAL ASSOCIATION, AS TRUSTEE FOR
    THE BENEFIT OF THE HOLDERS OF COMM 2015-LC23 MORTGAGE TRUST COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES, in capacity as
    Note A-4-A Holder
	 	 	 
	 	 	By: Wells Fargo Bank, National Association, in capacity as Master Servicer
	 	 	 
	 	By:	/s/ Nichole Kelley
	 	 	Name: Nichole Kelley
	 	 	Title: Vice President 

 

COMM 2015-LC23: AMENDED AND RESTATED
EQUITY INNS PORTFOLIO CO-LENDER AGREEMENT

 

    	 

    	 

    

 

	 	 	 	 
	 	 	Note A-4-B Holder
	 	 	 	 
	 	 	GERMAN AMERICAN CAPITAL CORPORATION
	 	 	 	 
	 	 	By:	/s/ DAVID GOODMAN
	 	 	 	Name: DAVID GOODMAN
	 	 	 	Title: dIRECTOR
	 	 	 	 
	 	 	By:	/s/ LISA PATERSON
	 	 	 	Name: LISA PATERSON
	 	 	 	Title: dIRECTOR

	 	 	 	 
	 	 	Note A-5-A Holder
	 	 	 	 
	 	 	GERMAN AMERICAN CAPITAL CORPORATION
	 	 	 	 
	 	 	By:	/s/ DAVID GOODMAN
	 	 	 	Name: DAVID GOODMAN
	 	 	 	Title:  dIRECTOR
	 	 	 	 
	 	 	By:	/s/ LISA PATERSON
	 	 	 	Name: LISA PATERSON
	 	 	 	Title:  dIRECTOR

 

COMM 2015-LC23: AMENDED AND RESTATED
EQUITY INNS PORTFOLIO CO-LENDER AGREEMENT

 

    	 

    	 

    

 

	 	 	 	 
	 	 	Note A-5-B Holder
	 	 	 	 
	 	 	GERMAN AMERICAN CAPITAL CORPORATION
	 	 	 	 
	 	 	By:	/s/ DAVID GOODMAN
	 	 	 	Name: DAVID GOODMAN
	 	 	 	Title:  dIRECTOR
	 	 	 	 
	 	 	By:	/s/ LISA PATERSON
	 	 	 	Name: LISA PATERSON
	 	 	 	Title:  dIRECTOR

	 	 	 	 
	 	 	Note A-6 Holder
	 	 	 	 
	 	 	GERMAN AMERICAN CAPITAL CORPORATION
	 	 	 	 
	 	 	By:	/s/ DAVID GOODMAN
	 	 	 	Name: DAVID GOODMAN
	 	 	 	Title:  dIRECTOR
	 	 	 	 
	 	 	By:	/s/ LISA PATERSON
	 	 	 	Name: LISA PATERSON
	 	 	 	Title:  dIRECTOR

 

COMM 2015-LC23: AMENDED AND RESTATED
EQUITY INNS PORTFOLIO CO-LENDER AGREEMENT

 

    	 

    	 

    

 

EXHIBIT A

 

MORTGAGE LOAN SCHEDULE

 

		A.	Description of Mortgage Loan

 

	Borrowers:	
        ARC Hospitality Portfolio
II Owner, LLC

        ARC Hospitality Portfolio
II TRS, LLC

        ARC Hospitality Portfolio
II MISC TRS, LLC

        ARC Hospitality Portfolio
II HIL TRS, LLC

        ARC Hospitality Stratford,
LLC

        ARC Hospitality TRS
Stratford, LLC

        ARC Hospitality Portfolio
II NTC Owner, LP

        ARC Hospitality Portfolio
II NTC HIL TRS, LP

        ARC Hospitality Portfolio
II NTC TRS, LP

	Date of Mortgage Loan:  	October 6, 2015
	Initial Principal Amount of Mortgage Loan:	$232,000,000
	Closing Date Mortgage Loan Principal Balance:	$232,000,000
	Location of Mortgaged Property:	Various
	Current Use of Mortgaged Property:	Hospitality 
	Mortgage Interest Rate:	
        Note A-1-A: 4.850%

        Note A-1-B: 4.850%

        Note A-2-A1: 4.850%

        Note A-2-A2: 4.850%

        Note A-2-B: 4.850%

        Note A-3: 4.850%

        Note A-4-A: 4.850%

        Note A-4-B: 4.850%

        Note A-5-A: 4.850%

        Note A-5-B: 4.850%

        Note A-6: 4.850%

	Maturity Date:	October 6, 2020

 

    	A-1

    	 

    

 

		B.	Description of Notes

 

	Closing Date:	October 6, 2015
	Note A-1-A Principal Balance:	$48,000,000
	Note A-1-B Principal Balance:	$12,000,000
	Note A-2-A1 Principal Balance:	$24,000,000
	Note A-2-A2 Principal Balance:	$6,000,000
	Note A-2-B Principal Balance:	$9,600,000
	Note A-3 Principal Balance:	$39,600,000
	Note A-4-A Principal Balance:	$32,000,000
	Note A-4-B Principal Balance:	$8,000,000
	Note A-5-A Principal Balance:	$16,000,000
	Note A-5-B Principal Balance:	$10,400,000
	Note A-6 Principal Balance:	$26,400,000
	Note A-1-A Percentage Interest:	4.96%
	Note A-1-B Percentage Interest:	4.96%
	Note A-2-A1 Percentage Interest:	4.96%
	Note A-2-A2 Percentage Interest:	4.96%
	Note A-2-B Percentage Interest:	4.96%
	Note A-3 Percentage Interest:	4.96%
	Note A-4-A Percentage Interest:	4.96%
	Note A-4-B Percentage Interest:	4.96%
	Note A-5-A Percentage Interest:	4.96%
	Note A-5-B Percentage Interest:	4.96%
	Note A-6 Percentage Interest:	4.96%
	Note A-1-A Percentage Interest:	4.96%
	Note A-1-B Percentage Interest:	4.96%
	Note A-2-A1 Interest Rate:	4.96%
	Note A-2-A2 Interest Rate:	4.96%
	Note A-2-B Interest Rate:	4.96%
	Note A-3 Interest Rate:	4.96%
	Note A-4-A Interest Rate:	4.96%
	Note A-4-B Percentage Interest:	4.96%
	Note A-5-A Interest Rate:	4.96%
	Note A-5-B Interest Rate:	4.96%
	Note A-6 Interest Rate:	4.96%
	Note A-1-A Default Interest Rate:	Lesser of (a) the maximum rate permitted by law or (b) five percent (5%) above the Interest Rate
	Note A-1-B Default Interest Rate:	Lesser of (a) the maximum rate permitted by law or (b) five percent (5%) above the Interest Rate
	Note A-2-A1 Default Interest Rate:	Lesser of (a) the maximum rate permitted by law or (b) five percent (5%) above the 

 

    	A-2

    	 

    

 

	 	Interest Rate
	Note A-2-A2 Default Interest Rate:	Lesser of (a) the maximum rate permitted by law or (b) five percent (5%) above the Interest Rate
	Note A-2-B Default Interest Rate:	Lesser of (a) the maximum rate permitted by law or (b) five percent (5%) above the Interest Rate
	Note A-3 Default Interest Rate:  	Lesser of (a) the maximum rate permitted by law or (b) five percent (5%) above the Interest Rate
	Note A-4-A Default Interest Rate:  	Lesser of (a) the maximum rate permitted by law or (b) five percent (5%) above the Interest Rate
	Note A-4-B Default Interest Rate:  	Lesser of (a) the maximum rate permitted by law or (b) five percent (5%) above the Interest Rate
	Note A-5-A Default Interest Rate:  	Lesser of (a) the maximum rate permitted by law or (b) five percent (5%) above the Interest Rate
	Note A-5-B Default Interest Rate:  	Lesser of (a) the maximum rate permitted by law or (b) five percent (5%) above the Interest Rate
	Note A-6 Default Interest Rate:  	Lesser of (a) the maximum rate permitted by law or (b) five percent (5%) above the Interest Rate

 

    	A-3

    	 

    

 

EXHIBIT B

  

Note A-1-A Holder:

 

Wilmington Trust, National Association, as Trustee,
for the benefit of the Holders of COMM 2015-LC23 Mortgage Trust Commercial Pass-Through Certificates

c/o Wells Fargo Bank, National
Association 

Commercial Mortgage Servicing 

MAC D1086 

550 South Tryon Street, 14th
Floor 

Charlotte, North Carolina 285202

Attention: COMM 2015-LC23 Asset Manager

 

Note A-1-B Holder, Note A-2-A1 Holder, Note A-2-A2 Holder, Note
A-2-B Holder and Note A-3 Holder:

 

Ladder Capital Finance I LLC

345 Park Avenue, 8th Floor 

New York, New York 10154 

Attention: Pamela McCormack

Telecopier: 212-715-3199

 

Note A-4-A Holder:

 

Wilmington Trust, National Association, as Trustee,
for the benefit of the Holders of COMM 2015-LC23 Mortgage Trust Commercial Pass-Through Certificates

c/o Wells Fargo Bank, National Association

Commercial Mortgage Servicing

MAC D1086

550 South Tryon Street, 14th
Floor

Charlotte, North Carolina 285202

Attention: COMM 2015-LC23 Asset Manager

 

Note A-4-B Holder, Note A-5-A Holder, Note A-5-B Holder and
Note A-6 Holder:

 

German American Capital Corporation

60 Wall Street

New York, New York 10005

Attention: Lainie Kaye

Facsimile: 212-797-4487

 

    	B-1

    	 

    

 

EXHIBIT C

 

PERMITTED FUND MANAGERS

 

Westbrook Partners

iStar Financial Inc.

