Document:

EXHIBIT 4.1

 

SHELLPOINT
MORTGAGE ACCEPTANCE LLC

Depositor,

[NAME OF
MASTER SERVICER]

Master Servicer,

and

[NAME OF
TRUSTEE],

Trustee

POOLING AND SERVICING AGREEMENT

Dated as of_____________1, 20__

Mortgage Pass-Through Certificates

Series 20___-__

 

     

     

    

TABLE OF CONTENTS

	ARTICLE I DEFINITIONS	2
	 	 
	SECTION 1.01.	Defined Terms.	2
	 	 	 
	ARTICLE II CONVEYANCE OF MORTGAGE LOANS; ORIGINAL ISSUANCE OF CERTIFICATES	24
	 	 
	SECTION 2.01.	Conveyance of Mortgage Loans.	24
	SECTION 2.02.	Acceptance of the Trust Fund by the Trustee.	26
	SECTION 2.03.	Representations, Warranties and Covenants of the Master  Servicer and the Depositor.	28
	SECTION 2.04.	Representations and Warranties of the Seller; Repurchase  and Substitution.	30
	SECTION 2.05.	Issuance of Certificates Evidencing Interests in the Trust Fund.	32
	SECTION 2.06.	Purposes and Powers of the Trust.	32
	 	 	 
	ARTICLE III ADMINISTRATION AND SERVICING OF THE TRUST FUND	34
	 	 
	SECTION 3.01.	Master Servicer to Act as Master Servicer.	34
	SECTION 3.02.	Sub-Servicing Agreements Between Master Servicer and Sub- Servicers.	35
	SECTION 3.03.	Successor Sub-Servicers.	36
	SECTION 3.04.	Liability of the Master Servicer.	36
	SECTION 3.05.	No Contractual Relationship Between Sub-Servicers and  Trustee or Certificateholders.	36
	SECTION 3.06.	Assumption or Termination of Sub-Servicing Agreements by  Trustee.	36
	SECTION 3.07.	Collection of Certain Mortgage Loan Payments.	37
	SECTION 3.08.	Sub-Servicing Accounts.	37
	SECTION 3.09.	Collection of Taxes, Assessments and Similar Items;  Servicing Accounts.	38
	SECTION 3.10.	Custodial Account.	38
	SECTION 3.11.	Permitted Withdrawals From the Custodial Account.	39
	SECTION 3.12.	Permitted Instruments.	41
	SECTION 3.13.	Maintenance of Primary Mortgage Insurance and Primary Hazard Insurance.	41
	SECTION 3.14.	Enforcement of Due-on-Sale Clauses; Assumption Agreements.	43
	SECTION 3.15.	Realization Upon Defaulted Mortgage Loans.	44
	SECTION 3.16.	Trustee to Cooperate; Release of Mortgage Files.	44
	SECTION 3.17.	Servicing Compensation.	46
	SECTION 3.18.	Maintenance of Certain Servicing Policies.	46
	SECTION 3.19.	Annual Statement as to Compliance.	46
	SECTION 3.20.	Assessments of Compliance and Attestation Reports.	47
	SECTION 3.21.	Access to Certain Documentation.	49

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	SECTION 3.22.	Title, Conservation and Disposition of REO Property.	49
	SECTION 3.23.	Additional Obligations of the Master Servicer.	52
	SECTION 3.24.	Additional Obligations of the Depositor.	52
	SECTION 3.25.	Intention of the Parties and Interpretation.	52
	 	 	 
	ARTICLE IV PAYMENTS TO CERTIFICATEHOLDERS	54
	 	 
	SECTION 4.01.	Certificate Account; Distributions.	54
	SECTION 4.02.	Statements to Certificateholders.	57
	SECTION 4.03.	Remittance Reports; Advances by the Master Servicer.	59
	SECTION 4.04.	Allocation of Realized Losses.	61
	SECTION 4.05.	Information Reports to be Filed by the Master Servicer.	62
	SECTION 4.06.	Compliance with Withholding Requirements.	62
	 	 	 
	ARTICLE V THE CERTIFICATES	63
	 	 
	SECTION 5.01.	The Certificates.	63
	SECTION 5.02.	Registration of Transfer and Exchange of Certificates.	64
	SECTION 5.03.	Mutilated, Destroyed, Lost or Stolen Certificates.	67
	SECTION 5.04.	Persons Deemed Owners.	68
	 	 	 
	ARTICLE VI THE Depositor AND THE MASTER SERVICER	69
	 	 
	SECTION 6.01.	Liability of the Depositor and the Master Servicer.	69
	SECTION 6.02.	Merger, Consolidation or Conversion of the Depositor or the Master Servicer.	69
	SECTION 6.03.	Limitation on Liability of the Depositor, the Master Servicer and Others.	69
	SECTION 6.04.	Limitation on Resignation of the Master Servicer.	70
	 	 	 
	ARTICLE VII DEFAULT	71
	 	 
	SECTION 7.01.	Events of Default.	71
	SECTION 7.02.	Trustee to Act; Appointment of Successor.	73
	SECTION 7.03.	Notification to Certificateholders.	73
	SECTION 7.04.	Waiver of Events of Default.	74
	 	 	 
	ARTICLE VIII CONCERNING THE TRUSTEE	75
	 	 
	SECTION 8.01.	Duties of Trustee.	75
	SECTION 8.02.	Certain Matters Affecting the Trustee.	76
	SECTION 8.03.	Trustee Not Liable for Certificates or Mortgage Loans.	77
	SECTION 8.04.	Trustee May Own Certificates.	77
	SECTION 8.05.	Payment of Trustee’s Fees.	77
	SECTION 8.06.	Eligibility Requirements for Trustee.	78
	SECTION 8.07.	Resignation and Removal of the Trustee.	78
	SECTION 8.08.	Successor Trustee.	79

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	SECTION 8.09.	Merger or Consolidation of Trustee.	79
	SECTION 8.10.	Appointment of Co-Trustee or Separate Trustee.	80
	SECTION 8.11.	Commission Reporting.	81
	 	 	 
	ARTICLE IX TERMINATION	86
	 	 
	SECTION 9.01.	Termination Upon Repurchase or Liquidation of All Mortgage Loans.	86
	SECTION 9.02.	Additional Termination Requirements.	87
	 	 	 
	ARTICLE X REMIC PROVISIONS 	89
	 	 
	SECTION 10.01.	REMIC Administration.	89
	SECTION 10.02.	Prohibited Transactions and Activities.	91
	SECTION 10.03.	Master Servicer and Trustee Indemnification.	92
	 	 	 
	ARTICLE XI MISCELLANEOUS PROVISIONS	93
	 	 
	SECTION 11.01.	Amendment.	93
	SECTION 11.02.	Recordation of Agreement; Counterparts.	94
	SECTION 11.03.	Limitation on Rights of Certificateholders.	94
	SECTION 11.04.	Governing Law.	95
	SECTION 11.05.	Notices.	95
	SECTION 11.06.	Severability of Provisions.	96
	SECTION 11.07.	Successors and Assigns; Third Party Beneficiary.	96
	SECTION 11.08.	Article and Section Headings.	96
	SECTION 11.09.	Notice to Rating Agencies and Certificateholder.	96

 

	Exhibit A-1	Form of Class A Certificate
	Exhibit A-2	Form of Class B Certificate
	Exhibit B	Form of Class R Certificate
	Exhibit C	Form of Trustee Initial Certification
	Exhibit D	Form of Trustee Final Certification
	Exhibit E	Form of Remittance Report
	Exhibit F-1	Request for Release
	Exhibit F-2	Request for Release for Mortgage Loans Paid in Full
	Exhibit G-1	Form of Investor Representation Letter
	Exhibit G-2	Form of Transferor Representation Letter
	Exhibit G-3	Transferor Affidavit and Agreement in connection with transfer of Residual Certificates
	Exhibit G-4	Form of Transferor Certificate
	Exhibit G-5	Form of Investor Representation Letter for Insurance Companies
	Exhibit H	Mortgage Loan Schedule
	Exhibit I	Seller’s Warranty Certificate
	Exhibit J	Form of Notice Under Section 3.24
	Exhibit K	Form of Depositor Certification
	Exhibit L	Form of Trustee Certification

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	Exhibit M	Form of Servicer Certification
	Exhibit N	Servicing Criteria to Be Addressed in Assessment of Compliance

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This Pooling and Servicing
Agreement, effective as of _______________ 1, 20___, among SHELLPOINT MORTGAGE ACCEPTANCE LLC, as the depositor (together with
its permitted successors and assigns, the “Depositor”), [NAME OF MASTER SERVICER], as master servicer (together with
its permitted successors and assigns, the “Master Servicer”), and [NAME OF TRUSTEE], as trustee (together with its
permitted successors and assigns, the “Trustee”),

PRELIMINARY
STATEMENT:

The Depositor intends
to sell mortgage pass-through certificates (collectively, the “Certificates”), to be issued hereunder in multiple classes
(each, a “Class”), which in the aggregate will evidence the entire beneficial ownership interest in the Mortgage Loans
(as defined herein). As provided herein, the Master Servicer will make an election to treat the segregated pool of assets described
in the definition of Trust Fund (as defined herein), and subject to this Agreement (including the Mortgage Loans but excluding
the Initial Monthly Payment Deposit), as a real estate mortgage investment conduit (a “REMIC”) for federal income tax
purposes, and such segregated pool of assets will be designated as the “Trust Fund.” The Class A-1, Class A-2, Class
A-3, Class A-4, Class A-5, Class A-6, Class A-7 and Class B Certificates will represent ownership of “regular interests”
in the Trust Fund, and the Class R Certificates will be the sole class of “residual interests” therein, for purposes
of the REMIC Provisions (as defined herein) under federal income tax law.

The following table
sets forth the designation, type, Pass-Through Rate, aggregate Initial Certificate Principal Balance, initial ratings and certain
features for each Class of Certificates comprising the interests in the Trust Fund created hereunder.

AGGREGATE INITIAL PASS-CERTIFICATE

INITIAL RATINGS THROUGH PRINCIPAL DESCRIPTION
TYPE

RATE BALANCE
FEATURES

[INSERT TABLE
HERE]

 

 

 

The Mortgage Loans
have an aggregate Stated Principal Balance as of the Cut-off Date equal to $___________. The Mortgage Loans are fixed rate mortgage
loans having terms to maturity at origination or modification of not more than 30 years.

In consideration of
the mutual agreements herein contained, the Depositor, the Master Servicer and the Trustee agree as follows:

    	 

    	 

    

ARTICLE
I

DEFINITIONS

		SECTION 1.01.                   
Defined Terms.

Whenever used in this
Agreement, the following words and phrases, unless the context otherwise requires, shall have the meanings specified in this Article.

“Accrued Certificate
Interest”: With respect to each Distribution Date, as to any Class A Certificate (other than the Class A-5 Certificates and
Class A-7 Certificates) or any Class B Certificate, one month’s interest accrued at the then applicable Pass-Through Rate
on the Certificate Principal Balance thereof immediately prior to such Distribution Date. With respect to each Distribution Date,
as to the Class A-5 Certificates and Class A-7 Certificates, one month’s interest accrued at the then applicable Pass-Through
Rate on the Notional Amount thereof immediately prior to such Distribution Date. Accrued Certificate Interest will be calculated
on the basis of a 360-day year consisting of twelve 30-day months. In each case Accrued Certificate Interest on any Class of Certificates
will be reduced by the amount of (i) Prepayment Interest Shortfalls, if any, which are not covered by payments by the Master Servicer
pursuant to Section 3.23 with respect to such Distribution Date, (ii) the interest portion (adjusted to the related Net Mortgage
Rate) of any of Realized Losses (including Excess Special Hazard Losses, Excess Fraud Losses, Excess Bankruptcy Losses and Extraordinary
Losses) not allocated solely to one or more specific Classes of Certificates pursuant to Section 4.04 (which, with respect to the
pro rata portion thereof allocated to the Class A-1, Class A-5 and Class A-6 Certificates will be allocated first to the Class
A-6 Certificates and second to the Class A-1 and Class A-5 Certificates on a pro rata basis to the extent such Realized Losses
are Default Losses), (iii) the interest portion of Advances previously made with respect to a Mortgage Loan or REO Property which
remained unreimbursed following the Cash Liquidation or REO Disposition of such Mortgage Loan or REO Property that was made with
respect to delinquencies that were ultimately determined to be Excess Special Hazard Losses, Excess Fraud Losses, Excess Bankruptcy
Losses or Extraordinary Losses, and (iv) any other interest shortfalls not covered by the subordination provided by the Class B
Certificates pursuant to Section 4.04, including interest that is not collectible from the Mortgagor pursuant to the Relief Act
or similar legislation or regulations as in effect from time to time; with all such reductions allocated among the Classes of Certificates,
in proportion to their respective amounts of Accrued Certificate Interest which would have resulted absent such reductions. In
addition to that portion of the reductions described in the preceding sentence, Accrued Certificate Interest on the Class B Certificates
will be reduced by the interest portion (adjusted to the related Net Mortgage Rate) of Realized Losses that are allocated solely
to the Class B Certificates pursuant to Section 4.04.

“Advance”:
As to any Mortgage Loan, any advance made by the Master Servicer on any Distribution Date pursuant to Section 4.03.

“Agreement”:
This Pooling and Servicing Agreement and all amendments hereof.

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“Anniversary”:
Each anniversary of _____________ 1, 20__.

“Assessment
of Compliance”: As defined in Section 3.20.

“Attestation
Report”: As defined in Section 3.20.

“Assignment”:
An assignment of Mortgage, notice of transfer or equivalent instrument, in recordable form, which is sufficient under the laws
of the jurisdiction wherein the related Mortgaged Property is located to reflect of record the sale of the Mortgage, which assignment,
notice of transfer or equivalent instrument may be in the form of one or more blanket assignments covering Mortgages secured by
Mortgaged Properties located in the same county, if permitted by law.

“Assignment
Agreement”: The Assignment and Assumption Agreement, dated as of ____________, 20___, between [Name of Seller] and the Depositor
relating to the transfer and assignment of the Mortgage Loans.

“Available Distribution
Amount”: With respect to each Distribution Date, the Available Distribution Amount will be an amount equal to (a) the sum
of (i) the balance on deposit in the Custodial Account as of the close of business on the related Determination Date and (ii) the
aggregate amount of any Advances made, all required amounts pursuant to Section 3.22 and all amounts required to be paid by the
Master Servicer pursuant to Sections 3.13 and 3.23 by deposits into the Certificate Account on the immediately preceding Certificate
Account Deposit Date, reduced by (b) the sum, as of the close of business on the related Determination Date of (i) Monthly Payments
collected but due during a Due Period subsequent to the Due Period ending on the first day of the month of the related Distribution
Date, (ii) all interest or other income earned on deposits in the Custodial Account, (iii) any other amounts reimbursable or payable
to the Master Servicer or any other Person pursuant to Section 3.11, (iv) Insurance Proceeds, Liquidation Proceeds, Principal Prepayments,
REO Proceeds and the proceeds of Mortgage Loan purchases (or amounts received in connection with substitutions) made pursuant to
Section 2.02 and 2.04, in each case received or made in the month of such Distribution Date and (v) the Trustee’s Fee.

“Bankruptcy
Amount”: As of any date of determination, an amount, equal to the excess, if any, of (A) $_______, over (B) the aggregate
amount of Bankruptcy Losses allocated solely to one or more specific Classes of Certificates in accordance with Section 4.04.

The Bankruptcy Amount
may be further reduced by the Master Servicer (including accelerating the manner in which such coverage is reduced) provided that
prior to any such reduction, the Master Servicer shall (i) obtain written confirmation from each Rating Agency that such reduction
shall not reduce the rating assigned to any Class of Certificates by such Rating Agency below the lower of the then-current rating
or the rating assigned to such Certificates as of the Closing Date by such Rating Agency and (ii) provide a copy of such written
confirmation to the Trustee.

“Bankruptcy
Code”: The United States Bankruptcy Code of 1978, as amended.

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“Bankruptcy
Loss”: With respect to any Mortgage Loan, a Deficient Valuation or Debt Service Reduction; provided, however, that a Deficient
Valuation or a Debt Service Reduction shall not be deemed a Bankruptcy Loss hereunder so long as the Master Servicer has notified
the Trustee in writing that the Master Servicer is diligently pursuing any remedies that may exist in connection with the related
Mortgage Loan and either (A) the related Mortgage Loan is not in default with regard to payments due thereunder or (B) delinquent
payments of principal and interest under the related Mortgage Loan and any related escrow payments in respect of such Mortgage
Loan are being advanced on a current basis by the Master Servicer, in either case without giving effect to any Deficient Valuation
or Debt Service Reduction.

“Business Day”:
Any day other than (i) a Saturday or a Sunday or (ii) a day on which banking institutions in the State of ______________ or the
State of ______________ (and such other state or states in which the Custodial Account or the Certificate Account are at the time
located) are required or authorized by law or executive order to be closed.

“Cash Liquidation”:
As to any defaulted Mortgage Loan other than a Mortgage Loan as to which an REO Acquisition occurred, the final receipt by or on
behalf of the Master Servicer of all Insurance Proceeds, Liquidation Proceeds and other payments or cash recoveries which the Master
Servicer reasonably and in good faith expects to be finally recoverable with respect to such Mortgage Loan.

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

“Certificate
Account”: The account or accounts created and maintained pursuant to Section 4.01, which shall be entitled “___________________________________,
as trustee, in trust for the registered holders of Shellpoint Mortgage Acceptance LLC, Mortgage Pass-Through Certificates, Series
20___-__” and which must be an Eligible Account.

“Certificate
Account Deposit Date”: The 20th day (or if such 20th day is not a Business Day, the Business Day immediately preceding such
20th day) of the month.

“Certificateholder”
or “Holder”: The Person in whose name a Certificate is registered in the Certificate Register, except that, neither
a Disqualified Organization nor a Non-United States Person shall be a Holder of a Class R Certificate for any purposes hereof and,
solely for the purposes of giving any consent pursuant to this Agreement, any Certificate registered in the name of the Depositor
or the Master Servicer or any affiliate thereof shall be deemed not to be outstanding and the Voting Rights to which it is entitled
shall not be taken into account in determining whether the requisite percentage of Voting Rights necessary to effect any such consent
has been obtained, except as otherwise provided in Section 11.01. The Trustee shall be entitled to rely upon a certification of
the Depositor or the Master Servicer in determining if any Certificates are registered in the name of a respective affiliate.

“Certificate
Owner”: With respect to a Book-Entry Certificate, the Person who is the beneficial owner of such Certificate, as reflected
on the books of an indirect participating brokerage firm for which a Depositor Participant acts as agent, if any, and otherwise
on the books of a Depositor Participant, if any, and otherwise on the books of the Depositor.

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“Certificate
Principal Balance”: With respect to each Class A Certificate (other than a Class A-5 Certificate or Class A-7 Certificate),
on any date of determination, an amount equal to (i) the Initial Certificate Principal Balance of such Certificate as specified
on the face thereof, minus (ii) the sum of (x) the aggregate of all amounts previously distributed with respect to such Certificate
(or any predecessor Certificate) and applied to reduce the Certificate Principal Balance thereof pursuant to Section 4.02(b) and
(y) the aggregate of all reductions in Certificate Principal Balance deemed to have occurred in connection with Realized Losses
which were previously allocated to such Certificate (or any predecessor Certificate) pursuant to Section 4.04. With respect to
the Class B Certificates, on any date of determination, an amount equal to the Percentage Interest evidenced by such Certificate
times the excess, if any, of (A) the then aggregate Stated Principal Balance of the Mortgage Loans over (B) the then aggregate
Certificate Principal Balance of all other Classes of Certificates then outstanding. The Class A-5 Certificates, Class A-7 Certificates
and Class R Certificates have no Certificate Principal Balance.

“Certificate
Register”: The register maintained pursuant to Section 5.02.

“Class”:
Collectively, all of the Certificates bearing the same designation.

“Class A Certificate”:
Any one of the Class A-1, Class A-2, Class A-3, Class A-4, Class A-5, Class A-6 or Class A-7 Certificates, executed by the Trustee
and authenticated by the Certificate Registrar substantially in the form annexed hereto as Exhibit A-1, each such Certificate evidencing
an interest designated as a “regular interest” in the Trust Fund for purposes of the REMIC Provisions.

“Class B Certificate”:
The Class B Certificates executed by the Trustee and authenticated by the Certificate Registrar substantially in the form annexed
hereto as Exhibit A-2 and evidencing an interest designated as a “regular interest” in the Trust Fund for purposes
of the REMIC Provisions.

“Class B Percentage”:
With respect to any Distribution Date, the lesser of (i) 100% minus the Senior Percentage and (ii) a fraction, expressed as a percentage,
the numerator of which is the aggregate Certificate Principal Balance of the Class B Certificates immediately prior to such date
and the denominator of which is the aggregate Stated Principal Balance of all of the Mortgage Loans (or related REO Properties)
immediately prior to such Distribution Date.

“Class R Certificate”:
Any one of the Class R Certificates executed and delivered by the Trustee substantially in the form annexed hereto as Exhibit B
and evidencing an interest designated as a “residual interest” in the REMIC for purposes of the REMIC Provisions.

“Closing Date”
: _______________ ___, 20__.

“Code”:
The Internal Revenue Code of 1986.

“Collateral
Value”: The appraised value of a Mortgaged Property based upon the lesser of (i) the appraisal made at the time of the origination
of the related Mortgage Loan, or (ii) the sales price of such Mortgaged Property at such time of origination. With respect to a

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Mortgage
Loan the proceeds of which were used to refinance an existing mortgage loan, the appraised value of the Mortgaged Property based
upon the appraisal (as reviewed and approved by the Seller) obtained at the time of refinancing.

“Depositor”:
Shellpoint Mortgage Acceptance LLC, or its successor in interest.

“Corporate Trust
Office”: The principal office of the Trustee at which at any particular time its corporate trust business with respect to
this Agreement shall be administered, which office at the date of the execution of this instrument is located at _____________________,
Attention: __________________ Series 20___-__.

“Credit Support
Depletion Date”: The first Distribution Date on which the Senior Percentage equals 100%.

“Custodial Account”:
The custodial account or accounts created and maintained pursuant to Section 3.10 in a depository institution, as custodian for
the holders of the Certificates, for the holders of certain other interests in mortgage loans serviced or sold by the Master Servicer
and for the Master Servicer, into which the amounts set forth in Section 3.10 shall be deposited directly. Any such account or
accounts shall be an Eligible Account.

“Cut-off Date”:
_____________ 1, 20___.

“Debt Service
Reduction”: With respect to any Mortgage Loan, a reduction in the scheduled Monthly Payment for such Mortgage Loan by a court
of competent jurisdiction in a proceeding under the Bankruptcy Code, except such a reduction constituting a Deficient Valuation
or any reduction that results in a permanent forgiveness of principal.

“Default Loss”:
Any Realized Loss that is attributable to the related Mortgagor’s failure to make any payment of principal or interest as
required under the Mortgage Note, excluding Special Hazard Losses (or any other loss resulting from damage to a Mortgaged Property),
Bankruptcy Losses, Fraud Losses, or other losses of a type not covered by the subordination provided by the Class B Certificates
pursuant to Section 4.04.

“Deficient Valuation”:
With respect to any Mortgage Loan, a valuation by a court of competent jurisdiction of the Mortgaged Property in an amount less
than the then outstanding indebtedness under the Mortgage Loan, which valuation results from a proceeding initiated by the Mortgagor
under the Bankruptcy Code.

“Definitive
Certificate”: Any definitive, fully registered Certificate.

“Deleted Mortgage
Loan”: A Mortgage Loan replaced or to be replaced with a Qualified Substitute Mortgage Loan.

“Determination
Date”: The 15th day (or if such 15th day is not a Business Day, the Business Day immediately preceding such 15th day) of
the month of the related Distribution Date.

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“Disqualified
Organization”: Any of the following: (i) the United States, any State or any political subdivision thereof, any possession
of the United States or any agency or instrumentality of any of the foregoing (other than an instrumentality which is a corporation,
if all of its activities are subject to tax and, except for the Freddie Mac, a majority of its board of directors is not selected
by any such governmental unit), (ii) a foreign government, international organization or any agency or instrumentality of either
the foregoing, (iii) an organization (except certain farmers’ cooperatives described in Section 521 of the Code) which is
exempt from tax imposed by Chapter 1 of the Code (unless such organization is subject to the tax imposed by Section 511 of the
Code on unrelated business taxable income), (iv) rural electric and telephone cooperatives described in Section 1381 of the Code
or (v) any other Person so designated by the Trustee based on an Opinion of Counsel obtained by the Trustee, at the expense of
the Trust Fund, (which opinion shall be sought only if the Trustee has actual knowledge that the holding of an Ownership Interest
in a Class R Certificate by such Person may cause the Trust Fund or any Person having an Ownership Interest in any Class of Certificates,
other than such Person, to incur a liability for any federal tax imposed under the Code that would not otherwise be imposed but
for the Transfer of an Ownership Interest in a Class R Certificate to such Person). The terms “United States,” “State”
and “international organization” shall have the meanings set forth in Section 7701 of the Code or successor provisions.

“Distribution
Date”: The 25th day of any month, or if such 25th day is not a Business Day, the Business Day immediately following such
25th day commencing on _______ 25, 20__.

“Due Date”:
The first day of the month of the related Distribution Date.

“Due Period”:
With respect to any Distribution Date, the period commencing on the second day of the month preceding the month of such Distribution
Date (or, with respect to the first Due Period, the day following the Cut-off Date) and ending on the related Due Date.

“Eligible Account”:
An account maintained with a federal or state chartered depository institution (i) the short-term obligations of which are rated
by each of the Rating Agencies in its highest rating at the time of any deposit therein, or (ii) insured by the FDIC (to the limits
established by such Corporation), the uninsured deposits in which account are otherwise secured such that, as evidenced by an Opinion
of Counsel (obtained by and at the expense of the Person requesting that the account be held pursuant to this clause (ii)) delivered
to the Trustee prior to the establishment of such account, the Certificateholders will have a claim with respect to the funds in
such account and a perfected first priority security interest against any collateral (which shall be limited to Permitted Instruments,
each of which shall mature not later than the Business Day immediately preceding the Distribution Date next following the date
of investment in such collateral or the Distribution Date if such Permitted Instrument is an obligation of the institution that
maintains the Certificate Account or Custodial Account) securing such funds that is superior to claims of any other depositors
or general creditors of the depository institution with which such account is maintained or (iii) a trust account or accounts maintained
with a federal or state chartered depository institution or trust company with trust powers acting in its fiduciary capacity or
(iv) an account or accounts of a depository institution acceptable to the Rating Agencies (as evidenced in writing by the Rating
Agencies that use of

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any
such account as the Custodial Account or the Certificate Account will not have an adverse effect on the then-current ratings assigned
to the Classes of the Certificates then rated by the Rating Agencies). Eligible Accounts may bear interest.

“Event of Default”:
One or more of the events described in Section 7.01.

“Excess Bankruptcy
Loss”: Any Bankruptcy Loss, or portion thereof, which exceeds the then applicable Bankruptcy Amount.

“Excess Fraud
Loss”: Any Fraud Loss, or portion thereof, which exceeds the then applicable Fraud Loss Amount.

“Excess Special
Hazard Loss”: Any Special Hazard Loss, or portion thereof, that exceeds the then applicable Special Hazard Amount.

“Extraordinary
Events”: Any of the following conditions with respect to a Mortgaged Property or Mortgage Loan causing or resulting in a
loss which causes the liquidation of such Mortgage Loan:

(a)               
losses that are of a type that would be covered by the fidelity bond and the errors and omissions insurance policy required
to be maintained pursuant to Section 3.18 but are in excess of the coverage maintained thereunder;

(b)              
nuclear reaction or nuclear radiation or radioactive contamination, all whether controlled or uncontrolled, and whether
such loss be direct or indirect, proximate or remote or be in whole or in part caused by, contributed to or aggravated by a peril
covered by the definition of the term “Special Hazard Loss”;

(c)               
hostile or warlike action in time of peace or war, including action in hindering, combating or defending against an actual,
impending or expected attack:

1.               by any government
or sovereign power, de jure or de facto, or by any authority maintaining or using military, naval or air forces; or

2.               by military,
naval or air forces; or

3.               by an agent
of any such government, power, authority or forces;

(d)               any weapon of war employing atomic fission or radioactive force whether in time of peace or war; or

(e)               
insurrection, rebellion, revolution, civil war, usurped power or action taken by governmental authority in hindering, combating
or defending against such an occurrence, seizure or destruction under quarantine or customs regulations, confiscation by order
of any government or public authority; or risks of contraband or illegal transportation or trade.

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“Extraordinary
Losses”: Any loss incurred on a Mortgage Loan caused by or resulting from an Extraordinary Event.

“Fannie Mae”: Federal
National Mortgage Association or any successor.

“FDIC”:
Federal Deposit Insurance Corporation or any successor.

[“Fitch”:
Fitch Ratings, or its successor in interest.]

“Fraud Losses”:
Any Realized Loss sustained by reason of a default arising from fraud, dishonesty or misrepresentation in connection with the related
Mortgage Loan.

“Fraud Loss
Amount”: As of any date of determination after the Cut-off Date, an amount equal to: (X) up to and including the [first]
anniversary of the Cut-off Date an amount equal to ______% of the aggregate outstanding principal balance of all of the Mortgage
Loans as of the Cut-off Date minus the aggregate amount of Fraud Losses allocated to the Class B Certificates in accordance with
Section 4.04 since the Cut-off Date up to such date of determination, (Y) from the [first] to the fifth anniversary of the Cut-off
Date, an amount equal to (1) the lesser of (a) the Fraud Loss Amount as of the most recent anniversary of the Cut-off Date and
(b) ______% of the aggregate outstanding principal balance of all of the Mortgage Loans as of the most recent anniversary of the
Cut-off Date minus (2) the Fraud Losses allocated solely to the Class B Certificates in accordance with Section 4.04 since the
most recent anniversary of the Cut-off Date up to such date of determination. On and after the fifth anniversary of the Cutoff
Date the Fraud Loss Amount shall be zero.

The Fraud Loss Amount
may be further reduced by the Master Servicer (including accelerating the manner in which such coverage is reduced) provided that
prior to any such reduction, the Master Servicer shall (i) obtain written confirmation from each Rating Agency that such reduction
shall not reduce the rating assigned to any Class of Certificates by such Rating Agency below the lower of the then-current rating
or the rating assigned to such Certificates as of the Closing Date by such Rating Agency and (ii) provide a copy of such written
confirmation to the Trustee.

“Freddie Mac”: Federal
Home Loan Mortgage Corporation or any successor.

“Funding Date”:
With respect to each Mortgage Loan, the date on which funds were advanced by or on behalf of the Seller and interest began to accrue
thereunder.

“Initial Certificate
Principal Balance”: With respect to each Class of Certificates, the Certificate Principal Balance of such Class of Certificates
as of the Cut-off Date as set forth in the Preliminary Statement hereto.

“Insurance Policy”:
With respect to any Mortgage Loan, any insurance policy which is required to be maintained from time to time under this Agreement
in respect of such Mortgage Loan.

    	-9-

    	 

    

“Insurance Proceeds”:
Proceeds paid by any insurer pursuant to the Primary Mortgage Insurance Policy and any other insurance policy covering a Mortgage
Loan to the extent such proceeds are not applied to the restoration of the related Mortgaged Property or released to the Mortgagor
in accordance with the procedures that the Master Servicer would follow in servicing mortgage loans held for its own account.

“Late Collections”:
With respect to any Mortgage Loan, all amounts received during any Due Period, whether as late payments of Monthly Payments or
as Insurance Proceeds, Liquidation Proceeds or otherwise, which represent late payments or collections of Monthly Payments due
but delinquent for a previous Due Period and not previously recovered.

“Liquidation
Proceeds”: Amounts (other than Insurance Proceeds) received by the Master Servicer in connection with the taking of an entire
Mortgaged Property by exercise of the power of eminent domain or condemnation or in connection with the liquidation of a defaulted
Mortgage Loan through trustee’s sale, foreclosure sale or otherwise, other than amounts received in respect of REO Property.

“Loan-to-Value
Ratio”: As of any date, the fraction, expressed as a percentage, the numerator of which is the current principal balance
of the related Mortgage Loan at the date of determination and the denominator of which is the Collateral Value of the related Mortgaged
Property.

“Master Servicer”:
[Name of Master Servicer], or any successor master servicer appointed as herein provided.

“Monthly Payment”:
With respect to any Mortgage Loan, the scheduled monthly payment of principal and interest on such Mortgage Loan which is payable
by a Mortgagor from time to time under the related Mortgage Note as originally executed (after adjustment, if any, for Principal
Prepayments and for Deficient Valuations occurring prior to such Due Date, and after any adjustment by reason of any bankruptcy
or similar proceeding or any moratorium or similar waiver or grace period).

[“Moody’s”:
Moody’s Investors Service, Inc. or its successor in interest.]

“Mortgage”:
The mortgage, deed of trust or any other instrument securing the Mortgage Loan.

“Mortgage File”:
The mortgage documents listed in Section 2.01 pertaining to a particular Mortgage Loan and any additional documents required to
be added to the Mortgage File pursuant to this Agreement; provided, that whenever the term “Mortgage File” is used
to refer to documents actually received by the Trustee, such term shall not be deemed to include such additional documents required
to be added unless they are actually so added.

“Mortgage Loan”:
Each of the mortgage loans, transferred and assigned to the Trustee pursuant to Section 2.01 or Section 2.03 and from time to time
held in the Trust Fund, the Mortgage Loans originally so transferred, assigned and held being identified in the Mortgage 

    	-10-

    	 

    
Loan
Schedule attached hereto as Exhibit H (and any Qualified Substitute Mortgage Loans). As used herein, the term “Mortgage
Loan” includes the related Mortgage Note and Mortgage.

“Mortgage Loan
Schedule”: As of any date of determination, the schedule of Mortgage Loans included in the Trust Fund. The initial schedule
of Mortgage Loans with accompanying information transferred on the Closing Date to the Trustee as part of the Trust Fund for the
Certificates, attached hereto as Exhibit H (as amended from time to time to reflect the addition of Qualified Substitute Mortgage
Loans) (and, for purposes of the Trustee’s review of the Mortgage Files pursuant to Section 2.02, in computer-readable form
as delivered to the Trustee), which list shall set forth the following information, if applicable, with respect to each Mortgage
Loan:

(i)                
the loan number and name of the Mortgagor;

(ii)              
the street address, city, state and zip code of the Mortgaged Property;

(iii)            
the Mortgage Rate;

(iv)            
the maturity date;

(v)              
the original principal balance;

(vi)            
the first payment date;

(vii)          
the type of Mortgaged Property;

(viii)        
the Monthly Payment in effect as of the Cut-off Date;

(ix)            
the principal balance as of the Cut-off Date;

(x)              
the occupancy status;

(xi)            
the purpose of the Mortgage Loan;

(xii)          
the Collateral Value of the Mortgaged Property;

(xiii)        
the original term to maturity;

(xiv)        
the paid-through date of the Mortgage Loan;

(xv)          
the Loan-to-Value Ratio; and

(xvi)        
whether or not the Mortgage Loan was underwritten pursuant to a limited documentation program.

The Mortgage Loan
Schedule shall also set forth the total of the amounts described under (ix) above for all of the Mortgage Loans. The Mortgage Loan
Schedule may be in the form of more than one schedule, collectively setting forth all of the information required. 

    	-11-

    	 

    
With
respect to any Qualified Substitute Mortgage Loan, the item described in clauses (viii) shall be set forth as the date of substitution.

“Mortgage Note”:
The note or other evidence of the indebtedness of a Mortgagor under a Mortgage Loan.

“Mortgage Rate”:
With respect to any Mortgage Loan, the annual rate at which interest accrues on such Mortgage Loan. “Mortgaged Property”:
The underlying property securing a Mortgage Loan.

“Mortgagor”:
The obligor or obligors on a Mortgage Note.

“Net Mortgage
Rate”: As to each Mortgage Loan, a per annum rate of interest equal to the related Mortgage Rate as in effect from time to
time minus the sum of the Servicing Fee Rate and the rate at which the Trustee’s Fee accrues.

“Nonrecoverable
Advance”: Any Advance previously made or proposed to be made in respect of a Mortgage Loan which, in the good faith judgment
of the Master Servicer, will not or, in the case of a proposed Advance, would not be ultimately recoverable from related Late Collections,
Insurance Proceeds, Liquidation Proceeds, REO Proceeds or amounts reimbursable to the Master Servicer pursuant to Section 4.01(b).
The determination by the Master Servicer that it has made a Nonrecoverable Advance or that any proposed Advance would constitute
a Nonrecoverable Advance, shall be evidenced by an Officers’ Certificate delivered to the Depositor and the Trustee.

“Non-United
States Person”: Any Person other than a United States Person.

“Notional Amount”:
As of any Distribution Date, with respect to the Class A-5 Certificates and the Class A-7 Certificates, an amount equal to the
aggregate Certificate Principal Balance of all Classes of Certificates immediately prior to such date.

“Officers’
Certificate”: A certificate signed by the Chairman of the Board, the Vice Chairman of the Board, the President or a vice
president and by the Treasurer, the Secretary, or one of the assistant treasurers or assistant secretaries of the Master Servicer
or of the Sub-Servicer and delivered to the Depositor and Trustee.

“Opinion of
Counsel”: A written opinion of counsel, who may be counsel for the Depositor or the Master Servicer, reasonably acceptable
to the Trustee; except that any opinion of counsel relating to (a) the qualification of any account required to be maintained pursuant
to this Agreement as an Eligible Account, (b) qualification of the Trust Fund as a REMIC, (c) compliance with the REMIC Provisions
or (d) resignation of the Master Servicer pursuant to Section 6.04 must be an opinion of counsel who (i) is in fact independent
of the Depositor and the Master Servicer, (ii) does not have any direct financial interest or any material indirect financial interest
in the Depositor or the Master Servicer or in an affiliate of either and (iii) is not connected with the Depositor or the Master
Servicer as an officer, employee, director or person performing similar functions.

    	-12-

    	 

    

“Optimal Percentage”:
A fraction, expressed as a percentage, the numerator of which is the Certificate Principal Balance of the Class A-1 Certificates
immediately prior to the applicable Distribution Date and the denominator of which is the aggregate Certificate Principal Balance
of all of the Class A Certificates immediately prior to such Distribution Date.

“Optimal Principal
Distribution Amount”: An amount equal to the product of (i) the then applicable Optimal Percentage and (ii) the Senior Principal
Distribution Amount.

“Original Senior
Percentage”: _______%, which is the fraction, expressed as a percentage, the numerator of which is the aggregate Initial
Certificate Principal Balance of the Class A Certificates and the denominator of which is the aggregate Stated Principal Balance
of the Mortgage Loans.

“OTS”:
Office of Thrift Supervision or any successor.

“Outstanding
Mortgage Loan”: As to any Due Date, a Mortgage Loan (including an REO Property) which was not the subject of a Principal
Prepayment in full, Cash Liquidation or REO Disposition and which was not purchased or substituted for prior to such Due Date pursuant
to Sections 2.02 or 2.04.

“Ownership Interest”:
As to any Certificate, any ownership or security interest in such Certificate, including any interest in such Certificate as the
Holder thereof and any other interest therein, whether direct or indirect, legal or beneficial, as owner or as pledgee.

“Pass-Through
Rate”: With respect to the Class A Certificates (other than the Class A-7 Certificates) and Class B Certificates and any
Distribution Date, the per annum rate set forth in the Preliminary Statement hereto. With respect to the Class A-7 Certificates
and any Distribution Date, a rate equal to the weighted average, expressed as a percentage, of the Pool Strip Rates of all Mortgage
Loans in the Trust Fund as of the Due Date in the month immediately preceding the month in which such Distribution Date occurs,
weighted on the basis of the respective Stated Principal Balances of such Mortgage Loans, which Stated Principal Balances shall
be the Stated Principal Balances of such Mortgage Loans at the close of business on the immediately preceding Distribution Date
after giving effect to the distributions thereon allocable to principal (or, in the case of the initial Distribution Date, at the
close of business on the Cut-off Date). With respect to the Class A-7 Certificates and the initial Distribution Date, the Pass-Through
Rate is equal to ______% per annum.

“Percentage
Interest”: With respect to any Certificate (other than a Class A-5, Class A-7 or Class R Certificate), the undivided percentage
ownership interest in the related Class evidenced by such Certificate, which percentage ownership interest shall be equal to the
initial Certificate Principal Balance thereof divided by the aggregate Initial Certificate Principal Balance of all of the Certificates
of the same Class. With respect to a Class A-5 or Class A-7 Certificate, the undivided percentage ownership interest in the related
Class evidenced by such Certificate, which percentage ownership interest shall be equal to the initial Notional Amount thereof
divided by the aggregate initial Notional Amount of all of the Certificates of the same Class. With respect to a Class R Certificate,
the interest in distributions to be made with respect 

    	-13-

    	 

    
to
such Class evidenced thereby, expressed as a percentage, as stated on the face of each such Certificate.

“Permitted Instruments”:
Any one or more of the following:

(i)                
 direct obligations of, or obligations fully guaranteed as to principal and interest by, the United States or any agency
or instrumentality thereof, provided such obligations are backed by the full faith and credit of the United States and (b) direct
obligations of, and obligations guaranteed as to timely payment by Freddie Mac or Fannie Mae if, at the time of investment, they
are assigned the highest credit rating by the Rating Agencies;

(ii)              
repurchase obligations (the collateral for which is held by a third party or the Trustee) with respect to any security described
in clause (i) above, provided that the short-term unsecured obligations of the party agreeing to repurchase such obligations are
at the time rated by each Rating Agency in one of its two highest long-term rating categories;

(iii)            
certificates of deposit, time deposits, demand deposits and bankers’ acceptances of any bank or trust company incorporated
under the laws of the United States or any state thereof or the District of Columbia, provided that the short-term commercial paper
of such bank or trust company (or, in the case of the principal depository institution in a depository institution holding company,
the long-term unsecured debt obligations of the depository institution holding company) at the date of acquisition thereof has
been rated by each Rating Agency in its highest short-term rating;

(iv)            
commercial paper (having original maturities of not more than nine months) of any corporation incorporated under the laws
of the United States or any state thereof or the District of Columbia which on the date of acquisition has been rated by each Rating
Agency in its highest short- term rating;

(v)              
a money market fund or a qualified investment fund rated by each Rating Agency in its highest rating available; and

(vi)            
if previously confirmed in writing to the Trustee, any other obligation or security acceptable to each Rating Agency in
respect of mortgage pass-through certificates rated in each Rating Agency’s highest rating category;

provided, that no such instrument shall
be a Permitted Instrument if such instrument evidences either (a) the right to receive interest only payments with respect to the
obligations underlying such instrument or (b) both principal and interest payments derived from obligations underlying such instrument
where the principal and interest payments with respect to such instrument provide a yield to maturity exceeding 120% of the yield
to maturity at par of such underlying obligation.

“Permitted Transferee”:
Any transferee of a Class R Certificate other than a Disqualified Organization or a Non-United States Person.

    	-14-

    	 

    

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

“Pool Strip
Rate”: With respect to each Mortgage Loan, the rate per annum equal to the Net Mortgage Rate thereon minus _____% per annum.

“Prepayment
Assumption”: A prepayment assumption of _____% of the standard prepayment assumption, used for determining the accrual of
original issue discount and market discount and premium on the Certificates for federal income tax purposes. The standard prepayment
assumption assumes a constant rate of prepayment of mortgage loans of 0.2% per annum of the then outstanding principal balance
of such mortgage loans in the first month of the life of the mortgage loans, increasing by an additional 0.2% per annum in each
succeeding month until the thirtieth month, and a constant 6% per annum rate of prepayment thereafter for the life of such mortgage
loans.

“Prepayment
Interest Shortfall”: With respect to any Distribution Date, for each Mortgage Loan that was the subject of a partial Principal
Prepayment, a Principal Prepayment in full, or of a Cash Liquidation or an REO Disposition during the related Prepayment Period,
an amount equal to the amount of interest that would have accrued at the applicable Net Mortgage Rate (i) in the case of a Principal
Prepayment in full, Cash Liquidation or REO Disposition on the principal balance of such Mortgage Loan immediately prior to such
prepayment (or liquidation), commencing on the date of prepayment (or liquidation) and ending on the last day of the month of prepayment
or liquidation or (ii) in the case of a partial Principal Prepayment, on the amount of such prepayment, commencing on the date
as of which the prepayment is applied and ending on the last day of the month of prepayment.

“Prepayment
Period”: As to any Distribution Date, the calendar month preceding the month in which such Distribution Date occurs.

“Primary Hazard
Insurance Policy”: Each primary hazard insurance policy required to be maintained pursuant to Section 3.13.

“Primary Mortgage
Insurance Policy”: Each primary mortgage insurance policy required to be maintained pursuant to Section 3.13.

“Principal Prepayment”:
Any payment of principal made by the Mortgagor on a Mortgage Loan which is received in advance of its scheduled Due Date and which
is not accompanied by an amount of interest representing scheduled interest due on any date or dates in any month or months subsequent
to the month of prepayment.

“Purchase Price”:
With respect to any Mortgage Loan (or REO Property) required to be purchased pursuant to Section 2.02 or 2.04, an amount equal
to the sum of (i) 100% of the Stated Principal Balance thereof, (ii) unpaid accrued interest (or REO Imputed Interest) at the sum
of the applicable Net Mortgage Rate, the rate at which the Trustee’s Fee accrues on the Stated Principal Balance thereof
outstanding during each Due Period that such 

    	-15-

    	 

    
interest
was not paid or advanced, from the date through which interest was last paid by the Mortgagor or advanced and distributed to Certificateholders
together with unpaid related Servicing Fees from the date through which interest was last paid by the Mortgagor, in each case
to the first day of the month in which such Purchase Price is to be distributed, plus (iii) the aggregate of all Advances made
in respect thereof that were not previously reimbursed.

“Qualified Insurer”:
An insurance company duly qualified as such under the laws of the state of its principal place of business and each state having
jurisdiction over such insurer in connection with the insurance policy issued by such insurer, duly authorized and licensed in
such states to transact business in such states and to write the insurance provided by the insurance policy issued by it, approved
as an insurer by the Master Servicer, as a Fannie Mae approved mortgage insurer and having a claims paying ability rating of at
least “AA” by ________________ and which is acceptable to _______________. Any replacement insurer with respect to
a Mortgage Loan must have at least as high a claims paying ability rating by ______________ and _______________ as the insurer
it replaces had on the Closing Date.

“Qualified Substitute
Mortgage Loan”: A Mortgage Loan substituted by the Depositor for a Deleted Mortgage Loan which must, on the date of such
substitution, as confirmed in an Officers’ Certificate delivered to the Trustee, (i) have an outstanding principal balance,
after deduction of the principal portion of the monthly payment due in the month of substitution (or in the case of a substitution
of more than one Mortgage Loan for a Deleted Mortgage Loan, an aggregate outstanding principal balance, after such deduction),
not in excess of the Stated Principal Balance of the Deleted Mortgage Loan (the amount of any shortfall to be deposited by the
Master Servicer, in the Custodial Account in the month of substitution); (ii) have a Mortgage Rate and a Net Mortgage Rate no lower
than and not more than 1% per annum higher than the Mortgage Rate and Net Mortgage Rate, respectively, of the Deleted Mortgage
Loan as of the date of substitution; (iii) have a remaining term to stated maturity not greater than (and not more than one year
less than) that of the Deleted Mortgage Loan; (iv) comply with each representation and warranty set forth in Section 2 of the Seller’s
Warranty Certificate; (v) have a Loan-to-Value Ratio as of the date of substitution equal to or lower than the Loan-to-Value Ratio
of the Deleted Mortgage Loan as of such date; and (vi) be covered under a Primary Insurance Policy if such Qualified Substitute
Mortgage Loan has a Loan-to-Value Ratio in excess of 80%. In the event that one or more mortgage loans are substituted for one
or more Deleted Mortgage Loans, the amounts described in clause (i) hereof shall be determined on the basis of aggregate principal
balances, the Mortgage Rates described in clause (ii) hereof shall be determined on the basis of weighted average Mortgage Rates,
the Net Mortgage Rates described in clause (ii) hereof shall be satisfied as to each such mortgage loan, the terms described in
clause (iii) shall be determined on the basis of weighted average remaining terms to maturity, the Loan-to-Value Ratios described
in clause (v) hereof shall be satisfied as to each such mortgage loan and, except to the extent otherwise provided in this sentence,
the representations and warranties described in clause (iv) hereof must be satisfied as to each Qualified Substitute Mortgage Loan
or in the aggregate, as the case may be.

“Rating Agency”:
[Standard & Poor’s] [Moody’s] [Fitch]. If either agency or a successor is no longer in existence, “Rating
Agency” shall be such statistical credit rating agency, or other comparable Person, designated by the Depositor, notice of
which designation 

    	-16-

    	 

    
shall
be given to the Trustee and the Master Servicer. References herein to the two highest long term debt rating categories of a Rating
Agency shall mean “AA” or better in the case of [Standard & Poor’s] [Fitch] and “Aa2” or better
in the case of Moody’s and references herein to the highest short-term debt rating of a Rating Agency shall mean “A-1”
in the case of [Standard & Poor’s,] and in the case of any other Rating Agency such references shall mean such rating
categories without regard to any plus or minus.

“Realized Loss”:
With respect to any Mortgage Loan or related REO Property as to which a Cash Liquidation or REO Disposition has occurred, an amount
(not less than zero) equal to (i) the Stated Principal Balance of the Mortgage Loan as of the date of Cash Liquidation or REO Disposition,
plus (ii) interest (and REO Imputed Interest, if any) at the related Net Mortgage Rate from the Due Date as to which interest was
last paid or advanced to Certificateholders up to the date of the Cash Liquidation or REO Disposition on the Stated Principal Balance
of such Mortgage Loan outstanding during each Due Period that such interest was not paid or advanced, minus (iii) the proceeds,
if any, received during the month in which such Cash Liquidation or REO Disposition occurred, to the extent applied as recoveries
of interest at the related Net Mortgage Rate and to principal of the Mortgage Loan, net of the portion thereof reimbursable to
the Master Servicer or any Sub-Servicer with respect to related Advances not previously reimbursed. With respect to each Mortgage
Loan which has become the subject of a Deficient Valuation, the difference between the principal balance of the Mortgage Loan outstanding
immediately prior to such Deficient Valuation and the principal balance of the Mortgage Loan as reduced by the Deficient Valuation.
With respect to each Mortgage Loan which has become the subject of a Debt Service Reduction, the amount of such Debt Service Reduction.

“Record Date”:
The last Business Day of the month immediately preceding the month of the related Distribution Date.

“Regular Certificate”:
Any of the Certificates other than the Class R Certificates.

“Relief Act”:
The Servicemembers Relief Act of 2003, as amended.

“Relief Act
Interest Shortfall”: With respect to any Distribution Date and any Mortgage Loan, any reduction in the amount of interest
collectible on such Mortgage Loan for the most recently ended calendar month as a result of the application of the Relief Act.

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

“REMIC Provisions”:
Provisions of the federal income tax law relating to real estate mortgage investment conduits, which appear at Sections 860A through
860G of Subchapter M of Chapter 1 of the Code, and related provisions, and proposed, temporary and final regulations and published
rulings, notices and announcements promulgated thereunder, as the foregoing may be in effect from time to time.

    	-17-

    	 

    

“Remittance
Report”: A report prepared by the Master Servicer providing the information set forth in Exhibit E attached hereto.

“REO Acquisition”:
The acquisition by the Master Servicer on behalf of the Trustee for the benefit of the Certificateholders of any REO Property pursuant
to Section 3.15.

“REO Disposition”:
The receipt by the Master Servicer of Insurance Proceeds, Liquidation Proceeds and other payments and recoveries (including proceeds
of a final sale) which the Master Servicer expects to be finally recoverable from the sale or other disposition of the REO Property.

“REO Imputed
Interest”: As to any REO Property, for any period, an amount equivalent to interest (at the Mortgage Rate that would have
been applicable to the related Mortgage Loan had it been outstanding) on the unpaid principal balance of the Mortgage Loan as of
the date of acquisition thereof (as such balance is reduced by any income from the REO Property treated as a recovery of principal
pursuant to Section 3.15).

“REO Proceeds”:
Proceeds, net of directly related expenses, received in respect of any REO Property (including, without limitation, proceeds from
the rental of the related Mortgaged Property and of any REO Disposition), which proceeds are required to be deposited into the
Custodial Account as and when received.

“REO Property”:
A Mortgaged Property acquired by the Master Servicer through foreclosure or deed-in-lieu of foreclosure in connection with a defaulted
Mortgage Loan.

“Request for
Release”: A release signed by a Servicing Officer, in the form of Exhibits F-1 or F-2 attached hereto.

“Required Insurance
Policy”: With respect to any Mortgage Loan, any Insurance Policy or any other insurance policy that is required to be maintained
from time to time under this Agreement or pursuant to the provisions of a Mortgage Loan.

“Residual Certificate”:
Any of the Class R Certificates.

“Responsible
Officer”: When used with respect to the Trustee, the Chairman or Vice Chairman of the Board of Directors or Trustees, the
Chairman or Vice Chairman of the Executive or Standing Committee of the Board of Directors or Trustees, the President, the Chairman
of the Committee on Trust Matters, any vice president, any assistant vice president, the Secretary, any assistant secretary, the
Treasurer, any assistant treasurer, the Cashier, any assistant cashier, any trust officer or assistant trust officer, the Controller
and any assistant controller or any other officer of the Trustee customarily performing functions similar to those performed by
any of the above designated officers and also, with respect to a particular matter, any other officer to whom such matter is referred
because of such officer’s knowledge of and familiarity with the particular subject.

“Seller”:
[Name of Seller] and its successors and assigns.

    	-18-

    	 

    

“Seller’s
Warranty Certificate”: The Seller’s Warranty Certificate of the Seller, dated ______ __, 20__, in the form of Exhibit
I attached hereto.

“Senior Accelerated
Distribution Percentage”: With respect to any Distribution Date, the percentage indicated below:

DISTRIBUTION
DATE SENIOR ACCELERATED DISTRIBUTION PERCENTAGE

[TABLE]

provided, however, (i) that any scheduled
reduction to the Senior Accelerated Distribution Percentage described above shall not occur as of any Distribution Date unless
either (a)(1) the outstanding principal balance of Mortgage Loans delinquent [60] days or more averaged over the last six months,
as a percentage of the aggregate outstanding principal balance of all Mortgage Loans averaged over the last [six] months, does
not exceed [2%] and (2) Realized Losses on the Mortgage Loans to date for such Distribution Date if occurring during the sixth,
seventh, eighth, ninth or tenth year (or any year thereafter) after the Closing Date are less than [30%, 35%, 40%, 45% or 50%],
respectively, of the Initial Certificate Principal Balance of the Class B Certificates or (b)(1) the outstanding principal balance
of the Mortgage Loans delinquent [60] days or more averaged over the last six months, as a percentage of the aggregate outstanding
principal balance of all Mortgage Loans averaged over the last [six] months, does not exceed [4%] and (2) Realized Losses on the
Mortgage Loans to date for such Distribution Date are less than [10%] of the Initial Certificate Principal Balance of the Class
B Certificates and (ii) that for any Distribution Date on which the Senior Percentage is greater than the Original Senior Percentage,
the Senior Accelerated Distribution Percentage for such Distribution Date shall be 100%. Notwithstanding the foregoing, upon the
reduction of the aggregate Certificate Principal Balance of the Class A Certificates to zero, the Senior Accelerated Distribution
Percentage shall thereafter be 0%.

“Senior Percentage”:
As of any Distribution Date, the lesser of 100% and a fraction, expressed as a percentage, the numerator of which is the aggregate
Certificate Principal Balance of the Class A Certificates immediately prior to such Distribution Date and the denominator of which
is the aggregate Stated Principal Balance of all of the Mortgage Loans (or related REO Properties) immediately prior to such Distribution
Date.

“Senior Principal
Distribution Amount”: As to any Distribution Date, the lesser of (a) the balance of the Available Distribution Amount remaining
after the distribution of all amounts required to be distributed pursuant to Section 4.02(b)(i) and (b) the sum of the amounts
required to be distributed to the Class A Certificateholders on such Distribution Date pursuant to Section 4.02(b)(ii) and (vi).

“Servicing Account”:
The account or accounts created and maintained pursuant to Section 3.09.

“Servicing
Advances”: All customary, reasonable and necessary “out of pocket” costs and expenses incurred in connection
with a default, delinquency or other

    	-19-

    	 

    
unanticipated
event by the Master Servicer in the performance of its servicing obligations, including, but not limited to, the cost of (i) the
preservation, restoration and protection of a Mortgaged Property, (ii) any enforcement or judicial proceedings, including foreclosures,
(iii) the management and liquidation of any REO Property and (iv) compliance with the obligations under the second paragraph of
Section 3.01 and Section 3.09.

“Servicing Fee”:
As to each Mortgage Loan, an amount, payable out of any payment of interest on the Mortgage Loan, equal to interest at the related
Servicing Fee Rate on the Stated Principal Balance of such Mortgage Loan for the calendar month preceding the month in which the
payment is due (alternatively, in the event such payment of interest accompanies a Principal Prepayment in full made by the Mortgagor,
interest for the number of days covered by such payment of interest).

“Servicing Fee
Rate”: With respect to each Mortgage Loan, the per annum rate of ______%.

“Servicing Officer”:
Any officer of the Master Servicer involved in, or responsible for, the administration and servicing of the Mortgage Loans, whose
name appears on a list of servicing officers furnished to the Trustee by the Master Servicer, as such list may from time to time
be amended.

“Single Certificate”:
A Certificate of any Class evidencing the minimum denomination for Certificates of such Class as set forth in Section 5.01.

“Special Hazard
Amount”: As of any Distribution Date, an amount equal to $___________ (the initial “Special Hazard Amount”) minus
the sum of (i) the aggregate amount of Special Hazard Losses allocated solely to the Class B Certificates pursuant to Section 4.04
and (ii) the Adjustment Amount (as defined below) as most recently calculated. For each anniversary of the Cut-off Date, the Adjustment
Amount shall be calculated and shall be equal to the amount, if any, by which the amount calculated in accordance with the preceding
sentence (without giving effect to the deduction of the Adjustment Amount for such anniversary) exceeds the greater of (A) the
product of the Special Hazard Percentage for such anniversary multiplied by the outstanding principal balance of all of the Mortgage
Loans on such anniversary and (B) twice the outstanding principal balance of the Mortgage Loan which has the largest outstanding
principal balance on such Anniversary.

“Special Hazard
Percentage”: As of each anniversary of the Cut-off Date, the greater of (i) 1% and (ii) the largest percentage obtained by
dividing the aggregate outstanding principal balance on such anniversary of the Mortgage Loans secured by Mortgaged Properties
located in a single, five-digit zip code area in the State of California by the outstanding principal balance of all the Mortgage
Loans on such anniversary.

“[Standard &
Poor’s”: Standard & Poor’s, a division of The McGraw-Hill Companies, Inc., or its successor in interest.]

“Startup Day”:
The day designated as such pursuant to Article X hereof.

    	-20-

    	 

    

“Stated Principal
Balance”: With respect to any Mortgage Loan or related REO Property at any given time, (i) the principal balance of the Mortgage
Loan outstanding as of the Cut-off Date, after application of principal payments due on or before such date, whether or not received,
minus (ii) the sum of (a) the principal portion of the Monthly Payments due with respect to such Mortgage Loan or REO Property
during each Due Period ending prior to the most recent Distribution Date which were received or with respect to which an Advance
was made, (b) all Principal Prepayments with respect to such Mortgage Loan or REO Property, and all Insurance Proceeds, Liquidation
Proceeds and net income from a REO Property to the extent applied by the Master Servicer as recoveries of principal in accordance
with Section 3.15 with respect to such Mortgage Loan or REO Property, which were distributed pursuant to Section 4.01 on any previous
Distribution Date and (c) any Realized Loss with respect thereto allocated pursuant to Section 4.04 for any previous Distribution
Date.

“Subordinate
Principal Distribution Amount”: With respect to any Distribution Date and the Class B Certificates, (a) the sum of (i) the
product of (x) the Class B Percentage and (y) the aggregate of the amounts calculated for such Distribution Date under clauses
(1), (2) and (3) of Section 4. 01 (b)(ii)(A); (ii) the principal collections described in Section 4. 01 (b)(ii)(B) to the extent
such collections are not otherwise distributed to the Senior Certificates; and (iii) the product of (x) 100% minus the Senior Accelerated
Distribution Percentage and (z) the aggregate of all Principal Prepayments in Full and Curtailments received in the related Prepayment
Period; provided, however, that such amount shall in no event exceed the outstanding Certificate Principal Balance of the Class
B Certificates immediately prior to such date.

“Sub-Servicer”:
Any Person with which the Master Servicer has entered into a Sub-Servicing Agreement and which meets the qualifications of a Sub-Servicer
pursuant to Section 3.02.

“Sub-Servicer
Remittance Date”: The 18th day of each month, or if such day is not a Business Day, the immediately preceding Business Day.

“Sub-Servicing
Account”: An account established by a Sub-Servicer which meets the requirements set forth in Section 3.08 and is otherwise
acceptable to the Master Servicer.

“Sub-Servicing
Agreement”: The written contract between the Master Servicer and a Sub-Servicer and any successor Sub-Servicer relating to
servicing and administration of certain Mortgage Loans as provided in Section 3.02.

“Swap Provider”:
The swap provider under a swap agreement either (a) entitled to receive payments from an administrator from amounts payable by
the Trust Fund under this Agreement or (b) required to make payments to an administrator for payment to the Trust Fund, in either
case pursuant to the terms of a swap agreement, and any successor in interest or assign.

“Tax Returns”:
The federal income tax return on Internal Revenue Service Form 1066, U.S. Real Estate Mortgage Investment Conduit Income Tax Return,
including Schedule Q thereto, Quarterly Notice to Residual Interest Holders of REMIC Taxable Income or Net Loss Allocation, or
any successor forms, to be filed on behalf of the Trust Fund due to its 

    	-21-

    	 

    
classification
as a REMIC under the REMIC Provisions, together with any and all other information, reports or returns that may be required to
be furnished to the Certificateholders or filed with the Internal Revenue Service or any other governmental taxing authority under
any applicable provisions of federal, state or local tax laws.

“Transfer”:
Any direct or indirect transfer, sale, pledge, hypothecation or other form of assignment of any Ownership Interest in a Certificate.

“Transferor”:
Any Person who is disposing by Transfer of any Ownership Interest in a Certificate.

“Trust Fund”:
The segregated pool of assets subject hereto, constituting the primary trust created hereby and to be administered hereunder, with
respect to which a REMIC election is to be made, consisting of: (i) the Mortgage Loans (exclusive of payments of principal and
interest due on or before the Cut-off Date, if any) as from time to time are subject to this Agreement and all payments under and
proceeds of the Mortgage Loans, together with all documents included in the related Mortgage File, subject to Section 2.01; (ii)
such funds or assets as from time to time are deposited in the Custodial Account and the Certificate Account; (iii) any REO Property;
(iv) the Primary Mortgage Insurance Policies, if any, Primary Hazard Insurance Policies and all other Insurance Policies with respect
to the Mortgage Loans; and (v) the Depositor’s interest in respect of the representations and warranties made by the Seller
in the Seller’s Warranty Certificate as assigned to the Trustee pursuant to Section 2.04 hereof.

“Trustee”:
[Name of Trustee], or its successor in interest, or any successor trustee appointed as herein provided.

“Trustee’s
Fee”: As to each Mortgage Loan and Distribution Date, an amount, payable out of any payment of interest on the Mortgage Loan,
equal to interest at ______% per annum on the Stated Principal Balance of such Mortgage Loan as of the Due Date immediately preceding
the month in which such Distribution Date occurs.

“Uninsured Cause”:
Any cause of damage to property subject to a Mortgage such that the complete restoration of such property is not fully reimbursable
by the hazard insurance policies or flood insurance policies required to be maintained pursuant to Section 3.13.

“United States
Person”: A citizen or resident of the United States, a corporation, partnership or other entity created or organized in,
or under the laws of, the United States or any political subdivision thereof, or an estate or trust whose income from sources without
the United States is includable in gross income for United States federal income tax purposes regardless of its connection with
the conduct of a trade or business within the United States. The term “United States” shall have the meaning set forth
in Section 7701 of the Code or successor provisions.

“Voting Rights”:
The portion of the voting rights of all of the Certificates which is allocated to any Certificate. ______% of all of the Voting
Rights shall be allocated among Holders of the Certificates, respectively, other than the Class A-5, Class A-7 and Class R Certificates,
in proportion to the outstanding Certificate Principal Balances of their respective 

    	-22-

    	 

    
Certificates;
and the Holders of the Class A-5, Class A-7 and Class R Certificates shall be entitled to ___%, ___% and ___% of all of the Voting
Rights, respectively, allocated among the Certificates of each such Class in accordance with their respective Percentage Interests.

    	-23-

    	 

    

ARTICLE
II

CONVEYANCE OF MORTGAGE LOANS;

ORIGINAL ISSUANCE OF CERTIFICATES

		SECTION 2.01.                   
	Conveyance of Mortgage Loans.

The Depositor, as
of the Closing Date, and concurrently with the execution and delivery hereof, does hereby assign, transfer, sell, set over and
otherwise convey to the Trustee without recourse all the right, title and interest of the Depositor in and to the Mortgage Loans
identified on the Mortgage Loan Schedule and all other assets included or to be included in the Trust Fund for the benefit of the
Certificateholders. Such assignment includes all principal and interest received by the Master Servicer on or with respect to the
Mortgage Loans (other than payment of principal and interest due on or before the Cut-off Date).

In connection with
such transfer and assignment, the Depositor has requested the Seller to deliver to, and deposit with the Trustee, the following
documents or instruments:

(i)                
the original Mortgage Note, endorsed by the Seller “Pay to the order of [Name of Trustee], as trustee without recourse”
or to “Pay to the order of [Name of Trustee], as trustee for holders of Shellpoint Mortgage Acceptance LLC, Mortgage Pass-Through
Certificates, Series 20___-_, without recourse” with all intervening endorsements showing a complete chain of endorsements
from the originator to the Person endorsing it to the Trustee;

(ii)              
the original recorded Mortgage or, if the original Mortgage has not been returned from the applicable public recording office,
a copy of the Mortgage certified by the Seller to be a true and complete copy of the original Mortgage submitted to the title insurance
company for recording;

(iii)            
a duly executed original Assignment of the Mortgage endorsed by the Seller, without recourse, to “[Name of Trustee],
as trustee” or to “[Name of Trustee], as trustee for holders of Shellpoint Mortgage Acceptance LLC, Mortgage Pass-Through
Certificates, Series 20___-_”, with evidence of recording thereon;

(iv)            
the original recorded Assignment or Assignments of the Mortgage showing a complete chain of assignment from the originator
thereof to the Person assigning it to the Trustee or, if any such Assignment has not been returned from the applicable public recording
office, a copy of such Assignment certified by the Seller to be a true and complete copy of the original Assignment submitted to
the title insurance company for recording;

(v)              
the original lender’s title insurance policy, or, if such policy has not been issued, any one of an original or a
copy of the preliminary title report, title binder or title commitment on the Mortgaged Property with the original policy of the
insurance to be delivered promptly following the receipt thereof;

    	-24-

    	 

    

(vi)            
the original of any assumption, modification, extension or guaranty agreement;

(vii)          
the original or a copy of the private mortgage insurance policy or original certificate of private mortgage insurance, if
applicable; and

(viii)        
if any of the documents or instruments referred to above were executed on behalf of the Mortgagor by another Person, the
original power of attorney or other instrument that authorized and empowered such Person to sign, or a copy thereof certified by
the Seller (or by an officer of the applicable title insurance or escrow company) to be a true and correct copy of the original.

The Seller is obligated
pursuant to the Seller’s Warranty Certificate to deliver to the Trustee: (a) either the original recorded Mortgage, or in
the event such original cannot be delivered by the Seller, a copy of such Mortgage certified as true and complete by the appropriate
recording office, in those instances where a copy thereof certified by the Seller was delivered to the Trustee pursuant to clause
(ii) above; and (b) either the original Assignment or Assignments of the Mortgage, with evidence of recording thereon, showing
a complete chain of assignment from the originator to the Seller, or in the event such original cannot be delivered by the Seller,
a copy of such Assignment or Assignments certified as true and complete by the appropriate recording office, in those instances
where copies thereof certified by the Seller were delivered to the Trustee pursuant to clause (iv) above. Notwithstanding anything
to the contrary contained in this Section 2.01, in those instances where the public recording office retains the original Mortgage
after it has been recorded, the Seller shall be deemed to have satisfied its obligations hereunder upon delivery to the Trustee
of a copy of such Mortgage certified by the public recording office to be a true and complete copy of the recorded original thereof.

If any Assignment
is lost or returned unrecorded to the Trustee because of any defect therein, the Seller is required to prepare a substitute Assignment
or cure such defect, as the case may be, and the Trustee shall cause such Assignment to be recorded in accordance with this paragraph.

The Seller is required,
as described in the Seller’s Warranty Certificate, to deliver to the Trustee the original of any documents assigned to the
Trustee pursuant to this Section 2.01 not later than 120 days after the Closing Date.

All original documents
relating to the Mortgage Loans which are not delivered to the Trustee, to the extent delivered by the Seller to the Master Servicer,
are and shall be held by the Master Servicer in trust for the benefit of the Trustee on behalf of the Certificateholders.

Except as may otherwise
expressly be provided herein, neither the Depositor, the Master Servicer nor the Trustee shall (and the Master Servicer shall ensure
that no Sub-Servicer shall) assign, sell, dispose of or transfer any interest in the Trust Fund or any portion thereof, or permit
the Trust Fund or any portion thereof to be subject to any lien, claim, mortgage, security interest, pledge or other encumbrance
of, any other Person.

    	-25-

    	 

    

It is intended that
the conveyance of the Mortgage Loans by the Depositor to the Trustee as provided in this Section be, and be construed as, a sale
of the Mortgage Loans by the Depositor to the Trustee for the benefit of the Certificateholders. It is, further, not intended that
such conveyance be deemed a pledge of the Mortgage Loans by the Depositor to the Trustee to secure a debt or other obligation of
the Depositor. However, in the event that the Mortgage Loans are held to be property of the Depositor, or if for any reason this
Agreement is held or deemed to create a security interest in the Mortgage Loans, then it is intended that, (a) this Agreement shall
also be deemed to be a security agreement within the meaning of Articles 8 and 9 of the New York Uniform Commercial Code and the
Uniform Commercial Code of any other applicable jurisdiction; (b) the conveyance provided for in this Section shall be deemed to
be (1) a grant by the Depositor to the Trustee of a security interest in all of the Depositor’s right (including the power
to convey title thereto), title and interest, whether now owned or hereafter acquired, in and to (A) the Mortgage Loans, including
the Mortgage Notes, the Mortgages, any related insurance policies and all other documents in the related Mortgage Files, (B) all
amounts payable to the holders of the Mortgage Loans in accordance with the terms thereof and (C) all proceeds of the conversion,
voluntary or involuntary, of the foregoing into cash, instruments, securities or other property, including without limitation all
amounts from time to time held or invested in the Certificate Account or the Custodial Account, whether in the form of cash, instruments,
securities or other property and (2) an assignment by the Depositor to the Trustee of any security interest in any and all of the
Seller’s right (including the power to convey title thereto), title and interest, whether now owned or hereafter acquired,
in and to the property described in the foregoing clauses (1)(A) through (C) granted by [Name of Seller] to the Depositor pursuant
to the Assignment Agreement; (c) the possession by the Trustee or its agent of Mortgage Notes and such other items of property
as constitute instruments, money, negotiable documents or chattel paper shall be deemed to be “possession by the secured
party” or possession by a purchaser or a person designated by such secured party, for purposes of perfecting the security
interest pursuant to the New York Uniform Commercial Code and the Uniform Commercial Code of any other applicable jurisdiction
(including, without limitation, Sections 9-115, 9-305, 8-102, 8-301, 8-501 and 8-503 thereof); and (d) notifications to persons
holding such property, and acknowledgments, receipts or confirmations from persons holding such property, shall be deemed notifications
to, or acknowledgments, receipts or confirmations from, financial intermediaries, bailees or agents (as applicable) of the Trustee
for the purpose of perfecting such security interest under applicable law. The Depositor and the Trustee shall, to the extent consistent
with this Agreement, take such actions as may be necessary to ensure that, if this Agreement were deemed to create a security interest
in the Mortgage Loans, such security interest would be deemed to be a perfected security interest of first priority under applicable
law and will be maintained as such throughout the term of the Agreement.

		SECTION 2.02.                   
	Acceptance of the Trust Fund by the Trustee.

The Trustee acknowledges
receipt (subject to any exceptions noted in the Initial Certification described below) of the documents referred to in Section
2.01 above and all other assets included in the Trust Fund and declares that it holds and will hold such documents and the other
documents delivered to it constituting the Mortgage Files, and that it holds or will hold such other assets included in the Trust
Fund (to the extent delivered or assigned to the Trustee), in trust for the exclusive use and benefit of all present and future
Certificateholders.

    	-26-

    	 

    

The Trustee agrees,
for the benefit of the Certificateholders, to review each Mortgage File on or before the Closing Date to ascertain that all documents
required to be delivered to it are in its possession, and the Trustee agrees to execute and deliver to the Depositor and the Master
Servicer on the Closing Date an Initial Certification in the form annexed hereto as Exhibit C to the effect that, as to each Mortgage
Loan listed in the Mortgage Loan Schedule (other than any Mortgage Loan paid in full or any Mortgage Loan specifically identified
in such certification as not covered by such certification), (i) all documents required to be delivered to it pursuant to this
Agreement with respect to such Mortgage Loan are in its possession, (ii) such documents have been reviewed by it and appear regular
on their face and relate to such Mortgage Loan and (iii) based on its examination and only as to the foregoing documents, the information
set forth in items (i) - (vi) and (xiii) of the definition of the “Mortgage Loan Schedule” accurately reflects information
set forth in the Mortgage File. Neither the Trustee nor the Master Servicer shall be under any duty to determine whether any Mortgage
File should include any of the documents specified in clause (vi) of Section 2.01. Neither the Trustee nor the Master Servicer
shall be under any duty or obligation to inspect, review or examine said documents, instruments, certificates or other papers to
determine that the same are genuine, enforceable or appropriate for the represented purpose or that they have actually been recorded
or that they are other than what they purport to be on their face.

Within 90 days of
the Closing Date the Trustee shall deliver to the Depositor and the Master Servicer a Final Certification in the form annexed hereto
as Exhibit D evidencing the completeness of the Mortgage Files, with any applicable exceptions noted thereon.

If in the process
of reviewing the Mortgage Files and preparing the certifications referred to above the Trustee finds any document or documents
constituting a part of a Mortgage File to be missing or defective in any material respect, the Trustee shall promptly notify the
Seller, the Master Servicer and the Depositor. The Trustee shall promptly notify the Seller of such defect and request that the
Seller cure any such defect within 60 days from the date on which the Seller was notified of such defect, and if the Seller does
not cure such defect in all material respects during such period, request that the Seller purchase such Mortgage Loan from the
Trust Fund on behalf of the Certificateholders at the Purchase Price within 90 days after the date on which the Seller was notified
of such defect. It is understood and agreed that the obligation of the Seller to cure a material defect in, or purchase any Mortgage
Loan as to which a material defect in a constituent document exists shall constitute the sole remedy respecting such defect available
to Certificateholders or the Trustee on behalf of Certificateholders. The Purchase Price for the purchased Mortgage Loan shall
be deposited or caused to be deposited upon receipt by the Master Servicer in the Custodial Account and, upon receipt by the Trustee
of written notification of such deposit signed by a Servicing Officer, the Trustee shall release or cause to be released to the
Seller the related Mortgage File and shall execute and deliver such instruments of transfer or assignment, in each case without
recourse, as the Seller shall require as necessary to vest in the Seller ownership of any Mortgage Loan released pursuant hereto
and at such time the Trustee shall have no further responsibility with respect to the related Mortgage File.

    	-27-

    	 

    

		SECTION 2.03.                   
	Representations, Warranties and Covenants of the Master Servicer and the Depositor.

(a)               
The Master Servicer hereby represents and warrants to and covenants with the Depositor and the Trustee for the benefit of
Certificateholders that:

(i)                
The Master Servicer is, and throughout the term hereof shall remain, a duly organized, validly existing and in good standing
under the laws of the State of (except as otherwise permitted pursuant to Section 6.02), the Master Servicer is, and shall remain,
in compliance with the laws of each state in which any Mortgaged Property is located to the extent necessary to perform its obligations
under this Agreement, and the Master Servicer is, and shall remain, approved to sell mortgage loans to and service mortgage loans
for Fannie Mae and Freddie Mac;

(ii)              
The execution and delivery of this Agreement by the Master Servicer, and the performance and compliance with the terms of
this Agreement by the Master Servicer, will not violate the Master Servicer’s articles of incorporation or bylaws 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 which is applicable to it or any of its assets;

(iii)            
The Master Servicer 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, assuming due authorization, execution and delivery by the Depositor and the Trustee, constitutes a valid,
legal and binding obligation of the Master Servicer, enforceable against the Master Servicer in accordance with the terms hereof,
subject to (A) applicable bankruptcy, insolvency, reorganization, moratorium and other laws affecting the enforcement of creditors’
rights generally, and (B) general principles of equity, regardless of whether such enforcement is considered in a proceeding in
equity or at law;

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

(vi)            
No litigation is pending or, to the best of the Master Servicer’s knowledge, threatened against the Master Servicer
which would prohibit its entering into this Agreement or performing its obligations under this Agreement or is likely to affect

    	-28-

    	 

    
materially
and adversely either the ability of the Master Servicer to perform its obligations under this Agreement or the financial condition
of the Master Servicer;

(vii)          
The Master Servicer will comply in all material respects in the performance of this Agreement and with all reasonable rules
and requirements of each insurer under each Insurance Policy; and

(viii)        
The execution of this Agreement and the performance of the Master Servicer’s obligations hereunder do not require
any license, consent or approval of any state or federal court, agency, regulatory authority or other governmental body having
jurisdiction over the Master Servicer, other than such as have been obtained; and (ix) no information, certificate of an officer,
statement furnished in writing or report delivered to the Depositor, any affiliate of the Depositor or the Trustee by the Master
Servicer will, to the knowledge of the Master Servicer, contain any untrue statement of a material fact or omit a material fact
necessary to make the information, certificate, statement or report not misleading.

It is understood and
agreed that the representations, warranties and covenants set forth in this Section 2.03(a) shall survive the execution and delivery
of this Agreement, and shall inure to the benefit of the Depositor, the Trustee and the Certificateholders. Upon discovery by the
Depositor, the Trustee or the Master Servicer of a breach of any of the foregoing representations, warranties and covenants that
materially and adversely affects the interests of the Depositor or the Trustee, the party discovering such breach shall give prompt
written notice to the other parties.

(b)              
The Depositor hereby represents and warrants to the Master Servicer and the Trustee for the benefit of Certificateholders
that as of the Closing Date (or, if otherwise specified below, as of the date so specified):

(i)                
Immediately prior to the assignment of the Mortgage Loans to the Trustee, the Depositor had good title to, and was the sole
owner of, each Mortgage Loan free and clear of any pledge, lien, encumbrance or security interest (other than rights to servicing
and related compensation) and such assignment validly transfers ownership of the Mortgage Loans to the Trustee free and clear of
any pledge, lien, encumbrance or security interest;

(ii)              
No Mortgage Loan is one month or more delinquent in payment of principal and interest as of the Cut-off Date and no Mortgage
Loan has been so delinquent more than once in the 12-month period prior to the Cut- off Date;

(iii)            
The information set forth in the Mortgage Loan Schedule with respect to each Mortgage Loan or the Mortgage Loans, as the
case may be, is true and correct in all material respects at the date or dates respecting which such information is furnished;

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(iv)            
The Mortgage Loans are fully-amortizing, fixed-rate mortgage loans with level Monthly Payments due on the first day of each
month and terms to maturity at origination or modification of not more than 30 years;

(v)              
Each Mortgage Loan secured by a Mortgaged Property with a Loan-to-Value Ratio at origination in excess of 80% is the subject
of a Primary Mortgage Insurance Policy that insures that portion of the principal balance thereof that exceeds the amount equal
to 75% of the appraised value of the related Mortgaged Property. Each such Primary Mortgage Insurance Policy is in full force and
effect and the Trustee is entitled to the benefits thereunder; and

(vi)            
The representations and warranties of the Seller with respect to the Mortgage Loans and the remedies therefor are as set
forth in the Seller’s Warranty Certificate.

[Other representations
and warranties as applicable.]

It is understood and
agreed that the representations and warranties set forth in this Section 2.03(b) shall survive delivery of the respective Mortgage
Files to the Trustee.

Upon discovery by
either the Depositor, the Master Servicer or the Trustee of a breach of any representation or warranty set forth in this Section
2.03 which materially and adversely affects the interests of the Certificateholders in any Mortgage Loan, the party discovering
such breach shall give prompt written notice to the other parties.

		SECTION 2.04.                   
	Representations and Warranties of the Seller; Repurchase and Substitution.

The Depositor hereby
assigns to the Trustee for the benefit of Certificateholders its interest in respect of the representations and warranties made
by the Seller in the Seller’s Warranty Certificate or the exhibits thereto. Insofar as the Seller’s Warranty Certificate
relates to such representations and warranties and any remedies provided thereunder for any breach of such representations and
warranties, such right, title and interest may be enforced by the Trustee on behalf of the Certificateholders. Upon the discovery
by the Depositor, the Master Servicer or the Trustee of a breach of any of the representations and warranties made in the Seller’s
Warranty Certificate in respect of any Mortgage Loan which materially and adversely affects the interests of the Certificateholders
in such Mortgage Loan, the party discovering such breach shall give prompt written notice to the other parties. The Trustee shall
promptly notify the Seller of such breach and request that such Seller shall, within 90 days from the date that the Depositor,
the Seller or the Trustee was notified of such breach, either (i) cure such breach in all material respects or (ii) purchase such
Mortgage Loan from the Trust Fund at the Purchase Price and in the manner set forth in Section 2.02; provided that in the case
of such breach, the Seller shall have the option to substitute a Qualified Substitute Mortgage Loan or Loans for such Mortgage
Loan if such substitution occurs within two years following the Closing Date. Any such substitution must occur within 90 days from
the date the Seller was notified of the breach if such 90 day period expires before two years following the Closing Date. In the
event that the Seller 

    	-30-

    	 

    
elects
to substitute a Qualified Substitute Mortgage Loan or Loans for a Deleted Mortgage Loan pursuant to this Section 2.04, the Seller
shall deliver to the Trustee for the benefit of the Certificateholders with respect to such Qualified Substitute Mortgage Loan
or Loans, the original Mortgage Note, the Mortgage, an Assignment of the Mortgage in recordable form, and such other documents
and agreements as are required by Section 2.01, with the Mortgage Note endorsed as required by Section 2.01. No substitution will
be made in any calendar month after the Determination Date for such month. Monthly Payments due with respect to Qualified Substitute
Mortgage Loans in the month of substitution shall not be part of the Trust Fund and will be retained by the Master Servicer and
remitted by the Master Servicer to the Seller on the next succeeding Distribution Date.

For the month of substitution,
distributions to Certificateholders will include the Monthly Payment due on a Deleted Mortgage Loan for such month and thereafter
the Seller shall be entitled to retain all amounts received in respect of such Deleted Mortgage Loan. The Depositor shall amend
or cause to be amended the Mortgage Loan Schedule for the benefit of the Certificateholders to reflect the removal of such Deleted
Mortgage Loan and the substitution of the Qualified Substitute Mortgage Loan or Loans and the Depositor shall deliver the amended
Mortgage Loan Schedule, to the Trustee. Upon such substitution, the Qualified Substitute Mortgage Loan or Loans shall be subject
to the terms of this Agreement in all respects, the Seller shall be deemed to have made the representations and warranties with
respect to the Qualified Substitute Mortgage Loan contained in the Seller’s Warranty Certificate as of the date of substitution,
and the Depositor shall be deemed to have made with respect to any Qualified Substitute Mortgage Loan or Loans, as of the date
of substitution, the representations and warranties set forth in Section 2.03 hereof, and the Seller shall be obligated to repurchase
or substitute for any Qualified Substitute Mortgage Loan as to which a repurchase or substitution obligation has occurred pursuant
to Section 3 of the Seller’s Warranty Certificate.

In connection with
the substitution of one or more Qualified Substitute Mortgage Loans for one or more Deleted Mortgage Loans, the Master Servicer
will determine the amount (if any) by which the aggregate principal balance of all such Qualified Substitute Mortgage Loans as
of the date of substitution is less than the aggregate Stated Principal Balance of all such Deleted Mortgage Loans (in each case
after application of the principal portion of the Monthly Payments due in the month of substitution that are to be distributed
to Certificateholders in the month of substitution). The Seller shall provide the Master Servicer on the day of substitution for
immediate deposit in to the Custodial Account the amount of such shortfall, without any reimbursement therefor. The Seller shall
give notice in writing to the Trustee of such event, which notice shall be accompanied by an Officers’ Certificate as to
the calculation of such shortfall and by an Opinion of Counsel to the effect that such substitution will not cause (a) any federal
tax to be imposed on the Trust Fund, including without limitation, any federal tax imposed on “prohibited transactions”
under Section 860F(a)(1) of the Code or on “contributions after the startup date” under Section 860G(d)(1) of the Code
or (b) any portion of the Trust Fund to fail to qualify as a REMIC at any time that any Certificate is outstanding. The costs of
any substitution as described above, including any related assignments, opinions or other documentation in connection therewith
shall be borne by the Seller.

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Except as expressly
set forth herein neither the Trustee nor the Master Servicer is under any obligation to discover any breach of the above mentioned
representations and warranties. It is understood and agreed that the obligation of the Seller to cure such breach or to so purchase
or substitute for any Mortgage Loan as to which such a breach has occurred and is continuing shall constitute the sole remedy respecting
such breach available to Certificateholders or the Trustee on behalf of Certificateholders. In addition, if the first scheduled
Monthly Payment is due during the first month after its closing date (as such term is used in the Seller’s Warranties Certificate)
and such Monthly Payment is not received by the Master Servicer within 30 days of the due date in accordance with the terms of
the related Mortgage Note, the Master Servicer shall promptly notify the Seller and the Trustee and the Seller shall purchase such
Mortgage Loan from the Trust Fund at the Purchase Price or substitute a Qualified Substitute Mortgage Loan therefor within 15 days
from the date that the Seller was notified.

		SECTION 2.05.                   
	Issuance of Certificates Evidencing Interests in the Trust Fund.

The Trustee acknowledges
the assignment to it of the Mortgage Loans and the delivery of the Mortgage Files to it together with the assignment to it of all
other assets included in the Trust Fund, receipt of which is hereby acknowledged. Concurrently with such delivery and in exchange
therefor, the Trustee, pursuant to the written request of the Depositor executed by an officer of the Depositor, has executed and
caused to be authenticated, and delivered to or upon the order of the Depositor, the Certificates in authorized denominations which
evidence ownership of the entire Trust Fund.

 

		SECTION 2.06.                   
	Purposes and Powers of the Trust.

The purpose of the
common law trust, as created hereunder, is to engage in the following activities:

(a)               
acquire and hold the Mortgage Loans and the other assets of the Trust Fund and the proceeds therefrom;

(b)              
to issue the Certificates sold to the Depositor in exchange for the Mortgage Loans;

(c)               
to make payments on the Certificates;

(d)              
to engage in those activities that are necessary, suitable or convenient to accomplish the foregoing or are incidental thereto
or connected therewith; and

(e)               
subject to compliance with this Agreement, to engage in such other activities as may be required in connection with conservation
of the Trust Fund and the making of distributions to the Certificateholders.

The trust is hereby authorized
to engage in the foregoing activities. The Trustee shall not cause the trust to engage in any activity other than in connection
with the foregoing or other than as required or authorized by the terms of this Agreement while any Certificate is 

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outstanding,
and this Section 2.06 may not be amended, without the consent of the Certificateholders evidencing 51% or more of the aggregate
Voting Rights of the Certificates.

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ARTICLE
III

ADMINISTRATION AND SERVICING OF THE TRUST FUND

		SECTION 3.01.                   
	Master Servicer to Act as Master Servicer.

The Master Servicer
shall service and administer the Mortgage Loans for the benefit of the Certificateholders, in accordance with this Agreement and
the customary and usual standards of practice of prudent institutional mortgage lenders servicing comparable mortgage loans for
their own account in the respective states in which the Mortgaged Properties are located. Subject to the foregoing, the Master
Servicer shall have full power and authority, acting alone and/or through Sub-Servicers as provided in Section 3.02, to do or cause
to be done any and all things in connection with such servicing and administration that it may deem necessary or desirable. Without
limiting the generality of the foregoing, the Master Servicer in its own name or in the name of a Sub-Servicer is hereby authorized
and empowered by the Trustee when the Master Servicer believes it appropriate in its best judgment, to (i) execute and deliver,
on behalf of the Certificateholders and the Trustee or any of them, any and all instruments of satisfaction or cancellation, or
of partial or full release or discharge, and all other comparable instruments, with respect to the Mortgage Loans and the Mortgaged
Properties, (ii) institute foreclosure proceedings or obtain a deed-in-lieu of foreclosure so as to convert the ownership of such
properties, and (iii) hold or cause to be held title to such properties, on behalf of the Trustee and Certificateholders. The Master
Servicer shall service and administer the Mortgage Loans in accordance with applicable state and federal law and shall provide
to the Mortgagors any reports required to be provided to them thereby. Subject to Section 3.16, the Trustee shall furnish to the
Master Servicer and any Sub-Servicer any powers of attorney and other documents necessary or appropriate to enable the Master Servicer
and any Sub- Servicer to carry out their servicing and administrative duties hereunder. The Trustee shall not be responsible for
any action taken by the Master Servicer or any Sub-Servicer pursuant to the application of such powers of attorney. In accordance
with the standards of the preceding paragraph, the Master Servicer shall advance or cause to be advanced funds as necessary for
the purpose of effecting the payment of taxes and assessments on the Mortgaged Properties, which advances shall be reimbursable
in the first instance from related collections from the Mortgagors pursuant to Section 3.09, and further as provided in Section
3.11. No costs incurred by the Master Servicer or by Sub- Servicers in effecting the payment of taxes and assessments on the Mortgaged
Properties shall, for the purpose of calculating distributions to Certificateholders, be added to the amount owing under the related
Mortgage Loans, notwithstanding that the terms of such Mortgage Loans so permit.

The Master Servicer
shall not (unless the Mortgagor is in default with respect to the Mortgage Loan or such default is, in the judgment of the Master
Servicer, reasonably foreseeable) make or permit any modification, waiver or amendment of any term of any Mortgage Loan that would
both (i) effect an exchange or reissuance of such Mortgage Loan under Section 1001 of the Code (or final, temporary or proposed
Treasury regulations promulgated thereunder) and (ii) cause the Trust Fund to fail to qualify as a REMIC under the Code or the
imposition of any tax on “prohibited transactions” or “contributions” after the startup date under the
REMIC Provisions.

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The Master Servicer
may approve a request for a partial release of the Mortgaged Property, easement, consent to alteration or demolition and other
similar matters if it has determined, exercising its good faith business judgement in the same manner as it would if it were the
owner of the related Mortgage Loan, that such approval will not adversely affect the security for, or the timely and full collectability
of, the related Mortgage Loan. Any fee collected by the Master Servicer for processing such request will be retained by the Master
Servicer as additional servicing compensation.

The relationship of
the Master Servicer (and of any successor to the Master Servicer under this Agreement) to the Trustee under this Agreement is intended
by the parties to be that of an independent contractor and not that of a joint venturer, partner or agent.

		SECTION 3.02.                   
	Sub-Servicing Agreements Between Master Servicer and Sub- Servicers.

(a)               
The Master Servicer may enter into Sub-Servicing Agreements with Sub- Servicers for the servicing and administration of
the Mortgage Loans and for the performance of any and all other activities of the Master Servicer hereunder. Each Sub-Servicer
shall be either (i) an institution the accounts of which are insured by the FDIC or (ii) another entity that engages in the business
of originating or servicing mortgage loans, and in either case shall be authorized to transact business in the state or states
in which the related Mortgaged Properties it is to service are situated, if and to the extent required by applicable law to enable
the Sub-Servicer to perform its obligations hereunder and under the Sub-Servicing Agreement, and in either case shall be a Freddie
Mac or Fannie Mae approved mortgage servicer. Each Sub-Servicing Agreement must impose on the Sub-Servicer requirements conforming
to the provisions set forth in Section 3.08 and provide for servicing of the Mortgage Loans consistent with the terms of this Agreement.
With the consent of the Trustee, which consent shall not be unreasonably withheld, the Master Servicer and the Sub-Servicers may
enter into Sub-Servicing Agreements and make amendments to the Sub-Servicing Agreements or enter into different forms of Sub-Servicing
Agreements; provided, however, that any such amendments or different forms shall be consistent with and not violate the provisions
of this Agreement.

(b)              
As part of its servicing activities hereunder, the Master Servicer, for the benefit of the Trustee and the Certificateholders,
shall enforce the obligations of each Sub-Servicer under the related Sub-Servicing Agreement, including, without limitation, any
obligation to make advances in respect of delinquent payments as required by a Sub-Servicing Agreement, or to purchase a Mortgage
Loan on account of defective documentation or on account of a breach of a representation or warranty, as described in Section 2.02.
Such enforcement, including, without limitation, the legal prosecution of claims, termination of Sub-Servicing Agreements and the
pursuit of other appropriate remedies, shall be in such form and carried out to such an extent and at such time as the Master Servicer,
in its good faith business judgment, would require were it the owner of the related Mortgage Loans. The Master Servicer shall pay
the costs of such enforcement at its own expense, but shall be reimbursed therefor only (i) from a general recovery resulting from
such enforcement only to the extent, if any, that such recovery exceeds all amounts due in respect of the related Mortgage Loans
or (ii) from a specific 

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recovery
of costs, expenses or attorneys’ fees against the party against whom such enforcement is directed.

		SECTION 3.03.                   
	Successor Sub-Servicers.

The Master Servicer
shall be entitled to terminate any Sub-Servicing Agreement and the rights and obligations of any Sub-Servicer pursuant to any Sub-Servicing
Agreement in accordance with the terms and conditions of such Sub-Servicing Agreement. In the event of termination of any Sub-Servicer,
all servicing obligations of such Sub-Servicer shall be assumed simultaneously by the Master Servicer without any act or deed on
the part of such Sub-Servicer or the Master Servicer, and the Master Servicer either shall service directly the related Mortgage
Loans or shall enter into a Sub-Servicing Agreement with a successor Sub-Servicer which qualifies under Section 3.02.

		SECTION 3.04.                   
	Liability of the Master Servicer.

Notwithstanding any
Sub-Servicing Agreement, any of the provisions of this Agreement relating to agreements or arrangements between the Master Servicer
and a Sub-Servicer or reference to actions taken through a Sub-Servicer or otherwise, the Master Servicer shall remain obligated
and primarily liable to the Trustee and Certificateholders for the servicing and administering of the Mortgage Loans in accordance
with the provisions of Section 3.01 without diminution of such obligation or liability by virtue of such Sub-Servicing Agreements
or arrangements or by virtue of indemnification from the Sub-Servicer and to the same extent and under the same terms and conditions
as if the Master Servicer alone were servicing and administering the Mortgage Loans. For purposes of this Agreement, the Master
Servicer shall be deemed to have received payments on Mortgage Loans when the Sub-Servicer has received such payments. The Master
Servicer shall be entitled to enter into any agreement with a Sub-Servicer for indemnification of the Master Servicer by such Sub-Servicer
and nothing contained in this Agreement shall be deemed to limit or modify such indemnification.

		SECTION 3.05.                   
	No Contractual Relationship Between Sub-Servicers and Trustee or Certificateholders.

Any Sub-Servicing
Agreement that may be entered into and any transactions or services relating to the Mortgage Loans involving a Sub-Servicer in
its capacity as such and not as an originator shall be deemed to be between the Sub-Servicer and the Master Servicer alone, and
the Trustee and Certificateholders shall not be deemed parties thereto and shall have no claims, rights, obligations, duties or
liabilities with respect to the Sub-Servicer except as set forth in Section 3.06.

		SECTION 3.06.                   
	Assumption or Termination of Sub-Servicing Agreements by Trustee.

In the event the Master
Servicer shall for any reason no longer be the master servicer (including by reason of an Event of Default), the Trustee or its
designee shall thereupon assume all of the rights and obligations of the Master Servicer under each Sub-Servicing

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Agreement
that the Master Servicer may have entered into, unless the Trustee is then permitted and elects to terminate any Sub-Servicing
Agreement in accordance with its terms. The Trustee, its designee or the successor servicer for the Trustee shall be deemed to
have assumed all of the Master Servicer’s interest therein and to have replaced the Master Servicer as a party to each Sub-Servicing
Agreement to the same extent as if the Sub-Servicing Agreements had been assigned to the assuming party, except that the Master
Servicer shall not thereby be relieved of any liability or obligations under the Sub-Servicing Agreements, and the Master Servicer
shall continue to be entitled to any rights or benefits which arose prior to its termination as master servicer.

The Master Servicer
at its expense shall, upon request of the Trustee, deliver to the assuming party all documents and records relating to each Sub-Servicing
Agreement and the Mortgage Loans then being serviced and an accounting of amounts collected and held by it and otherwise use its
best efforts to effect the orderly and efficient transfer of the Sub-Servicing Agreements to the assuming party.

		SECTION 3.07.                   
	Collection of Certain Mortgage Loan Payments.

The Master Servicer
shall make reasonable efforts to collect all payments called for under the terms and provisions of the Mortgage Loans, and shall,
to the extent such procedures shall be consistent with this Agreement and the terms and provisions of any related Insurance Policy,
follow such collection procedures as it would follow with respect to mortgage loans comparable to the Mortgage Loans and held for
its own account. The Master Servicer shall not be required to institute or join in litigation with respect to collection of any
payment (whether under a Mortgage, Mortgage Note, Primary Hazard Insurance Policy, Primary Mortgage Insurance Policy or otherwise
or against any public or governmental authority with respect to a taking or condemnation) if it reasonably believes that it is
prohibited by applicable law from enforcing the provision of the Mortgage or other instrument pursuant to which such payment is
required. Consistent with the foregoing, the Master Servicer may in its discretion waive any prepayment fees, late payment charge
or other charge, except as otherwise required under applicable law. The Master Servicer shall be responsible for preparing and
distributing all information statements relating to payments on the Mortgage Loans, in accordance with all applicable federal and
state tax laws and regulations.

		SECTION 3.08.                   
	Sub-Servicing Accounts.

In those cases where
a Sub-Servicer is servicing a Mortgage Loan pursuant to a Sub-Servicing Agreement, the Sub-Servicer will be required to establish
and maintain one or more accounts (collectively, the “Sub-Servicing Account”). The Sub-Servicing Account shall be an
Eligible Account and shall otherwise be acceptable to the Master Servicer. All amounts held in a Sub-Servicing Account shall be
held in trust for the Trustee for the benefit of the Certificateholders. The Sub-Servicer will be required to deposit into the
Sub-Servicing Account no later than the first Business Day after receipt all proceeds of Mortgage Loans received by the Sub-Servicer,
less its servicing compensation and any unreimbursed expenses and advances, to the extent permitted by the Sub-Servicing Agreement.
On each Sub-Servicer Remittance Date the Sub-Servicer will be required to remit to the Master Servicer for deposit into the Custodial

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Account
all funds held in the Sub-Servicing Account with respect to any Mortgage Loan as of the Sub-Servicer Remittance Date, after deducting
from such remittance an amount equal to the servicing compensation and unreimbursed expenses and advances to which it is then
entitled pursuant to the related Sub- Servicing Agreement, to the extent not previously paid to or retained by it. In addition,
on each Sub-Servicer Remittance Date the Sub-Servicer will be required to remit to the Master Servicer any amounts required to
be advanced pursuant to the related Sub-Servicing Agreement. The Sub-Servicer will also be required to remit to the Master Servicer,
within one Business Day of receipt, the proceeds of any Principal Prepayment made by the Mortgagor and any Insurance Proceeds
or Liquidation Proceeds.

		SECTION 3.09.                   
	Collection of Taxes, Assessments and Similar Items; Servicing Accounts.

The Master Servicer
and the Sub-Servicers shall establish and maintain one or more accounts (the “Servicing Accounts”), and shall deposit
and retain therein all collections from the Mortgagors (or related advances from Sub- Servicers) for the payment of taxes, assessments,
Primary Hazard Insurance Policy premiums, and comparable items for the account of the Mortgagors, to the extent that the Master
Servicer customarily escrows for such amounts. Withdrawals of amounts so collected from a Servicing Account may be made only to
(i) effect payment of taxes, assessments, Primary Hazard Insurance Policy premiums and comparable items; (ii) reimburse the Master
Servicer (or a Sub-Servicer to the extent provided in the related Sub-Servicing Agreement) out of related collections for any payments
made pursuant to Sections 3.01 (with respect to taxes and assessments) and 3.13 (with respect to Primary Hazard Insurance Policies);
(iii) refund to Mortgagors any sums as may be determined to be overages; or (iv) clear and terminate the Servicing Account at the
termination of this Agreement pursuant to Section 9.01. As part of its servicing duties, the Master Servicer or Sub-Servicers shall,
if and to the extent required by law, pay to the Mortgagors interest on funds in Servicing Accounts from its or their own funds,
without any reimbursement therefor.

		SECTION 3.10.                   
	Custodial Account.

(a)               
The Master Servicer shall establish and maintain one or more accounts (collectively, the “Custodial Account”)
in which the Master Servicer shall deposit or cause to be deposited no later than the first Business Day after receipt or as and
when received from the Sub-Servicers, the following payments and collections received or made by or on behalf of it subsequent
to the Cut-off Date, or received by it prior to the Cut-off Date but allocable to a period subsequent thereto (other than in respect
of principal and interest on the Mortgage Loans due on or before the Cut-off Date):

(i)                
all payments on account of principal, including Principal Prepayments, on the Mortgage Loans;

(ii)              
all payments on account of interest on the Mortgage Loans, not including any portion thereof representing interest on account
of the related Servicing Fee Rate;

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(iii)            
all Insurance Proceeds, other than proceeds that represent reimbursement of costs and expenses incurred by the Master Servicer
in connection with presenting claims under the related Insurance Policies, Liquidation Proceeds and REO Proceeds;

(iv)            
all proceeds of any Mortgage Loan or REO Property repurchased or purchased in accordance with Sections 2.02, 2.04 or 9.01
and all amounts required to be deposited in connection with the substitution of a Qualified Substitute Mortgage Loan pursuant to
Section 2.04;

(v)              
any amounts required to be deposited in the Custodial Account pursuant to Section 3.12, 3.13 or 3.22; and

(vi)            
all amounts transferred from the Certificate Account to the Custodial Account in accordance with Sections 4.01(b).

For purposes of the
immediately preceding sentence, the Cut-off Date with respect to any Qualified Substitute Mortgage Loan shall be deemed to be the
date of substitution.

The foregoing requirements for deposit
in the Custodial Account shall be exclusive. In the event the Master Servicer shall deposit in the Custodial Account any amount
not required to be deposited therein, it may withdraw such amount from the Custodial Account, any provision herein to the contrary
notwithstanding. The Custodial Account shall be maintained as a segregated account, separate and apart from trust funds created
for mortgage pass-through certificates of other series, and the other accounts of the Master Servicer.

(b)              
Funds in the Custodial Account may be invested in Permitted Instruments in accordance with the provisions set forth in Section
3.12. The Master Servicer shall give notice to the Trustee and the Depositor of the location of the Custodial Account after any
change thereof.

(c)               
Payments in the nature of late payment charges, prepayment fees, assumption fees and reconveyance fees received on the Mortgage
Loans shall not be deposited in the Custodial Account, but rather shall be received and held by the Master Servicer as additional
servicing compensation.

		SECTION 3.11.                   
	Permitted Withdrawals From the Custodial Account.

The Master Servicer
may, from time to time as provided herein, make withdrawals from the Custodial Account of amounts on deposit therein pursuant to
Section 3.10 that are attributable to the Mortgage Loans for the following purposes:

(i)                
to make deposits into the Certificate Account in the amounts and in the manner provided for in Section 4.01, such deposit
to include interest collections on the Mortgage Loans at the Net Mortgage Rate [and net of amounts reimbursed therefrom];

(ii)              
to pay to itself, the Depositor, the Seller or any other appropriate person, as the case may be, with respect to each Mortgage
Loan that has previously been 

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purchased, repurchased or replaced pursuant to Sections 2.02, 2.04 or 9.01 all amounts received thereon
and not yet distributed as of the date of purchase, repurchase or substitution;

(iii)            
to reimburse itself or any Sub-Servicer for Advances not previously reimbursed, the Master Servicer’s or any Sub-Servicer’s
right to reimbursement pursuant to this clause (iii) being limited to amounts received which represent Late Collections (net of
the related Servicing Fees) of Monthly Payments on Mortgage Loans with respect to which such Advances were made and as further
provided in Section 3.15;

(iv)            
to reimburse or pay itself, the Trustee or the Depositor for expenses incurred by or reimbursable to the Master Servicer,
the Trustee or the Depositor pursuant to Sections 3.22, 6.03, 8.05, 10.01(c) or 10.01(g), except as otherwise provided in such
Sections;

(v)              
to reimburse itself or any Sub-Servicer for costs and expenses incurred by or reimbursable to it relating to the prosecution
of any claims pursuant to Section 3.13 that are in excess of the amounts so recovered;

(vi)            
to reimburse itself or any Sub-Servicer for unpaid Servicing Fees and unreimbursed Servicing Advances, the Master Servicer’s
or any Sub-Servicer’s right to reimbursement pursuant to this clause (vi) with respect to any Mortgage Loan being limited
to late recoveries of the payments for which such advances were made pursuant to Section 3.01 or Section 3.09 and any other related
Late Collections;

(vii)          
to pay itself as servicing compensation (in addition to the Servicing Fee), on or after each Distribution Date, any interest
or investment income earned on funds deposited in the Custodial Account for the period ending on such Distribution Date, subject
to Section 8.05;

(viii)        
to reimburse itself or any Sub-Servicer for any Advance previously made which itself has determined to be a Nonrecoverable
Advance, provided that either (a) such Advance was made with respect to a delinquency that ultimately constituted an Excess Special
Hazard Loss, Excess Fraud Loss, Excess Bankruptcy Loss or Extraordinary Loss, or (b) the Certificate Principal Balances of the
Class B Certificates have been reduced to zero; and

(ix)            
to clear and terminate the Custodial Account at the termination of this Agreement pursuant to Section 9.01.

The Master Servicer
shall keep and maintain separate accounting records on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any
withdrawal from the Custodial Account pursuant to such clauses (ii), (iii), (iv), (v), (vi), (vii) and (viii). Reconciliations
will be prepared by the Master Servicer for the related Collection Account within 30 calendar days after the bank statement cut-off
date. All items requiring reconciliation will be resolved within 90 calendar days of their original identification.

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In connection with
clause (viii) above, the Trustee shall notify the Master Servicer if and when the Certificate Principal Balances of the Class B
Certificates have been reduced to zero.

		SECTION 3.12.                   
	Permitted Instruments.