Capital Trust

Archon Capital, L.P.

Whitehall Street Real Estate Fund, L.P.

The Blackstone Group

Normandy Real Estate Partners

Dune Real Estate Partners

AllianceBernstein

Rockwood

RREEF Funds

Hudson Advisors

Artemis Real Estate Partners

Apollo Real Estate Advisors

Colony Capital, Inc.

Praedium Group

Fortress Investment Group, LLC

Lonestar Opportunity Funds

Clarion Partners

Walton Street Capital, LLC

Starwood Financial Trust

BlackRock, Inc.

Eightfold Real Estate Capital, L.P.

 

    	C-1Exhibit 4.18

 

EXECUTION VERSION

 

CO-LENDER AGREEMENT

 

Dated as of March 15, 2016

by and among

 

JPMORGAN CHASE BANK, NATIONAL ASSOCIATION

(Initial Note A-1 Holder)

 

JPMORGAN CHASE BANK, NATIONAL ASSOCIATION

(Initial Note A-2 Holder)

 

and

 

JPMORGAN CHASE BANK, NATIONAL ASSOCIATION

(Initial Note A-3 Holder)

 

Naples Grande Beach Resort

 

    	 

    	 

    

 

TABLE OF CONTENTS

 

	 	 	 	Page
	 	 	 	 
	Section 1	Definitions	 	1
	Section 2	Servicing of the Mortgage Loan	 	16
	Section 3	Priority of Payments	 	21
	Section 4	Workout	 	22
	Section 5	Administration of the Mortgage Loan	 	22
	Section 6	Appointment of Controlling Note Holder Representative and Non- Controlling Note Holder Representative	 	27
	Section 7	Appointment of Special Servicer	 	30
	Section 8	Payment Procedure	 	31
	Section 9	Limitation on Liability of the Note Holders	 	32
	Section 10	Bankruptcy	 	33
	Section 11	Representations of the Note Holders	 	33
	Section 12	No Creation of a Partnership or Exclusive Purchase Right	 	34
	Section 13	Other Business Activities of the Note Holders	 	34
	Section 14	Sale of the Notes	 	34
	Section 15	Registration of the Notes and Each Note Holder	 	37
	Section 16	Governing Law; Waiver of Jury Trial	 	38
	Section 17	Submission To Jurisdiction; Waivers	 	38
	Section 18	Modifications	 	38
	Section 19	Successors and Assigns; Third Party Beneficiaries	 	39
	Section 20	Counterparts	 	39
	Section 21	Captions	 	39
	Section 22	Severability	 	39
	Section 23	Entire Agreement	 	39
	Section 24	Withholding Taxes	 	39
	Section 25	Custody of Mortgage Loan Documents	 	41
	Section 26	Cooperation in Securitization	 	41
	Section 27	Notices	 	42
	Section 28	Broker	 	42
	Section 29	Certain Matters Affecting the Agent	 	42
	Section 30	Termination and Resignation of Agent	 	43
	Section 31	Resizing	 	43

 

    	i

    	 

    

 

THIS CO-LENDER AGREEMENT
(this “Agreement”), dated as of March 15, 2016 by and among JPMORGAN CHASE BANK, NATIONAL ASSOCIATION (“JPM”
and together with its successors and assigns in interest, in its capacity as initial owner of the Note A-1, the “Initial
Note A-1 Holder”, and in its capacity as the initial agent, the “Initial Agent”), JPMORGAN CHASE BANK,
NATIONAL ASSOCIATION (together with its successors and assigns in interest, in its capacity as initial owner of the Note A-2, the
“Initial Note A-2 Holder”) and JPMORGAN CHASE BANK, NATIONAL ASSOCIATION (together with its successors and assigns
in interest, in its capacity as initial owner of the Note A-3, the “Initial Note A-3 Holder” and, collectively
with the Initial Note A-1 Holder and the Initial Note A-2 Holder, the “Initial Note Holders”).

 

W I T N E S S E T H:

 

WHEREAS, pursuant to
the Mortgage Loan Agreement (as defined herein), JPM originated a certain loan described on the schedule attached hereto as Exhibit
A (the “Mortgage Loan Schedule”) (the “Mortgage Loan”) to the mortgage loan borrower described
on the Mortgage Loan Schedule (the “Mortgage Loan Borrower”), which was evidenced, inter alia,
by three promissory notes (as amended, modified or supplemented, the “Notes”) (i) one promissory note in the
original principal amount of $70,000,000 (“Note A-1”), made by the Mortgage Loan Borrower in favor of the Initial
Note A-1 Holder (“Initial Note A-1”), (ii) one promissory note in the original principal amount of $47,500,000
(“Note A-2”) made by the Mortgage Loan Borrower in favor of the Initial Note A-2 Holder (“Initial Note
A-2”) and (iii) one promissory note in the original principal amount of $47,500,000 (“Note A-3”) made
by the Mortgage Loan Borrower in favor of the Initial Note A-3 Holder (“Initial Note A-3”); and secured by a
first mortgage (as amended, modified or supplemented, the “Mortgage”) on certain real property located as described
in the Mortgage Loan Agreement (collectively, the “Mortgaged Property”); and

 

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

 

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

 

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

 

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

 

    	 

    	 

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    	2

    	 

    

 

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

 

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

 

“Controlling
Class Representative” shall have the meaning assigned to the term “Directing Certificateholder” in the Lead
Securitization Servicing Agreement.

 

“Controlling
Note Holder” shall mean the Note A-1 Holder; provided that at any time Note A-1 is included in the Lead Securitization,
references to the “Controlling Note Holder” herein shall mean the holders of the majority of the class of securities
issued in the Lead Securitization designated as the “controlling class” or such other class(es) otherwise assigned
the rights to exercise the rights of the “Controlling Note Holder” hereunder or under the Lead Securitization Servicing
Agreement, as and to the extent provided in the Lead Securitization Servicing Agreement; provided, further, that
if at any time 50% or more of Note A-1 (or class of securities issued in the Lead Securitization designated as the “controlling
class” or such other class(es) otherwise assigned the rights to exercise the rights of the “Controlling Note Holder”)
is held by the Mortgage Loan Borrower or an Affiliate of the Mortgage Loan Borrower, Note A-1 (or the class of securities issued
in the Lead Securitization designated as the “controlling class” or such other class(es) otherwise assigned the rights
to exercise the rights of the “Controlling Note Holder”) shall not be entitled to exercise any rights of the Controlling
Note Holder.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    	3

    	 

    

 

“Initial Note
A-3 Holder” shall have the meaning assigned to such term in the preamble to this Agreement.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

“Lead Securitization
Note” shall mean Note A-1.

 

“Lead Securitization
Note Holder” shall mean the Note A-1 Holder.

 

“Lead Securitization
Servicing Agreement” shall mean the pooling and servicing agreement to be entered into in connection with the Securitization
of Note A-1 and issuance of the JPMBB Commercial Mortgage Securities Trust 2016-C1, Commercial Mortgage Pass

 

    	4

    	 

    

 

Through
Certificates, Series 2016-C1, by and among (a) the Trustee, (b) the Master Servicer, (c) the Special Servicer, (d) the Depositor,
(e) the Certificate Administrator, (f) the Operating Advisor and (g) the Asset Representations Reviewer. The Servicing Standard
in the Lead Securitization Servicing Agreement shall require, among other things, that each Servicer, in servicing the Mortgage
Loan, must take into account the interests of each Note Holder.

 

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

 

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

 

“Major Decisions”
shall have the meaning given to such term or any one or more analogous terms in the Lead Securitization Servicing Agreement; provided
that at any time that Note A-1 is not included in the Lead Securitization, “Major Decision” shall mean:

 

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

 

(ii)        any
modification, consent to a modification or waiver of any monetary term (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 the Mortgage
Loan or any extension of the maturity date of the Mortgage Loan;

 

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

 

(iv)       any
sale of the Mortgage Loan (when it is a Defaulted Loan) or REO Property for less than the applicable Purchase Price (as defined
in the Lead Securitization Servicing Agreement);

 

(v)        any
determination to bring a Mortgaged Property or an REO Property into compliance with applicable environmental laws or to otherwise
address any Hazardous Materials (as defined in the Lead Securitization Servicing Agreement) located at a Mortgaged Property or
an REO Property;

 

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

 

    	5

    	 

    

 

(vii)      any
waiver of a “due-on-sale” or “due-on-encumbrance” clause with respect to the Mortgage Loan or any consent
to such a waiver or consent to a transfer of a Mortgaged Property or interests in the borrower;

 

(viii)    any
incurrence of additional debt by a borrower or any mezzanine financing by any beneficial owner of a borrower (to the extent that
the lender has consent rights pursuant to the related Mortgage Loan Documents);

 

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

 

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

 

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

 

(xii)      any
acceptance of an assumption agreement releasing a borrower, guarantor or other obligor from liability under the Mortgage Loan other
than pursuant to the specific terms of such Mortgage Loan and for which there is no lender discretion;

 

(xiii)     any
determination of an Acceptable Insurance Default (as defined in the Lead Securitization Servicing Agreement);

 

(xiv)     any
determination by the Master Servicer to transfer the Mortgage Loan to the Special Servicer under the circumstances described in
paragraph (c) of the definition of “Specially Serviced Loan” (as defined in the Lead Securitization Servicing Agreement);
or

 

(xv)      any
approval of a Major Lease (as defined in the Mortgage Loan Documents) to the extent lender’s approval is required by the
Mortgage Loan Documents;.