Any institution maintaining
the Custodial Account shall at the direction of the Master Servicer invest the funds in such account in Permitted Instruments,
each of which shall mature not later than the Business Day immediately preceding the Distribution Date next following the date
of such investment (except that if such Permitted Instrument is an obligation of the institution that maintains such account, then
such Permitted Instrument shall mature not later than such Distribution Date) and shall not be sold or disposed of prior to its
maturity. All income and gain realized from any such investment as well as any interest earned on deposits in the Custodial Account
shall be for the benefit of the Master Servicer. The Master Servicer shall deposit in the Custodial Account (with respect to investments
made hereunder of funds held therein) an amount equal to the amount of any loss incurred in respect of any such investment immediately
upon realization of such loss without right of reimbursement.

		SECTION 3.13.                   
	Maintenance of Primary Mortgage Insurance and Primary Hazard Insurance.

(a)               
The Master Servicer shall not take, or permit any Sub-Servicer to take, any action which would result in non-coverage under
any applicable Primary Mortgage Insurance Policy of any loss which, but for the actions of the Master Servicer or Sub-Servicer,
would have been covered thereunder. To the extent coverage is available, the Master Servicer shall keep or cause to be kept in
full force and effect each such Primary Mortgage Insurance Policy until the principal balance of the related Mortgage Loan secured
by a Mortgaged Property is reduced to 75% or less of the Collateral Value in the case of such a Mortgage Loan having a Loan-to-Value
Ratio at origination in excess of 80%. The Master Servicer shall not cancel or refuse to renew any such Primary Mortgage Insurance
Policy, or consent to any Sub-Servicer canceling or refusing to renew any such Primary Mortgage Insurance Policy applicable to
a Mortgage Loan subserviced by it, that is in effect at the date of the initial issuance of the Certificates and is required to
be kept in force hereunder unless the replacement Primary Mortgage Insurance Policy for such canceled or non-renewed policy is
maintained with a Qualified Insurer.

(b)              
In connection with its activities as administrator and servicer of the Mortgage Loans, the Master Servicer agrees to present
or to cause the related Sub-Servicer to present, on behalf of the Master Servicer, the Sub-Servicer, if any, the Trustee and Certificateholders,
claims to the insurer under any Primary Mortgage Insurance Policies, in a timely manner in accordance with such policies, and,
in this regard, to take or cause to be taken such reasonable action as shall be necessary to permit recovery under any Primary
Mortgage Insurance Policies respecting defaulted Mortgage Loans. Pursuant to Section 3. 10, any Insurance Proceeds collected by
or remitted to the Master Servicer under any Primary Mortgage Insurance Policies shall be deposited in the Custodial Account, subject
to withdrawal pursuant to Section 3.11.

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(c)               
The Master Servicer shall cause to be maintained for each Mortgage Loan primary hazard insurance with extended coverage
on the related Mortgaged Property in an amount equal to the lesser of 100% of the replacement value of the improvements, as determined
by the insurance company, on such Mortgaged Property or the unpaid principal balance of the Mortgage Loan. The Master Servicer
shall also cause to be maintained on property acquired upon foreclosure, or deed in lieu of foreclosure, of any Mortgage Loan,
fire insurance with extended coverage in an amount equal to the replacement value of the improvements thereon. Pursuant to Section
3.10, any amounts collected by the Master Servicer under any such policies (other than amounts to be applied to the restoration
or repair of the related Mortgaged Property or property thus acquired or amounts released to the Mortgagor in accordance with the
Master Servicer’s normal servicing procedures) shall be deposited in the Custodial Account, subject to withdrawal pursuant
to Section 3.11. Any cost incurred by the Master Servicer in maintaining any such insurance shall not, for the purpose of calculating
monthly distributions to Certificateholders, be added to the amount owing under the Mortgage Loan, notwithstanding that the terms
of the Mortgage Loan so permit. It is understood and agreed that no earthquake or other additional insurance is to be required
of any Mortgagor or maintained on property acquired in respect of a Mortgage Loan other than pursuant to such applicable laws and
regulations as shall at any time be in force and as shall require such additional insurance. When the improvements securing a Mortgage
Loan are located at the time of origination of such Mortgage Loan in a federally designated special flood hazard area, the Master
Servicer shall cause flood insurance (to the extent available) to be maintained in respect thereof. Such flood insurance shall
be in an amount equal to the lesser of (i) the replacement value of the improvements, which are part of such Mortgaged Property
on a replacement cost basis and (ii) the maximum amount of such insurance available for the related Mortgaged Property under the
national flood insurance program (assuming that the area in which such Mortgaged Property is located is participating in such program).

In the event that
the Master Servicer shall obtain and maintain a blanket fire insurance policy with extended coverage insuring against hazard losses
on all of the Mortgage Loans, it shall conclusively be deemed to have satisfied its obligations as set forth in the first two sentences
of this Section 3.13, it being understood and agreed that such policy may contain a deductible clause, in which case the Master
Servicer shall, in the event that there shall not have been maintained on the related Mortgaged Property a policy complying with
the first two sentences of this Section 3.13 and there shall have been a loss which would have been covered by such policy, deposit
in the Certificate Account the amount not otherwise payable under the blanket policy because of such deductible clause. Any such
deposit by the Master Servicer shall be made on the Certificate Account Deposit Date next preceding the Distribution Date which
occurs in the month following the month in which payments under any such policy would have been deposited in the Custodial Account.
In connection with its activities as administrator and servicer of the Mortgage Loans, the Master Servicer agrees to present, on
behalf of itself, the Trustee and Certificateholders, claims under any such blanket policy.

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		SECTION 3.14.                   
	Enforcement of Due-on-Sale Clauses; Assumption Agreements.

The Master Servicer
will, to the extent it has knowledge of any conveyance or prospective conveyance by any Mortgagor of the Mortgaged Property (whether
by absolute conveyance or by contract of sale, and whether or not the Mortgagor remains or is to remain liable under the Mortgage
Note or the Mortgage), exercise or cause to be exercised its rights to accelerate the maturity of such Mortgage Loan under any
“due-on-sale” clause applicable thereto; provided, however, that the Master Servicer shall not exercise any such rights
if it reasonably believes that it is prohibited by law from doing so or if such enforcement will adversely affect or jeopardize
required coverage under the Insurance Policies. If the Master Servicer is unable to enforce such “due- on-sale” clause
(as provided in the previous sentence) or if no “due-on-sale” clause is applicable, the Master Servicer or the Sub-Servicer
will enter into an assumption and modification agreement with the Person to whom such property has been conveyed or is proposed
to be conveyed, pursuant to which such Person becomes liable under the Mortgage Note and, to the extent permitted by applicable
state law, the Mortgagor remains liable thereon; provided, however, that the Master Servicer shall not enter into any assumption
and modification agreement if the coverage provided under the Primary Insurance Policy, if any, would be impaired by doing so.
The Master Servicer is also authorized to enter into a substitution of liability agreement with such Person, pursuant to which
the original Mortgagor is released from liability and such Person is substituted as the Mortgagor and becomes liable under the
Mortgage Note, if the Master Servicer shall have determined in good faith that such substitution will not adversely affect the
collectability of the Mortgage Loan. Any fee collected by or on behalf of the Master Servicer for entering into an assumption or
substitution of liability agreement will be retained by or on behalf of the Master Servicer as additional servicing compensation.
In connection with any such assumption, no material term of the Mortgage Note (including but not limited to the Mortgage Rate,
the amount of the Monthly Payment and any other term affecting the amount or timing of payment on the Mortgage Loan) may be changed.
The Master Servicer shall not enter into any substitution or assumption if such substitution or assumption would constitute a “significant
modification” effecting an exchange or reissuance of such Mortgage Loan under the Code (or final, temporary or proposed Treasury
regulations promulgated thereunder) and cause the Trust Fund to fail to qualify as a REMIC under the Code or the imposition of
any tax on “prohibited transactions” or “contributions” after the Startup Day under the REMIC Provisions.
The Master Servicer shall notify the Trustee that any such substitution or assumption agreement has been completed by forwarding
to the Trustee the original copy of such substitution or assumption agreement, which copy shall be added to the related Mortgage
File and shall, for all purposes, be considered a part of such Mortgage File to the same extent as all other documents and instruments
constituting a part thereof.

Notwithstanding the
foregoing paragraph or any other provision of this Agreement, the Master Servicer shall not be deemed to be in default, breach
or any other violation of its obligations hereunder by reason of any assumption of a Mortgage Loan by operation of law or any assumption
that the Master Servicer may be restricted by law from preventing, for any reason whatsoever. For purposes of this Section 3.14,
the term “assumption” is deemed to also include a sale of a Mortgaged Property that is not accompanied by an assumption
or substitution of liability agreement.

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		SECTION 3.15.                   
	Realization Upon Defaulted Mortgage Loans.

The Master Servicer
shall exercise reasonable efforts, consistent with the procedures that the Master Servicer would use in servicing loans for its
own account, to foreclose upon or otherwise comparably convert (which may include an REO Acquisition) the ownership of properties
securing such of the Mortgage Loans as come into and continue in default and as to which no satisfactory arrangements can be made
for collection of delinquent payments pursuant to Section 3.07, and which are not released from the Trust Fund pursuant to any
other provision hereof. The Master Servicer shall use reasonable efforts to realize upon such defaulted Mortgage Loans in such
manner as will maximize the receipt of principal and interest by Certificateholders, taking into account, among other things, the
timing of foreclosure proceedings. The foregoing is subject to the provisions that, in any case in which Mortgaged Property shall
have suffered damage from an Uninsured Cause, the Master Servicer shall not be required to expend its own funds toward the restoration
of such property unless it shall determine in (i) that such restoration will increase the net proceeds of liquidation of the related
Mortgage Loan to Certificateholders after reimbursement to itself for such expenses, and (ii) that such expenses will be recoverable
by the Master Servicer through Insurance Proceeds or Liquidation Proceeds from the related Mortgaged Property, as contemplated
in Section 3.11. The Master Servicer shall be responsible for all other costs and expenses incurred by it in any such proceedings;
provided, however, that it shall be entitled to reimbursement thereof from the related Mortgaged Property, as contemplated in Section
3.11.

The proceeds of any
Cash Liquidation or REO Disposition, as well as any recovery resulting from a partial collection of Insurance Proceeds or Liquidation
Proceeds or any income from an REO Property, will be applied in the following order of priority: first, to reimburse the Master
Servicer or any Sub- Servicer for any related unreimbursed Servicing Advances, pursuant to Section 3.11 (vi) or 3.22; second, to
accrued and unpaid interest on the Mortgage Loan or REO Imputed Interest, at the Mortgage Rate, to the date of the Cash Liquidation
or REO Disposition, or to the Due Date prior to the Distribution Date on which such amounts are to be distributed if not in connection
with a Cash Liquidation or REO Disposition; and third, as a recovery of principal of the Mortgage Loan. If the amount of the recovery
so allocated to interest is less than a full recovery thereof, that amount will be allocated as follows: first, on a pro rata basis,
to unpaid Servicing Fees; and second, to interest at the related Net Mortgage Rate. The portion of the recovery so allocated to
unpaid Servicing Fees shall be reimbursed to the Master Servicer or any Sub-Servicer pursuant to Section 3.11(vi). The portions
of the recovery so allocated to interest at the related Net Mortgage Rate and to principal of the Mortgage Loan shall be applied
as follows: first, to reimburse the Trustee for any unpaid Trustee’s Fees, second, to reimburse the Master Servicer or any
Sub-Servicer for any related unreimbursed Advances in accordance with Section 3. 1 31 (iii) or 3.22, and third, for distribution
in accordance with the provisions of Section 4.01(b) and 4.01(c).

		SECTION 3.16.                   
	Trustee to Cooperate; Release of Mortgage Files.

Upon the payment in
full of any Mortgage Loan, or the receipt by the Master Servicer of a notification that payment in full shall be escrowed in a
manner customary for such purposes, the Master Servicer will immediately notify the Trustee by a certification (which 

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certification
shall include a statement to the effect that all amounts received or to be received in connection with such payment which are
required to be deposited in the Custodial Account pursuant to Section 3.10 have been or will be so deposited) of a Servicing Officer
and shall request delivery to it of the Mortgage File in the form of the Request for Release attached hereto as Exhibit F-2. Upon
receipt of such certification and request, the Trustee shall promptly release the related Mortgage File to the Master Servicer.
Subject to the receipt by the Master Servicer of the proceeds of such payment in full and the payment of all related fees and
expenses, the Master Servicer shall arrange for the release to the Mortgagor of the original cancelled Mortgage Note. The Master
Servicer shall provide for preparation of the appropriate instrument of satisfaction covering any Mortgage Loan which pays in
full and the Trustee shall cooperate in the execution and return of such instrument to provide for its delivery or recording as
may be required. All other documents in the Mortgage File shall be retained by the Master Servicer to the extent required by applicable
law. No expenses incurred in connection with any instrument of satisfaction or deed of reconveyance shall be chargeable to the
Custodial Account or the Certificate Account.

From time to time
and as appropriate for the servicing or foreclosure of any Mortgage Loan, including, for this purpose, collection under the Insurance
Policies or any other insurance policy relating to the Mortgage Loan, the Trustee shall, upon request of the Master Servicer and
delivery to the Trustee of a Request for Release in the form attached hereto as Exhibit F-1, release the related Mortgage File
to the Master Servicer, and the Trustee shall execute such documents as the Master Servicer shall prepare and request as being
necessary to the prosecution of any such proceedings. Such Request for Release shall obligate the Master Servicer to return each
document previously requested from the Mortgage File to the Trustee when the need therefor by the Master Servicer no longer exists,
unless the Mortgage Loan has been liquidated and the Liquidation Proceeds relating to the Mortgage Loan have been deposited in
the Custodial Account or the Mortgage File or such document has been delivered to an attorney, or to a public trustee or other
public official as required by law, for purposes of initiating or pursuing legal action or other proceedings for the foreclosure
of the Mortgaged Property either judicially or non-judicially, and the Master Servicer has delivered to the Trustee a certificate
of a Servicing Officer certifying as to the name and address of the Person to which such Mortgage File or such document was delivered
and the purpose or purposes of such delivery. Upon receipt of a certificate of a Servicing Officer stating that such Mortgage Loan
was liquidated and that all amounts received or to be received in connection with such liquidation which are required to be deposited
into the Custodial Account have been or will be so deposited, or that such Mortgage Loan has become an REO Property, the servicing
receipt shall be released by the Trustee to the Master Servicer.

Upon written request
of a Servicing Officer, the Trustee shall execute and deliver to the Master Servicer any court pleadings, requests for trustee’s
sale or other documents prepared by the Master Servicer that are necessary to the foreclosure or trustee’s sale in respect
of a Mortgaged Property or to any legal action brought to obtain judgment against any Mortgagor on the Mortgage Note or Mortgage
or to obtain a deficiency judgment, or to enforce any other remedies or rights provided by the Mortgage Note or Mortgage or otherwise
available at law or in equity. Each such request that such pleadings or documents be executed by the Trustee shall include a certification
as to the reason such documents or pleadings are required

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and
that the execution and delivery thereof by the Trustee will not invalidate or otherwise affect the lien of the Mortgage, except
for the termination of such a lien upon completion of the foreclosure or trustee’s sale.

		SECTION 3.17.                   
	Servicing Compensation.

As compensation for
its activities hereunder, the Master Servicer shall be entitled to retain, from deposits to the Custodial Account of amounts representing
payments or recoveries of interest, the Servicing Fees with respect to each Mortgage Loan (less any portion of such amounts retained
by any Sub-Servicer). In addition, the Master Servicer shall be entitled to recover unpaid Servicing Fees out of related Late Collections
to the extent permitted in Section 3.11.

The Master Servicer
also shall be entitled pursuant to Section 3.11 to receive from the Custodial Account, as additional servicing compensation interest
or other income earned on deposits therein, as well as any prepayment fees, assumption fees, late payment fees and reconveyance
fees. The Master Servicer shall be required to pay all expenses incurred by it in connection with its servicing activities hereunder
(including payment of the premiums for any Primary Mortgage Insurance Policy or blanket policy insuring against hazard losses pursuant
to Section 3.13, payment of the servicing compensation of the Sub-Servicer to the extent not retained by it), and shall not be
entitled to reimbursement therefor except as specifically pro vided in Section 3.11. The Servicing Fee may not be transferred in
whole or in part except in connection with the transfer of all of the Master Servicer’s responsibilities and obligations
under this Agreement.

		SECTION 3.18.                   
	Maintenance of Certain Servicing Policies.

During the term of
its service as Master Servicer, the Master Servicer shall maintain in force (i) a policy or policies of insurance covering errors
and omissions in the performance of its obligations as servicer hereunder and (ii) a fidelity bond in respect of its officers,
employees or agents. Each such policy or policies and bond shall, together, comply with the requirements from time to time of Fannie
Mae or Freddie Mac for persons performing servicing for mortgage loans purchased by such corporation. The Master Servicer shall
prepare and present, on behalf of itself, the Trustee and Certificateholders, claims under any such errors and omissions policy
or policies or fidelity bond in a timely fashion in accordance with the terms of such policy or bond, and upon the filing of any
claim on any policy or bond described in this Section, the Master Servicer shall promptly notify the Trustee of any such claims
and the Trustee shall notify the Rating Agency of such claim.

		SECTION 3.19.                   
	Annual Statement as to Compliance.

Not later than February
28 of each calendar year beginning in 20__, the Master Servicer shall deliver to the Depositor and the Trustee an Officer’s
Certificate (an “Annual Statement of Compliance”) stating, as to the signer thereof, that (i) a review of the activities
of such Servicer during the preceding calendar year and of the performance of the Master Servicer under this Agreement or other
applicable servicing agreement has been made under such

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officer’s
supervision, and (ii) to the best of such officer’s knowledge, based on such review, the Master Servicer has fulfilled all
its obligations under this Agreement or other applicable servicing agreement in all material respects throughout such year, or,
if there has been a failure to fulfill any such obligation in any material respect, specifying each such failure known to such
officer and the nature and status of cure provisions thereof. Such Annual Statement of Compliance shall contain no restrictions
or limitations on its use. In the event that the Master Servicer has delegated any servicing responsibilities with respect to
the Mortgage Loans serviced by it to a Subservicer, the Master Servicer shall deliver an officer's certificate of the Subservicer
as described above as to each Subservicer as and when required with respect to the Master Servicer.

If the Master Servicer
cannot deliver the related Annual Statement of Compliance by February 28th of such year, the Trustee, at its sole option, may permit
a cure period for the Master Servicer to deliver such Annual Statement of Compliance, but in no event later than March 10th of
such year.

Failure of the Master
Servicer to timely comply with this Section 3.19 shall be deemed an Event of Default, automatically, without notice and without
any cure period, and the Trustee may, in addition to whatever rights the Trustee may have under this Agreement and at law or equity
or to damages, including injunctive relief and specific performance, terminate all the rights and obligations of the Master Servicer
under this Agreement and in and to the Mortgage Loans serviced by it and the proceeds thereof without compensating the Master Servicer
for the same. This paragraph shall supercede any other provision in this Agreement or any other agreement to the contrary.

		SECTION 3.20.                   
	Assessments of Compliance and Attestation Reports.

The Master Servicer
shall service and administer the related Mortgage Loans in accordance with all applicable requirements of the Servicing Criteria.
The Master Servicer shall deliver to the Trustee and the Depositor on or before February 28 of each calendar year beginning in
20__, a report (an “Assessment of Compliance”) reasonably satisfactory to the Trustee regarding the Master Servicer’s
assessment of compliance with the Servicing Criteria during the preceding calendar year as required by Rules 13a-18 and 15d-18
of the Exchange Act and Item 1122 of Regulation AB, which as of the date hereof, require a report by an authorized officer of the
related Servicer that contains the following:

(a)               A statement
by such officer of its responsibility for assessing compliance with the Servicing Criteria applicable to the Master Servicer;

(b)               A statement
by such officer that such officer used the Servicing Criteria to assess compliance with the Servicing Criteria applicable to the
Master Servicer;

(c)               An assessment
by such officer of the Master Servicer’s compliance with the applicable Servicing Criteria for the period consisting of the
preceding calendar year, including disclosure of any material instance of noncompliance with respect thereto during such period,
which assessment shall be based on the activities it performs with respect to asset-backed 

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securities
transactions taken as a whole involving the Master Servicer, that are backed by the same asset type as the Mortgage Loans;

(d)               A statement
that a registered public accounting firm has issued an attestation report on the Master Servicer’s Assessment of Compliance
for the period consisting of the preceding calendar year; and

(e)               A statement
as to which of the Servicing Criteria, if any, are not applicable to the Master Servicer, which statement shall be based on the
activities it performs with respect to asset-backed securities transactions taken as a whole involving the Master Servicer, that
are backed by the same asset type as the Mortgage Loans.

Such report at a minimum
shall address each of the Servicing Criteria specified on a certification substantially in the form of Exhibit CC hereto delivered
to the Trustee and the Depositor concurrently with the execution of this Agreement.

On or before February
28 of each calendar year beginning in 20__, the Master Servicer shall furnish to the Trustee and the Depositor a report (an “Attestation
Report”) by a registered public accounting firm that attests to, and reports on, the Assessment of Compliance made by the
Master Servicer, as required by Rules 13a-18 and 15d-18 of the Exchange Act and Item 1122(b) of Regulation AB, which Attestation
Report must be made in accordance with standards for attestation reports issued or adopted by the Public Company Accounting Oversight
Board.

The Master Servicer
shall cause any subservicer, and each subcontractor determined by the Master Servicer to be “participating in the servicing
function” within the meaning of Item 1122 of Regulation AB, to deliver to the Trustee and the Depositor an assessment of
compliance and accountants’ attestation.

If the Master Servicer
cannot deliver the related Assessment of Compliance or Attestation Report by February 28th of such year, the Trustee, at its sole
option, may permit a cure period for the Master Servicer to deliver such Assessment of Compliance or Attestation Report, but in
no event later than March 10th of such year.

The Trustee shall
also provide an Assessment of Compliance and Attestation Report, as and when provided above, which shall at a minimum address each
of the Servicing Criteria specified on Exhibit N hereto which are indicated as applicable to the “trustee” or “securities
administrator.” In addition, the Trustee shall cause the Custodian to deliver to the Trustee and the Depositor an Assessment
of Compliance and Attestation Report, as and when provided above, which shall at a minimum address each of the Servicing Criteria
specified on Exhibit N hereto which are indicated as applicable to a “custodian.” Notwithstanding the foregoing, as
to any Custodian, an Assessment of Compliance is not required to be delivered unless it is required as part of a Form 10-K with
respect to the Trust Fund.

Failure of the Master
Servicer to timely comply with this Section 3.20 shall be deemed an Event of Default, automatically, without notice and without
any cure period, and the 

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Trustee
may, in addition to whatever rights the Trustee may have under this Agreement and at law or equity or to damages, including injunctive
relief and specific performance, terminate all the rights and obligations of the Master Servicer under this Agreement and in and
to the Mortgage Loans serviced by it and the proceeds thereof without compensating the Master Servicer for the same. This paragraph
shall supercede any other provision in this Agreement or any other agreement to the contrary.

		SECTION 3.21.                   
	Access to Certain Documentation.

(a)               
The Master Servicer shall provide to the OTS, the FDIC and other federal banking regulatory agencies, and their respective
examiners, access to the documentation regarding the Mortgage Loans required by applicable regulations of the OTS, the FDIC and
such other agencies. Such access shall be afforded without charge, but only upon reasonable and prior written request and during
normal business hours at the offices of the Master Servicer designated by it. Nothing in this Section shall derogate from the obligation
of the Master Servicer to observe any applicable law prohibiting disclosure of information regarding the Mortgagors and the failure
of the Master Servicer to provide access as provided in this Section as a result of such obligation shall not constitute a breach
of this section.

(b)              
The Master Servicer shall afford the Depositor and the Trustee, upon reasonable notice, during normal business hours access
to all records maintained by the Master Servicer in respect of its rights and obligations hereunder and access to officers of the
Master Servicer responsible for such obligations. Upon request, the Master Servicer shall furnish the Depositor and the Trustee
with its most recent financial statements and such other information as the Master Servicer possesses regarding its business, affairs,
property and condition, financial or otherwise to the extent related to the servicing of the Mortgage Loans. Payments on the Mortgage
Loans, including any Payoffs, made in accordance with the related Mortgage File will be entered into the Master Servicer’s
set of records no more than two Business Days after receipt, and allocated to principal or interest as specified in the related
Mortgage File. The Depositor may, but is not obligated to, enforce the obligations of the Master Servicer hereunder and may, but
is not obligated to, perform, or cause a designee to perform, any defaulted obligation of the Master Servicer hereunder or exercise
the rights of the Master Servicer hereunder; provided that the Master Servicer shall not be relieved of any of its obligations
hereunder by virtue of such performance by the Depositor or its designee. The Depositor shall not have any responsibility or liability
for any action or failure to act by the Master Servicer and is not obligated to supervise the performance of the Master Servicer
under this Agreement or otherwise.

		SECTION 3.22.                   
	Title, Conservation and Disposition of REO Property.

This Section shall
apply only to REO Properties acquired for the account of the Trust Fund, and shall not apply to any REO Property relating to a
Mortgage Loan which was purchased or repurchased from the Trust Fund pursuant to any provision hereof. In the event that title
to any such REO Property is acquired, the deed or certificate of sale shall be issued to the Trustee, or to its nominee, on behalf
of the Certificateholders. The Master Servicer, on behalf of the Trust Fund, shall either sell any REO Property within two years
after the Trust

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Fund
acquires ownership of such REO Property for purposes of Section 86OG(a)(8) of the Code or, at the expense of the Trust Fund, request
an extension of the two-year grace period, more than 60 days before the day on which the two-year grace period would otherwise
expire, unless the Master Servicer has delivered to the Trustee an Opinion of Counsel, addressed to the Trustee and the Master
Servicer, to the effect that the holding by the Trust Fund of such REO Property subsequent to two years after its acquisition
will not result in the imposition on the Trust Fund of taxes on “prohibited transactions” thereof, as defined in Section
86OF of the Code, or cause the Trust Fund to fail to qualify as a REMIC under federal law at any time that any Certificates are
outstanding. The Master Servicer shall manage, conserve, protect and operate each REO Property for the Certificateholders solely
for the purpose of its prompt disposition and sale in a manner which does not cause such REO Property to fail to qualify as “foreclosure
property” within the meaning of Section 86OG(a)(8) or result in the receipt by the Trust Fund of any “income from
non- permitted assets” within the meaning of Section 86OF(a)(2)(B) of the Code or any “net income from foreclosure
property” which is subject to taxation under the REMIC Provisions. Pursuant to its efforts to sell such REO Property, the
Master Servicer shall either itself or through an agent selected by the Master Servicer protect and conserve such REO Property
in the same manner and to such extent as is customary in the locality where such REO Property is located and may, incident to
its conservation and protection of the interests of the Certificateholders, rent the same, or any part thereof, as the Master
Servicer deems to be in the best interest of the Certificateholders for the period prior to the sale of such REO Property.

The Master Servicer
shall segregate and hold all funds collected and received in connection with the operation of any REO Property separate and apart
from its own funds and general assets. The Master Servicer shall deposit, or cause to be deposited, on a daily basis in the Custodial
Account all revenues received with respect to the REO Properties, net of any directly related expenses incurred or withdraw therefrom
funds necessary for the proper operation, management and maintenance of the REO Property.

If as of the date
of acquisition of title to any REO Property there remain outstanding unreimbursed Servicing Advances with respect to such REO Property
or any outstanding Advances allocated thereto the Master Servicer, upon an REO Disposition, shall be entitled to reimbursement
for any related unreimbursed Servicing Advances and any unreimbursed related Advances as well as any unpaid Servicing Fees from
proceeds received in connection with the REO Disposition, as further provided in Section 3.15.

Subject to the first
paragraph of this Section 3.22, the REO Disposition shall be carried out by the Master Servicer at such price and upon such terms
and conditions as the Master Servicer shall determine to be in the best economic interest of the Trust Fund.

Any REO Disposition
shall be for cash only (unless changes in the REMIC Provisions made subsequent to the Startup Day allow a sale for other consideration).

The Master Servicer
shall deposit the proceeds from the REO Disposition, net of any payment to the Master Servicer as provided above, in the Custodial
Account upon receipt thereof for distribution in accordance with Section 4.01, including any such net proceeds which

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are
in excess of the applicable Stated Principal Balance plus all unpaid REO Imputed Interest thereon through the date of the REO
Disposition.

Notwithstanding the
foregoing provisions of this Section 3.22, with respect to any Mortgage Loan as to which the Master Servicer has received notice
of, or has actual knowledge of, the presence of any toxic or hazardous substance on the Mortgaged Property, the Master Servicer
shall promptly request the Trustee and the Depositor to provide directions and instructions with respect to such Mortgage Loan
and shall act in accordance with any such directions and instructions jointly provided by the Trustee and the Depositor. Notwithstanding
the preceding sentence of this Section 3.22, with respect to any Mortgage Loan described by such sentence, the Master Servicer
shall not, on behalf of the Trustee, either (i) obtain title to the related Mortgaged Property as a result of or in lieu of foreclosure
or otherwise, or (ii) otherwise acquire possession of, the related Mortgaged Property, unless (i) the Depositor and the Trustee
jointly direct the Master Servicer to take such action and (ii) either (A) the Master Servicer has, at least 30 days prior to taking
such action, obtained and delivered to the Depositor an environmental audit report prepared by a Person who regularly conducts
environmental audits using customary industry standards or (B) the Depositor has directed the Master Servicer not to obtain an
environmental audit report. If the Trustee and the Depositor have not jointly provided directions and instructions to the Master
Servicer in connection with any such Mortgage Loan within 30 days of a request by the Master Servicer for such directions and instructions,
then the Master Servicer shall take such action as it deems to be in the best economic interest of the Trust Fund (other than proceeding
against the Mortgaged Property) and is hereby authorized at such time as it deems appropriate to release such Mortgaged Property
from the lien of the related Mortgage.

The cost of the environmental
audit report contemplated by this Section 3.22 shall be advanced by the Master Servicer as an expense of the Trust Fund, and the
Master Servicer shall be reimbursed therefor from the Custodial Account as provided in Section 3.11, any such right of reimbursement
being prior to the rights of the Certificateholders to receive any amount in the Custodial Account.

If the Master Servicer
determines, as described above, that it is in the best economic interest of the Trust Fund to take such actions as are necessary
to bring any such Mortgaged Property in compliance with applicable environmental laws, or to take such action with respect to the
containment, clean-up or remediation of hazardous substances, hazardous materials, hazardous wastes, or petroleum-based materials
affecting any such Mortgaged Property, then the Master Servicer shall take such action as it deems to be in the best economic interest
of the Trust Fund. The cost of any such compliance, containment, clean-up or remediation shall be advanced by the Master Servicer
as an expense of the Trust Fund, and the Master Servicer shall be entitled to be reimbursed therefor from the Custodial Account
as provided in Section 3.11, any such right of reimbursement being prior to the rights of the Certificateholders to receive any
amount in the Custodial Account.

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		SECTION 3.23.                   
	Additional Obligations of the Master Servicer.

On each Certificate
Account Deposit Date, the Master Servicer shall deliver to the Trustee for deposit in the Certificate Account from its own funds
and without any right of reimbursement therefor, a total amount equal to the aggregate of the Prepayment Interest Shortfalls for
such Distribution Date; provided that the Master Servicer’s obligations under this subsection on any Distribution Date shall
not be more than the total amount of its master servicing compensation payable in such month.

		SECTION 3.24.                   
	Additional Obligations of the Depositor.

The Depositor agrees that
on or prior to the tenth day after the Closing Date, the Depositor shall provide the Trustee with a written notification, substantially
in the form of Exhibit J attached hereto, relating to each Class of Certificates, setting forth (i) in the case of each Class of
such Certificates, (a) if less than 10% of the aggregate Certificate Principal Balance of such Class of Certificates has been sold
as of such date, the value calculated pursuant to clause (b)(iii) of Exhibit J hereto, or, (b) if 10% or more of such Class of
Certificates has been sold as of such date but no single price is paid for at least 10% of the aggregate Certificate Principal
Balance of such Class of Certificates, then the weighted average price at which the Certificates of such Class were sold and the
aggregate percentage of Certificates of such Class sold, (c) the first single price at which at least 10% of the aggregate Certificate
Principal Balance of such class of Certificates was sold or, (d) if any Certificates of each Class of Certificates are retained
by the Depositor or an affiliated corporation, or are delivered to the Seller, the fair market value of such Certificates as of
the Closing Date, (ii) the prepayment assumption used in pricing the Certificates, and (iii) such other information as to matters
of fact as the Trustee may reasonably request to enable it to comply with its reporting requirements with respect to each Class
of such Certificates to the extent such information can in the good faith judgment of the Depositor be determined by it.

 

		SECTION 3.25.                   
	Intention of the Parties and Interpretation.

Each of the parties acknowledges
and agrees that the purpose of Sections 3.19, 3.20, Section 8.11 and this Section 3.25 of this Agreement is to facilitate compliance
by the Seller and the Depositor with the provisions of Regulation AB promulgated by the Commission under the 1934 Act (17 C.F.R.
§§ 229.1100 - 229.1123), as such may be amended from time to time and subject to clarification and interpretive advice
as may be issued by the staff of the Commission from time to time. Therefore, each of the parties agrees that (a) the obligations
of the parties hereunder shall be interpreted in such a manner as to accomplish that purpose, (b) the parties’ obligations
hereunder will be supplemented and modified as necessary to be consistent with any such amendments, interpretive advice or guidance,
convention or consensus among active participants in the asset-backed securities markets, advice of counsel, or otherwise in respect
of the requirements of Regulation AB, (c) the parties shall comply with requests made by the Seller or the Depositor for delivery
of additional or different information as the Seller or the Depositor may determine in good faith is necessary to comply with the
provisions of Regulation AB, and (d) no amendment of this Agreement shall be required to effect any such changes in the 

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parties’
obligations as are necessary to accommodate evolving interpretations of the provisions of Regulation AB.

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ARTICLE
IV

PAYMENTS TO CERTIFICATEHOLDERS

		SECTION 4.01.                   
	Certificate Account; Distributions.

(a)               
The Trustee shall establish and maintain a Certificate Account, in which the Master Servicer shall cause to be deposited
on behalf of the Trustee on or before 3:00 P.M. New York time on each Certificate Account Deposit Date by wire transfer of immediately
available funds an amount equal to the sum of (i) any Advance for the immediately succeeding Distribution Date, (ii) any amount
required to be deposited in the Certificate Account pursuant to Sections 3.11, 3.13, 3.23 or 4.03(b) and (iii) all other amounts
constituting or, if not otherwise applicable to the payment of the Trustee’s Fee, that would constitute the Available Distribution
Amount for the immediately succeeding Distribution Date. The Trustee shall transfer from the Certificate Account to itself, the
Trustee’s Fee on each Certificate Account Deposit Date. Such amounts do not constitute part of the Available Distribution
Amount.

(b)              
On each Distribution Date the Trustee shall, distribute to the Master Servicer, in the case of a distribution pursuant to
Section 4.01(b)(iii), and to each Certificateholder of record on the next preceding Record Date (other than as provided in Section
9.01 respecting the final distribution) either in immediately available funds (by wire transfer or otherwise) to the account of
such Certificateholder at a bank or other entity having appropriate facilities therefor, if such Certificateholder has so notified
the Trustee at least 5 Business Days prior to the related Record Date and such Certificateholder is the registered owner of Certificates
the aggregate Initial Certificate Principal Balance of which is not less than $2,500,000 (or, with respect to the Class A-5 and
Class A-7 Certificates, is the registered owner of an initial Notional Amount of not less than $10,000,000 of each such class),
or otherwise by check mailed to such Certificateholder at the address of such Holder appearing in the Certificate Register, such
Certificateholder’s share (based on the aggregate of the Percentage Interests represented by Certificates of the applicable
Class held by such Holder) of the following amounts, in the following order of priority, in each case to the extent of the Available
Distribution Amount:

(i)                
to the Class A Certificateholders on a pro rata basis based on Accrued Certificate Interest payable thereon, Accrued Certificate
Interest on such Classes of Certificates for such Distribution Date and to the extent not previously paid, for all prior Distribution
Dates;

(ii)              
to the Class A Certificateholders (other than the Class A-5 Certificateholders and the Class A-7 Certificateholders), in
the priorities and amounts set forth in Sections 4.01(c) and (d), the sum of the following (applied to reduce the Certificate Principal
Balances of such Class A Certificates, as applicable):

(A)            
the Senior Percentage for such Distribution Date times the sum of the following:

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(1)              
the principal portion of each Monthly Payment due during the related Due Period on each Outstanding Mortgage Loan, whether
or not received on or prior to the related Determination Date, minus the principal portion of any Debt Service Reduction which
together with other Bankruptcy Losses exceeds the Bankruptcy Amount;

(2)              
the Stated Principal Balance of any Mortgage Loan purchased during the related Prepayment Period and the amount of any shortfall
deposited in the Custodial Account in connection with the substitution of a Deleted Mortgage Loan pursuant to Section 2.04 during
the related Prepayment Period; and

(3)              
the principal portion of all other unscheduled collections (other than Principal Prepayments and amounts received in connection
with a Cash Liquidation or REO Disposition) received during the related Prepayment Period, including, without limitation, Insurance
Proceeds, Liquidation Proceeds and REO Proceeds, to the extent applied by the Master Servicer as recoveries of principal of the
related Mortgage Loan pursuant to Section 3.15;

(B)             
with respect to each Mortgage Loan for which a Cash Liquidation or a REO Disposition occurred during the related Prepayment
Period and did not result in any Excess Special Hazard Losses, Excess Fraud Losses, Excess Bankruptcy Losses or Extraordinary Losses,
an amount equal to the lesser of (a) the Senior Percentage for such Distribution Date times the Stated Principal Balance of such
Mortgage Loan and (b) the Senior Accelerated Distribution Percentage for such Distribution Date times the related unscheduled collections
(including without limitation Insurance Proceeds, Liquidation Proceeds and REO Proceeds) to the extent applied by the Master Servicer
as recoveries of principal of the related Mortgage Loan pursuant to Section 3.15;

(C)             
the Senior Accelerated Distribution Percentage for such Distribution Date times the aggregate of all Principal Prepayments
in Full and Curtailments received in the related Prepayment Period; and

(D)            
any amounts described in clauses (A), (B) and (C) of this Section 4.01 (b)(ii), as determined for any previous Distribution
Date, which remain unpaid after application of amounts previously distributed pursuant to this clause (D) to the extent that such
amounts are not attributable to Realized Losses which have been allocated to the Class B Certificates;

(iii)            
if the Certificate Principal Balances of the Class B Certificates have not been reduced to zero, to the Master Servicer
or a Sub-Servicer, to the extent of and in reimbursement for any Advances previously made with respect to any Mortgage Loan or
REO Property which remain unreimbursed in whole or in part following the Cash Liquidation or REO Disposition of such Mortgage Loan
or REO Property, minus any such Advances that were made with respect to delinquencies that ultimately constituted Excess Special
Hazard Losses, Excess Fraud Losses, Excess Bankruptcy Losses or Extraordinary Losses;

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(iv)            
to the Holders of the Class B Certificates, the Accrued Certificate Interest thereon for such Distribution Date, plus any
Accrued Certificate Interest thereon remaining unpaid from any previous Distribution Date, except as provided below;

(v)              
to the Holders of the Class B Certificates, an amount equal to the Subordinate Principal Distribution Amount for such Class
of Certificates for such Distribution Date, applied in reduction of the Certificate Principal Balance of the Class B Certificates;

(vi)            
to the Class A Certificateholders (other than the Class A-5 and Class A-7 Certificateholders) in the priority set forth
in Section 4.01(c), the portion, if any, of the Available Distribution Amount remaining after the foregoing distributions, applied
to reduce the Certificate Principal Balances of such Class A Certificates, but in no event more than the sum of the outstanding
Certificate Principal Balances of the Class A Certificates (other than the Class A-5 and Class A-7 Certificates) and thereafter
applied to reduce the Certificate Principal Balance of the Class B Certificates, but in no event more than the outstanding Certificate
Principal Balance of the Class B Certificates; and

(vii)          
to the Class R Certificateholders, the balance, if any, of the Available Distribution Amount.

(c)               
Distributions of principal on the Class A Certificates (other than the Class A-5 and Class A-7 Certificates) on each Distribution
Date occurring prior to the occurrence of the Credit Support Depletion Date will be made as follows:

(i)                
first, to the Class A-1 Certificates and Class A-6 Certificates, with the amount to be distributed allocated as between
such classes on a pro rata basis, until the Certificate Principal Balance of each such Class has been reduced to zero;

(ii)              
second, to the Class A-2 Certificates, until the Certificate Principal Balance thereof has been reduced to zero;

(iii)            
third, to the Class A-3 Certificates, until the Certificate Principal Balance thereof has been reduced to zero; and

(iv)            
fourth, to the Class A-4 Certificates, until the Certificate Principal Balance thereof has been reduced to zero.

(d)              
On each Distribution Date occurring on or after the Credit Support Depletion Date, all priorities relating to sequential
distributions in respect of principal among the various classes of Senior Certificates will be disregarded, and the Senior Principal
Distribution Amount will be distributed to all classes of Senior Certificates pro rata in accordance with their respective outstanding
Certificate Principal Balances; provided, that the aggregate amount distributable to the Class A-1, Class A-5 and Class A-6 Certificates
(the “Tiered Certificates”) in respect of Accrued Certificate Interest thereon and in respect of their pro rata portion
of the Senior Principal Distribution Amount shall be distributed among the Tiered Certificates in the amounts and priority as follows:
first, to the Class A-1 Certificates and the Class A-5 

    	-56-

    	 

    
Certificates,
up to an amount equal to, and pro rata based on, the Accrued Certificate Interest thereon; second to the Class A-1 Certificates,
up to an amount equal to the Optimal Principal Distribution Amount thereof, in reduction of the Certificate Principal Balances
thereof; third to the Class A-6 Certificates, up to an amount equal to the Accrued Certificate Interest thereon; and fourth to
the Class A-6 Certificates the remainder of the amount so distributable among the Tiered Certificates.

(e)               
The Trustee shall, upon written request from the Master Servicer, invest or cause the institution maintaining the Certificate
Account to invest the funds in the Certificate Account in Permitted Instruments designated in the name of the Trustee for the benefit
of the Certificateholders, which shall mature not later than the Business Day next preceding the Distribution Date next following
the date of such investment (except that (i) any investment in obligations of the institution with which the Certificate Account
is maintained may mature on such Distribution Date and (ii) any other investment may mature on such Distribution Date if the Trustee
shall agree to advance funds on such Distribution Date to the Certificate Account in the amount payable on such investment on such
Distribution Date, pending receipt thereof to the extent necessary to make distributions on the Certificates) and shall not be
sold or disposed of prior to maturity. All income and gain realized from any such investment shall be for the benefit of the Master
Servicer and shall be subject to its withdrawal or order from time to time. The amount of any losses incurred in respect of any
such investments shall be deposited in the Certificate Account by the Master Servicer out of its own funds immediately as realized
without right of reimbursement.

		SECTION 4.02.                   
	Statements to Certificateholders.

On each Distribution
Date the Trustee shall forward or cause to be forwarded by mail to each Holder of a Certificate and to the Depositor and the Master
Servicer a statement as to such distribution setting forth the following information as to each Class of Certificates to the extent
applicable:

(i)                
 (a) the amount of such distribution to the Certificateholders of such Class applied to reduce the Certificate Principal
Balance thereof, and (b) the aggregate amount included therein representing Principal Prepayments;

(ii)              
the total cash flows received and the general sources thereof;

(iii)            
the applicable record dates, accrual periods, determination dates for calculating distributions and general distribution
dates;

(iv)            
the amount of such distribution to Holders of each Class allocable to interest;

(v)              
[the amount of any net swap payment payable to the Derivative Administrator, any Net Swap Payment payable to the Swap Provider,
any swap termination payment payable to the derivative administrator and any Swap Termination Payment payable to the Swap Provider;]

    	-57-

    	 

    

(vi)            
if the distribution to the Certificateholders of such Class is less than the full amount that would be distributable to
such Certificateholders if there were sufficient funds available therefor, the amount of the shortfall;

(vii)          
the amount of any Advance by the Master Servicer pursuant to Section 4.04 (including the general purpose of such Advance),
the aggregate amount of unreimbursed Advances at the close of business on the Distribution Date, and the general source of funds
for reimbursement;

(viii)        
the number and aggregate Stated Principal Balance of the Mortgage Loans after giving effect to the distribution of principal
on such Distribution Date;

(ix)            
the aggregate Certificate Principal Balance of each Class of Certificates, after giving effect to the amounts distributed
on such Distribution Date, separately identifying any reduction thereof due to Realized Losses other than pursuant to an actual
distribution of principal;

(x)              
the related Subordinate Principal Distribution Amount;

(xi)            
the related amount of Servicing Fees paid to or retained by the Master Servicer;

(xii)          
on the basis of the most recent reports furnished to it by Sub-Servicers, the number and aggregate principal balances of
Mortgage Loans that are delinquent (A) one month, (B) two months and (C) three months, and the number and aggregate principal balance
of Mortgage Loans that are in foreclosure;

(xiii)        
the number, aggregate principal balance and book value of any REO Properties;

(xiv)        
the aggregate Accrued Certificate Interest remaining unpaid, if any, for each Class of Certificates, after giving effect
to the distribution made on such Distribution Date;

(xv)          
the Special Hazard Amount, Fraud Loss Amount and Bankruptcy Amount as of the close of business on such Distribution Date
and a description of any change in the calculation of such amounts;

(xvi)        
the Pass-Through Rate on the Class A-7 Certificates for such Distribution Date;

(xvii)      
the occurrence of the Credit Support Depletion Date;

(xviii)    
the Senior Accelerated Distribution Percentage applicable to such distribution;

(xix)        
the Senior and Class B Percentages for such Distribution Date;

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(xx)          
the aggregate amount of Realized Losses allocated to the Certificates on such Distribution Date;

(xxi)        
the aggregate amount of any recoveries on previously foreclosed loans from the Seller due to a breach of representation
or warranty;

(xxii)      
if applicable, material modifications, extensions or waivers to Mortgage Loan terms, fees, penalties or payments during
the preceding calendar month or that have become material over time;

(xxiii)    
updated pool composition data including the following with respect to each Loan Group: average loan balance, weighted average
mortgage rate, weighted average loan-to-value ratio at origination, weighted average FICO at origination weighted average remaining
term; and [NOTE - Item 1121(a)(8) requires updated pool composition information, the foregoing is a suggestion of what to provide]

(xxiv)    
information about any additions of, substitutions for or removal of any Mortgage Loans from the Trust Fund, and any changes
in the underwriting, acquisition or selection criteria as to any Mortgage Loans added to the Trust Fund;

(xxv)      
the weighted average remaining term to maturity of the Mortgage Loans after giving effect to the amounts distributed on
such Distribution Date; and

(xxvi)    
the weighted average Mortgage Rates of the Mortgage Loans after giving effect to the amounts distributed on such Distribution
Date.

In the case of information
furnished pursuant to subclauses (i) and (ii) above, the amounts shall also be expressed as a dollar amount per Single Certificate.
Within a reasonable period of time after the end of each calendar year, the Trustee shall prepare and forward to each Person who
at any time during the calendar year was a Holder of a Certificate, a statement containing the information set forth in subclauses
(i) and (ii) above, aggregated for such calendar year or applicable portion thereof during which such Person was a Certificateholder.
Such obligation of the Trustee shall be deemed to have been satisfied to the extent that substantially comparable information shall
be provided by the Trustee pursuant to any requirements of the Code and regulations thereunder as from time to time are in force.

		SECTION 4.03.                   
	Remittance Reports; Advances by the Master Servicer.

(a)               
By 11:00 A.M. New York time the Business Day following each Determination Date, the Master Servicer shall deliver to the
Trustee a report, prepared as of the close of business on the Determination Date (the “Determination Date Report”),
by telecopy or in a mutually agreeable electronic format. The Determination Date Report and any written information supplemental
thereto shall include such information with respect to the Mortgage Loans that is reasonably available to the Master Servicer and
that is required by the Trustee for purposes of making the calculations referred to in the following paragraph, as set forth in
written specifications or guidelines issued by the Trustee from time to time. Not later than 2:00 P.M. New York time on the Certificate
Account Deposit Date, the Trustee shall furnish by telecopy to

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the
Master Servicer a statement (the information in such statement to be made available to Certificateholders or the Depositor by
the Master Servicer on request) setting forth (i) the Available Distribution Amount, (ii) the amounts required to be withdrawn
from the Custodial Account and deposited into the Certificate Account on the immediately succeeding Certificate Account Deposit
Date pursuant to clause (iii) of Section 4.01 (a); and (iii) such other information with respect to the Mortgage Loans as the
Trustee may reasonably require to perform the calculations necessary to make the distributions contemplated by Section 4.01 and
to prepare the statements to Certificateholders contemplated by Section 4.02. The determination by the Trustee of such amounts
shall, in the absence of obvious error, be presumptively deemed to be correct for all purposes hereunder.

(b)              
Not later than 2:00 P.M. New York time on the Certificate Account Deposit Date, the Trustee shall notify the Master Servicer
of the aggregate amount of Advances required to be made for the related Distribution Date, which shall be the aggregate amount
of Monthly Payments (with each interest portion thereof adjusted to be net of the related Servicing Fee Rate), less the amount
of any related Debt Service Reductions or reductions in the amount of interest collectable from the Mortgagor pursuant to the Relief
Act, on the Outstanding Mortgage Loans as of the related Due Date, which Monthly Payments were delinquent as of the close of business
as of the related Determination Date, provided that following the reduction of the Certificate Principal Balances of the Class
B Certificates to zero no Advance shall be made if it would be a Nonrecoverable Advance. On or before 3:00 P.M. New York time on
each Certificate Account Deposit Date, the Master Servicer shall either (i) deposit in the Certificate Account from its own funds,
or funds received therefor from the Sub-Servicers, an amount equal to the Advances to be made by the Master Servicer in respect
of the related Distribution Date, (ii) withdraw from amounts on deposit in the Custodial Account and deposit in the Certificate
Account all or a portion of the amounts held for future distribution in discharge of any such Advance, or (iii) make advances in
the form of any combination of (i) and (ii) aggregating the amount of such Advance. Any portion of the amounts held for future
distribution so used shall be replaced by the Master Servicer by deposit in the Custodial Account on or before 12: 00 P.M. New
York time on any future Certificate Account Deposit Date to the extent that funds attributable to the Mortgage Loans that are available
in the Custodial Account for deposit in the Certificate Account on such Certificate Account Deposit Date shall be less than payments
to Certificateholders required to be made on the following Distribution Date. The amount of any reimbursement pursuant to Section
4.01(b)(iii) in respect of outstanding Advances on any Distribution Date shall be allocated to specific Monthly Payments due but
delinquent for previous Due Periods, which allocation shall be made, to the extent practicable, to Monthly Payments which have
been delinquent for the longest period of time. Such allocations shall be conclusive for purposes of reimbursement to the Master
Servicer from recoveries on the Mortgage Loans pursuant to Section 3.11. The determination by the Master Servicer that it has made
a Nonrecoverable Advance or that any proposed Advance, if made, would constitute a Nonrecoverable Advance, shall be evidenced by
a certificate of a Servicing Officer delivered to the Seller and the Trustee. The Trustee shall deposit all funds it receives pursuant
to this Section 4.03 into the Certificate Account.

(c)               
In the event that the Master Servicer determines on the Certificate Account Deposit Date that it will be unable to deposit
in the Certificate Account an amount equal 

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to
the Advance required to be made for the immediately succeeding Distribution Date in the amount determined by the Trustee pursuant
to paragraph (b) above, it shall give notice to the Trustee of its inability to advance (such notice may be given by telecopy),
not later than 3:00 P.M., New York time, on such Business Day, specifying the portion of such amount that it will be unable to
deposit. If the Master Servicer shall have determined that it is not obligated to make the entire Advance because all or a lesser
portion of such Advance would not be recoverable from Insurance Proceeds, Liquidation Proceeds or otherwise, the Master Servicer
shall promptly deliver to the Trustee for the benefit of the Certificateholders an Officer’s Certificate setting forth the
reasons for the Master Servicer’s determination. Not later than 5:00 P.M., New York time, on the Certificate Account Deposit
Date, unless by such time the Master Servicer shall have directly or indirectly deposited in the Certificate Account the entire
amount of the Advances required to be made for the related Distribution Date, pursuant to Section 7.01, the Trustee shall (a)
terminate all of the rights and obligations of the Master Servicer under this Agreement in accordance with Section 7.01 and (b)
assume the rights and obligations of the Master Servicer hereunder, including the obligation to deposit in the Certificate Account
an amount equal to the Advance for the immediately succeeding Distribution Date.

		SECTION 4.04.                   
	Allocation of Realized Losses.