 

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

 

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

 

    	6

    	 

    

 

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

 

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

 

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

 

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

 

“Mortgage Loan
Agreement” shall mean the Loan Agreement, dated as of December 18, 2015, between NWNG LLC and NWNG GOLF LLC, collectively
as Mortgage Loan Borrower, and JPM, as lender, as the same may be further amended, restated, supplemented or otherwise modified
from time to time, subject to the terms hereof.

 

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

 

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

 

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

 

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

 

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

 

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

 

“Non-Controlling
Note Holder” means either the Note A-2 Holder or the Note A-3 Holder; provided that at any time Note A-2 or Note
A-3 is included in a Securitization, references to the “Non-Controlling Note Holder” herein shall mean the related
Non-Lead Securitization Subordinate Class Representative or any other party assigned the rights to exercise the rights of the “Non-Controlling
Note Holder” hereunder, as and to the extent provided in the related Non-Lead Securitization Servicing Agreement and as to
the identity of which the Lead Securitization Note Holder (and the Master Servicer and the Special Servicer) has been given written
notice; provided that if at any time 50% or more of Note A-1 is held by the Mortgage Loan Borrower or an Affiliate of the
Mortgage Loan Borrower, Note A-1 shall not be entitled to exercise any rights of the Controlling Note Holder and the Note A-2 Holder
shall be the Controlling Note Holder unless 50% or more of Note A-2 is held by the Mortgage Loan Borrower or an Affiliate of the
Mortgage Loan Borrower; and provided, further that if at any time 50% or more of each of Note A-1 and Note A-2 is
held by the Mortgage Loan Borrower or an Affiliate of the Mortgage Loan Borrower, neither Note A-1 nor Note A-2 shall be entitled
to

 

    	7

    	 

    

 

exercise
any rights of the Controlling Note Holder and the Note A-3 Holder shall be the Controlling Note Holder unless 50% or more of Note
A-3 is held by the Mortgage Loan Borrower or an Affiliate of the Mortgage Loan Borrower. If 50% or more of each of Note A-1, Note
A-2 and Note A-3 is held by the Mortgage Loan Borrower or an Affiliate of the Mortgage Loan Borrower, no person shall be entitled
to exercise the rights of the Controlling Note Holder. The Lead Securitization Note Holder (or the Master Servicer or the Special
Servicer acting on its behalf) shall not be required at any time to deal with more than one party exercising the rights of the
“Non-Controlling Note Holder” herein or under the Lead Securitization Servicing Agreement and, (x) to the extent that
the related Non-Lead Securitization Servicing Agreement assigns such rights to more than one party or (y) to the extent Note A-2
or Note A-3 is split into two or more New Notes pursuant to Section 31, for purposes of this Agreement, the related Non-Lead Securitization
Servicing Agreement or the holders of such New Notes shall designate one party to deal with the Lead Securitization Note Holder
(or the Master Servicer or the Special Servicer acting on its behalf) and provide written notice of such designation to the Lead
Securitization Note Holder (and the Master Servicer and the Special Servicer acting on its behalf); provided that, in the
absence of such designation and notice, the Lead Securitization Note Holder (or the Master Servicer or the Special Servicer acting
on its behalf) shall be entitled to treat the last party as to which it has received written notice as having been designated
as the applicable Non-Controlling Note Holder, as the applicable Non-Controlling Note Holder for all purposes of this Agreement.
As of the date hereof and until further notice from the applicable Non-Lead Securitization Note Holder (or the applicable Non-Lead
Master Servicer or another party acting on its behalf), the Initial Note A-2 Holder and the Initial Note A-3 Holder are each a
Non-Controlling Note Holder.

 

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

 

    	8

    	 

    

 

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

 

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

 

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

 

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

 

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

 

“Non-Lead Securitization
Note” shall mean Note A-2 or Note A-3, as applicable.

 

“Non-Lead Securitization
Note Holder” shall mean the Note A-2 Holder or the Note A-3 Holder, as applicable.

 

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

 

“Non-Lead Securitization
Subordinate Class Representative” shall mean the holders of the majority of the class of securities issued in the Securitization
of any Non-Lead Securitization Note designated as the “controlling class” pursuant to the related Non-Lead Securitization
Servicing Agreement or their duly appointed representative; provided that if 50% or more of the class of securities issued
in any Non-Lead Securitization designated as the “controlling class” or such other class(es) otherwise assigned the
rights to exercise the rights of the “Controlling Note Holder”) is held by the Mortgage Loan Borrower or an Affiliate
of the Mortgage Loan Borrower, no person shall be entitled to exercise the rights of the related Non-Lead Securitization Subordinate
Class Representative.

 

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

 

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

 

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

 

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

 

    	9

    	 

    

 

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

 

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

 

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

 

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

 

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

 

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

 

“Note A-3 Holder”
shall mean the Initial Note A-3 Holder or any subsequent holder of Note A-3, as applicable.

 

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

 

“Note Holders”
shall mean collectively, the Note A-1 Holder, the Note A-2 Holder and the Note A-3 Holder.

 

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

 

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

 

“Notes”
shall mean, collectively, Note A-1, Note A-2 and Note A-3.

 

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

 

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

 

    	10

    	 

    

 

“Percentage
Interest” shall mean, (a) with respect to the Note A-1 Holder, a fraction, expressed as a percentage, the numerator of
which is the Note A-1 Principal Balance and the denominator of which is the sum of the Note A-1 Principal Balance, the Note A-2
Principal Balance and the Note A-3 Principal Balance, (b) with respect to the Note A-2 Holder, a fraction, expressed as a percentage,
the numerator of which is the Note A-2 Principal Balance and the denominator of which is the sum of the Note A-1 Principal Balance,
the Note A-2 Principal Balance and the Note A-3 Principal Balance, and (c) with respect to the Note A-3 Holder, a fraction, expressed
as a percentage, the numerator of which is the Note A-3 Principal Balance and the denominator of which is the sum of the Note A-1
Principal Balance, the Note A-2 Principal Balance and the Note A-3 Principal Balance.

 

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

 

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

 

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

 

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

 

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

 

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

 

(c)          one
or more of the following:

 

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

 

    	11

    	 

    

 

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

 

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

 

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

 

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

 

    	12

    	 

    

 

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

 

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

 

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

 

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

 

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

 

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

 

    	13

    	 

    

 

“Regulation
AB” shall mean Subpart 229.1100 - Asset Backed Securities (Regulation AB), 17 C.F.R. §§229.1100 - 229.1125,
as such rules may be amended from time to time, but only to the extent compliance is required as of the applicable date of determination,
and subject to such clarification and interpretation as have been provided by the SEC or by the staff of the SEC, or as may be
provided by the SEC or its staff from time to time.

 

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

 

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

 

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

 

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

 

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

 

    	14

    	 

    

 

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

 

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

 

“Securitization
Trust” shall mean a trust formed pursuant to a Securitization pursuant to which Note A-1, Note A-2 or Note A-3 is held.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    	15

    	 

    

 

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

 

Section 2.          Servicing
of the Mortgage Loan.

 

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

 

At any time that the
Mortgage Loan is no longer subject to the provisions of the Lead Securitization Servicing Agreement, the Note Holders agree to
cause the Mortgage Loan to be serviced by one or more servicers, each of which has been agreed upon by the Note Holders,

 

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pursuant
to a servicing agreement that has servicing terms substantially similar to the Lead Securitization Servicing Agreement and all
references herein to the “Lead Securitization Servicing Agreement” shall mean such subsequent servicing agreement;
provided, however, that if any Non-Lead Securitization Note is in a Securitization, then a Rating Agency Confirmation
shall have been obtained from each Rating Agency; provided, further, however, that until a replacement servicing
agreement has been entered into, the Lead Securitization Note Holder shall cause the Mortgage Loan to be serviced pursuant to
the provisions of the Lead Securitization Servicing Agreement as if such agreement was still in full force and effect with respect
to the Mortgage Loan, by the Servicer in the Lead Securitization or by any Person appointed by the Lead Securitization Note Holder
that is a qualified servicer meeting the requirements of the Lead Securitization Servicing Agreement.

 

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

 

In addition, each Non-Lead
Securitization Note Holder (including, but not limited to, any Non-Lead Securitization Trust) shall be required to, promptly following
notice from the Master Servicer or the Special Servicer, pay or reimburse the Lead Securitization for the applicable Non-Lead Securitization
Note Holder’s pro rata share of any fees, costs or expenses incurred in connection with the servicing and administration
of the Mortgage Loan as to which the Master Servicer, the Special Servicer, the Certificate Administrator, the Trustee, the Operating
Advisor, the Asset Representations Reviewer or the Depositor, as applicable, is

 

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entitled
to be reimbursed pursuant to the Lead Securitization Servicing Agreement and any costs, fees and expenses related to obtaining
any Rating Agency Confirmation, to the extent amounts on deposit in the Collection Account or Companion Distribution Account that
are allocated to the related Non-Lead Securitization Note are insufficient for reimbursement of such amounts and to the extent
that funds from general collections in the Lead Securitization are applied towards the Lead Securitization Note Holder’s
pro rata share of the insufficiency. The Non-Lead Securitization Holders agree to indemnify (i) (as and to the same extent
the Lead Securitization Trust is required to indemnify each of the following parties in respect of other mortgage loans in the
Lead Securitization Trust pursuant to the terms of Lead Securitization Servicing Agreement) each of the Master Servicer, the Special
Servicer, the Certificate Administrator, the Trustee, the Operating Advisor, the Asset Representations Reviewer and the Depositor
(and any director, officer, employee or agent of any of the foregoing, to the extent such parties are identified as indemnified
parties in the Lead Securitization Servicing Agreement in respect of other mortgage loans) and (ii) the Lead Securitization Trust
(such parties in clause (i) and the Lead Securitization Trust, collectively, the “Indemnified Parties”) against
any claims, losses, penalties, fines, forfeitures, legal fees and related costs, judgments and any other costs, liabilities, fees
and expenses incurred in connection with the servicing and administration of the Mortgage Loan and the Mortgaged Property (or,
with respect to the Operating Advisor or the Asset Representations Reviewer, incurred in connection with the provision of services
for the Mortgage Loan) under the Lead Securitization Servicing Agreement (collectively, the “Indemnified Items”)
to the extent of their pro rata share of such Indemnified Items, and to the extent amounts on deposit in the Collection
Account or Companion Distribution Account that are allocated to the related Non-Lead Securitization Note are insufficient for
reimbursement of such amounts, the related Non-Lead Securitization Note Holder shall be required to, promptly following notice
from the Master Servicer, the Special Servicer or the Trustee, reimburse each of the applicable Indemnified Parties for its pro
rata share of the insufficiency, (including, if the applicable Non-Lead Securitization Note has been included in any Non-Lead
Securitization, from general collections or any other amounts from such Non-Lead Securitization Trust).

 

The master servicer under
any non-lead Securitization (each a “Non-Lead Master Servicer”) may be required to make P&I Advances on
the related Non-Lead Securitization Note, from time to time, subject to the terms of the servicing agreement for the related Securitization
(each a “Non-Lead Securitization Servicing Agreement”) and this Agreement. The Master Servicer, the Special
Servicer and the Trustee, as applicable, shall be entitled to make their own recoverability determination with respect to a P&I
Advance to be made on the Lead Securitization Note based on the information that they have on hand and in accordance with the Lead
Securitization Servicing Agreement. The applicable Non-Lead Master Servicer and the special servicer and the trustee under any
Non-Lead Securitization Servicing Agreement (respectively, a “Non-Lead Special Servicer” and a “Non-Lead
Trustee”), as applicable, shall be entitled to make their own recoverability determination with respect to a P&I
Advance to be made on the related Non-Lead Securitization Note based on the information that they have on hand and in accordance
with the related Non-Lead Securitization Servicing Agreement. The Master Servicer and the Trustee, as applicable, and any Non-Lead
Master Servicer or any Non-Lead Trustee shall be required to notify the others of the amount of its P&I Advance within two
(2) business days of making such advance. If the Master Servicer, the Special Servicer or the Trustee, as applicable (with respect
to the Lead Securitization Note) or any Non-Lead Master Servicer, Non-Lead Special Servicer or any Non-Lead Trustee, as applicable
(with respect to the

 

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

 

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

 

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

 

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and any Non-Lead Master Servicer will be required
to, promptly following notice from the Master Servicer, the Special Servicer or the Trustee, reimburse the Lead Securitization
Trust out of general funds in the collection account (or equivalent account) established under the related Non-Lead Securitization
Servicing Agreement for any Non-Lead Securitization Note Holder’s pro rata share of any such Nonrecoverable Servicing
Advances (together with advance interest thereon) and/or additional trust fund expenses (including compensation due to the Master
Servicer and the Special Servicer to the extent related to the servicing and administration of the Mortgage Loan and the Mortgaged
Property);

 

(ii)           each
of the Indemnified Parties shall be indemnified (as and to the same extent the Lead Securitization Trust is required to indemnify
each of such Indemnified Parties in respect of other mortgage loans in the Lead Securitization Trust pursuant to the terms of Lead
Securitization Servicing Agreement and, in the case of the Lead Securitization Trust, to the extent of any additional trust fund
expenses with respect to the Mortgage Loan) by any Non-Lead Securitization Trust, against any of the Indemnified Items to the extent
of its pro rata share of such Indemnified Items, and to the extent amounts on deposit in the Collection Account or Companion
Distribution Account that are allocated to any Non-Lead Securitization Note are insufficient for reimbursement of such amounts,
the related Non-Lead Master Servicer will be required to reimburse each of the applicable Indemnified Parties for any Non-Lead
Securitization Note’s pro rata share of the insufficiency out of general funds in the collection account (or equivalent
account) established under any Non-Lead Securitization Servicing Agreement;

 

(iii)          any
Non-Lead Master Servicer will be required to deliver to the Trustee, the Certificate Administrator, the Special Servicer, the Master
Servicer, the Operating Advisor and the Asset Representations Reviewer (i) promptly following Securitization of any Non-Lead Securitization
Note, notice of the deposit of any Non-Lead Securitization Note into a Securitization Trust (which notice shall also provide contact
information for the related Non-Lead Trustee, the related non-lead certificate administrator, the related Non-Lead Master Servicer,
the related Non-Lead Special Servicer, the related Non-Lead Operating Advisor, the related non-lead asset representations reviewer
and the party designated to exercise the rights of the “Non-Controlling Note Holder” under this Agreement), accompanied
by a certified copy of the executed Non-Lead Securitization Servicing Agreement and (ii) notice of any subsequent change in the
identity of the related Non-Lead Master Servicer or the party designated to exercise the rights of the “Non-Controlling Note
Holder” under this Agreement (together with the relevant contact information);

 

(iv)         any
matter affecting the servicing and administration of the Mortgage Loan that requires delivery of a Rating Agency Confirmation pursuant
to the Lead Securitization Servicing Agreement shall also require delivery of a Rating Agency Confirmation under any Non-Lead Securitization
Servicing Agreement; and

 

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

 

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(d)          The
Lead Securitization Servicing Agreement shall provide that compensating interest payments as defined therein with respect to Note
A-1, Note A-2 and Note A-3 will be allocated by the Master Servicer between Note A-1, Note A-2 and Note A-3, pro rata, in
accordance with their respective principal amounts. The Master Servicer shall remit any compensating interest payment in respect
of any Non-Lead Securitization Note to the related Non-Lead Securitization Note Holder.

 

(e)           In
the event any filing is required to be made by any Non-Lead Depositor under the related Lead Securitization Servicing Agreement
in order to comply with the Non-Lead Depositor’s requirements under the Securities Exchange Act of 1934, as amended, the
related Non-Lead Securitization Note Holder (including the related Non-Lead Depositor and related Non-Lead Trustee) shall use commercially
reasonable efforts to timely comply with any such filing.

 

(f)            The
Note A-2 Holder or the Note A-3 Holder, as applicable, shall give each of the parties to the Lead Securitization Servicing Agreement
(that will not also be a party to any Non-Lead Securitization Servicing Agreement) notice of the Note A-2 Securitization or Note
A-3 Securitization, respectively, in writing (which may be by e-mail) not less than five (5) Business Days’ prior to the
related Note A-2 Securitization Date or Note A-3 Securitization Date, respectively. Such notice shall contain contact information
for each of the parties to any Non-Lead Securitization Servicing Agreement. In addition, after the related Note A-2 Securitization
Date or Note A-3 Securitization Date, the Note A-2 Holder or the Note A-3 Holder, as applicable, shall send a copy of the related
Non-Lead Securitization Servicing Agreement to each of the parties to the Lead Securitization Servicing Agreement.

 

Section
3.          Priority of Payments. Each Note shall be of equal
priority, and no portion of either Note shall have priority or preference over any portion of the other Note or security
therefor. All amounts tendered by the Mortgage Loan Borrower or otherwise available for payment on or with respect to or in
connection with the Mortgage Loan or the Mortgaged Property or amounts realized as proceeds thereof, whether received in the
form of Monthly Payments, the Balloon Payment, Liquidation Proceeds, proceeds under any guaranty, letter of credit or other
collateral or instrument securing the Mortgage Loan, or Insurance and Condemnation Proceeds (other than proceeds, awards or
settlements to be applied to the restoration or repair of the Mortgaged Property or released to the Mortgage Loan Borrower in
accordance with the terms of the Mortgage Loan Documents), but excluding (x) all amounts for required reserves or escrows
required by the Mortgage Loan Documents (to the extent, in accordance with the terms of the Mortgage Loan Documents) to be
held as reserves or escrows or received as reimbursements on account of recoveries in respect of property protection
expenses or Servicing Advances then due and payable or reimbursable to the Trustee or any Servicer under the Lead
Securitization Servicing Agreement and (y) all amounts that are then due, payable or reimbursable (except for (i) any
reimbursements of P&I Advances (and interest thereon) made with respect to Note A-1, Note A-2 or Note A-3 which may only
be reimbursed out of payments and collections allocable to Note A-1, Note A-2 or Note A-3, as applicable, and (ii) any
Servicing Fees due to the Master Servicer in excess of any Non-Lead Securitization Note’s pro rata share of that
portion of such Servicing Fees calculated at the Servicing Fee Rate applicable to the Mortgage Loan as set forth in the Lead
Securitization Servicing Agreement) to any Servicer (or the Trustee as successor to the Servicer), with respect to the
Mortgage Loan

 

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pursuant
to the Lead Securitization Servicing Agreement (including without limitation, any additional trust fund expenses relating to the
Mortgage Loan (but subject to the second paragraph of Section 5(d) hereof) and any Special Servicing Fees, Liquidation Fees, Workout
Fees, Penalty Charges (to the extent provided in the immediately following paragraph), amounts paid by the Borrower in respect
of modification fees or assumption fees and any other additional compensation payable pursuant to the Lead Securitization Servicing
Agreement), shall be applied by the Lead Securitization Note Holder (or its designee) to the Notes on a Pro Rata and Pari Passu
Basis.