Prior to each Distribution
Date, the Master Servicer shall determine the total amount of Realized Losses, if any, that resulted from any Cash Liquidation,
Debt Service Reduction, Deficient Valuation or REO Disposition that occurred during the related Prepayment Period. The amount of
each Realized Loss shall be evidenced by an Officers’ Certificate by the Master Servicer. Realized Losses shall be allocated
among the various Classes of Certificates as determined by the Trustee in accordance with the following provisions. All Realized
Losses, other than Excess Special Hazard Losses, Excess Bankruptcy Losses, Excess Fraud Losses or Extraordinary Losses shall be
allocated as follows: first, to the Class B Certificates until the Certificate Principal Balance thereof has been reduced to zero;
and second, among all the Class A Certificates as described below. Any Excess Special Hazard Losses, Excess Bankruptcy Losses,
Excess Fraud Losses and Extraordinary Losses on Mortgage Loans will be allocated among the Class A and Class B Certificates on
a pro rata basis, as described below. As used herein, an allocation of a Realized Loss on a “pro rata basis” among
two or more specified Classes of Certificates means an allocation on a pro rata basis, without priority among the various Classes
so specified, to each such Class of Certificates on the basis of the then outstanding Certificate Principal Balances thereof in
the case of the principal portion of a Realized Loss or based on the Accrued Certificate Interest thereon in the case of an interest
portion of a Realized Loss. Allocations of Realized Losses which are Default Losses to the Class A Certificates will be made on
a pro rata basis, based on their then outstanding Certificate Principal Balances, or the Accrued Certificate Interest thereon,
as applicable, between the Class A- 1, Class A-5 and Class A-6 Certificates, on the one hand, and the Class A-2, Class A-3, Class
A-4 and Variable Strip Certificates, on the other. Any such Realized Losses so allocated to the Class A-1, Class A-5 and Class
A-6 Certificates will be allocated first to the Class A-6 Certificates until the Certificate Principal 

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Balance
thereof or the Accrued Certificate Interest thereon, as appropriate, is reduced to zero and then to the Class A-1 and Class A-5
Certificates on a pro rata basis. Any allocation of the principal portion of Realized Losses (other than Debt Service Reductions)
to a Class A Certificate shall be made by reducing the Certificate Principal Balance thereof by the amount so allocated, which
allocation shall be deemed to have occurred at the close of business on such Distribution Date. Any allocation of the principal
portion of Realized Losses (other than Debt Service Reductions) to the Class B Certificates, shall be made by operation of the
definition of “Certificate Principal Balance” and by operation of the provisions of Section 4.01(b). Allocations of
the interest portions of Realized Losses shall be made by operation of the definition of “Accrued Certificate Interest”
and by operation of the provisions of Section 4.01(b) or 4.01(d), as applicable. Allocations of the principal portion of Debt
Service Reductions shall be made by operation of the provisions of Section 4.01(b) or 4.01(d), as applicable. All Realized Losses
and all other losses allocated to a Class of Certificates under this Section 4.04 will be allocated among the Certificates of
such Class in proportion to the Percentage Interests evidenced thereby.

		SECTION 4.05.                   
	Information Reports to be Filed by the Master Servicer.

The Master Servicer
or the Sub-Servicers shall file the information returns with respect to the receipt of mortgage interest received in a trade or
business, reports of foreclosures and abandonments of any Mortgaged Property and the information returns relating to cancellation
of indebtedness income with respect to any Mortgaged Property required by Sections 6050H, 6050J and 6050P of the Code, respectively,
and deliver to the Trustee an Officers’ Certificate stating that such reports have been filed. Such reports shall be in form
and substance sufficient to meet the reporting requirements imposed by such Sections 6050H, 6050J and 6050P of the Code.

		SECTION 4.06.                   
	Compliance with Withholding Requirements.

Notwithstanding any other
provision of this Agreement, the Trustee shall comply with all federal withholding requirements respecting payments to Certificateholders
of interest or original issue discount on the Mortgage Loans, and payments of interest or discount on amounts invested by the Trustee
as agent for Certificateholders pursuant to an election made under Section 4.01 hereof, that the Trustee reasonably believes are
applicable under the Code. The consent of Certificateholders shall not be required for such withholding. In the event the Trustee
withholds any amount from interest or original issue discount payments or advances thereof to any Certificateholder pursuant to
federal withholding requirements, the Trustee shall, together with its monthly report to such Certificateholders pursuant to Section
4.02 hereof, indicate such amount withheld.

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ARTICLE
V

THE CERTIFICATES

		SECTION 5.01.                   
	The Certificates.

The Certificates will
be substantially in the respective forms annexed hereto as Exhibits A-1, A-2 and B. The Certificates will be issuable in registered
form only. The Class A Certificates, other than the Class A-5 and Class A-7 Certificates, shall be issuable in minimum dollar denominations
of $1,000 and integral multiples of $1 in excess thereof, except that one Certificate of each Class of Class A Certificates may
be issued in an amount such that the denomination of such Certificate and the aggregate denomination of all other outstanding Certificates
of such Class together equal the aggregate Certificate Principal Balance of such Class. The Class B Certificates shall be issuable
in minimum dollar denominations of $25,000 and integral multiples of $1 in excess thereof, except that one Certificate of such
Class may be issued in an amount such that the denomination of such Certificate and the aggregate denomination of all other outstanding
Certificates of such Class together equal the aggregate Certificate Principal Balance of such Class. The Class A-5 and Class A-7
Certificates shall be issuable in minimum Notional Amounts of $1,000 and integral multiples of $1 in excess thereof, except that
one Certificate of each such Class may be issued in an amount such that the denomination of such Certificate and the aggregate
denomination of all other outstanding Certificates of such Class together equal the aggregate Notional Amount of such Class. The
Class R Certificates will each be issuable in minimum denominations of any Percentage Interest representing 20% and integral multiples
of 0.01% in excess thereof, provided, however, that one Class R Certificate may be issued to the “tax matters person”
pursuant to Article X, in a minimum denomination representing a Percentage Interest of not less than 0.01%.

Upon original issue,
the Certificates shall, upon the written request of the Depositor executed by an officer of the Depositor, be executed and delivered
by the Trustee, authenticated by the Trustee and delivered to or upon the order of the Depositor upon receipt by the Trustee of
the documents specified in Section 2.01. The Certificates shall be executed by manual or facsimile signature on behalf of the Trustee
in its capacity as trustee hereunder by a Responsible Officer. Certificates bearing the manual or facsimile signatures of individuals
who were at any time the proper officers of the Trustee shall bind the Trustee, notwithstanding that such individuals or any of
them have ceased to hold such offices prior to the authentication and delivery of such Certificates or did not hold such offices
at the date of such Certificates. No Certificate shall be entitled to any benefit under this Agreement, or be valid for any purpose,
unless there appears on such Certificate a certificate of authentication substantially in the form provided for herein executed
by the Trustee by manual signature, and such certificate upon any Certificate shall be conclusive evidence, and the only evidence,
that such Certificate has been duly authenticated and delivered hereunder. All Certificates issued on the Closing Date shall be
dated the Closing Date and any Certificates delivered thereafter shall be dated the date of their authentication.

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		SECTION 5.02.                   
	Registration of Transfer and Exchange of Certificates.

The Trustee shall
maintain a Certificate Register in which, subject to such reasonable regulations as it may prescribe, the Trustee shall provide
for the registration of Certificates and of transfers and exchanges of Certificates as herein provided.

No transfer, sale,
pledge or other disposition of a Class B or a Class R Certificate shall be made unless such transfer, sale, pledge or other disposition
is exempt from the registration requirements of the Securities Act of 1933, as amended (the “Act”), and any applicable
state securities laws or is made in accordance with said Act and laws. In the event that a transfer of a Class B or Class R Certificate
is to be made (i) the Depositor may direct the Trustee to require a written Opinion of Counsel acceptable to and in form and substance
satisfactory to the Trustee and the Depositor that such transfer shall be made pursuant to an exemption, describing the applicable
exemption and the basis therefor, from said Act and laws or is being made pursuant to said Act and laws, which Opinion of Counsel
shall not be an expense of the Trustee, the Depositor or the Master Servicer, provided that such Opinion of Counsel will not be
required in connection with the initial transfer of any such Certificate by the Depositor or any affiliate thereof, to a non-affiliate
of the Depositor and (ii) the Trustee shall require the transferee to execute a representation letter, substantially in the form
of Exhibit G-1 hereto, and the Trustee shall require the transferor to execute a representation letter, substantially in the form
of Exhibit G-2 hereto, each acceptable to and in form and substance satisfactory to the Depositor and the Trustee certifying to
the Depositor and the Trustee the facts surrounding such transfer, which representation letters shall not be an expense of the
Trustee, the Depositor or the Master Servicer. Any such Certificateholder desiring to effect such transfer shall, and does hereby
agree to, indemnify the Trustee, the Depositor and the Master Servicer against any liability that may result if the transfer is
not so exempt or is not made in accordance with such applicable federal and state laws.

The Trustee shall
require a written Opinion of Counsel from a prospective transferee prior to the transfer of any Class B or Class R Certificate
to any employee benefit plan or other retirement arrangement, including individual retirement accounts and Keogh plans, that is
subject to Section 406 of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”) or Section 4975
of the Code (any of the foregoing, a “Plan”), to a trustee or other Person acting on behalf of any Plan, or to any
other person who is using “plan assets” of any Plan to effect such acquisition (including any insurance company using
funds in its general or separate accounts that may constitute “plan assets”). Such Opinion of Counsel must establish
to the satisfaction of the Depositor and the Trustee or the Certificate Registrar that such disposition will not violate the prohibited
transaction provisions of Section 406 of ERISA and Section 4975 of the Code. Neither the Depositor, the Master Servicer nor the
Trustee will be required to obtain such Opinion of Counsel on behalf of any prospective transferee. In the case of any transfer
of the foregoing Certificates to an insurance company, in lieu of such Opinion of Counsel, the Trustee shall require a certification
in the form of Exhibit G-5 hereto substantially to the effect that all funds used by such transferee to purchase such Certificates
will be funds held by it in its general account which it reasonably believes do not constitute “plan assets” of any
Plan (as defined above). The permission of any transfer in violation of the restriction on transfer set forth in this paragraph
shall not constitute a default or an Event of Default.

    	-64-

    	 

    

(i)                
Each Person who has or who acquires any Ownership Interest in a Class R Certificate shall be deemed by the acceptance or
acquisition of such Ownership Interest to have agreed to be bound by the following provisions and to have irrevocably authorized
the Trustee or its designee under clause (iii)(A) below to deliver payments to a Person other than such Person and to negotiate
the terms of any mandatory sale under clause (iii)(B) below and to execute all instruments of transfer and to do all other things
necessary in connection with any such sale. The rights of each Person acquiring any Ownership Interest in a Class R Certificate
are expressly subject to the following provisions:

(A)            
Each Person holding or acquiring any Ownership Interest in a Class R Certificate shall be a Permitted Transferee and shall
promptly notify the Trustee of any change or impending change in its status as a Permitted Transferee.

(B)             
In connection with any proposed transfer of any Ownership Interest in a Class R Certificate, the Trustee shall require delivery
to it, and shall not register the transfer of any Class R Certificate until its receipt of (I) an affidavit and agreement (a “Transfer
Affidavit and Agreement” in the form attached hereto as Exhibit G-3) from the proposed Transferee, in form and substance
satisfactory to the Master Servicer and the Trustee representing and warranting, among other things, that it is a Permitted Transferee,
that it is not acquiring its Ownership Interest in the Class R Certificate that is the subject of the proposed Transfer as a nominee,
trustee or agent for any Person who is not a Permitted Transferee, that for so long as it retains its Ownership Interest in a Class
R Certificate, it will endeavor to remain a Permitted Transferee, and that it has reviewed the provisions of this Section 5.02
and agrees to be bound by them, and (II) a certificate, in the form attached hereto as Exhibit G-4, from the Holder wishing to
transfer the Class R Certificate, in form and substance satisfactory to the Master Servicer and the Trustee representing and warranting,
among other things, that no purpose of the proposed Transfer is to impede the assessment or collection of tax.

(C)             
Notwithstanding the delivery of a Transfer Affidavit and Agreement by a proposed Transferee under clause (B) above, if a
Responsible Officer of the Trustee assigned to this transaction has actual knowledge that the proposed Transferee is not a Permitted
Transferee, no Transfer of an Ownership Interest in a Class R Certificate to such proposed Transferee shall be effected.

(D)            
Each Person holding or acquiring any Ownership Interest in a Class R Certificate shall agree (x) to require a Transfer Affidavit
and Agreement from any other Person to whom such Person attempts to transfer its Ownership Interest in a Class R Certificate and
(y) not to transfer its Ownership Interest unless it provides a certificate to the Trustee in the form attached hereto as Exhibit
G-4.

(E)             
Each Person holding or acquiring an Ownership Interest in a Class R Certificate, by purchasing an Ownership Interest in
such Certificate, agrees to give the Trustee written notice that it is a “pass- through interest holder” within the
meaning of Temporary Treasury Regulations Section 1.67-3T(a)(2)(i)(A) immediately upon acquiring an Ownership 

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Interest
in a Class R Certificate, if it is “a pass-through interest holder”, or is holding an Ownership Interest in a Class
R Certificate on behalf of a “pass-through interest holder.”

(ii)              
The Trustee will register the Transfer of any Class R Certificate only if it shall have received the Transfer Affidavit
and Agreement in the form attached hereto as Exhibit G-3, a certificate of the holder requesting such transfer in the form attached
hereto as Exhibit G-4 and all of such other documents as shall have been reasonably required by the Trustee as a condition to such
registration. Transfers of the Class R Certificates to Non-United States Persons and Disqualified Organizations are prohibited.

(iii)            
 (a) if any Disqualified Organization shall become a holder of a Class R Certificate, then the last preceding Permitted
Transferee shall be restored, to the extent permitted by law, to all rights and obligations as holder thereof retroactive to the
date of registration of such Transfer of such Class R Certificate. If a Non-United States Person shall become a holder of a Class
R Certificate, then the last preceding United States Person shall be restored, to the extent permitted by law, to all rights and
obligations as holder thereof retroactive to the date of registration of such Transfer of such Class R Certificate. If a transfer
of a Class R Certificate is disregarded pursuant to the provisions of Treasury Regulations Section 1.860E-1 or Section 1.86OG-3,
then the last preceding Permitted Transferee shall be restored, to the extent permitted by law, to all rights and obligations as
holder thereof retroactive to the date of registration of such Transfer of such Class R Certificate. The Trustee shall be under
no liability to any Person for any registration of Transfer of a Class R Certificate that is in fact not permitted by this Section
5.02 or for making any payments due on such Certificate to the holder thereof or for taking any other action with respect to such
holder under the provisions of this Agreement.

(b)               If any purported
Transferee shall become a holder of a Class R Certificate in violation of the restrictions in this Section 5.02 and to the extent
that the retroactive restoration of the rights of the holder of such Class R Certificate as described in clause (iii)(a) above
shall be invalid, illegal or unenforceable, then the Trustee shall have the right, without notice to the holder or any prior holder
of such Class R Certificate, to sell such Class R Certificate to a purchaser selected by the Trustee on such terms as the Trustee
may choose. Such purported Transferee shall promptly endorse and deliver each Class R Certificate in accordance with the instructions
of the Trustee. Such purchaser may be the Trustee itself. The proceeds of such sale, net of the commissions (which may include
commissions payable to the Trustee), expenses and taxes due, if any, will be remitted by the Trustee to such purported Transferee.
The terms and conditions of any sale under this clause (iii)(b) shall be determined in the sole discretion of the Trustee, and
the Trustee shall not be liable to any Person having an Ownership Interest in a Class R Certificate as a result of its exercise
of such discretion.

(iv)            
The Trustee shall make available to the Internal Revenue Service and those Persons specified by the REMIC Provisions, all
information necessary to compute any tax imposed (A) as a result of the transfer of an ownership interest in a Class R Certificate
to any Person who is a Disqualified Organization, including the information regarding “excess inclusions” of such Class
R Certificates required to be provided to the 

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Internal Revenue Service and certain Persons as described in Treasury Regulations
Sections 1.86OD-l(b)(5) and 1.860E 2(a)(5), and (B) as a result of any regulated investment company, real estate investment trust,
common trust fund, partnership, trust, estate or organization described in Section 1381 of the Code that holds an Ownership Interest
in a Class R Certificate having as among its record holders at any time any Person who is a Disqualified Organization. The Trustee
may charge and shall be entitled to reasonable compensation for providing such information as may be required from those Persons
which may have had a tax imposed upon them as specified in clauses (A) and (B) of this paragraph for providing such information.

Subject to the preceding
paragraphs, upon surrender for registration of transfer of any Certificate at the office of the Trustee maintained for such purpose,
the Trustee shall execute and the Trustee or the Authenticating Agent shall authenticate and deliver, in the name of the designated
transferee or transferees, one or more new Certificates of the same Class of a like aggregate initial Certificate Principal Balance.
Every Certificate surrendered for transfer shall be accompanied by notification of the account of the designated transferee or
transferees for the purpose of receiving distributions pursuant to Section 4.01 by wire transfer, if any such transferee desires
and is eligible for distribution by wire transfer.

At the option of the
Certificateholders, Certificates may be exchanged for other Certificates of authorized denominations of the same Class of a like
aggregate initial Certificate Principal Balance, upon surrender of the Certificates to be exchanged at the office of the Certificate
Registrar. Whenever any Certificates are so surrendered for exchange the Trustee shall execute, authenticate and deliver the Certificates
which the Certificateholder making the exchange is entitled to receive. Every Certificate presented or surrendered for transfer
or exchange shall (if so required by the Trustee or the Certificate Registrar) be duly endorsed by, or be accompanied by a written
instrument of transfer in the form satisfactory to the Trustee or the Certificate Registrar duly executed by, the Holder thereof
or his attorney duly authorized in writing.

No service charge
shall be made to the Certificateholders for any transfer or exchange of Certificates, but the Trustee may require payment of a
sum sufficient to cover any tax or governmental charge that may be imposed in connection with any transfer or exchange of Certificates.

All Certificates surrendered
for transfer and exchange shall be canceled and retained by the Trustee in accordance with the Trustee’s standard procedures.

		SECTION 5.03.                   
	Mutilated, Destroyed, Lost or Stolen Certificates.

If (i) any mutilated
Certificate is surrendered to the Trustee and the Trustee receives evidence to its satisfaction of the destruction, loss or theft
of any Certificate, and (ii) there is delivered to the Trustee such security or indemnity as may be required by it to save it harmless,
then, in the absence of notice to the Trustee that such Certificate has been acquired by a bona fide purchaser, the Trustee shall
execute, authenticate and deliver, in exchange for or in lieu of any such mutilated, destroyed, lost or stolen Certificate, a new
Certificate of the same 

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Class
and initial Certificate Principal Balance. Upon the issuance of any new Certificate under this Section, the Trustee may require
the payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in relation thereto and any
other expenses (including the fees and expenses of the Trustee) connected therewith. Any replacement Certificate issued pursuant
to this Section shall constitute complete and indefeasible evidence of ownership in the Trust Fund, as if originally issued, whether
or not the lost, stolen or destroyed Certificate shall be found at any time.

		SECTION 5.04.                   
	Persons Deemed Owners.

The Depositor, the Master
Servicer, the Trustee and any agent of any of them may treat the person in whose name any Certificate is registered as the owner
of such Certificate for the purpose of receiving distributions pursuant to Section 4.01 and for all other purposes whatsoever,
and neither the Depositor, the Master Servicer, the Trustee nor any agent of any of them shall be affected by notice to the contrary.

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ARTICLE
VI

THE Depositor AND THE MASTER SERVICER

		SECTION 6.01.                   
	Liability of the Depositor and the Master Servicer.

The Depositor and
the Master Servicer each shall be liable in accordance herewith only to the extent of the obligations specifically imposed upon
and undertaken by the Depositor and the Master Servicer herein.

		SECTION 6.02.                   
	Merger, Consolidation or Conversion of the Depositor or the Master Servicer.

The Depositor and
the Master Servicer each will keep in full effect its existence, rights and franchises as an limited liability company and corporation,
respectively, under the laws of the state of its formation or incorporation, as the case may be, and each will obtain and preserve
its qualification to do business as a foreign corporation in each jurisdiction in which such qualification is or shall be necessary
to protect the validity and enforceability of this Agreement, the Certificates or any of the Mortgage Loans and to perform its
respective duties under this Agreement; and provided further that the Rating Agencies’ ratings of the Class A Certificates
immediately prior to such merger or consolidation will not be qualified, reduced or withdrawn as a result thereof (as evidenced
by a letter to such effect from the Rating Agencies).

Any Person into which
the Depositor or the Master Servicer may be merged, consolidated or converted, or any corporation resulting from any merger or
consolidation to which the Depositor or the Master Servicer shall be a party, or any Person succeeding to the business of the Depositor
or the Master Servicer, shall be the successor of the Depositor or the Master Servicer, as the case may be, hereunder, without
the execution or filing of any paper or any further act on the part of any of the parties hereto, anything herein to the contrary
notwithstanding; provided, however, that the successor or surviving Person to the Master Servicer shall be qualified to sell mortgage
loans to and service mortgage loans for Fannie Mae or Freddie Mac.

		SECTION 6.03.                   
	Limitation on Liability of the Depositor, the Master Servicer and Others.

Neither the Depositor,
the Master Servicer nor any of the directors, officers, employees or agents of the Depositor or the Master Servicer shall be under
any liability to the Trust Fund or the Certificateholders for any action taken or for refraining from the taking of any action
in good faith pursuant to this Agreement, or for errors in judgment; provided, however, that this provision shall not protect the
Depositor or the Master Servicer (but this provision shall protect the above described persons) against any breach of warranties
or representations made herein, or against any specific liability imposed on the Master Servicer pursuant to Section 3.01 or any
other Section hereof; and provided further that this provision shall not protect the Depositor, the Master Servicer or any such
person, against any liability which would otherwise be imposed by reason of willful misfeasance, bad faith or gross negligence
in the performance of 

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duties
or by reason of reckless disregard of obligations and duties hereunder. The Depositor, the Master Servicer and any director, officer,
employee or agent of the Depositor or the Master Servicer may rely in good faith on any document of any kind prima facie properly
executed and submitted by any Person respecting any matters arising hereunder. The Depositor, the Master Servicer and any director,
officer, employee or agent of the Depositor or the Master Servicer shall be indemnified and held harmless by the Trust Fund against
any loss, liability or expense incurred in connection with any legal action relating to this Agreement or the Certificates, other
than any loss, liability or expense related to Master Servicer’s servicing obligations with respect to any specific Mortgage
Loan or Mortgage Loans (except as any such loss, liability or expense shall be otherwise reimbursable pursuant to this Agreement)
or related to the Master Servicer’s obligations under Section 3.01, or any loss, liability or expense incurred by reason
of willful misfeasance, bad faith or gross negligence in the performance of duties hereunder or by reason of reckless disregard
of obligations and duties hereunder.

Neither the Depositor
nor the Master Servicer shall be under any obligation to appear in, prosecute or defend any legal action which is not incidental
to its respective duties under this Agreement and which in its opinion may involve it in any expense or liability; provided, however,
that the Depositor or the Master Servicer may in its sole discretion undertake any such action which it may deem necessary or desirable
with respect to this Agreement and the rights and duties of the parties hereto and the interests of the Certificateholders hereunder.
In such event, the legal expenses and costs of such action and any liability resulting therefrom (except any action or liability
related to the Master Servicer’s obligations under Section 3.01) shall be expenses, costs and liabilities of the Trust Fund,
and the Depositor and the Master Servicer shall be entitled to be reimbursed therefor from the Certificate Account as provided
in Section 3.11, any such right of reimbursement being prior to the rights of Certificateholders to receive any amount in the Certificate
Account.

		SECTION 6.04.                   
	Limitation on Resignation of the Master Servicer.

The Master Servicer shall
not resign from the obligations and duties hereby imposed on it except (a) upon appointment of a successor servicer reasonably
acceptable to the Trustee and upon receipt by the Trustee of a letter from each Rating Agency that such a resignation and appointment
will not, in and of itself, result in a downgrading of the Certificates or (b) upon determination that its duties hereunder are
no longer permissible under applicable law (any such determination permitting the resignation of the Master Servicer to be evidenced
by an Opinion of Counsel (at the expense of the resigning Master Servicer) to such effect delivered to the Trustee). No such resignation
shall become effective until the Trustee or a successor servicer shall have assumed the Master Servicer’s responsibilities,
duties, liabilities and obligations hereunder.

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ARTICLE
VII

DEFAULT

		SECTION 7.01.                   
	Events of Default.

“Event of Default”,
wherever used herein, means any one of the following events:

(i)                
any failure by the Master Servicer to remit to the Trustee for distribution to the Certificateholders any payment (other
than an Advance) required to be made under the terms of the Certificates or this Agreement which continues unremedied for a period
of one day after the date upon which written notice of such failure, requiring the same to be remedied, shall have been given to
the Master Servicer by the Depositor (with a copy to the Trustee) or the Trustee, or to the Master Servicer, the Depositor and
the Trustee by the Holders of Certificates entitled to at least 25% of the Voting Rights; or

(ii)              
any failure on the part of the Master Servicer duly to observe or perform in any material respect any other of the covenants
or agreements on the part of the Master Servicer contained in the Certificates or in this Agreement (including any breach of the
Master Servicer’s representations and warranties pursuant to Section 2.03(a) which materially and adversely affects the interests
of the Certificateholders) which continues unremedied for a period of 30 days after the date on which written notice of such failure,
requiring the same to be remedied, shall have been given to the Master Servicer by the Depositor (with a copy to the Trustee) or
the Trustee, or to the Master Servicer, the Depositor and the Trustee by the Holders of Certificates entitled to at least 25% of
the Voting Rights; or

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

(iv)            
the Master Servicer shall consent to the appointment of a conservator or receiver or liquidator in any insolvency, readjustment
of debt, marshaling of assets and liabilities or similar proceedings of or relating to the Master Servicer or of or relating to
all or substantially all of its property; or

(v)              
the Master Servicer shall admit in writing its inability to pay its debts generally as they become due, file a petition
to take advantage of or otherwise voluntarily commence a case or proceeding under any applicable bankruptcy, insolvency, reorganization
or other similar statute, make an assignment for the benefit of its creditors, or voluntarily suspend payment of its obligations;
or

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(vi)            
the Master Servicer shall fail to deposit in the Certificate Account on any Certificate Account Deposit Date an amount equal
to any required Advance.

If the Master Servicer
shall fail to make any deposit in the Certificate Account as required by Section 4.01, the Trustee shall give the Master Servicer
notice pursuant to clause (i) not later than the Business Day following the Certificate Account Deposit Date. If an Event of Default
described in clauses (i) - (v) of this Section shall occur, then, and in each and every such case, so long as such Event of Default
shall not have been remedied, the Depositor or the Trustee may, and at the direction of the Holders of Certificates entitled to
at least 51% of the Voting Rights, the Trustee shall, by notice to the Master Servicer (and to the Depositor if given by the Trustee
or to the Trustee if given by the Depositor) terminate all of the rights and obligations of the Master Servicer under this Agreement
and in and to the Trust Fund, other than its rights as a Certificateholder hereunder and the Depositor, terminate all of the rights
and obligations of the Master Servicer under this Agreement and in and to the Trust Fund, other than its rights as a Certificateholder
hereunder. If an Event of Default described in clause (vi) hereof shall occur, the Trustee shall, by notice to the Master Servicer
and the Depositor, terminate all of the rights and obligations of the Master Servicer under this Agreement and in and to the Trust
Fund, other than its rights as a Certificateholder hereunder. On or after the receipt by the Master Servicer of such notice, all
authority and power of the Master Servicer under this Agreement, whether with respect to the Certificates (other than as a holder
thereof) or the Mortgage Loans or other wise, shall pass to and be vested in the Trustee pursuant to and under this Section, and,
without limitation, the Trustee is hereby authorized and empowered to execute and deliver, on behalf of the Master Servicer, as
attorney-in-fact or otherwise, any and all documents and other instruments, and to do or accomplish all other acts or things necessary
or appropriate to effect the purposes of such notice of termination, whether to complete the transfer and endorsement or assignment
of the Mortgage Loans and related documents, or otherwise. The Master Servicer agrees to cooperate with the Trustee in effecting
the termination of the Master Servicer’s responsibilities and rights hereunder, including, without limitation, the transfer
to the Trustee or its appointed agent for administration by it of all cash amounts which shall at the time be deposited by the
Master Servicer or should have been deposited to the Custodial or the Certificate Account or thereafter be received with respect
to the Mortgage Loans. The Trustee shall not be deemed to have breached any obligation hereunder as a result of a failure to make
or delay in making any distribution as and when required hereunder caused by the failure of the Master Servicer to remit any amounts
received on it or to deliver any documents held by it with respect to the Mortgage Loans. For purposes of this Section 7.01, the
Trustee shall not be deemed to have knowledge of an Event of Default unless a Responsible Officer of the Trustee assigned to and
working in the Trustee’s Corporate Trust Division has actual knowledge thereof or unless notice of any event which is in
fact such an Event of Default is received by the Trustee and such notice references the Certificates, the Trust Fund or this Agreement.

[Notwithstanding any
termination of the activities of [Name of Master Servicer] in its capacity as Master Servicer hereunder, [Name of Master Servicer]
shall be entitled to receive, out of any Late Collection of a Monthly Payment on a Mortgage Loan which was due prior to the notice
terminating [Name of Master Servicer]’s rights and obligations as Master Servicer hereunder and received after such notice,
that portion to which [Name of Master Servicer] would have been entitled pursuant to Sections 3.11 (ii), (iii), (iv), (v) and (viii)
and 

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Section
4. 01 (b)(iii) as well as the portion of its related Servicing Fee in respect thereof, and any other amounts payable to [Name
of Master Servicer] hereunder the entitlement to which arose prior to the termination of its activities hereunder.]

		SECTION 7.02.                   
	Trustee to Act; Appointment of Successor.

On and after the time
the Master Servicer receives a notice of termination pursuant to Section 7.01, the Trustee or its appointed agent shall be the
successor in all respects to the Master Servicer in its capacity as Master Servicer under this Agreement and the transactions set
forth or provided for herein and shall be subject thereafter to all the responsibilities, duties and liabilities relating thereto
placed on the Master Servicer including the obligation to make Advances which have been or will be required to be made (except
for the responsibilities, duties and liabilities contained in Section 2.03 and its obligations to deposit amounts in respect of
losses incurred prior to the date of succession pursuant to Section 3.12 and 4.01(e)) by the terms and provisions hereof; and provided
further, that any failure to perform such duties or responsibilities caused by the Master Servicer’s failure to provide information
required by Section 4.03 shall not be considered a default by the Trustee hereunder. As compensation therefor, the Trustee shall
be entitled to all funds relating to the Mortgage Loans which the Master Servicer would have been entitled to charge to the Custodial
Account and the Certificate Account if the Master Servicer had continued to act hereunder. Notwithstanding the above, the Trustee
may, if it shall be unwilling to so act, or shall, if it is unable to so act or if the Holders of Certificates entitled to at least
51% of the Voting Rights so request in writing to the Trustee, appoint, or petition a court of competent jurisdiction to appoint,
any Fannie Mae or Freddie Mac approved mortgage servicing institution having a net worth of not less than $10,000,000 as the successor
to the Master Servicer hereunder in the assumption of all or any part of the responsibilities, duties or liabilities of the Master
Servicer hereunder. Pending appointment of a successor to the Master Servicer hereunder, the Trustee shall act in such capacity
as herein above provided. In connection with such appointment and assumption, the Trustee may make such arrangements for the compensation
of such successor out of payments on Mortgage Loans as it and such successor shall agree; provided, however, that no such compensation
shall be in excess of that permitted the Master Servicer hereunder. The Trustee and such successor shall take such action, consistent
with this Agreement, as shall be necessary to effectuate any such succession; provided, however, that such succession shall not
reduce the ratings of the Certificates below the original ratings thereof.

Any successor, including
the Trustee, to the Master Servicer shall maintain in force during its term as master servicer hereunder the Insurance Policies
and fidelity bonds to the same extent as the Master Servicer is so required pursuant to Sections 3.13 and 3.18.

		SECTION 7.03.                   
	Notification to Certificateholders.

(a)               
Upon any such termination or appointment of a successor to the Master Servicer, the Trustee shall give prompt notice thereof
to Certificateholders.

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(b)              
Within 60 days after the occurrence of any Event of Default, the Trustee shall transmit by mail to all Holders of Certificates
notice of each such Event of Default hereunder known to the Trustee, unless such Event of Default shall have been cured or waived.

		SECTION 7.04.                   
	Waiver of Events of Default.

The Holders representing
at least 66% of the Voting Rights of Certificates affected by a default or Event of Default hereunder, may waive such default or
Event of Default (other than an Event of Default set forth in Section 7.01(vi); provided, however, that (a) a default or Event
of Default under clause (i) of Section 7.01 may be waived only by all of the Holders of Certificates affected by such default or
Event of Default and (b) no waiver pursuant to this Section 7.04 shall affect the Holders of Certificates in the manner set forth
in the second paragraph of Section 11.01 or materially adversely affect any non-consenting Certificateholder. Upon any such waiver
of a default or Event of Default by the Holders representing the requisite percentage of Voting Rights of Certificates affected
by such default or Event of Default, such default or Event of Default shall cease to exist and shall be deemed to have been remedied
for every purpose hereunder. No such waiver shall extend to any subsequent or other default or Event of Default or impair any right
consequent thereon except to the extent expressly so waived.

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ARTICLE
VIII

CONCERNING THE TRUSTEE

		SECTION 8.01.                   
	Duties of Trustee.

The Trustee, prior
to the occurrence of an Event of Default and after the curing of all Events of Default which may have occurred, undertakes to perform
such duties and only such duties as are specifically set forth in this Agreement. If an Event of Default occurs and is continuing,
the Trustee shall exercise such of the rights and powers vested in it by this Agreement, and use the same degree of care and skill
in their exercise as a prudent man would exercise or use under the circumstances in the conduct of his own affairs. Any permissive
right of the Trustee enumerated in this Agreement shall not be construed as a duty.

The Trustee, upon
receipt of all resolutions, certificates, statements, opinions, reports, documents, orders or other instruments furnished to the
Trustee which are specifically required to be furnished pursuant to any provision of this Agreement, shall examine them to determine
whether they conform to the requirements of this Agreement. If any such instrument is found not to conform to the requirements
of this Agreement in a material manner, the Trustee shall take action as it deems appropriate to have the instrument corrected.

The Trustee shall
sign on behalf of the Trust Fund any tax return that the Trustee is required to sign pursuant to applicable federal, state or local
tax laws.

The Trustee covenants
and agrees that it shall perform its obligations hereunder in a manner so as to maintain the status of the Trust Fund as a REMIC
under the REMIC Provisions and to prevent the imposition of any federal, state or local income, prohibited transaction, contribution
or other tax on the Trust Fund to the extent that maintaining such status and avoiding such taxes are reasonably within the control
of the Trustee and are reasonably within the scope of its duties under this Agreement.

No provision of this
Agreement shall be construed to relieve the Trustee from liability for its own negligent action, its own negligent failure to act
or its own misconduct; provided, however, that:

(i)                
Prior to the occurrence of an Event of Default, and after the curing of all such Events of Default which may have occurred,
the duties and obligations of the Trustee shall be determined solely by the express provisions of this Agreement, the Trustee shall
not be liable except for the performance of such duties and obligations as are specifically set forth in this Agreement, no implied
covenants or obligations shall be read into this Agreement against the Trustee and, in the absence of bad faith on the part of
the Trustee, the Trustee may conclusively rely, as to the truth of the statements and the correctness of the opinions expressed
therein, upon any certificates or opinions furnished to the Trustee and conforming to the requirements of this Agreement;

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(ii)              
The Trustee shall not be personally liable for an error of judgment made in good faith by a Responsible Officer or Responsible
Officers of the Trustee, unless it shall be proved that the Trustee was negligent in ascertaining the pertinent facts;

(iii)            
The Trustee shall not be personally liable with respect to any action taken, suffered or omitted to be taken by it in good
faith in accordance with the direction of Holders of Certificates entitled to at least 25% of the Voting Rights relating to the
time, method and place of conducting any proceeding for any remedy available to the Trustee, or exercising any trust or power conferred
upon the Trustee, under this Agreement.

		SECTION 8.02.                   
	Certain Matters Affecting the Trustee.

Except as otherwise
provided in Section 8.01:

(a)               
The Trustee may request and rely upon and shall be protected in acting or refraining from acting upon any resolution, Officers’
Certificate, certificate of auditors or any other certificate, statement, instrument, opinion, report, notice, request, consent,
order, appraisal, bond or other paper or document reasonably believed by it to be genuine and to have been signed or presented
by the proper party or parties;

(b)              
The Trustee 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 therewith;

(c)               
The Trustee shall be under no obligation to exercise any of the trusts or powers vested in it by this Agreement or to make
any investigation of matters arising hereunder or to institute, conduct or defend any litigation hereunder or in relation hereto
at the request, order or direction of any of the Certificateholders, pursuant to the provisions of this Agreement, unless such
Certificateholders shall have offered to the Trustee reasonable security or indemnity against the costs, expenses and liabilities
which may be incurred therein or thereby; nothing contained herein shall, however, relieve the Trustee of the obligation, upon
the occurrence of an Event of Default (which has not been cured), to exercise such of the rights and powers vested in it by this
Agreement, and to use the same degree of care and skill in their exercise as a prudent man would exercise or use under the circumstances
in the conduct of his own affairs;

(d)              
The Trustee shall not be personally liable for any action taken, suffered or omitted by it in good faith and believed by
it to be authorized or within the discretion or rights or powers conferred upon it by this Agreement;

(e)               
Prior to the occurrence of an Event of Default hereunder and after the curing of all Events of Default which may have occurred,
the Trustee shall not be bound to make any investigation into the facts or matters stated in any resolution, certificate, statement,
instrument, opinion, report, notice, request, consent, order, approval, bond or other paper or document, unless requested in writing
to do so by Holders of Certificates entitled to at least 25% of the Voting Rights; provided, however, that if the payment within
a reasonable time to the Trustee of the costs, expenses or liabilities likely to be incurred by it in the making of such 

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investigation
is, in the opinion of the Trustee, not reasonably assured to the Trustee by the security afforded to it by the terms of this Agreement,
the Trustee may require reasonable indemnity against such expense or liability as a condition to taking any such action. The reasonable
expense of every such reasonable examination shall be paid by the Master Servicer or, if paid by the Trustee, shall be repaid
by the Master Servicer upon demand; and

(f)               
The Trustee may execute any of the trusts or powers hereunder or perform any duties hereunder either directly or by or through
agents or attorneys.

		SECTION 8.03.                   
	Trustee Not Liable for Certificates or Mortgage Loans.

The recitals contained
herein and in the Certificates, other than the signature of the Trustee on the Certificates and the certificate of authentication,
shall be taken as the statements of the Depositor or the Master Servicer, as the case may be, and the Trustee assumes no responsibility
for their correctness. The Trustee makes no representations or warranties as to the validity or sufficiency of this Agreement or
of the Certificates or of any Mortgage Loan or related document, other than the signature of the Trustee on the Certificates and
the Certificate of Authentication. The Trustee shall not be accountable for the use or application by the Depositor or the Master
Servicer of any of the Certificates or of the proceeds of such Certificates, or for the use or application of any funds paid to
the Seller in respect of the Mortgage Loans or deposited in or withdrawn from the Custodial Account or the Certificate Account
or any other account by or on behalf of the Depositor or the Master Servicer, other than any funds held by or on behalf of the
Trustee in accordance with Section 4.01.

		SECTION 8.04.                   
	Trustee May Own Certificates.

The Trustee in its
individual or any other capacity may become the owner or pledgee of Certificates with the same rights it would have if it were
not Trustee.

		SECTION 8.05.                   
	Payment of Trustee’s Fees.

The Trustee shall
withdraw from the Certificate Account on each Distribution Date and pay to itself the Trustee’s Fee. Except as otherwise
provided in this Agreement, the Trustee and any director, officer, employee or agent of the Trustee shall be indemnified by the
Trust Fund and held harmless against any loss, liability or “unanticipated out-of-pocket” expense incurred or paid
to third parties (which expenses shall not include salaries paid to employees, or allocable overhead, of the Trustee) in connection
with the acceptance or administration of its trusts hereunder or the Certificates, other than any loss, liability or expense incurred
by reason of willful misfeasance, bad faith or negligence in the performance of duties hereunder or by reason of reckless disregard
of obligations and duties hereunder all such amounts shall be payable from funds in the Custodial Account as provided in Section
3.11. The provisions of this Section 8.05 shall survive the termination of this Agreement.

The Master Servicer
shall indemnify the Trustee and any director, officer, employee or agent of the Trustee against any loss, liability or expense
that may be sustained in 

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connection
with this Agreement related to the willful misfeasance, bad faith or negligence in the performance of its duties hereunder.

		SECTION 8.06.                   
	Eligibility Requirements for Trustee.

The Trustee hereunder
shall at all times be a corporation or a national banking association organized and doing business under the laws of any state
or the United States of America or the District of Columbia, authorized under such laws to exercise corporate trust powers, having
a combined capital and surplus of at least $50,000,000 and subject to supervision or examination by federal or state authority.
In addition, the Trustee shall at all times be acceptable to the Rating Agency rating the Certificates. If such corporation publishes
reports of condition at least annually, pursuant to law or to the requirements of the aforesaid supervising or examining authority,
then for the purposes of this Section the combined capital and surplus of such corporation shall be deemed to be its combined capital
and surplus as set forth in its most recent report of condition so published. In case at any time the Trustee shall cease to be
eligible in accordance with the provisions of this Section, the Trustee shall resign immediately in the manner and with the effect
specified in Section 8.07. The corporation or national banking association serving as Trustee may have normal banking and trust
relationships with the Seller and its affiliates or the Master Servicer and its affiliates; provided, however, that such corporation
cannot be an affiliate of the Master Servicer other than the Trustee in its role as successor to the Master Servicer.

		SECTION 8.07.                   
	Resignation and Removal of the Trustee.

The Trustee may at
any time resign and be discharged from the trusts hereby created by giving notice thereof to the Depositor, the Master Servicer
and to all Certificateholders; provided, that such resignation shall not be effective until a successor trustee is appointed and
accepts appointment in accordance with the following provisions. Upon receiving such notice of resignation, the Depositor shall
promptly appoint a successor trustee who meets the eligibility requirements of Section 8.06 by written instrument, in duplicate,
which instrument shall be delivered to the resigning Trustee and to the successor trustee. A copy of such instrument shall be delivered
to the Certificateholders and the Master Servicer by the Depositor. If no successor trustee shall have been so appointed and have
accepted appointment within 60 days after the giving of such notice of resignation, the resigning Trustee may petition any court
of competent jurisdiction for the appointment of a successor trustee; provided, however, that the resigning Trustee shall not resign
and be discharged from the trusts hereby created until such time as the Rating Agency rating the Certificates approves the successor
trustee.

If at any time the
Trustee shall cease to be eligible in accordance with the provisions of Section 8.06 and shall fail to resign after written request
therefor by the Depositor or the Master Servicer, or if at any time the Trustee shall become incapable of acting, or shall be adjudged
bankrupt or insolvent, or a receiver of the Trustee or of its property shall be appointed, or any public officer shall take charge
or control of the Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, or if the
rating of the long-term debt obligations of the Trustee is not acceptable to the Rating Agency in respect of mortgage pass-

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through
certificates having a rating equal to the then current rating on the Certificates, then the Depositor may remove the Trustee and
appoint a successor trustee who meets the eligibility requirements of Section 8.06 by written instrument, in duplicate, which
instrument shall be delivered to the Trustee so removed and to the successor trustee. A copy of such instrument shall be delivered
to the Certificateholders and the Master Servicer by the Depositor.

The Holders of Certificates
entitled to at least 51% of the Voting Rights may at any time remove the Trustee and appoint a successor trustee by written instrument
or instruments, in triplicate, signed by such Holders or their attorneys-in-fact duly authorized, one complete set of which instruments
shall be delivered to the Master Servicer, one complete set to the Trustee so removed and one complete set to the successor so
appointed. A copy of such instrument shall be delivered to the Certificateholders and the Master Servicer by the Depositor.

Any resignation or
removal of the Trustee and appointment of a successor trustee pursuant to any of the provisions of this Section shall not become
effective until acceptance of appointment by the successor trustee as provided in Section 8.08.

		SECTION 8.08.                   
	Successor Trustee.

Any successor trustee
appointed as provided in Section 8.07 shall execute, acknowledge and deliver to the Master Servicer and to its predecessor trustee
an instrument accepting such appointment hereunder, and thereupon the resignation or removal of the predecessor trustee shall become
effective and such successor trustee, without any further act, deed or conveyance, shall become fully vested with all the rights,
powers, duties and obligations of its predecessor hereunder, with the like effect as if originally named as trustee herein. The
predecessor trustee shall deliver to the successor trustee all Mortgage Files and related documents and statements held by it hereunder,
and the Master Servicer and the predecessor trustee shall execute and deliver such instruments and do such other things as may
reasonably be required for more fully and certainly vesting and confirming in the successor trustee all such rights, powers, duties
and obligations.

No successor trustee
shall accept appointment as provided in this Section unless at the time of such acceptance such successor trustee shall be eligible
under the provisions of Section 8.06.

Upon acceptance of
appointment by a successor trustee as provided in this Section, the Master Servicer shall mail notice of the succession of such
trustee hereunder to all Holders of Certificates at their addresses as shown in the Certificate Register. If the Master Servicer
fails to mail such notice within ten days after acceptance of appointment by the successor trustee, the successor trustee shall
cause such notice to be mailed at the expense of the Master Servicer.

		SECTION 8.09.                   
	Merger or Consolidation of Trustee.

Any corporation into
which the Trustee may be merged or converted or with which it may be consolidated or any corporation resulting from any merger,
conversion or 

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consolidation
to which the Trustee shall be a party, or any corporation succeeding to the business of the Trustee, shall be the successor of
the Trustee hereunder, provided such corporation shall be eligible under the provisions of Section 8.06, without the execution
or filing of any paper or any further act on the part of any of the parties hereto, anything herein to the contrary notwithstanding.

		SECTION 8.10.                   
	Appointment of Co-Trustee or Separate Trustee.

Notwithstanding any
other provisions hereof, at any time, for the purpose of meeting any legal requirements of any jurisdiction in which any part of
the Trust Fund or property securing the same may at the time be located, the Depositor and the Trustee acting jointly shall have
the power and shall execute and deliver all instruments to appoint one or more Persons approved by the Trustee to act as co-trustee
or co-trustees, jointly with the Trustee, or separate trustee or separate trustees, of all or any part of the Trust Fund, and to
vest in such Person or Persons, in such capacity, such title to the Trust Fund, or any part thereof, and, subject to the other
provisions of this Section 8.10, such powers, duties, obligations, rights and trusts as the Depositor and the Trustee may consider
necessary or desirable. If the Depositor shall not have joined in such appointment within 15 days after the receipt by it of a
request so to do, or in case an Event of Default shall have occurred and be continuing, the Trustee alone shall have the power
to make such appointment. No co-trustee or separate trustee hereunder shall be required to meet the terms of eligibility as a successor
trustee under Section 8.06 hereunder and no notice to Holders of Certificates of the appointment of co-trustee(s) or separate trustee(s)
shall be required under Section 8.08 hereof.

In the case of any
appointment of a co-trustee or separate trustee pursuant to this Section 8.10 all rights, powers, duties and obligations conferred
or imposed upon the Trustee shall be conferred or imposed upon and exercised or performed by the Trustee and such separate trustee
or co-trustee jointly, except to the extent that under any law of any jurisdiction in which any particular act or acts are to be
performed (whether as Trustee hereunder or as successor to the Master Servicer hereunder), the Trustee shall be incompetent or
unqualified to perform such act or acts, in which event such rights, powers, duties and obligations (including the holding of title
to the Trust Fund or any portion thereof in any such jurisdiction) shall be exercised and performed by such separate trustee or
co-trustee at the direction of the Trustee.

Any notice, request
or other writing given to the Trustee shall be deemed to have been given to each of the then separate trustees and co-trustees,
as effectively as if given to each of them. Every instrument appointing any separate trustee or co-trustee shall refer to this
Agreement and the conditions of this Article VIII.. Each separate trustee and co-trustee, upon its acceptance of the trusts conferred,
shall be vested with the estates or property specified in its instrument of appointment, either jointly with the Trustee or separately,
as may be provided therein, subject to all the provisions of this Agreement, specifically including every provision of this Agreement
relating to the conduct of, affecting the liability of, or affording protection to, the Trustee. Every such instrument shall be
filed with the Trustee.

Any separate trustee or co-trustee
may, at any time, constitute the Trustee, its agent or attorney-in-fact, with full power and authority, to the extent not prohibited
by law, to do 

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any
lawful act under or in respect of this Agreement on its behalf and in its name. If any separate trustee or co-trustee shall die,
become incapable of acting, resign or be removed, all of its estates, properties, rights, remedies and trusts shall vest in and
be exercised by the Trustee, to the extent permitted by law, without the appointment of a new or successor trustee.

		SECTION 8.11.                   
	Commission Reporting.

(a)               
(i) Within 15 days after each Distribution Date, the Trustee shall, in accordance with industry standards, file with the
Commission via the Electronic Data Gathering and Retrieval System (“EDGAR”), a Distribution Report on Form 10-D, signed
by the Master Servicer, with a copy of the monthly statement to be furnished by the Trustee to the Certificateholders for such
Distribution Date and detailing all data elements specified in Item 1121(a) of Regulation AB as part of the monthly statement;
provided that the Trustee shall have received no later than 2 days prior to the date such Distribution Report on Form 10-D is required
to be provided to the Trustee as described in clause (a)(iv) below, the following information:

(A)            
Notice of any material modifications, extensions or waivers to Mortgage Loan terms, fees, penalties or payments during the
distribution period or that have cumulatively become material over time from the Master Servicer;

(B)             
Notice of any new issuance of asset-backed securities backed by the same asset pool, any pool asset changes, such as Mortgage
Loan substitutions and repurchases, and cash flows available for future purchases, if applicable from the Seller;

(C)             
A brief description of any legal proceedings pending, including proceedings known to be contemplated by governmental authorities,
against the Depositor, Seller and the Master Servicer or of which any property of the foregoing is the subject, that is material
to Certificateholders from each of the Depositor, Seller and the Master Servicer if applicable;

(D)            
The information required by Item 2 of Part II of Form 10-Q regarding any sale of securities that are either backed by the
same asset pool or are otherwise issued by the issuer, regardless of whether the transaction was registered under the Securities
Act of 1933 during the period covered by the report, from the Seller;

(E)             
The information required by Item 3 of Part II of Form 10-Q with respect to defaults upon the senior securities during the
period covered by the report, from the Seller;

(F)              
Any information required to be disclosed in a report on Form 8-K during the period covered by the report on the Form 10-D,
but not reported, whether or not otherwise required by the Form 10-D from the Seller and the Master Servicer; and

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(G)            
Any exhibits to the Form 10-D from the Seller.

(ii)              
The Trustee will prepare and file Current Reports on Form 8-K in respect of the Trust, signed by the Master Servicer, at
the direction and expense of the Depositor, provided, that, the Depositor, the Seller or the Master Servicer shall have timely
notified the Trustee of an item reportable on a Current Report on Form 8-K and shall have delivered to the Trustee no later than
one Business Days prior to the filing deadline for such Current Report, all information, data, and exhibits required to be provided
to the Trustee as described in clause (a)(iv) below or filed with such Current Report with respect to:

(A)            
Any entry into a material definitive agreement, any termination of a material definitive agreement and any bankruptcy or
receivership of the Depositor, the Seller or the Master Servicer (including any servicer that does not sign the pooling and servicing
agreement and any subservicer that signs a subservicing agreement) from the Depositor, the Seller or the Master Servicer as applicable;

(B)             
Any material modification to the rights of Certificateholders, amendments of the articles of incorporation or bylaws or
a change of the fiscal year of any transaction party from each of the Depositor, the Seller or the Master Servicer as applicable;
and

(C)             
Any Securities Act update provided by the Seller.

(iii)            
Prior to January 30 in each year commencing in 20__, the Trustee shall, in accordance with industry standards, file a Form
15 Suspension Notice with respect to the Trust Fund, if applicable. Prior to (x) March 15, 20__ and (y) unless and until a Form
15 Suspension Notice shall have been filed, prior to March 15 of each year thereafter, the Master Servicer shall provide the Trustee
with an Annual Compliance Statement, together with a copy of the Assessment of Compliance and Attestation Report to be delivered
by the Master Servicer pursuant to Sections 3.13 and 3.14. Prior to (x) March 31, 20__ and (y) unless and until a Form 15 Suspension
Notice shall have been filed, March 31 of each year thereafter, the Trustee shall, subject to subsection (d) below, file a Form
10-K, in substance conforming to industry standards, with respect to the Trust Fund. Such Form 10-K shall include the Assessment
of Compliance, Attestation Report, Annual Compliance Statements and other documentation provided by the Master Servicer pursuant
to Sections 3.16 and 3.17 and a certification in the form attached hereto as Exhibit K (the “Depositor Certification”),
which shall be signed by the senior officer of the Depositor in charge of securitization. The Depositor, Seller and the Master
Servicer shall provide the Trustee with the following information, as applicable, no later than March 1 of each calendar year prior
to the filing deadline for the Form 10-K and required to be provided to the Trustee as described in clause (a)(iv) below:

(A)            
Any exhibits or financial statement schedules required by Item 15 of Form 10-K from each of the Depositor, Seller and the
Master Servicer;

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(B)             
A description of any legal proceedings pending, including proceedings known to be contemplated by governmental authorities,
against the Depositor, Seller and the Master Servicer or of which any property of the foregoing is the subject, that is material
to Certificateholders from each of the Depositor, Seller and the Master Servicer if applicable;

(C)             
A description of any affiliations between the transaction parties pursuant to Item 1119 of Regulation AB from the Seller;
and

(D)            
The Assessment of Compliance, Attestation Report, Annual Compliance Statements and other documentation provided by the Master
Servicer pursuant to Sections 3.19 and 3.20.

(iv)            
As to each item of information required to be included in any Form 10-D, Form 8-K or Form 10-K, the Trustee's obligation
to include the information in the applicable report is subject to receipt from the entity that is indicated in Exhibit __ as the
responsible party for providing that information, if other than the Trustee, as and when required as described above. Each of the
Master Servicer, Seller and Depositor hereby agree to notify and provide to the Trustee all information that is required to be
included in any Form 10-D, Form 8-K or Form 10-K, with respect to which that entity is indicated in Exhibit __ as the responsible
party for providing that information. [The Swap Provider will be obligated pursuant to the Swap Agreement to provide to the Trustee
any information that may be required to be included in any Form 10-D, Form 8-K or Form 10-K. The Trustee shall be responsible for
determining the significance percentage (as defined in Item 1115 of Regulation AB) of the Swap Provider at any time. The Master
Servicer shall be responsible for determining the pool concentration applicable to any subservicer or originator at any time, for
purposes of disclosure as required by Items 1117 and 1119 of Regulation AB.]