 

For clarification purposes,
Penalty Charges (as defined in the Lead Securitization Servicing Agreement) paid shall be allocated to the Notes on a Pro Rata
and Pari Passu Basis and applied first, to reduce, on a pro rata basis, the amounts payable on each Note by the amount
necessary to pay the Master Servicer, the Trustee or the Special Servicer for any interest accrued on any Servicing Advances and
reimbursement of any Servicing Advances in accordance with the terms of the Lead Securitization Servicing Agreement, second,
to reduce the respective amounts payable on each Note by the amount necessary to pay the Master Servicer, Trustee, Non-Lead
Master Servicer or Non-Lead Trustee for any interest accrued on any P&I Advance made with respect to such Note by such party
(if and as specified in the Lead Securitization Servicing Agreement or any Non-Lead Securitization Servicing Agreement, as applicable),
third, to reduce, on a pro rata basis, the amounts payable on each Note by the amount necessary to pay additional
trust fund expenses (other than Special Servicing Fees, unpaid Workout Fees and Liquidation Fees) incurred with respect to the
Mortgage Loan (as specified in the Lead Securitization Servicing Agreement) and finally, (i) in the case of the remaining
amount of Penalty Charges allocable to the Lead Securitization Note, be paid to the Master Servicer and/or the Special Servicer
as additional servicing compensation as provided in the Lead Securitization Servicing Agreement and (ii) in the case of the remaining
amount of Penalty Charges allocable to any Non-Lead Securitization Note, be paid, (x) prior to the securitization of such Note,
to the related Non-Lead Securitization Note Holder and (y) following the securitization of such Note, to the Master Servicer and/or
the Special Servicer as additional servicing compensation as provided in the Lead Securitization Servicing Agreement.

 

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

 

Section 5.          Administration
of the Mortgage Loan.

 

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

 

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

 

Upon the Mortgage Loan
becoming a Defaulted Loan, the Non-Lead Securitization Note Holders hereby acknowledge the right and obligation of the Lead Securitization
Note Holder (or the Special Servicer acting on behalf of the Lead Securitization Note Holder) to sell the Non-Lead Securitization
Notes together with the Lead Securitization Note as notes evidencing one whole loan in accordance with the terms of the Lead Securitization
Servicing Agreement. In connection with any such sale, the Special Servicer shall be required to sell any Non-Lead Securitization
Note together with the Lead Securitization Note in the manner set forth in the Lead Securitization Servicing Agreement and shall
be required to require that all offers be submitted to the Certificate Administrator or Special Servicer, as applicable, in accordance
with the terms of the Lead Securitization Servicing Agreement in writing and be accompanied by a refundable deposit of cash in
an amount equal to 5% of the offer amount (subject to a cap of $2,500,000). Whether any cash offer constitutes a fair price for
the Mortgage Loan shall be determined by the Trustee or Special Servicer, as applicable, in accordance with the terms of the Lead
Securitization Servicing Agreement; provided, that no offer from an Interested Person shall constitute a fair price unless
(i) it is the highest offer received and (ii) at least two bona fide other offers are received from independent third parties.
In determining whether any offer received from an Interested Person represents a fair price for the Mortgage Loan, the Trustee
shall be supplied with and shall rely on the most recent Appraisal or updated Appraisal conducted in accordance with the Lead Securitization
Servicing Agreement within the preceding nine (9) month period or, in the absence of any such Appraisal, on a new Appraisal. The
Trustee shall select the Appraiser conducting any such new Appraisal. In determining

 

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whether
any such offer constitutes a fair price for the Mortgage Loan, the Trustee shall instruct the Appraiser to take into account (in
addition to the results of any Appraisal or updated Appraisal that it may have obtained pursuant to the Lead Securitization Servicing
Agreement), as applicable, among other factors, the period and amount of any delinquency on the affected Mortgage Loan, the occupancy
level and physical condition of the related Mortgaged Property and the state of the local economy. The Trustee may conclusively
rely on the opinion of an Independent appraiser or other Independent expert in real estate matters retained by the Trustee at
the expense of the Holders in connection with making such determination. Notwithstanding the foregoing, the Lead Securitization
Note Holder (or the Special Servicer acting on behalf of the Lead Securitization Note Holder) shall not be permitted to sell the
Mortgage Loan if it becomes a Defaulted Loan without the written consent of the Non-Controlling Note Holders (provided
that such consent is not required if any Non-Controlling Note Holder is the Mortgage Loan Borrower or an affiliate of the Mortgage
Loan Borrower) unless the Special Servicer has delivered to the Non-Controlling Note Holders: (a) at least fifteen (15) Business
Days’ prior written notice of any decision to attempt to sell the Mortgage Loan, (b) at least ten (10) days prior to the
proposed sale date, a copy of each bid package (together with any 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 the Mortgage Loan, and any documents in the Servicing File reasonably requested by any Non-Controlling
Note Holder that are material to the sale price of the Mortgage Loan and (d) until the sale is completed, and a reasonable period
of time (but no less time than is afforded to the other offerors and the Lead Securitization Subordinate Class Representative)
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 any Servicer in connection with the proposed sale; provided, that such Non-Controlling Note
Holders may waive any of the delivery or timing requirements set forth in this sentence. Subject to the terms of the Lead Securitization
Servicing Agreement, each of the Controlling Note Holder, the Controlling Note Holder Representative, the Non-Controlling Note
Holders and the applicable Non-Controlling Note Holder Representative shall be permitted to bid at any sale of the Mortgage Loan
unless such Person is the Mortgage Loan Borrower or an agent or Affiliate of the Mortgage Loan Borrower.

 

The Non-Lead Securitization
Note Holders hereby appoint the Lead Securitization Note Holder as their agent, and grant to the Lead Securitization Note Holder
an irrevocable power of attorney coupled with an interest, and their proxy, for the purpose of soliciting and accepting offers
for and consummating the sale of Non-Lead Securitization Notes. The Non-Lead Securitization Note Holders further agree that, upon
the request of the Lead Securitization Note Holder, the Non-Lead Securitization Note Holders shall execute and deliver to or at
the direction of Lead Securitization Note Holder such powers of attorney or other instruments as the Lead Securitization Note Holder
may reasonably request to better assure and evidence the foregoing appointment and grant, in each case promptly following request,
and shall deliver the original Non-Lead Securitization Note, endorsed in blank, to or at the direction of the Lead Securitization
Note Holder in connection with the consummation of any such sale.

 

The authority of the
Lead Securitization Note Holder to sell any Non-Lead Securitization Note, and the obligations of the Non-Lead Securitization Note
Holders to execute and delivery instruments or deliver any Non-Lead Securitization Note upon request of the Lead Securitization
Note Holder, shall terminate and cease to be of any further force or effect upon the

 

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date,
if any, upon which Lead Securitization Note is repurchased by the Initial Note A-1 Holder from the trust fund established under
the Lead Securitization Servicing Agreement in connection with a material breach of representation or warranty made by the Initial
Note A-1 Holder with respect to Lead Securitization Note or material document defect with respect to the documents delivered by
the Initial Note A-1 Holder with respect to Lead Securitization Note upon the consummation of the Lead Securitization. The preceding
sentence shall not be construed to grant to the Non-Lead Securitization Note Holders the benefit of any representation or warranty
made by the Initial Note A-1 Holder or any document delivery obligation imposed on the Initial Note A-1 Holder under any mortgage
loan purchase and sale agreement, instrument of transfer or other document or instrument that may be executed or delivered by
the Initial Note A-1 Holder in connection with the Lead Securitization.

 

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

 

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

 

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(d)           Notwithstanding
the foregoing, the Lead Securitization Note Holder (or the Master Servicer or the Special Servicer acting on its behalf) shall
be required (i) to provide copies of any notice, information and report that it is required to provide to the Lead Securitization
Subordinate Class Representative pursuant to the Lead Securitization Servicing Agreement with respect to any Major Decisions or
the implementation of any recommended actions outlined in an Asset Status Report relating to the Mortgage Loan, to each Non-Controlling
Note Holder (or its Non-Controlling Note Holder Representative), within the same time frame it is required to provide to the Lead
Securitization Subordinate Class Representative (for this purpose, without regard to whether such items are actually required to
be provided to the Lead Securitization Subordinate Class Representative under the Lead Securitization Servicing Agreement due to
the occurrence of a Control Termination Event or a Consultation Termination Event) and (ii) to consult with each Non-Controlling
Note Holder (or its Non-Controlling Note Holder Representative) on a strictly non-binding basis, to the extent having received
such notices, information and reports, such related Non-Controlling Note Holder (or its Non-Controlling Note Holder Representative)
requests consultation with respect to any such Major Decisions or the implementation of any recommended actions outlined in an
Asset Status Report relating to the Mortgage Loan, and consider alternative actions recommended by the related Non-Controlling
Note Holder (or its Non-Controlling Note Holder Representative); provided that after the expiration of a period of ten (10)
Business Days from the delivery to a Non-Controlling Note Holder (or its Non-Controlling Note Holder Representative) by the Lead
Securitization Note Holder of written notice of a proposed action, together with copies of the notice, information and report required
to be provided to the Lead Securitization Subordinate Class Representative, the Lead Securitization Note Holder (or the Master
Servicer or the Special Servicer acting on its behalf) shall no longer be obligated to consult with such Non-Controlling Note Holder
(or its Non-Controlling Note Holder Representative), whether or not such Non-Controlling Note Holder (or its Non-Controlling Note
Holder Representative) has responded within such ten (10) Business Day period (unless, the Lead Securitization Note Holder (or
the Master Servicer or the Special Servicer acting on its behalf) proposes a new course of action that is materially different
from the action previously proposed, in which case such ten (10) Business Day period shall be deemed to begin anew from the date
of such proposal and delivery of all information relating thereto). Notwithstanding the consultation rights of any Non-Controlling
Note Holder (or its Non-Controlling Note Holder Representative) set forth in the immediately preceding sentence, the Lead Securitization
Note Holder (or Servicer or Special Servicer, acting on its behalf) may make any Major Decision or take any action set forth in
the Asset Status Report before the expiration of the aforementioned ten (10) Business Day period if the Lead Securitization Note
Holder (or Master Servicer or Special Servicer, as applicable) determines that immediate action with respect thereto is necessary
to protect the interests of the Note Holders. In no event shall the Lead Securitization Note Holder (or Servicer or Special Servicer,
acting on its behalf) be obligated at any time to follow or take any alternative actions recommended by any Non-Controlling Note
Holder (or its Non-Controlling Note Holder Representative).