(v)              
The Depositor hereby grants to the Master Servicer a limited power of attorney to sign each Form 10-D, Form 8-K and Form
10-K on behalf of the Depositor. Such power of attorney shall continue until either the earlier of (x) receipt by the Master Servicer
from the Depositor of written termination of such power of attorney and (y) the termination of the Trust Fund. The Depositor agrees
to promptly furnish to the Trustee, from time to time upon request, such further information, reports and financial statements
within its control related to this Agreement, the Mortgage Loans as the Trustee reasonably deems appropriate to prepare and file
all necessary reports with the Commission. The Trustee shall have no responsibility to file any items other than those specified
in this Section 8.11; provided, however, the Trustee will cooperate with the Depositor in connection with any additional filings
with respect to the Trust Fund as the Depositor deems necessary under the Securities Exchange Act of 1934, as amended (the “Exchange
Act”). Copies of all reports filed by the Trustee under the Exchange Act shall be sent to: the Depositor c/o [_____________________________].
Fees and expenses incurred by the Trustee in connection with this Section 8.11 shall not be reimbursable from the Trust Fund.

(b)              
Not later than 15 calendar days before the date on which the Depositor’s annual report on Form 10-K is required to
be filed in accordance with the Exchange Act and the rules and regulations of the Commission (or, if such day is not a Business
Day, the immediately 

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preceding
Business Day), the Trustee shall sign a certification in the form attached hereto as Exhibit L (the “Trustee Certification”)
for the benefit of the Depositor and its officers, directors and affiliates regarding certain aspects of items 1 through 3 of
the Depositor Certification. In addition, the Trustee shall, subject to the provisions of Section 8.01 and 8.02 hereof, indemnify
and hold harmless the Depositor and each Person, if any, who “controls” the Depositor within the meaning of the Securities
Act and its officers, directors and affiliates from and against any losses, damages, penalties, fines, forfeitures, reasonable
and necessary legal fees and related costs, judgments and other costs and expenses arising out of or based upon a breach of the
Trustee’s obligations under this Section 8.11 or any inaccuracy made in the Trustee Certification. If the indemnification
provided for in this Section 8.11(b) is unavailable or insufficient to hold harmless such Persons, then the Trustee shall contribute
to the amount paid or payable by such Persons as a result of the losses, claims, damages or liabilities of such Persons in such
proportion as is appropriate to reflect the relative fault of the Depositor on the one hand and the Trustee on the other. The
Trustee acknowledges that the Depositor is relying on the Trustee’s performance of its obligations under this Section 8.11
in order to perform its obligations under Section 8.11(a) above.

(c)               
Not later than 15 calendar days before the date on which the Depositor’s annual report on Form 10-K is required to
be filed in accordance with the Exchange Act and the rules and regulations of the Commission (or, if such day is not a Business
Day, the immediately preceding Business Day), the Master Servicer will deliver to the Depositor and the Trustee an Officer’s
Certificate for the prior calendar year in substantially the form of Exhibit M to this Agreement. The Master Servicer agrees to
indemnify and hold harmless the Depositor, the Trustee and each Person, if any, who “controls” the Depositor or the
Trustee within the meaning of the Securities Act and their respective officers, directors and affiliates from and against any losses,
damages, penalties, fines, forfeitures, reasonable and necessary legal fees and related costs, judgments and other costs, fees
and expenses that such Person may sustain arising out of third party claims based on (i) the failure of the Master Servicer to
deliver or caused to be delivered when required any Officer’s Certificate pursuant to this Section 8.11(c), or (ii) any material
misstatement or omission contained in any Officer’s Certificate provided pursuant to this Section 8.11(c). If an event occurs
that would otherwise result in an indemnification obligation under clauses (i) or (ii) above, but the indemnification provided
for in this Section 8.11(c) by such Servicer is unavailable or insufficient to hold harmless such Persons, then such Servicer shall
contribute to the amount paid or payable by such Persons as a result of the losses, claims, damages or liabilities of such Persons
in such proportion as is appropriate to reflect the relative fault of the Depositor or Trustee on the one hand and such Servicer
on the other. Each Servicer acknowledges that the Depositor and the Trustee are relying on the Master Servicer’s performance
of its obligations under this Agreement in order to perform their respective obligations under this Section 8.11.

(d)              
Nothing shall be construed from the foregoing subsections (a), (b) and (c) to require the Trustee or any officer, director
or Affiliate thereof to sign any Form 10-K or any certification contained therein. Furthermore, the inability of the Trustee to
file a Form 10-K as a result of the lack of required information as set forth in Section 8.11(a) or required signatures on such
Form 10-K or any certification contained therein shall not be regarded as a breach by the Trustee of any obligation under this
Agreement.

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(e)               
Notwithstanding the provisions of Section 10.01, this Section 8.12 may be amended without the consent of the Certificateholders.

(f)               
Upon any filing with the Commission, the Trustee shall promptly deliver to the Depositor a copy of any executed report,
statement or information.

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ARTICLE
IX

TERMINATION

		SECTION 9.01.                   
	Termination Upon Repurchase or Liquidation of All Mortgage Loans.

Subject to Section
9.02, the respective obligations and responsibilities of the Depositor, the Master Servicer and the Trustee created hereby (other
than the obligations of the Master Servicer to provide for and the Trustee to make payments to Certificateholders as hereafter
set forth) shall terminate upon payment to the Certificateholders of all amounts held by or on behalf of the Trustee and required
to be paid to them hereunder following the earlier to occur of (i) the repurchase by the Master Servicer of all Mortgage Loans
and each REO Property in respect thereof remaining in the Trust Fund at a price equal to (a) 100% of the unpaid principal balance
of each Mortgage Loan (other than one as to which a REO Property was acquired) on the day of repurchase together with accrued interest
on such unpaid principal balance at the related Net Mortgage Rate to the first day of the month in which the proceeds of such repurchase
are to be distributed, plus (b) the appraised value of any REO Property less the good faith estimate of the Master Servicer of
liquidation expenses to be incurred in connection with its disposal thereof, such appraisal to be conducted by an appraiser mutually
agreed upon by the Master Servicer and the Trustee at the expense of the Master Servicer, (but not more than the unpaid principal
balance of the related Mortgage Loan, together with accrued interest on that balance at the Net Mortgage Rate to the first day
of the month of repurchase), and (ii) the final payment or other liquidation (or any Advance with respect thereto) of the last
Mortgage Loan remaining in the Trust Fund (or the disposition of all REO Property in respect thereof); provided, however, that
in no event shall the trust created hereby continue beyond expiration of 21 years from the death of the last survivor of the descendants
of Joseph P. Kennedy, the late ambassador of the United States to the Court of St. James, living on the date hereof. In the case
of any repurchase by the Master Servicer pursuant to clause (i), the Master Servicer shall include in such repurchase price the
amount of any Advances that will be reimbursed to the Master Servicer pursuant to Section 3.11 (iii) and the Master Servicer shall
exercise reasonable efforts to cooperate fully with the Trustee in effecting such repurchase and the transfer of the Mortgage Loans
and related Mortgage Files and related records to the Master Servicer.

The right of the Master
Servicer to repurchase all Mortgage Loans pursuant to (i) above shall be conditioned upon the aggregate Stated Principal Balance
of such Mortgage Loans at the time of any such repurchase aggregating an amount equal to or less than ___% of the aggregate Stated
Principal Balance of the Mortgage Loans at the Cut-off Date. If such right is exercised, the Master Servicer upon such repurchase
shall provide to the Trustee, the certification required by Section 3.16.

Notice of any termination,
specifying the Distribution Date upon which the Certificateholders may surrender their Certificates to the Trustee for payment
of the final distribution and cancellation, shall be given promptly by the Master Servicer by letter to the Trustee and shall be
given promptly by the Trustee to the Certificateholders mailed (a) in the event such notice is given in connection with the Master
Servicer’s election to repurchase, not 

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earlier
than the 15th day and not later than the 25th day of the month next preceding the month of such final distribution or (b) otherwise
during the month of such final distribution on or before the Determination Date in such month, in each case specifying (i) the
Distribution Date upon which final payment of the Certificates will be made upon presentation and surrender of Certificates at
the office of the Certificate Registrar therein designated, (ii) the amount of any such final payment and (iii) that the Record
Date otherwise applicable to such Distribution Date is not applicable, payments being made only upon presentation and surrender
of the Certificates at the office of the Certificate Registrar therein specified. In the event such notice is given in connection
with the Master Servicer’s election to repurchase, the Master Servicer shall deposit in the Custodial Account pursuant to
Section 3. 10 on the last day of the related Prepayment Period an amount equal to the above-described repurchase price payable
out of its own funds. Upon presentation and surrender of the Certificates by the Certificateholders, the Trustee shall distribute
to the Certificateholders (i) the amount otherwise distributable on such Distribution Date, if not in connection with the Master
Servicer’s election to repurchase, or (ii) if the Master Servicer elected to so repurchase, an amount determined as follows:
with respect to each Class A and Class B Certificate, the outstanding Certificate Principal Balance thereof, plus one month’s
interest thereon at the applicable Pass-Through Rate and any previously unpaid Accrued Certificate Interest, subject to the priority
set forth in Section 4.01(b); and with respect to each Class R Certificate, the Percentage Interest evidenced thereby multiplied
by the difference, if any, between the above described repurchase price and the aggregate amount to be distributed to the Class
A and Class B Certificateholders. Upon certification to the Trustee by a Servicing Officer, following such final deposit, the
Trustee shall promptly release the Mortgage Files as directed by the Master Servicer for the remaining Mortgage Loans, and the
Trustee shall execute all assignments, endorsements and other instruments required by the Master Servicer as being necessary to
effectuate such transfer.

In the event that
all of the Certificateholders shall not surrender their Certificates for cancellation within six months after the time specified
in the above-mentioned notice, the Trustee shall give a second notice to the remaining Certificateholders to surrender their Certificates
for cancellation and receive the final distribution with respect thereto. If within six months after the second notice all of the
Certificates shall not have been surrendered for cancellation, the Trustee shall take reasonable steps as directed by the Depositor,
or appoint an agent to take reasonable steps, to contact the remaining Certificateholders concerning surrender of their Certificates,
and the cost thereof shall be paid out of the funds and other assets which remain subject hereto. If, within nine months after
the second notice, all of the Certificates shall not have been surrendered for cancellation, the Class R Certificateholders shall
be entitled to all unclaimed funds and other assets which remain subject hereto.

		SECTION 9.02.                   
	Additional Termination Requirements.

(a)               
In the event the Master Servicer repurchases the Mortgage Loans as provided in Section 9.01, the Trust Fund shall be terminated
in accordance with the following additional requirements, unless the Master Servicer obtains for the Trustee an Opinion of Counsel
to the effect that the failure of the Trust Fund to comply with the requirements of this Section 9.02 will not (i) result in the
imposition of taxes on the net income derived from 

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“prohibited
transactions” of the Trust Fund as defined in Section 86OF of the Code or (ii) cause the Trust Fund to fail to qualify as
a REMIC at any time that any Certificates are outstanding:

(i)                
The Trustee shall establish a 90-day liquidation period and specify the first day of such period in a statement attached
to the Trust Fund’s final Tax Return pursuant to Treasury Regulation (S)1.86OF-1. The Trustee shall satisfy all the requirements
of a qualified liquidation under 86OF of the Code and any regulations thereunder, as evidenced by an Opinion of Counsel obtained
at the expense of the Master Servicer;

(ii)              
During such 90-day liquidation period, and at or prior to the time of making of the final payment on the Certificates, the
Master Servicer shall sell all of the assets of the Trust Fund for cash; and

(iii)            
At the time of the making of the final payment on the Certificates, the Trustee shall distribute or credit, or cause to
be distributed or credited, to the Holders of the Class R Certificates all remaining cash on hand (other than cash retained to
meet claims), and the Trust Fund shall terminate at that time.

(b)              
By their acceptance of the Class R Certificates, the Holders thereof hereby agree to authorize the Trustee to specify the
90-day liquidation period for the Trust Fund, which authorization shall be binding upon all successor Class R Certificateholders.

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ARTICLE
X

REMIC PROVISIONS

		SECTION 10.01.               
	REMIC Administration.

(a)               
The Trustee shall make an election to treat the Trust Fund as a REMIC under the Code and, if necessary, under applicable
state law. Such election will be made on Form 1066 or other appropriate federal tax or information return or any appropriate state
return for the taxable year ending on the last day of the calendar year in which the Certificates are issued. For the purposes
of the REMIC election in respect of the Trust Fund, the Class A and Class B Certificates shall be designated as the “regular
interests” and the Class R Certificates shall be designated as the sole class of “residual interest” in the Trust
Fund. The Trustee shall not permit the creation of any “interests” in the Trust Fund (within the meaning of Section
86OG of the Code) other than the Regular Certificates and the Residual Certificates.

(b)              
The Closing Date is hereby designated as the “startup day” of the Trust Fund within the meaning of Section 86OG(a)(9)
of the Code.

(c)               
The Trustee shall hold a Class R Certificate representing a 0.01 % Percentage interest of all Class R Certificates and shall
be designated as the tax matters person of the Trust Fund in the manner provided under Treasury regulations section 1.86OF-4(d)
and temporary Treasury regulations section 301.6231(a)(7)-1T. The Trustee, as tax matters person, shall (i) act on behalf of the
Trust Fund in relation to any tax matter or controversy involving the Trust Fund and (ii) represent the Trust Fund in any administrative
or judicial proceeding relating to an examination or audit by any governmental taxing authority with respect thereto. To the extent
authorized under the Code and the regulations promulgated thereunder, each Holder of a Class R Certificate, hereby irrevocably
appoints and authorizes the Trustee to be its attorney-in-fact for purposes of signing any Tax Returns required to be filed on
behalf of the Trust Fund. The legal expenses and costs of any such action described in this subsection and any liability resulting
therefrom shall constitute expenses of the Trust Fund and the Trustee shall be entitled to reimbursement therefor unless such legal
expenses and costs are incurred by reason of the Trustee’s willful misfeasance, bad faith or negligence.

(d)              
Except as provided in Section 4.05, the Trustee shall prepare or cause to be prepared, sign and file all of the Tax Returns
in respect of the Trust Fund created hereunder. The expenses of preparing and filing such returns shall be borne by the Trustee
without any right of reimbursement therefor.

(e)               
The Trustee shall perform on behalf of the Trust Fund all reporting and other tax compliance duties that are the responsibility
of the Trust Fund under the Code, REMIC Provisions or other compliance guidance issued by the Internal Revenue Service or any state
or local taxing authority. Among its other duties, as required by the Code, the REMIC Provisions or other such compliance guidance,
the Trustee shall provide (i) to any Transferor of a Class R Certificate such information as is necessary for the application of
any tax relating to the transfer of a Class R Certificate to any Person who is not a Permitted Transferee, (ii) Certificateholders

    	-89-

    	 

    
such
information or reports as are required by the Code or the REMIC Provisions including reports relating to interest, original issue
discount and market discount or premium (using the Prepayment Assumption) and (iii) to the Internal Revenue Service the name,
title, address and telephone number of the person who will serve as the representative of the Trust Fund. In addition, the Depositor
shall provide or cause to be provided to the Trustee, within ten (10) days after the Closing Date, all information or data that
the Trustee reasonably determines to be relevant for tax purposes as to the valuations and issue prices of the Certificates, including,
without limitation, the price, yield, prepayment assumption and projected cash flow of the Certificates.

(f)               
The Trustee shall take such action and shall cause the Trust Fund created hereunder to take such action as shall be necessary
to create or maintain the status thereof as a REMIC under the REMIC Provisions (and the Master Servicer shall assist it, to the
extent reasonably requested by it). The Trustee shall not take any action, cause the Trust Fund to take any action or fail to take
(or fail to cause to be taken) any action that, under the REMIC Provisions, if taken or not taken, as the case may be, could (i)
endanger the status of the Trust Fund as a REMIC or (ii) result in the imposition of a tax upon the Trust Fund (including but not
limited to the tax on prohibited transactions as defined in Section 86OF(a)(2) of the Code and the tax on contributions to a REMIC
set forth in Section 86OG(d) of the Code) (either such event, an “Adverse REMIC Event”) unless the Trustee received
an Opinion of Counsel (at the expense of the party seeking to take such action but in no event shall such Opinion of Counsel be
an expense of the Trustee) to the effect that the contemplated action will not, with respect to the Trust Fund created hereunder,
endanger such status or result in the imposition of such a tax. The Master Servicer shall not take or fail to take any action (whether
or not authorized hereunder) as to which the Trustee has advised it in writing that it has received an Opinion of Counsel to the
effect that an Adverse REMIC Event could occur with respect to such action. In addition, prior to taking any action with respect
to the Trust Fund or its assets, or causing the Trust Fund to take any action, which is not expressly permitted under the terms
of this Agreement, the Master Servicer will consult with the Trustee or its designee, in writing, with respect to whether such
action could cause an Adverse REMIC Event to occur with respect to the Trust Fund, and the Master Servicer shall not take any such
action or cause the Trust Fund to take any such action as to which the Trustee has advised it in writing that an Adverse REMIC
Event could occur. The Trustee may consult with counsel to make such written advice, and the cost of same shall be borne by the
party seeking to take the action not permitted by this Agreement (but in no event shall such cost be an expense of the Trustee).
At all times as may be required by the Code, the Trustee will ensure that substantially all of the assets of the Trust Fund will
consist of “qualified mortgages” as defined in Section 86OG(a)(3) of the Code and “permitted investments”
as defined in Section 86OG(a)(5) of the Code.

(g)              
In the event that any tax is imposed on “prohibited transactions” of the Trust Fund created hereunder as defined
in Section 86OF(a)(2) of the Code, on “net income from foreclosure property” of the Trust Fund as defined in Section
86OG(c) of the Code, on any contributions to the Trust Fund after the Startup Day therefor pursuant to Section 86OG(d) of the Code,
or any other tax is imposed by the Code or any applicable provisions of state or local tax laws, such tax shall be charged (i)
to the Trustee pursuant to Section 10.03 hereof, if such tax arises out of or results from the willful misfeasance, bad faith or
negligence in performance by

    	-90-

    	 

    
the
Trustee of any of its obligations under this Article X, (ii) to the Master Servicer pursuant to Section 10.03 hereof, if such
tax arises out of or results from a breach by the Master Servicer of any of its obligations under Article III or this Article
X, or otherwise (iii) against amounts on deposit in the Custodial Account and shall be paid by withdrawal therefrom.

(h)              
On or before April 15 of each calendar year, commencing April 15, 20_, the Trustee shall deliver to the Master Servicer
and each Rating Agency a Certificate from a Responsible Officer of the Trustee stating the Trustee’s compliance with this
Article X.

(i)                
The Master Servicer and the Trustee shall, for federal income tax purposes, maintain books and records with respect to the
Trust Fund on a calendar year and on an accrual basis.

(j)                
Following the Startup Day, the Trustee shall not accept any contributions of assets to the Trust Fund other than in connection
with any Qualified Substitute Mortgage Loan delivered in accordance with Section 2.04 unless it shall have received an Opinion
of Counsel (which such Opinion of Counsel shall not be an expense of the Trustee) to the effect that the inclusion of such assets
in the Trust Fund will not cause the Trust Fund to fail to qualify as a REMIC at any time that any Certificates are outstanding
or subject the Trust Fund to any tax under the REMIC Provisions or other applicable provisions of federal, state and local law
or ordinances.

(k)              
Neither the Trustee nor the Master Servicer shall enter into any arrangement by which the Trust Fund will receive a fee
or other compensation for services nor permit either such REMIC to receive any income from assets other than “qualified mortgages”
as defined in Section 86OG(a)(3) of the Code or “permitted investments” as defined in Section 86OG(a)(5) of the Code.

(l)                
Solely for purposes of satisfying Section 1.86OG-1(a)(4)(iii) of the Treasury regulations, and based on certain assumptions
described below, the “latest possible maturity date” by which the Certificate Principal Balances of the Certificates
representing a regular interest in the Trust Fund would be reduced to zero is __________ 25, 20__, which is the Distribution Date
immediately following the latest scheduled maturity of any Mortgage Loan as determined assuming that (i) scheduled interest and
principal payments on the Mortgage Loans are received in a timely manner, with no delinquencies or losses, (ii) there are no principal
prepayments, and (iii) neither the Seller nor the Master Servicer will repurchase any Mortgage Loans.

		SECTION 10.02.               
	Prohibited Transactions and Activities.

Neither the Depositor,
the Master Servicer nor the Trustee shall sell, dispose of or substitute for any of the Mortgage Loans (except in connection with
(i) the foreclosure of a Mortgage Loan, including but not limited to, the acquisition or sale of a Mortgaged Property acquired
by deed in lieu of foreclosure, (ii) the bankruptcy of the Trust Fund, (iii) the termination of the Trust Fund pursuant to Article
IX of this Agreement or (iv) a purchase of Mortgage Loans pursuant to Article II or III of this Agreement) nor acquire any assets
for the Trust Fund, nor sell

    	-91-

    	 

    
or
dispose of any investments in the Custodial Account or the Certificate Account for gain, nor accept any contributions to the Trust
Fund after the Closing Date unless it has received an Opinion of Counsel (at the expense of the party seeking to cause such sale,
disposition, substitution or acquisition but in no event shall such Opinion of Counsel be an expense of the Trustee) that such
sale, disposition, substitution or acquisition will not (a) affect adversely the status of the Trust Fund as a REMIC or (b) cause
the Trust Fund to be subject to a tax on “prohibited transactions” or “contributions” pursuant to the
REMIC Provisions.

		SECTION 10.03.               
	Master Servicer and Trustee Indemnification.

(a)               
The Trustee agrees to indemnify the Trust Fund, the Depositor and the Master Servicer for any taxes and costs including,
without limitation, any reasonable attorneys fees imposed on or incurred by the Trust Fund, the Depositor or the Master Servicer,
as a result of the willful misfeasance, bad faith or negligence by the Trustee with respect to the Trustee’s covenants set
forth in this Article X.

(b)              
The Master Servicer agrees to indemnify the Trust Fund, the Depositor and the Trustee for any taxes and costs (including,
without limitation, any reasonable attorneys’ fees) imposed on or incurred by the Trust Fund, the Depositor or the Trustee,
as a result of a breach of the Master Servicer’s covenants set forth in this Article X or in Article III with respect to
compliance with the REMIC Provisions, including without limitation, any penalties arising from the Trustee’s execution of
Tax Returns prepared by the Master Servicer that contain errors or omissions.

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ARTICLE
XI

MISCELLANEOUS PROVISIONS

		SECTION 11.01.               
	Amendment.

This Agreement may
be amended from time to time by the Depositor, the Master Servicer and the Trustee without the consent of any of the Certificateholders,
(i) to cure any ambiguity, (ii) to correct or supplement any provisions herein which may be defective or inconsistent with any
other provisions herein or to correct any error, (iii) to change the timing and/or nature of deposits in the Certificate Account,
provided that (a) such change would not adversely affect in any material respect the interests of any Certificateholder, as evidenced
by an Opinion of Counsel, and (b) such change would not adversely affect the then- current rating of any rated class of Certificates,
as evidenced by a letter from each applicable Rating Agency, (iv) to modify, eliminate or add to any of the provisions of the Trust
Fund (a) to such extent as shall be necessary to maintain the qualification of the Trust Fund as a REMIC or to avoid or minimize
the risk of imposition of any tax on the Trust Fund, provided that the Trustee has received an Opinion of Counsel to the effect
that (1) such action is necessary or desirable to maintain such qualification or to avoid or minimize such risk, and (2) such action
will not adversely affect in any material respect the interests of any Certificateholder, or (b) to restrict the transfer of the
Class R Certificates, provided that the Depositor has determined that the then- current ratings of the Class A Certificates will
not be adversely affected, as evidenced by a letter from each Rating Agency, and that any such amendment will not give rise to
any tax with respect to the transfer of the Class R Certificates to a non-Permitted Transferee, (v) to make any other provisions
with respect to matters or questions arising this Agreement which are not materially inconsistent with the provisions thereof,
provided that such action will not adversely affect in any material respect the interests of any Certificateholder, or (vi) to
amend specified provisions that are not material to holders of any class of Certificates offered hereunder.

This Agreement may
also be amended from time to time by the Depositor, the Master Servicer and the Trustee with the consent of the Holders of Certificates
entitled to at least 66-2/3% of the Voting Rights allocated to each Class affected thereby for the purpose of adding any provisions
to or changing in any manner or eliminating any of the provisions of this Agreement or of modifying in any manner the rights of
the Holders of Certificates; provided, however, that no such amendment shall (i) reduce in any manner the amount of, or delay the
timing of, payments received on Mortgage Loans which are required to be distributed on any Certificate without the consent of the
Holder of such Certificate, or (ii) reduce the aforesaid percentage of Certificates the Holders of which are required to consent
to any such amendment, without the consent of the Holders of all Certificates then outstanding. Notwithstanding any other provision
of this Agreement, for purposes of the giving or withholding of consents pursuant to this Section 11.01, Certificates registered
in the name of the Seller or the Master Servicer or any affiliate thereof shall be entitled to Voting Rights with respect to matters
described in clauses (i) and (ii) of this paragraph.

Notwithstanding any
contrary provision of this Agreement, the Trustee shall not consent to any amendment to this Agreement unless it shall have first
received an Opinion of 

    	-93-

    	 

    
Counsel
(provided by the Person requesting such amendment) to the effect that such amendment will not result in the imposition of any
tax on the Trust Fund pursuant to the REMIC Provisions or cause the Trust Fund to fail to qualify as a REMIC at any time that
any of the Certificates are outstanding. Promptly after the execution of any such amendment the Trustee shall furnish a statement
describing the amendment to each Certificateholder.

It shall not be necessary
for the consent of Certificateholders under this Section 11.01 to approve the particular form of any proposed amendment, but it
shall be sufficient if such consent shall approve the substance thereof. The manner of obtaining such consents and of evidencing
the authorization of the execution thereof by Certificateholders shall be subject to such reasonable regulations as the Trustee
may prescribe.

Prior to executing
any amendment pursuant to this Section, the Trustee shall be entitled to receive an Opinion of Counsel (provided by the Person
requesting such amendment) to the effect that such amendment is authorized or permitted by this Agreement. The cost of an Opinion
of Counsel delivered pursuant to this Section 11.01 shall be an expense of the party requesting such amendment, but in any case
shall not be an expense of the Trustee.

The Trustee may, but
shall not be obligated to enter into any amendment pursuant to this Section that affects its rights, duties and immunities under
this Agreement or otherwise.

		SECTION 11.02.               
	Recordation of Agreement; Counterparts.

To the extent permitted
by applicable law, this Agreement is subject to recordation in all appropriate public offices for real property records in all
the counties or other comparable jurisdictions in which any or all of the properties subject to the Mortgages are situated, and
in any other appropriate public recording office or elsewhere, such recordation to be effected by the Master Servicer and at the
expense of the Depositor on direction by the Trustee, but only upon direction accompanied by an Opinion of Counsel to the effect
that such recordation materially and beneficially affects the interests of the Certificateholders.

For the purpose of
facilitating the recordation of this Agreement as herein provided and for other purposes, this Agreement may be executed simultaneously
in any number of counterparts, each of which counterparts shall be deemed to be an original, and such counterparts shall constitute
but one and the same instrument.

		SECTION 11.03.               
	Limitation on Rights of Certificateholders.

The death or incapacity
of any Certificateholder shall not operate to terminate this Agreement or the Trust Fund, nor entitle such Certificateholder’s
legal representatives or heirs to claim an accounting or to take any action or proceeding in any court for a partition or winding
up of the Trust Fund, nor otherwise affect the rights, obligations and liabilities of the parties hereto or any of them.

No Certificateholder
shall have any right to vote (except as expressly provided for herein) or in any manner otherwise control the operation and management
of the Trust Fund, or the obligations of the parties hereto, nor shall anything herein set forth, or contained in the terms

    	-94-

    	 

    
of
the Certificates, be construed so as to constitute the Certificateholders from time to time as partners or members of an association;
nor shall any Certificateholder be under any liability to any third party by reason of any action taken by the parties to this
Agreement pursuant to any provision hereof.

No Certificateholder
shall have any right by virtue of any provision of this Agreement to institute any suit, action or proceeding in equity or at law
upon or under or with respect to this Agreement, unless such Holder previously shall have given to the Trustee a notice of an Event
of Default, or of a default by the Seller or the Trustee in the performance of any obligation hereunder, and of the continuance
thereof, as hereinbefore provided, and unless also the Holders of Certificates entitled to at least 25% of the Voting Rights shall
have made written request upon the Trustee to institute such action, suit or proceeding in its own name as Trustee hereunder and
shall have offered to the Trustee such reasonable indemnity as it may require against the costs, expenses and liabilities to be
incurred therein or thereby, and the Trustee, for 60 days after its receipt of such notice, request and offer of indemnity, shall
have neglected or refused to institute any such action, suit or proceeding. It is understood and intended, and expressly covenanted
by each Certificateholder with every other Certificateholder and the Trustee, that no one or more Holders of Certificates shall
have any right in any manner whatever by virtue of any provision of this Agreement to affect, disturb or prejudice the rights of
the Holders of any other of such Certificates, or to obtain or seek to obtain priority over or preference to any other such Holder,
or to enforce any right under this Agreement, except in the manner herein provided and for the equal, ratable and common benefit
of all Certificateholders. For the protection and enforcement of the provisions of this Section, each and every Certificateholder
and the Trustee shall be entitled to such relief as can be given either at law or in equity.

		SECTION 11.04.               
	Governing Law.

This Agreement and
the Certificates shall be construed in accordance with the laws of the State of New York and the obligations, rights and remedies
of the parties hereunder shall be determined in accordance with such laws.

		SECTION 11.05.               
	Notices.

All demands, notices
and direction hereunder shall be in writing and shall be deemed effective upon receipt when delivered to (a) in the case of the
Depositor, ________________________, ____________________________________, Attention: ____________________, or such other address
as may hereafter be furnished to the Trustee and the Master Servicer in writing by the Depositor, (b) in the case of the Trustee
_____________________, Attention: _______________________________, or such other address as may hereafter be furnished to the Master
Servicer and the Depositor in writing by the Trustee and (c) in the case of the Master Servicer, [Name of Master Servicer] ________________________,
____________________________________, Attention: __________________________ or such other address as may hereafter be furnished
to the Depositor and the Trustee in writing. Any notice required or permitted to be mailed to a Certificateholder shall be given
by first class mail, postage prepaid, at the address of such Holder

    	-95-

    	 

    
as
shown in the Certificate Register. Any notice so mailed within the time prescribed in this Agreement shall be conclusively presumed
to have been duly given, whether or not the Certificateholder receives such notice.

		SECTION 11.06.               
	Severability of Provisions.

If any one or more
of the covenants, agreements, provisions or terms of this Agreement shall be for any reason whatsoever held invalid, then such
covenants, agreements, provisions or terms shall be deemed severable from the remaining covenants, agreements, provisions or terms
of this Agreement and shall in no way affect the validity or enforceability of the other provisions of this Agreement or of the
Certificates or the rights of the Holders thereof.

		SECTION 11.07.               
	Successors and Assigns; Third Party Beneficiary.

The provisions of
this Agreement shall be binding upon and inure to the benefit of the respective successors and assigns of the parties hereto, and
all such provisions shall inure to the benefit of the Trustee and the Certificateholders. The parties hereto agree that the Seller
is the intended third party beneficiary of Sections 3.07, 3.10 and 3.22 hereof, and that the Seller may enforce such provisions
to the same extent as if the Seller were a party to this Agreement.

		SECTION 11.08.               
	Article and Section Headings.

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

		SECTION 11.09.               
	Notice to Rating Agencies and Certificateholder.

The Trustee shall
use its best efforts to promptly provide notice to the Rating Agency referred to below with respect to each of the following of
which it has actual knowledge:

1.               Any material
change or amendment to this Agreement;

2.               The occurrence
of any Event of Default that has not been cured;

3.               The resignation
or termination of the Master Servicer or the Trustee;

4.               The repurchase
or substitution of Mortgage Loans pursuant to Section 2.04;

5.               The final payment
to Certificateholders; and

6.               Any change in
the location of the Custodial Account or the Certificate Account.

In addition, the Trustee
shall promptly furnish to the Rating Agency copies of the following:

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1.               Each report
to Certificateholders described in Section 4.02;

2.               Each annual
independent public accountants’ servicing report received as described in Section 3.20; and

3.               Each Master
Servicer compliance report received as described in Section 3.19.

Any such notice pursuant
to this Section 11.09 shall be in writing and shall be deemed to have been duly given if personally delivered or mailed by first
class mail, postage prepaid, or by express delivery service to (i) in the case of [__________________] Attention: ______________
the case of [____________________________________________________] or, in each case, such other address as such Rating Agency may
designate in writing to the parties thereto.

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IN WITNESS WHEREOF,
the Depositor, the Master Servicer and the Trustee have caused their names to be signed hereto by their respective officers thereunto
duly authorized all as of the day and year first above written.

SHELLPOINT MORTGAGE ACCEPTANCE LLC,

Company

By: ____________________________________

[NAME OF MASTER SERVICER],

Master Servicer

By:_____________________________________

[NAME OF TRUSTEE],

Trustee

By: ____________________________________

 

    	 

    	 

    

EXHIBIT A-1

FORM OF CLASS
[A-_] CERTIFICATE

SOLELY FOR U.S. FEDERAL INCOME TAX
PURPOSES, THIS CERTIFICATE IS A “REGULAR INTEREST” IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT,” AS THOSE
TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE OF 1986 (THE “CODE”).

    	A-1-1

    	 

    

 

	
        Certificate No.__

        Class A-____
	_____% Pass-Through Rate
	 	 
	
        Date of Pooling and Servicing

        Agreement and Cut-off Date:

        _____________ 1, 20__
	Percentage Interest:____%
	 	 
	
        First Distribution Date:

        _____________, 20__
	
        Aggregate Initial [Certificate Principal Balance]

        [Notional Amount] of the Class A-__ Certificates:

        $______________

	 	 
	
        Master Servicer:

        [Name of Master Servicer]
	
        Initial [Certificate Principal

        Balance] [Notional Amount] of this Certificate:

        $______________

	 	 
	
        Assumed Final

        Distribution Date:

        __________ 25, 20__

         
	CUSIP:__________
	 	 

 

MORTGAGE PASS-THROUGH CERTIFICATE

SERIES 20___-_

evidencing a percentage interest
in the distributions allocable to the Class A- ___ Certificates with respect to a Trust Fund consisting primarily of a pool of
conforming one- to four-family fixed-rate first lien mortgage loans formed and sold by SHELLPOINT MORTGAGE ACCEPTANCE LLC

This Certificate is payable solely from
the assets of the Trust Fund, and does not represent an obligation of or interest in Shellpoint Mortgage Acceptance LLC, the Master
Servicer, the Trustee referred to below or any of their affiliates. Neither this Certificate nor the underlying Mortgage Loans
are guaranteed or insured by any governmental agency or instrumentality or by [Name of Master Servicer], the Master Servicer, the
Trustee or any of their affiliates. None of the Depositor, the Master Servicer or any of their affiliates will have any obligation
with respect to any certificate or other obligation secured by or payable from payments on the Certificates.

This certifies that [Cede & Co.]
is the registered owner of the Percentage Interest evidenced by this Certificate (obtained by dividing the Initial [Certificate
Principal Balance] [Notional Amount] of this Certificate by the aggregate Initial [Certificate Principal Balance] [Notional Amount]
of all Class A-____ Certificates, both as specified above) in certain distributions with respect to the Trust Fund consisting primarily
of an interest in a pool of conventional one- to four-family fixed-rate first lien mortgage loans (the “Mortgage Loans”),
formed and sold by

    	A-1-2

    	 

    
 Shellpoint Mortgage Acceptance LLC (hereinafter called the “Company,” which term includes any successor
entity under the Agreement referred to below). The Trust Fund was created pursuant to a Pooling and Servicing Agreement dated as
specified above (the “Agreement”) among the Depositor, the Master Servicer and [Name of Trustee], as trustee (the “Trustee”),
a summary of certain of the pertinent provisions of which is set forth hereafter. To the extent not defined herein, the capitalized
terms used herein have the meanings assigned in the Agreement. This Certificate is issued under and is subject to the terms, provisions
and conditions of the Agreement, to which Agreement the Holder of this Certificate by virtue of the acceptance hereof assents and
by which such Holder is bound.

Pursuant to the terms of the Agreement,
a distribution will be made on the 25th day of each month or, if such 25th day is not a Business Day, the Business Day immediately
following (the “Distribution Date”), commencing as described in the Agreement, to the Person in whose name this Certificate
is registered at the close of business on the last Business Day of the month immediately preceding the month of such Distribution
Date (the “Record Date”), from the Available Distribution Amount in an amount equal to the product of the Percentage
Interest evidenced by this Certificate and the amount of [interest and] [principal], if any, required to be distributed to Holders
of Class A-____Certificates on such Distribution Date.

Distributions on this Certificate will
be made either by the Trustee or by a Paying Agent appointed by the Trustee either in immediately available funds (by wire transfer
or otherwise) for the account of the Person entitled thereto if such Person shall have so notified the Trustee or such Paying Agent
at least 5 Business Days prior to the related Record Date, or by check mailed to the address of the Person entitled thereto, as
such name and address shall appear on the Certificate Register.

Notwithstanding the above, the final
distribution on this Certificate will be made after due notice of the pendency of such distribution and only upon presentation
and surrender of this Certificate at the office or agency appointed by the Trustee for that purpose in the City and State of New
York. The Initial [Certificate Principal Balance] [Notional Amount] of this Certificate is set forth above. The [Certificate Principal
Balance] [Notional Amount] hereof will be reduced to the extent of [distributions allocable to principal and] any Realized Losses
allocable hereto.

This Certificate is one of a duly authorized
issue of Certificates issued in several Classes designated as Mortgage Pass-Through Certificates of the Series specified hereon
(herein collectively called the “Certificates”).

The Certificates are limited in right
of payment to certain collections and recoveries respecting the Mortgage Loans, all as more specifically set forth herein and in
the Agreement. In the event Master Servicer funds are advanced with respect to any Mortgage Loan, such advance is reimbursable
to the Master Servicer, to the extent provided in the Agreement, from related recoveries on such Mortgage Loan or from other cash
that would have been distributable to Certificateholders.

    	A-1-3

    	 

    

As provided in the Agreement, withdrawals
from the Custodial Account and/or the Certificate Account created for the benefit of Certificateholders may be made by the Master
Servicer from time to time for purposes other than distributions to Certificateholders, such purposes including without limitation
reimbursement to the Trustee, the Depositor and the Master Servicer of advances made, or certain expenses incurred, by either of
them.

The Agreement permits, with certain
exceptions therein provided, the amendment of the Agreement and the modification of the rights and obligations of the Depositor,
the Master Servicer and the Trustee and the rights of the Certificateholders under the Agreement at any time by the Depositor,
the Master Servicer and the Trustee with the consent of the Holders of Certificates evidencing in the aggregate not less than 66-2/3%
of the Percentage Interests of each Class of Certificates affected thereby. Any such consent by the Holder of this Certificate
shall be conclusive and binding on such Holder and upon all future holders of this Certificate and of any Certificate issued upon
the transfer hereof or in exchange herefor or in lieu hereof whether or not notation of such consent is made upon the Certificate.
The Agreement also permits the amendment thereof in certain circumstances without the consent of the Holders of any of the Certificates
and, in certain additional circumstances, without the consent of the Holders of certain Classes of Certificates.

As provided in the Agreement and subject
to certain limitations therein set forth, the transfer of this Certificate is registrable in the Certificate Register upon surrender
of this Certificate for registration of transfer at the offices or agencies appointed by the Trustee, duly endorsed by, or accompanied
by an assignment in the form below or other written instrument of transfer in form satisfactory to the Trustee and the Certificate
Registrar duly executed by the Holder hereof or such Holder’s attorney duly authorized in writing, and thereupon one or more
new Certificates of authorized denominations evidencing the same Class and aggregate Percentage Interest will be issued to the
designated transferee or transferees.

The Certificates are issuable only as
registered Certificates without coupons in Classes and in denominations specified in the Agreement. As provided in the Agreement
and subject to certain limitations therein set forth, Certificates are exchangeable for new Certificates of authorized denominations
evidencing the same Class and aggregate Percentage Interest, as requested by the Holder surrendering the same.

No service charge will be made for any
such registration of transfer or exchange, but the Trustee may require payment of a sum sufficient to cover any tax or other governmental
charge payable in connection therewith.

The Depositor, the Master Servicer,
the Trustee and the Certificate Registrar and any agent of the Depositor, the Master Servicer, the Trustee or the Certificate Registrar
may treat the Person in whose name this Certificate is registered as the owner hereof for all purposes, and neither the Depositor,
the Master Servicer, the Trustee nor any such agent shall be affected by notice to the contrary.

    	A-1-4

    	 

    

This Certificate shall be governed by
and construed in accordance with the laws of the State of New York.

The obligations created by the Agreement
in respect of the Certificates and the Trust Fund created thereby shall terminate upon the payment to Certificateholders of all
amounts held by or on behalf of the Trustee and required to be paid to them pursuant to the Agreement following the earlier of
(i) the maturity or other liquidation of the last Mortgage Loan subject thereto or the disposition of all property acquired upon
foreclosure or deed in lieu of foreclosure of any Mortgage Loan and (ii) the purchase by the Class R Certificateholder from the
Trust Fund of all remaining Mortgage Loans and all property acquired in respect of such Mortgage Loans, thereby effecting early
retirement of the Certificates. The Agreement permits, but does not require, the Class R Certificateholder to (i) purchase at a
price determined as provided in the Agreement all remaining Mortgage Loans and all property acquired in respect of any Mortgage
Loan or (ii) purchase in whole, but not in part, all of the Certificates from the Holders thereof; provided, that any such option
may only be exercised if the Aggregate [Stated Principal Balance] [Notional Amount] of the Mortgage Loans as of the Distribution
Date upon which the proceeds of any such purchase are distributed is less than one percent of the Aggregate [Stated Principal Balance]
[Notional Amount] of the Mortgage Loans at the Cut-off Date.

Reference is hereby made to the further
provisions of this Certificate set forth on the reverse hereof, which further provisions shall for all purposes have the same effect
as if set forth at this place.

Unless the certificate of authentication
hereon has been executed by the Trustee, by manual signature, this Certificate shall not be entitled to any benefit under the Agreement
or be valid for any purpose.

    	A-1-5

    	 

    

IN WITNESS WHEREOF, the Trustee has
caused this Certificate to be duly executed.

 

	Dated: __________ __, 20___	
        [NAME OF TRUSTEE],

        as Trustee

	 	 
	 	
        By: ________________________________

        Authorized Signatory

 

CERTIFICATE OF AUTHENTICATION

This is one of the Class A-____ Certificates
referred to in the within-mentioned Agreement.

 

	 	
        [NAME OF TRUSTEE],

        as Trustee

	 	 
	 	
        By: ________________________________

        Authorized Signatory

 

    	A-1-6

    	 

    

ASSIGNMENT

FOR VALUE RECEIVED, the undersigned
hereby sell(s), assign(s) and transfer(s) unto _____________________________________ (Please print or typewrite name and address
including postal zip code of assignee) a Percentage Interest evidenced by the within Mortgage Pass-Through Certificate and hereby
authorizes the transfer of registration of such interest to assignee on the Certificate Register of the Trust Fund.

I (We) further direct the Certificate
Registrar to issue a new Certificate of a like denomination and Class, to the above named assignee and deliver such Certificate
to the following address:

______________________________________________________________________________

______________________________________________________________________________

		Dated:	___________________________________________

Signature by or on behalf of assignor

Signature Guaranteed

    	A-1-7

    	 

    

DISTRIBUTION
INSTRUCTIONS

The assignee should include the following
for purposes of distribution:

Distributions shall be made, by wire
transfer or otherwise, in immediately available funds to ___________________________________for the account of __________________
account number _______________, or, if mailed by check, to ________________________. Applicable statements should be mailed to____________________________________________.

This information is provided by __________________,
the assignee named above, or ________________, as its agent.

 

    	A-1-8

    	 

    

EXHIBIT A-2

FORM OF CLASS
B-_ CERTIFICATES

THIS CERTIFICATE IS SUBORDINATED
IN RIGHT OF PAYMENT TO THE SENIOR CERTIFICATES AND THE [CLASS M CERTIFICATES] [THE CLASS B-1 CERTIFICATES] [AND THE CLASS B-2 CERTIFICATES],
AS DESCRIBED IN THE AGREEMENT (AS DEFINED BELOW).

SOLELY FOR U.S. FEDERAL INCOME TAX
PURPOSES, THIS CERTIFICATE IS A “REGULAR INTEREST” IN A “REAL ESTATE MORTGAGE INVESTMENT CONDUIT” AS THOSE
TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE OF 1986 (THE “CODE”).

THIS CERTIFICATE HAS NOT BEEN AND
WILL NOT BE REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR THE SECURITIES LAWS OF ANY STATE AND MAY NOT BE RESOLD
OR TRANSFERRED UNLESS IT IS REGISTERED PURSUANT TO SUCH ACT AND LAWS OR IS SOLD OR TRANSFERRED IN TRANSACTIONS WHICH ARE EXEMPT
FROM REGISTRATION UNDER SUCH ACT AND UNDER APPLICABLE STATE LAW AND IS TRANSFERRED IN ACCORDANCE WITH THE PROVISIONS OF SECTION
5.02 OF THE AGREEMENT.

NO TRANSFER OF THIS CERTIFICATE MAY
BE MADE TO ANY PERSON, UNLESS THE TRANSFEREE PROVIDES EITHER A CERTIFICATION PURSUANT TO SECTION 5.02(d) OF THE AGREEMENT OR AN
OPINION OF COUNSEL SATISFACTORY TO THE TRUSTEE THAT THE PURCHASE OF THIS CERTIFICATE WILL NOT CONSTITUTE OR RESULT IN A NON-EXEMPT
PROHIBITED TRANSACTION UNDER SECTION 406 OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”),
OR SECTION 4975 OF THE CODE AND WILL NOT SUBJECT THE MASTER SERVICER, THE DEPOSITOR OR THE TRUSTEE TO ANY OBLIGATION OR LIABILITY
IN ADDITION TO THOSE UNDERTAKEN IN THE AGREEMENT.

    	A-2-1

    	 

    

 

	Certificate No. 1	_______% Pass-Through Rate
	 	 
	Class [B-_]	
        Aggregate Initial [Certificate Principal Balance]
        [Notional Amount] of the

        Class [B-_] Certificates:

        $_________________

	 	 
	
        Date of Pooling and Servicing

        Agreement and Cut-off Date:

        _____________ 1, 20___
	
        Initial [Certificate Principal Balance] [Notional
        Amount]

        of this Certificate (“Denomination”):

        $______________

	 	 
	
        First Distribution Date:

        _____________, 20___
	 
	 	 
	
        Master Servicer:

        [Name of Master Servicer]
	CUSIP:
	 	 
	
        Assumed Final Distribution Date:

        _____________, 20__
	
        Percentage Interest of this Certificate:

        100.00%

	 	 

 

MORTGAGE PASS-THROUGH CERTIFICATE

SERIES 20___-_

evidencing percentage interest in
the distributions allocable to the Class [B-_] Certificates with respect to a Trust Fund consisting primarily of a pool of conforming
one- to four- family fixed-rate first lien mortgage loans formed and sold by SHELLPOINT MORTGAGE ACCEPTANCE LLC

This Certificate is payable solely from
the assets of the Trust Fund, and does not represent an obligation of or interest in Shellpoint Mortgage Acceptance LLC, the Master
Servicer, the Trustee referred to below or any of their affiliates. Neither this Certificate nor the underlying Mortgage Loans
are guaranteed or insured by any governmental agency or instrumentality or by [Name of Master Servicer], the Master Servicer, the
Trustee or any of their affiliates. None of the Depositor, the Master Servicer or any of their affiliates will have any obligation
with respect to any certificate or other or obligation secured by or payable from payments on the Certificates.

This certifies that ___________ is the
registered owner of the Percentage Interest evidenced by this Certificate (obtained by dividing the Initial [Certificate Principal
Balance] [Notional Amount] of this Certificate by the aggregate Initial [Certificate Principal Balance] [Notional Amount] of all
Class [B-_] Certificates, both as specified above), in certain distributions with respect to a Trust Fund consisting primarily
of a pool of one- to four-family fixed-rate first lien

    	A-2-2

    	 

    
 mortgage loans (the “Mortgage Loans”), formed and sold by Shellpoint
Mortgage Acceptance LLC (hereinafter called the “Company,” which term includes any successor entity under the Agreement
referred to below). The Trust Fund was created pursuant to a Pooling and Servicing Agreement dated as specified above (the “Agreement”)
among the Depositor, the Master Servicer and [Name of Trustee], as trustee (the “Trustee”), a summary of certain of
the pertinent provisions of which is set forth hereafter. To the extent not defined herein, the capitalized terms used herein have
the meanings assigned the Agreement. This Certificate is issued under and is subject to the terms, provisions and conditions of
the Agreement, to which Agreement the Holder of this Certificate by virtue of the acceptance hereof assents and by which such Holder
is bound.

Pursuant to the terms of the Agreement,
a distribution will be made on the 25th day of each month or, if such 25th day is not a Business Day, the Business Day immediately
following (the “Distribution Date”), commencing as described in the Agreement, to the Person in whose name this Certificate
is registered at the close of business on the last Business Day of the month immediately preceding the month of such Distribution
Date (the “Record Date”), from the Available Distribution Amount in an amount equal to the product of the Percentage
Interest evidenced by this Certificate and the amount (of interest and principal, if any) required to be distributed to Holders
of Class [B-_] Certificates on such Distribution Date.

Distributions on this Certificate will
be made either by the Trustee or by a Paying Agent appointed by the Trustee either in immediately available funds (by wire transfer
or otherwise) for the account of the Person entitled thereto if such Person shall have so notified the Trustee or such Paying Agent
at least 5 Business Days prior to the related Record Date, or by check mailed to the address of the Person entitled thereto, as
such name and address shall appear on the Certificate Register.

Notwithstanding the above, the final
distribution on this Certificate will be made after due notice of the pendency of such distribution and only upon presentation
and surrender of this Certificate at the office or agency appointed by the Trustee for that purpose in the City and State of New
York. The Initial [Certificate Principal Balance] [Notional Amount] of this Certificate is set forth above. The [Certificate Principal
Balance] [Notional Amount] hereof will be reduced to the extent of [the distributions allocable to principal and] any Realized
Losses allocable hereto.

No transfer of this Class [B-_] Certificate
will be made unless such transfer is exempt from the registration requirements of the Securities Act of 1933, as amended, and any
applicable state securities laws or is made in accordance with said Act and laws. In the event that such a transfer is to be made,
(i) the Trustee shall require an opinion of counsel acceptable to and in form and substance satisfactory to the Trustee that such
transfer is exempt (describing the applicable exemption and the basis therefor) from or is being made pursuant to the registration
requirements of the Securities Act of 1933, as amended, and of any applicable statute of any state and (ii) the transferee and
transferor shall execute a representation letter in the form described by the Agreement. The Holder hereof desiring to effect such
transfer shall, and does hereby agree to, indemnify the Trustee, the Depositor, the Master Servicer and the Certificate Registrar
acting on behalf of the Trustee against any liability that may result if the transfer is not so exempt or is not

    	A-2-3

    	 

    
 made in accordance
with such Federal and state laws. In connection with any such transfer, the Trustee will also require either (i) an opinion of
counsel acceptable to and in form and substance satisfactory to the Trustee with respect to the permissibility of such transfer
under the Employee Retirement Income Security Act of 1974, as amended (“ERISA”) and Section 4975 of the Internal Revenue
Code (the “Code”) and stating, among other things, that the transferee’s acquisition of a Class [B-_] Certificate
will not constitute or result in a non-exempt prohibited transaction under Section 406 of ERISA or Section 4975 of the Code or
(ii) a representation letter, in the form as described by the Agreement, either stating that the transferee is not an employee
benefit or other plan subject to the prohibited transaction provisions of ERISA or Section 4975 of the Code (a “Plan”),
or any other person (including an investment manager, a named fiduciary or a trustee of any Plan) acting, directly or indirectly,
on behalf of or purchasing any Certificate with “plan assets” of any Plan, or stating that the transferee is an insurance
company, the source of funds to be used by it to purchase the Certificate is an “insurance company general account”
(within the meaning of Department of Labor Prohibited Transaction Class Exemption (“PTCE”) 95-60), and the purchase
is being made in reliance upon the availability of the exemptive relief afforded under Sections I and III of PTCE 95-60.

This Certificate is one of a duly authorized
issue of Certificates issued in several Classes designated as Mortgage Pass-Through Certificates of the Series specified hereon
(herein collectively called the “Certificates”).

The Certificates are limited in right
of payment to certain collections and recoveries respecting the Mortgage Loans, all as more specifically set forth herein and in
the Agreement. In the event Master Servicer funds are advanced with respect to any Mortgage Loan, such advance is reimbursable
to the Master Servicer, to the extent provided in the Agreement, from related recoveries on such Mortgage Loan or from other cash
that would have been distributable to Certificateholders.

As provided in the Agreement, withdrawals
from the Custodial Account and/or the Certificate Account created for the benefit of Certificateholders may be made by the Master
Servicer from time to time for purposes other than distributions to Certificateholders, such purposes including without limitation
reimbursement to the Trustee, the Depositor and the Master Servicer of advances made, or certain expenses incurred, by either of
them.

The Agreement permits, with certain
exceptions therein provided, the amendment of the Agreement and the modification of the rights and obligations of the Depositor,
the Master Servicer and the Trustee and the rights of the Certificateholders under the Agreement at any time by the Depositor,
the Master Servicer and the Trustee with the consent of the Holders of Certificates evidencing in the aggregate not less than 66-2/3%
of the Percentage Interests of each Class of Certificates affected thereby. Any such consent by the Holder of this Certificate
shall be conclusive and binding on such Holder and upon all future holders of this Certificate and of any Certificate issued upon
the transfer hereof or in exchange herefor or in lieu hereof whether or not notation of such consent is made upon the Certificate.
The Agreement also permits the amendment thereof in certain circumstances without the consent of the Holders of any of the

    	A-2-4

    	 

    
 Certificates
and, in certain additional circumstances, without the consent of the Holders of certain Classes of Certificates.

As provided in the Agreement and subject
to certain limitations therein set forth, the transfer of this Certificate is registrable in the Certificate Register upon surrender
of this Certificate for registration of transfer at the offices or agencies appointed by the Trustee, duly endorsed by, or accompanied
by an assignment in the form below or other written instrument of transfer in form satisfactory to the Trustee and the Certificate
Registrar duly executed by the Holder hereof or such Holder’s attorney duly authorized in writing, and thereupon one or more
new Certificates of authorized denominations evidencing the same Class and aggregate Percentage Interest will be issued to the
designated transferee or transferees.

The Certificates are issuable only as
registered Certificates without coupons in Classes and in denominations specified in the Agreement. As provided in the Agreement
and subject to certain limitations therein set forth, Certificates are exchangeable for new Certificates of authorized denominations
evidencing the same Class and aggregate Percentage Interest, as requested by the Holder surrendering the same.

No service charge will be made for any
such registration of transfer or exchange, but the Trustee may require payment of a sum sufficient to cover any tax or other governmental
charge payable in connection therewith.

The Depositor, the Master Servicer,
the Trustee and the Certificate Registrar and any agent of the Depositor, the Master Servicer, the Trustee or the Certificate Registrar
may treat the Person in whose name this Certificate is registered as the owner hereof for all purposes, and neither the Depositor,
the Master Servicer, the Trustee nor any such agent shall be affected by notice to the contrary.

This Certificate shall be governed by
and construed in accordance with the laws of the State of New York.

The obligations created by the Agreement
in respect of the Certificates and the Trust Fund created thereby shall terminate upon the payment to Certificateholders of all
amounts held by or on behalf of the Trustee and required to be paid to them pursuant to the Agreement following the earlier of
(i) the maturity or other liquidation of the last Mortgage Loan subject thereto or the disposition of all property acquired upon
foreclosure or deed in lieu of foreclosure of any Mortgage Loan and (ii) the purchase by the Class R Certificateholder from the
Trust Fund of all remaining Mortgage Loans and all property acquired in respect of such Mortgage Loans, thereby effecting early
retirement of the Certificates. The Agreement permits, but does not require, the Class R Certificateholder to (i) purchase at a
price determined as provided in the Agreement all remaining Mortgage Loans and all property acquired in respect of any Mortgage
Loan or (ii) purchase in whole, but not in part, all of the Certificates from the Holders thereof; provided, that any such option
may only be exercised if the Aggregate [Stated Principal Balance] [Notional Amount] of the Mortgage Loans as of the Distribution
Date upon which the proceeds of any such

    	A-2-5

    	 

    
 purchase are distributed is less than one percent of the Aggregate [Stated Principal Balance]
[Notional Amount] of the Mortgage Loans at the Cut-off Date.

Unless the certificate of authentication
hereon has been executed by the Trustee, by manual signature, this Certificate shall not be entitled to any benefit under the Agreement
or be valid for any purpose.

    	A-2-6

    	 

    

IN WITNESS WHEREOF, the Trustee has
caused this Certificate to be duly executed.

 

	Dated: ___________ __, 20___	
        [NAME OF TRUSTEE],

        as Trustee

	 	 
	 	
        By:_____________________________

        Authorized Signatory

 

CERTIFICATE OF AUTHENTICATION

This is one of the Class [B-_] Certificates
referred to in the within-mentioned Agreement.

 

	 	
        [NAME OF TRUSTEE],

        as Trustee

	 	 
	 	
        By:_______________________________

        Authorized Signatory

 

    	A-2-7

    	 

    

ASSIGNMENT

FOR VALUE RECEIVED, the undersigned
hereby sell(s), assign(s) and transfer(s) unto _____________________________________ (Please print or typewrite name and address
including postal zip code of assignee) a Percentage Interest evidenced by the within Mortgage Pass-Through Certificate and hereby
authorizes the transfer of registration of such interest to assignee on the Certificate Register of the Trust Fund.

I (We) further direct the Certificate
Registrar to issue a new Certificate of a like denomination and Class, to the above named assignee and deliver such Certificate
to the following address

______________________________________________________________________________

______________________________________________________________________________

Dated:               ___________________________________________

Signature by or on behalf of assignor

    	A-2-8

    	 

    

DISTRIBUTION
INSTRUCTIONS

The assignee should include the following
for purposes of distribution:

Distributions shall be
made, by wire transfer or otherwise, in immediately available funds to ___________________________________________________________________________

_____________________________________________________________________________

for the account of ______________________________________________________________,

account number __________________, or, if mailed
by check, to ________________________.

Applicable statements should be mailed to ___________________________________________

_____________________________________________________________________________.

This information is provided by ___________________________________________________,

the assignee named above, or _____________________________________________________,

as its agent.

 

    	A-2-9

    	 

    

EXHIBIT B

FORM OF CLASS
R CERTIFICATE

THIS CERTIFICATE
MAY NOT BE HELD BY OR TRANSFERRED TO A NON-UNITED STATES PERSON OR A DISQUALIFIED ORGANIZATION (AS DEFINED BELOW).

SOLELY FOR U.S.
FEDERAL INCOME TAX PURPOSES, THIS CERTIFICATE REPRESENTS A “RESIDUAL INTEREST” IN ONE OR MORE “REAL ESTATE MORTGAGE
INVESTMENT CONDUITS” AS THOSE TERMS ARE DEFINED, RESPECTIVELY, IN SECTIONS 860G AND 860D OF THE INTERNAL REVENUE CODE OF
1986 (THE “CODE”).

NO TRANSFER OF
THIS CERTIFICATE MAY BE MADE TO ANY PERSON, UNLESS THE TRANSFEREE PROVIDES EITHER A CERTIFICATION PURSUANT TO SECTION 5.02(e) OF
THE AGREEMENT OR AN OPINION OF COUNSEL SATISFACTORY TO THE MASTER SERVICER, THE DEPOSITOR AND THE TRUSTEE THAT THE PURCHASE OF
THIS CERTIFICATE IS PERMISSIBLE UNDER APPLICABLE LAW, WILL NOT CONSTITUTE OR RESULT IN A NON-EXEMPT PROHIBITED TRANSACTION UNDER
SECTION 406 OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”), OR SECTION 4975 OF THE CODE
AND WILL NOT SUBJECT THE MASTER SERVICER, THE DEPOSITOR OR THE TRUSTEE TO ANY OBLIGATION OR LIABILITY IN ADDITION TO THOSE UNDERTAKEN
IN THE POOLING AND SERVICING AGREEMENT (THE “AGREEMENT”).

ANY RESALE, TRANSFER
OR OTHER DISPOSITION OF THIS CERTIFICATE MAY BE MADE ONLY IF THE PROPOSED TRANSFEREE PROVIDES A TRANSFER AFFIDAVIT TO THE MASTER
SERVICER AND THE TRUSTEE THAT (1) SUCH TRANSFEREE IS NOT (A) THE UNITED STATES, ANY STATE OR POLITICAL SUBDIVISION THEREOF, ANY
FOREIGN GOVERNMENT, ANY INTERNATIONAL ORGANIZATION, OR ANY AGENCY OR INSTRUMENTALITY OF ANY OF THE FOREGOING, (B) ANY ORGANIZATION
(OTHER THAN A COOPERATIVE DESCRIBED IN SECTION 521 OF THE CODE) WHICH IS EXEMPT FROM THE TAX IMPOSED BY CHAPTER 1 OF THE CODE UNLESS
SUCH ORGANIZATION IS SUBJECT TO THE TAX IMPOSED BY SECTION 511 OF THE CODE, (C) ANY ORGANIZATION DESCRIBED IN SECTION 1381(a)(2)(C)
OF THE CODE, (ANY SUCH PERSON DESCRIBED IN THE FOREGOING CLAUSES (A), (B) OR (C) BEING HEREIN REFERRED TO AS A “DISQUALIFIED
ORGANIZATION”) OR (D) AN AGENT OF A DISQUALIFIED ORGANIZATION, (2) NO PURPOSE OF SUCH TRANSFER IS TO IMPEDE THE ASSESSMENT
OR COLLECTION OF TAX AND (3) SUCH TRANSFEREE SATISFIES CERTAIN ADDITIONAL CONDITIONS RELATING TO THE FINANCIAL 

    	B-1

    	 

    
CONDITION OF THE
PROPOSED TRANSFEREE. NOTWITHSTANDING THE REGISTRATION IN THE CERTIFICATE REGISTER OR ANY TRANSFER, SALE OR OTHER DISPOSITION OF
THIS CERTIFICATE TO A DISQUALIFIED ORGANIZATION OR AN AGENT OF A DISQUALIFIED ORGANIZATION, SUCH REGISTRATION SHALL BE DEEMED TO
BE OF NO LEGAL FORCE OR EFFECT WHATSOEVER AND SUCH PERSON SHALL NOT BE DEEMED TO BE A CERTIFICATEHOLDER FOR ANY PURPOSE HEREUNDER,
INCLUDING, BUT NOT LIMITED TO, THE RECEIPT OF DISTRIBUTIONS ON THIS CERTIFICATE, EACH HOLDER OF THIS CERTIFICATE BY ACCEPTANCE
OF THIS CERTIFICATE SHALL BE DEEMED TO HAVE CONSENTED TO THE PROVISIONS OF THIS PARAGRAPH.

    	B-2

    	 

    

 

	Certificate No. 1	_______% Pass-Through Rate
	 	 
	Class R Senior	 
	 	 
	
        Date of Pooling and, Servicing

        Agreement and Cut-off Date:

        ______________ 1, 20___
	
        Percentage Interest: 100.00%

         

	 	 
	
        First Distribution Date:

        ______________, 20___
	
        Aggregate Initial [Certificate Principal Balance]
        [Notional Amount] of the

        Class R Certificates:

        $_________________

         

	 	 
	
        Master Servicer:

        [Name of Master Servicer]
	
        Initial [Certificate Principal Balance] [Notional
        Amount] of this

        Class R Certificates:

        $_________________

         

	 	 
	
        Assumed Final Distribution Date:

        ______________, 20__
	CUSIP:
	 	 

 

MORTGAGE PASS-THROUGH CERTIFICATE

SERIES 20_-_

evidencing a percentage interest
in any distributions allocable to the Class R Certificates with respect to a Trust Fund consisting primarily of a pool of one-
to four-family fixed-rate first lien mortgage loans formed and sold by SHELLPOINT MORTGAGE ACCEPTANCE LLC

This Certificate is payable solely from
the assets of the Trust Fund, and does not represent an obligation of or interest in Shellpoint Mortgage Acceptance LLC, the Master
Servicer, the Trustee referred to below or any of their affiliates. Neither this Certificate nor the underlying Mortgage Loans
are guaranteed or insured by any governmental agency or instrumentality or by [Name of Master Servicer], the Master Servicer, the
Trustee or any of their affiliates. None of the 

    	B-3

    	 

    
Depositor, the Master Servicer or any of their affiliates will have any obligation
with respect to any certificate or other obligation secured by or payable from payments on the Certificates.

This certifies that ________________
is the registered owner of the Percentage Interest evidenced by this Certificate stated above in certain distributions with respect
to a Trust Fund, consisting primarily of a pool of one- to four-family fixed-rate first lien mortgage loans (the “Mortgage
Loans”), formed and sold by Shellpoint Mortgage Acceptance LLC (hereinafter called the “Company,” which term
includes any successor entity under the Agreement referred to below). The Trust Fund was created pursuant to a Pooling and Servicing
Agreement dated as specified above (the “Agreement”) among the Depositor, the Master Servicer and [Name of Trustee],
as trustee (the “Trustee”), a summary of certain of the pertinent provisions of which is set forth hereafter. To the
extent not defined herein, the capitalized terms used herein have the meanings assigned in the Agreement. This Certificate is issued
under and is subject to the terms, provisions and conditions of the Agreement, to which Agreement the Holder of this Certificate
by virtue of the acceptance hereof assents and by which such Holder is bound.

Pursuant to the terms of the Agreement,
a distribution will be made on the 25th day of each month or, if such 25th day is not a Business Day, the Business Day immediately
following (the Distribution Date”), commencing as described in the Agreement, to the Person in whose name this Certificate
is registered at the close of business on the last Business Day of the month immediately preceding the month of such Distribution
Date (the “Record Date”), from the Available Distribution Amount in an amount equal to the product of the Percentage
Interest evidenced by this Certificate and the amount of interest and principal, if any , required to be distributed to Holders
of Class R Certificates on such Distribution Date.

Each Holder of this Certificate will
be deemed to have agreed to be bound by the restrictions set forth in the Agreement to the effect that (i) each person holding
or acquiring any Ownership Interest in this Certificate must be a United States Person and a Permitted Transferee, (ii) the transfer
of any Ownership Interest in this Certificate will be conditioned upon the delivery to the Trustee of, among other things, an affidavit
to the effect that it is a United States Person and Permitted Transferee, (iii) any attempted or purported transfer of any Ownership
Interest in this Certificate in violation of such restrictions will be absolutely null and void and will vest no rights in the
purported transferee, and (iv) if any person other than a United States Person and a Permitted Transferee acquires any Ownership
Interest in this Certificate in violation of such restrictions, then the Depositor will have the right, in its sole discretion
and without notice to the Holder of this Certificate, to sell this Certificate to a purchaser selected by the Depositor, which
purchaser may be the Depositor, or any affiliate of the Depositor, on such terms and conditions as the Depositor may choose.

Notwithstanding the above, the final
distribution on this Certificate will be made after due notice of the pendency of such distribution and only upon presentation
and surrender of this Certificate at the office or agency appointed by the Trustee for that purpose in the City and State of New
York. The Initial [Certificate Principal Balance] [Notional Amount] of this Certificate is set forth above. The [Certificate Principal
Balance] [Notional Amount] hereof will be reduced to the 

    	B-4

    	 

    
extent of [distributions allocable to principal] and any Realized Losses
allocable hereto. Notwithstanding the reduction of the [Certificate Principal Balance] [Notional Amount] hereof to zero, this Certificate
will remain outstanding under the Agreement and the Holder hereof may have additional obligations with respect to this Certificate,
including tax liabilities, and may be entitled to certain additional distributions hereon, in accordance with the terms and provisions
of the Agreement.

In connection with any transfer of this
Certificate, the Trustee will also require either (i) an opinion of counsel acceptable to and in form and substance satisfactory
to the Trustee with respect to the permissibility of such transfer under the Employee Retirement Income Security Act of 1974, as
amended (“ERISA”) and Section 4975 of the Internal Revenue Code (the “Code”) and stating, among other things,
that the transferee’s acquisition of a Class R Certificate will not constitute or result in a non-exempt prohibited transaction
under Section 406 of ERISA or Section 4975 of the Code or (ii) a representation letter, in the form as described by the Agreement,
stating that the transferee is not an employee benefit or other plan subject to the prohibited transaction provisions of ERISA
or Section 4975 of the Code (a “Plan”), or any other person (including an investment manager, a named fiduciary or
a trustee of any Plan) acting, directly or indirectly, on behalf of or purchasing any Certificate with “plan assets”
of any Plan.

This Certificate is one of a duly authorized
issue of Certificates issued in several Classes designated as Mortgage Pass-Through Certificates of the Series specified hereon
(herein collectively called the “Certificates”).

The Certificates are limited in right
of payment to certain collections and recoveries respecting the Mortgage Loans, all as more specifically set forth herein and in
the Agreement. In the event Master Servicer funds are advanced with respect to any Mortgage Loan, such advance is reimbursable
to the Master Servicer, to the extent provided in the Agreement, from related recoveries on such Mortgage Loan or from other cash
that would have been distributable to Certificateholders.

As provided in the Agreement, withdrawals
from the Custodial Account and/or the Certificate Account created for the benefit of Certificateholders may be made by the Master
Servicer from time to time for purposes other than distributions to Certificateholders, such purposes including without limitation
reimbursement to the Trustee, the Depositor and the Master Servicer of advances made, or certain expenses incurred, by either of
them.

The Agreement permits, with certain
exceptions therein provided, the amendment of the Agreement and the modification of the rights and obligations of the Depositor,
the Master Servicer and the Trustee and the rights of the Certificateholders under the Agreement at any time by the Depositor,
the Master Servicer and the Trustee with the consent of the Holders of Certificates evidencing in the aggregate not less than 66-2/3%
of the Percentage Interests of each Class of Certificates affected thereby. Any such consent by the Holder of this Certificate
shall be conclusive and binding on such Holder and upon all future holders of this Certificate and of any Certificate issued upon
the transfer hereof or in exchange herefor or in lieu hereof whether or not 

    	B-5

    	 

    
notation of such consent is made upon the Certificate.
The Agreement also permits the amendment thereof in certain circumstances without the consent of the Holders of any of the Certificates
and, in certain additional circumstances, without the consent of the Holders of certain Classes of Certificates.

As provided in the Agreement and subject
to certain limitations therein set forth, the transfer of this Certificate is registrable in the Certificate Register upon surrender
of this Certificate for registration of transfer at the offices or agencies appointed by the Trustee, duly endorsed by, or accompanied
by an, assignment in the form below or other written instrument of transfer in form satisfactory to the Trustee and the Certificate
Registrar duly executed by the Holder hereof or such Holder’s attorney duly authorized in writing, and thereupon one or more
new Certificates of authorized denominations evidencing the same Class and aggregate Percentage Interest will be issued to the
designated transferee or transferees.

The Certificates are issuable only as
registered Certificates without coupons in Classes and in denominations specified in the Agreement. As provided in the Agreement
and subject to certain limitations therein, set forth, Certificates are exchangeable for new Certificates of authorized denominations
evidencing the same Class and aggregate Percentage Interest, as requested by the Holder surrendering the same.

No service charge will be made for any
such registration of transfer or exchange, but the Trustee may require payment of a sum sufficient to cover any tax or other governmental
charge payable in connection therewith.

The Depositor, the Master Servicer,
the Trustee and the Certificate Registrar and any agent of the Depositor, the Master Servicer, the Trustee or the Certificate Registrar
may treat the Person in whose name this Certificate is registered as the owner hereof for all purposes, and neither the Depositor,
the Master Servicer, the Trustee nor any such agent shall be affected by notice to the contrary.

This Certificate shall be governed by
and construed in accordance with the laws of the State of New York.

The obligations created by the Agreement
in respect of the Certificates and the Trust Fund created thereby shall terminate upon the payment to Certificateholders of all
amounts held by or on behalf of the Trustee and required to be paid to them pursuant to the Agreement following the earlier of
(i) the maturity or other liquidation of the last Mortgage Loan subject thereto or the disposition of all property acquired upon
foreclosure or deed in lieu of foreclosure of any Mortgage Loan and (ii) the purchase by the Class R Certificateholder from the
Trust Fund of all remaining Mortgage Loans and all property acquired in respect of such Mortgage Loans, thereby effecting early
retirement of the Certificates. The Agreement permits, but does not require, the Class R Certificateholder to (i) purchase at a
price determined as provided in the Agreement all remaining Mortgage Loans and all property acquired in respect of any Mortgage
Loan or (ii) purchase in whole, but not in part, all of the Certificates from the Holders thereof; provided, that 

    	B-6

    	 

    
any such option
may only be exercised if the Aggregate [Stated Principal Balance] [Notional Amount] of the Mortgage Loans as of the Distribution
Date upon which the proceeds of any such purchase are distributed is less than one percent of the Aggregate [Stated Principal Balance]
[Notional Amount] of the Mortgage Loans at the Cut-off Date.

Reference is hereby made to the further
provisions of this Certificate set forth on the reverse hereof, which further provisions shall for all purpose have the same effect
as if set forth at this place.

Unless the certificate of authentication
hereon has been executed by the Trustee, by manual signature, this Certificate shall not be entitled to any benefit under the Agreement
or be valid for any purpose.

    	B-7

    	 

    

IN WITNESS WHEREOF, the Trustee has
caused this Certificate to be duly executed.

 

	Dated: _________ __, 20___	
        [NAME OF TRUSTEE],

        as Trustee

	 	 
	 	
        By:_________________________________

        Authorized Signatory

 

CERTIFICATE OF AUTHENTICATION

This is one of the Class
R Certificates referred to in the within-mentioned Agreement.

 

	 	
        [NAME OF TRUSTEE],

        as Trustee

	 	 
	 	
        By:__________________________________

        Authorized Signatory

 

    	B-8

    	 

    

ASSIGNMENT

FOR VALUE RECEIVED, the
undersigned hereby sell(s), assign(s) and transfer(s) unto

_____________________________________________________________________________

_____________________________________________________________________________

 

(Please print
or typewrite name and address including postal zip code of assignee)

the Percentage Interest evidenced by
the within Certificate and hereby authorizes the transfer of registration of such Percentage Interest to assignee on the Certificate
Register of the Trust.

I (We) further direct the Trustee to issue
a new Certificate of a like denomination and Class, to the above named assignee and deliver such Certificate to the following address:

_____________________________________________________________________________

 

Dated: _________________

Signature by or on behalf of
assignor

    	B-9

    	 

    

DISTRIBUTION
INSTRUCTIONS

The assignee should
include the following for purposes of distribution:

Distributions shall be
made, by wire transfer or otherwise, in immediately available funds to ___________________________________________________________________________

_____________________________________________________________________________

for the account of ______________________________________________________________,

account number __________________, or, if mailed
by check, to ________________________.

Applicable statements should be mailed to ___________________________________________

_____________________________________________________________________________.

This information is provided by ___________________________________________________,

the assignee named above, or _____________________________________________________,

as its agent.

 

    	B-10

    	 

    

EXHIBIT C

FORM OF TRUSTEE’S
INITIAL CERTIFICATION

__________ __, 20___

[Name of Master Servicer]

_____________________

_____________________

	Re:	
        Pooling and
        Servicing Agreement, dated as of __________ 1, 20___ among Shellpoint Mortgage Acceptance LLC, [Name of Master Servicer], and [Name
        of Trustee], Mortgage Pass-Through Certificates Series 20__-_

 

Ladies and Gentlemen:

In accordance with
Section 2.02 of the above-captioned Pooling and Servicing Agreement, the undersigned, as Trustee, hereby certifies that as to each
Mortgage Loan listed in the Mortgage Loan Schedule (other than any Mortgage Loan paid in full or listed on the attachment hereto)
it has reviewed the Mortgage File and the Mortgage Loan Schedule and has determined that: (i) all documents required to be included
in the Mortgage File are in its possession; (ii) such documents have reviewed by it and appear regular on their face and relate
to such Mortgage Loan; and (iii) base on examination by it, and only as to such documents, the information set forth in items (i),
(ii), (iii) (iv) of the definition or description of “Mortgage Loan Schedule” is correct.

The trustee has
made no independent examination of any documents contained in each Mortgage File beyond the review specifically required in the
above-referenced Pooling and Servicing Agreement. The Trustee makes no representation that any documents specified in clause (vi)
of Section 2.01 should be included in any Mortgage File. The Trustee makes no representations as to and shall not be responsible
to verify: (i) the validity, legality, sufficiency, enforceability, due authorization, recordability or genuineness of any of the
documents contained in each Mortgage File of any of the Mortgage Loans identified on the Mortgage Loan Schedule, (ii) the collectability,
insurability, effectiveness or suitability of any such Mortgage Loan, or (iii) the existence of any assumption, modification, written
assurance or substitution agreement with respect to any Mortgage File if no such documents appear in the Mortgage File delivered
to the Trustee.

    	C-1

    	 

    

Capitalized words
and phrases used herein shall have the respective meanings assigned to them in the above-captioned Pooling and Servicing Agreement.

[NAME OF TRUSTEE]

By:______________________________

Name:

Title:

 

    	C-2

    	 

    

EXHIBIT D

FORM OF TRUSTEE
FINAL CERTIFICATION

__________ __, 20__

[Name of Master Servicer]

_____________________

_____________________

	Re:	
        Pooling and
        Servicing Agreement, dated as of __________ 1, 20__ among Shellpoint Mortgage Acceptance LLC, [Name of Master Servicer], and [Name
        of Trustee], Mortgage Pass-Through Certificates Series 20__-_

 

Ladies and Gentlemen:

In accordance with
Section 2.02 of the above-captioned Pooling and Servicing Agreement, the undersigned, as Trustee, hereby certifies that as to each
Mortgage Loan listed in the Mortgage Loan Schedule (other than any Mortgage Loan paid in full or listed on the attachment hereto)
it has received the documents set forth in Section 2.01.

The Trustee has made
no independent examination of any documents contained in each Mortgage File beyond the review specifically required in the above-referenced
Pooling and Servicing Agreement. The Trustee makes no representation that any documents specified in clause (vi) of Section 2.01
should be included in any Mortgage File. The Trustee makes no representations as to and shall not be responsible to verify: (i)
the validity, legality, sufficiency, enforceability, due authorization, recordability or genuineness of any of the documents contained
in each Mortgage File of any of the Mortgage Loans identified on the Mortgage Loan Schedule, (ii) the collectability, insurability,
effectiveness or suitability of any such Mortgage Loan or (iii) the existence of any assumption, modification, written assurance
or substitution agreement with respect to any Mortgage File if no such documents appear in the Mortgage File delivered to the Trustee.

Capitalized words
and phrases used herein shall have the respective meanings assigned to them in, the above-captioned Pooling and Servicing Agreement.

[NAME OF TRUSTEE]

By:_________________________________

Name:

Title:

 

    	D-1

    	 

    

EXHIBIT E

FORM OF REMITTANCE
REPORT

(PROVIDED
UPON REQUEST)

 

    	E-1

    	 

    

EXHIBIT F-1

REQUEST FOR RELEASE

(for Trustee)

Loan Information

Name of Mortgagor:               ___________________________________

Master Servicer

Loan No.:               ___________________________________

Trustee

		Name:	___________________________________

		Address:	___________________________________

 

Trustee

Mortgage
File No.:               ___________________________________

Request for Requesting Documents
(check one):

		1.	Mortgage Loan Liquidated.

(The Master Servicer hereby certifies
that all proceeds of foreclosure, insurance or other liquidation have been finally received and deposited into the Custodial Account
to the extent required pursuant to the Pooling and Servicing Agreement.)

		2.	Mortgage Loan in Foreclosure.

		3.	Mortgage Loan Repurchased Pursuant to Section 9.01 of the Pooling and Servicing Agreement.

		4.	Mortgage Loan Repurchased Pursuant to Article II of the Pooling and Servicing Agreement.

(The Master Servicer hereby certifies
that the repurchase price has been deposited into the Custodial Account pursuant to the Pooling and Servicing Agreement.)

    	F-1-1

    	 

    

		5.	Other (explain).

______________________________________________________________________________

______________________________________________________________________________

______________________________________________________________________________

______________________________________________________________________________

______________________________________________________________________________

______________________________________________________________________________

 

The undersigned Master
Servicer hereby acknowledges that it has received from the Trustee for the Holders of Shellpoint Mortgage Acceptance LLC, Mortgage
Pass-Through Certificates, Series 20__-_, the documents referred to below (the “Documents”). All capitalized terms
not otherwise defined in this Request for Release shall have the meanings given them in the Pooling and Servicing Agreement, dated
as of __________ 1, 20__ (the “Pooling and Servicing Agreement”), among Shellpoint Mortgage Acceptance LLC, [Name of
Master Servicer] and the Trustee.

( )               Promissory
Note dated _________________, 20__, in the original principal sum of $__________, made by __________________, payable to, or endorsed
to the order of, the Trustee.

( )               Mortgage
recorded on _________________________ as instrument no. ___________ in the County Recorders Office of the County of ______________________,
State of _____________________ in book/reel/docket of official records at page/image _______________.

( )               Deed of
Trust recorded on ____________________ as instrument no._____________ in the County Recorder’s Office of the County of ______________________,
State of _____________________in book/reel/docket __________________ of official records at page/image ________________.

( )               Assignment
of Mortgage or Deed of Trust to the Trustee, recorded on _______________ as instrument no. ______________ in the County Recorder’s
Office of the County of ________________, State of ___________________ in book/reel/docket ____________ of official records at
page/image ___________.

( )               Other
documents, including any amendments, assignments or other assumptions of the Mortgage Note or Mortgage.

( )               ____________________________________

( )               ____________________________________

( )               ____________________________________

    	F-1-2

    	 

    

( )               ____________________________________

The undersigned Master Servicer
hereby acknowledges and agrees as follows:

(1)              
The Master Servicer shall hold and retain possession of the Documents in trust for the benefit of the Trustee, solely for
the purposes provided in the Agreement.

(2)              
The Master Servicer shall not cause or knowingly permit the Documents to become subject to, or encumbered by, any claim,
liens, security interest, charges, writs of attachment or other impositions nor shall the Master Servicer assert or seek to assert
any claims or rights of setoff to or against the Documents or any proceeds thereof.

(3)              
The Master Servicer shall return each and every Document previously requested from the Mortgage File to the Custodian when
the need therefor no longer exists, unless the Mortgage Loan relating to the Documents has been liquidated and the proceeds thereof
have been remitted to the Custodial Account and except as expressly provided in the Agreement.

(4)              
The Documents and any proceeds thereof, including any proceeds of proceeds, coming into the possession or control of the
Master Servicer shall at all times be earmarked for the account of the Trustee, and the Master Servicer shall keep the Documents
and any proceeds separate and distinct from all other property in the Master Servicer’s possession, custody or control.

[NAME OF MASTER SERVICER]

By: ____________________________________

Title: __________________________________

Date: _________________, 20__

 

    	F-1-3

    	 

    

EXHIBIT F-2

REQUEST FOR RELEASE

[Mortgage
Loans Paid in Full]

OFFICER’S CERTIFICATE AND TRUST RECEIPT

MORTGAGE PASS-THROUGH CERTIFICATES

SERIES 20__-_

_____________________________________
HEREBY CERTIFIES THAT HE/SHE IS AN OFFICER OF THE MASTER SERVICER, HOLDING THE OFFICE SET FORTH BENEATH HIS/HER SIGNATURE, AND
HEREBY FURTHER CERTIFIES AS FOLLOWS:

WITH RESPECT TO THE MORTGAGE LOANS,
AS THE TERM IS DEFINED IN THE POOLING AND SERVICING AGREEMENT DESCRIBED IN THE ATTACHED SCHEDULE:

ALL PAYMENTS OF PRINCIPAL, PREMIUM (IF ANY),
AND INTEREST HAVE BEEN MADE.

 

	LOAN NUMBER: _____________________	BORROWER’S NAME: ______________
	 	 
	COUNTY: ___________________________	 

 

WE HEREBY CERTIFY THAT ALL AMOUNTS RECEIVED
IN CONNECTION WITH SUCH PAYMENTS, WHICH ARE REQUIRED TO BE DEPOSITED IN THE CUSTODIAL ACCOUNT PURSUANT TO SECTION 3.10 OF THE POOLING
AND SERVICING AGREEMENT, HAVE BEEN OR WILL BE CREDITED.

 

	_________ ____________	DATED: _____________________

 

//               VICE PRESIDENT

//               ASSISTANT VICE PRESIDENT

 

    	F-2-4

    	 

    

EXHIBIT G-1

FORM OF INVESTOR
REPRESENTATION LETTER

___________,20___

Shellpoint Mortgage Acceptance LLC

[Address]

[Name of Trustee]

______________________

______________________

Attention: Shellpoint Mortgage Acceptance
LLC, Series 20__-_

	Re:	
        Shellpoint Mortgage Acceptance LLC,

        Mortgage
        Pass-Through Certificates, Series 20__-_, Class __      

 

Ladies and Gentlemen:

______________ (the
“Purchaser”) intends to purchase from ______________ (the “Seller”) $_________ Initial Certificate Principal
Balance of Mortgage Pass-Through Certificates, Series 20__-_, Class _____ (the “Certificates”), issued pursuant to
the Pooling and Servicing Agreement (the “Pooling and Servicing Agreement”), dated as of _________ 1, 20__ among Shellpoint
Mortgage Acceptance LLC, as company (the “Company”), [Name of Master Servicer], as master servicer and [Name of Trustee],
as trustee (the “Trustee”). All terms used herein and not otherwise defined shall have the meanings set forth in the
Pooling and Servicing Agreement. The Purchaser hereby certifies, represents and warrants to, and covenants with, the Depositor
and the Trustee that:

1.               The Purchaser
understands that (a) the Certificates have not been and will not be registered or qualified under the Securities Act of 1933, as
amended (the “Act”) or any state securities law, (b) the Depositor is not required to so register or qualify the Certificates,
(c) the Certificates may be resold only if registered and qualified pursuant to the provisions of the Act or any state securities
law, or if an exemption from such registration and qualification is available, (d) the Pooling and Servicing Agreement contains
restrictions regarding the transfer of the Certificates and (e) the Certificates will bear a legend to the foregoing effect.

    	G-1-1

    	 

    

2.               The Purchaser
is acquiring the Certificates for its own account for investment only and not with a view to or for sale in connection with any
distribution thereof in any manner that would violate the Act or any applicable state securities laws.

3.               The Purchaser
is (a) a substantial, sophisticated institutional investor having such knowledge and experience in financial and business matters,
and, in particular, in such matters related to securities similar to the Certificates, such that it is capable of evaluating the
merits and risks of investment in the Certificates, (b) able to bear the economic risks of such an investment and (c) an “accredited
investor” within the meaning of Rule 501 (a) promulgated pursuant to the Act.

4.               The Purchaser
has been furnished with, and has had an opportunity to review (a) [a copy of the Private Placement Memorandum, dated _________
__, 20__, relating to the Certificates (b)] a copy of the Pooling and Servicing Agreement and [(b)] [(c)] such other information
concerning the Certificates, the Mortgage Loans and the Depositor as has been requested by the Purchaser from the Depositor or
the Seller and is relevant to the Purchaser’s decision to purchase the Certificates. The Purchaser has had any questions
arising from such review answered by the Depositor or the Seller to the satisfaction of the Purchaser. [If the Purchaser did not
purchase the Certificates from the Seller in connection with the initial distribution of the Certificates and was provided with
a copy of the Private Placement Memorandum (the “Memorandum”) relating to the original sale (the “Original Sale”)
of the Certificates by the Depositor, the Purchaser acknowledges that such Memorandum was provided to it by the Seller, that the
Memorandum was prepared by the Depositor solely for use in connection with the Original Sale and the Depositor did not participate
in or facilitate in any way the purchase of the Certificates by the Purchaser from the Seller, and the Purchaser agrees that it
will look solely to the Seller and not to the Depositor with respect to any damage, liability, claim or expense arising out of,
resulting from or in connection with (a) error or omission, or alleged error or omission, contained in the Memorandum, or (b) any
information, development or event arising after the date of the Memorandum.]

5.               The Purchaser
has not and will not nor has it authorized or will it authorize any person to (a) offer, pledge, sell, dispose of or otherwise
transfer any Certificate, any interest in any Certificate or any other similar security to any person in any manner, (b) solicit
any offer to buy or to accept a pledge, disposition of other transfer of any Certificate, any interest in any Certificate or any
other similar security from any person in any manner, (c) otherwise approach or negotiate with respect to any Certificate, any
interest in any Certificate or any other similar security with any person in any manner, (d) make any general solicitation by means
of general advertising or in any other manner or (e) take any 

    	G-1-2

    	 

    
other action, that (as to any of (a) through (e) above) would constitute
a distribution of any Certificate under the Act, that would render the disposition of any Certificate a violation of Section 5
of the Act or any state securities law, or that would require registration or qualification pursuant thereto. The Purchaser will
not sell or otherwise transfer any of the Certificates, except in compliance with the provisions of the Pooling and Servicing Agreement.

    	G-1-3

    	 

    

 

	 	
        Very truly yours,

        ____________________________________

        (Purchaser)

	 	 
	 	
        By: _________________________________

        Name: ______________________________

        Title: _______________________________

 

 

    	G-1-4

    	 

    

EXHIBIT G-2

FORM OF TRANSFEROR
REPRESENTATION LETTER

______________,20____

Shellpoint Mortgage Acceptance LLC

[Address]

[Name of Trustee]

______________________

______________________

Attention: Shellpoint Mortgage Acceptance
LLC, Series 20__-_

	Re:	
        Shellpoint Mortgage Acceptance LLC,

        Mortgage
        Pass-Through Certificates, Series 20__-_, Class __      

 

Ladies and Gentlemen:

In connection with
the sale by ___________ (the “Seller”) to ________ (the “Purchaser”) of $_________ Initial Certificate
Principal Balance of Mortgage Pass-Through Certificates, Series 20__-_, Class _____ (the “Certificates”), issued pursuant
to the Pooling and Servicing Agreement (the “Pooling and Servicing Agreement”), dated as of __________ 1, 20__ among
Shellpoint Mortgage Acceptance LLC, as company (the “Company”), [Name of Master Servicer], as master servicer and [Name
of Trustee], as trustee (the “Trustee”). The Seller hereby certifies, represents and warrants to, a covenants with,
the Depositor and the Trustee that:

Neither the Seller nor
anyone acting on its behalf has (a) offered, pledged, sold, disposed of or otherwise transferred any Certificate, any interest
in any Certificate or any other similar security to any person in any manner, (b) has solicited any offer to buy or to accept a
pledge, disposition or other transfer of any Certificate, any interest in any Certificate or any other similar security from any
person in any manner, (c) has otherwise approached or negotiated with respect to any Certificate, any interest in any Certificate
or any other similar security with any person in any manner, (d) has made any general solicitation by means of general advertising
or in any other manner, or (e) has taken any other action, that (as to any of (a) through (e) above) would constitute a distribution
of the Certificates under the Securities Act of 1933 (the “Act”), that would render the disposition of any Certificate
a violation of Section 5 of the Act or any state securities law, or that would require registration or qualification pursuant thereto.
The Seller will not act in any manner set forth in the foregoing sentence with respect to any Certificate. The Seller has not and
will not sell or otherwise transfer any of the Certificates, except in compliance with the provisions of the Pooling and Servicing
Agreement.

    	G-2-1

    	 

    

 

	 	
        Very truly yours,

        ____________________________________

        (Seller)

	 	 
	 	
        By: _________________________________

        Name: ______________________________

        Title: _______________________________

 

 

    	G-2-2

    	 

    

EXHIBIT G-3

FORM OF TRANSFER
AFFIDAVIT AND AGREEMENT

STATE OF                              )

:ss.:

COUNTY OF               )

___________________,
being first duly sworn, deposes, represents and warrants:

1.               That he/she
is [Title of Officer] of [Name of Owner], a [savings institution] [corporation] duly organized and existing under the laws of [the
State of __________] [the United States], (the “Owner”), (record or beneficial owner of the Class R Certificates (the
“Class R Certificates”) on behalf of which he/she makes this affidavit and agreement). This Class R Certificates were
issued pursuant to the Pooling and Servicing Agreement (the “Pooling and Servicing Agreement”) dated as of _________
1, 20__ among Shellpoint Mortgage Acceptance LLC, as company, [Name of Master Servicer], as master servicer (the “Master
Servicer”), and [Name of Trustee], as trustee (the “Trustee”).

2.               That the Owner
(i) is not and will not be a “disqualified organization” as of _____________ [date of transfer] within the meaning
of Section 860E(e)(5) of the Internal Revenue Code of 1986, as amended (the “Code”), (ii) will endeavor to remain other
than a disqualified organization for so long as it retains its ownership interest in the Class R Certificates, and (iii) is acquiring
the Class R Certificates for its own account or for the account of another Owner from which it has received an affidavit and agreement
in substantially the same form as this affidavit and agreement. (For this purpose, a “disqualified organization” means
the United States, any state or political subdivision thereof, any agency or instrumentality of any of the foregoing (other than
an instrumentality all of the activities of which are subject to tax and, except for Freddie Mac, a majority of whose board of
directors is not selected by any such governmental entity) or any foreign government, international organization or any agency
or instrumentality of such foreign government or organization, any rural electric or telephone cooperative, or any organization
(other than certain farmers’ cooperatives) that is generally exempt from federal income tax unless such organization is subject
to the tax on unrelated business taxable income).

3.               That the Owner
is aware (i) of the tax that would be imposed on transfers of Class R Certificates to disqualified organizations under the Code,
that applies to all transfers of Class R Certificates after March 31, 1988; (ii) that such tax would be on the transferor, or,
if such transfer is through an agent (which person includes a broker, nominee or middleman) for a disqualified organization, on
the agent; (iii) that the person otherwise liable for the tax shall be relieved of liability for the tax if the transferee furnishes
to such person an affidavit that the transferee is not a disqualified organization and, at the time of transfer, such person does
not have actual knowledge that the affidavit is false; and (iv) that the Class R Certificates may be “noneconomic residual
interests” within the meaning of Treasury regulations promulgated pursuant to the Code 

    	G-3-1

    	 

    
and
that the transferor of a noneconomic residual interest will remain liable for any taxes due with respect to the income on such
residual interest, unless no significant purpose of the transfer was to impede the assessment or collection of tax.

4.               That the Owner
is aware of the tax imposed on a “pass-through entity” holding Class R Certificates if at any time during the taxable
year of the pass-through entity a disqualified organization is the record holder of an interest in such entity. (For this purpose,
a “pass through entity” includes a regulated investment company, a real estate investment trust or common trust fund,
a partnership, trust or estate, and certain cooperatives.)

5.               That the Owner
is aware that the Trustee will not register the transfer of any Class R Certificates unless the transferee, or the transferee’s
agent, delivers to it an affidavit and agreement, among other things, in substantially the same form as this affidavit and agreement.
The Owner expressly agrees that it will not consummate any such transfer if it knows or believes that any of the representations
contained in such affidavit and agreement are false.

6.               That the Owner
has reviewed the restrictions set forth on the face of the Class R Certificates and the provisions of Section 5.02(f) of the Pooling
and Servicing Agreement under which the Class R Certificates were issued (in particular, clause (iii)(A) and (iii)(B) of Section
5.02(f) which authorize the Trustee to deliver payments to a person other than the Owner and negotiate a mandatory sale by the
Trustee in the event the Owner holds such Certificates in violation of Section 5.02(f)). The Owner expressly agrees to be bound
by and to comply with such restrictions and provisions.

7.               That the Owner
consents to any additional restrictions or arrangements that shall be deemed necessary upon advice of counsel to constitute a reasonable
arrangement to ensure that the Class R Certificates will only be owned, directly or indirectly, by an Owner that is not a disqualified
organization.

8.               The Owner’s
Taxpayer Identification Number is _____________________.

9.               This affidavit
and agreement relates only to the Class R Certificates held by the owner and not to any other holder of the Class R Certificates.
The Owner understands that the liabilities described herein relate only to the Class R Certificates.

10.               That no purpose
of the Owner relating to the transfer of any of the Class R Certificates by the Owner is or will be to impede the assessment or
collection of any tax.

11.               That the
Owner has no present knowledge or expectation that it will be unable to pay any United States taxes owed by it so long as any of
the Certificates remain outstanding. In this regard, the Owner hereby represents to and for the benefit of the person from whom
it acquired the Class R Certificate that the Owner intends to pay taxes associated with holding such Class R Certificate as they
become due, fully understanding that it may incur tax liabilities in excess of any cash flows generated by the Class R Certificate.

    	G-3-2

    	 

    

12.               That the
Owner has no present knowledge or expectation that it will become insolvent or subject to a bankruptcy proceeding for so long as
any of the Class R Certificates remain outstanding.

13.               The Owner
is a citizen or resident of the United States, a corporation, partnership or other entity created or organized in, or under the
laws of, the United States or any political subdivision thereof, provided that with respect to any partnership or other entity
treated as a partnership for United States federal income tax purposes, all persons that own an interest in such partnership either
directly or through any entity that is not a corporation for United States federal income tax purposes are required by the applicable
operative agreement to be United States Persons, or an estate or trust whose income from sources without the United States is includible
in gross income for United States federal income tax purposes regardless of its connection with the conduct of a trade or business
within the United States.

14.               (a) The Certificates
(i) are not being acquired by, and will not be transferred to, any employee benefit plan within the meaning of section 3(3) of
the Employee Retirement Income Security Act of 1974, as amended (“ERISA”) or other retirement arrangement, including
individual retirement accounts and annuities, Keogh plans and bank collective investment funds and insurance company general or
separate accounts in which such plans, accounts or arrangements are invested, that is subject to Section 406 of ERISA or Section
4975 of the Internal Revenue Code of 1986 (the “Code”) (any of the foregoing, a “Plan”), (ii) are not being
acquired with “plan assets” of a Plan within the meaning of the Department of Labor (“DOL”) regulation,
29 C.F.R. § 2510.3-101 or otherwise under ERISA, and (iii) will not be transferred to any entity that is deemed to be investing
in plan assets within the meaning of the DOL regulation, 29 C.F.R. § 2510.3-101 or otherwise under ERISA; or

(b)              
The Owner will provide the Trustee, the Depositor and the Master Servicer with an opinion of counsel acceptable to and in
form and substance satisfactory to the Trustee, the Depositor and the Master Servicer to the effect that the purchase of Certificates
is permissible under applicable law, will not constitute or result in any non-exempt prohibited transaction under ERISA or Section
4975 of the Code and will not subject the Trustee, the Depositor or the Master Servicer to any obligation or liability (including
obligations or liabilities under ERISA or Section 4975 of the Code) in addition to those undertaken in the Pooling and Servicing
Agreement.

In addition, the
Owner hereby certifies, represents and warrants to, and covenants with, the Depositor, the Trustee and the Master Servicer that
the Owner will not transfer such Certificates to any Plan or person unless either such Plan or person meets the requirements set
forth in either (a) or (b) above.

Capitalized terms used
but not defined herein shall have the meanings assigned in the Pooling and Servicing Agreement.

    	G-3-3

    	 

    

IN WITNESS WHEREOF,
the Owner has caused this instrument to be executed on its behalf, by its [Title of Officer] and its corporate seal to be hereunto
attached, attested by its [Assistant] Secretary, this ______ day of _____________, _____.

    	G-3-4

    	 

    

 

	 	
        [NAME OF OWNER]

        By: ________________________________

        [Name of Officer]

        [Title of Officer]

	 	 
	
        [Corporate Seal]

        ATTEST:

        ________________________________

        [Assistant] Secretary
	 

 

Personally appeared
before me the above-named [Name of Officer], known or proved to me to be the same person who executed the foregoing instrument
and to be the [Title of Officer] of the Owner, and acknowledged to me that such person executed the same as such person’s
free act and deed and the free act and deed of the Owner.

Subscribed and sworn before
me this ____ day of ___________, 20___.

 

	 	
        ____________________________________

        NOTARY PUBLIC

        COUNTY OF_________________________

        STATE OF___________________________

        My Commission expires the ____ day of __________
        ,20___.

         

 

 

    	G-3-5

    	 

    

EXHIBIT G-4

FORM OF TRANSFEROR
CERTIFICATE

______________, 20___

Shellpoint Mortgage Acceptance LLC

[Address]

[Name of Trustee]

_____________________

_____________________

Attention: Shellpoint Mortgage Acceptance
LLC, Series 20__-_

	Re:	
        Shellpoint Mortgage Acceptance LLC,

        Mortgage Pass-Through Certificates,

        Series 20__-_,
        Class R

 

Ladies and Gentlemen:

This letter is delivered
to you in connection with the sale by ________________ (the “Seller”) to __________________________________________
(the “Purchaser”) of a ____% Percentage Interest in the Mortgage Pass-Through Certificates, Series 20__-_, Class R
(the “Certificates”), issued pursuant to Section 5.02 of the Pooling and Servicing Agreement (the “Pooling and
Servicing Agreement”), dated as of _________ 1, 20__, among Shellpoint Mortgage Acceptance LLC, as company (the “Company”),
[Name of Master Servicer], as master servicer and [Name of Trustee], as trustee (the “Trustee”). All terms used herein
and not otherwise defined shall have the meaning set forth in the Pooling and Servicing Agreement. The Seller hereby certifies,
represents and warrants to, and covenants with, the Depositor and the Trustee that:

1.               No purpose of
the Seller relating to the sale of the Certificates by the Seller to the Purchaser is or will be to impede the assessment or collection
of any tax.

2.               The Seller understands
that the Purchaser has delivered to the Trustee and the Master Servicer a transfer affidavit and agreement in the form attached
to the Pooling and Servicing Agreement as Exhibit G-3. The Seller does not know or believe that any representation contained therein
is false.

    	G-4-1

    	 

    

3.               The Seller has at the
time of the transfer conducted a reasonable investigation of the financial condition of the Purchaser as contemplated by Treasury
Regulations Section 1.860E-1(c)(4)(i) and, as a result of that investigation, the Seller has determined that the Purchaser has
historically paid its debts as they have become due and has found no significant evidence to indicate that the Purchaser will not
continue to pay its debts as they become due in the future. The Seller understands that the transfer of the Certificates may not
be respected for United States income tax purposes (and the Seller may continue to be liable for United States income taxes associated
therewith) unless the Seller has conducted such an investigation.

4.               The Seller has no actual
knowledge that the proposed Transferee is a Disqualified Organization, an agent of a Disqualified Organization or a Non-United
States Person.

 

	 	
        Very truly yours,

        ____________________________________

        (Seller)

	 	 
	 	
        By:_________________________________

        Name:_______________________________

        Title:________________________________

 

 

    	G-4-2

    	 

    

EXHIBIT G-5

FORM OF INVESTOR REPRESENTATION LETTER

FOR INSURANCE COMPANIES

 

    	G-5-1

    	 

    

EXHIBIT H

MORTGAGE LOAN
SCHEDULE

 

 

    	H-1

    	 

    

EXHIBIT I

SELLER’S
WARRANTY CERTIFICATE

 

    	I-1

    	 

    

EXHIBIT J

FORM OF NOTICE
UNDER SECTION 3.24 OF POOLING AND SERVICING AGREEMENT

___________
__, 20__

[NAME OF TRUSTEE]

______________________

______________________

	Re:	
        Shellpoint Mortgage Acceptance LLC,

        Mortgage Pass-Through Certificates,

        Series 20__-_

 

Pursuant to Section
3.25 of the Pooling and Servicing Agreement, dated as of _________ 1, 20__, relating to the Certificates referenced above, the
undersigned does hereby notify you that:

(c)               
The prepayment assumption used in pricing the Certificates with respect to the Mortgage Loans in Series 20__-_ consisted
of a Prepayment Assumption (the “Prepayment Assumption”) of ___% per annum.

(d)              
With respect to each Class of Certificates comprising the captioned series, set forth below is (i), the first price, as
a percentage of the Certificate Principal Balance or Notional Amount of each Class of Certificates, at which 10% of the aggregate
Certificate Principal Balance or Notional Amount of each such Class of Certificates was first sold at a single price, if applicable,
or (ii) if more than 10% of a Class of Certificates have been sold but no single price is paid for at least 10% of the aggregate
Certificate Principal Balance or Notional Amount of such Class of Certificates, then the weighted average price at which the Certificates
of such Class were sold expressed as a percentage of the Certificate Principal Balance or Notional Amount of such Class of Certificates,
(iii) if less than 10% of the aggregate Certificate Principal Balance or Notional Amount of a Class of Certificates has been sold,
the purchase price for each such Class of Certificates paid by [Name of Underwriter] (the “Underwriter”), expressed
as a percentage of the Certificate Principal Balance or Notional Amount of such Class of Certificates calculated by: (1) estimating
the fair market value of each such Class of Certificates as of [______], 20[__]; (2) adding such estimated fair market value to
the aggregate purchase prices of each Class of Certificates described in clause (i) or (ii) above; (3) dividing each of the fair
market values determined in clause (1) by the sum obtained in clause (2); (4) multiplying the quotient obtained for each Class
of Certificates in clause (3) by the purchase price paid by the Underwriter for all the Certificates purchased by it; and (5) for
each Class of Certificates, dividing the product obtained from such Class of Certificates in clause (4) by the initial Certificate
Principal Balance or Notional Amount of such Class of Certificates or (iv) the 

    	J-1

    	 

    
fair
market value (but not less than zero) as of the Closing Date of each Certificate of each Class of Certificates retained by the
Depositor or an affiliate corporation, or delivered to the seller:

    	J-2

    	 

    

 

	
        Series 20__-_
	 
	Class A:	____%
	Class B:	____%
	Class R:	____%

The prices and values set
forth above do not include accrued interest with respect to periods before the closing.

 

	 	
        SHELLPOINT MORTGAGE ACCEPTANCE LLC

        By:________________________________

        Name:

        Title:

 

    	J-3

    	 

    

EXHIBIT K

FORM OF DEPOSITOR
CERTIFICATION

Re:               Shellpoint
Mortgage Acceptance LLC,

Mortgage Pass-Through
Certificates, Series 20__-_

 

I, __________________________,
certify that:

		1.	I have reviewed this annual report on Form 10-K, and all reports on Form 8-K containing distribution
and servicing reports filed in respect of periods included in the year covered by this annual report, of Shellpoint Mortgage Acceptance
Trust [________] (the “Trust”);

		2.	Based on my knowledge, the information in these reports, taken as a whole, does not contain any
untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances
under which such statements were made, not misleading as of the last day of the period covered by this annual report;

		3.	Based on my knowledge, the distribution information required to be prepared by the Trustee based
upon the servicing information required to be provided by each Servicer under the Pooling and Servicing Agreement is included in
these reports;

		4.	Based on my knowledge and upon the annual compliance statements included in the report and required
to be delivered to the Trustee in accordance with the terms of the Pooling and Servicing Agreement and based upon the review required
under the Pooling and Servicing Agreement, and except as disclosed in the report, each Servicer has fulfilled its obligations under
the Pooling and Servicing Agreement; and

		5.	The reports disclose all significant deficiencies relating to each Servicer's compliance with the
minimum servicing standards based, in each case, upon the report provided by an independent public accountant, after conducting
a review in compliance with the Uniform Single Attestation Program for Mortgage Bankers or similar standard as set forth in the
Pooling and Servicing Agreement, that is included in these reports.