 

In addition to the consultation
rights of a Non-Controlling Note Holder (or its Non-Controlling Note Holder Representative) provided in the immediately preceding
paragraph, each Non-Controlling Note Holder shall have the right to attend annual meetings (either telephonically or in person,
in the discretion of the Servicer) with the Lead Securitization Note Holder (or the Master Servicer or the Special Servicer acting
on its behalf) at the offices of the

 

    	26

    	 

    

 

Master
Servicer or the Special Servicer, as applicable, upon reasonable notice and at times reasonably acceptable to the Master Servicer
or the Special Servicer, as applicable, in which servicing issues related to the Mortgage Loan are discussed; provided
that each Non-Controlling Note Holder, at the request of the Master Servicer or the Special Servicer, as applicable, shall execute
a confidentiality agreement in form and substance satisfactory to it, the Master Servicer or the Special Servicer, as applicable,
and the Lead Securitization Note Holder.

 

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

 

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

 

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

 

(a)           The
Controlling Note Holder shall have the right at any time to appoint a representative in connection with the exercise of its rights
and obligations with respect to the Mortgage Loan (the “Controlling Note Holder Representative”). The Controlling
Note Holder shall have the right in its sole discretion at any time and from time to time to remove and replace the Controlling
Note Holder Representative in accordance with the terms of the Lead Securitization Servicing Agreement. When exercising its various
rights under Section 5 and

 

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elsewhere
in this Agreement, the Controlling Note Holder may, at its option, in each case, act through the Controlling Note Holder Representative.
The Controlling Note Holder Representative may be any Person (other than the Mortgage Loan Borrower, its principal or any Affiliate
of the Mortgage Loan Borrower), including, without limitation, the Controlling Note Holder, any officer or employee of the Controlling
Note Holder, any affiliate of the Controlling Note Holder or any other unrelated third party. No such Controlling Note Holder
Representative shall owe any fiduciary duty or other duty to any other Person (other than the Controlling Note Holder). All actions
that are permitted to be taken by the Controlling Note Holder under this Agreement may be taken by the Controlling Note Holder
Representative acting on behalf of the Controlling Note Holder. No Servicer, Operating Advisor, Asset Representations Reviewer,
Trustee or Certificate Administrator acting on behalf of the Lead Securitization Note Holder shall be required to recognize any
Person as a Controlling Note Holder Representative until the Controlling Note Holder has notified each Servicer, Operating Advisor,
Asset Representations Reviewer, Trustee and Certificate Administrator of such appointment and, if the Controlling Note Holder
Representative is not the same Person as the Controlling Note Holder, the Controlling Note Holder Representative provides each
Servicer, Operating Advisor, Asset Representations Reviewer, Trustee and Certificate Administrator with written confirmation of
its acceptance of such appointment, an address and facsimile number for the delivery of notices and other correspondence and a
list of officers or employees of such person with whom the parties to this Agreement may deal (including their names, titles,
work addresses and facsimile numbers). The Controlling Note Holder shall promptly deliver such information to each Servicer, Operating
Advisor, Asset Representations Reviewer, Trustee and Certificate Administrator. So long as no Consultation Termination Event (including
any such deemed event) is in effect pursuant to the terms of the Lead Securitization Servicing Agreement, the Controlling Note
Holder Representative shall be the Lead Securitization Subordinate Class Representative.

 

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

 

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reason
of its having acted or refrained from acting, or having given any consent or having failed to give any consent, solely in the
interests of any Note Holder.

 

(c)           Each
Non-Controlling Note Holder shall have the right at any time to appoint a representative in connection with the exercise of its
rights and obligations with respect to the Mortgage Loan (each a “Non-Controlling Note Holder Representative”).
All of the provisions relating to the Controlling Note Holder and the Controlling Note Holder Representative set forth in Section
6(a) (except those contained in the last sentence thereof) and Section 6(b) shall apply to the Non-Controlling Note Holders and
the related Non-Controlling Note Holder Representatives mutatis mutandis. The Non-Controlling Note Holder Representatives,
as of the date of this Agreement and until the Lead Securitization Note Holder (and the Master Servicer and the Special Servicer)
is notified otherwise, shall be the Initial Note A-2 Holder and the Initial Note A-3 Holder.

 

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

 

If the Controlling Note
Holder fails to notify the Special Servicer of its approval or disapproval of any proposed Major Decision within ten (10) Business
Days (or 30 days with respect to an Acceptable Insurance Default if so provided in the Lead Securitization Servicing Agreement)
after delivery to the Controlling Note Holder by the applicable Servicer of written notice of a proposed Major Decision (which
notice shall contain a legend, in conspicuous boldface type, substantially similar to the following: “THIS IS A REQUEST
FOR ACTION APPROVAL. IF THE CONTROLLING NOTE HOLDER FAILS TO APPROVE OR DISAPPROVE THE ENCLOSED ACTION WITHIN TEN (10) BUSINESS
DAYS, SUCH ACTION MAY BE DEEMED APPROVED”) together with any information requested by the Controlling Note Holder as
may be necessary in the reasonable judgment of the Controlling Note Holder in order to make a judgment, then upon the expiration
of such ten (10) Business Day (or 30 days with respect to an Acceptable Insurance Default if so provided in the Lead Securitization

 

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Servicing
Agreement) period, such Major Decision shall be deemed to have been approved by the Controlling Note Holder.

 

In the event that the
Special Servicer or Master Servicer (in the event the Master Servicer is otherwise authorized by the Lead Securitization Servicing
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 Controlling Note Holder is necessary to protect the interests of the Note Holders (as a collective
whole) and the Special Servicer has made a reasonable effort to contact the Controlling Note Holder, the Master Servicer or the
Special Servicer, as the case may be, may take any such action without waiting for the Controlling Note Holder’s response.

 

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

 

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

 

Section
7.          Appointment of Special Servicer. Subject to the terms of
the Lead Securitization Servicing Agreement, the Controlling Note Holder (or its Controlling Note Holder Representative)
shall have the right at any time and from time to time, with or without cause, to replace the Special Servicer then acting
with respect to the Mortgage Loan and appoint a replacement Special Servicer in lieu thereof. Any designation by Controlling
Note Holder (or its Controlling Note Holder Representative) of a Person to serve as Special Servicer shall be made by
delivering to the other Note Holders, the Master Servicer, the then existing Special Servicer and other parties to the Lead
Securitization Servicing Agreement a written notice stating such designation and satisfying the other conditions to such
replacement as set forth in the Lead Securitization Servicing Agreement (including, without limitation, a Rating Agency
Confirmation, if required by the terms of the Lead Securitization Servicing Agreement), if any.

 

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The Controlling
Note Holder shall be solely responsible for any expenses incurred in connection with any such replacement without cause. The Controlling
Note Holder shall notify the other parties hereto of its termination of the then currently serving Special Servicer and its appointment
of a replacement Special Servicer in accordance with this Section 7. If the Controlling Note Holder has not appointed a Special
Servicer with respect to the Mortgage Loan as of the consummation of the securitization under the Lead Securitization Servicing
Agreement, then the initial Special Servicer designated in the Lead Securitization Servicing Agreement shall serve as the initial
Special Servicer but this shall not limit the right of the Controlling Note Holder (or its Controlling Note Holder Representative)
to designate a replacement Special Servicer for the Mortgage Loan as aforesaid. If a Servicer Termination Event on the part of
the Special Servicer has occurred that affects a Non-Controlling Note Holder, such Non-Controlling Note Holder shall have the
right to direct the Trustee (or at any time that the Mortgage Loan is no longer included in a Securitization Trust, the Controlling
Note Holder) to terminate the Special Servicer under the Lead Securitization Servicing Agreement (or at any time that the Mortgage
Loan is no longer subject to the provisions of the Lead Securitization Servicing Agreement, the successor servicing agreement
pursuant to which the Mortgage Loan is being serviced) solely with respect to the Mortgage Loan pursuant to and in accordance
with the terms of the Lead Securitization Servicing Agreement (or at any time that the Mortgage Loan is no longer subject to the
provisions of the Lead Securitization Servicing Agreement, the successor servicing agreement pursuant to which the Mortgage Loan
is being serviced). The Controlling Note Holder and the Non-Controlling Note Holders acknowledge and agree that any successor
special servicer appointed to replace the Special Servicer with respect to the Mortgage Loan that was terminated for cause at
any Non-Controlling Note Holder’s direction cannot at any time be the person (or an Affiliate thereof) that was so terminated
without the prior written consent of such Non-Controlling Note Holder. The applicable Non-Controlling Note Holder shall be solely
responsible for reimbursing the Trustee’s or the Controlling Note Holder’s, as applicable, costs and expenses, if
not paid within a reasonable time by the terminated special servicer and, in the case of the Trustee, that would otherwise be
reimbursed to the Trustee from amounts on deposit in the Collection Account or Companion Distribution Account.

 

Section 8.          Payment
Procedure.

 

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

 

(b)           If
the Lead Securitization Note Holder determines, or a court of competent jurisdiction orders, at any time that any amount received
or collected in respect of any Note must, pursuant to any insolvency, bankruptcy, fraudulent conveyance, preference or similar
law, be returned to the Mortgage Loan Borrower or paid to the Lead Securitization Note Holder, the Non-Lead Securitization Note
Holders or any Servicer or paid to any other Person,

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

Section 14.          Sale
of the Notes.

 

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

 

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Note
Holder agrees that it will pay the expenses of the non-transferring Note Holder (including all expenses of the Master Servicer,
the Special Servicer and the Trustee) and all expenses relating to the confirmation from the Rating Agencies in connection with
any such Transfer. Notwithstanding the foregoing, each Note Holder shall have the right, without the need to obtain the consent
of the other Note Holders, the Rating Agencies or any other Person, to Transfer 49% or less (in the aggregate) of its Note or
any beneficial interest in its Note. None of the provisions of this Section 14(a) shall apply in the case of (1) a sale of Note
A-1 together with Note A-2 and Note A-3, in accordance with the terms and conditions of the Lead Securitization Servicing Agreement
or (2) a transfer by the Special Servicer, in accordance with the terms and conditions of the Lead Securitization Servicing Agreement,
of the Mortgage Loan or the Mortgaged Property, upon the Mortgage Loan becoming a Defaulted Loan, to a single member limited liability
or limited partnership, 100% of the equity interest in which is owned directly or indirectly, through one or more single member
limited liability companies or limited partnerships, by the Lead Securitization Trust.

 

For the purposes of this
Agreement, if any Rating Agency shall, in writing, waive, decline or refuse to review or otherwise engage any request for a confirmation
hereunder from such Rating Agency that a proposed action will not result in a qualification, downgrade or withdrawal of its then
current rating of the securities issued pursuant to the related Securitization, such waiver, declination, or refusal shall be deemed
to eliminate, for such request only, the condition that such confirmation by such Rating Agency (only) be obtained for purposes
of this Agreement. For purposes of clarity, any such waiver, declination or refusal to review or otherwise engage in any request
for such confirmation hereunder shall not be deemed a waiver, declination or refusal to review or otherwise engage in any subsequent
request for such Rating Agency confirmation hereunder and the condition for such Rating Agency confirmation pursuant to this Agreement
for any subsequent request shall apply regardless of any previous waiver, declination or refusal to review or otherwise engage
in such prior request.

 

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

 

(c)           Notwithstanding
any other provision hereof, any Note Holder may pledge (a “Pledge”) its Note to any entity (other than the Mortgage
Loan Borrower or any Affiliate thereof) which has extended a credit facility to such Note Holder and that is either a Qualified
Institutional Lender or a financial institution whose long-term unsecured debt is rated at least “A” (or the equivalent)
or better by each Rating Agency (a “Note Pledgee”), on terms and conditions set forth in this Section 14(c),
it being further agreed that a financing provided by a Note Pledgee to a Note Holder or any person which Controls such Note that
is secured by its Note and is structured as a repurchase arrangement, shall qualify as a “Pledge” hereunder, provided
that a Note Pledgee which is not a Qualified Institutional Lender may not take title to the pledged Note without a Rating Agency
Confirmation. Upon written notice by the

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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Holders
against any liability that may result if the transfer is not made in accordance with the provisions of this Agreement.

 

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

 

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

 

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

 

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

 

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

 

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

 

Section
18.          Modifications. This Agreement shall not be modified,
cancelled or terminated except by an instrument in writing signed by the Note A-1 Holder, the Note A-2 Holder and the Note
A-3 Holder. Additionally, for as long as any Note is contained in a

 

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Securitization
Trust, the Note Holders shall not amend or modify this Agreement without first receiving a Rating Agency Confirmation; provided
that no such confirmation from the Rating Agencies shall be required in connection with a modification (i) to cure any ambiguity,
to correct or supplement any provisions herein that may be defective or inconsistent with any other provisions herein or with
the Lead Securitization Servicing Agreement, (ii) to make other provisions with respect to matters or questions arising under
this Agreement, which shall not be inconsistent with the provisions of this Agreement or (iii) if and to the extent it would be
deemed given or not required pursuant to the definition of Rating Agency Confirmation in the Lead Securitization Servicing Agreement
and/or any Non-Lead Securitization Servicing Agreement, as applicable.

 

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

 

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

 

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

 

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

 

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

 

Section
24.          Withholding Taxes. (a) If the Lead Securitization Note Holder or the
Mortgage Loan Borrower shall be required by law to deduct and withhold Taxes from interest, fees or other amounts payable to
any Non-Lead Securitization Note Holder with respect to the Mortgage Loan as a result of any Non-Lead Securitization Note
Holder

 

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

 

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

 

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

 

    	40

    	 

    

 

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

 

Section
25.          Custody of Mortgage Loan Documents. The originals of
all of the Mortgage Loan Documents (other than any Non-Lead Securitization Note) (a) prior to the Lead Securitization will be
held by the Initial Agent and (b) after the Lead Securitization, will be held by the Lead Securitization Note Holder (in the
name of the Trustee and held by a duly appointed custodian therefor in accordance with the Lead Securitization Servicing
Agreement), in each case, on behalf of the registered holders of the Notes.

 

Section 26.          Cooperation
in Securitization.

 

(a)          Each
Note Holder acknowledges that any Note Holder may elect, in its sole discretion, to include its Note in a Securitization. In connection
with a Securitization and subject to the terms of the preceding sentence, at the request of the Lead Securitization Note Holder,
the Non-Lead Securitization Note Holders shall use reasonable efforts, at Lead Securitization Note Holder’s expense, to satisfy,
and to cooperate with the Lead Securitization Note Holder in attempting to cause the Mortgage Loan Borrower to satisfy, the market
standards to which the Lead Securitization Note Holder customarily adheres or which may be reasonably required in the marketplace
or by the Rating Agencies in connection with the Securitization, including, entering into (or consenting to, as applicable) any
modifications to this Agreement or the Mortgage Loan Documents and to cooperate with the Lead Securitization Note Holder in attempting
to cause the Mortgage Loan Borrower to execute such modifications to the Mortgage Loan Documents, in any such case, as may be reasonably
requested by the Rating Agencies to effect the Securitization; provided, however, that either in connection with
the Lead Securitization or otherwise at any time prior to the Lead Securitization, the Non-Lead Securitization Note Holders shall
not be required to modify or amend this Agreement or any Mortgage Loan Documents (or consent to such modification, as applicable)
in connection therewith, if such modification or amendment would (i) change the interest allocable to, or the amount of any payments
due to or priority of such payments to, any Non-Lead Securitization Note Holder or (ii) materially increase the Non-Lead Securitization
Note Holders’ obligations or materially decrease the Non-Lead Securitization Note Holders’ rights, remedies or protections.
In connection with the Lead Securitization, Non-Lead Securitization Note Holders agree to provide for inclusion in any disclosure
document relating to the Lead Securitization such information concerning the Non-Lead Securitization Note Holders and any Non-Lead
Securitization Note as the Lead Securitization Note Holder reasonably determines to be necessary or appropriate, and the Non-Lead
Securitization Note Holders covenant and agree that they shall, at the Lead Securitization Note Holder’s expense, cooperate
with the reasonable requests of each Rating Agency and Lead Securitization Note Holder in connection with the Lead Securitization
(including, without limitation, reasonably cooperating with the Lead Securitization Note Holder (without any obligation to make
additional representations and warranties) to enable the Lead Securitization Note Holder to make all necessary certifications

 

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and deliver
all necessary opinions (including customary securities law opinions) in connection with the Mortgage Loan and the Lead Securitization),
as well as in connection with all other matters and the preparation of any offering documents thereof and to review and respond
reasonably promptly with respect to any information relating to the Non-Lead Securitization Note Holders and any Non-Lead Securitization
Note in any Securitization document. Any Non-Lead Securitization Note Holder acknowledges that the information provided by it
to the Lead Securitization Note Holder may be incorporated into the offering documents for the Lead Securitization. The Lead Securitization
Note Holder and each Rating Agency shall be entitled to rely on the information supplied by, or on behalf of, any Non-Lead Securitization
Note Holder. The Lead Securitization Note Holder will reasonably cooperate with any Non-Lead Securitization Note Holder by providing
all information reasonably requested that is in the Lead Securitization Note Holder’s possession in connection with any
Non-Lead Securitization Note Holders’ preparation of disclosure materials in connection with a Securitization.

 

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

 

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

 

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

 

Section 29.          Certain
Matters Affecting the Agent.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

Section 30.          Termination
and Resignation of Agent. 