In giving the certifications
above, I have reasonably relied on the information provided to me by the following unaffiliated parties: each Servicer and the
Trustee.

Capitalized terms
used but not defined herein have the meanings ascribed to them in the Pooling and Servicing Agreement, dated [___________] (the
“Pooling and Servicing Agreement”), among Shellpoint Mortgage Acceptance LLC, as depositor (the “Depositor”),
[__________], as a servicer (“[__________]”),[__________], as master servicer and [__________], as trustee (the “Trustee”).

____________________________________

[Name]

[Title]

[Date]

    	K-1

    	 

    

EXHIBIT l

FORM OF TRUSTEE
CERTIFICATION

		Re:	Shellpoint Mortgage Acceptance LLC,

Mortgage Pass-Through Certificates, Series 20__-_

[__________] (the
“Trustee”) hereby certifies to Shellpoint Mortgage Acceptance LLC (the “Depositor”), and each Person, if
any, who “controls” the Depositor within the meaning of the Securities Act of 1933, as amended, and its officers, directors
and affiliates, and with the knowledge and intent that they will rely upon this certification, that:

(a)               
The Trustee has reviewed the annual report on Form 10-K for the fiscal year [___], and all reports on Form 8-K containing
distribution reports filed in respect of periods included in the year covered by that annual report, of the Depositor relating
to the above-referenced trust;

(b)              
Based on the Trustee's knowledge, and assuming the accuracy and completeness of the information supplied to the Trustee
by each Servicer, the distribution information in the distribution reports contained in all reports on Form 8-K included in the
year covered by the annual report on Form 10-K for fiscal year [_____], prepared by the Trustee, taken as a whole, does not contain
any untrue statement of a material fact or omit to state a material fact required by the Pooling and Servicing Agreement to be
included therein and necessary to make the statements made, in light of the circumstances under which such statements were made,
not misleading as of the last day of the period covered by that annual report; and

(c)               
Based on the Trustee's knowledge, the distribution information required to be provided by the Trustee under the Pooling
and Servicing Agreement is included in these reports.

Capitalized terms
used but not defined herein have the meanings ascribed to them in the Pooling and Servicing Agreement, dated [__________] (the
“Pooling and Servicing Agreement”), among Shellpoint Mortgage Acceptance LLC, as depositor (the “Depositor”),
[__________], as a servicer (“[__________]”),[__________], as master servicer and [__________], as trustee (the “Trustee”).

[__________]

as Trustee

 

By:                                    

[Name]

[Title]

[Date]

    	L-1

    	 

    

EXHIBIT m

FORM SERVICER
CERTIFICATION

		Re:	Shellpoint Mortgage Acceptance LLC, 

Mortgage Pass-Through
Certificates, Series 20__-_

I, ___________________________,
a duly elected and acting officer of [__________________] (the “Master Servicer”), certify pursuant to Section 8.11(d)
of the Pooling and Servicing Agreement to the Depositor, the Trustee and each Person, if any, who “controls” the Depositor
or the Trustee within the meaning of the Securities Act of 1933, as amended, and their respective officers and directors, with
respect to the calendar year immediately preceding the date of this Certificate (the “Relevant Year”), as follows”:

(a)               
For purposes of this Certificate, “Relevant Information” means the information in the certificate provided pursuant
to Section 3.19 of the Pooling and Servicing Agreement (the “Annual Compliance Certificate”) for the Relevant Year
and the information in all servicing reports required pursuant to the Pooling and Servicing Agreement to be provided by the Servicer
to the Trustee during the Relevant Year (as such information is amended or corrected in writing and delivered to the Trustee).
Based on my knowledge, the Relevant Information, taken as a whole, does not contain any untrue statement of a material fact or
omit to state a material fact required to be stated therein which is necessary to make the statements made therein, in light of
the circumstances under which such statements were made, not misleading as of the last day of the Relevant Year;

(b)              
The Relevant Information required to be provided to the Trustee under the Pooling and Servicing Agreement has been provided
to the Trustee;

(c)               
I am responsible for reviewing the activities performed by the Servicer under the Pooling and Servicing Agreement during
the Relevant Year. Based upon the review required under the Pooling and Servicing Agreement and except as disclosed in the Annual
Compliance Certificate or the accountants' statement provided pursuant to Section 3.20 of the Pooling and Servicing Agreement,
to the best of my knowledge, the Servicer has fulfilled its obligations under the Pooling and Servicing Agreement throughout the
Relevant Year.

Capitalized terms
used but not defined herein have the meanings ascribed to them in the Pooling and Servicing Agreement, dated [___________] (the
“Pooling and Servicing Agreement”), among Shellpoint Mortgage Acceptance LLC, as depositor (the “Depositor”),
[__________], as a servicer (“[__________]”),[__________], as master servicer and [__________], as trustee (the “Trustee”).

[                              ],

as Master Servicer

By:               

[Name]

[Title]

    	M-1

    	 

    

EXHIBIT N

 

FORM 10-D, FORM 8-K AND FORM
10-K

REPORTING RESPONSIBILITY

 

As to each item described
below, the entity indicated as the Responsible Party shall be responsible for reporting the information to the Trustee pursuant
to Section 3.20(e):

 

	Form	Item	Description	Responsible Party
	10-D	1	Distribution and Pool Performance Information	 
	 	 	Item 1121 – Distribution and Pool Performance Information	 
	 	 	(1) Any applicable record dates, accrual dates, determination dates for calculating distributions and actual distribution dates for the distribution period.	Master Servicer, Servicer
	 	 	(2) Cash flows received and the sources thereof for distributions, fees and expenses (including portfolio yield, if applicable).	Master Servicer, Servicer
	 	 	(3) Calculated amounts and distribution of the flow of funds for the period itemized by type and priority of payment, including:	Trustee
	 	 	            (i) Fees or expenses accrued and paid, with an identification of the general purpose of such fees and the party receiving such fees or expenses.	Trustee
	 	 	            (ii) Payments accrued or paid with respect to enhancement or other support identified in Item 1114 of Regulation AB (such as insurance premiums or other enhancement maintenance fees), with an identification of the general purpose of such payments and the party receiving such payments.	Trustee
	 	 	            (iii) Principal, interest and other distributions accrued and paid on the asset-backed securities by type and by class or series and any principal or interest shortfalls or carryovers.	Trustee
	 	 	            (iv) The amount of excess cash flow or excess spread and the disposition of excess cash flow.	Trustee
	 	 	(4) Beginning and ending principal balances of the asset-backed securities.	Trustee
	 	 	(5) Interest rates applicable to the pool assets and the asset-backed securities, as applicable. Consider providing interest rate information for pool assets in appropriate distributional groups	Master Servicer, Servicer

 

    	M-2

    	 

    

	 	 	or incremental ranges.	 
	 	 	(6) Beginning and ending balances of transaction accounts, such as reserve accounts, and material account activity during the period.	Master Servicer, Servicer, Trustee
	 	 	(7) Any amounts drawn on any credit enhancement or other support identified in Item 1114 of Regulation AB, as applicable, and the amount of coverage remaining under any such enhancement, if known and applicable.	Trustee
	 	 	(8) Number and amount of pool assets at the beginning and ending of each period, and updated pool composition information, such as weighted average coupon, weighted average life, weighted average remaining term, pool factors and prepayment amounts. For asset-backed securities backed by leases where a portion of the securitized pool balance is attributable to residual values of the physical property underlying the leases, this information also would include turn-in rates and residual value realization rates.	Trustee
	 	 	(9) Delinquency and loss information for the period. In addition, describe any material changes to the information specified in Item 1100(b)(5) of Regulation AB regarding the pool assets.	Master Servicer, Servicer
	 	 	(10) Information on the amount, terms and general purpose of any advances made or reimbursed during the period, including the general use of funds advanced and the general source of funds for reimbursements.	Master Servicer, Servicer
	 	 	(11) Any material modifications, extensions or waivers to pool asset terms, fees, penalties or payments during the distribution period or that have cumulatively become material over time.	Master Servicer, Servicer
	 	 	(12) Material breaches of pool asset representations or warranties or transaction covenants.	Master Servicer, Servicer
	 	 	(13) Information on ratio, coverage or other tests used for determining any early amortization, liquidation or other performance trigger and whether the trigger was met.	Master Servicer, Servicer
	 	 	(14) Information regarding any new issuance of asset-backed securities backed by the same asset pool, any pool asset changes (other than in connection with a pool asset converting into cash in accordance with its terms), such as	Depositor, Trustee

 

    	M-3

    	 

    

	 	 	additions or removals in connection with a prefunding or revolving period and pool asset substitutions and repurchases (and purchase rates, if applicable), and cash flows available for future purchases, such as the balances of any prefunding or revolving accounts, if applicable. Disclose any material changes in the solicitation, credit-granting, underwriting, origination, acquisition or pool selection criteria or procedures, as applicable, used to originate, acquire or select the new pool assets.	 	 
	 	2	Legal Proceedings	 	 
	 	 	Item
    1117 – Legal Proceedings	 	Sponsor, Depositor, Trustee, Issuing Entity, Servicer, Originator
	 	3	Sales of Securities and Use of Proceeds	 	 
	 	 	Information from Item
    2(a) of Part II of Form 10-Q	 	Trustee
	 	 	Description
    of the relative priority of such additional securities to the securities being offered and rights to the underlying pool assets
    and their cash flows.	 	Issuing Entity
	 	 	Description
    of the allocation of cash flow from the asset pool and any expenses or losses among the various series or classes.	 	Issuing Entity
	 	 	Description
    of the terms under which such additional series or classes may be issued and pool assets increased or changed.	 	Issuing Entity
	 	 	Description
    of the the terms of any security holder approval or notification of such additional securities.	 	Issuing Entity
	 	 	State
    which party has the authority to determine whether such additional securities may be issued. In addition, if there are conditions
    to such additional issuance, disclose whether or not there will be an independent verification of such person’s exercise
    of authority or determinations.	 	Issuing Entity
	 	4	Defaults Upon Senior Securities	 	 
	 	 	Information from Item
    3 of Part II of Form 10-Q	 	Master Servicer
	 	5	Submission of Matters to a Vote of Security Holders	 	 
	 	 	Information from Item
    4 of Part II of Form 10-Q	 	Trustee

 

    	M-4

    	 

    

	 	6	Significant Obligors of Pool Assets	 	 
	 	 	Item 1112(b) – Significant Obligor Financial Information*	 	Depositor
	 	 	*This information need only be reported on the Form 10-D for the distribution period in which updated information is required pursuant to the Item.	 	 
	 	7	Significant Enhancement Provider Information	 	 
	 	 	Item 1114(b)(2) – Credit Enhancement Provider Financial Information*	 	Trustee
	 	 	Item 1115(b) – Derivative Counterparty Financial Information*	 	Trustee
	 	 	*This information need only be reported on the Form 10-D for the distribution period in which updated information is required pursuant to the Items.	 	 
	 	8	Other Information	 	 
	 	 	Disclose any information required to be reported on Form 8-K during the period covered by the Form 10-D but not reported	 	The Responsible Party for the applicable Form 8-K item as indicated below
	 	9	Exhibits	 	 
	 	 	Distribution report	 	Master Servicer
	 	 	Exhibits required by Item 601 of Regulation S-K, such as material agreements	 	Trustee
	8-K	1.01	Entry into a Material Definitive Agreement	 	 
	 	 	Examples: Servicing Agreements, Swap Agreements, Custodial Agreements	 	The Party that enters into the agreement
	 	1.02	Termination of a Material Definitive Agreement	 	The Party to the agreement that is terminated
	 	1.03	Bankruptcy or Receivership	 	Sponsor, Depositor, Master Servicer, Servicer, Trustee
	 	2.04	Triggering Events that Accelerate or Increase a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement	 	 
	 	 	Includes an early amortization, performance trigger or other event, including event of default, that would materially alter the payment priority/distribution of cash flows/amortization schedule.	 	Servicer, Trustee
	 	3.03	Material Modification to Rights of Security Holders	 	Trustee
	 	5.03	Amendments to Articles of Incorporation or	 	Depositor

 

    	M-5

    	 

    

	 	 	Bylaws; Change in Fiscal Year	 	 
	 	5.06	Change in Shell Company Status	 	Depositor
	 	6.01	ABS Informational and Computational Material	 	Depositor
	 	6.02	Change of Servicer or Trustee	 	Master Servicer, Servicer, Trustee
	 	6.03	Change in Credit Enhancement or Other External Support	 	 
	 	 	Covers termination of an enhancement in manner other than by its terms, the addition of an enhancement, or a material change in the enhancement provided, such as the replacement of a swap provider.	 	Trustee
	 	6.04	Failure to Make a Required Distribution	 	Trustee
	 	6.05	Securities Act Updating Disclosure	 	 
	 	 	If any material pool characteristic differs by 5% or more at the time of issuance of the securities from the description in the prospectus, provide updated information.	 	Depositor
	 	 	If there are any new servicers or originators required to be disclosed under Regulation AB, provide the information called for in Items 1108 and 1110 respectively.	 	Master Servicer, Depositor
	 	7.01	Regulation FD Disclosure	 	Depositor
	 	8.01	Other Events	 	 
	 	 	Any event, with respect to which information is not otherwise call for in Form 8-K, that the Responsible Party deems of importance to security holders.	 	Sponsor, Depositor, Master Servicer, Servicer, Trustee
	 	9.01	Financial Statements and Exhibits	 	 
	 	 	Item 1112(b) – Significant Obligor Financial Information	 	Depositor
	 	 	Item 1114(b)(2) – Credit Enhancement Provider Financial Information	 	Trustee
	 	 	Item 1115(b) – Derivative Counterparty Financial Information	 	Trustee
	 	 	Item 1117 – Legal Proceedings	 	Sponsor, Depositor, Master Servicer, Servicer, Trustee
	 	 	Item 1119 – Affiliations	 	Master Servicer, Servicer, Trustee, Originator, Significant Obligor, enhancement or support provider
	 	 	Transaction Documents, such as the pooling and servicing agreement or indenture.	 	Issuing Entity

 

    	M-6

    	 

    

	10-K	1B	Unresolved Staff Comments	 	Depositor
	 	9B	Other Information	 	 
	 	 	Disclose any information required to be reported on Form 8-K during the fourth quarter covered by the Form 10-K but not reported	 	The Responsible Party for the applicable Form 8-K item as indicated above
	 	15	Exhibits and Financial Statement Schedules	 	 
	 	 	Item 1112(b) – Significant Obligor Financial Information	 	Depositor
	 	 	Item 1114(b)(2) – Credit Enhancement Provider Financial Information	 	Trustee
	 	 	Item 1115(b) – Derivative Counterparty Financial Information	 	Trustee
	 	 	Item 1122 – Assessment of Compliance with Servicing Criteria	 	Each Party participating in the servicing function
	 	 	Item 1123 – Servicer Compliance Statement	 	Master Servicer, Servicer

 

    	M-7EXHIBIT 4.2

 

[NAME OF SERVICER], as Servicer,

and

SHELLPOINT MORTGAGE ACCEPTANCE LLC

as Company

 

___________________________

SERVICING
AGREEMENT

Dated
as of _______________

___________________________

________________Mortgage
Loans

Shellpoint
Mortgage Acceptance LLC Trust Series 20__-__

 

     

     

    

 

TABLE OF CONTENTS

Page

ARTICLE I

 

DEFINITIONS

	Section  1.01  Definitions	2
	Section  1.02  Other Definitional Provisions	2
	Section  1.03  Interest Calculations	2

ARTICLE II

 

Representations and Warranties

	Section  2.01  Representations and Warranties Regarding the Servicer	3
	Section  2.02  Representations and Warranties of the Company	4
	Section  2.03  Enforcement of Representations and Warranties	4

ARTICLE III

 

Administration and Servicing of Mortgage Loans

	Section  3.01  The Servicer	5
	Section  3.02  Collection of Certain Mortgage Loan Payments	7
	Section  3.03  Withdrawals from the Collection Account	9
	Section  3.04  Maintenance of Hazard Insurance; Property Protection Expenses	10
	Section  3.05  Modification Agreements	11
	Section  3.06  Trust Estate; Related Documents	12
	Section  3.07  Realization upon Defaulted Mortgage Loans	12
	Section  3.08  Company and Indenture Trustee to Cooperate	14
	Section  3.09  Servicing Compensation; Payment of Certain Expenses by Servicer	15
	Section  3.10  Annual Statement as to Compliance	15
	Section  3.11  Annual Servicing Report	16
	Section  3.12  Access to Certain Documentation and Information Regarding the Mortgage Loans	17
	Section  3.13  Maintenance of Certain Servicing Insurance Policies	18
	Section  3.14  Information Required by the Internal Revenue Service Generally and Reports of Foreclosures and Abandonments of Mortgaged Property	18
	Section  3.15  Optional Repurchase of Defaulted Mortgage Loans	18

    	i

    	 

    
ARTICLE IV

 

Servicing Certificate

	Section  4.01  Statements to Securityholders	19

ARTICLE V

 

Distribution and Payment Accounts

	Section  5.01  Distribution Account	22
	Section  5.02  Payment Account	23

ARTICLE VI

 

The Servicer

	Section  6.01  Liability of the Servicer	23
	Section  6.02  Merger or Consolidation of, or Assumption of the Obligations of, the Servicer	23
	Section  6.03  Limitation on Liability of the Servicer and Others	24
	Section  6.04  Servicer Not to Resign	25
	Section  6.05  Delegation of Duties	25
	Section  6.06  Servicer to Pay Indenture Trustee’s and Owner Trustee’s Fees and Expenses; Indemnification	25

ARTICLE VII

 

Default

	Section  7.01  Servicing Default	26
	Section  7.02  Indenture Trustee to Act; Appointment of Successor	29
	Section  7.03  Notification to Securityholders	30

ARTICLE VIII

 

Miscellaneous Provisions

	Section  8.01  Amendment	30
	Section  8.02  Governing Law	30
	Section  8.03  Notices	30
	Section  8.04  Severability of Provisions	31
	Section  8.05  Third-Party Beneficiaries	31
	Section  8.06  Counterparts	31
	Section  8.07  Effect of Headings and Table of Contents	31
	Section  8.08  Termination upon Purchase by the Servicer or Liquidation of All Mortgage Loans	31
	Section  8.09  Certain Matters Affecting the Indenture Trustee	32
	Section  8.10  Authority of the Administrator	32
	 	 
	EXHIBIT A - MORTGAGE LOAN SCHEDULE	A-1

    	ii

    	 

    

	EXHIBIT B - POWER OF ATTORNEY	B-1
	EXHIBIT C - CERTIFICATE PURSUANT TO SECTION 3.08	C-1
	EXHIBIT D - FORM OF REQUEST FOR RELEASE	D-1
	 	 
	Schedule 1 - Mortgage Insurance Component Schedule	S-1

    	iii

    	 

    

This Servicing Agreement,
dated as of _______________, between [Name of Servicer], as Servicer (the “Servicer”) and Shellpoint Mortgage Acceptance
LLC, as Company (the “Company”),

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

WHEREAS, Shellpoint
Mortgage Acceptance LLC, will create Shellpoint Mortgage Acceptance LLC Trust Series 20__-__, an owner trust (the “Issuing
Entity”) under Delaware law, and will transfer the Mortgage Loans and all of its rights under the Mortgage Loan Purchase
Agreement to the Issuing Entity;

WHEREAS, pursuant
to the terms of a Trust Agreement dated as of _______________ (the “Owner Trust Agreement”) between the Company, as
depositor, and ______________________, as owner trustee (the “Owner Trustee”), the Company will sell the Mortgage Collateral
to Issuing Entity in exchange for the cash proceeds of the Securities;

WHEREAS, pursuant
to the terms of the Trust Agreement between the Depositor and the Owner Trustee, the Issuing Entity will issue and transfer to
or at the direction of the Depositor, the Mortgage-Backed Certificates, Series 20__-__ (the “Certificates”);

WHEREAS, pursuant
to the terms of an Indenture dated as of _______________ (the “Indenture”) between the Issuing Entity and the Indenture
Trustee, the Issuing Entity will issue and transfer to or at the direction of the Purchaser the Mortgage-Backed Notes, Series 20__-__
(the “Notes”), consisting of the Notes and secured by the Mortgage Collateral;

WHEREAS, pursuant
to the terms of the Mortgage Loan Purchase Agreement, the Company will acquire the Initial Loans; and

WHEREAS, pursuant
to the terms of this Servicing Agreement, the Servicer will service the Mortgage Loans directly or through one or more Subservicers;

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

    	 

    	 

    

ARTICLE
I

DEFINITIONS

Section
1.01      Definitions. For
all purposes of this Servicing Agreement, except as otherwise expressly provided herein or unless the context otherwise requires,
capitalized terms not otherwise defined herein shall have the meanings assigned to such terms in the Definitions contained in Appendix
A to the Indenture which is incorporated by reference herein. All other capitalized terms used herein shall have the meanings specified
herein.

Section
1.02      Other Definitional Provisions.
(a)All terms defined in this Servicing Agreement shall have the defined meanings when used in any certificate or other document
made or delivered pursuant hereto unless otherwise defined therein.

(b)              
As used in this Servicing Agreement and in any certificate or other document made or delivered pursuant hereto or thereto,
accounting terms not defined in this Servicing Agreement or in any such certificate or other document, and accounting terms partly
defined in this Servicing Agreement or in any such certificate or other document, to the extent not defined, shall have the respective
meanings given to them under generally accepted accounting principles. To the extent that the definitions of accounting terms in
this Servicing Agreement or in any such certificate or other document are inconsistent with the meanings of such terms under generally
accepted accounting principles, the definitions contained in this Servicing Agreement or in any such certificate or other document
shall control.

(c)               
The words “hereof,” “herein,” “hereunder” and words of similar import when used in this
Servicing Agreement shall refer to this Servicing Agreement as a whole and not to any particular provision of this Servicing Agreement;
Section and Exhibit references contained in this Servicing Agreement are references to Sections and Exhibits in or to this Servicing
Agreement unless otherwise specified; and the term “including” shall mean “including without limitation”.

(d)              
The definitions contained in this Servicing Agreement are applicable to the singular as well as the plural forms of such
terms and to the masculine as well as the feminine and neuter genders of such terms.

(e)               
Any agreement, instrument or statute defined or referred to herein or in any instrument or certificate delivered in connection
herewith means such agreement, instrument or statute as from time to time amended, modified or supplemented and includes (in the
case of agreements or instruments) references to all attachments thereto and instruments incorporated therein; references to a
Person are also to its permitted successors and assigns.

Section
1.03      Interest Calculations.
All calculations of interest hereunder that are made in respect of the Principal Balance of a Mortgage Loan shall be made on a
daily basis using a 365- day year. All calculations of interest on the Securities shall be made on the basis of the actual number
of days in an Interest Period and a year assumed to consist of 360 days. The calculation of the Servicing Fee shall be made on
the basis of a 360-day year consisting of 

    	2

    	 

    
twelve
30-day months. All dollar amounts calculated hereunder shall be rounded to the nearest penny with one-half of one penny being
rounded down.

 

ARTICLE
II

Representations and Warranties

Section
2.01      Representations and Warranties
Regarding the Servicer. The Servicer represents and warrants to Company, the Issuing Entity and for the benefit of the Indenture
Trustee, as pledgee of the Mortgage Collateral, and the Securityholders, as of the Cut-Off Date, [the date of the Servicing Agreement],
the Closing Date [and any Deposit Date], that:

(i)                
The Servicer is a corporation duly organized, validly existing and in good standing under the laws of the State of [_______]
and has the corporate power to own its assets and to transact the business in which it is currently engaged. The Servicer is duly
qualified to do business as a foreign corporation and is in good standing in each jurisdiction in which the character of the business
transacted by it or properties owned or leased by it requires such qualification and in which the failure to so qualify would have
a material adverse effect on the business, properties, assets, or condition (financial or other) of the Servicer;

(ii)              
The Servicer has the power and authority to make, execute, deliver and perform this Servicing Agreement and all of the transactions
contemplated under this Servicing Agreement, and has taken all necessary corporate action to authorize the execution, delivery
and performance of this Servicing Agreement. When executed and delivered, this Servicing Agreement will constitute the legal, valid
and binding obligation of the Servicer enforceable in accordance with its terms, except as enforcement of such terms may be limited
by bankruptcy, insolvency or similar laws affecting the enforcement of creditors’ rights generally and by the availability
of equitable remedies;

(iii)            
The Servicer is not required to obtain the consent of any other Person or any consent, license, approval or authorization
from, or registration or declaration with, any governmental authority, bureau or agency in connection with the execution, delivery,
performance, validity or enforceability of this Servicing Agreement, except for such consent, license, approval or authorization,
or registration or declaration, as shall have been obtained or filed, as the case may be;

(iv)            
The execution and delivery of this Servicing Agreement and the performance of the transactions contemplated hereby by the
Servicer will not violate any provision of any existing law or regulation or any order or decree of any court applicable to the
Servicer or any provision of the Certificate of Incorporation or Bylaws of the Servicer, or constitute a material breach of any
mortgage, indenture, contract or other agreement to which the Servicer is a party or by which the Servicer may be bound; and

(v)              
No litigation or administrative proceeding of or before any court, tribunal or governmental body is currently pending, or
to the knowledge of the Servicer threatened, 

    	3

    	 

    
against
the Servicer or any of its properties or with respect to this Servicing Agreement or the Notes or the Certificates which in the
opinion of the Servicer has a reasonable likelihood of resulting in a material adverse effect on the transactions contemplated
by this Servicing Agreement.

The foregoing representations
and warranties shall survive any termination of the Servicer hereunder.

Section
2.02      Representations and Warranties
of the Company. The Company hereby represents and warrants to the Servicer for the benefit of the Indenture Trustee, as pledgee
of the Mortgage Collateral, and the Securityholders, as of the Cut-Off Date, the Closing Date and any Deposit Date, that:

(i)                
The Company is a limited liability company in good standing under the laws of the State of Delaware;

(ii)              
The Company has full power, authority and legal right to execute and deliver this Servicing Agreement and to perform its
obligations under this Servicing Agreement, and has taken all necessary action to authorize the execution, delivery and performance
by it of this Servicing Agreement; and

(iii)            
The execution and delivery by the Company of this Servicing Agreement and the performance by the Company of its obligations
under this Servicing Agreement will not violate any provision of any law or regulation governing the Company or any order, writ,
judgment or decree of any court, arbitrator or governmental authority or agency applicable to the Company or any of its assets.
Such execution, delivery, authentication and performance will not require the authorization, consent or approval of, the giving
of notice to, the filing or registration with, or the taking of any other action with respect to, any governmental authority or
agency regulating the activities of limited liability companies. Such execution, delivery, authentication and performance will
not conflict with, or result in a breach or violation of, any mortgage, deed of trust, lease or other agreement or instrument to
which the Company is bound.

Section
2.03      Enforcement of Representations
and Warranties. The Servicer, on behalf of and subject to the direction of the Indenture Trustee, as pledgee of the Mortgage
Collateral, or the Credit Enhancer, shall enforce the representations and warranties of the Seller pursuant to the Mortgage Loan
Purchase Agreement. Upon the discovery by the Seller, the Servicer, the Indenture Trustee, the Credit Enhancer, the Company or
any Custodian of a breach of any of the representations and warranties made in the Mortgage Loan Purchase Agreement, in respect
of any Mortgage Loan which materially and adversely affects the interests of the Securityholders or the Credit Enhancer, the party
discovering such breach shall give prompt written notice to the other parties (any Custodian being so obligated under a Custodial
Agreement). The Servicer shall promptly notify the Seller of such breach and request that, pursuant to the terms of the Mortgage
Loan Purchase Agreement, the Seller either (i) cure such breach in all material respects within 45 days (with respect to a breach
of the representations and warranties contained in Section 3.1(a) of the Mortgage Loan Purchase Agreement) or 90 days (with respect
to a breach of the representations and warranties contained in Section 3.1(b) of the Mortgage Loan Purchase

    	4

    	 

    
Agreement)
from the date the Seller was notified of such breach or (ii) purchase such Mortgage Loan from the Company at the price and in
the manner set forth in Section 3.1(b) of the Mortgage Loan Purchase Agreement; provided that the Seller shall, subject
to the conditions set forth in the Mortgage Loan Purchase Agreement, have the option to substitute an Eligible Substitute Mortgage
Loan or Loans for such Mortgage Loan. In the event that the Seller elects to substitute one or more Eligible Substitute Mortgage
Loans pursuant to Section 3.1(b) of the Mortgage Loan Purchase Agreement, the Seller shall deliver to the Company with respect
to such Eligible Substitute Mortgage Loans, the original Mortgage Note, the Mortgage, and such other documents and agreements
as are required by the Mortgage Loan Purchase Agreement. No substitution will be made in any calendar month after the Determination
Date for such month. Payments due with respect to Eligible Substitute Mortgage Loans in the month of substitution shall not be
transferred to the Company and will be retained by the Servicer and remitted by the Servicer to the Seller on the next succeeding
Payment Date provided a payment has been received by the Company for such month in respect of the Mortgage Loan to be removed.
The Servicer shall amend or cause to be amended the Mortgage Loan Schedule to reflect the removal of such Mortgage Loan and the
substitution of the Eligible Substitute Mortgage Loans and the Servicer shall promptly deliver the amended Mortgage Loan Schedule
to the Owner Trustee and Indenture Trustee.

It is understood
and agreed that the obligation of the Seller to cure such breach or purchase or substitute for such Mortgage Loan as to which such
a breach has occurred and is continuing shall constitute the sole remedy respecting such breach available to the Company and the
Indenture Trustee, as pledgee of the Mortgage Collateral, against the Seller. In connection with the purchase of or substitution
for any such Mortgage Loan by the Seller, the Company shall assign to the Seller all of the right, title and interest in respect
of the Mortgage Loan Purchase Agreement applicable to such Mortgage Loan. Upon receipt of the Repurchase Price, or upon completion
of such substitution, the applicable Custodian shall deliver the Mortgage Files to the Servicer, together with all relevant endorsements
and assignments.

 

ARTICLE
III

Administration and Servicing of Mortgage Loans

Section
3.01      The Servicer. (a)
The Servicer shall service and administer the Mortgage Loans in the same manner as would prudent institutional mortgage lenders
servicing comparable mortgage loans for their own account in the jurisdictions where the related Mortgaged Properties are located
and in a manner consistent with the terms of this Servicing Agreement and which shall be normal and usual in its general mortgage
servicing activities and shall have full power and authority, acting alone or through a subservicer, to do any and all things in
connection with such servicing and administration which it may deem necessary or desirable, it being understood, how ever, that
the Servicer shall at all times remain responsible to the Company, the Indenture Trustee, as pledgee of the Mortgage Collateral,
and the Securityholders for the performance of its duties and obligations hereunder in accordance with the terms hereof and the
servicing standard set forth above. Without limiting the generality of the foregoing, the Servicer shall continue, and

    	5

    	 

    
 is hereby
authorized and empowered by the Company and the Indenture Trustee, as pledgee of the Mortgage Collateral, to execute and deliver,
on behalf of itself, the Company, the Securityholders and the Indenture Trustee or any of them, any and all instruments of satisfaction
or cancellation, or of partial or full release or discharge and all other comparable instruments with respect to the Mortgage Loans
and with respect to the Mortgaged Properties. The Company, the Indenture Trustee and the Custodian, as applicable, shall furnish
the Servicer with any powers of attorney and other documents necessary or appropriate to enable the Servicer to carry out its servicing
and administrative duties hereunder. On the Closing Date, the Company shall deliver to the Servicer a power of attorney substantially
in the form of Exhibit B hereto.

If the Mortgage
relating to a Mortgage Loan did not have a lien senior on the related Mortgaged Property as of the Cut-Off Date, then the Servicer,
in such capacity, may not consent to the placing of a lien senior to that of the Mortgage on the related Mortgaged Property. If
the Mortgage relating to a Mortgage Loan had a lien senior to the Mortgage Loan on the related Mortgaged Property as of the Cut-Off
Date, then the Servicer, in such capacity, may consent to the refinancing of such senior lien; provided that (i) the resulting
Combined Loan-to-Value Ratio of such Mortgage Loan is no higher than the Combined Loan-to-Value Ratio prior to such refinancing
and (ii) the interest rate for the loan evidencing the refinanced senior lien on the date of such refinancing is no higher than
the interest rate on the loan evidencing the existing senior lien immediately prior to the date of such refinancing.

The relationship
of the Servicer (and of any successor to the Servicer as servicer under this Servicing Agreement) to the Company under this Servicing
Agreement is intended by the parties to be that of an independent contractor and not that of a joint venturer, partner or agent.

(b)              
The Servicer has entered into Initial Subservicing Agreements with the Initial Subservicers for the servicing and administration
of the Mortgage Loans and may enter into additional Sub servicing Agreements with Subservicers for the servicing and administration
of certain of the Mortgage Loans. References in this Servicing Agreement to actions taken or to be taken by the Servicer in servicing
the Mortgage Loans include actions taken or to be taken by a Subservicer on behalf of the Servicer and any amount received by such
Subservicer in respect of a Mortgage Loan shall be deemed to have been received by the Servicer whether or not actually received
by the Servicer. Each Subservicing Agreement will be upon such terms and conditions as are not inconsistent with this Servicing
Agreement and as the Servicer and the Subservicer have agreed. With the approval of the Servicer, a Subservicer may delegate its
servicing obligations to third-party servicers, but such Subservicers will remain obligated under the related Subservicing Agreements.
The Servicer and the Subservicer may enter into amendments to the related Subservicing Agreements; provided, however,
that any such amendments shall be consistent with and not violate the provisions of this Servicing Agreement. The Servicer shall
be entitled to terminate any Subservicing Agreement in accordance with the terms and conditions thereof and without any limitation
by virtue of this Servicing Agreement; provided, however, that in the event of termination of any Subservicing Agreement
by the Servicer or the Subservicer, the Servicer shall either act as servicer of the related Mortgage Loan or enter into a Subservicing
Agreement with a successor Subservicer which will be bound by the terms of the related Subservicing Agreement. The Servicer shall
be entitled to enter into any agreement with 

    	6

    	 

    
a
Subservicer for indemnification of the Servicer and nothing contained in this Servicing Agreement shall be deemed to limit or
modify such indemnification.

In the event that
the rights, duties and obligations of the Servicer are terminated hereunder, any successor to the Servicer in its sole discretion
may, to the extent permitted by applicable law, terminate the existing Subservicing Agreement with any Subservicer in accordance
with the terms of the applicable Subservicing Agreement or assume the terminated Servicer’s rights and obligations under
such subservicing arrangements which termination or assumption will not violate the terms of such arrangements.

As part of its servicing
activities hereunder, the Servicer, for the benefit of the Company, shall use reasonable efforts to enforce the obligations of
each Subservicer under the related Subservicing Agreement, to the extent that the non-performance of any such obligation would
have material and adverse effect on a Mortgage Loan. Such enforcement, including, without limitation, the legal prosecution of
claims, termination of Subservicing Agreements and the pursuit of other appropriate remedies, shall be in such form and carried
out to such an extent and at such time as the Servicer, in its good faith business judgment, would require were it the owner of
the related Mortgage Loans. The Servicer shall pay the costs of such enforcement at its own expense, and shall be reimbursed therefor
only (i) from a general recovery resulting from such enforcement to the extent, if any, that such recovery exceeds all amounts
due in respect of the related Mortgage Loan or (ii) from a specific recovery of costs, expenses or attorneys fees against the party
against whom such enforcement is directed.

Section
3.02      Collection of Certain
Mortgage Loan Payments. (a) The Servicer shall make reasonable efforts to collect all payments called for under the terms and
provisions of the Mortgage Loans, and shall, to the extent such procedures shall be consistent with this Servicing Agreement, follow
such collection procedures as shall be normal and usual in its general mortgage servicing activities. Consistent with the foregoing,
and without limiting the generality of the foregoing, the Servicer may in its discretion (i) waive any late payment charge, penalty
interest or other fees which may be collected in the ordinary course of servicing such Mortgage Loan and (ii) arrange with a Mortgagor
a schedule for the payment of principal and interest due and unpaid; provided such arrangement is consistent with the Servicer’s
policies with respect to home equity mortgage loans; provided, further, that notwithstanding such arrangement such
Mortgage Loans will be included in the information regarding delinquent Mortgage Loans set forth in the Servicing Certificate.
The Servicer may also extend the Due Date for payment due on a Mortgage Loan, provided, however, that the Servicer
shall first determine that any such waiver or extension will not adversely affect the lien of the related Mortgage. Consistent
with the terms of this Servicing Agreement, the Servicer may also waive, modify or vary any term of any Mortgage Loan or consent
to the postponement of strict compliance with any such term or in any manner grant indulgence to any Mortgagor if in the Servicer’s
determination such waiver, modification, postponement or indulgence is not materially adverse to the interests of the Securityholders
or the Credit Enhancer, provided, however, that the Servicer may not modify or permit any Subservicer to modify any
Mortgage Loan (including without limitation any modification that would change the Mortgage Rate, forgive the payment of any principal
or interest (unless in connection with the liquidation of the related Mortgage Loan) or extend the

    	7

    	 

    
final
maturity date of such Mortgage Loan) unless such Mortgage Loan is in default or, in the judgment of the Servicer, such default
is reasonably foreseeable.

(b)              
The Servicer shall establish an account (the “Collection Account”) in which the Servicer shall deposit or cause
to be deposited any amounts representing payments on and any collections in respect of the Mortgage Loans received by it subsequent
to the Cut-off Date as to any Initial Loan or the related Deposit Date as to any Additional Loan (other than in respect of the
payments referred to in the following paragraph) within __ Business Day[s] following receipt thereof (or otherwise on or prior
to the Closing Date), including the following payments and collections received or made by it (without duplication):

(i)                
all payments of principal of or interest on the Mortgage Loans received by the Servicer from the respective Subservicer,
net of any portion of the interest thereof retained by the Subservicer as Subservicing Fees;

(ii)              
the aggregate Repurchase Price of the Mortgage Loans purchased by the Servicer pursuant to Section 3.15;

(iii)            
Net Liquidation Proceeds net of any related Foreclosure Profit;

(iv)            
all proceeds of any Mortgage Loans repurchased by the Seller pursuant to the Mortgage Loan Purchase Agreement, and all Substitution
Adjustment Amounts required to be deposited in connection with the substitution of an Eligible Substitute Mortgage Loan pursuant
to the Mortgage Loan Purchase Agreement;

(v)              
insurance proceeds, other than Net Liquidation Proceeds, resulting from any insurance policy maintained on a Mortgaged Property;
and

(vi)            
amounts required to be paid by the Servicer pursuant to Section 8.08.

provided, however, that
with respect to each Collection Period, the Servicer shall be permitted to retain from payments in respect of interest on the Mortgage
Loans, the Servicing Fee for such Collection Period. The foregoing requirements respecting deposits to the Collection Account are
exclusive, it being understood that, without limiting the generality of the foregoing, the Servicer need not deposit in the Collection
Account amounts representing Foreclosure Profits, fees (including annual fees) or late charge penalties, payable by Mortgagors,
or amounts received by the Servicer for the accounts of Mortgagors for application towards the payment of taxes, insurance premiums,
assessments and similar items. In the event any amount not required to be deposited in the Collection Account is so deposited,
the Servicer may at any time withdraw such amount from the Collection Account, any provision herein to the contrary notwithstanding.
The Collection Account may contain funds that belong to one or more trust funds created for the notes or certificates of other
series and may contain other funds respecting payments on mortgage loans belonging to the Servicer or serviced or serviced by it
on behalf of others. Notwithstanding such commingling of funds, the Servicer shall keep records that accurately reflect the funds
on deposit in the Collection Account that have been identified by it as being attributable to the Mortgage Loans and shall hold
all collections in the Collection Account to the

    	8

    	 

    
extent
they represent collections on the Mortgage Loans for the benefit of the Company, the Indenture Trustee, the Securityholders and
the Credit Enhancer, as their interests may appear. The Servicer shall remit all Foreclosure Profits to itself as additional servicing
compensation.

The Servicer may
cause the institution maintaining the Collection Account to invest any funds in the Collection Account in Eligible Investments
(including obligations of the Servicer or any of its Affiliates, if such obligations otherwise qualify as Eligible Investments),
which shall mature not later than the Business Day next preceding the Payment Date and shall not be sold or disposed of prior to
its maturity. Except as provided above, all income and gain realized from any such investment shall be for the benefit of the Servicer
and shall be subject to its withdrawal or order from time to time. The amount of any losses incurred in respect of the principal
amount of any such investments shall be deposited in the Collection Account by the Servicer out of its own funds immediately as
realized.

(c)               
The Servicer will require each Subservicer to hold all funds constituting collections on the Mortgage Loans, pending remittance
thereof to the Servicer, in one or more accounts meeting the requirements of an Eligible Account, and invested in Eligible Investments,
unless, all such collections are remitted on a daily basis to the Servicer for deposit into the Collection Account.

Section
3.03      Withdrawals from the
Collection Account. The Servicer shall, from time to time as provided herein, make withdrawals from the Collection Account
of amounts on deposit therein pursuant to Section 3.02 that are attributable to the Mortgage Loans for the following purposes:

(i)                
to deposit in the Distribution Account, on the Business Day prior to each Payment Date, an amount equal to the Security
Collections required to be distributed on such Payment Date;

(ii)              
to the extent deposited to the Collection Account, to reimburse itself or the related Subservicer for previously unreimbursed
expenses incurred in maintaining individual insurance policies pursuant to Section 3.04, or Liquidation Expenses, paid pursuant
to Section 3.07 or otherwise reimbursable pursuant to the terms of this Servicing Agreement (to the extent not payable pursuant
to Section 3.09), such withdrawal right being limited to amounts received on particular Mortgage Loans (other than any Repurchase
Price in respect thereof) which represent late recoveries of the payments for which such advances were made, or from related Liquidation
Proceeds or the proceeds of the purchase of such Mortgage Loan;

(iii)            
to pay to itself out of each payment received on account of interest on a Mortgage Loan as contemplated by Section 3.09,
an amount equal to the related Servicing Fee (to the extent not retained pursuant to Section 3.02), and to pay to any Subservicer
any Subservicing Fees not previously withheld by the Subservicer;

(iv)            
to the extent deposited in the Collection Account to pay to itself as additional servicing compensation any interest or
investment income earned on funds deposited

    	9

    	 

    
in
the Collection Account and Payment Account that it is entitled to withdraw pursuant to Sections 3.02(b) and 5.01;

(v)              
to the extent deposited in the Collection Account, to pay to itself as additional servicing compensation any Foreclosure
Profits;

(vi)            
to pay to itself or the Seller, with respect to any Mortgage Loan or property acquired in respect thereof that has been
purchased or otherwise transferred to the Seller, the Servicer or other entity, all amounts received thereon and not required to
be distributed to Securityholders as of the date on which the related Purchase Price or Repurchase Price is determined;

(vii)          
to withdraw any other amount deposited in the Collection Account that was not required to be deposited therein pursuant
to Section 3.02;

(viii)        
to pay to the Seller the amount, if any, deposited in the Collection Account by the Indenture Trustee upon release thereof
from the Funding Account representing payments for Additional Loans; and

(ix)            
after the occurrence of an Amortization Event, to pay to the Seller, the Excluded Amount.

Since, in connection with withdrawals
pursuant to clauses (iii), (iv), (vi) and (vii), the Servicer’s entitlement thereto is limited to collections or other recoveries
on the related Mortgage Loan, the Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis,
for the purpose of justifying any withdrawal from the Collection Account pursuant to such clauses. Notwithstanding any other provision
of this Servicing Agreement, the Servicer shall be entitled to reimburse itself for any previously unreimbursed expenses incurred
pursuant to Section 3.07 or otherwise reimbursable pursuant to the terms of this Servicing Agreement that the Servicer determines
to be otherwise nonrecoverable (except with respect to any Mortgage Loan as to which the Repurchase Price has been paid), by withdrawal
from the Collection Account of amounts on deposit therein attributable to the Mortgage Loans on any Business Day prior to the Payment
Date succeeding the date of such determination.

Section
3.04      Maintenance of Hazard
Insurance; Property Protection Expenses. The Servicer shall cause to be maintained for each Mortgage Loan hazard insurance
naming the Servicer or related Subservicer as loss payee thereunder providing extended coverage in an amount which is at least
equal to the lesser of (i) the maximum insurable value of the improvements securing such Mortgage Loan from time to time or (ii)
the combined principal balance owing on such Mortgage Loan and any mortgage loan senior to such Mortgage Loan from time to time.
The Servicer shall also cause to be maintained on property acquired upon foreclosure, or deed in lieu of foreclosure, of any Mortgage
Loan, fire insurance with extended coverage in an amount which is at least equal to the amount necessary to avoid the application
of any co-insurance clause contained in the related hazard insurance policy. Amounts collected by the Servicer under any such policies
(other than amounts to be applied to the restoration or repair of the related Mortgaged Property or property thus acquired or amounts
released to the

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Mortgagor
in accordance with the Servicer’s normal servicing procedures) shall be deposited in the Collection Account to the extent
called for by Section 3.02. In cases in which any Mortgaged Property is located at any time during the life of a Mortgage Loan
in a federally designated flood area, the hazard insurance to be maintained for the related Mortgage Loan shall include flood
insurance (to the extent available). All such flood insurance shall be in amounts equal to the lesser of (i) the amount required
to compensate for any loss or damage to the Mortgaged Property on a replacement cost basis and (ii) the maximum amount of such
insurance available for the related Mortgaged Property under the national flood insurance program (assuming that the area in which
such Mortgaged Property is located is participating in such program). The Servicer shall be under no obligation to require that
any Mortgagor maintain earthquake or other additional insurance and shall be under no obligation itself to maintain any such additional
insurance on property acquired in respect of a Mortgage Loan, other than pursuant to such applicable laws and regulations as shall
at any time be in force and as shall require such additional insurance. If the Servicer shall obtain and maintain a blanket policy
consistent with its general mortgage servicing activities insuring against hazard losses on all of the Mortgage Loans, it shall
conclusively be deemed to have satisfied its obligations as set forth in the first sentence of this Section 3.04, it being understood
and agreed that such policy may contain a deductible clause, in which case the Servicer shall, in the event that there shall not
have been maintained on the related Mortgaged Property a policy complying with the first sentence of this Section 3.04 and there
shall have been a loss which would have been covered by such policy, deposit in the Collection Account the amount not otherwise
payable under the blanket policy because of such deductible clause. Any such deposit by the Servicer shall be made on the last
Business Day of the Collection Period in the month in which payments under any such policy would have been deposited in the Collection
Account. In connection with its activities as administrator and servicer of the Mortgage Loans, the Servicer agrees to present,
on behalf of itself, the Company, the Issuing Entity, the Indenture Trustee and the Securityholders, claims under any such blanket
policy.

Section
3.05      Modification Agreements.
The Servicer or the related Subservicer, as the case may be, shall be entitled to (A) execute assumption agreements, substitution
agreements, and instruments of satisfaction or cancellation or of partial or full release or discharge, or any other document contemplated
by this Servicing Agreement and other comparable instruments with respect to the Mortgage Loans and with respect to the Mortgaged
Properties subject to the Mortgages (and the Company shall promptly execute any such documents on request of the Servicer) and
(B) approve the granting of an easement thereon in favor of another Person, any alteration or demolition of the related Mortgaged
Property or other similar matters, if it has determined, exercising its good faith business judgment in the same manner as it would
if it were the owner of the related Mortgage Loan, that the security for, and the timely and full collectability of, such Mortgage
Loan would not be adversely affected thereby. A partial release pursuant to this Section 3.05 shall be permitted only if the Combined
Loan-to-Value Ratio for such Mortgage Loan after such partial release does not exceed the Combined Loan-to-Value Ratio for such
Mortgage Loan as of the Cut-Off Date. Any fee collected by the Servicer or the related Subservicer for processing such request
will be retained by the Servicer or such Subservicer as additional servicing compensation.

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Section
3.06      Trust Estate; Related
Documents. (a) When required by the provisions of this Servicing Agreement, the Company shall execute instruments to release
property from the terms of this Servicing Agreement, or convey the Company’s interest in the same, in a manner and under
circumstances which are not inconsistent with the provisions of this Servicing Agreement. No party relying upon an instrument executed
by the Company as provided in this Article III shall be bound to ascertain the Company’s authority, inquire into the satisfaction
of any conditions precedent or see to the application of any moneys.

(b)              
If from time to time the Servicer shall deliver to the Company or the related Custodian copies of any written assurance,
assumption agreement or substitution agreement or other similar agreement pursuant to Section 3.05, the Company or the related
Custodian shall check that each of such documents purports to be an original executed copy (or a copy of the original executed
document if the original executed copy has been submitted for recording and has not yet been returned) and, if so, shall file such
documents, and upon receipt of the original executed copy from the applicable recording office or receipt of a copy thereof certified
by the applicable recording office shall file such originals or certified copies with the Related Documents. If any such documents
submitted by the Servicer do not meet the above qualifications, such documents shall promptly be returned by the Company or the
related Custodian to the Servicer, with a direction to the Servicer to forward the correct documentation.

(c)               
Upon Company Request accompanied by an Officers’ Certificate of the Servicer pursuant to Section 3.09 of this Servicing
Agreement to the effect that a Mortgage Loan has been the subject of a final payment or a prepayment in full and the related Mortgage
Loan has been terminated or that substantially all Liquidation Proceeds which have been determined by the Servicer in its reasonable
judgment to be finally recoverable have been recovered, and upon deposit to the Collection Account of such final monthly payment,
prepayment in full together with accrued and unpaid interest to the date of such payment with respect to such Mortgage Loan or,
if applicable, Liquidation Proceeds, the Company shall promptly release the Related Documents to the Servicer, along with such
documents as the Servicer or the Mortgagor may request as contemplated by the Servicing Agreement to evidence satisfaction and
discharge of such Mortgage Loan. If from time to time and as appropriate for the servicing or foreclosure of any Mortgage Loan,
the Servicer requests the Company or the related Custodian to release the Related Documents and delivers to the Company or the
related Custodian a trust receipt reasonably satisfactory to the Company or the related Custodian and signed by a Responsible Officer
of the Servicer, the Company or the related Custodian shall release the Related Documents to the Servicer. If such Mortgage Loans
shall be liquidated and the Company or the related Custodian receives a certificate from the Servicer as provided above, then,
upon request of the Company or the related Custodian shall release the trust receipt to the Servicer.

Section
3.07      Realization upon Defaulted
Mortgage Loans. With respect to such of the Mortgage Loans as come into and continue in default, the Servicer will decide whether
to foreclose upon the Mortgaged Properties securing such Mortgage Loans or write off the unpaid principal balance of the Mortgage
Loans as bad debt; provided that if the Servicer has actual knowledge that any Mortgaged Property is affected by hazardous
or toxic wastes or substances and that the acquisition of such Mortgaged Property would not be commercially reasonable, then

    	12

    	 

    
the
Servicer will not cause the Company to acquire title to such Mortgaged Property in a foreclosure or similar proceeding. In connection
with such foreclosure or other conversion, the Servicer shall follow such practices (including, in the case of any default on
a related senior mortgage loan, the advancing of funds to correct such default) and procedures as it shall deem necessary or advisable
and as shall be normal and usual in its general mortgage servicing activities; provided that the Servicer shall not be
liable in any respect hereunder if the Servicer is acting in connection with any such foreclosure or attempted foreclosure which
is not completed or other conversion in a manner that is consistent with the provisions of this Servicing Agreement. The foregoing
is subject to the proviso that the Servicer shall not be required to expend its own funds in connection with any fore closure
or attempted foreclosure which is not completed or towards the correction of any default on a related senior mortgage loan or
restoration of any property unless it shall determine that such expenditure will increase Net Liquidation Proceeds. In the event
of a determination by the Servicer that any such expenditure previously made pursuant to this Section 3.07 will not be reimbursable
from Net Liquidation Proceeds, the Servicer shall be entitled to reimbursement of its funds so expended pursuant to Section 3.03.

Notwithstanding
any provision of this Servicing Agreement, a Mortgage Loan may be deemed to be finally liquidated if substantially all amounts
expected by the Servicer to be received in connection with the related defaulted Mortgage Loan have been received; provided,
however, any subsequent collections with respect to any such Mortgage Loan shall be deposited to the Collection Account.
For purposes of determining the amount of any Liquidation Proceeds or Insurance Proceeds, or other unscheduled collections, the
Servicer may take into account minimal amounts of additional receipts expected to be received or any estimated additional liquidation
expenses expected to be incurred in connection with the related defaulted Mortgage Loan.

In the event that
title to any Mortgaged Property is acquired in foreclosure or by deed in lieu of foreclosure, the deed or certificate of sale shall
be issued to the Company and the Indenture Trustee as their interests may appear, or to their respective nominee on behalf of Securityholders.
Notwithstanding any such acquisition of title and cancellation of the related Mortgage Loan, such Mortgaged Property shall (except
as otherwise expressly provided herein) be considered to be an outstanding Mortgage Loan held as an asset of the Company until
such time as such property shall be sold. Consistent with the foregoing for purposes of all calculations hereunder, so long as
such Mortgaged Property shall be considered to be an outstanding Mortgage Loan it shall be assumed that, notwithstanding that the
indebtedness evidenced by the related Mortgage Note shall have been discharged, such Mortgage Note in effect at the time of any
such acquisition of title before any adjustment thereto by reason of any bankruptcy or similar proceeding or any moratorium or
similar waiver or grace period will remain in effect.

Any proceeds from
foreclosure proceedings or the purchase or repurchase of any Mortgage Loan pursuant to the terms of this Servicing Agreement, as
well as any recovery resulting from a collection of Liquidation Proceeds or Insurance Proceeds, will be applied in the following
order of priority: first, to reimburse the Servicer or the related Subservicer in accordance with Section 3.07; second, to all
Servicing Fees payable therefrom; third, to the 

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extent
of accrued and unpaid interest on the related Mortgage Loan, at the Net Mortgage Rate to the Due Date prior to the Payment Date
on which such amounts are to be deposited in the Payment Account; fourth, as a recovery of principal on the Mortgage Loan; and
fifth, to Foreclosure Profits.

Section
3.08      Company and Indenture
Trustee to Cooperate. On or before each Payment Date, the Servicer will notify the Indenture Trustee or the relevant Custodian,
with a copy to the Company, of the termination of or the payment in full and the termination of any Mortgage Loan during the preceding
Collection Period, which notification shall be by a certification in substantially the form attached hereto as Exhibit C (which
certification shall include a statement to the effect that all amounts received in connection with such payment which are required
to be deposited in the Collection Account pursuant to Section 3.02 have been so deposited or credited) of a Servicing Officer.
Upon receipt of payment in full, the Servicer is authorized to execute, pursuant to the authorization contained in Section 3.01,
if the assignments of Mortgage have been recorded as required under the Mortgage Loan Purchase Agreement, an instrument of satisfaction
regarding the related Mortgage, which instrument of satisfaction shall be recorded by the Servicer if required by applicable law
and be delivered to the Person entitled thereto. It is understood and agreed that any expenses incurred in connection with such
instrument of satisfaction or transfer shall be reimbursed from amounts deposited in the Collection Account. From time to time
and as appropriate for the servicing or foreclosure of any Mortgage Loan, the Indenture Trustee or the relevant Custodian shall,
upon request of the Servicer and delivery to the Indenture Trustee or relevant Custodian, with a copy to the Company, of a Request
for Release, in the form annexed hereto as Exhibit D, signed by a Servicing Officer, release or cause to be released the related
Mortgage File to the Servicer and the Company and Indenture Trustee shall promptly execute such documents, in the forms provided
by the Servicer, as shall be necessary for the prosecution of any such proceedings or the taking of other servicing actions. Such
trust receipt shall obligate the Servicer to return the Mortgage File to the Indenture Trustee or the related Custodian (as specified
in such receipt) when the need therefor by the Servicer no longer exists unless the Mortgage Loan shall be liquidated, in which
case, upon receipt of a certificate of a Servicing Officer similar to that hereinabove specified, the trust receipt shall be released
to the Servicer.

In order to facilitate
the foreclosure of the Mortgage securing any Mortgage Loan that is in default following recordation of the assignments of Mortgage
in accordance with the provisions of the Mortgage Loan Purchase Agreement, the Company shall, if so requested in writing by the
Servicer, promptly execute an appropriate assignment in the form provided by the Servicer to assign such Mortgage Loan for the
purpose of collection to the Servicer (any such assignment shall unambiguously indicate that the assignment is for the purpose
of collection only), and, upon such assignment, such assignee for collection will thereupon bring all required actions in its own
name and otherwise enforce the terms of the Mortgage Loan and deposit or credit the Net Liquidation Proceeds, exclusive of Foreclosure
Profits, received with respect thereto in the Collection Account. In the event that all delinquent payments due under any such
Mortgage Loan are paid by the Mortgagor and any other defaults are cured then the assignee for collection shall promptly reassign
such Mortgage Loan to the Company and return all Related Documents to the place where the related Mortgage File was being maintained.

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In connection with
the Company’s obligation to cooperate as provided in this Section 3.08 and all other provisions of this Servicing Agreement
requiring the Company to authorize or permit any actions to be taken with respect to the Mortgage Loans, the Indenture Trustee,
as pledgee of the Mortgage Collateral in the Company, expressly agrees, on behalf of the Company, to take all such actions on behalf
of the Company and to promptly execute and return all instruments reasonably required by the Servicer in connection therewith;
provided that if the Servicer shall request a signature of the Indenture Trustee, on behalf of the Company, the Servicer
will deliver to the Indenture Trustee an Officer’s Certificate stating that such signature is necessary or appropriate to
enable the Servicer to carry out its servicing and administrative duties under this Servicing Agreement.

Section
3.09      Servicing Compensation;
Payment of Certain Expenses by Servicer. The Servicer shall be entitled to receive the Servicing Fee in accordance with Section
3.03 as compensation for its services in connection with servicing the Mortgage Loans. Moreover, additional servicing compensation
in the form of late payment charges and certain other receipts not required to be deposited in the Collection Account as specified
in Section 3.02 shall be retained by the Servicer. The Servicer shall be required to pay all expenses incurred by it in connection
with its activities hereunder (including payment of all other fees and expenses not expressly stated hereunder to be for the account
of the Securityholders, including, without limitation, the fees and expenses of the Administrator, Owner Trustee, Indenture Trustee
and any Custodian) and shall not be entitled to reimbursement therefor except as specifically provided herein.

Section 3.10Annual
Statement as to Compliance. The Servicer will deliver to the Company, the Issuing Entity and the Indenture Trustee, with a
copy to the Credit Enhancer, not later than February 28 of each calendar year beginning in 20__, an Officer’s Certificate
(an “Annual Statement of Compliance”) stating, as to each signatory thereof, that (i) a review of the activities of
the Servicer during the preceding calendar year and of performance under this Agreement or other applicable servicing agreement
has been made under such officer’s supervision and (ii) to the best of such officers’ knowledge, based on such review,
the Servicer has fulfilled all of its obligations under this Agreement or other applicable servicing agreement in all material
respects throughout such year, or, if there has been a failure to fulfill any such obligation in any material respect, specifying
each such failure known to such officer and the nature and status of cure provisions thereof. Such Annual Statement of Compliance
shall contain no restrictions or limitations on its use. In the event that the Servicer has delegated any servicing responsibilities
with respect to the Mortgage Loans to a subservicer, the Servicer shall deliver a similar Annual Statement of Compliance by that
subservicer to the Indenture Trustee as described above as and when required with respect to the Servicer.

 

If the Servicer cannot
deliver the related Annual Statement of Compliance by February 28th of such year, the Indenture Trustee, at its sole option, may
permit a cure period for the Servicer to deliver such Annual Statement of Compliance, but in no event later than March 10th of
such year.

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Failure of
the Servicer to timely comply with this Section 3.10 shall be deemed a Servicing Default, and the Indenture Trustee may, in addition
to whatever rights the Indenture Trustee may have under this Agreement and at law or equity or to damages, including injunctive
relief and specific performance, upon notice immediately terminate all the rights and obligations of the Servicer under this Agreement
and in and to the Mortgage Loans and the proceeds thereof without compensating the Servicer for the same. This paragraph shall
supercede any other provision in this Agreement or any other agreement to the contrary.

Section
3.11      Assessments of Compliance
and Attestation Reports. The Servicer shall service and administer the Mortgage Loans in accordance with all applicable requirements
of the Servicing Criteria. Pursuant to Rules 13a-18 and 15d-18 of the Exchange Act and Item 1123 of Regulation AB, the Servicer
shall deliver to the Company, the Issuing Entity, the Indenture Trustee, the Depositor, the Credit Enhancer and each Rating Agency
on or before February 28 of each calendar year beginning in 20__, a report regarding the Servicer’s assessment of compliance
(an “Assessment of Compliance”) with the Servicing Criteria during the preceding calendar year. The Assessment of Compliance
must be reasonably satisfactory to the Indenture Trustee, and as set forth in Regulation AB, the Assessment of Compliance must
contain the following:

(a)A statement
by such officer of its responsibility for assessing compliance with the Servicing Criteria applicable to the Servicer;

(b)A statement
by such officer that such officer used the Servicing Criteria attached as Exhibit [__] hereto, and which will also be attached
to the Assement of Compliance, to assess compliance with the Servicing Criteria applicable to the Servicer;

(c)An assessment
by such officer of the Servicer’s compliance with the applicable Servicing Criteria for the period consisting of the preceding
calendar year, including disclosure of any material instance of noncompliance with respect thereto during such period, which assessment
shall be based on the activities it performs with respect to asset-backed securities transactions taken as a whole involving the
Servicer, that are backed by the same asset type as the Mortgage Loans;

(d)A statement
that a registered public accounting firm has issued an attestation report on the Servicer’s Assessment of Compliance for
the period consisting of the preceding calendar year; and

(e)A statement
as to which of the Servicing Criteria, if any, are not applicable to the Servicer, which statement shall be based on the activities
it performs with respect to asset-backed securities transactions taken as a whole involving the Servicer, that are backed by the
same asset type as the Mortgage Loans.

Such report at a
minimum shall address each of the Servicing Criteria specified on Exhibit [__] hereto which are indicated as applicable to the
Servicer.

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On or before February
28 of each calendar year beginning in 20__, the Servicer shall furnish to the Company, the Issuing Entity, the Indenture Trustee,
the Depositor, the Credit Enhancer and each Rating Agency a report (an “Attestation Report”) by a registered public
accounting firm that attests to, and reports on, the Assessment of Compliance made by the Company, as required by Rules 13a-18
and 15d-18 of the Exchange Act and Item 1122(b) of Regulation AB, which Attestation Report must be made in accordance with standards
for attestation reports issued or adopted by the Public Company Accounting Oversight Board.

The Servicer shall
cause any subservicer, and each subcontractor determined by the Servicer to be “participating in the servicing function”
within the meaning of Item 1122 of Regulation AB, to deliver to the Company, the Issuing Entity, the Indenture Trustee, the Depositor,
the Credit Enhancer and each Rating Agency an Assessment of Compliance and Attestation Report as and when provided above.

Such Assessment
of Compliance, as to any subservicer, shall at a minimum address each of the Servicing Criteria specified on Exhibit [__] hereto
which are indicated as applicable to any “primary servicer.” Notwithstanding the foregoing, as to any subcontractor,
an Assessment of Compliance is not required to be delivered unless it is required as part of a Form 10-K with respect to the Trust
Fund.

If the Servicer
cannot deliver any Assessment of Compliance or Attestation Report by February 28th of such year, the Indenture Trustee, at its
sole option, may permit a cure period for the Servicer to deliver such Assessment of Compliance or Attestation Report, but in no
event later than March 10th of such year.

Failure of the Master
Servicer to timely comply with this Section 3.11 shall be deemed a Servicing Default, and the Indenture Trustee may, in addition
to whatever rights the Indenture Trustee may have under this Agreement and at law or equity or to damages, including injunctive
relief and specific performance, upon notice immediately terminate all the rights and obligations of the Servicer under this Agreement
and in and to the Mortgage Loans and the proceeds thereof without compensating the Servicer for the same. This paragraph shall
supercede any other provision in this Agreement or any other agreement to the contrary.

The Indenture
Trustee shall also provide an Assessment of Compliance and Attestation Report, as and when provided above, which shall at a minimum
address each of the Servicing Criteria specified on Exhibit [__] hereto which are indicated as applicable to the “indenture
trustee” or “securities administrator.” In addition, the Indenture Trustee shall cause the Custodian to deliver
to the Indenture Trustee and the Depositor an Assessment of Compliance and Attestation Report, as and when provided above, which
shall at a minimum address each of the Servicing Criteria specified on Exhibit [__] hereto which are indicated as applicable to
a “custodian.” Notwithstanding the foregoing, as to any Custodian, an Assessment of Compliance is not required to be
delivered unless it is required as part of a Form 10-K with respect to the Trust Fund.

Section
3.12      Access to Certain Documentation
and Information Regarding the Mortgage Loans. Whenever required by statute or regulation, the Servicer shall provide to the

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Credit
Enhancer, any Securityholder upon reasonable request (or a regulator for a Securityholder) or the Indenture Trustee, reasonable
access to the documentation regarding the Mortgage Loans such access being afforded without charge but only upon reasonable request
and during normal business hours at the offices of the Servicer. Nothing in this Section 3.12 shall derogate from the obligation
of the Servicer to observe any applicable law prohibiting disclosure of information regarding the Mortgagors and the failure of
the Servicer to provide access as provided in this Section 3.12 as a result of such obligation shall not constitute a breach of
this Section 3.12.

Section
3.13      Maintenance of Certain
Servicing Insurance Policies. The Servicer shall during the term of its service as servicer maintain in force (i) a policy
or policies of insurance covering errors and omissions in the performance of its obligations as servicer hereunder and (ii) a fidelity
bond in respect of its officers, employees or agents. Each such policy or policies and bond shall be at least equal to the coverage
that would be required by FNMA or FHLMC, whichever is greater, for Persons performing servicing for mortgage loans purchased by
such entity.

Section
3.14      Information Required
by the Internal Revenue Service Generally and Reports of Foreclosures and Abandonments of Mortgaged Property. The Servicer
shall prepare and deliver all federal and state information reports when and as required by all applicable state and federal income
tax laws. In particular, with respect to the requirement under Section 6050J of the Code to the effect that the Servicer or Subservicer
shall make reports of foreclosures and abandonments of any mortgaged property for each year beginning in ____, the Servicer or
Subservicer shall file reports relating to each instance occurring during the previous calendar year in which the Servicer (i)
on behalf of the Company, acquires an interest in any Mortgaged Property through foreclosure or other comparable conversion in
full or partial satisfaction of a Mortgage Loan, or (ii) knows or has reason to know that any Mortgaged Property has been abandoned.
The reports from the Servicer or Subservicer shall be in form and substance sufficient to meet the reporting requirements imposed
by Section 6050J and Section 6050H (reports relating to mortgage interest received) of the Code.

Section
3.15      Optional Repurchase of
Defaulted Mortgage Loans. Notwithstanding any provision in Section 3.07 to the contrary, the Servicer may repurchase any Mortgage
Loan delinquent in payment for a period of 60 days or longer for a price equal to the Repurchase Price.

Section
3.16      Intention of the Parties
and Interpretation. Each of the parties acknowledges and agrees that the purpose of Sections 3.10 and 3.11 of this Agreement
is to facilitate compliance with the provisions of Regulation AB promulgated by the SEC under the 1934 Act (17 C.F.R. §§
229.1100 - 229.1123), as such may be amended from time to time and subject to clarification and interpretive advice as may be issued
by the staff of the SEC from time to time. Therefore, each of the parties agrees that (a) the obligations of the parties hereunder
shall be interpreted in such a manner as to accomplish that purpose, (b) the parties’ obligations hereunder will be supplemented
and modified as necessary to be consistent with any such amendments, interpretive advice or guidance, convention or consensus among
active participants in the asset-backed securities markets, advice of counsel, or otherwise in respect of the requirements of Regulation
AB, (c) the parties shall comply with requests made by the Indenture

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Trustee
or the Depositor for delivery of additional or different information as the Indenture Trustee or the Depositor may determine in
good faith is necessary to comply with the provisions of Regulation AB, and (d) no amendment of this Agreement shall be required
to effect any such changes in the parties’ obligations as are necessary to accommodate evolving interpretations of the provisions
of Regulation AB.

ARTICLE
IV

Servicing Certificate

Section
4.01      Statements to Securityholders.
(a) With respect to each Payment Date, the Servicer shall forward to the Indenture Trustee and the Indenture Trustee pursuant
to Section 3.26 of the Indenture shall forward or cause to be forwarded by mail to each Certificateholder, Noteholder, the Credit
Enhancer, the Depositor, the Owner Trustee, the Certificate Paying Agent and each Rating Agency, a statement setting forth the
following information as to the Notes and Certificates, to the extent applicable:

(i)                
the aggregate amount of (a) Security Interest Collections with respect to the Notes and the Certificates, (b) aggregate
Security Principal Collections with respect to the Notes and the Certificates and (c) Security Collections for the related Collection
Period with respect to the Notes and the Certificates;

(ii)              
the amount of such distribution to the Securityholders of the Notes and the Certificates applied to reduce the principal
balance thereof and separately stating the portion thereof in respect of the Accelerated Principal Distribution Amount and the
amount to be deposited in the Funding Account on such Payment Date;

(iii)            
the amount of such distribution to the Securityholders of the Notes and the Certificates allocable to interest and separately
stating the portion thereof in respect of overdue accrued interest;

(iv)            
the Credit Enhancement Draw Amount, if any, for such Payment Date and the aggregate amount of prior draws thereunder not
yet reimbursed;

(v)              
the aggregate Principal Balance of (a) the ________ Loans, (b) the ______ Loans, (c) the _________ Loans, as of the end
of the preceding Collection Period and (d) all of the Mortgage Loans;

(vi)            
the Weighted Average Net Mortgage Rate for the related Collection Period and the Weighted Average Net Mortgage Rate for
the aggregate of the Stated Principal Balance of (A) all of the Mortgage Loans and (B) the Adjustable Rate Mortgage Loans, for
the following Collection Period;

(vii)          
the Special Capital Distribution Amount and the Required Special Capital Distribution Amount, in each case as the end of
the related Collection Period; and

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(viii)        
the aggregate amount of Additional Loans acquired during the previous Collection Period with amounts in respect of Net Principal
Collections from the Funding Account;

(ix)            
the aggregate Liquidation Loss Amounts with respect to the related Collection Period, the amount of any remaining Carryover
Loss Amount with respect to the Notes and Certificates, respectively, and the aggregate of the Liquidation Loss Amounts from all
Collection Periods to date expressed as a percentage of the sum of (a) the Cut-Off Date Pool Balance and (b) the amount by which
the Pool Balance as of the latest date that the Additional Loans have been transferred to the Company exceeds the Cut-Off Date
Pool Balance;

(x)              
any unpaid interest on the Notes and Certificates, respectively, after such Distribution Date;

(xi)            
the aggregate Principal Balance of each Class of Notes and of the Certificates after giving effect to the distribution of
principal on such Payment Date;

(xii)          
the respective Security Percentage applicable to the Notes and Certificates, after application of payments made on such
Payment Date;

(xiii)        
the amount distributed pursuant to Section 3.05(a)(xi) of the Indenture on such Payment Date;

(xiv)        
the applicable record dates, accrual periods, determination dates for calculating distributions and general distribution
dates;

(xv)          
the total cash flows received and the general sources thereof;

(xvi)        
the related amount of the Servicing Fees paid to or retained by the Master Servicer for the related Due Period;

(xvii)      
the amount of any Net Swap Payment payable to the Derivative Administrator, any Net Swap Payment payable to the Swap Provider,
any Swap Termination Payment payable to the Derivative Administrator and any Swap Termination Payment payable to the Swap Provider;

(xviii)    
the Interest Carry Forward Amount and any Basis Risk Shortfall Carry Forward Amount for each Class of Certificates;

(xix)        
the Certificate Principal Balance or Certificate Notional Amount, as applicable, of each Class after giving effect (i) to
all distributions allocable to principal on such Distribution Date and (ii) the allocation of any Applied Realized Loss Amounts
for such Distribution Date;

(xx)          
the number and Stated Principal Balance of the Mortgage Loans in each Loan Group in respect of which (A) one Scheduled Payment
is Delinquent, (B) two Scheduled Payments are Delinquent, (C) three or more Scheduled Payments are Delinquent and (D)

    	20

    	 

    
foreclosure
proceedings have been commenced, in each case as of the close of business on the last day of the calendar month preceding such
Distribution Date and separately identifying such information for the (1) first lien Mortgage Loans, (2) second lien Mortgage
Loans, and (3) Adjustable Rate Mortgage Loans, in each such Loan Group; provided, however, that such information
will not be provided on the statements relating to the first Payment Date;

(xxi)        
the amount of Advances included in the distribution on such Distribution Date (including the general purpose of such Advances),
the aggregate amount of unreimbursed Advances at the close of business on the Distribution Date, and the general source of funds
for reimbursements;

(xxii)      
the cumulative amount of Applied Realized Loss Amounts to date;

(xxiii)    
if applicable, material modifications, extensions or waivers to Mortgage Loan terms, fees, penalties or payments during
the preceding calendar month or that have become material over time;

(xxiv)    
with respect to any Mortgage Loan that was liquidated during the preceding calendar month, the loan number and Stated Principal
Balance of, and Realized Loss on, such Mortgage Loan as of the close of business on the Determination Date preceding such Distribution
Date;

(xxv)      
the total number and principal balance of any real estate owned or REO Properties as of the close of business on the Determination
Date preceding such Distribution Date;

(xxvi)    
the three month rolling average of the percent equivalent of a fraction, the numerator of which is the aggregate Stated
Principal Balance of the Mortgage Loans that are 60 days or more delinquent or are in bankruptcy or foreclosure or are REO Properties,
and the denominator of which is the aggregate Stated Principal Balance of all of the Mortgage Loans in each case as of the close
of business on the last day of the calendar month preceding such Distribution Date and separately identifying such information
for the (1) first lien Mortgage Loans, and (2) Adjustable Rate Mortgage Loans;

(xxvii)  
the Realized Losses during the related Prepayment Period and the cumulative Realized Losses through the end of the preceding
month;

(xxviii)
whether a Trigger Event exists;

(xxix)    
updated pool composition data including the following with respect to each Loan Group: average loan balance, weighted average
mortgage rate, weighted average loan-to-value ratio at origination, weighted average FICO at origination weighted average remaining
term; and [NOTE - Item 1121(a)(8) requires updated pool composition information, the foregoing is a suggestion of what to provide]

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(xxx)      
information about any additions of, substitutions for or removal of any Mortgage Loans from the Trust Fund, and any changes
in the underwriting, acquisition or selection criteria as to any Mortgage Loans added to the Trust Fund.

In the case of information
furnished pursuant to clauses (ii) and (iii) above, the amounts shall be expressed as an aggregate dollar amount per Note or Certificate
with a $1,000 denomination.

Prior to the close
of business on the Business Day next succeeding each Determination Date, the Servicer shall furnish a written statement to the
Company, the Owner Trustee, the Depositor, the Certificate Paying Agent and the Indenture Trustee setting forth (i) all the foregoing
information, (ii) the aggregate amounts required to be withdrawn from the Collection Account and deposited into the Payment Account
on the Business Day preceding the Payment Date pursuant to Section 3.03 and (iii) the amounts (A) withdrawn from the Payment Account
and deposited to the Funding Account pursuant to Section 8.02(b) of the Indenture and (B) withdrawn from the Funding Account and
deposited to the Collection Account pursuant to Section 8.02(c)(i) of the Indenture. The determination by the Servicer of such
amounts shall, in the absence of obvious error, be presumptively deemed to be correct for all purposes hereunder and the Owner
Trustee and Indenture Trustee shall be protected in relying upon the same without any independent check or verification. In addition,
upon the Company’s written request, the Servicer shall promptly furnish information reasonably requested by the Company that
is reasonably available to the Servicer to enable the Company to perform its federal and state income tax reporting obligations.

 

ARTICLE
V

Distribution and Payment Accounts

Section
5.01      Distribution Account.
The Servicer shall establish and maintain a separate trust account (the “Distribution Account”) titled “Shellpoint
Mortgage Acceptance LLC Trust Series 20__-_, [for the benefit of the Noteholders, the Certificateholders and the Credit Enhancer
pursuant to the Indenture, dated as of _______________, between Shellpoint Mortgage Acceptance LLC Trust Series 20__-_ and [Name
of Indenture Trustee]. The Distribution Account shall be an Eligible Account. On the Business Day prior to each Payment Date, (i)
amounts deposited into the Distribution Account pursuant to Section 3.03(i) hereof will be distributed by the Servicer in accordance
with Section ____ of the [Trust] Agreement, and (ii) the portion of such amounts then distributable with respect to the Mortgage
Collateral shall be deposited into the Payment Account. [The Servicer shall invest or cause the institution maintaining the Distribution
Account to invest the funds in the Distribution Account in Eligible Investments designated in the name of the [Servicer], which
shall mature not later than the Business Day next preceding the Payment Date next following the date of such investment (except
that (i) any investment in the institution with which the Distribution Account is maintained may mature on such Payment Date and
(ii) any other investment may mature on such Payment Date if the Servicer shall advance funds on such Payment Date to the Payment
Account 

    	22

    	 

    
in
the amount payable on such investment on such Payment Date, pending receipt thereof to the extent necessary to make distributions
on the Securities) and shall not be sold or disposed of prior to maturity. All income and gain realized from any such investment
shall be for the benefit of the Servicer and shall be subject to its withdrawal or order from time to time. The amount of any
losses incurred in respect of any such investments shall be deposited in the Distribution Account by the Servicer out of its own
funds immediately as realized.]

Section
5.02      Payment
Account. The Indenture Trustee shall establish and maintain a separate trust account (the “Payment Account”)
titled “________________________________, as Indenture Trustee, for the benefit of the Noteholders, the Certificate
Paying Agent and the Credit Enhancer pursuant to the Indenture, dated as of _______________, between Shellpoint Mortgage
Acceptance LLC Trust Series 20__-__ and __________________________________”. The Payment Account shall be an Eligible
Account. On each Payment Date, amounts on deposit in the Payment Account will be distributed by the Indenture Trustee in
accordance with Section 3.05 of the Indenture. The Indenture Trustee shall, upon written request from the Servicer, invest or
cause the institution maintaining the Payment Account to invest the funds in the Payment Account in Eligible Investments
designated in the name of the Indenture Trustee, which shall mature not later than the Business Day next preceding the
Payment Date next following the date of such investment (except that (i) any investment in the institution with which
the Payment Account is maintained may mature on such Payment Date and (ii) any other investment may mature on such Payment
Date if the Indenture Trustee shall advance funds on such Payment Date to the Payment Account in the amount payable on such
investment on such Payment Date, pending receipt thereof to the extent necessary to make distributions on the Securities) and
shall not be sold or disposed of prior to maturity. All income and gain realized from any such investment shall be for the
benefit of the Servicer and shall be subject to its withdrawal or order from time to time. The amount of any losses incurred
in respect of any such investments shall be deposited in the Payment Account by the Servicer out of its own funds immediately
as realized.

 

ARTICLE
VI

The Servicer

Section
6.01      Liability of the Servicer.
The Servicer shall be liable in accordance herewith only to the extent of the obligations specifically imposed upon and undertaken
by the Servicer herein.

Section
6.02      Merger or Consolidation
of, or Assumption of the Obligations of, the Servicer. Any corporation into which the Servicer may be merged or converted or with
which it may be consolidated, or any corporation resulting from any merger, conversion or consolidation to which the Servicer shall
be a party, or any corporation succeeding to the business of the Servicer, shall be the successor of the Servicer, hereunder, without
the execution or filing of any paper or any further act on the part of any of the parties hereto, anything herein to the contrary
notwithstanding.

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The Servicer may
assign its rights and delegate its duties and obligations under this Servicing Agreement; provided that the Person accepting
such assignment or delegation shall be a Person which is qualified to service mortgage loans on behalf of FNMA or FHLMC, is reasonably
satisfactory to the Indenture Trustee (as pledgee of the Mortgage Collateral), the Company and the Credit Enhancer, is willing
to service the Mortgage Loans and executes and delivers to the Indenture Trustee and the Company an agreement, in form and substance
reasonably satisfactory to the Credit Enhancer, the Indenture Trustee and the Company, which contains an assumption by such Person
of the due and punctual performance and observance of each covenant and condition to be performed or observed by the Servicer under
this Servicing Agreement; provided further that each Rating Agency’s rating of the Securities in effect immediately
prior to such assignment and delegation will not be qualified, reduced, or withdrawn as a result of such assignment and delegation
(as evidenced by a letter to such effect from each Rating Agency) or considered to be below investment grade without taking into
account the Credit Enhancement Instrument.

Section
6.03      Limitation on Liability
of the Servicer and Others. Neither the Servicer nor any of the directors or officers or employees or agents of the Servicer
shall be under any liability to the Company, the Issuing Entity, the Owner Trustee, the Indenture Trustee or the Securityholders
for any action taken or for refraining from the taking of any action in good faith pursuant to this Servicing Agreement, provided,
however, that this provision shall not protect the Servicer or any such Person against any liability which would otherwise
be imposed by reason of its willful misfeasance, bad faith or gross negligence in the performance of its duties hereunder or by
reason of its reckless disregard of its obligations and duties hereunder. The Servicer and any director or officer or employee
or agent of the Servicer may rely in good faith on any document of any kind prima facie properly executed and submitted
by any Person respecting any matters arising hereunder. The Servicer and any director or officer or employee or agent of the Servicer
shall be indemnified by the Company and held harmless against any loss, liability or expense incurred in connection with any legal
action relating to this Servicing Agreement or the Securities, including any amount paid to the Owner Trustee or the Indenture
Trustee pursuant to Section 6.06(b), other than any loss, liability or expense related to any specific Mortgage Loan or Mortgage
Loans (except as any such loss, liability or expense shall be otherwise reimbursable pursuant to this Servicing Agreement) and
any loss, liability or expense incurred by reason of its willful misfeasance, bad faith or gross negligence in the performance
of its duties hereunder or by reason of its reckless disregard of its obligations and duties hereunder. The Servicer shall not
be under any obligation to appear in, prosecute or defend any legal action which is not incidental to its duties to service the
Mortgage Loans in accordance with this Servicing Agreement, and which in its opinion may involve it in any expense or liability;
provided, however, that the Servicer may in its sole discretion undertake any such action which it may deem necessary
or desirable in respect of this Servicing Agreement, and the rights and duties of the parties hereto and the interests of the Securityholders
hereunder. In such event, the reasonable legal expenses and costs of such action and any liability resulting therefrom shall be
expenses, costs and liabilities of the Company, and the Servicer shall be entitled to be reimbursed therefor. The Servicer’s
right to indemnity or reimbursement pursuant to this Section 6.03 shall survive any resignation or termination of the Servicer
pursuant to Section 6.04 or 7.01 with respect to any

    	24

    	 

    
losses,
expenses, costs or liabilities arising prior to such resignation or termination (or arising from events that occurred prior to
such resignation or termination).

Section
6.04      Servicer Not to Resign.
Subject to the provisions of Section 6.02, the Servicer shall not resign from the obligations and duties hereby imposed on it except
(i) upon determination that the performance of its obligations or duties hereunder are no longer permissible under applicable law
or are in material conflict by reason of applicable law with any other activities carried on by it or its subsidiaries or Affiliates,
the other activities of the Servicer so causing such a conflict being of a type and nature carried on by the Servicer or its subsidiaries
or Affiliates at the date of this Servicing Agreement or (ii) upon satisfaction of the following conditions: (a) the Servicer has
proposed a successor servicer to the Company, the Administrator and the Indenture Trustee in writing and such proposed successor
servicer is reasonably acceptable to the Company, the Administrator, the Indenture Trustee and the Credit Enhancer; (b) each Rating
Agency shall have delivered a letter to the Company, the Credit Enhancer and the Indenture Trustee prior to the appointment of
the successor servicer stating that the proposed appointment of such successor servicer as Servicer hereunder will not result in
the reduction or withdrawal of the then current rating of the Securities; and (c) such proposed successor servicer is reasonably
acceptable to the Credit Enhancer, as evidenced by a letter to the Company and the Indenture Trustee; provided, however,
that no such resignation by the Servicer shall become effective until such successor servicer or, in the case of (i) above, the
Indenture Trustee, as pledgee of the Mortgage Collateral, shall have assumed the Servicer’s responsibilities and obligations
hereunder or the Indenture Trustee, as pledgee of the Mortgage Collateral, shall have designated a successor servicer in accordance
with Section 7.02. Any such resignation shall not relieve the Servicer of responsibility for any of the obligations specified in
Sections 7.01 and 7.02 as obligations that survive the resignation or termination of the Servicer. The Servicer shall have no claim
(whether by subrogation or otherwise) or other action against any Securityholder or the Credit Enhancer for any amounts paid by
the Servicer pursuant to any provision of this Servicing Agreement. Any such determination permitting the resignation of the Servicer
shall be evidenced by an Opinion of Counsel to such effect delivered to the Indenture Trustee and the Credit Enhancer.

Section
6.05      Delegation of Duties.
In the ordinary course of business, the Servicer at any time may delegate any of its duties hereunder to any Person, including
any of its Affiliates, who agrees to conduct such duties in accordance with standards comparable to those with which the Servicer
complies pursuant to Section 3.01. Such delegation shall not relieve the Servicer of its liabilities and responsibilities with
respect to such duties and shall not constitute a resignation within the meaning of Section 6.04.

Section
6.06      Servicer to Pay Indenture
Trustee’s and Owner Trustee’s Fees and Expenses; Indemnification. (a) The Servicer covenants and agrees to pay
to the Owner Trustee, the Indenture Trustee and any co-trustee of the Indenture Trustee from time to time, and the Owner Trustee,
the Indenture Trustee and any such co-trustee shall be entitled to, reasonable compensation (which shall not be limited by any
provision of law in regard to the compensation of a trustee of an express trust) for all services rendered by each of them in the
execution of the trusts created under the Trust Agreement and the Indenture and in the exercise and performance

    	25

    	 

    
of
any of the powers and duties under the Trust Agreement or the Indenture, as the case may be, of the Owner Trustee, the Indenture
Trustee and any co-trustee, and the Servicer will pay or reimburse the Indenture Trustee and any co-trustee upon request for all
reasonable expenses, disbursements and advances incurred or made by the Indenture Trustee or any co-trustee in accordance with
any of the provisions of this Servicing Agreement except any such expense, disbursement or advance as may arise from its negligence
or bad faith.

(b)              
The Servicer agrees to indemnify the Indenture Trustee and the Owner Trustee for, and to hold the Indenture Trustee and
the Owner Trustee, as the case may be, harmless against, any loss, liability or expense incurred without negligence or willful
misconduct on its part, arising out of, or in connection with, the acceptance and administration of the Company and the assets
thereof, including the costs and expenses (including reasonable legal fees and expenses) of defending itself against any claim
in connection with the exercise or performance of any of its powers or duties under any Basic Document, provided that:

(i)                
with respect to any such claim, the Indenture Trustee or Owner Trustee, as the case may be, shall have given the Servicer
written notice thereof promptly after the Indenture Trustee or Owner Trustee, as the case may be, shall have actual knowledge thereof;

(ii)              
while maintaining control over its own defense, the Company, the Indenture Trustee or Owner Trustee, as the case may be,
shall cooperate and consult fully with the Servicer in preparing such defense; and

(iii)            
notwithstanding anything in this Servicing Agreement to the contrary, the Servicer shall not be liable for settlement of
any claim by the Indenture Trustee or the Owner Trustee, as the case may be, entered into without the prior consent of the Servicer,
which consent shall not be unreasonably withheld.

No termination of this Servicing Agreement
shall affect the obligations created by this Section 6.06 of the Servicer to indemnify the Indenture Trustee and the Owner Trustee
under the conditions and to the extent set forth herein.

Notwithstanding
the foregoing, the indemnification provided by the Servicer in this Section 6.06(b) shall not pertain to any loss, liability or
expense of the Indenture Trustee or the Owner Trustee, including the costs and expenses of defending itself against any claim,
incurred in connection with any actions taken by the Indenture Trustee or the Owner Trustee at the direction of the Noteholders
or Certificateholders, as the case may be, pursuant to the terms of this Servicing Agreement.

 

ARTICLE
VII

Default

Section
7.01      Servicing Default.
If any one of the following events (“Servicing Default”) shall occur and be continuing:

    	26

    	 

    

(i)                
Any failure by the Servicer to deposit in the Collection Account, the Funding Account or Payment Account any deposit required
to be made under the terms of this Servicing Agreement which continues unremedied for a period of five Business Days after the
date upon which written notice of such failure shall have been given to the Servicer by the Company, the Issuing Entity or the
Indenture Trustee or to the Servicer, the Company, the Issuing Entity and the Indenture Trustee by the Credit Enhancer; or

(ii)              
Failure on the part of the Servicer duly to observe or perform in any material respect any other covenants or agreements
of the Servicer set forth in the Securities or in this Servicing Agreement, which failure, in each case, materially and adversely
affects the interests of Securityholders or the Credit Enhancer and which continues unremedied for a period of 45 days after the
date on which written notice of such failure, requiring the same to be remedied, and stating that such notice is a “Notice
of Default” hereunder, shall have been given to the Servicer by the Company, the Issuing Entity or the Indenture Trustee
or to the Servicer, the Company, the Issuing Entity and the Indenture Trustee by the Credit Enhancer; or

(iii)            
The entry against the Servicer of a decree or order by a court or agency or supervisory authority having jurisdiction in
the premises for the appointment of a trustee, conservator, receiver or liquidator in any insolvency, conservatorship, receivership,
readjustment of debt, marshalling of assets and liabilities or similar proceedings, or for the winding up or liquidation of its
affairs, and the continuance of any such decree or order unstayed and in effect for a period of 60 consecutive days; or

(iv)            
The Servicer shall voluntarily go into liquidation, consent to the appointment of a conservator, receiver, liquidator or
similar person in any insolvency, readjustment of debt, marshalling of assets and liabilities or similar proceedings of or relating
to the Servicer or of or relating to all or substantially all of its property, or a decree or order of a court, agency or supervisory
authority having jurisdiction in the premises for the appointment of a conservator, receiver, liquidator or similar person in any
insolvency, readjustment of debt, marshalling of assets and liabilities or similar proceedings, or for the winding-up or liquidation
of its affairs, shall have been entered against the Servicer and such decree or order shall have remained in force undischarged,
unbonded or unstayed for a period of 60 days; or the Servicer shall admit in writing its inability to pay its debts generally as
they become due, file a petition to take advantage of any applicable insolvency or reorganization statute, make an assignment for
the benefit of its creditors or voluntarily suspend payment of its obligations; or

(v)              
Any failure by the Seller (so long as the Seller is the Servicer) or the Servicer, as the case may be, to pay when due any
amount payable by it under the terms of the Insurance Agreement which continues unremedied for a period of three (3) Business Days
after the date upon which written notice of such failure shall have been given to the Seller (so long as the Seller is the Servicer)
or the Servicer, as the case may be; or

(vi)            
Failure on the part of the Seller or the Servicer to duly perform in any material respect any covenant or agreement set
forth in the Insurance Agreement, which failure in each case materially and adversely affects the interests of the Credit Enhancer
and continues unremedied for a period of 60 days after the date on which written notice of such failure, 

    	27

    	 

    
requiring
the same to be remedied, shall have been given to the Depositor, the Indenture Trustee, the Seller or the Servicer, as the case
may be, by the Credit Enhancer.

then, and in every such case, other
than that set forth in (vi) hereof, so long as a Servicing Default shall not have been remedied by the Servicer, either the Company,
subject to the direction of the Indenture Trustee as pledgee of the Mortgage Collateral, with the consent of the Credit Enhancer,
or the Credit Enhancer, by notice then given in writing to the Servicer (and to the Company and the Issuing Entity if given by
the Credit Enhancer) and in the case of the event set forth in (vi) hereof, the Credit Enhancer with the consent of Securityholders
at least 51% of the aggregate Principal Balance of the Notes and the Certificates may terminate all of the rights and obligations
of the Servicer as servicer under this Servicing Agreement other than its right to receive servicing compensation and expenses
for servicing the Mortgage Loans hereunder during any period prior to the date of such termination and the Company, subject to
the direction of the Indenture Trustee as pledgee of the Mortgage Collateral, with the consent of the Credit Enhancer, or the Credit
Enhancer may exercise any and all other remedies available at law or equity. Any such notice to the Servicer shall also be given
to each Rating Agency, the Credit Enhancer, the Company and the Issuing Entity. On or after the receipt by the Servicer of such
written notice, all authority and power of the Servicer under this Servicing Agreement, whether with respect to the Securities
or the Mortgage Loans or otherwise, shall pass to and be vested in the Company, subject to the direction of the Indenture Trustee
as pledgee of the Mortgage Collateral, pursuant to and under this Section 7.01; and, without limitation, the Company is hereby
authorized and empowered to execute and deliver, on behalf of the Servicer, as attorney-in-fact or otherwise, any and all documents
and other instruments, and to do or accomplish all other acts or things necessary or appropriate to effect the purposes of such
notice of termination, whether to complete the transfer and endorsement of each Mortgage Loan and related documents, or otherwise.
The Servicer agrees to cooperate with the Company in effecting the termination of the responsibilities and rights of the Servicer
hereunder, including, without limitation, the transfer to the Indenture Trustee for the administration by it of all cash amounts
relating to the Mortgage Loans that shall at the time be held by the Servicer and to be deposited by it in the Collection Account,
or that have been deposited by the Servicer in the Collection Account or thereafter received by the Servicer with respect to the
Mortgage Loans. All reasonable costs and expenses (including, but not limited to, attorneys’ fees) incurred in connection
with amending this Servicing Agreement to reflect such succession as Servicer pursuant to this Section 7.01 shall be paid by the
predecessor Servicer (or if the predecessor Servicer is the Indenture Trustee, the initial Servicer) upon presentation of reasonable
documentation of such costs and expenses.

Notwithstanding
any termination of the activities of the Servicer hereunder, the Servicer shall be entitled to receive, out of any late collection
of a payment on a Mortgage Loan which was due prior to the notice terminating the Servicer’s rights and obligations hereunder
and received after such notice, that portion to which the Servicer would have been entitled pursuant to Sections 3.03 and 3.09
as well as its Servicing Fee in respect thereof, and any other amounts payable to the Servicer hereunder the entitlement to which
arose prior to the termination of its activities hereunder.

    	28

    	 

    

Notwithstanding
the foregoing, a delay in or failure of performance under Section 7.01(i) or under Section 7.01(ii) after the applicable grace
periods specified in such Sections, shall not constitute a Servicer Default if such delay or failure could not be prevented by
the exercise of reasonable diligence by the Servicer and such delay or failure was caused by an act of God or the public enemy,
acts of declared or undeclared war, public disorder, rebellion or sabotage, epidemics, landslides, lightning, fire, hurricanes,
earthquakes, floods or similar causes. The preceding sentence shall not relieve the Servicer from using reasonable efforts to perform
its respective obligations in a timely manner in accordance with the terms of this Servicing Agreement and the Servicer shall provide
the Indenture Trustee, the Credit Enhancer and the Securityholders with notice of such failure or delay by it, together with a
description of its efforts to so perform its obligations. The Servicer shall immediately notify the Indenture Trustee, the Credit
Enhancer and the Owner Trustee in writing of any Servicer Default.

Section
7.02      Indenture Trustee to
Act; Appointment of Successor. (a) On and after the time the Servicer receives a notice of termination pursuant to Section
7.01 or sends a notice pursuant to Section 6.04, the Indenture Trustee on behalf of the Noteholders shall be the successor in all
respects to the Servicer in its capacity as servicer under this Servicing Agreement and the transactions set forth or provided
for herein and shall be subject to all the responsibilities, duties and liabilities relating thereto placed on the Servicer by
the terms and provisions hereof. Nothing in this Servicing Agreement or in the Trust Agreement shall be construed to permit or
require the Indenture Trustee to (i) succeed to the responsibilities, duties and liabilities of the initial Servicer in its capacity
as Seller under the Mortgage Loan Purchase Agreement, (ii) be responsible or accountable for any act or omission of the Servicer
prior to the issuance of a notice of termination hereunder, (iii) require or obligate the Indenture Trustee, in its capacity as
successor Servicer, to purchase, repurchase or substitute any Mortgage Loan, (iv) fund any losses on any Eligible Investment directed
by any other Servicer, or (v) be responsible for the representations and warranties of the Servicer. As compensation therefor,
the Indenture Trustee shall be entitled to such compensation as the Servicer would have been entitled to hereunder if no such notice
of termination had been given. Notwithstanding the above, (i) if the Indenture Trustee is unwilling to act as successor Servicer,
or (ii) if the Indenture Trustee is legally unable so to act, the Indenture Trustee on behalf of the Mortgage Collateral holders
may (in the situation described in clause (i)) or shall (in the situation described in clause (ii)) appoint or petition a court
of competent jurisdiction to appoint any established housing and home finance institution, bank or other mortgage loan or home
equity loan servicer having a net worth of not less than $10,000,000 as the successor to the Servicer hereunder in the assumption
of all or any part of the responsibilities, duties or liabilities of the Servicer hereunder; provided that any such successor Servicer
shall be acceptable to the Credit Enhancer, as evidenced by the Credit Enhancer’s prior written consent which consent shall
not be unreasonably withheld and provided further that the appointment of any such successor Servicer will not result in the qualification,
reduction or withdrawal of the ratings assigned to the Securities by the Rating Agencies. Pending appointment of a successor to
the Servicer hereunder, unless the Indenture Trustee is prohibited by law from so acting, the Indenture Trustee shall act in such
capacity as hereinabove provided. In connection with such appointment and assumption, the successor shall be entitled to receive
compensation out of payments on Mortgage Loans in an amount equal to the compensation which the Servicer would otherwise have received
pursuant to Section 3.09 (or such lesser

    	29

    	 

    
compensation
as the Indenture Trustee and such successor shall agree). The appointment of a successor Servicer shall not affect any liability
of the predecessor Servicer which may have arisen under this Servicing Agreement prior to its termination as Servicer (including,
without limitation, the obligation to purchase Mortgage Loans pursuant to Section 3.01, to pay any deductible under an insurance
policy pursuant to Section 3.04 or to indemnify the Indenture Trustee pursuant to Section 6.06), nor shall any successor Servicer
be liable for any acts or omissions of the predecessor Servicer or for any breach by such Servicer of any of its representations
or warranties contained herein or in any related document or agreement. The Indenture Trustee and such successor shall take such
action, consistent with this Servicing Agreement, as shall be necessary to effectuate any such succession.

(b)              
Any successor, including the Indenture Trustee on behalf of the Noteholders, to the Servicer as servicer shall during the
term of its service as servicer (i) continue to service and administer the Mortgage Loans for the benefit of the Securityholders,
(ii) maintain in force a policy or policies of insurance covering errors and omissions in the performance of its obligations as
Servicer hereunder and a fidelity bond in respect of its officers, employees and agents to the same extent as the Servicer is so
required pursuant to Section 3.13.

(c)               
Any successor Servicer, including the Indenture Trustee on behalf of the Mortgage Collateral holders, shall not be deemed
in default or to have breached its duties hereunder if the predecessor Servicer shall fail to deliver any required deposit to the
Collection Account or otherwise cooperate with any required servicing transfer or succession hereunder.

Section
7.03      Notification to Securityholders.
Upon any termination or appointment of a successor to the Servicer pursuant to this Article VII or Section 6.04, the Indenture
Trustee shall give prompt written notice thereof to the Securityholders, the Credit Enhancer, the Company, the Issuing Entity and
each Rating Agency.

 

ARTICLE
VIII

Miscellaneous Provisions

Section
8.01      Amendment. This Servicing
Agreement may be amended from time to time by the parties hereto, provided that any amendment be accompanied by a letter from the
Rating Agencies that the amendment will not result in the downgrading or withdrawal of the rating then assigned to the Securities
and the consent of the Credit Enhancer and the Indenture Trustee.

Section
8.02      Governing Law. THIS
SERVICING AGREEMENT SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK AND THE OBLIGATIONS, RIGHTS AND REMEDIES
OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS.

Section
8.03      Notices. All demands,
notices and communications hereunder shall be in writing and shall be deemed to have been duly given if personally delivered at
or mailed by 

    	30

    	 

    
certified
mail, return receipt requested, to (a) in the case of the Servicer, [Name and Address of Servicer], (b) in the case of the Credit
Enhancer, ________________, ________, ______________, Attention: _________________, ___________________________, (c) in the case
of [Moody’s, ___________, 4th Floor, 99 Church Street, New York, New York 10007], (d) in the case of [Standard & Poor’s,
26 Broadway, 15th Floor, New York, New York 10004, Attention: Residential Mortgage Surveillance Group], (e) in the case of the
Owner Trustee, the Corporate Trust Office, and (f) in the case of the Issuing Entity, to Shellpoint Mortgage Acceptance LLC Trust
Series 20__-__, c/o ______________________, __________________, __________, ______________, Attention: _______________________,
with a copy to the Administrator at ______________ or, as to each party, at such other address as shall be designated by such
party in a written notice to each other party. [Any notice required or permitted to be mailed to a Securityholder shall be given
by first class mail, postage prepaid, at the address of such Securityholder as shown in the Register. Any notice so mailed within
the time prescribed in this Servicing Agreement shall be conclusively presumed to have been duly given, whether or not the Securityholder
receives such notice. Any notice or other document required to be delivered or mailed by the Indenture Trustee to any Rating Agency
shall be given on a reasonable efforts basis and only as a matter of courtesy and accommodation and the Indenture Trustee shall
have no liability for failure to deliver such notice or document to any Rating Agency.]

Section
8.04      Severability of Provisions.
If any one or more of the covenants, agreements, provisions or terms of this Servicing Agreement shall be for any reason whatsoever
held invalid, then such covenants, agreements, provisions or terms shall be deemed severable from the remaining covenants, agreements,
provisions or terms of this Servicing Agreement and shall in no way affect the validity or enforceability of the other provisions
of this Servicing Agreement or of the Securities or the rights of the Securityholders thereof.

Section
8.05      Third-Party Beneficiaries.
This Servicing Agreement will inure to the benefit of and be binding upon the parties hereto, the Securityholders, the Credit Enhancer,
the Owner Trustee, the Indenture Trustee and their respective successors and permitted assigns. Except as otherwise provided in
this Servicing Agreement, no other Person will have any right or obligation hereunder.

Section
8.06      Counterparts. This
instrument may be executed in any number of counterparts, each of which so executed shall be deemed to be an original, but all
such counterparts shall together constitute but one and the same instrument.

Section
8.07      Effect of Headings and
Table of Contents. The Article and Section headings herein and the Table of Contents are for convenience only and shall not
affect the construction hereof.

Section
8.08      Termination upon Purchase
by the Servicer or Liquidation of All Mortgage Loans. The respective obligations and responsibilities of the Servicer and the
Company created hereby shall terminate upon the last action required to be taken by the Issuing Entity pursuant to the Trust Agreement
and by the Indenture Trustee pursuant to the Indenture following the earlier of:

    	31

    	 

    

(i)                
the date on or before which the Indenture or Trust Agreement is terminated, or

(ii)              
the purchase by the Servicer from the Company of all Mortgage Loans and all property acquired in respect of any Mortgage
Loan at a price equal to the greater of (a) 100% of the unpaid Principal Balance of each Mortgage Loan, plus accrued and unpaid
interest thereon at the Weighted Average Net Mortgage Rate up to the day preceding the Payment Date on which such amounts are to
be distributed to Securityholders, plus any amounts due and owing to the Credit Enhancer under the Insurance Agreement and (b)
the fair market value of the Mortgage Loans as determined by two bids from competitive participants in the adjustable home equity
loan market.

The right of the Servicer to purchase
the assets of the Company pursuant to clause (ii) above is conditioned upon the Pool Balance as of the Final Scheduled Payment
Date being less than ten percent of the aggregate of the Cut-Off Date Principal Balances of the Mortgage Loans. If such right is
exercised by the Servicer, the Servicer shall deposit the amount calculated pursuant to clause (ii) above with the Indenture Trustee
pursuant to Section 4.10 of the Indenture and, upon the receipt of such deposit, the Indenture Trustee or relevant Custodian shall
release to the Servicer, the files pertaining to the Mortgage Loans being purchased.

The Servicer, at
its expense, shall prepare and deliver to the Indenture Trustee and the Owner Trustee for execution, at the time the Mortgage Loans
are to be released to the Servicer, appropriate documents assigning each such Mortgage Loan from the Company to the Servicer or
the appropriate party.

Section
8.09      Certain Matters Affecting
the Indenture Trustee. For all purposes of this Servicing Agreement, in the performance of any of its duties or in the exercise
of any of its powers hereunder, the Indenture Trustee shall be subject to and entitled to the benefits of Article VI of the Indenture.

[Section 8.10Authority
of the Administrator. Each of the parties to this Agreement acknowledges that the Issuing Entity and the Owner Trustee have
each appointed the Administrator to act as its agent to perform the duties and obligations of the Issuing Entity hereunder. Unless
otherwise instructed by the Issuing Entity or the Owner Trustee, copies of all notices, requests, demands and other documents to
be delivered to the Issuing Entity or the Owner Trustee pursuant to the terms hereof shall be delivered to the Administrator. Unless
otherwise instructed by the Issuing Entity or the Owner Trustee, all notices, requests, demands and other documents to be executed
or delivered, and any action to be taken, by the Issuing Entity or the Owner Trustee pursuant to the terms hereof may be executed,
delivered and/or taken by the Administrator pursuant to the Administration Agreement.]

    	32

    	 

    

IN WITNESS WHEREOF,
the Servicer and the Company have caused this Servicing Agreement to be duly executed by their respective officers or representatives
all as of the day and year first above written.

[NAME OF SERVICER],

as Servicer

By_________________________________

Title:

SHELLPOINT MORTGAGE ACCEPTANCE LLC

as Company

By_________________________________

Title:

 

    	 

    	 

    

 

EXHIBIT A

MORTGAGE LOAN
SCHEDULE

    	 

    	 

    

EXHIBIT B

POWER OF ATTORNEY

(Provided
Upon Request)

    	B-1

    	 

    

EXHIBIT C

CERTIFICATE
PURSUANT TO SECTION 3.08

(Provided Upon Request)

    	C-1

    	 

    

EXHIBIT D

FORM OF REQUEST
FOR RELEASE

DATE:

TO:

		RE:	REQUEST FOR RELEASE OF DOCUMENTS

In connection with your administration
of the Mortgage Collateral, we request the release of the Mortgage File described below.

Servicing Agreement Dated:

Series #:

Account #:

Pool #:

Loan #:

Borrower Name(s):

	Reason for Document Request: (circle one) 	   	Mortgage Loan 

Prepaid
in Full 

Mortgage Loan Repurchased

“We hereby certify that all amounts
received or to be received in connection with such payments which are required to be deposited have been or will be so deposited
as provided in the Servicing Agreement.”

____________________________________

[Name of Servicer]

Authorized Signature

	
   

TO CUSTODIAN/INDENTURE TRUSTEE: Please
acknowledge this request, and check off documents being enclosed with a copy of this form. You should retain this form for your
files in accordance with the terms of the Servicing Agreement.

	Enclosed Documents:	[  ]	Promissory Note
	 	[  ]	Primary Insurance Policy
	 	[  ]	Mortgage or Deed of Trust
	 	[  ]	Assignment(s) of Mortgage or 

           Deed of Trust
	 	[  ]	Title Insurance Policy
	 	[  ]	Other:  ___________________________

_________________________________

Name

_________________________________

Title

    	D-1

    	 

    

_________________________________

Date

    	D-2

    	 

    

Schedule 1

Mortgage Insurance Component Schedule

(Provided Upon Request)

    	S-1

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