 

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

 

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

 

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

 

    	43

    	 

    

 

average
interest rate as the Notes prior to such amendments, (iii) all Notes pay pro rata and on a pari passu basis
and such reallocated or component notes shall be automatically subject to the terms of this Agreement, (iv) the JPM Entity holding
the New Notes shall notify the Lead Securitization Note Holder, the Master Servicer, the Special Servicer, the Certificate Administrator
and the Trustee in writing of such modified allocations and principal amounts, and (v) the execution of such amendments and New
Notes does not violate the Servicing Standard. If the Lead Securitization Note Holder so requests, the JPM Entity holding the
New Notes (and any subsequent holder of such Notes) shall execute a confirmation of the continuing applicability of this Agreement
to the New Notes, as so modified. Except for the foregoing reallocation and for modifications pursuant to the Lead Securitization
Servicing Agreement (as discussed in Section 5), no Note may be modified or amended without the consent of its holder and the
consent of the holder of the other Notes. In connection with the foregoing (provided the conditions set forth in (i) through (v)
above are satisfied, with respect to (i) through (iv), as certified by the JPM Entity, on which certification the Master Servicer
can rely), the Master Servicer is hereby authorized and directed to execute amendments to the Mortgage Loan Documents and this
Agreement on behalf of any or all of the Note Holders, as applicable, solely for the purpose of reflecting such reallocation of
principal. If more than one New Note is created hereunder, for purposes of exercising the rights of the Non-Controlling Note Holders
hereunder, the “Non-Controlling Note Holder” of such New Notes shall be as provided in the definition of such term
in this Agreement.

 

[SIGNATURE PAGE FOLLOWS]

 

    	44

    	 

    

 

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

	 	 	 
	 	JPMORGAN CHASE BANK, NATIONAL ASSOCIATION, a national banking association, as Initial Note A-1 Holder
	 	 	 
	 	By:	/s/ Dwayne McNicholas
	 	 	Name: Dwayne McNicholas
	 	 	Title: Vice President
	 	 	 
	 	JPMORGAN
    CHASE BANK, NATIONAL ASSOCIATION, a national banking association, as Initial Note A-2 Holder
	 	 	 
	 	By:	/s/ Dwayne McNicholas
	 	 	Name: Dwayne McNicholas
	 	 	Title: Vice President
	 	 
	 	JPMORGAN
    CHASE BANK, NATIONAL ASSOCIATION, a national banking association, as Initial Note A-3 Holder
	 	 	 
	 	By:	/s/ Dwayne McNicholas
	 	 	Name: Dwayne McNicholas
	 	 	Title: Vice President

 

(Co-Lender
Agreement – Naples Grande Beach Resort)

 

    	 

    	 

    

 

EXHIBIT
A

MORTGAGE LOAN SCHEDULE

 

  Description
of Mortgage Loan

 

	Mortgage
    Loan Borrowers:	NWNG
    LLC and NWNG GOLF LLC
	Date
    of Mortgage Loan: 	December
    18, 2015
	Date
    of Notes: 	December
    18, 2015
	Original
    Principal Amount of Mortgage Loan:	$165,000,000.00
	Principal
    Amount of Mortgage Loan as of the date hereof:	$165,000,000.00
	Initial
    Note A-1 Principal Balance:	$70,000,000.00
	Initial
    Note A-2 Principal Balance:	$47,500,000.00
	Initial
    Note A-3 Principal Balance:	$47,500,000.00
	Location
    of Mortgaged Property:	475
    Seagate Drive, Naples, FL 34103
	Initial
    Maturity Date:	January
    1, 2026

 

    	A-1

    	 

    

 

EXHIBIT
B

 

1.     Initial
Note A-1 Holder:

 

(Prior
to Securitization of Note A-1):

 

JPMorgan
Chase Bank, National Association

Notice Address:

JPMorgan Chase Bank, National Association

383 Madison Avenue

New York, New York 10179

Attention: Tom Cassino

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

200
Liberty Street

New
York, NY 10281

Attention:
Lisa Pauquette

Facsimile No.: (212) 504-6666

 

    	B-1

    	 

    

 

(Following
Securitization of Note A-1):

 

(i)     Depositor:

 

J.P.
Morgan Chase Commercial Mortgage Securities Corp.

383 Madison Avenue

31st Floor

New York, New York 10179

Attention: Kunal K. Singh

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

 

with
a copy to:

J.P. Morgan Chase Commercial Mortgage Securities Corp.

383 Madison Avenue

32nd Floor

New York, New York 10179

Attention: Bianca A. Russo

Managing Director and Associate General Counsel

Telecopy number: (917) 464-6116

E-mail: russo_bianca@jpmorgan.com

 

(ii)    Master
Servicer:

 

Wells
Fargo Bank, National Association

Commercial Mortgage Servicing

MAC D1086-120, 550 South Tryon Street, 14th Floor

Charlotte, North Carolina 28202

Attention: JPMBB 2016-C1 Asset Manager

Telecopy number: (704) 715-0036

 

with
a copy to:

Wells Fargo Bank, National Association Legal Department

301 S. College St., TW-30

Charlotte, North Carolina 28202

Attention: Commercial Mortgage Servicing Legal Support

Reference: JPMBB 2016-C1 

 

with
a copy to:

K&L Gates LLP

Hearst Tower, 47th Floor

214 North Tryon Street

Charlotte, North Carolina 28202

 

    	B-2

    	 

    

 

Attention: Stacy G. Ackermann

Facsimile Number: (704) 353-3190 

 

(iii)   Special
Servicer:

 

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

10851 Mastin Street

Overland Park, Kansas 66210

Attention: Executive Vice President – Division Head

Telecopy number: 1-888-706-3565

 

with
a copy to:

Stinson Leonard Street LLP

1201 Walnut Street

Suite 2900

Kansas City, Missouri 64106-2150

Fax Number: (816) 412-9338

Attention: Kenda K. Tomes

Email: kenda.tomes@stinson.com

 

(iv)    Trustee:

 

Wilmington Trust, National Association

1100 North Market Street

Wilmington, Delaware 19890

Attention: CMBS Trustee JPMBB 2016-C1

Telecopy number: (302) 636-4140

Email: CMBSTrustee@wilmingtontrust.com

 

(v)    Certificate
Administrator:

 

Wells
Fargo Bank, National Association

9062 Old Annapolis Road

Columbia, Maryland 21045-1951

Attention: Corporate Trust Services (CMBS)

JPMBB Commercial Mortgage Securities Trust Series 2016-C1

Telecopy Number: (410) 715-2380

E-Mail: cts.cmbs.bond.admin@wellsfargo.com, and to 

trustadministrationgroup@wellsfargo.com

 

    	B-3

    	 

    

 

(vi)
Operating Advisor:

 

Pentalpha
Surveillance LLC

375 N. French Road, Suite 100

Amherst, New York 14228

Attention: Don Simon, Chief Operating Officer

With a copy sent via email to: don.simon@pentalphasurveillance.com and 

notices@pentalphasurveillance.com

 

with
a copy to:

Bass Berry & Sims PLC

150 Third Avenue South

Suite 2800

Nashville, Tennessee 37201

Attention: Jay Knight

Email: jknight@bassberry.com

 

(vii)
Asset Representations Advisor:

 

Pentalpha
Surveillance LLC

375 N. French Road, Suite 100

Amherst, New York 14228

Attention: Don Simon, Chief Operating Officer

With a copy sent via email to: don.simon@pentalphasurveillance.com and 

notices@pentalphasurveillance.com

 

with
a copy to:

Bass Berry & Sims PLC

150 Third Avenue South

Suite 2800

Nashville, Tennessee 37201

Attention: Jay Knight

Email: jknight@bassberry.com

 

    	B-4

    	 

    

 

2.    Initial
Note A-2 Holder:

 

JPMorgan
Chase Bank, National Association

Notice Address:

JPMorgan Chase Bank, National Association

383 Madison Avenue

New York, New York 10179

Attention: Tom Cassino

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

200
Liberty Street

New
York, NY 10281

Attention:
Lisa Pauquette

Facsimile No.: (212) 504-6666 

 

3.    Initial
Note A-3 Holder:

 

JPMorgan
Chase Bank, National Association

Notice Address:

JPMorgan Chase Bank, National Association

383 Madison Avenue

New York, New York 10179

Attention: Tom Cassino

Facsimile No.: (212) 272-7047

 

    	B-5

    	 

    

 

-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

200
Liberty Street

New
York, NY 10281

Attention:
Lisa Pauquette

Facsimile No.: (212) 504-6666

 

    	B-6

    	 

    

 

EXHIBIT
C

PERMITTED FUND MANAGERS

 

1. Apollo
Global Real Estate

2. Archon
Capital, L.P.

3. AREA
Property Partners

4. BlackRock,
Inc.

5. The
Blackstone Group International Ltd.

6. Capital
Trust, Inc.

7. Clarion
Partners

8. Colony
Capital, Inc.

9. DLJ
Real Estate Capital Partners

10.
Eightfold Real Estate Capital, L.P.

11.
Fortress Investment Group LLC

12.
Garrison Investment Group

13.
Goldman, Sachs & Co.

14.
iStar Financial Inc.

15.
J.E. Roberts Companies

16.
Lend-Lease Real Estate Investments

17.
LoanCore Capital

18.
Lonestar Funds

19.
Praedium Group

20.
Raith Capital Partners, LLC

21.
Rialto Capital Management, LLC

22.
Rockpoint Group

23.
Starwood Capital/Starwood Financial Trust

24.
Torchlight Investors

25.
Walton Street Capital, LLC

26.
Westbrook Partners

27.
WestRiver Capital

28.
Whitehall Street Real Estate Fund, L.P.

 

    	C-1

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